DENTSPLY International Inc. Announces Completion of Sale of its InfoSoft Division to PracticeWorks.Business Editors YORK, Pa.--(BUSINESS WIRE)--March 13, 2001 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) today announced that it has completed the sale of SoftDent, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the Company's practice management software subsidiary (formerly the InfoSoft Division) to PracticeWorks. The Company received $32 million of PracticeWorks' 6 1/2% convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". , for all of its shares of SoftDent, LLC. These preferred shares are convertible into 9.8% of PracticeWorks common stock and are redeemable for cash after 5 years if not converted. The sale is expected to result in a $22 - 24 million pretax gain, resulting in an EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. gain of approximately $.25 - .28 per share DENTSPLY will also take a restructuring charge of approximately $5.5 million in the first quarter of 2001 to further improve its European and North American infrastructure efficiencies. These restructuring charges should improve EPS by approximately $.02/share on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis and should be completed by the fourth quarter of 2001. 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, 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, prophylaxis paste, dental sealants, ultrasonic scalers, dental injectible anesthetics and crown and bridge materials; the leading United States manufacturer and distributor of dental x-ray equipment, dental handpieces, intraoral cameras, dental x-ray film holders, film mounts and bone substitute/grafting materials; and a leading worldwide manufacturer or distributor of impression materials, orthodontic orthodontic (ôr´th  dän´tik),adj 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 statements concerning sales and earnings expectations and other matters. Actual results could differ materially from these expectations as a result of certain risk factors, including those stated herein as well as those described in the Company's Annual Report on Form 10K for the year ended December 31, 1999. |
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