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Henry Schein Inc HSIC
Q4 2010 Earnings Call Transcript

Transcript Call Date 02/22/2011

Operator: Good morning, ladies and gentleman, and welcome to the Henry Schein Fourth 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. (Operator Instructions). 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: Good morning. Thank you, operator, and my thanks to each of you for joining us to discuss Henry Schein's fourth quarter results. If you have not received a copy of our earnings news release, you can access it on our website at henryschein.com.

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 the call 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 this live broadcast, February 22, 2011. 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, that you limit yourselves 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 the call.

With that said, I would like to turn the call over to Stanley Bergman.

Stanley M. Bergman - Chairman and CEO: Thank you, Susan, and good morning everyone and thank you for joining us this morning. We are delighted to be reporting solid fourth quarter financial results that reflect market share gains across the board in each of our business groups. This quarterly performance is continued validation of our growth strategy and the underlying strength of our business and confidence in our markets.

In addition, for the first time, quarterly sales for Henry Schein reached the $2 billion mark. Quarterly net sales first surpassed the $1 billion mark in the third quarter of 2004 and this doubling of quarterly sales represents compounded annual growth of 12% since then the timeframe that includes the recent years of global economic challenges.

In a moment, I'll provide some for the color on each of our businesses and provide the full year highlights, but first, let's ask Steve Paladino to provide an overview of our quarterly financial results. Steve

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