Patterson Dental

Patterson Dental Company (NASDAQ: PDCO), founded in 1878 and based in Saint Paul, Minnesota, is the historical name of the S&P 500 member now known as Patterson Companies, Inc. since that name change in 2004. The company has been publicly-traded since 1992. Its traditional and largest operating unit for over a century has been the dental supply market. In the 2000s it added Webster Veterinary Supply and the formerly named AbilityOne Products Corporation, which then became Patterson Medical Products. Patterson's trademark brands include PDXpress, EagleSoft and eMAGINE.^[1]

As of 2006, the Company had 6,440 employees.^[1]

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Operations

Patterson Companies, Inc. is a supplies distributor serving the company's three operating business divisions:^[1]

• Patterson Dental Supply, Inc. distributes to North American dentists, dental laboratories, and other professional medical institutions. It supplies consumable products, dental technology and equipment, software, patient education systems and office forms and stationery.

• Webster Veterinary Supply, Inc. was founded in 1946 and headquartered in Sterling, Massachusetts. It distributes to the United States pet and equine veterinary supply markets, at pet veterinary clinics concentrated in the eastern United States, and it distributes equine supplies throughout the United States. These products include consumable and diagnostic supplies, equipment, biologicals and pharmaceuticals.

• Patterson Medical Products, Inc. was formerly known as AbilityOne Products Corporation and is headquartered in Bolingbrook, Illinois. It distributes to the international rehabilitation supply market. Its rehabilitation medical supplies facilitate patients' independence, safety and comfort. Product brand names in North America are Sammons Preston Rolyan and internationally they are branded as Homecraft.

Patterson Companies, Inc. is located at 1031 Mendota Heights Road, in Saint Paul, Minnesota. The company is led by Chairman Peter L. Frechette and President & Chief Executive Officer James W. Wiltz.

History

Patterson Dental

Patterson began distributing dental supplies in 1877. Patterson Dental Company was founded in 1878. That remained the essential business of the company for the next century and more.^[1]

The company grew slowly during its first century. By 1990, the company earned over US$5 million. It continued to grow through the 1990-1991 recession, and by that second year it earned US$5.4 million.^[3]

In October 1992, the company became publicly-traded on the NASDAQ exchange, under the ticker symbol PDCO.^[1] Earnings growth began a rapid acceleration trend that year, and came in at nearly US$7 million.^[3]

In 1993, earnings came in at nearly US$11 million. The new stock doubled in price that year.^[3]

In 1994, earnings grew nearly 50% to over US$15 million, despite the economic soft landing that year. The stock split three-for-two.^[3]

By 1995, Patterson Dental Company had been added to the S&P SmallCap 600 Index. That year, earnings grew another 25% and reached over US$19 million. The stock price grew by half again, having tripled from its 1992 all-time low by the end of 1995.^[3]

In 1997, David P. Sproat was hired at Patterson Dental Company. He later moved up to high level executive positions in sales and marketing, and in the later Medical Products subisiary.^[4]

In July 2001, Patterson Dental Company purchased the veterinary supply assets of J. A. Webster, Inc., which became Patterson's second business segment.^[1]

In September 2003, Patterson Dental Company acquired AbilityOne Products Corp., and its subsidiary, AbilityOne Corporation, which became Patterson's third segment.^[1] From September 2003 until his promotion in October 2004, Edward L. Donnelly became that division's Executive Vice President and Chief Operating Officer.^[5] Donnelly later moved up to high executive level positions within that Medical Products division of the organization.

In April 2004, Patterson Dental Company acquired ProVet to add to its Webster Veterinary business. The company was concentrated in the Midwest and Northwest.^[6]

In May 2004, for its Medical Products rehabilitation segment, Patterson acquired Medco Supply, and also that month, it acquired CASEY Education Systems, Inc., for its dental supply business.^[6]

Patterson Companies

On July 1, 2004, Patterson Dental Company changed its name to Patterson Companies, Inc., to better suit its new multi-segment operations.^{[1] [7]} That month David P. Sproat was promoted to Vice President of Sales for the Patterson Dental Supply, Inc. division.^[4]

In October 2004, Edward L. Donnelly was promoted temporarily from Executive VP to President of Patterson Medical Products, Inc.^[5] Donnelly took over the position from Howard A. Schwartz, who left on a long-term disability leave and subsequently died.^[4]

On May 31, 2005 Peter L. Frechette continued as Chairman of the parent Patterson Companies, Inc., but he was succeeded on that date as CEO by James W. Wiltz, who in turn continued to serve as President of Patterson Companies, Inc. as well as in his new position as CEO.^[5]

Subsequently the AbilityOne Products Corp. division's name was changed to Patterson Medical Products, Inc.

On September 27, 2005, David P. Sproat became President of the subsidiary, Patterson Medical Products, Inc., replacing the temporary fill-in by Edward L. Donnelly, who in turn remained with the Medical division in another capacity.^[4]

David P. Sproat was put in charge of the North American operations of Patterson Medical Products, while David Amson continued to manage the international side of the Medical Products operations, known as the Homecraft Ltd. unit.^[4]

In December 2006, Patterson acquired two companies for its Medical Products rehabilitation business, TheraQuip, Inc. and Metro Medical, Inc.^[2]

References