Good morning, ladies and gentlemen, and welcome to the Henry Schein First Quarter Conference Call. [Operator Instructions] I would now like to introduce your host for today's call, Susan Vassallo, Henry Schein's Vice President of Corporate Communications. Please go ahead, Susan.

Thank you, operator, and my thanks to each of you for joining us to discuss Henry Schein's first quarter results. If you have not received a copy of our earnings news release, you can access it on our website at henryschein.com. With us this morning are Stanley Bergman, Chairman and Chief Executive Officer of Henry Schein; and Steven Paladino, Executive Vice President and Chief Financial Officer. Before we begin, I would like to state that certain comments made during this call will include information that is forward looking. As you know, risks and uncertainties involved in the company’s business may affect the matters referred to in forward-looking statements. As a result, the company's performance may differ from those expressed in or indicated by such forward-looking statements. Also, these forward-looking statements are qualified in their entirety by the cautionary statements contained in Henry Schein's Securities and Exchange Commission filings. The content of this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast, May 4, 2010. Henry Schein undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call. I ask that during the Q&A portion of today's call you limit yourself to a single question and a follow-up before returning to the queue. This will help provide the opportunity for as many listeners as possible to ask a question within the one-hour time we have allotted for this call. With that said, I'd like to turn the call over now to Mr. Stanley Bergman.

Thank you, Susan, and good morning, ladies and gentlemen. I am taking this call this morning from London, where I'm presently at the International or the European headquarters of our Animal Health business. It was actually 20 years ago this week that Henry Schein started out business in Europe for the first time. And today, that business is well over 1/3 of Henry Schein's sales. So I think we've done quite well on the International side. We are also pleased to report our internal growth in local currencies with each of our five business units for the quarter. And we're positive, and we continue to see indications of positive market trends throughout our businesses. So we're very happy with our growth rates on the top line both, of course, in total, but local currency internal growth rates as well. This quarter performance, combined with the continuing commitment to control expenses, resulted in diluted earnings per share growth of more than 17%, if one excludes the one-time restructuring costs. In addition, because of the strong results, we are increasing the low end of our 2010 guidance range. In a moment, I'll provide commentary of each of our five business units. And before I do that though, let me just ask Steve Paladino, our CFO, to provide an overview of our quarterly financial results. Steven?

Okay. Thank you, Stanley, and good morning to everyone. As I begin, I'd like to point out that our 2010 first quarter results include restructuring costs of $12.3 million pretax or $0.09 per diluted share. This is the restructuring that we mentioned on our last quarterly conference call for Q4. Also, for Q1 2009, our results included a $4 million pretax restructuring charge or $0.03 per diluted share. Our net sales for the quarter ended March 27, 2010, were $1.8 billion, reflecting an 18.5% increase compared with the first quarter of 2009. This consists of 14.6% growth in local currencies and a 3.9% increase related to foreign currency exchange. In local currencies, our internally-generated sales were up 3.2%, while our acquisition growth was 11.4%. You can note the details of our sales growth that's contained in Exhibit A of our earnings news release that was issued earlier this morning. Our selling, general and administrative expenses, which do not include restructuring cost for the first quarter of 2010, were $397.0 million, representing 22.6% of sales, and that compares favorably to 23.1% of sales in the first quarter of 2009. Our operating margin for the first quarter of 2010 was 5.9% and that declined 20 basis points compared to the first quarter of 2009, but that was due exclusively to the restructuring costs. Excluding our restructuring costs in both periods, our operating margin improved 22 basis points to 6.6%. Our effective tax rate for the quarter was 32.9%, and that's down slightly from 33.3% in the prior year's first quarter. We are implementing certain tax-saving initiatives, and because of those initiatives, we expect our full year 2010 effective tax rate to be in the 32% or below 32% range for the full year 2010. Our income from continuing operations attributable to Henry…

