Drmicrocap
9年前
DENTSPLY International Reports Record Third Quarter 2015 Results
.
DENTSPLY International Inc.
3 hours ago
GlobeNewswire
· Adjusted earnings of $0.66 per diluted share, up 6.5% vs. $0.62 in prior year period
· Adjusted operating margin for the third quarter expanded 220 bps to 20.9%
· Revenue excluding precious metals up 1.4% in constant currency in the third quarter; Fx headwind 9.1%
· Operating cash flow growth of 8.3% in the third quarter
York, PA - October 28, 2015 - DENTSPLY International Inc. (XRAY) today announced sales and earnings for the three and nine months ended September 30, 2015.
Third Quarter Results
Net sales in the third quarter of 2015 of $648.9 million decreased 8.4% compared to $708.2 million in the third quarter of 2014. Net sales, excluding metals content, of $629.3 million decreased 7.7% compared to $681.6 million in the third quarter of 2014. Revenue for the three months, excluding precious metals, grew 1.4% on a constant currency basis, offset by a 9.1% headwind from foreign currency translation.
Net income attributable to DENTSPLY International for the third quarter of 2015 was $84.5 million, or $0.59 per diluted share, compared to $75.3 million, or $0.52 per diluted share in the second quarter of 2014. On an adjusted basis, excluding certain items, net earnings per diluted share grew 6.5% to $0.66 compared to $0.62 in the third quarter of 2014. A reconciliation of the adjusted earnings per share, a non-US GAAP measure, to earnings per share calculated on a US-GAAP basis is provided in the attached table.
Nine months 2015 Results
Net sales for the first nine months of 2015 of $2.0 billion decreased 9.1% compared to $2.2 billion for the first nine months of 2014. Net sales for the nine months, excluding precious metals content, of $1.9 billion decreased 7.9% compared to $2.1 billion in the first nine months of 2014. Revenue for the first nine months of 2015 grew 2.0% on a constant currency basis, offset by a 9.9% headwind from foreign currency translation.
Net income attributable to DENTSPLY International for the first nine months of 2015 was $192.6 million, or $1.35 per diluted share, compared to $238.1 million, or $1.65 per diluted share in the first nine months of 2014. On an adjusted basis, excluding certain items, net earnings per diluted share grew 3.7% to $1.97 compared to $1.90 in the first nine months of 2014.
Outlook
Bret Wise, DENTSPLY`s Chairman and Chief Executive Officer, stated "During the third quarter, the business continued to achieve strong earnings growth despite a significant headwind from currency. We have been executing our global efficiency program and have realized improved margins well ahead of plan. For the third quarter, adjusted operating margin of 20.9% improved 220 basis points and, over a two-year period, the cumulative improvement was 300 basis points. Looking ahead, we are now poised to increase investment in growth opportunities, while also improving margins further, both important elements in driving shareholder value. Based on the results through nine months and our outlook for the balance of the year, we are increasing full-year 2015 adjusted earnings guidance to the range of $2.58 to $2.64 per diluted share."
Merger Update
On September 15, 2015, the Company and Sirona Dental Systems, Inc. ("Sirona") entered into an Agreement and Plan of Merger and announced a merger of equals between the two companies. Mr. Wise commented, "We are excited about the possibilities that this merger brings to the dental market, our customers and shareholders. We are actively pursuing the regulatory and shareholder approvals required to complete the merger and expect the transaction to close in the first quarter of 2016."
Additional Information
A conference call is scheduled to begin today at 8:30 a.m. (Eastern Time) with a live webcast to discuss these financial results. Supplemental materials for reference during the call will be available for download in the investor relations section of DENTSPLY`s web site, at www.dentsply.com.
Investors can access the webcast via a link on DENTSPLY`s web site at www.dentsply.com. For those planning to participate on the call, please dial (877) 856-1969 for domestic calls, or (719) 325-4903 for international calls. The Conference ID # is 4311375. Members of management speaking on the call will include Bret Wise, DENTSPLY`s Chairman and Chief Executive Officer, Chris Clark, President and Chief Financial Officer, and Jim Mosch, Executive Vice President and Chief Operating Officer.
A rebroadcast of the conference call will be available online at the DENTSPLY web site, and a dial-in replay will be available for one week following the call at (888) 203-1112 (for domestic calls) or (719) 457-0820 (for international calls), Replay Passcode # 4311375.
DENTSPLY International Inc. is a leading manufacturer and distributor of dental and other consumable medical device products. The Company believes it is the world`s largest manufacturer of consumable dental products for the professional dental market. For over 115 years, DENTSPLY`s commitment to innovation and professional collaboration has enhanced its portfolio of branded consumables and small equipment. Headquartered in the United States, the Company has global operations with sales in more than 120 countries. Visit www.dentsply.com for more information about DENTSPLY and its products.
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; uncertainties as to the timing of the merger with Sirona; uncertainties as to whether the Company`s and Sirona`s stockholders will approve the merger; the risk that competing offers will be made; the possibility that various closing conditions for the merger may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the merger, or the terms of such approval; the effects of disruption from the merger making it more difficult to maintain relationships with employees, customers, suppliers, and other business partners; the risk that stockholder litigation in connection with the merger may result in significant costs of defense, indemnification and liability; the failure to realize synergies from the merger or delay in realization thereof; the business of the Company and Sirona may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; operating costs and business disruption following completion of the merger, including adverse effects on employee retention and on the Company`s and Sirona`s respective business relationships with third parties; costs associated with the merger; the continued strength of dental and medical markets, the timing, success and market reception for our new and existing products, uncertainty with respect to governmental actions with respect to dental and medical products, outcome of litigation and/or governmental enforcement actions, volatility in the capital markets or changes in our credit ratings, continued support of our products by influential dental and medical professionals, our ability to successfully integrate acquisitions, risks associated with foreign currency exchange rates, risks associated with our competitors` introduction of generic or private label products, our ability to accurately predict dealer and customer inventory levels, our ability to successfully realize the benefits of any cost reduction or restructuring efforts, our ability to obtain a supply of certain finished goods and raw materials from third parties and changes in the general economic environment that could affect the business. Changes in such assumptions or factors could produce significantly different results.
For additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements, please refer to the Company`s most recent Form 10-K and its subsequent periodic reports on Forms 10-Q filed with the Securities and Exchange Commission.
Non-US GAAP Financial Measures
In addition to the results reported in accordance with US GAAP, the Company provides adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted common share ("adjusted EPS"). The Company discloses adjusted net income attributable to DENTSPLY International to allow investors to evaluate the performance of the Company`s operations exclusive of certain items that impact the comparability of results from period to period and may not be indicative of past or future performance of the normal operations of the Company and certain large non-cash charges related to purchased intangible assets. The Company believes that this information is helpful in understanding underlying operating trends and cash flow generation.
Adjusted net income and adjusted EPS are important internal measures for the Company. Senior management receives a monthly analysis of operating results that includes adjusted net income and adjusted EPS and the performance of the Company is measured on this basis along with other performance metrics.
The adjusted net income attributable to DENTSPLY International consists of net income attributable to DENTSPLY International adjusted to exclude the net of tax impact of the following:
(1) Business combination related costs. These adjustments include costs related to integrating and consummating recently acquired businesses and costs, gains and losses related to the disposal of businesses or product lines. These items are irregular in timing and as such may not be indicative of past and future performance of the Company and are therefore excluded to allow investors to better understand underlying operating trends.
(2) Restructuring, restructuring program related costs and other costs. These adjustments include costs related to the implementation of restructuring initiatives as well as certain other costs. These costs can include, but are not limited to, severance costs, facility closure costs, lease and contract terminations costs, related professional service costs, duplicate facility and labor costs associated with specific restructuring initiatives, as well as, legal settlements and impairments of assets. These items are irregular in timing, amount and impact to the Company`s financial performance. As such, these items may not be indicative of past and future performance of the Company and are therefore excluded for the purpose of understanding underlying operating trends.
(3) Amortization of purchased intangible assets. This adjustment excludes the periodic amortization expense related to purchased intangible assets. Beginning in 2011, the Company began recording large non-cash charges related to the values attributed to purchased intangible assets. As such, amortization expense has been excluded from adjusted net income attributed to DENTSPLY International to allow investors to evaluate and understand operating trends excluding these large non-cash charges.
(4) Credit risk and fair value adjustments. These adjustments include both the cost and income impacts of adjustments in certain assets and liabilities including the Company`s pension obligations, that are recorded through net income which are due solely to the changes in fair value and credit risk. These items can be variable and driven more by market conditions than the Company`s operating performance. As such, these items may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.
(5) Certain fair value adjustments related to an unconsolidated affiliated company. This adjustment represents the fair value adjustment of the unconsolidated affiliated company`s convertible debt instrument held by the Company. The affiliate is accounted for under the equity method of accounting. The fair value adjustment is driven by open market pricing of the affiliate`s equity instruments, which has a high degree of variability and may not be indicative of the operating performance of the affiliate or the Company.
(6) Income tax related adjustments. These adjustments include both income tax expenses and income tax benefits that are representative of income tax adjustments mostly related to prior periods, as well as the final settlement of income tax audits, and discrete tax items resulting from the implementation of restructuring initiatives. These adjustments are irregular in timing and amount and may significantly impact the Company`s operating performance. As such, these items may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.
Adjusted earnings per diluted common share is calculated by dividing adjusted net income attributable to DENTSPLY International by diluted weighted-average common shares outstanding. Adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted common share are considered measures not calculated in accordance with US GAAP, and therefore are non-US GAAP measures. These non-US GAAP measures may differ from other companies. Income tax related adjustments may include the impact to adjust the interim effective income tax rate to the expected annual effective tax rate. The non-US GAAP financial information should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP.
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2015 2014 2015 2014
Net sales $ 648.9 $ 708.2 $ 2,003.2 $ 2,203.6
Net sales, excluding precious metal content 629.3 681.6 1,935.6 2,101.7
Cost of products sold 279.4 320.1 860.7 996.9
Gross profit 369.5 388.1 1,142.5 1,206.7
% of Net sales 56.9 % 54.8 % 57.0 % 54.8 %
% of Net sales, excluding precious metal content 58.7 % 56.9 % 59.0 % 57.4 %
Selling, general and administrative expenses 264.3 276.0 809.5 859.9
Restructuring and other costs 6.6 2.5 50.9 4.5
Operating income 98.6 109.6 282.1 342.3
% of Net sales 15.2 % 15.5 % 14.1 % 15.5 %
% of Net sales, excluding precious metal content 15.7 % 16.1 % 14.6 % 16.3 %
Net interest and other expense 5.4 12.1 24.7 32.6
Income before income taxes 93.2 97.5 257.4 309.7
Provision for income taxes 19.6 21.2 63.2 69.9
Equity in net income (loss) of
unconsolidated affiliated company 10.8 (1.0 ) (1.7 ) (1.6 )
Net income 84.4 75.3 192.5 238.2
% of Net sales 13.0 % 10.6 % 9.6 % 10.8 %
% of Net sales, excluding precious metal content 13.4 % 11.0 % 9.9 % 11.3 %
Less: Net (loss) income attributable to noncontrolling interests (0.1 ) - (0.1 ) 0.1
Net income attributable to DENTSPLY International $ 84.5 $ 75.3 $ 192.6 $ 238.1
% of Net sales 13.0 % 10.6 % 9.6 % 10.8 %
% of Net sales, excluding precious metal content 13.4 % 11.0 % 10.0 % 11.3 %
Earnings per common share:
Basic $ 0.60 $ 0.53 $ 1.38 $ 1.68
Dilutive $ 0.59 $ 0.52 $ 1.35 $ 1.65
Cash dividends declared per common share $ 0.07250 $ 0.06625 $ 0.21750 $ 0.19875
Weighted average common shares outstanding:
Basic 139.8 141.8 140.0 141.9
Dilutive 142.4 144.3 142.5 144.3
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(unaudited)
September 30, 2015 December 31, 2014
Assets
Current Assets:
Cash and cash equivalents $ 236.4 $ 151.7
Accounts and notes receivable-trade, net 429.8 426.6
Inventories, net 361.3 387.1
Prepaid expenses and other current assets 180.6 241.6
Total Current Assets 1,208.1 1,207.0
Property, plant and equipment, net 555.2 588.9
Identifiable intangible assets, net 600.4 670.8
Goodwill, net 1,984.3 2,089.3
Other noncurrent assets, net 54.2 90.5
Total Assets $ 4,402.2 $ 4,646.5
Liabilities and Equity
Current liabilities $ 933.4 $ 652.6
Long-term debt 701.9 1,150.1
Deferred income taxes 152.9 165.6
Other noncurrent liabilities 332.5 356.0
Total Liabilities 2,120.7 2,324.3
Total DENTSPLY International Equity 2,280.1 2,321.3
Noncontrolling interests 1.4 0.9
Total Equity 2,281.5 2,322.2
Total Liabilities and Equity $ 4,402.2 $ 4,646.5
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
SUPPLEMENTAL SUMMARY CASH FLOW INFORMATION
(In millions)
(unaudited)
Nine Months Ended September 30,
2015 2014
Net Cash Provided by Operating Activities $ 371.0 $ 367.7
Net Cash Provided by (Used in) Investing Activities $ 13.2 $ (76.4 )
Net Cash Used in Financing Activities $ 294.0 $ 264.3
Depreciation $ 61.6 $ 63.1
Amortization $ 32.8 $ 36.4
Capital Expenditures $ 51.7 $ 73.0
Cash Dividends Paid $ 29.9 $ 27.9
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
(In millions, except percentages)
(unaudited)
Operating Income Summary:
The following tables present the reconciliation of reported US GAAP operating income in total and on a percentage of net sales, excluding precious metal content, to the non-US GAAP financial measures.
