DENTSPLY International Inc. Announces Record First Quarter Sales and Earnings.Business Editors YORK, Pa.--(BUSINESS WIRE)--April 19, 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 record first quarter results. Sales were $245.7 million for the quarter ended March 31, 2001, up 14.8% from $214.0 million in the year earlier quarter. The sales increase included 7.1% base business growth and a 2.2% negative impact for currency translation due to the strong U.S. dollar. Net income for the quarter was $34.3 million, or $.66 diluted earnings per common share. The quarter included a $5.5 million pre-tax restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. ($3.8 million after-tax) for improving efficiencies in Europe, Brazil and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . In addition, the Company recognized a $23.1 million pre-tax gain ($13.6 million after-tax) on 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, formally its InfoSoft Division. Without the restructuring charge and the gain on the sale of SoftDent, net income was a record $24.5 million, up 10.4% and diluted earnings per common share were $.47, an increase of 11.9% from $.42 in the first quarter of 2000. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. was $47.3 million, up 15% from the first quarter of 2000. John C. Miles II, Chairman and Chief Executive Officer, said, "We are off to another exciting start in 2001. We have completed two significant acquisitions: Friadent, a major global dental implant dental implant n. An artificial tooth that is anchored in the gums or jawbone to replace a missing tooth. dental implant manufacturer and marketer and AstraZeneca's dental injectible anesthetic anesthetic Agent that produces a local or general loss of sensation, including pain, and therefore is useful in surgery and dentistry. General anesthesia induces loss of consciousness, most often using hydrocarbons (e.g. business, the global market share leader in dental anesthetics Anesthetics Drugs or methodologies used to make a body area free of sensation or pain. Mentioned in: Appendectomy . We believe these two businesses strategically strengthen the Company and broaden DENTSPLY's leadership position within the dental industry. Our base business sales grew at a rate faster than the overall dental market, generating record earnings and very strong cash flow. We believe this will be another dynamic year for DENTSPLY." 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 pros·thet·ics n. The branch of medicine or surgery that deals with the production and application of artificial body parts. pros , 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 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, dental injectible anesthetics 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 equipment, dental handpieces, intraoral cameras, 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 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 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 of certain risk factors. For a detailed description of these risk factors, please refer to the Company's Annual Report on Form 10K for the year ended December 31, 2000.
DENTSPLY INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS EXCEPT PER SHARE DATA)
THREE MONTHS ENDED
MARCH 31
==================
2001 2000
---- ----
NET SALES $245,669 $213,956
COST OF PRODUCTS SOLD 115,855 103,481
-------- --------
GROSS PROFIT 129,814 110,475
% OF NET SALES 52.8 % 51.6 %
SELLING, GENERAL &
ADMINISTRATIVE EXPENSES 89,393 73,735
RESTRUCTURING COSTS 5,500 0
-------- --------
INCOME FROM OPERATIONS 34,921 36,740
% OF NET SALES 14.2 % 17.2 %
NET INTEREST AND
OTHER (INCOME) EXPENSE (19,495) 2,634
-------- --------
PRE-TAX INCOME 54,416 34,106
INCOME TAXES 20,090 11,913
-------- --------
NET INCOME $34,326 $22,193
% OF NET SALES 14.0 % 10.4 %
======== ========
EARNINGS PER SHARE-BASIC $0.66 $0.42
-DILUTIVE $0.66 $0.42
DIVIDENDS PER SHARE $0.0688 $0.0625
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES OUTSTANDING-BASIC 51,642 52,315
-DILUTIVE 52,327 52,536
DENTSPLY INTERNATIONAL INC.
CONDENSED BALANCE SHEETS
(IN THOUSANDS)
MARCH 31, DECEMBER 31,
2001 2000
ASSETS
CURRENT ASSETS:
CASH AND CASH EQUIVALENTS 15,338 15,432
ACCOUNTS AND NOTES
RECEIVABLE-TRADE, NET 136,358 133,643
INVENTORIES 143,003 133,304
OTHER CURRENT ASSETS 44,236 43,075
----------- -----------
TOTAL CURRENT ASSETS 338,935 325,454
PROPERTY, PLANT AND EQUIPMENT, NET 185,337 181,341
OTHER NONCURRENT ASSETS, NET 551,535 359,820
----------- -----------
TOTAL ASSETS $ 1,075,807 $ 866,615
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY:
CURRENT LIABILITIES $ 185,421 $ 168,138
LONG-TERM DEBT 272,330 109,500
OTHER LIABILITIES 77,119 64,046
MINORITY INTEREST IN CONSOLIDATED
SUBSIDIARIES 4,436 4,561
STOCKHOLDERS' EQUITY 536,501 520,370
----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 1,075,807 $ 866,615
=========== ===========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion