Henry Schein 2008 Annual Report Download - page 8

through our core donation program, and through partnerships
with other companies, academia, government and non-govern-
mental organizations, we are supporting a wide range of
initiatives that enhance healthcare advocacy and education;
increase access to care among underserved populations;
strengthen community wellness programs and volunteer
activities; and further humanitarian relief and disaster response.
To continue to expand the impact of our social responsibility
programs, in 2008 we began the process of creating the
Henry Schein Cares Foundation.
Shared Commitment and Optimism
As we face today’s challenges and opportunities, Henry
Schein’s senior leadership is resolved to take the steps
necessary to ensure the long-term vitality of our Company,
and all Team Schein Members are committed to our shared
vision. We share a sense of optimism based on our Company’s
financial strength, values, strong partnerships, ideal markets
and strategic focus on the future.
We have an outstanding business and a solid balance sheet.
The markets we serve remain fragmented, with about one-half
of them in the hands of smaller competitors. With nearly
$370 million in cash and equivalents, low debt levels, positive
cash flow and an unused $400 million five-year credit facility,
we are in a very strong financial position to implement our
strategic plan and to seize new business opportunities, while
at the same time, we continue to focus on expense reduction
and margin management.
There is a growing demand for office-based healthcare
services driven by baby boomers and emerging markets,
as well as the potential that government policy, especially in
the United States, will expand access to care. Henry Schein is
well positioned to arrange for customer financing during this
time of limited access to credit. And we remain committed to
the five constituencies of our Company’s mosaic of success:
our customers, supplier partners, investors, Team Schein,
and society.
These facts, coupled with our entrepreneurial Team Schein
culture, make our Company more resilient in turbulent times and
position us well to take advantage of emerging opportunities.
Without question, this is a remarkable time—a time that requires
reinvention and increased relevancy for our Company, as well as
consistent expense management—but Henry Schein continues
to be well positioned, and I remain convinced that our best
years are yet to come. On behalf of our Board of Directors
and my Team Schein colleagues, we thank you for your
continued support.
Sincerely,
Stanley M. Bergman
Chairman and Chief Executive Officer
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The wide range of Henry Schein Cares programs—including (from left to right) Give Kids A Smile, Holiday Cheer for Children, Back to School,
and Healthy Children, Healthy Lifestyles—are helping to enhance healthcare advocacy and education; increase access to care; strengthen
community wellness programs; and further humanitarian relief and disaster response.