Three Months Ended September 30, 2015
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 98.6 15.7 %
Restructuring, Restructuring Program Related Costs and Other Costs 15.5 2.5 %
Amortization of Purchased Intangible Assets 10.9 1.7 %
Business Combination Related Costs 4.9 0.8 %
Credit Risk and Fair Value Adjustments 2.0 0.3 %
Adjusted Non-US GAAP Operating Income $ 131.9 21.0 %
Three Months Ended September 30, 2014
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 109.6 16.1 %
Amortization of Purchased Intangible Assets 11.9 1.8 %
Restructuring, Restructuring Program Related Costs and Other Costs 3.7 0.5 %
Business Combination Related Costs 2.0 0.3 %
Adjusted Non-US GAAP Operating Income $ 127.2 18.7 %
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
(In millions, except percentages)
(unaudited)
Operating Income Summary:
The following tables present the reconciliation of reported US GAAP operating income in total and on a percentage of net sales, excluding precious metal content, to the non-US GAAP financial measures.
Nine Months Ended September 30, 2015
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 282.1 14.6 %
Restructuring, Restructuring Program Related Costs and Other Costs 65.7 3.4 %
Amortization of Purchased Intangible Assets 32.8 1.7 %
Credit Risk and Fair Value Adjustments 6.0 0.3 %
Business Combination Related Costs 5.7 0.3 %
Adjusted Non-US GAAP Operating Income $ 392.3 20.3 %
Nine Months Ended September 30, 2014
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 342.3 16.3 %
Amortization of Purchased Intangible Assets 36.4 1.7 %
Restructuring, Restructuring Program Related Costs and Other Costs 5.9 0.3 %
Business Combination Related Costs 5.6 0.3 %
Adjusted Non-US GAAP Operating Income $ 390.2 18.6 %
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
(In millions, except per share amounts)
(unaudited)
Earnings Summary:
The following tables present the reconciliation of reported US GAAP net income attributable to DENTSPLY International and on a per diluted common share basis to the non-US GAAP financial measures.
Three Months Ended September 30, 2015
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 84.5 $ 0.59
Restructuring, Restructuring Program Related Costs and Other Costs, Net of Tax 12.6 0.09
Amortization of Purchased Intangible Assets, Net of Tax 7.6 0.05
Business Combination Related Costs, Net of Tax 4.9 0.03
Credit Risk and Fair Value Adjustments, Net of Tax 0.8 0.01
Income Tax Related Adjustments (2.3 ) (0.02 )
Certain Fair Value Adjustments Related to an Unconsolidated Affiliated Company, Net of Tax (14.6 ) (0.10 )
Rounding - 0.01
Adjusted non-US GAAP earnings $ 93.5 $ 0.66
Three Months Ended September 30, 2014
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 75.3 $ 0.52
Amortization of Purchased Intangible Assets, Net of Tax 8.4 0.06
Restructuring, Restructuring Program Related Costs and Other Costs, Net of Tax 2.5 0.02
Business Combination Related Costs, Net of Tax 1.4 0.01
Credit Risk and Fair Value Adjustments, Net of Tax 0.8 0.01
Income Tax Related Adjustments 0.6 -
Certain Fair Value Adjustments Related to an Unconsolidated Affiliated Company, Net of Tax 0.3 -
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 89.3 $ 0.62
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
(In millions, except per share amounts)
(unaudited)
Earnings Summary:
The following tables present the reconciliation of reported US GAAP net income attributable to DENTSPLY International and on a per diluted common share basis to the non-US GAAP financial measures.
Nine Months Ended September 30, 2015
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 192.6 $ 1.35
Restructuring, Restructuring Program Related Costs and Other Costs, Net of Tax 53.9 0.38
Amortization of Purchased Intangible Assets, Net of Tax 22.9 0.16
Business Combination Related Costs, Net of Tax 5.5 0.04
Credit Risk and Fair Value Adjustments, Net of Tax 4.1 0.03
Income Tax Related Adjustments 3.1 0.02
Certain Fair Value Adjustments Related to an Unconsolidated Affiliated Company, Net of Tax (1.7 ) (0.01 )
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 280.4 $ 1.97
Nine Months Ended September 30, 2014
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 238.1 $ 1.65
Amortization of Purchased Intangible Assets, Net of Tax 25.7 0.18
Restructuring, Restructuring Program Related Costs and Other Costs, Net of Tax 4.1 0.03
Business Combination Related Costs, Net of Tax 3.8 0.02
Income Tax Related Adjustments 3.5 0.02
Credit Risk and Fair Value Adjustments, Net of Tax - -
Certain Fair Value Adjustments Related to an Unconsolidated Affiliated Company, Net of Tax (0.8 ) -
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 274.4 $ 1.90
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
(In millions, except percentages)
(unaudited)
Operating Tax Rate Summary:
The following tables present the reconciliation of reported US GAAP effective tax rate as a percentage of income before income taxes to the non-US GAAP financial measure.
Three Months Ended September 30, 2015
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 93.2 $ (19.6 ) 21.0 %
Restructuring, Restructuring Program Related Costs and Other Costs 15.5 (2.9 )
Amortization of Purchased Intangible Assets 10.9 (3.3 )
Business Combination Related Costs 4.9 -
Credit Risk and Fair Value Adjustments 1.0 (0.2 )
Certain Fair Value Adjustments Related to an Unconsolidated Affiliated Company (5.1 ) 1.1
Income Tax Related Adjustments - (2.3 )
As Adjusted - Non-US GAAP Operating Results $ 120.4 $ (27.2 ) 22.6 %
Three Months Ended September 30, 2014
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 97.5 $ (21.2 ) 21.7 %
Amortization of Purchased Intangible Assets 11.9 (3.5 )
Restructuring, Restructuring Program Related Costs and Other Costs 3.7 (1.2 )
Business Combination Related Costs 2.0 (0.6 )
Credit Risk and Fair Value Adjustments 1.3 (0.5 )
Certain Fair Value Adjustments Related to an Unconsolidated Affiliated Company - -
Income Tax Related Adjustments - 0.6
As Adjusted - Non-US GAAP Operating Results $ 116.4 $ (26.4 ) 22.7 %
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
(In millions, except percentages)
(unaudited)
Operating Tax Rate Summary:
The following tables present the reconciliation of reported US GAAP effective tax rate as a percentage of income before income taxes to the non-US GAAP financial measure.
Nine Months Ended September 30, 2015
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 257.4 $ (63.2 ) 24.6 %
Restructuring, Restructuring Program Related Costs and Other Costs 65.7 (11.8 )
Amortization of Purchased Intangible Assets 32.8 (9.9 )
Credit Risk and Fair Value Adjustments 5.7 (1.6 )
Business Combination Related Costs 5.7 (0.2 )
Certain Fair Value Adjustments Related to an Unconsolidated Affiliated Company (5.2 ) 1.1
Income Tax Related Adjustments - 3.1
As Adjusted - Non-US GAAP Operating Results $ 362.1 $ (82.5 ) 22.8 %
Nine Months Ended September 30, 2014
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 309.7 $ (69.9 ) 22.6 %
Amortization of Purchased Intangible Assets 36.4 (10.7 )
Restructuring, Restructuring Program Related Costs and Other Costs 5.9 (1.8 )
Business Combination Related Costs 5.6 (1.8 )
Certain Fair Value Adjustments Related to an Unconsolidated Affiliated Company 0.2 (0.1 )
Credit Risk and Fair Value Adjustments - -
Income Tax Related Adjustments - 3.5
As Adjusted - Non-US GAAP Operating Results $ 357.8 $ (80.8 ) 22.6 %
For further information contact:
Derek Leckow
Vice President
Investor Relations
(717) 849-7863
Drmicrocap
10年前
DENTSPLY International Reports Third Quarter 2014 Results
DENTSPLY International Inc.
October 29, 2014 7:02 AM
GlobeNewswire Europe
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· Adjusted earnings per diluted share grew 9% to a third quarter record of $0.62
· Adjusted operating margin expanded 80 basis points to 18.7% from 17.9%
· Operating cash flow increased 17% to $148 million for the third quarter and grew 42% to $368 million through nine months
York, PA - October 29, 2014 - DENTSPLY International Inc. (XRAY) today announced sales and earnings for the three months ended September 30, 2014.
Third Quarter Results
Net sales in the third quarter of 2014 of $708 million increased 0.6% from $704 million in the third quarter of 2013. Net sales, excluding precious metals content, of $682 million increased 1.8% from $669 million in the third quarter of 2013.
Net income attributable to DENTSPLY International for the third quarter of 2014 was $75 million, or $0.52 per diluted share, compared to $80 million, or $0.55 per diluted share in the third quarter of 2013. Adjusted earnings per diluted share (a non-GAAP measure) increased 9% to a third quarter record $0.62 per diluted share from $0.57 per diluted share in the third quarter of 2013. A reconciliation of the non-GAAP measure to earnings per share calculated on a GAAP basis is provided in the attached table.
Bret Wise, Chairman and Chief Executive Officer, stated "We are pleased to deliver improved sales and earnings performance in the third quarter while operating in global market conditions that are generally stable. Our results reflect the significant opportunity we have at DENTSPLY to create value by leveraging our global cost structure and redirecting resources to the areas of greatest growth potential. Looking ahead, we see further opportunity to drive more efficient cash generation as we execute our plan to expand margins while also improving return on invested capital. With the performance to date, we are updating our full year outlook, calling for adjusted earnings per diluted share in the range of $2.49 to $2.53."
Additional Information
A conference call is scheduled to begin today at 8:30 a.m. (Eastern Time). Supplemental materials for reference during the call will be available for download in the investor relations section of DENTSPLY`s web site, at www.dentsply.com. Investors can access a webcast of the call via a link on DENTSPLY`s web site at www.dentsply.com. In order to participate in the call, dial (888) 312-3047 for domestic calls, or (719) 325-2100 for international calls. The Conference ID # is 8189257. During the call, participants will be able to discuss third quarter 2014 results with DENTSPLY`s Chairman and Chief Executive Officer, Bret Wise, President and Chief Financial Officer, Chris Clark, and Executive Vice President and Chief Operating Officer, Jim Mosch.
For those unable to listen to the live conference call, a rebroadcast will be available online at the DENTSPLY web site, and a dial-in replay will be available for one week following the call at (888) 203-1112 (for domestic calls) or (719) 457-0820 (for international calls), Replay Passcode # 8189257.
