-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SD8rF4h8tRrp8TnGyC/A/Z3pqSXR9Ezsd9yrF5Yuw/9XIoZR9BVv3vbF2znUPunr 8M+a2OUe+BxmYan1g4fWSg== 0000818479-07-000042.txt : 20070501 0000818479-07-000042.hdr.sgml : 20070501 20070430213859 ACCESSION NUMBER: 0000818479-07-000042 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070430 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070501 DATE AS OF CHANGE: 20070430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DENTSPLY INTERNATIONAL INC /DE/ CENTRAL INDEX KEY: 0000818479 STANDARD INDUSTRIAL CLASSIFICATION: DENTAL EQUIPMENT & SUPPLIES [3843] IRS NUMBER: 391434669 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16211 FILM NUMBER: 07802972 BUSINESS ADDRESS: STREET 1: SUSQUEHANNA COMMERCE CENTER STREET 2: 221 W. PHILADELPHIA STREET CITY: YORK STATE: PA ZIP: 17405 BUSINESS PHONE: 7178457511 MAIL ADDRESS: STREET 1: SUSQUEHANNA COMMERCE CENTER STREET 2: 221 W. PHILADELPHIA STREET CITY: YORK STATE: PA ZIP: 17405 FORMER COMPANY: FORMER CONFORMED NAME: GENDEX CORP DATE OF NAME CHANGE: 19920703 8-K 1 f8kq107.txt 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report April 30, 2007 (Date of earliest event reported) DENTSPLY INTERNATIONAL INC (Exact name of Company as specified in charter) Delaware 0-16211 39-1434669 (State of Incorporation) (Commission (IRS Employer File Number) Identification No.) 221 West Philadelphia Street, York, Pennsylvania 17405 (Address of principal executive offices) (Zip Code) (717) 845-7511 (Company's telephone number including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: _____ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) _____ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) _____ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) _____ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. - Results of Operations and Financial Condition The following information is furnished pursuant to Item 2.02, "Results of Operations and Financial Condition." On April 30, 2007, the Company issued a press release disclosing its first quarter 2007 sales and earnings. This earnings release references net sales excluding precious metal content and net income excluding certain unusual items, both of which could be considered measures not calculated in accordance with generally accepted accounting principles (non-GAAP measures). Due to the fluctuations of precious metal prices and because the precious metal content of the Company's sales is largely a pass-through to customers and has minimal effect on earnings, the Company reports sales both with and without precious metal content to show the Company's performance independent of precious metal price volatility and to enhance comparability of performance between periods. Earnings from continuing operations excluding certain unusual items is presented to enhance the comparability between periods. A copy of the Company's press release is attached hereto as Exhibit (99.1) and is hereby incorporated by reference. Item 9.01. Financial Statements and Exhibits (a) Financial Statements - Not applicable. (b) Exhibits: 99.1 The Dentsply International Inc. First Quarter 2007 earnings release issued April 30, 2007 as referenced in Item 2.02. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DENTSPLY INTERNATIONAL INC (Company) /s/ William R. Jellison William R. Jellison Senior Vice President and Chief Financial Officer Date: April 30, 2007 EX-99 2 ex991.htm EX 99.1

NEWS

 

For Further

Information

Contact:

 

William R. Jellison

FOR IMMEDIATE RELEASE

Senior Vice President and

Chief Financial Officer

(717) 849-4243

 

 

DENTSPLY International Inc.

Reports Record First Quarter Sales and Earnings 2007

 

 

York, PA – April 30, 2007 -- DENTSPLY International Inc. (NASDAQ–XRAY) today announced record sales and earnings for the three months ended March 31, 2007.

 

FINANCIAL RESULTS

 

Three Months Ended March 31, 2007

 

Net sales in the first quarter of 2007 increased 9.7% to $472.9 million compared to $431.0 million reported for the first quarter of 2006. Net sales, without precious metal content, increased 10.4% to $423.3 million in the first quarter of 2007, compared to 2006. Net sales without precious metal content, in the first quarter of 2007, were positively affected by strong internal growth in Europe, improved internal growth in the United States and a stronger Euro. Sales of specialty products, including implants, orthodontic products, along with the Company’s all-ceramic Cercon products, all continued to enjoy double-digit sales growth in the quarter.

 

Net income for the first quarter of 2007 was $58.5 million, or $0.38 per diluted share, an increase of 22.6% compared $0.31 per diluted share in the first quarter of 2006. Net income in the first quarter of 2006 included the net of tax impact of restructuring costs of $3.1 million ($0.02 per diluted share). For a reconciliation of this non-GAAP measure to earnings per share calculated according to GAAP, see the attached table.