Thank you very much, Steven. Let me begin my review of our businesses by starting with the North American Dental business. Growth in Dental consumable merchandise, compared with the first quarter of 2009, as well as with the immediately preceding quarter, gives us further confidence that the market will continue to grow gradually with improvements expected for the rest of the year. In addition, we are pleased to report positive growth in Dental equipment sales, which we view as another favorable indicator of the market. We continue to believe there is pent-up demand for Dental equipment that will have a positive impact this year, although we can't be certain of the specific amount nor of course, the time. Let me now review a little bit -- some thoughts on the North American Medical business. It was during March, we announced an innovative new initiative, which is a partnership with industry-leading electronic health care record, medical device and computer services companies. Initiative is called Henry Schein ConnectHealth. This initiative is designed to help physician practices by simplifying the selection and implementation of digital equipment that'll integrate into their Electronic Health Record. Henry Schein ConnectHealth also provide enhanced physician support and single-call customer concierge service at their implementation for practitioners that are purchasing Electronic Medical Record system or for that matter, practice management system through Henry Schein. Physicians are faced with hundreds of choices when it comes to Electronic Health Records. Of course, equipment and hardware: Software, the medical equipment and, of course, the computer hardware. All three have to integrate to have a successful and optimal Electronic Medical Record system. Henry Schein ConnectHealth includes the best of the best in the medical technology industry and provides a reliable and coordinated solution for physicians, who are looking to leverage technology to deliver…

[Operator Instructions] And your first question is from the line of John Kreger with William Blair. John Kreger - William Blair & Company L.L.C.: Steve, I believe gross margins declined about 48 basis points year-over-year. I'm guessing that's mix related, but can you just elaborate a bit on what drove that?

Yes, it is mix related, and I think a big component of it is related to Butler Schein because the Butler Schein gross margin is lower than our corporate average, and that has a slightly negative impact to our year-over-year comparison. But really, nothing -- we're not seeing any unusual pricing pressures in any of our markets. So it's really all mix related, again, primarily because of Butler Schein. John Kreger - William Blair & Company L.L.C.: You gave us a lot of clarity on the impact of foreign currency changes on your revenues. What sort of impact did it have on the bottom line for the company in the quarter?

On a bottom line perspective, foreign exchange also had a favorable impact. It was somewhere, approximating $0.02 per share benefit for us this year in the first quarter versus last year's first quarter. John Kreger - William Blair & Company L.L.C.: And can we assume that your new guidance assumes that currency levels pretty much stay level from where there are now?

Yes, I think that right now -- obviously, we're comfortable where they are now, which is in the one -- the dollar to euro is about $1.30 and a little bit, so we're comfortable with that with our guidance. And we're not expecting any major movements, although that something that's obviously impossible to predict.

Your next question is from the line of Derek Leckow with Barrington Research.

Just two questions here. First of all, on the Dental equipment category, it sounds like you're saying about a 800 basis point swing in the Dental equipment sales growth rate and breaking into positive territory for the first time. I just wonder if you could maybe elaborate, Stanley, on your comments regarding the pent-up demand situation and how we could maybe gauge that a little bit. Have you gotten any better visibility on that for this year?

Derek, of course, no one can predict the future here, but we get a sense that the market has stabilized. Dentists who were looking at equipment before September of 2008 and stopped looking are back in the market looking. And it just looks the Traditional Equipment side is feeling better and people are finding ways to finance their equipment, not as readily as before. But it seems like there's more balance in the market. So the Basic Equipment business is looking quite good. We also see advanced demand for digital type of X-ray products, the CAD/CAM area. We're seeing also the book of business -- the order book looking much better than it's looked in perhaps five or six quarters. So it's hard to predict the future, of course, but it's feeling much better than it did a quarter ago.

Well, I think it's encouraging to hear the comments about the Basic Equipment area because that's -- I believe you have better lead time or better information on that one in terms of what your dental practices are telling you, in terms of what they're saying about what needs to be ordered ahead of, perhaps, a real estate transaction or something along those lines. Isn't that right?

I think so. I mean, I think this is really the first time in more than a year or so that we're feeling some bounce back on the Traditional Equipment side. We reported lots of interest in the high-tech side now for a while, but it's the Traditional side that is giving us the most encouragement at this point.

And then just a final question on the International Animal Health business, I think it's about roughly $650 million business, and you were saying that there is some opportunity on the margins, to improve operating margin there. I wondered if there is any synergy related to either purchasing or other synergies with regard to the Butler transaction. Does it give you more confidence that we can see improvement in the International Animal Health operating margins?

