Henry Schein Inc., of Melville, Long Island’s largest publicly traded company, on Wednesday reported a record-setting year in which it surpassed the $8.5 billion mark in sales of veterinary, dental and medical office supplies.
The company said it is on track with its goal of exceeding $10 billion in sales within the next few years, and as part of that effort it will restructure the company in the first half of 2012 at a cost of $11 million to $12 million. Details on the restructuring were not immediately available Wednesday.
Schein, with 14,000 employees, reported income of $404.6 million on sales of $8.5 billion for the year ended Dec. 31, compared to $352.1 million on sales of $7.5 billion for the previous fiscal year ending Dec. 25, 2010.
Earnings per diluted share rose to $3.97 for the year, up from $3.49 per share the previous year.
The company said its 2011 fiscal year is 53 weeks, compared to 52 weeks in 2010, and it provided earnings data that discussed the financial effect of the extra week. It said the 53rd week added 1.5 percent to its growth.
For the 2011 year, net sales increased 13.3 percent compared with 2010, including internal growth of 4.5 percent, acquisition growth of 4.9 percent, growth related to foreign currency exchange of 2.4 percent, and growth due to the extra week of 1.5 percent.
"Executive management of Henry Schein is completing our 2012-2014 strategic plan, which calls for annualized sales to exceed $10 billion by 2015 with improved profitability," chairman and chief executive Stanley Bergman, above, said Wednesday in a statement.
He said the company is formally separating its business into primary international sales groups for dental, medical, animal health, technology and value-added services.
"These global business groups will provide distinct organizational focus for reaching and serving each of our practitioner segments with the benefits of a global perspective, as well as global product and service offerings and best practices," Bergman said