DENTSPLY International Inc. is a leading manufacturer and distributor of dental and other consumable medical device products. The Company believes it is the world`s largest manufacturer of consumable dental products for the professional dental market. For over 110 years, DENTSPLY`s commitment to innovation and professional collaboration has enhanced its portfolio of branded consumables and small equipment. Headquartered in the United States, the Company has global operations with sales in more than 120 countries. Visit www.dentsply.com for more information about DENTSPLY and its products.
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 and medical markets, the timing, success and market reception for our new and existing products, uncertainty with respect to governmental actions with respect to dental and medical products, outcome of litigation and/or governmental enforcement actions, volatility in the capital markets or changes in our credit ratings, continued support of our products by influential dental and medical professionals, our ability to successfully integrate acquisitions, risks associated with foreign currency exchange rates, risks associated with our competitors` introduction of generic or private label products, our ability to accurately predict dealer and customer inventory levels, our ability to successfully realize the benefits of any cost reduction or restructuring efforts, our ability to obtain a supply of certain finished goods and raw materials from third parties and changes in the general economic environment that could affect the business. Changes in such assumptions or factors could produce significantly different results.
For additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements, please refer to the Company`s most recent Form 10-K and its subsequent periodic reports on Forms 10-Q filed with the Securities and Exchange Commission.
Non-US GAAP Financial Measures
In addition to the results reported in accordance with US GAAP, the Company provides adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted common share. The Company discloses adjusted net income attributable to DENTSPLY International to allow investors to evaluate the performance of the Company`s operations exclusive of certain items that impact the comparability of results from period to period and certain large non-cash charges related to purchased intangible assets. The Company believes that this information is helpful in understanding underlying operating trends and cash flow generation. The adjusted net income attributable to DENTSPLY International consists of net income attributable to DENTSPLY International adjusted to exclude the impact of the following:
(1) Acquisition related costs. These adjustments include costs related to integrating recently acquired businesses and specific costs related to the consummation of the acquisition process. These costs are irregular in timing and as such may not be indicative of past and future performance of the Company and are therefore excluded to allow investors to better understand underlying operating trends.
(2) Restructuring and other costs. These adjustments include both costs and income that are irregular in timing, amount and impact to the Company`s financial performance. As such, these items may not be indicative of past and future performance of the Company and are therefore excluded for the purpose of understanding underlying operating trends.
(3) Amortization of purchased intangible assets. This adjustment excludes the periodic amortization expense related to purchased intangible assets. Beginning in 2011, the Company began recording large non-cash charges related to the values attributed to purchased intangible assets. These charges have been excluded from adjusted net income attributed to DENTSPLY International to allow investors to evaluate and understand operating trends excluding these large non-cash charges.
(4) Income related to credit risk and fair value adjustments. These adjustments include both the cost and income impacts of adjustments in certain assets and liabilities that are recorded through net income which are due solely to the changes in fair value and credit risk. These items can be variable and driven more by market conditions than the Company`s operating performance. As such, these items may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.
(5) Certain fair value adjustments related to an unconsolidated affiliated company. This adjustment represents the fair value adjustment of the unconsolidated affiliated company`s convertible debt instrument held by the Company. The affiliate is accounted for under the equity method of accounting. The fair value adjustment is driven by open market pricing of the affiliate`s equity instruments, which has a high degree of variability and may not be indicative of the operating performance of the affiliate or the Company.
(6) Income tax related adjustments. These adjustments include both income tax expenses and income tax benefits that are representative of income tax adjustments mostly related to prior periods, as well as the final settlement of income tax audits. These adjustments are irregular in timing and amount and may significantly impact the Company`s operating performance. As such, these items may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.
Adjusted earnings per diluted common share is calculated by dividing adjusted net income attributable to DENTSPLY International by diluted weighted-average common shares outstanding. Adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted common share are considered measures not calculated in accordance with US GAAP, and therefore are non-US GAAP measures. These non-US GAAP measures may differ from other companies. Income tax related adjustments may include the impact to adjust the interim effective income tax rate to the expected annual effective tax rate. The non-US GAAP financial information should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP.
DENTSPLY INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2014 2013 2014 2013
Net sales $ 708,240 $ 704,018 $ 2,203,579 $ 2,197,112
Net sales, excluding precious metal content 681,584 669,425 2,101,665 2,058,029
Cost of products sold 320,176 327,601 996,841 1,017,539
Gross profit 388,064 376,417 1,206,738 1,179,573
% of Net sales 54.8 % 53.5 % 54.8 % 53.7 %
% of Net sales, excluding precious metal content 56.9 % 56.2 % 57.4 % 57.3 %
Selling, general and administrative expenses 275,980 269,165 859,943 852,763
Restructuring and other costs 2,503 2,231 4,538 5,065
Operating income 109,581 105,021 342,257 321,745
% of Net sales 15.5 % 14.9 % 15.5 % 14.6 %
% of Net sales, excluding precious metal content 16.1 % 15.7 % 16.3 % 15.6 %
Net interest and other expense 12,065 10,885 32,602 40,337
Income before income taxes 97,516 94,136 309,655 281,408
Provision for income taxes 21,283 13,187 69,831 39,599
Equity in net (loss) income of
unconsolidated affiliated company (967 ) (83 ) (1,624 ) 320
Net income 75,266 80,866 238,200 242,129
% of Net sales 10.6 % 11.5 % 10.8 % 11.0 %
% of Net sales, excluding precious metal content 11.0 % 12.1 % 11.3 % 11.8 %
Less: Net (loss) income attributable to noncontrolling interests (7 ) 1,015 56 3,366
Net income attributable to DENTSPLY International $ 75,273 $ 79,851 $ 238,144 $ 238,763
% of Net sales 10.6 % 11.3 % 10.8 % 10.9 %
% of Net sales, excluding precious metal content 11.0 % 11.9 % 11.3 % 11.6 %
Earnings per common share:
Basic $ 0.53 $ 0.56 $ 1.68 $ 1.67
Dilutive $ 0.52 $ 0.55 $ 1.65 $ 1.65
Cash dividends declared per common share $ 0.06625 $ 0.06250 $ 0.19875 $ 0.18750
Weighted average common shares outstanding:
Basic 141,766 142,421 141,869 142,705
Dilutive 144,286 144,698 144,289 144,952
DENTSPLY INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, December 31,
2014 2013
Assets
Current Assets:
Cash and cash equivalents $ 97,652 $ 74,954
Accounts and notes receivable-trade, net 476,856 472,802
Inventories, net 422,485 438,559
Prepaid expenses and other current assets, net 260,708 157,487
Total Current Assets 1,257,701 1,143,802
Property, plant and equipment, net 606,924 637,172
Identifiable intangible assets, net 710,112 795,323
Goodwill, net 2,160,696 2,281,596
Other noncurrent assets, net 148,628 220,154
Total Assets $ 4,884,061 $ 5,078,047
Liabilities and Equity
Current liabilities $ 734,569 $ 796,405
Long-term debt 1,165,566 1,166,178
Deferred income taxes 215,482 238,394
Other noncurrent liabilities 272,200 299,096
Total Liabilities 2,387,817 2,500,073
Total DENTSPLY International Equity 2,495,108 2,535,053
Noncontrolling interests 1,136 42,921
Total Equity 2,496,244 2,577,974
Total Liabilities and Equity $ 4,884,061 $ 5,078,047
DENTSPLY INTERNATIONAL INC.
(In thousands)
Supplemental Summary Cash Flow Information:
Nine Months Ended September 30, 2014 and 2013
Nine Months Ended September 30,
2014 2013
Net Cash Provided by Operating Activities $ 367,780 $ 258,266
Net Cash Used in Investing Activities $ 76,405 $ 161,891
Net Cash Used in Financing Activities $ 264,371 $ 124,650
Depreciation $ 63,048 $ 61,545
Amortization $ 36,430 $ 34,700
Capital Expenditures $ 73,025 $ 73,500
Cash Dividends Paid $ 27,927 $ 25,895
DENTSPLY INTERNATIONAL INC.
(In thousands)
Operating Income Summary:
The following tables present the reconciliation of reported US GAAP operating income in total and on a percentage of net sales, excluding precious metal content, to the non-US GAAP financial measures.
Three Months Ended September 30, 2014
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 109,581 16.1 %
Amortization of Purchased Intangible Assets 11,894 1.8 %
Restructuring and Other Costs 3,692 0.5 %
Acquisition-Related Activities 2,066 0.3 %
Adjusted Non-US GAAP Operating Income $ 127,233 18.7 %
Three Months Ended September 30, 2013
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 105,021 15.7 %
Amortization of Purchased Intangible Assets 11,237 1.7 %
Restructuring and Other Costs 2,285 0.3 %
Acquisition-Related Activities 1,173 0.2 %
Adjusted Non-US GAAP Operating Income $ 119,716 17.9 %
DENTSPLY INTERNATIONAL INC.
(In thousands)
Operating Income Summary:
The following tables present the reconciliation of reported US GAAP operating income in total and on a percentage of net sales, excluding precious metal content, to the non-US GAAP financial measures.
Nine Months Ended September 30, 2014
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 342,257 16.3 %
Amortization of Purchased Intangible Assets 36,430 1.7 %
Restructuring and Other Costs 5,880 0.3 %
Acquisition-Related Activities 5,619 0.2 %
Adjusted Non-US GAAP Operating Income $ 390,186 18.5 %
Nine Months Ended September 30, 2013
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 321,745 15.6 %
Amortization of Purchased Intangible Assets 34,652 1.7 %
Restructuring and Other Costs 5,343 0.3 %
Acquisition-Related Activities 4,442 0.2 %
Adjusted Non-US GAAP Operating Income $ 366,182 17.8 %
DENTSPLY INTERNATIONAL INC.
(In thousands, except per share amounts)
Earnings Summary:
The following tables present the reconciliation of reported US GAAP net income attributable to DENTSPLY International and on a per common share basis to the non-US GAAP financial measures.
Three Months Ended September 30, 2014
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 75,273 $ 0.52
Amortization of Purchased Intangible Assets, Net of Tax 8,417 0.06
Restructuring and Other Costs, Net of Tax 2,524 0.02
Acquisition-Related Activities, Net of Tax 1,394 0.01
Credit Risk and Fair Value Adjustments to Outstanding Derivatives, Net of Tax 817 0.01
Income Tax-Related Adjustments 595 -
Loss on Fair Value Adjustments related to an Unconsolidated Affiliated Company, Net of Tax 243 -
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 89,263 $ 0.62
Three Months Ended September 30, 2013
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 79,851 $ 0.55
Amortization of Purchased Intangible Assets, Net of Tax 7,851 0.06
Restructuring and Other Costs, Net of Tax 1,961 0.01
Acquisition-Related Activities, Net of Tax 744 0.01
Credit Risk and Fair Value Adjustments to Outstanding Derivatives, Net of Tax (488 ) -
Gain on Fair Value Adjustments related to an Unconsolidated Affiliated Company, Net of Tax (829 ) (0.01 )
Income Tax-Related Adjustments (6,882 ) (0.05 )
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 82,208 $ 0.57
DENTSPLY INTERNATIONAL INC.
(In thousands, except per share amounts)
Earnings Summary:
The following tables present the reconciliation of reported US GAAP net income attributable to DENTSPLY International and on a per common share basis to the non-US GAAP financial measures.