First of all, what I was referring to is the International Animal Health operating margin is lower than the traditional International Dental operating margin, and that's because of the mix of higher percentage of lower-margin pharmaceuticals. Having said that, we are optimistic that we will continue to increase the operating margin of our entire International group, Dental, Animal Health and, of course, smaller Medical business. So we remain optimistic that we will continue to do that. That will be driven by, of course, the Pan-European rollout on SAP. We already have SAP in Germany, Australia, Italy and have been in lots of countries, and now we'll implement that in France, Spain and Switzerland over the next year or so. Lots of redundancies in the back office area are being eliminated. Of course, the additional acquisitions are adding more volumes to come through our relatively fixed-cost infrastructure, and the organic growth that we see in Europe will also help in the end, increase our operating margins. So we're quite optimistic about increasing our International operating margin. Now as it relates to the synergies between our European Animal Health business and Butler Schein Animal Health, yes, of course. We expect to see synergies on best practices, on procurement of some of the commodity-type products and, generally, having been in a position to provide better services to our major pharmaceutical suppliers. And with a global vision, we think we'll bring more value there as well. So overall, we're optimistic that the combined Animal Health businesses, the Butler Schein part in the United States and the International Pan-European part in Europe, will help each other to create synergies over the next year or two or three.

Your next question is from the line of Randall Stanicky with Goldman Sachs.

It's actually Bob Jones on for Randall this morning. Given the solid results in 1Q, at least relative to expectations, could you maybe spend a little time and walk us through the process, thought process behind guidance and specifically on 2Q, the year-over-year growth that you're projecting at mid-single digits. Are the integration costs at Butler more than you originally anticipated?

No. Bob, this is Steve. The integration expenses are not more than we expected, but we really have a significant amount of integration work that we're expecting to complete in Q2, as well as some additional amount in Q3. And because of that, when we paid our guidance on the overall Butler Schein transaction, we did say that it would be $0.01 to $0.03 worth of dilution for the year because of integration expenses. So the integration expenses are driving the first year dilution. Otherwise, it would be breakeven. So it's really not a change in the plan. It's just that there's a fair amount that's happening in Q2, and we're also expecting a little bit of headwind related to on the Medical side because of less traffic in the physician offices versus last year because of H1N1-related patient traffic. That was also something that when we gave our initial guidance, we were expecting -- so neither of these are new thoughts. It's just that it's the timing of them really both heading on at same time that we thought we call it out this year, for this quarter.

And then I guess in light of 1Q results, I was wondering if you could provide an update on where you stand relative to the 25 to 50 basis point improve in EBIT that you previously discussed.

Yes, we still feel good about -- and that's all, excluding the restructuring costs. We still feel good about expanding the margins in that range for the full year. We're up 22 basis points in Q1. So we're still comfortable that margin expansion in that 25 to 50 basis points for the year is doable for us. So there's really no change in that either.

Your next question comes from the line of Jeff Johnson with Robert W. Baird. Jeffrey Johnson - Robert W. Baird & Co. Incorporated: Steve, I was wondering if -- a couple of follow-ups additionally on guidance there. From a tax standpoint, your lower tax rate guidance for the year seems to add maybe $0.03 to $0.05 or so relative to my model. And obviously, Dental market seems to be rebounding here, probably a little quicker than you had implied in your guidance last quarter. So I'm just trying to feel out kind of those positives, and maybe you could comment on that combined with how the FX has changed. I hear what you're saying that you're comfortable with the Euro rate at about $1.30, $1.32 right now. But how does that change relative to last quarter? I think you were assuming about a $1.36, $1.38 last quarter, if I remember right? How much does that add to an EPS headwind to your guidance?

Well, from where we were, if you assume the $1.36 versus today, it's at about $1.30, that's probably in the range of $0.04 to $0.05 worth of headwind for us. So obviously, we're absorbing that in our increased guidance. The tax initiatives, we believe that the bulk of them will be ongoing tax benefits that will keep our effective tax rate lower going forward, and it really is just on the International side, primarily. But we're taking advantage of certain countries that have lower tax jurisdictions than the U.S., for example. So does that help? Jeffrey Johnson - Robert W. Baird & Co. Incorporated: Yes, it does. So if I'm hearing you correctly, and I'm not trying to put words in your mouth, but the tax benefits for the rest of the year kind of offset by the FX headwinds. So the force that raised the bottom probably just due purely to improving end-market demand.

Yes. And overall, again, since we're raising the bottom end of the guidance, we still feel more bullish today than we did last quarter because of that. Jeffrey Johnson - Robert W. Baird & Co. Incorporated: Butler, my Math, and correct me if I'm wrong here, about $150 million in Butler Schein revenue in the quarter are incremental Butler revenue. It was a little light of what I was looking for, and I'm just not sure if I missed some seasonality in that number, or just if you can talk about maybe the revenue that you got out of that deal this first quarter? Your thoughts there.