 

 


COMMENTS FROM MANAGEMENT

 

2007 First Quarter Results & 2007 Full Year Outlook

 

Bret Wise, Chairman and Chief Executive Officer, stated “We are pleased to report a strong start for 2007. Our businesses are performing well across most of our product lines and geographies, particularly our specialty products and European business units. These positive trends, along with progress on our key initiatives, give us increased confidence in our outlook for a strong performance in 2007.”

 

 

ADDITIONAL INFORMATION

 

A conference call has been scheduled for Tuesday, May 1, 2007 at 8:30 AM Eastern Time. A live broadcast is available through Shareholder.com by accessing DENTSPLY’s website at www.dentsply.com. The Conference ID # is 1979848. In order to participate in the call, dial (800) 289-0533 (for domestic calls) and (913) 981-5525 (for international calls). An on-line rebroadcast, as well as a transcript of the conference call will be available to the public following the conference call at the DENTSPLY website: www.dentsply.com. A replay will be available for one week following the conference call at (888) 203-1112 (for domestic calls) and (719) 457-0820 (for international calls), Pass-code #1979848.

 

DENTSPLY designs, develops, manufactures and markets a broad range of products for the dental market. The Company believes that it is the world’s leading manufacturer and distributor of dental prosthetics, precious metal dental alloys, dental ceramics, endodontic instruments and materials, prophylaxis paste, dental sealants, ultrasonic scalers, and crown and bridge materials; the leading United States manufacturer and distributor of dental handpieces, dental x-ray film holders, film mounts and bone substitute/grafting materials; and a leading worldwide manufacturer or distributor of dental injectable anesthetics, impression materials, orthodontic appliances, dental cutting instruments and dental implants. The Company distributes its dental products in over 120 countries under some of the most well-established brand names in the industry.

 

DENTSPLY is committed to the development of innovative, high quality, cost-effective new products for the dental market.

 

This press release contains forward-looking information (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding future events or the future financial performance of the Company that involve substantial risks and uncertainties. Actual events or results may differ materially from those in the projections or other forward-looking information set forth herein as a result of certain risk factors. These risk factors include, without limitation; the continued strength of dental markets, the timing, success and market reception for our new and existing products, uncertainty with respect to governmental actions with respect to dental products, outcome of litigation, continued support of our products by influential dental professionals, and changes in the general economic environment that could affect our business. Changes in such assumptions or factors could produce significantly different results.

 

For an additional description of risk factors, please refer to the Company’s Annual Report on Form 10-K and its subsequent periodic reports on Form 10-Qs filed with the Securities and Exchange Commission.

 


Non-GAAP Financial Measures

 

DENTSPLY believes that the non-GAAP financial information provided in this release may be useful to investors for comparison purposes because the Company has historically provided similar information. The non-GAAP financial information should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with GAAP.


 

DENTSPLY INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF INCOME

(IN THOUSANDS EXCEPT PER SHARE DATA)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THREE MONTHS ENDED

 

 

MARCH 31,

 

 

 

 

 

 

 

2007

 

2006

 

 

 

 

 

NET SALES

 

$         472,864

 

$         430,996

NET SALES - Ex Precious Metals

 

423,266

 

383,415

 

 

 

 

 

COST OF PRODUCTS SOLD

 

226,586

 

210,860

 

 

 

 

 

GROSS PROFIT

 

246,278

 

220,136

% OF NET SALES

 

52.1%

 

51.1%

% OF NET SALES - Ex Precious Metals

 

58.2%

 

57.4%

 

 

 

 

 

SELLING, GENERAL &

 

 

 

 

ADMINISTRATIVE EXPENSES

 

164,077

 

145,431

 

 

 

 

 

RESTRUCTURING AND OTHER OPERATING (INCOME) COSTS 

990

 

4,697

 

 

 

 

 

INCOME FROM OPERATIONS

 

81,211

 

70,008

% OF NET SALES

 

17.2%

 

16.2%

% OF NET SALES - Ex Precious Metals

 

19.2%

 

18.3%

 

 

 

 

 

NET INTEREST AND OTHER NON OPERATING (INCOME) EXPENSE  

(2,255)

 

(1,201)

 

 

 

 

 

 

 

 

 

 

PRE-TAX INCOME

 

83,466

 

71,209

 

 

 

 

 

INCOME TAXES

 

24,994

 

21,205

 

 

 

 

 

NET INCOME

 

58,472

 

50,004

% OF NET SALES

 

12.4%

 

11.6%

% OF NET SALES - Ex Precious Metals

 

13.8%

 

13.0%

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

-BASIC

 

$                0.38

 

$                0.32

-DILUTIVE

 

$                0.38

 

$                0.31

 

 

 

 

 

 

 

 

 

 

DIVIDENDS PER SHARE

 

$            0.0400

 

$            0.0350

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

 

 

 

-BASIC

 

152,031

 

157,998

-DILUTIVE

 

154,564

 

161,060

 

 


DENTSPLY INTERNATIONAL INC.