Nine Months Ended September 30, 2014
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 238,144 $ 1.65
Amortization of Purchased Intangible Assets, Net of Tax 25,648 0.18
Restructuring and Other Costs, Net of Tax 4,112 0.03
Acquisition-Related Activities, Net of Tax 3,740 0.02
Income Tax-Related Adjustments 3,536 0.02
Credit Risk and Fair Value Adjustments to Outstanding Derivatives, Net of Tax 15 -
Gain on Fair Value Adjustments related to an Unconsolidated Affiliated Company, Net of Tax (792 ) -
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 274,403 $ 1.90
Nine Months Ended September 30, 2013
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 238,763 $ 1.65
Amortization of Purchased Intangible Assets, Net of Tax 24,229 0.17
Restructuring and Other Costs, Net of Tax 4,462 0.03
Acquisition-Related Activities, Net of Tax 2,843 0.02
Credit Risk and Fair Value Adjustments to Outstanding Derivatives, Net of Tax 2,702 0.02
Gain on Fair Value Adjustments related to an Unconsolidated Affiliated Company, Net of Tax (1,347 ) (0.01 )
Income Tax-Related Adjustments (18,388 ) (0.13 )
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 253,264 $ 1.75
DENTSPLY INTERNATIONAL INC.
(In thousands)
Operating Tax Rate Summary:
The following tables present the reconciliation of reported US GAAP effective tax rate as a percentage of income before income taxes to the non-US GAAP financial measure.
Three Months Ended September 30, 2014
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 97,516 $ (21,283 ) 21.8 %
Amortization of Purchased Intangible Assets 11,894 (3,477 )
Acquisition-Related Activities 3,692 (1,168 )
Restructuring and Other Costs 2,066 (672 )
Credit Risk and Fair Value Adjustments to Outstanding Derivatives 1,331 (514 )
Loss on Fair Value Adjustments related to an Unconsolidated Affiliated Company 32 (10 )
Income Tax-Related Adjustments - 595
As Adjusted - Non-US GAAP Operating Results $ 116,531 $ (26,529 ) 22.8 %
Three Months Ended September 30, 2013
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 94,136 $ (13,187 ) 14.0 %
Amortization of Purchased Intangible Assets 11,237 (3,386 )
Restructuring and Other Costs 2,285 (324 )
Acquisition-Related Activities 1,173 (429 )
Gain on Fair Value Adjustments related to an Unconsolidated Affiliated Company (8 ) 2
Credit Risk and Fair Value Adjustments to Outstanding Derivatives (794 ) 306
Income Tax-Related Adjustments - (6,882 )
As Adjusted - Non-US GAAP Operating Results $ 108,029 $ (23,900 ) 22.1 %
DENTSPLY INTERNATIONAL INC.
(In thousands)
Operating Tax Rate Summary:
The following tables present the reconciliation of reported US GAAP effective tax rate as a percentage of income before income taxes to the non-US GAAP financial measure.
Nine Months Ended September 30, 2014
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 309,655 $ (69,831 ) 22.6 %
Amortization of Purchased Intangible Assets 36,430 (10,782 )
Restructuring and Other Costs 5,880 (1,768 )
Acquisition-Related Activities 5,619 (1,879 )
Loss on Fair Value Adjustments related to an Unconsolidated Affiliated Company 170 (52 )
Credit Risk and Fair Value Adjustments to Outstanding Derivatives 24 (9 )
Income Tax-Related Adjustments - 3,536
As Adjusted - Non-US GAAP Operating Results $ 357,778 $ (80,785 ) 22.6 %
Nine Months Ended September 30, 2013
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 281,408 $ (39,599 ) 14.1 %
Amortization of Purchased Intangible Assets 34,652 (10,423 )
Restructuring and Other Costs 5,343 (881 )
Acquisition-Related Activities 4,442 (1,599 )
Credit Risk and Fair Value Adjustments to Outstanding Derivatives 4,401 (1,699 )
Gain on Fair Value Adjustments related to an Unconsolidated Affiliated Company (20 ) 6
Income Tax-Related Adjustments - (18,388 )
As Adjusted - Non-US GAAP Operating Results $ 330,226 $ (72,583 ) 22.0 %
For further information contact:
Derek Leckow
Vice President
Investor Relations
(717) 849-7863
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: DENTSPLY International Inc. via GlobeNewswire
Drmicrocap
11年前
DENTSPLY International Reports Fourth Quarter and Fiscal 2013 Results
Thomson Reuters ONE DENTSPLY International Inc.
1 minute ago
Fiscal 2013 adjusted earnings per diluted share grew 6% to $2.35
Fourth quarter 2013 adjusted earnings per diluted share grew 9% to $0.61
Operating cash flow for fiscal 2013 grew 13% to a record $418 million
York, PA - February 18, 2014 - DENTSPLY International Inc. ( XRAY ) today announced sales and earnings for the three months and year ended December 31, 2013.
Fourth Quarter Results
Net sales in the fourth quarter of 2013 of $753.7 million increased slightly from $753.3 million in the fourth quarter of 2012. Net sales, excluding precious metals content, of $713.7 million increased 1.5% from $703.5 million in the fourth quarter of 2012. This growth primarily reflects constant currency growth in the U.S. and Rest of World regions in the period, while European sales contracted slightly.
Net income attributable to DENTSPLY International for the fourth quarter of 2013 was $74.4 million, or $0.51 per diluted share, compared to $126.8 million, or $0.88 per diluted share in the fourth quarter of 2012. On an adjusted basis, excluding certain items, earnings increased to $0.61 per diluted share from $0.56 per diluted share in the fourth quarter of 2012. A reconciliation of the non-GAAP measure to earnings per share calculated on a GAAP basis is provided in the attached table.
Full Year Results
Net sales for the full year 2013 were $2.95 billion, an increase of 0.8% from the prior year. Net sales in 2013, excluding precious metal content, were $2.77 billion, a 2.1% increase over 2012, reflecting positive constant currency growth in each of DENTSPLY`s major geographic regions which include the United States, Europe, and Rest of World.
Net income attributable to DENTSPLY International for fiscal 2013 was $313.2 million, or $2.16 per diluted share, compared to $314.2 million, or $2.18 per diluted share for 2012. On an adjusted basis, excluding certain items, earnings of $2.35 per diluted share increased 6% from $2.22 per diluted share in 2012. A reconciliation of this non-GAAP measure to earnings per share on a GAAP basis is provided on the attached table.
Bret Wise, Chairman and Chief Executive Officer, stated "We continue to be pleased with the progress we have made in accelerating earnings growth over the past few quarters, as we realize benefits from our integration and cost savings activities. Looking ahead, we see opportunities to continue to drive market share growth across our global portfolio by leveraging our core strategies of innovation, clinical education and sales force effectiveness. We believe that global market conditions will improve slightly in 2014 and, accordingly, we are expecting adjusted earnings in the range of $2.45 to $2.55 per share, representing growth in the range of 4% to 9% for the year."
Additional Information
A conference call is scheduled to begin today at 8:30 a.m. (Eastern Time). Supplemental materials for reference during the call will be available for download in the investor relations section of DENTSPLY`s web site, at www.dentsply.com.
A live webcast will be accessible via a link in the investor relations section of DENTSPLY`s web site at www.dentsply.com under the heading Events and Presentations. In order to participate in the call, dial (877) 591-4953 for domestic calls, or (719) 325-4869 for international calls. The Conference ID # is 2189325. During the call, participants will be able to discuss fourth quarter and fiscal 2013 results with DENTSPLY`s Chairman and Chief Executive Officer, Mr. Bret Wise, President and Chief Financial Officer, Mr. Chris Clark, and Executive Vice President and Chief Operating Officer, Mr. Jim Mosch.
A rebroadcast of the conference call will be available online at the DENTSPLY web site. You may also access a dial-in replay for one week following the call at (888) 203-1112 (for domestic calls) or (719) 457-0820 (for international calls), Replay Passcode # 2189325.
DENTSPLY International Inc. is a leading manufacturer and distributor of dental and other consumable medical device products. The Company believes it is the world`s largest manufacturer of consumable dental products for the professional dental market. For over 110 years, DENTSPLY`s commitment to innovation and professional collaboration has enhanced its portfolio of branded consumables and small equipment. Headquartered in the United States, the Company has global operations with sales in more than 120 countries. Visit www.dentsply.com for more information about DENTSPLY and its products.
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 and medical markets, the timing, success and market reception for our new and existing products, uncertainty with respect to governmental actions with respect to dental and medical products, outcome of litigation and/or governmental enforcement actions, volatility in the capital markets or changes in our credit ratings, continued support of our products by influential dental and medical professionals, our ability to successfully integrate acquisitions, risks associated with foreign currency exchange rates, risks associated with our competitors` introduction of generic or private label products, our ability to accurately predict dealer and customer inventory levels, our ability to successfully realize the benefits of any cost reduction or restructuring efforts, our ability to obtain a supply of certain finished goods and raw materials from third parties and changes in the general economic environment that could affect the business. Changes in such assumptions or factors could produce significantly different results.
For additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements, please refer to the Company`s most recent Form 10-K and its subsequent periodic reports on Forms 10-Q filed with the Securities and Exchange Commission.
Non-US GAAP Financial Measures
In addition to the results reported in accordance with US GAAP, the Company provides adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted common share. The Company discloses adjusted net income attributable to DENTSPLY International to allow investors to evaluate the performance of the Company`s operations exclusive of certain items that impact the comparability of results from period to period and certain large non-cash charges related to purchased intangible assets. The Company believes that this information is helpful in understanding underlying operating trends and cash flow generation. The adjusted net income attributable to DENTSPLY International consists of net income attributable to DENTSPLY International adjusted to exclude the impact of the following:
(1) Acquisition related costs. These adjustments include costs related to integrating recently acquired businesses and specific costs related to the consummation of the acquisition process. These costs are irregular in timing and as such may not be indicative of past and future performance of the Company and are therefore excluded to allow investors to better understand underlying operating trends.
(2) Restructuring and other costs. These adjustments include both costs and income that are irregular in timing, amount and impact to the Company`s financial performance. As such, these items may not be indicative of past and future performance of the Company and are therefore excluded for the purpose of understanding underlying operating trends.
(3) Amortization of purchased intangible assets. This adjustment excludes the periodic amortization expense related to purchased intangible assets. Following a significant acquisition in 2011, the Company began recording large non-cash charges related to the values attributed to purchased intangible assets. These charges have been excluded from adjusted net income attributed to DENTSPLY International to allow investors to evaluate and understand operating trends excluding these large non-cash charges.
(4) Income related to credit risk and fair value adjustments. These adjustments include both the cost and income impacts of adjustments in certain assets and liabilities that are recorded through net income which are due solely to the changes in fair value and credit risk. These items can be variable and driven more by market conditions than the Company`s operating performance. As such, these items may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.
(5) Certain fair value adjustments related to an unconsolidated affiliated company. This adjustment represents the fair value adjustment of the unconsolidated affiliated company`s convertible debt instrument held by the Company. The affiliate is accounted for under the equity method of accounting. The fair value adjustment is driven by open market pricing of the affiliate`s equity instruments, which has a high degree of variability and may not be indicative of the operating performance of the affiliate or the Company.
(6) Income tax related adjustments. These adjustments include both income tax expenses and income tax benefits that are representative of income tax adjustments mostly related to prior periods, as well as the final settlement of income tax audits. These adjustments are irregular in timing and amount and may significantly impact the Company`s operating performance. As such, these items may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.
Adjusted earnings per diluted common share is calculated by dividing adjusted net income attributable to DENTSPLY International by diluted weighted-average common shares outstanding. Adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted common share are considered measures not calculated in accordance with US GAAP, and therefore are non-US GAAP measures. These non-US GAAP measures may differ from other companies. Income tax related adjustments may include the impact to adjust the interim effective income tax rate to the expected annual effective tax rate. The non-US GAAP financial information should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP.
...