Well, yes, you probably are missing seasonality because as we go into this time of the year as well as the summer months, we do see a spike in sales primarily related to flea and tick-type products, so there was seasonality that starts to accelerate for that business. But overall, again, as Stanley mentioned on his remarks, we feel good about the sales force retention. We've only lost three people. That's out of about 300 people. I think it's quite amazing actually that it was so successfully implemented. We certainly think that the time when people are concerned was really over the last few months. And as time continues to pass, people should feel more comfortable about their territories and the business. And actually, what I've heard from the Butler Schein management team is sales force is feeling very excited about being part of the largest Companion Animal Veterinary business in the U.S. So, so far, things are looking pretty good on that front.

And your next question is from the line of Larry Marsh with Barclays Capital.

Let me just maybe talk about two things, if I could. First, on that -- Steve, obviously, you sort of highlighted lower sales force turnover, smooth systems conversion obviously keeping nearly all, all turn net positives early on in the process. As you think about that for the rest of the year either domestic or internationally, do you know any other things that could put you in a position to continue to do, perhaps exceed your expectations? Or do you look at the business today and say, "We are pretty well set for this year. We wouldn't expect any other besides those factors that could move the needle both positively and negatively here."

Larry, obviously, it's very early in the year. But I think you can tell from Steven's remarks and mine and the tone that we're quite pleased with the progress on the integration of Butler Schein Animal Health. We are very happy with the supplier relationships, with the sales force retention. The integration is going very well. On the specifics in the field, all territories have been realigned and assigned. That was done the day we opened business on January 4. And overall, we're happy. The management team is a very good management team, actually. Kevin Vasquez is a great leader. The first national sales meeting of the combined organization is very successful. I think people are really charged, excited. And the team, overall, at head office in Dublin and also in the field is working very, very well and cohesively. So we don't want to up our expectations at this point because we still have to do some of the work. We expect the integration to be fully completed operationally by the end of the third quarter, and that's quite ambitious for any distribution integration, but I'm confident that Kevin and his team will deliver on that. So I think, at this point, everything is looking good. We're excited. And we're, of course, cautiously optimistic that over time we will beat the expectations we had going into this deal. But at this point in time, we want to stick with the plans that were set by the partners at the time we went into this deal.

I think, Steve, you called out the -- I think I heard roughly 10-plus percent equipment growth internationally in Dental, with particular strength in Germany, France and Australia. Could you elaborate a little bit about what drove that particular strength? And is that something that we should be thinking about continuing for the rest of the year? And are there particular product wins there that you would want to highlight?

Well, I'm not sure I would highlight particular products, but we did see continued strong growth on the traditional side in Europe, traditional equipment, as well as what Stanley said in the U.S., which just as an aside, in the U.S., the traditional equipment, this is the first time in quite some time we've seen growth there. So we're pleased with that. We don't think this is an aberration. We do think that we are gaining market share, and that we'll continue to gain market share on equipment, as well as on the consumable side, internationally. So I'm not sure if the specifics that I would call out, but I know it was led by our traditional equipment.

And along with that. Could you remind us what sort of exposure you have to some of the Eastern European markets and some of the other markets that are particularly challenged in this environment. And did you see it commensurate the weakness in those markets?

Yes. I guess, the positive is that in the Eastern European countries, we really have a very small presence today. So it really doesn't -- what's going on in their economies really does not have really any impact to us. Specifically, a lot of people are concerned about Greece. We don't have any operations in Greece. So there's no impact to us, what's going on in that market. The bulk of our market -- I would say the big three countries for Europe for us are Germany, France and the U.K. We are seeing a little bit of weakness in Spain and Italy. But Spain is a small market for us. In Italy, our strategy really is to become the first national full-service dental distributor. So that's starting to pay dividends for us also. So I think we're positioned pretty well in the European markets.

Steve, as you think about this year, are you still -- on vaccines on seasonal flu, are you still thinking, 12 million to 14 million doses is the right ballpark? And could you still envision a scenario where you'd be able to, perhaps, do a little bit better given all the changes in the market in the last two years?

