MELVILLE, N.Y., Dec. 1, 2015 /PRNewswire/ -- Henry Schein, Inc. (NASDAQ: HSIC), the world's
largest provider of health care products and services to
office-based dental, animal health and medical practitioners,
announced today that its Board of Directors has authorized the
repurchase of up to $400 million of
shares of the Company's common stock. This program is in addition
to the $300 million repurchase
program announced in December 2014,
which as of today has approximately $25
million remaining authorized for future repurchases.
The Company had approximately 83 million shares outstanding as
of October 26, 2015, and this new
authorization represents approximately 3.0% percent of shares
outstanding at the current stock price. Purchases may be made from
time to time in the open market, or through negotiated
transactions.
"Henry Schein's share repurchase
program demonstrates our long-term commitment to increasing
shareholder value, and reflects our confidence in the long-term
prospects of our business," said Stanley M.
Bergman, Chairman of the Board and Chief Executive Officer
of Henry Schein. "We are pleased
that Henry Schein's strong balance
sheet provides us with the financial flexibility to return capital
to our shareholders, while also making investments in our company
that capitalize on future growth opportunities."
About Henry Schein,
Inc.
Henry Schein, Inc. (NASDAQ:HSIC)
is the world's largest provider of health care products and
services to office-based dental, animal health and medical
practitioners. The Company also serves dental laboratories,
government and institutional health care clinics, and other
alternate care sites. A Fortune 500® Company and a member of
the S&P 500® and the NASDAQ 100® indexes, Henry Schein employs more than 18,000 Team
Schein Members and serves more than one million customers.
The Company offers a comprehensive selection of products and
services, including value-added solutions for operating efficient
practices and delivering high-quality care. Henry Schein operates through a centralized and
automated distribution network, with a selection of more than
100,000 branded products and Henry
Schein private-brand products in stock, as well as more than
150,000 additional products available as special-order items. The
Company also offers its customers exclusive, innovative technology
solutions, including practice management software and e-commerce
solutions, as well as a broad range of financial services.
Headquartered in Melville,
N.Y., Henry Schein has
operations or affiliates in 33 countries. The Company's sales
reached a record $10.4 billion in
2014, and have grown at a compound annual rate of approximately 16
percent since Henry Schein became a
public company in 1995. For more information, visit
Henry Schein at www.henryschein.com,
Facebook.com/HenrySchein and @HenrySchein on Twitter.
Cautionary Note Regarding Forward-Looking Statements and Use
of Non-GAAP Financial Information
In accordance with the "Safe Harbor" provisions of the Private
Securities Litigation Reform Act of 1995, we provide the following
cautionary remarks regarding important factors that, among others,
could cause future results to differ materially from the
forward-looking statements, expectations and assumptions expressed
or implied herein. All forward-looking statements made by us
are subject to risks and uncertainties and are not guarantees of
future performance. These forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause our actual results, performance and achievements or industry
results to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. These statements are identified
by the use of such terms as "may," "could," "expect," "intend,"
"believe," "plan," "estimate," "forecast," "project," "anticipate"
or other comparable terms. A full discussion of our
operations and financial condition, including factors that may
affect our business and future prospects, is contained in documents
we have filed with the SEC and will be contained in all subsequent
periodic filings we make with the SEC. These documents identify in
detail important risk factors that could cause our actual
performance to differ materially from current expectations.
Risk factors and uncertainties that could cause actual results
to differ materially from current and historical results include,
but are not limited to: effects of a highly competitive market; our
dependence on third parties for the manufacture and supply of our
products; our dependence upon sales personnel, customers, suppliers
and manufacturers; our dependence on our senior management;
fluctuations in quarterly earnings; risks from expansion of
customer purchasing power and multi-tiered costing structures;
possible increases in the cost of shipping our products or other
service issues with our third-party shippers; general global
macroeconomic conditions; disruptions in financial markets;
possible volatility of the market price of our common stock;
changes in the health care industry; implementation of health care
laws; failure to comply with regulatory requirements and data
privacy laws; risks associated with our global operations;
transitional challenges associated with acquisitions and joint
ventures, including the failure to achieve anticipated synergies;
financial risks associated with acquisitions and joint ventures;
litigation risks; the dependence on our continued product
development, technical support and successful marketing in the
technology segment; risks from challenges associated with the
emergence of potential increased competition by third party online
commerce sites; risks from disruption to our information systems;
cyberattacks or other privacy or data security breaches; certain
provisions in our governing documents that may discourage
third-party acquisitions of us; and changes in tax legislation. The
order in which these factors appear should not be construed to
indicate their relative importance or priority.
We caution that these factors may not be exhaustive and that
many of these factors are beyond our ability to control or
predict. Accordingly, any forward-looking statements contained
herein should not be relied upon as a prediction of actual
results. We undertake no duty and have no obligation to update
forward-looking statements.
Included within the press release are non-GAAP financial
measures that supplement the Company's Consolidated Statements of
Income prepared under generally accepted accounting principles
(GAAP). These non-GAAP financial measures adjust the
Company's actual results prepared under GAAP to exclude certain
items. In the schedules attached to this press release, the
non-GAAP measures have been reconciled to and should be considered
together with the Consolidated Statements of Income. These
non-GAAP measures are not meant as a substitute for GAAP, but are
included solely for informational and comparative purposes.
The Company's management believes that this information assists in
evaluating operational trends, financial performance, and cash
generating capacity. However, the non-GAAP financial measures
should not be regarded as a replacement for corresponding,
similarly captioned, GAAP measures.
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SOURCE Henry Schein, Inc.