We caution that these factors may not be exhaustive and that many of these factors are beyond our ability to control or predict. Accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. We undertake no duty and have no obligation to update forward-looking statements. (TABLES TO FOLLOW)HENRY SCHEIN, INC.CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share data)(unaudited)Three Months EndedMarch 26,March 27,20112010Net sales$1,947,761$
1,760,310Cost of sales1,381,9391,247,277Gross profit565,822513,033Operating expenses:Selling, general and administrative441,522396,989Restructuring costs-12,285Operating income124,300103,759Other income (expense):Interest income3,9333,388Interest expense(8,085)(9,087)Other, net323(115)Income before taxes, equity in earnings of affiliatesand noncontrolling interests120,47197,945Income taxes(39,153)(32,224)Equity in earnings of affiliates1,6531,531Net income82,97167,252Less: Net income attributable to noncontrollinginterests(6,476)(6,352)Net income attributable to Henry Schein, Inc.$76,495$
60,900Earnings per share attributable to Henry Schein, Inc.:Basic$0.84$
0.66Weighted-average common shares outstanding:Basic90,61589,508Diluted93,16192,721HENRY SCHEIN, INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share data)March 26,December 25,20112010(unaudited)ASSETSCurrent assets:Cash and cash equivalents $116,712$
150,348Accounts receivable, net of reserves of $58,745 and $56,267 934,952885,784Inventories, net 930,341870,206Deferred income taxes 51,36348,951Prepaid expenses and other 228,143214,013Total current assets2,261,5112,169,302Property and equipment, net 271,750252,573Goodwill 1,499,6891,424,794Other intangibles, net 458,480405,468Investments and other 303,564295,334Total assets $4,794,994$
|SOURCE Henry Schein, Inc.|
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