Henry Schein 2009 Annual Report Download - page 6

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4
In 2009, our net sales of $6.5 billion
represent growth of 2.5% compared with
2008. This includes 5.7% growth in local
currencies and 3.2% decline related to
foreign currency exchange. Income from
continuing operations attributable to
Henry Schein, Inc. for 2009 was
$308.6 million or $3.41 per diluted share,
an increase of 24.7% and 25.8%,
respectively, compared with 2008.
Excluding unusual items, income from
continuing operations attributable to
Henry Schein, Inc. for 2009 was
$289.5 million or $3.20 per diluted
share, an increase of 8.7% and 9.6%,
respectively, compared with 2008.
We are pleased to have achieved the
earnings per diluted share goal during
a challenging economy and despite
receiving reduced seasonal influenza
vaccine product. We also achieved 23
basis point operating margin expansion
(on a non-GAAP basis), and had a
record operating cash flow of almost
$400 million.
We finished the year strongly in each
of our four business groups. We saw
quarterly growth in dental consumable
merchandise and less of a decline in
dental equipment for both the third and
fourth quarters of 2009, which we
believe indicates positive trends in the
dental market.
TO OUR STOCKHOLDERS
In the fourth quarter of
2009, for the first time in
the Company’s history,
Henry Schein’s International
Group led all other
business groups in sales.
This milestone was the
result of the Company’s
continued commitment to
build a business portfolio
that is balanced between
its North American and
International operations.
Since 1991, when Henry
Schein established its
first European operation
in the Netherlands, the
Company’s International
Group has grown to
include operations in
21 countries outside of
North America. Throughout
Europe and the Middle
East, in Australia,
New Zealand, China and
Hong Kong SAR,
Henry Schein now has
operations or affiliates.
And with a steady stream
of strategic international
mergers and acquisitions –
most recently an animal
health business in the
Czech Republic, a dental
business in Italy, and a
medical business in
Germany – the Company
remains committed to
being a leader in the
growing number of global
markets it serves.
Henry Schein International Growth
As the theme of this Annual Report
suggests, 2009 was a time of
economic challenge for most
companies. Yet during the year,
Henry Schein successfully
uncovered new opportunities
and positioned our Company to
emerge stronger than ever.