Webster Veterinary’s Revenue Up 37%
Posted: Thursday, August 20, 2009, 6:17 p.m., EDT
Webster Veterinary, a unit of Patterson Companies Inc. of St. Paul, Minn., reported that revenue jumped by 37 percent, to $169.2 million, in the first quarter ended July 25.
Internal growth accounted for 8 percent of this increase, with the October 2008 acquisition of Columbus Serum Co. accounting for the balance.
“In addition to the Columbus Serum acquisition, our Webster unit benefited from increased sales of veterinary supplies due to higher levels of patient activity during the first quarter,” said James Wiltz, president and CEO of Patterson Companies. “However, many veterinary practices continued to defer equipment purchases in view of the weak economy.”
Overall, Patterson reported first-quarter net income of $45.1 million on revenue of $789.6 million, compared to $46 million and $743.9 million, respectively, in the year-ago period.