DENTSPLY International Inc.; Second Quarter Net Income Meets Expectations.York York, former name of Toronto, Canada York, Ont.: see Toronto, Ont., Canada. York, city, England York, city (1991 pop. 123,126) and district, North Yorkshire, N England, at the confluence of the Ouse and Foss rivers. , PA--(BUSINESS WIRE)--July 21, 1997--DENTSPLY International Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :XRAY) Monday announced that sales for the second quarter ended June 30, 1997 were $178.3 million, up 8.0% from $165.0 million in the year earlier quarter. Net income of $17.8 million was equal to the second quarter of 1996. Earnings per common share were 66 cents, the same as the second quarter of 1996. The flat earnings per share resulted largely from three factors: the recently completed acquisition of New Image Industries; the negative impact of the strong U.S. dollar on the translation of sales and earnings from DENTSPLY's European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. operations; and the relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. of the Preventive Care Preventive care is a set of measures taken in advance of symptoms to prevent illness or injury. This type of care is best exemplified by routine physical examinations and immunizations. The emphasis is on preventing illnesses before they occur. See also
John C. Miles II, vice chairman and chief executive officer, said, "Our second quarter results were in line with our previously announced expectations. Given the current underlying strength of our business, we remain confident about the remainder of 1997." Production at the new Preventive Care facility in York has scaled up, and June shipments were strong. Backlogs should be reduced to normal levels by the end of the third quarter. It is expected that New Image will reduce its losses in the third quarter and become operationally profitable by year-end. Like most other international companies DENTSPLY continues to be adversely impacted by the continuing strengthening of the U.S. dollar. For the six months ended June 30, 1997, sales increased 9.3% to $350.7 million from $320.9 million in the first half of 1996. Net income increased 6.1% to $34.8 million from $32.8 million in the year earlier period. Earnings per common share for the six months ended June 30, 1997 of $1.29 were up 5.7% from $1.22 in the same period in 1996. 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 endodontic Endodontic Pertaining to the inside structures of the tooth, including the dental pulp and tooth root, and the periapical tissue surrounding the root. Mentioned in: Root Canal Treatment endodontic instruments and materials, impression materials, prophylaxis prophylaxis (prō'fĭlăk`sĭs), measures designed to prevent the occurrence of disease or its dissemination. Some examples of prophylaxis are immunization against serious diseases such as smallpox or diphtheria; quarantine to confine paste, dental sealants Dental sealants are a dental treatment consisting of applying a plastic material to one or more teeth, for the intended purpose of preventing dental caries (cavities) or other forms of tooth decay. , ultrasonic ultrasonic /ul·tra·son·ic/ (-son´ik) beyond the upper limit of perception by the human ear; relating to sound waves having a frequency of more than 20,000 Hz. ul·tra·son·ic adj. 1. scalers, artificial teeth, and crown and bridge materials; the leading United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. manufacturer and distributor of dental x-ray X-ray Electromagnetic radiation of extremely short wavelength (100 nanometres to 0.001 nanometre) produced by the deceleration of charged particles or the transitions of electrons in atoms. equipment, dental handpieces, intra oral cameras, dental operatory software systems, dental x-ray film Noun 1. X-ray film - photographic film used to make X-ray pictures bitewing - a dental X-ray film that can be held in place by the teeth during radiography holders, film mounts and bone substitute/ grafting grafting, horticultural practice of uniting parts of two plants so that they grow as one. The scion, or cion, the part grafted onto the stock or rooted part, may be a single bud, as in budding, or a cutting that has several buds. materials; and a leading United States distributor of dental cutting instruments. The company distributes its dental products in over 100 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 statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. concerning sales and earnings expectations and other matters. Actual results could differ materially from these expectations as a result, among other risks, of financial accounting adjustments, slower sales than anticipated in the remainder of the year, unanticipated delays in shipments, and foreign currency fluctuations. For a more detailed description of these and other risk factors, please refer to the company's Annual Report on Form 10K for the year ended Dec. 31, 1996. -0-
DENTSPLY INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
------------------ ----------------
% %
1997 1996 CHANGE 1997 1996 CHANGE
---- ---- ------ ---- ---- ------
NET SALES $178,307 $165,029 8.0% $350,666 $320,939 9.3%
COST OF PRODUCTS
SOLD 87,536 83,389 5.0% 171,845 162,371 5.8%
------ ------ ---- ------- ------- -----
GROSS PROFIT 90,771 81,640 11.2% 178,821 158,568 12.8%
% OF NET SALES 50.9% 49.5% 51.0% 49.4%
SELLING, GENERAL AND
ADMINISTRATIVE
EXPENSE 58,252 50,412 15.6% 118,247 100,439 17.7%
------ ------ ----- ------- ------- -----
OPERATING INCOME 32,519 31,228 4.1% 60,574 58,129 4.2%
% OF NET SALES 18.2% 18.9% 17.3% 18.1%
NET INTEREST AND
OTHER EXPENSE 3,180 1,786 78.1% 3,421 3,598 (4.9)%
----- ----- ----- ----- ----- ------
INCOME BEFORE
INCOME TAXES 29,339 29,442 (0.4)% 57,153 54,531 4.8%
PROVISION FOR
INCOME TAXES 11,496 11,672 (1.5)% 22,386 21,774 2.8%
------ ------ ------ ------ ------ ----
NET INCOME $ 17,843 $ 17,770 0.4% $ 34,767 $ 32,757 6.1%
% OF NET SALES 10.0% 10.8% 9.9% 10.2%
EARNINGS PER
COMMON SHARE $0.66 $0.66 0.0% $1.29 $1.22 5.7%
===== ===== ===== =====
DIVIDENDS PER
COMMON SHARE $ 0.0925 $ 0.0825 12.1% $ 0.1850 $ 0.1650 12.1%
======== ======== ======== ========
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING 26,945 26,958 0.0% 26,934 26,955 (0.1)%
CONTACT: DENTSPLY International Inc., York Edward D. Yates, Senior VP/CFO, 717/849-4243 |
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