DENTSPLY INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
2013 2012 2013 2012
Net sales $ 753,658 $ 753,288 $ 2,950,770 $ 2,928,429
Net sales, excluding precious metal content 713,669 703,473 2,771,728 2,714,698
Cost of products sold 355,819 361,235 1,373,358 1,372,042
Gross profit 397,839 392,053 1,577,412 1,556,387
% of Net sales 52.8 % 52.0 % 53.5 % 53.1 %
% of Net sales, excluding precious metal content 55.7 % 55.7 % 56.9 % 57.3 %
Selling, general and administrative expenses 292,127 287,992 1,144,890 1,148,731
Restructuring and other costs 8,291 6,854 13,356 25,717
Operating income 97,421 97,207 419,166 381,939
% of Net sales 12.9 % 12.9 % 14.2 % 13.0 %
% of Net sales, excluding precious metal content 13.7 % 13.8 % 15.1 % 14.1 %
Net interest and other expense 9,494 11,088 49,831 51,260
Income before income taxes 87,927 86,119 369,335 330,679
Provision for (benefit from) income taxes 12,552 (39,630 ) 52,150 8,920
Equity in net earnings (loss) of
unconsolidated affiliated company 656 2,178 976 (3,270 )
Net income 76,031 127,927 318,161 318,489
% of Net sales 10.1 % 17.0 % 10.8 % 10.9 %
% of Net sales, excluding precious metal content 10.7 % 18.2 % 11.5 % 11.7 %
Less: Net income attributable to noncontrolling interests 1,603 1,127 4,969 4,276
Net income attributable to DENTSPLY International $ 74,428 $ 126,800 $ 313,192 $ 314,213
% of Net sales 9.9 % 16.8 % 10.6 % 10.7 %
% of Net sales, excluding precious metal content 10.4 % 18.0 % 11.3 % 11.6 %
Earnings per common share:
Basic $ 0.52 $ 0.89 $ 2.20 $ 2.22
Dilutive $ 0.51 $ 0.88 $ 2.16 $ 2.18
Cash dividends declared per common share $ 0.0625 $ 0.0550 $ 0.2500 $ 0.2200
Weighted average common shares outstanding:
Basic 142,539 142,098 142,663 141,850
Dilutive 145,157 144,297 144,965 143,945
DENTSPLY INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, December 31,
2013 2012
Assets
Current Assets:
Cash and cash equivalents $ 74,954 $ 80,132
Accounts and notes receivable-trade, net 472,802 442,412
Inventories, net 438,559 402,940
Prepaid expenses and other current assets 157,487 185,612
Total Current Assets 1,143,802 1,111,096
Property, plant and equipment, net 637,172 614,705
Identifiable intangible assets, net 795,323 830,642
Goodwill, net 2,281,596 2,210,953
Other noncurrent assets, net 220,154 204,901
Total Assets $ 5,078,047 $ 4,972,297
Liabilities and Equity
Current liabilities $ 796,405 $ 927,780
Long-term debt 1,166,178 1,222,035
Deferred income taxes 238,394 232,641
Other noncurrent liabilities 299,096 340,398
Total Liabilities 2,500,073 2,722,854
Total DENTSPLY International Equity 2,535,053 2,208,698
Noncontrolling interests 42,921 40,745
Total Equity 2,577,974 2,249,443
Total Liabilities and Equity $ 5,078,047 $ 4,972,297
DENTSPLY INTERNATIONAL INC.
(In thousands)
Supplemental Summary Cash Flow Information:
Year Ended December 31, 2013 and 2012
Year Ended December 31,
2013 2012
Net Cash Provided by Operating Activities $ 417,846 $ 369,685
Net Cash Used in Investing Activities $ 260,231 $ 115,021
Net Cash Used in Financing Activities $ 161,685 $ 255,609
Depreciation $ 81,639 $ 79,456
Amortization $ 46,264 $ 49,743
Capital Expenditures $ 100,345 $ 92,072
Cash Dividends Paid $ 34,874 $ 31,425
DENTSPLY INTERNATIONAL INC.
(In thousands)
Operating Income Summary:
The following tables present the reconciliation of reported US GAAP operating income in total and on a percentage of net sales, excluding precious metal content, to the non-US GAAP financial measures.
Three Months Ended December 31, 2013
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 97,421 13.7 %
Amortization of Purchased Intangible Assets 11,569 1.6 %
Restructuring and Other Costs 9,296 1.3 %
Acquisition-Related Activities 4,336 0.6 %
Adjusted Non-US GAAP Operating Income $ 122,622 17.2 %
Three Months Ended December 31, 2012
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 97,207 13.8 %
Amortization of Purchased Intangible Assets 12,388 1.8 %
Restructuring and Other Costs 7,006 1.0 %
Acquisition-Related Activities 3,619 0.5 %
Orthodontic Business Continuity Costs (152 ) - %
Adjusted Non-US GAAP Operating Income $ 120,068 17.1 %
DENTSPLY INTERNATIONAL INC.
(In thousands)
Operating Income Summary:
The following tables present the reconciliation of reported US GAAP operating income in total and on a percentage of net sales, excluding precious metal content, to the non-US GAAP financial measures.
Year Ended December 31, 2013
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 419,166 15.1 %
Amortization of Purchased Intangible Assets 46,221 1.7 %
Restructuring and Other Costs 14,639 0.5 %
Acquisition-Related Activities 8,778 0.3 %
Adjusted Non-US GAAP Operating Income $ 488,804 17.6 %
Year Ended December 31, 2012
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 381,939 14.1 %
Amortization of Purchased Intangible Assets 49,745 1.8 %
Restructuring and Other Costs 27,103 1.0 %
Acquisition-Related Activities 14,164 0.6 %
Orthodontics Business Continuity Costs 920 - %
Adjusted Non-US GAAP Operating Income $ 473,871 17.5 %
DENTSPLY INTERNATIONAL INC.
(In thousands, except per share amounts)
Earnings Summary:
The following tables present the reconciliation of reported US GAAP net income attributable to DENTSPLY International and on a per common share basis to the non-US GAAP financial measures.
Three Months Ended December 31, 2013
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 74,428 $ 0.51
Amortization of Purchased Intangible Assets, Net of Tax 8,081 0.06
Restructuring and Other Costs, Net of Tax 5,259 0.04
Acquisition Related Activities, Net of Tax 3,048 0.02
Loss on Fair Value Adjustments related to an Unconsolidated Affiliated Company, Net of Tax 147 -
Credit Risk and Fair Value Adjustments to Outstanding Derivatives, Net of Tax (365 ) -
Income Tax-Related Adjustments (2,665 ) (0.02 )
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 87,933 $ 0.61
Three Months Ended December 31, 2012
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 126,800 $ 0.88
Amortization of Purchased Intangible Assets, Net of Tax 8,466 0.06
Restructuring and Other Costs, Net of Tax 4,486 0.03
Acquisition Related Activities, Net of Tax 2,669 0.02
Orthodontics Business Continuity Costs, Net of Tax (93 ) -
Gain on Fair Value Adjustments related to an Unconsolidated Affiliated Company, Net of Tax (2,353 ) (0.02 )
Income Tax-Related Adjustments (58,617 ) (0.41 )
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 81,358 $ 0.56
DENTSPLY INTERNATIONAL INC.
(In thousands, except per share amounts)
Earnings Summary:
The following tables present the reconciliation of reported US GAAP net income attributable to DENTSPLY International and on a per common share basis to the non-US GAAP financial measures.
Year Ended December 31, 2013
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 313,192 $ 2.16
Amortization of Purchased Intangible Assets, Net of Tax 32,309 0.22
Restructuring and Other Costs, Net of Tax 9,721 0.07
Acquisition Related Activities, Net of Tax 5,890 0.04
Credit Risk and Fair Value Adjustments to Outstanding Derivatives, Net of Tax 2,339 0.02
Gain on Fair Value Adjustments related to an Unconsolidated Affiliated Company, Net of Tax (1,200 ) (0.01 )
Income Tax-Related Adjustments (21,054 ) (0.15 )
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 341,197 $ 2.35
Year Ended December 31, 2012
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 314,213 $ 2.18
Amortization of Purchased Intangible Assets, Net of Tax 33,612 0.23
Restructuring and Other Costs, Net of Tax 18,549 0.13
Acquisition Related Activities, Net of Tax 9,299 0.07
Loss on Fair Value Adjustments related to an Unconsolidated Affiliated Company, Net of Tax 2,927 0.02
Orthodontics Business Continuity Costs, Net of Tax 600 -
Income Tax-Related Adjustments (59,992 ) (0.41 )
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 319,208 $ 2.22
DENTSPLY INTERNATIONAL INC.
(In thousands)
Operating Tax Rate Summary:
The following tables present the reconciliation of reported US GAAP effective tax rate as a percentage of income before income taxes to the non-US GAAP financial measure.
Three Months Ended December 31, 2013
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 87,927 $ (12,552 ) 14.3 %
Amortization of Purchased Intangible Assets 11,569 (3,488 )
Restructuring and Other Costs 8,736 (3,477 )
Acquisition-Related Activities 4,336 (1,288 )
Loss on Fair Value Adjustments related to an Unconsolidated Affiliated Company 3 (1 )
Credit Risk and Fair Value Adjustments to Outstanding Derivatives (593 ) 228
Income Tax-Related Adjustments - (2,665 )
As Adjusted - Non-US GAAP Operating Results $ 111,978 $ (23,243 ) 20.8 %
Three Months Ended December 31, 2012
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 86,119 $ 39,630 (46.0 %)
Amortization of Purchased Intangible Assets 12,388 (3,922 )
Restructuring and Other Costs 7,006 (2,520 )
Acquisition-Related Activities 3,619 (950 )
Gain on Fair Value Adjustments related to an Unconsolidated Affiliated Company (43 ) 13
Orthodontics Business Continuity Costs (152 ) 59
Income Tax-Related Adjustments - (58,817 )
As Adjusted - Non-US GAAP Operating Results $ 108,937 $ (26,507 ) 24.3 %
DENTSPLY INTERNATIONAL INC.
(In thousands)
Operating Tax Rate Summary:
The following tables present the reconciliation of reported US GAAP effective tax rate as a percentage of income before income taxes to the non-US GAAP financial measure.
Year Ended December 31, 2013
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 369,335 $ (52,150 ) 14.1 %
Amortization of Purchased Intangible Assets 46,221 (13,912 )
Restructuring and Other Costs 14,079 (4,358 )
Acquisition-Related Activities 8,778 (2,888 )
Credit Risk and Fair Value Adjustments to Outstanding Derivatives 3,809 (1,470 )
Gain on Fair Value Adjustments related to an Unconsolidated Affiliated Company (17 ) 5
Income Tax-Related Adjustments - (21,054 )
As Adjusted - Non-US GAAP Operating Results $ 442,205 $ (95,827 ) 21.7 %
Year Ended December 31, 2012
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 330,679 $ (8,920 ) 2.7 %
Amortization of Purchased Intangible Assets 49,745 (16,133 )
Restructuring and Other Costs 27,103 (8,554 )
Acquisition-Related Activities 14,164 (4,865 )
Orthodontics Business Continuity Costs 920 (320 )
Gain on Fair Value Adjustments related to an Unconsolidated Affiliated Company (272 ) 82
Income Tax-Related Adjustments - (60,192 )
As Adjusted - Non-US GAAP Operating Results $ 422,339 $ (98,902 ) 23.4 %
For further information contact:
Derek Leckow
Vice President
Investor Relations
(717) 849-7863
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: DENTSPLY International Inc. via GlobeNewswire
HUG#1762651
Drmicrocap
11年前
DENTSPLY International Reports Record Third Quarter 2013 Results
Thomson Reuters ONE DENTSPLY International Inc.
October 29, 2013 7:02 AM
Third quarter adjusted earnings per diluted share increased 12% to $0.57 compared to $0.51
Adjusted operating margin expanded 60 basis points to 17.9% from 17.3% in the prior year third quarter
Operating cash flow improved by 31% to $126 million for the third quarter and grew 28% to $258 million through nine months
York, PA - October 29, 2013 - DENTSPLY International Inc. (XRAY) today announced record sales and earnings for the three months ended September 30, 2013.
Net sales in the third quarter of 2013 grew 1.2% to $704.0 million compared to $695.7 million in the third quarter of 2012. Excluding precious metals content, net sales in the third quarter of 2013 of $669.4 million grew 3.4% from $647.1 million in the third quarter of 2012. Constant currency net sales growth, excluding precious metals content, in the third quarter was 2.7%, reflecting strong internal growth in the U.S. and Rest of World geographic regions and continued slightly positive internal growth in Europe.