Well, yes, our guidance does assume 12 million to 14 million doses of flu vaccine for this season. Certainly, like every year, if there's opportunities from our customer-demand perspective, I believe that there will be opportunities to buy in the spot market. So that's certainly an opportunity. And given that the H1N1 strain will be part of the seasonal flu vaccine, at least we believe that should make demand very strong this year. So yes, I think right now we're, again, cautiously optimistic about flu season.

And your next question is from the line of Steven Valiquette with UBS.

And as far as the International growth -- and again, I think I get kind of late in the call here, some of the good questions have been asked already, but sticking with that theme, were you surprised that the International dental equipment sales were stronger than the consumables? Was that kind of a trend line you're expecting there? And the fact that consumables were up, I guess, 5.7%, but the equipment was 10.4%, was that sort of a trend line. What's you're expecting? That's question one.

Well, I would say, I mean in a while, it did perform well. It was in line with our expectations, probably performed better than our expectations, but not -- we were expecting strong equipment results in Europe, and that did occur. So I wouldn't say that there's any huge improvement over our expectations. Now we've been doing well on equipment for some time now. I think if you look at our Dental and our International internal growth for the last several quarters or longer, we've been growing at similar internal growth rates. So I think this is just more a continued performance from recent history rather than some unusually very positive performance.

I think also a little bit at the margin. Last year, the IDS meeting was in Germany. And in April, there is no IDS meeting. So last year, some sales were pushed from the first quarter on equipment into the second quarter. There may be a small amount of that this year, so some sales patched from the second winter into the first, but not material in the context of our International business nor material in the context of Henry Schein.

And then just -- well, you kind of touched on it, Steve, but again, do you think the overall European market was better than expected in the March quarter? Was that kind of in line in years you discontinued to do better than the market, kind of on the same trend line you've been? I mean what's the best way to characterize that?

I think, of course, we had a very good quarter, but not materially different to our overall budgets for our International business. Maybe one group was a little bit better than the other, but overall, our International group was in line with our expectations, tad better but not materially better.

Yes, let me just add also. Clearly, the market is not growing as rapidly in Europe. So clearly, we are gaining market share. The market may be growing somewhere half or so of what we put up in Dental overall sales growth merchandise and equipment. So we're certainly taking market share.

Your next question is from the line of A.J. Rice with Susquehanna.

First of all, thanks for the comments on the International side. I just want to confirm, I know at one point, you were talking about getting the margin up to about 6% over the next couple of years, maybe at 4.1% in the current quarter. Is 6% still a goal that is out there for you?

Yes, it's still very much our goal, and we still feel confident that we will achieve that. That 4% though, because of seasonality in quarters, is lower than what we'll expect to do for the full year of 2010.

You mentioned a couple of times about H1N1 year-to-year variance, and I guess there's probably some seasonal flu variance as well. Do have the numbers to show what the year-to-year impact on that is? How much does that -- was that a headwind for you this year, if I could ask?

Well, I'll give you some estimates, A.J., but this is difficult to track very precisely. But last year, we called out that we thought that last year's sales growth was positively impacted by somewhere in the 2% to 3% range. And this year, I don't think it's continuing at the same rate. So maybe there's a 1% to 2% or so negative impact in Medical sales because of less H1N1-related traffic. But that's very subjective and estimated numbers. I don't think it's materially off that, but it's hard really to track it perfectly and precisely.

Now on the Butler Schein combination, you said the $0.01 to $0.03 diluted for the year, and it sounds like a lot that is going to come in the second and third quarter. Was there any impact on the bottom line that you would attribute to the merger itself this quarter?

There was, and I don't have the exact number handy. There was, but the more significant integration costs are coming in Q2 and Q3 than what we saw in Q1.

And then just a final question on -- obviously, you've got significant integration in that area in the next two quarters, but you guys tend to be remain active on the acquisition market. Do you step back at all because of the Butler Schein integration from acquisitions? And whether you do or not, any flavor on the pipeline out there?

A.J., our acquisition pipeline remains as full as it's ever been. No assurances that we can close on any deal in any particular quarter because deals have a life cycle into their own. However, our goal is to continue to grow the business through internal growth and acquisition growth in all three of our major areas: Dental, Medical, Animal Health and, of course, the related software areas both in the United States and abroad. The Butler Schein Animal Health transaction engrossed the Butler Schein management team, and they are doing very, very well, and it's not really using much of the management team elsewhere in the company. So we feel that we have capacity to undertake further integrations as the year goes by.