CONDENSED BALANCE SHEETS

(IN THOUSANDS)

 

 

 

 

 

 

 

 

 

 

 

 

MARCH 31,

 

DECEMBER 31,

 

 

2007

 

2006

ASSETS

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS

 

$                        104,078

 

$                        65,064

SHORT TERM INVESTMENTS

 

32,839

 

79

ACCOUNTS AND NOTES RECEIVABLE-TRADE, NET 

311,005

 

290,791

INVENTORIES, NET

 

247,517

 

232,441

OTHER CURRENT ASSETS

 

120,962

 

129,816

TOTAL CURRENT ASSETS

 

816,401

 

718,191

 

 

 

 

 

PROPERTY,PLANT AND EQUIPMENT, NET

 

331,686

 

329,616

GOODWILL, NET

 

998,396

 

995,382

IDENTIFIABLE INTANGIBLE ASSETS, NET

 

67,513

 

67,648

OTHER NONCURRENT ASSETS, NET

 

80,762

 

70,513

 

 

 

 

 

TOTAL ASSETS

 

$                    2,294,758

 

$                   2,181,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY:

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

$                        264,980

 

$                      311,434

LONG-TERM DEBT

 

413,355

 

367,161

OTHER LIABILITIES

 

233,558

 

175,507

DEFERRED INCOME TAXES

 

44,601

 

53,191

TOTAL LIABILITIES

 

956,494

 

907,293

 

 

 

 

 

MINORITY INTEREST IN CONSOLIDATED SUBSIDIARIES

 

235

 

222

STOCKHOLDERS' EQUITY

 

1,338,029

 

1,273,835

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 

$                    2,294,758

 

$                    2,181,350

 

 


 

DENTSPLY INTERNATIONAL INC.

 

 

 

 

 

 

 

 

(IN THOUSANDS EXCEPT PER SHARE DATA)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Summary:

 

 

 

 

 

 

 

 

 

 

 

 

The following tables present the reconciliation of reported GAAP net income in total and on a per share basis to the non-GAAP financial measures.

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2007

 

 

 

 

 

 

 

 

Income

 

Diluted

 

 

 

 

(Expense)

 

Per Share

 

 

 

 

 

 

 

 

Net Income

 

$                        58,472

 

$                           0.38

 

 

 

 

 

 

 

 

Restructuring Costs, Net of Tax

 

656

 

0.00

 

 

 

 

 

 

 

 

Income Tax Related Adjustments

 

(232)

 

(0.00)

 

 

 

 

 

 

 

 

Adjusted Non-GAAP Earnings

 

$                        58,896

 

$                           0.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2006

 

 

 

 

 

 

 

 

Income

 

Diluted

 

 

 

 

(Expense)

 

Per Share

 

 

 

 

 

 

 

 

Net Income

 

$                        50,004

 

$                           0.31

 

 

 

 

 

 

 

 

Restructuring Costs, Net of Tax

 

3,054

 

0.02

 

 

 

 

 

 

 

 

Income Tax Related Adjustments

 

(135)

 

(0.00)

 

 

 

 

 

 

 

 

Adjusted Non-GAAP Earnings

 

$                        52,923

 

$                           0.33

 

 


 

DENTSPLY INTERNATIONAL INC.

 

 

 

 

 

 

 

 

(IN THOUSANDS EXCEPT PER SHARE DATA)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income Summary:

 

 

 

 

 

 

 

 

 

 

 

 

The following tables present the reconciliation of reported GAAP operating income in total and on a percentage of net sales excluding precious metals basis to the non-GAAP financial measures.

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2007

 

 

 

Percentage

 

 

 

 

Operating

 

of Net Sales

 

 

 

 

Income (Expense)

 

Ex Precious Metals

 

 

 

 

 

 

 

 

Income from Operations

 

$                81,211

 

19.2%

 

 

 

 

 

 

 

 

Restructuring Costs

 

990

 

0.2%

 

 

 

 

 

 

 

 

Adjusted Non-GAAP Operating Earnings

 

$                82,201

 

19.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2006

 

 

 

Percentage

 

 

 

 

Operating

 

of Net Sales

 

 

 

 

Income (Expense)

 

Ex Precious Metals

 

 

 

 

 

 

 

 

Income from Operations

 

$                70,008

 

18.3%

 

 

 

 

 

 

 

 

Restructuring Costs

 

4,697

 

1.2%

 

 

 

 

 

 

 

 

Adjusted Non-GAAP Operating Earnings

 

$                74,705

 

19.5%

 

 

 

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