Net income attributable to DENTSPLY International for the third quarter of 2013 was $79.9 million, or $0.55 per diluted share, compared to $53.4 million, or $0.37 per diluted share in the third quarter of 2012. On an adjusted basis, excluding certain items, earnings grew 12% to $0.57 per diluted share for the third quarter of 2013 from $0.51 in the same period in 2012. A reconciliation of the US GAAP measure to earnings per share calculated on a non-US GAAP basis is provided in the attached table.
DENTSPLY`s Chairman and Chief Executive Officer Bret Wise commented, "DENTSPLY made solid progress in the third quarter, achieving growth in each major geographic region and in each of our principal product categories. This growth, combined with strong improvement in adjusted operating margins and lower interest costs, drove record earnings for the third quarter. Market conditions are generally consistent with what we had anticipated earlier in the year, and thus we are maintaining our expectations for fiscal 2013 adjusted earnings per diluted share in the range of $2.33 to $2.38."
Additional Information
A conference call is scheduled to begin today at 8:30 a.m. (Eastern Time). Supplemental materials for reference during the call will be available for download in the investor relations section of DENTSPLY`s web site, at www.dentsply.com.
A live webcast will be accessible via a link on DENTSPLY`s web site at www.dentsply.com. In order to participate in the call, dial (877) 874-1588 for domestic calls, or (719) 325-4772 for international calls. The Conference ID # is 7195173. At that time, you will be able to discuss third quarter 2013 results with DENTSPLY`s Chairman and Chief Executive Officer, Bret Wise, President and Chief Financial Officer, Chris Clark, and Executive Vice President and Chief Operating Officer, Jim Mosch.
A rebroadcast of the conference call will be available online at the DENTSPLY web site. You may also access a dial-in replay for one week following the call at (888) 203-1112 (for domestic calls) or (719) 457-0820 (for international calls), Replay Passcode # 7195173
DENTSPLY International Inc. is a leading manufacturer and distributor of dental and other consumable medical device products. The Company believes it is the world`s largest manufacturer of consumable dental products for the professional dental market. For over 110 years, DENTSPLY`s commitment to innovation and professional collaboration has enhanced its portfolio of branded consumables and small equipment. Headquartered in the United States, the Company has global operations with sales in more than 120 countries. Visit www.dentsply.com for more information about DENTSPLY and its products.
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 and medical markets, the timing, success and market reception for our new and existing products, uncertainty with respect to governmental actions with respect to dental and medical products, outcome of litigation and/or governmental enforcement actions, volatility in the capital markets or changes in our credit ratings, continued support of our products by influential dental and medical professionals, our ability to successfully integrate acquisitions, risks associated with foreign currency exchange rates, risks associated with our competitors` introduction of generic or private label products, our ability to accurately predict dealer and customer inventory levels, our ability to successfully realize the benefits of any cost reduction or restructuring efforts, our ability to obtain a supply of certain finished goods and raw materials from third parties and changes in the general economic environment that could affect the business. Changes in such assumptions or factors could produce significantly different results.
For additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements, please refer to the Company`s most recent Form 10-K and its subsequent periodic reports on Forms 10-Q filed with the Securities and Exchange Commission.
Non-US GAAP Financial Measures
In addition to the results reported in accordance with US GAAP, the Company provides adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted common share. The Company discloses adjusted net income attributable to DENTSPLY International to allow investors to evaluate the performance of the Company`s operations exclusive of certain items that impact the comparability of results from period to period and certain large non-cash charges related to purchased intangible assets. The Company believes that this information is helpful in understanding underlying operating trends and cash flow generation. The adjusted net income attributable to DENTSPLY International consists of net income attributable to DENTSPLY International adjusted to exclude the impact of the following:
(1) Acquisition related costs. These adjustments include costs related to integrating recently acquired businesses and specific costs related to the consummation of the acquisition process. These costs are irregular in timing and as such may not be indicative of past and future performance of the Company and are therefore excluded to allow investors to better understand underlying operating trends.
(2) Restructuring and other costs, including legal settlements. These adjustments include both costs and income that are irregular in timing, amount and impact to the Company`s financial performance. As such, these items may not be indicative of past and future performance of the Company and are therefore excluded for the purpose of understanding underlying operating trends.
(3) Amortization of purchased intangible assets. This adjustment excludes the periodic amortization expense related to purchased intangible assets. Following a significant acquisition in 2011, the Company began recording large non-cash charges related to the values attributed to purchased intangible assets. These charges have been excluded from adjusted net income attributed to DENTSPLY International to allow investors to evaluate and understand operating trends excluding these large non-cash charges.
(4) Income related to credit risk and fair value adjustments. These adjustments include both the cost and income impacts of adjustments in certain assets and liabilities that are recorded through net income which are due solely to the changes in fair value and credit risk. These items can be variable and driven more by market conditions than the Company`s operating performance. As such, these items may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.
(5) Certain fair value adjustments related to an unconsolidated affiliated company. This adjustment represents the fair value adjustment of the unconsolidated affiliated company`s convertible debt instrument held by the Company. The affiliate is accounted for under the equity method of accounting. The fair value adjustment is driven by open market pricing of the affiliate`s equity instruments, which has a high degree of variability and may not be indicative of the operating performance of the affiliate or the Company.
(6) Income tax related adjustments. These adjustments include both income tax expenses and income tax benefits that are representative of income tax adjustments mostly related to prior periods, as well as the final settlement of income tax audits. These adjustments are irregular in timing and amount and may significantly impact the Company`s operating performance. As such, these items may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.
Adjusted earnings per diluted common share is calculated by dividing adjusted net income attributable to DENTSPLY International by diluted weighted-average common shares outstanding. Adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted common share are considered measures not calculated in accordance with US GAAP, and therefore are non-US GAAP measures. These non-US GAAP measures may differ from other companies. Income tax related adjustments may include the impact to adjust the interim effective income tax rate to the expected annual effective tax rate. The non-US GAAP financial information should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP.
DENTSPLY INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2012 2013 2012
Net sales $ 704,018 $ 695,734 $ 2,197,112 $ 2,175,141
Net sales, excluding precious metal content 669,425 647,120 2,058,029 2,011,225
Cost of products sold 327,601 331,619 1,017,539 1,010,807
Gross profit 376,417 364,115 1,179,573 1,164,334
% of Net sales 53.5 % 52.3 % 53.7 % 53.5 %
% of Net sales, excluding precious metal content 56.2 % 56.3 % 57.3 % 57.9 %
Selling, general and administrative expenses 269,165 260,352 852,763 860,740
Restructuring and other costs 2,231 15,097 5,065 18,862
Operating income 105,021 88,666 321,745 284,732
% of Net sales 14.9 % 12.7 % 14.6 % 13.1 %
% of Net sales, excluding precious metal content 15.7 % 13.7 % 15.6 % 14.2 %
Net interest and other expense 10,885 12,885 40,337 40,173
Income before income taxes 94,136 75,781 281,408 244,559
Provision for income taxes 13,187 18,960 39,599 48,550
Equity in net (loss) earnings of
unconsolidated affiliated company (83 ) (2,529 ) 320 (5,448 )
Net income 80,866 54,292 242,129 190,561
% of Net sales 11.5 % 7.8 % 11.0 % 8.8 %
% of Net sales, excluding precious metal content 12.1 % 8.4 % 11.8 % 9.5 %
Less: Net income attributable to noncontrolling interests 1,015 928 3,366 3,148
Net income attributable to DENTSPLY International $ 79,851 $ 53,364 $ 238,763 $ 187,413
% of Net sales 11.3 % 7.7 % 10.9 % 8.6 %
% of Net sales, excluding precious metal content 11.9 % 8.2 % 11.6 % 9.3 %
Earnings per common share:
Basic $ 0.56 $ 0.38 $ 1.67 $ 1.32
Dilutive $ 0.55 $ 0.37 $ 1.65 $ 1.30
Cash dividends declared per common share $ 0.0625 $ 0.0550 $ 0.1875 $ 0.1650
Weighted average common shares outstanding:
Basic 142,421 141,843 142,705 141,767
Dilutive 144,698 143,884 144,952 143,885
DENTSPLY INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, December 31,
2013 2012
Assets
Current Assets:
Cash and cash equivalents $ 50,658 $ 80,132
Accounts and notes receivable-trade, net 502,370 442,412
Inventories, net 448,277 402,940
Prepaid expenses and other current assets 151,840 185,612
Total Current Assets 1,153,145 1,111,096
Property, plant and equipment, net 628,509 614,705
Identifiable intangible assets, net 800,470 830,642
Goodwill, net 2,218,136 2,210,953
Other noncurrent assets, net 209,719 204,901
Total Assets $ 5,009,979 $ 4,972,297
Liabilities and Equity
Current liabilities $ 777,561 $ 927,780
Long-term debt 1,164,794 1,222,035
Deferred income taxes 226,668 232,641
Other noncurrent liabilities 361,938 340,398
Total Liabilities 2,530,961 2,722,854
Total DENTSPLY International Equity 2,438,441 2,208,698
Noncontrolling interests 40,577 40,745
Total Equity 2,479,018 2,249,443
Total Liabilities and Equity $ 5,009,979 $ 4,972,297
DENTSPLY INTERNATIONAL INC.
(In thousands)
Supplemental Summary Cash Flow Information:
Nine Months Ended September 30, 2013 and 2012
Nine Months Ended September 30,
2013 2012
Net Cash Provided by Operating Activities $ 258,266 $ 202,065
Net Cash Used in Investing Activities $ 161,891 $ 80,300
Net Cash Used in Financing Activities $ 124,650 $ 145,585
Depreciation $ 61,545 $ 59,509
Amortization $ 34,700 $ 37,289
Capital Expenditures $ 73,500 $ 64,859
Cash Dividends Paid $ 25,895 $ 23,561
DENTSPLY INTERNATIONAL INC.
(In thousands)
Operating Income Summary:
The following tables present the reconciliation of reported US GAAP operating income in total and on a percentage of net sales, excluding precious metal content, to the non-US GAAP financial measures.
Three Months Ended September 30, 2013
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 105,021 15.7 %
Amortization of Purchased Intangible Assets 11,237 1.7 %
Restructuring and Other Costs, including Legal Settlements 2,285 0.3 %
Acquisition-Related Activities 1,173 0.2 %
Adjusted Non-US GAAP Operating Income $ 119,716 17.9 %
Three Months Ended September 30, 2012
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 88,666 13.7 %
Restructuring and Other Costs 15,457 2.4 %
Amortization of Purchased Intangible Assets 9,313 1.4 %
Orthodontic Business Continuity Costs 110 - %
Acquisition-Related Activities (1,893 ) (0.2 )%
Adjusted Non-US GAAP Operating Income $ 111,653 17.3 %
DENTSPLY INTERNATIONAL INC.
(In thousands)
Operating Income Summary:
The following tables present the reconciliation of reported US GAAP operating income in total and on a percentage of net sales, excluding precious metal content, to the non-US GAAP financial measures.
Nine Months Ended September 30, 2013
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 321,745 15.6 %
Amortization of Purchased Intangible Assets 34,652 1.7 %
Restructuring and Other Costs, including Legal Settlements 5,343 0.3 %
Acquisition-Related Activities 4,442 0.2 %
Adjusted Non-US GAAP Operating Income $ 366,182 17.8 %
Nine Months Ended September 30, 2012
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 284,732 14.2 %
Amortization of Purchased Intangible Assets 37,359 1.9 %
Restructuring and Other Costs 20,097 1.0 %
Acquisition-Related Activities 10,544 0.5 %
Orthodontics Business Continuity Costs 1,071 - %
Adjusted Non-US GAAP Operating Income $ 353,803 17.6 %
DENTSPLY INTERNATIONAL INC.
(In thousands, except per share amounts)
Earnings Summary:
The following tables present the reconciliation of reported US GAAP net income attributable to DENTSPLY International and on a per common share basis to the non-US GAAP financial measures.