And your next question comes from the line of Bob Willoughby with Bank of America Merrill Lynch.

Steve, I think you've answered the question. If you assume the Butler Burns deal added somewhere in the neighborhood of $150 million or so in revenues, maybe less for seasonality aspects. I'm looking at the minority interest line item, and it's up only $2 million year-over-year. Is it just integration expenses, some of the seasonality that might have limited the growth on that metric? And isn't that the one that ultimately has to trend higher here?

Yes, you're completely right, Bob. It is primarily those two reasons, some integration expenses but really seasonality of the business, which profitability and sales improved after Q1. And yes, we do expect that minority interest line to grow because of the increased profitability of Butler Schein going forward.

Second quarter guidance, though, might that be kind of a flat metric with the integration offsetting seasonality? Or relatively positive?

I hate to be so granular on specific lines. I don't think it will be flat, but I don't think it's going to have a big movement there.

And do you have any stated deleveraging plans here over the course of the year or in the next year?

Well, we have two opportunities. We're still evaluating. We have about principal repayment on one of our term loans of about $20 million that's coming up later this year. Our convertible debt of about $240 million. Also there's a simultaneous put and call in the August timeframe, and we're evaluating what we want to do with that. So I think there are some opportunities, but we haven't made any decisions on that at this time.

So flat line in interest expense a fair assumption?

Yes, because the bulk -- yes, the interest expense is -- right now, the main debt is the convert of $240 million and the $300-and-some-odd millions, $320 million related to the Butler Schein acquisition. That's the bulk of the debt on the balance sheet.

And we do have time for one last question from the line of Richard Close with Jefferies & Company. Richard Close - Jefferies & Company, Inc.: Steve, I guess on the restructuring, if I go and think back to the fourth quarter call, you talked about $10 million to $12 million, I believe, for the year, if I'm not mistaken, on a pretax basis, and I guess $12.3 million you've reported here in the first quarter. So how should we think about that as we progress through the year because if I remember it correctly, you said most of it would be in the first quarter, but you could see some fall into other quarters?

Yes, that's what we did say at Q4, but we're really not expecting any future restructuring costs beyond Q1. We were able to accomplish, that's why it was at the high end of our range, pretty much all of the restructuring efforts in Q1. So really going forward, we're not looking at any further amounts for restructuring. Richard Close - Jefferies & Company, Inc.: And then when we look at those restructuring costs, I think most of it was associated with the International. Was that the case? And maybe any type of break down there.

Well, admittedly, we said and this is -- it really isn't most of it. It's just that compared to the size of the International business, which is a third of the business, it did have a higher percentage of overall restructuring costs. But it isn't that the bulk of it all is in International. We also did some restructuring in our U.S. business. In total, there was about 180 positions that were eliminated. And again, we feel like we've done what we needed to do, and we don't see any need for future restructuring for the balance of the year. Richard Close - Jefferies & Company, Inc.: And just a final question here would be is obviously, tax benefit from the lower rate and then offset somewhat by the headwinds on foreign exchange, but you talked pretty favorably with respect to your businesses operating nicely and in some improving trends. Should we just take your guidance as a conservative stance and maybe you haven't really factored in a lot of carryover on the improving trends that you've experienced here in the first quarter?

Well, we typically try to have very realistic guidance. This is no different than any other time we give guidance. We felt that Q1 was a very good start of the year for us. We do believe that the markets will continue to show gradual improvement going forward. We're probably being conservative to realistic on what that improvement will be because it's really hard to precisely estimate that. So again, overall, we feel good about achieving guidance, that's why we're increasing the range or increasing the lower end of the range. But it's still early in the year.

Thank you, Steven. Thank you, everyone. And thank you, all, for joining us today and for your interest, of course, in Henry Schein. As you can tell from the remarks we made, we remain rather bullish about the business. The business as a whole in the hands of, we believe, a very good management. Each one of our groups, each one of them have specific goals that they're working towards, and we feel comfortable that the plans that we made for this year will be implemented in accordance with our expectations. And so if you have any specific questions, please feel free to contact Steve Paladino at (631) 843-5500 or Susan Vassallo, who heads our Communications, at (631) 843-5562, and we look forward to having another call in 90 days or so. We'll be at several conferences in the next quarter, and we'd be happy to meet with you and discuss Henry Schein in more depth at that time. Thank you very much.

Thank you. This does conclude today's conference call. You may now disconnect.