Henry Schein Inc HSIC
Q3 2010 Earnings Call Transcript

Transcript Call Date 10/29/2010

Operator: Good morning, ladies and gentleman, and welcome to the Henry Schein Third Quarter Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this call is being recorded.

I would now like to introduce your host for today's call, Susan Vassallo, Henry Schein's Vice President of Corporate Communications. Please go ahead, Susan.

Susan Vassallo - VP, Corporate Communications: Thank you, operator, and my thanks to each of you for joining us to discuss Henry Schein's second quarter results. If you have not received a copy of our earnings news release, you can access it on our website at

With me this morning are Stanley Bergman, Chairman and Chief Executive Officer of Henry Schein; and Steven Paladino, Executive Vice President and Chief Financial Officer.

Before we begin, I would like to state that certain comments made during this call will include information that is forward looking. As you know, risks and uncertainties involved in the Company's business may affect the matters referred to in forward-looking statements. As a result, the Company's performance may differ from those expressed in or indicated by such forward-looking statements. Also, these forward-looking statements are qualified in their entirety by the cautionary statements contained in Henry Schein's Securities and Exchange Commission filings.

The content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast today, October 29, 2010. Henry Schein undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call.

I ask that during the Q&A portion of today's call, you limit yourself to a single question and a follow-up before returning to the queue. This will provide the opportunity for as many listeners as possible to ask a question within the one hour we have allotted for this call.

Thank you. With that said, I'd like to turn the call over to Stanley Bergman.

Stanley M. Bergman - Chairman and CEO: Thank you, Susan, and good morning, everyone. Again, sorry for the delay, we had telephone issue. Thank you for calling in.

Today, we are most pleased to be reporting strong top line growth in local currencies for the third quarter of 2010 as we continue to see indications of market stability throughout our global business and in fact some of the markets growing.

We are pleased to increase the low end of our 2010 financial guidance and also to introduce guidance for 2011, of course, on a diluted EPS basis and for 2011, based on the way we expect 2010 to end, we expect the growth to be in the 10% to 13% range, again compared to the midpoint of our 2010 guidance.

In a moment, I'll provide commentary on each of our five businesses as well as discuss two strategic transactions we recently announced. Before I go into that, and give you further flavor, let Steve Paladino, our CFO provide our shareholders and people calling in today with an overview of our quarterly financial results.

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