Three Months Ended September 30, 2013
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 79,851 $ 0.55
Amortization of Purchased Intangible Assets, Net of Tax 7,851 0.06
Restructuring and Other Costs, including Legal Settlements, Net of Tax 1,961 0.01
Acquisition Related Activities, Net of Tax 744 0.01
Credit Risk and Fair Value Adjustments to Outstanding Derivatives, Net of Tax (488 ) -
Gain on Fair Value Adjustments related to an Unconsolidated Affiliated Company, Net of Tax (829 ) (0.01 )
Income Tax-Related Adjustments (6,882 ) (0.05 )
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 82,208 $ 0.57
Three Months Ended September 30, 2012
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 53,364 $ 0.37
Restructuring and Other Costs, Net of Tax 10,909 0.08
Amortization of Purchased Intangible Assets, Net of Tax 5,159 0.04
Income Tax-Related Adjustments 4,039 0.03
Loss on Fair Value Adjustments related to an Unconsolidated Affiliated Company, Net of Tax 1,687 0.01
Orthodontics Business Continuity Costs, Net of Tax 70 -
Acquisition Related Activities, Net of Tax (1,161 ) (0.01 )
Rounding - (0.01 )
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 74,067 $ 0.51
DENTSPLY INTERNATIONAL INC.
(In thousands, except per share amounts)
Earnings Summary:
The following tables present the reconciliation of reported US GAAP net income attributable to DENTSPLY International and on a per common share basis to the non-US GAAP financial measures.
Nine Months Ended September 30, 2013
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 238,763 $ 1.65
Amortization of Purchased Intangible Assets, Net of Tax 24,229 0.17
Restructuring and Other Costs, including Legal Settlements, Net of Tax 4,462 0.03
Acquisition Related Activities, Net of Tax 2,843 0.02
Credit Risk and Fair Value Adjustments to Outstanding Derivatives, Net of Tax 2,702 0.02
Gain on Fair Value Adjustments related to an Unconsolidated Affiliated Company, Net of Tax (1,347 ) (0.01 )
Income Tax-Related Adjustments (18,388 ) (0.13 )
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 253,264 $ 1.75
Nine Months Ended September 30, 2012
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 187,413 $ 1.30
Amortization of Purchased Intangible Assets, Net of Tax 25,148 0.17
Restructuring and Other Costs, Net of Tax 14,063 0.10
Acquisition Related Activities, Net of Tax 6,630 0.05
Loss on Fair Value Adjustments related to an Unconsolidated Affiliated Company, Net of Tax 5,280 0.04
Orthodontics Business Continuity Costs, Net of Tax 692 -
Income Tax-Related Adjustments (1,375 ) (0.01 )
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 237,851 $ 1.65
DENTSPLY INTERNATIONAL INC.
(In thousands)
Operating Tax Rate Summary:
The following tables present the reconciliation of reported US GAAP effective tax rate as a percentage of income before income taxes to the non-US GAAP financial measure.
Three Months Ended September 30, 2013
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 94,136 $ (13,187 ) 14.0 %
Amortization of Purchased Intangible Assets 11,237 (3,386 )
Restructuring and Other Costs, including Legal Settlements 2,285 (324 )
Acquisition-Related Activities 1,173 (429 )
Gain on Fair Value Adjustments related to an Unconsolidated Affiliated Company (8 ) 2
Credit Risk and Fair Value Adjustments to Outstanding Derivatives (794 ) 306
Income Tax-Related Adjustments - (6,882 )
As Adjusted - Non-US GAAP Operating Results $ 108,029 $ (23,900 ) 22.1 %
Three Months Ended September 30, 2012
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 75,781 $ (18,960 ) 25.0 %
Restructuring and Other Costs 15,458 (4,549 )
Amortization of Purchased Intangible Assets 9,313 (4,154 )
Orthodontics Business Continuity Costs 110 (40 )
Gain on Fair Value Adjustments related to an Unconsolidated Affiliated Company (407 ) 123
Acquisition-Related Activities (1,893 ) 732
Income Tax-Related Adjustments - 4,039
As Adjusted - Non-US GAAP Operating Results $ 98,362 $ (22,809 ) 23.2 %
DENTSPLY INTERNATIONAL INC.
(In thousands)
Operating Tax Rate Summary:
The following tables present the reconciliation of reported US GAAP effective tax rate as a percentage of income before income taxes to the non-US GAAP financial measure.
Nine Months Ended September 30, 2013
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 281,408 $ (39,599 ) 14.1 %
Amortization of Purchased Intangible Assets 34,652 (10,423 )
Restructuring and Other Costs, including Legal Settlements 5,343 (881 )
Acquisition-Related Activities 4,442 (1,599 )
Credit Risk and Fair Value Adjustments to Outstanding Derivatives 4,401 (1,699 )
Gain on Fair Value Adjustments related to an Unconsolidated Affiliated Company (20 ) 6
Income Tax-Related Adjustments - (18,388 )
As Adjusted - Non-US GAAP Operating Results $ 330,226 $ (72,583 ) 22.0 %
Nine Months Ended September 30, 2012
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 244,559 $ (48,550 ) 19.9 %
Amortization of Purchased Intangible Assets 37,359 (12,211 )
Restructuring and Other Costs 20,098 (6,035 )
Acquisition-Related Activities 10,544 (3,914 )
Orthodontics Business Continuity Costs 1,071 (379 )
Loss on Fair Value Adjustments related to an Unconsolidated Affiliated Company (229 ) 69
Income Tax-Related Adjustments - (1,375 )
As Adjusted - Non-US GAAP Operating Results $ 313,402 $ (72,395 ) 23.1 %
For further information contact:
Derek Leckow
Vice President
Investor Relations
(717) 849-7863
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Drmicrocap
11年前
DENTSPLY International Reports Second Quarter 2013 Results
Thomson Reuters ONEPress Release: DENTSPLY International Inc. – Thu, Aug 1, 2013 6:33 AM EDT..
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Earnings per diluted share of $0.60 on a US GAAP reported basis and a record $0.66 on an adjusted basis
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Adjusted operating margin expanded 60 basis points to 19.2% from 18.6% in the prior year
York, PA - August 1, 2013 - DENTSPLY International Inc. (XRAY) today announced sales and earnings for the three months ended June 30, 2013.
Net sales in the second quarter of 2013 were essentially flat at $761.0 million compared to $763.0 million in the second quarter of 2012. Net sales, excluding precious metals content, in the second quarter of 2013 of $716.0 million increased 2.5% from $698.5 million in the second quarter of 2012. Constant currency net sales growth, excluding precious metals content, in the second quarter was 2.7%, reflecting strong internal growth in the U.S. and more modest internal growth in the other geographic regions.
Net income attributable to DENTSPLY International for the second quarter of 2013 was $87.2 million, or $0.60 per diluted share, compared to $80.8 million, or $0.56 per diluted share in the second quarter of 2012. On an adjusted basis, excluding certain items, earnings grew 7% to $0.66 per diluted share for the second quarter of 2013 from $0.62 in the same period in 2012. A reconciliation of the non-GAAP measure to earnings per share calculated on a US GAAP basis is provided in the attached table.
"DENTSPLY achieved record adjusted earnings for the second quarter driven by an acceleration of internal growth in the U.S. and expansion of adjusted operating margins," said Bret Wise, Chairman and Chief Executive Officer. "Although we are pleased with our second quarter performance, market conditions continue to be difficult in Europe and movement of currency exchange rates has created some further headwind in the second half of the year. As a result, we are revising our expectations for adjusted earnings per share for 2013 to a range of $2.33 to $2.38."
Additional Information
A conference call is scheduled to begin today at 8:30 a.m. (Eastern Time). Supplemental materials for reference during the call will be available for download in the investor relations section of DENTSPLY`s web site, at www.dentsply.com.
A live webcast will be accessible via a link on DENTSPLY`s web site at www.dentsply.com. In order to participate in the call, dial (888) 417-2254 for domestic calls, or (719) 325-2490 for international calls. The Conference ID # is 1879202. At that time, you will be able to discuss second quarter 2013 results with DENTSPLY`s Chairman and Chief Executive Officer, Mr. Bret Wise, President and Chief Financial Officer, Mr. Chris Clark, and Executive Vice President and Chief Operating Officer, Mr. Jim Mosch.
A rebroadcast of the conference call will be available online at the DENTSPLY web site. You may also access a dial-in replay for one week following the call at (888) 203-1112 (for domestic calls) or (719) 457-0820 (for international calls), Replay Passcode # 1879202.
DENTSPLY International Inc. is a leading manufacturer and distributor of dental and other consumable medical device products. The Company believes it is the world`s largest manufacturer of consumable dental products for the professional dental market. For over 110 years, DENTSPLY`s commitment to innovation and professional collaboration has enhanced its portfolio of branded consumables and small equipment. Headquartered in the United States, the Company has global operations with sales in more than 120 countries. Visit www.dentsply.com for more information about DENTSPLY and its products.
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 and medical markets, the timing, success and market reception for our new and existing products, uncertainty with respect to governmental actions with respect to dental and medical products, outcome of litigation and/or governmental enforcement actions, continued support of our products by influential dental and medical professionals, our ability to successfully integrate acquisitions, risks associated with foreign currency exchange rates, and changes in the general economic environment that could affect the 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 most recent Form 10-K and its subsequent periodic reports on Forms 10-Q filed with the Securities and Exchange Commission.
Non-US GAAP Financial Measures
In addition to the results reported in accordance with US GAAP, the Company provides adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted common share. The Company discloses adjusted net income attributable to DENTSPLY International to allow investors to evaluate the performance of the Company`s operations exclusive of certain items that impact the comparability of results from period to period and certain large non-cash charges related to purchased intangible assets. The Company believes that this information is helpful in understanding underlying operating trends and cash flow generation. The adjusted net income attributable to DENTSPLY International consists of net income attributable to DENTSPLY International adjusted to exclude the impact of the following:
(1) Acquisition related costs. These adjustments include costs related to integrating recently acquired businesses and specific costs related to the consummation of the acquisition process. These costs are irregular in timing and as such may not be indicative of past and future performance of the Company and are therefore excluded to allow investors to better understand underlying operating trends.
(2) Restructuring and other costs, including legal settlements. These adjustments include both costs and income that are irregular in timing, amount and impact to the Company`s financial performance. As such, these items may not be indicative of past and future performance of the Company and are therefore excluded for the purpose of understanding underlying operating trends.
(3) Amortization of purchased intangible assets. This adjustment excludes the periodic amortization expense related to purchased intangible assets. Following a significant acquisition in 2011, the Company began recording large non-cash charges related to the values attributed to purchased intangible assets. These charges have been excluded from adjusted net income attributed to DENTSPLY International to allow investors to evaluate and understand operating trends excluding these large non-cash charges.
(4) Income related to credit risk and fair value adjustments. These adjustments include both the cost and income impacts of adjustments in certain assets and liabilities that are recorded through net income which are due solely to the changes in fair value and credit risk. These items can be variable and driven more by market conditions than the Company`s operating performance. As such, these items may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.
(5) Certain fair value adjustments at an unconsolidated affiliated company. This adjustment represents the fair value adjustment of the unconsolidated affiliated company`s convertible debt instrument held by the Company. The affiliate is accounted for under the equity method of accounting. The fair value adjustment is driven by open market pricing of the affiliate`s equity instruments, which has a high degree of variability and may not be indicative of the operating performance of the affiliate or the Company.
(6) Income tax related adjustments. These adjustments include both income tax expenses and income tax benefits that are representative of income tax adjustments mostly related to prior periods, as well as the final settlement of income tax audits. These adjustments are irregular in timing and amount and may significantly impact the Company`s operating performance. As such, these items may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.
Adjusted earnings per diluted common share is calculated by dividing adjusted net income attributable to DENTSPLY International by diluted weighted-average common shares outstanding. Adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted common share are considered measures not calculated in accordance with US GAAP, and therefore are non-US GAAP measures. These non-US GAAP measures may differ from other companies. Income tax related adjustments may include the impact to adjust the interim effective income tax rate to the expected annual effective tax rate. The non-US GAAP financial information should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP.
