Financial reports: Henry Schein, Systemax

Double-digit gains for Henry Schein

Not only did Henry Schein increase its third-quarter sales 15%, but the cataloger of medical, dental, and veterinary supplies enjoyed a 56% rise in net income as well. For the three months ended Sept. 30, the Melville, NY-based company posted net income of $39.2 million on net revenue of $759.1 million. For the third quarter of 2001, Henry Schein had netted $25.2 million on sales of $659.8 million.

By division, dental sales grew nearly 8% over last year. Medical sales increased 23%, due in part to earlier sales of influenza vaccines; excluding the flu vaccines, sales in the division rose a still-healthy 9%. International sales rose 11%. Sales within the technology and value-added services division increased 25%, now that the company is selling certain equipment directly to end users rather than through resellers.

After-tax loss for Systemax Computer and office supplies manufacturer/marketer Systemax (NYSE: SYX) reported a slight increase in third-quarter net sales, to $372.1 million from $370.6 million last year. And after income taxes, the parent company of the Global, Tiger Direct, and Arrow Star Discount catalogs incurred a net loss of $727,000 for the three months ended Sept. 30. That compares with a profit of $257,000 for the third quarter of last year. Still, income from operations for the third quarter increased 128%, to $1.6 million from $700,000 a year ago. Systemax reduced selling, general, and administrative expenses 12% during the quarter, to $61.1 million.

“The full impact of the spending cuts and operational changes that have been implemented should become more apparent in the next few quarters,” chairman/CEO Richard Leeds said in a statement. “Uncertain economic conditions and resulting demand, both in North America and Europe, remain the biggest question for the near term.”

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