Financial Reports: Successories, Henry Schein

Successories Narrows Annual Net Loss

Motivational products manufacturer/marketer Successories (OTCBB: SCES ) reported a net loss of $5.1 million for fiscal year 2002, ended Feb. 1. In fiscal 2001, the company lost $10.8 million. Of the 2002 loss, discontinued operations accounted for $2.8 million.

Net product sales for the year fell 8%, to $32.1 million from $35.0 million. Aurora, IL-based Successories closed all company-owned stores in 2002.

Regarding its proposed merger with S.I. Acquisition, preliminary proxy materials were filed with the Securities and Exchange Commission on March 7. Successories expects to mail proxy materials to shareholders sometime this quarter. The company is in discussions with two banks to obtain a credit facility should the deal with S.I. Acquisition be approved. But if the deal doesn’t close and Successories can’t obtain additional funds, the company may consider filing for bankruptcy protection.

Net Sales Increase 14% at Henry Schein Medical, dental, and veterinary supplies cataloger Henry Schein (NasdaqNM: HSIC) reported a 14% first-quarter sales increase, to $738.0 million for the three months ended March 29. Net income rose 23%, to $24.8 million.

All sales growth for the quarter was internally generated. Dental sales increased 6%, medical sales 20%, technology and value-added services sales 19%, and international sales nearly 23%.

Henry Schein expects full-year earnings per diluted share of $2.97- $3.00. This represents a growth rate of 14%-15% from 2002.

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