DENTSPLY INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2013 2012 2013 2012
Net sales $ 761,010 $ 762,994 $ 1,493,094 $ 1,479,407
Net sales, excluding precious metal content 715,956 698,480 1,388,604 1,364,105
Cost of products sold 346,054 355,525 689,938 679,188
Gross profit 414,956 407,469 803,156 800,219
% of Net sales 54.5 % 53.4 % 53.8 % 54.1 %
% of Net sales, excluding precious metal content 58.0 % 58.3 % 57.8 % 58.7 %
Selling, general and administrative expenses 289,921 296,034 583,598 600,388
Restructuring and other costs 2,169 2,528 2,834 3,765
Operating income 122,866 108,907 216,724 196,066
% of Net sales 16.1 % 14.3 % 14.5 % 13.3 %
% of Net sales, excluding precious metal content 17.2 % 15.6 % 15.6 % 14.4 %
Net interest and other expense 13,487 13,321 29,451 27,288
Income before income taxes 109,379 95,586 187,273 168,778
Provision for income taxes 22,870 14,875 26,412 29,590
Equity in net earnings (loss) of
unconsolidated affiliated company 2,182 1,329 403 (2,919 )
Net income 88,691 82,040 161,264 136,269
% of Net sales 11.7 % 10.8 % 10.8 % 9.2 %
% of Net sales, excluding precious metal content 12.4 % 11.7 % 11.6 % 10.0 %
Less: Net income attributable to noncontrolling interests 1,463 1,276 2,351 2,220
Net income attributable to DENTSPLY International $ 87,228 $ 80,764 $ 158,913 $ 134,049
% of Net sales 11.5 % 10.6 % 10.6 % 9.1 %
% of Net sales, excluding precious metal content 12.2 % 11.6 % 11.4 % 9.8 %
Earnings per common share:
Basic $ 0.61 $ 0.57 $ 1.11 $ 0.95
Dilutive $ 0.60 $ 0.56 $ 1.10 $ 0.93
Cash dividends declared per common share $ 0.0625 $ 0.0550 $ 0.1250 $ 0.1100
Weighted average common shares outstanding:
Basic 142,922 141,737 142,849 141,729
Dilutive 145,133 143,863 145,107 143,908
DENTSPLY INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, December 31,
2013 2012
Assets
Current Assets:
Cash and cash equivalents $ 57,027 $ 80,132
Accounts and notes receivable-trade, net 499,006 442,412
Inventories, net 433,189 402,940
Prepaid expenses and other current assets 180,811 185,612
Total Current Assets 1,170,033 1,111,096
Property, plant and equipment, net 605,028 614,705
Identifiable intangible assets, net 786,667 830,642
Goodwill, net 2,158,529 2,210,953
Other noncurrent assets, net 154,426 204,901
Total Assets $ 4,874,683 $ 4,972,297
Liabilities and Equity
Current liabilities $ 890,615 $ 927,780
Long-term debt 1,123,792 1,222,035
Deferred income taxes 218,624 232,641
Other noncurrent liabilities 353,556 340,398
Total Liabilities 2,586,587 2,722,854
Total DENTSPLY International Equity 2,250,185 2,208,698
Noncontrolling interests 37,911 40,745
Total Equity 2,288,096 2,249,443
Total Liabilities and Equity $ 4,874,683 $ 4,972,297
DENTSPLY INTERNATIONAL INC.
(In thousands)
Supplemental Summary Cash Flow Information:
Six Months Ended June 30, 2013
Six Months Ended June 30,
2013 2012
Net Cash Provided by Operating Activities $ 131,868 $ 103,395
Net Cash Used in Investing Activities $ 136,188 $ 58,507
Net Cash Used in Financing Activities $ 15,436 $ 67,414
Depreciation $ 41,743 $ 40,357
Amortization $ 23,434 $ 28,014
Capital Expenditures $ 46,151 $ 42,986
Cash Dividends Paid $ 16,928 $ 15,706
DENTSPLY INTERNATIONAL INC.
(In thousands)
Operating Income Summary:
The following tables present the reconciliation of reported US GAAP operating income in total and on a percentage of net sales, excluding precious metal content, to the non-US GAAP financial measures.
Three Months Ended June 30, 2013
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 122,866 17.2 %
Amortization of Purchased Intangible Assets 11,480 1.5 %
Restructuring and Other Costs, including Legal Settlements 2,285 0.3 %
Acquisition-Related Activities 1,132 0.2 %
Adjusted Non-US GAAP Operating Income $ 137,763 19.2 %
Three Months Ended June 30, 2012
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 108,907 15.6 %
Amortization of Purchased Intangible Assets 12,685 1.9 %
Acquisition-Related Activities 4,902 0.7 %
Restructuring and Other Costs 2,910 0.4 %
Orthodontic Business Continuity Costs 345 - %
Adjusted Non-US GAAP Operating Income $ 129,749 18.6 %
DENTSPLY INTERNATIONAL INC.
(In thousands)
Operating Income Summary:
The following tables present the reconciliation of reported US GAAP operating income in total and on a percentage of net sales, excluding precious metal content, to the non-US GAAP financial measures.
Six Months Ended June 30, 2013
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 216,724 15.6 %
Amortization of Purchased Intangible Assets 23,415 1.6 %
Acquisition-Related Activities 3,269 0.3 %
Restructuring and Other Costs, including Legal Settlements 3,058 0.2 %
Adjusted Non-US GAAP Operating Income $ 246,466 17.7 %
Six Months Ended June 30, 2012
Operating Income (Loss) Percentage of Net Sales, Excluding Precious Metal Content
Operating Income $ 196,066 14.4 %
Amortization of Purchased Intangible Assets 28,047 2.1 %
Acquisition-Related Activities 12,436 1.0 %
Restructuring and Other Costs 4,640 0.3 %
Orthodontic Business Continuity Costs 961 - %
Adjusted Non-US GAAP Operating Income $ 242,150 17.8 %
DENTSPLY INTERNATIONAL INC.
(In thousands, except per share amounts)
Earnings Summary:
The following tables present the reconciliation of reported US GAAP net income attributable to DENTSPLY International and on a per common share basis to the non-US GAAP financial measures.
Three Months Ended June 30, 2013
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 87,228 $ 0.60
Amortization of Purchased Intangible Assets, Net of Tax 8,002 0.06
Restructuring and Other Costs, including Legal Settlements, Net of Tax 1,962 0.01
Acquisition Related Activities, Net of Tax 746 0.01
Credit Risk and Fair Value Adjustments to Outstanding Derivatives, Net of Tax 457 -
Income Tax-Related Adjustments (118 ) -
Gain on Fair Value Adjustments at an Unconsolidated Affiliated Company, Net of Tax (2,446 ) (0.02 )
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 95,831 $ 0.66
Three Months Ended June 30, 2012
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 80,764 $ 0.56
Amortization of Purchased Intangible Assets, Net of Tax 9,007 0.06
Acquisition Related Activities, Net of Tax 2,993 0.02
Restructuring and Other Costs, Net of Tax 1,990 0.02
Orthodontics Business Continuity Costs, Net of Tax 213 -
Gain on Fair Value Adjustments at an Unconsolidated Affiliated Company, Net of Tax (1,060 ) (0.01 )
Income Tax-Related Adjustments (5,380 ) (0.03 )
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 88,527 $ 0.62
DENTSPLY INTERNATIONAL INC.
(In thousands, except per share amounts)
Earnings Summary:
The following tables present the reconciliation of reported US GAAP net income attributable to DENTSPLY International and on a per common share basis to the non-US GAAP financial measures.
Six Months Ended June 30, 2013
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 158,913 $ 1.10
Amortization of Purchased Intangible Assets, Net of Tax 16,378 0.11
Credit Risk and Fair Value Adjustments to Outstanding Derivatives, Net of Tax 3,190 0.02
Restructuring and Other Costs, including Legal Settlements, Net of Tax 2,501 0.02
Acquisition Related Activities, Net of Tax 2,099 0.01
Gain on Fair Value Adjustments at an Unconsolidated Affiliated Company, Net of Tax (519 ) -
Income Tax-Related Adjustments (11,505 ) (0.08 )
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 171,057 $ 1.18
Six Months Ended June 30, 2012
Net Per Diluted
Income Common Share
Net Income Attributable to DENTSPLY International $ 134,049 $ 0.93
Amortization of Purchased Intangible Assets, Net of Tax 19,989 0.14
Acquisition Related Activities, Net of Tax 7,789 0.05
Loss on Fair Value Adjustments at an Unconsolidated Affiliated Company, Net of Tax 3,595 0.03
Restructuring and Other Costs, Net of Tax 3,154 0.02
Orthodontics Business Continuity Costs, Net of Tax 621 -
Income Tax-Related Adjustments (5,414 ) (0.03 )
Adjusted Non-US GAAP Net Income Attributable to DENTSPLY International $ 163,783 $ 1.14
DENTSPLY INTERNATIONAL INC.
(In thousands)
Operating Tax Rate Summary:
The following tables present the reconciliation of reported US GAAP effective tax rate as a percentage of income before income taxes to the non-US GAAP financial measure.
Three Months Ended June 30, 2013
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 109,379 $ (22,870 ) 20.9 %
Amortization of Purchased Intangible Assets 11,480 (3,478 )
Restructuring and Other Costs, including Legal Settlements 2,285 (323 )
Acquisition-Related Activities 1,132 (386 )
Credit Risk and Fair Value Adjustments to Outstanding Derivatives, Net of Tax 744 (287 )
Gain on Fair Value Adjustments at an Unconsolidated Affiliated Company (45 ) 14
Income Tax-Related Adjustments - (118 )
As Adjusted - Non-US GAAP Operating Results $ 124,975 $ (27,448 ) 22.0 %
Three Months Ended June 30, 2012
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 95,586 $ (14,875 ) 15.6 %
Amortization of Purchased Intangible Assets 12,685 (3,678 )
Acquisition-Related Activities 4,902 (1,909 )
Restructuring and Other Costs 2,910 (920 )
Orthodontics Business Continuity Costs, Net of Tax 345 (132 )
Gain on Fair Value Adjustments at an Unconsolidated Affiliated Company (95 ) 30
Income Tax-Related Adjustments - (5,378 )
As Adjusted - Non-US GAAP Operating Results $ 116,333 $ (26,862 ) 23.1 %
DENTSPLY INTERNATIONAL INC.
(In thousands)
Operating Tax Rate Summary:
The following tables present the reconciliation of reported US GAAP effective tax rate as a percentage of income before income taxes to the non-US GAAP financial measure.
Six Months Ended June 30, 2013
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 187,273 $ (26,412 ) 14.1 %
Amortization of Purchased Intangible Assets 23,415 (7,037 )
Credit Risk and Fair Value Adjustments to Outstanding Derivatives, Net of Tax 5,195 (2,005 )
Acquisition-Related Activities 3,269 (1,170 )
Restructuring and Other Costs, including Legal Settlements 3,058 (557 )
Gain on Fair Value Adjustments at an Unconsolidated Affiliated Company (13 ) 4
Income Tax-Related Adjustments - (11,505 )
As Adjusted - Non-US GAAP Operating Results $ 222,197 $ (48,682 ) 21.9 %
Six Months Ended June 30, 2012
Pre-tax Income Income Tax Benefit (Expense) Percentage of Pre-Tax Income
As Reported - US GAAP Operating Results $ 168,778 $ (29,590 ) 17.5 %
Amortization of Purchased Intangible Assets 28,047 (8,058 )
Acquisition-Related Activities 12,436 (4,647 )
Restructuring and Other Costs 4,640 (1,486 )
Orthodontics Business Continuity Costs, Net of Tax 961 (340 )
Loss on Fair Value Adjustments at an Unconsolidated Affiliated Company 178 (54 )
Income Tax-Related Adjustments - (5,414 )
As Adjusted - Non-US GAAP Operating Results $ 215,040 $ (49,589 ) 23.1 %
For further information contact:
Derek Leckow
Vice President
Investor Relations
(717) 849-7863
--------------------------------------------------------------------------------
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