DENTSPLY International Inc. third quarter net income up 46%.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)--Oct. 21, 1996--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 third quarter ended Sept. 30, 1996 were $155.3 million, up 13.1% from $137.3 million in the year earlier quarter. Net income was $13.9 million, up 46.4% from $9.5 million in the third quarter of 1995. Earnings per common share were 52 cents, an increase of 48.6% from 35 cents in 1995. John C. Miles II, president and chief executive officer, said, "The significant growth in our sales and profits for the quarter resulted from strong demand both for our consumable A material that is used up and needs continuous replenishment, such as paper and toner. "The low-tech end of the high-tech field!" and equipment product lines, especially in the 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. ." For the nine months ended Sept. 30, 1996, sales increased 16.1% to $476.3 million from $410.3 million in the first nine months of 1995. Net income increased 30.7% to $46.6 million from $35.7 million in the year earlier period. Earnings per common share for the nine months ended Sept. 30, 1996 of $1.73 were up 31.1% from $1.32 in the same period in 1995. Miles added "We are very pleased with our performance through the first three quarters. We continue to focus on end-user demand, research and development, and acquisitions and remain very confident about a successful 1996." The results for the nine months ended Sept. 30, 1995 included a one time charge of approximately $3.1 million ($1.8 million after tax, or 7 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ) to cover the costs of closing the company's executive offices in Illinois and consolidating its executive operations in York. 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 artificial teeth, 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, and crown and bridge materials; the leading United States manufacturer and distributor of dental x-ray equipment, dental handpieces, 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 and film mounts, and a leading United States distributor of dental cutting instruments and dental implants dental implant n. An artificial tooth that is anchored in the gums or jawbone to replace a missing tooth. dental implant . 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. -0-
DENTSPLY INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPT. 30, SEPT. 30,
------------------- ------------------
% %
1996 1995 CHANGE 1996 1995 CHANGE
------ ------ -------- ------ ------ -------
Net sales $155,327 $137,330 13.1% $476,266 $410,313 16.1%
Cost of
products
sold 80,855 74,411 8.7% 243,226 210,796 15.4%
-------- -------- -------- --------
Gross
profit 74,472 62,919 18.4% 233,040 199,517 16.8%
% of
net sales 47.9% 45.8% 48.9% 48.6%
Selling,
general and
administrative
expense 49,773 45,577 9.2% 150,212 132,352 13.5%
------- ------- ------- -------
Operating
income 24,699 17,342 42.4% 82,828 67,165 23.3%
% of
net sales 15.9% 12.6% 17.4% 16.4%
Net interest
and other
expense 2,191 1,549 41.4% 5,789 7,888 (26.6)%
------- ------- ------- -------
Income before
income taxes 22,508 15,793 42.5% 77,039 59,277 30.0%
Provision
for income
taxes 8,635 6,314 36.8% 30,409 23,589 28.9%
------- ------- ------- -------
Net income $ 13,873 $ 9,479 46.4% $ 46,630 $ 35,688 30.7%
% of net
sales 8.9% 6.9% 9.8% 8.7%
Earnings per
common
share $0.52 $0.35 48.6% $1.73 $1.32 31.1%
======= ======= ======= =======
Dividends per
common
share $ 0.0825 $ 0.0750 10.0% $ 0.2475 $ 0.2250 10.0%
======= ======= ======= =======
Weighted
average
common shares
outstanding 26,892 27,001 (0.4)% 26,934 27,033 (0.4)%
CONTACT: DENTSPLY International Inc., York Edward D. Yates, Sr. VP and CFO See Chief Financial Officer. , 717/849-4243 |
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