News Summary (PDCO, SAB)

The Conference Board announced today that the index of the US leading economic indicators declined 0.1% in April. After March 2009, this is the first monthly decline. Analysts were expecting the index to rise by 1.3%. The board believes that the economic recovery slated in the markets may lose its pace, but will continue to take place in the coming months. Out of 10 leading indicators, only 4 rose in April, the interest rate spread being the largest positive contributor and the building permits being the largest negative. The Federal Reserve Bank of Philadelphia released a manufacturing firms survey today, according to which business conditions have improved in the Philadelphia region for a ninth straight month in May. The Philly Fed index moved up mildly in May to 21.4 from 20.2 in April. The figure being above zero is an indication that more firms are growing than contracting. Patterson Companies Inc PDCO today announced results of its fiscal 2010 Q4 ended April 24. Consolidated sales rose 4% to $812,762,000, up from $779,884,000 last year. While 99% of the sales increase came from acquisitions and foreign currency adjustments, the remaining 1% was the result of internal growth. Net income grew 15% over last year to $61,805,000 or $.52 per diluted share, from $53,961,000 or $0.46 per diluted share. SABMiller, maker of Miller, Peroni and Snow beer, reported a 1.5% jump in its annual profit to $1.91 billion in the year ending March 31. SAB’s revenue rose 4% to $26.35 billion, including its share of the MillerCoors venture. Profit, excluding tax, interest and amortization, increased 6% to $4.38 billion. Beer volumes were steady on a comparable basis and the profit growth for the brewing giant came from increase in prices. CEO Graham Mackay said, "To achieve flat volumes with firm pricing across the globe in circumstances like this has been a tremendous achievement." Read more from Benzinga's Markets.