NEWPORT BEACH, Calif., Feb. 6 /PRNewswire-FirstCall/ -- Sybron
Dental Specialties, Inc. (NYSE:SYD), a leading manufacturer of a
broad range of value-added products for the dental profession,
including the specialty markets of orthodontics, endodontics and
implantology, announced today its financial results for its first
fiscal quarter ended December 31, 2005. FIRST QUARTER RESULTS Net
sales for the first quarter of fiscal 2006 totaled $158.0 million,
an increase of 6.0% over the $149.0 million in net sales in the
corresponding prior year period. Sybron's internal net sales, which
exclude currency fluctuations and include only the organic growth
of acquisitions made in the past twelve months, grew 6.8% in the
first quarter over the same period of the prior year. The internal
net sales growth rate of the Company's consumable products was
7.0%. The sales of these products accounted for approximately 96%
of the Company's total net sales in the quarter. The attached table
provides a reconciliation of the Company's internal net sales
growth to net sales growth calculated according to generally
accepted accounting principles (GAAP). Net income for the first
quarter of fiscal 2006 was $14.5 million, a decrease of 3.4% over
net income of $15.0 million in the same period of the prior year.
Fully diluted earnings per share were $0.35 in the first quarter of
fiscal 2006, a decrease of 5.4% over fully diluted earnings per
share of $0.37 in the same period of the previous year. Excluding
stock compensation expense, which was not recognized in prior
years, fully diluted earnings per share were $0.39 in the first
quarter of fiscal 2006. The attached table provides a
reconciliation of the Company's fully diluted earnings per share,
excluding stock compensation expense, to fully diluted earnings per
share calculated according to GAAP. The First Call consensus
estimate of $0.43 per share for the first quarter of 2006 also
excludes non-cash compensation charges. Results for the current
quarter included a $2.1 million non-cash amortization charge
associated with the correction of the purchase price allocation for
two acquisitions previously made by the Company, one made in 2002
and the other in 2003, as well as a change in the estimated useful
life of intangibles related to the Innova acquisition made in
October 2004. Current quarter results were also negatively impacted
by unfavorable currency exchange rates which reduced pre-tax income
by $2.8 million when compared to the same period last year. The
$2.1 million charge and the impact of unfavorable currency exchange
rates decreased fully diluted earnings per share by $0.03 and
$0.05, respectively and $0.08 in total. In the first quarter of
fiscal 2006, Sybron generated $24.7 million in cash flows from
operating activities. This compares with cash flows from operating
activities of $19.8 million in the first quarter of fiscal 2005.
During the first quarter of fiscal 2006 Sybron made $2.7 million in
capital expenditures which compares with capital expenditures of
$3.4 million during the same period of fiscal 2005. "We continued
to generate organic growth rates above our historical levels in
both the Professional Dental and Specialty Products segments," said
Floyd W. Pickrell, Jr., Chief Executive Officer of Sybron Dental
Specialties. "However, sales were slightly lower than our
expectations due to minor shortfalls in a few Professional Dental
product lines. In addition, sales growth in the Specialty Products
segment was slightly lower than expected due to the softness we
experienced in our dental implant business." SEGMENT SALES
HIGHLIGHTS In the first quarter, internal net sales of the
Company's Professional Dental segment increased 6.8% over the same
period in the prior year. Internal net sales of Professional Dental
consumable products increased 5.6%. Net sales in the quarter were
positively impacted by strong sales of the Company's MaxCem(TM)
self-adhesive cement, infection prevention products, and new
products such as the Demetron(R) LED II curing light and the
Orascoptic(R) Portable LED Light Source. During the first quarter,
internal net sales of the Company's Specialty Products segment grew
6.7% over the same period in the prior year. Total net sales were
positively impacted by strong sales of the Company's Damon(TM) 3
metal and aesthetic brackets, titanium brackets, Inspire(R) Ice
brackets and nickel titanium endodontic files. FIRST QUARTER
FINANCIAL HIGHLIGHTS Gross margins in the first quarter of 2006
were 56.9%, which is similar to the 57.3% in gross margins in the
same period of the prior year. Foreign currency exchange rates
negatively impacted gross margins in the first quarter of 2006 by
approximately 60 basis points. Selling, general and administrative
expenses (SG&A) were $64.1 million, or 40.6% of net sales, in
the first quarter of 2006, compared with $58.0 million, or 38.9% of
net sales, in the same period of the prior year. In the first
quarter of 2006, SG&A included $2.5 million in stock
compensation expense as well as the $2.1 million non-cash
amortization charge described above. Neither of these expense items
were included in the first quarter of fiscal 2005. Excluding stock
compensation expense, SG&A was 39.0% of net sales in the first
quarter of 2006. The attached table provides a reconciliation of
the Company's SG&A expense excluding stock compensation expense
to SG&A expense according to GAAP. The increase from 38.9% to
39.0% was the result of a $2.1 million increase in amortization
expense which impacted SG&A as a percent of sales by 130 basis
points and offset a number of improvements resulting from cost
control initiatives. The $2.1 million non-cash amortization charge
recorded in the current quarter includes $1.9 million related to
prior periods and approximately $0.2 million related to the current
quarter. As a result of the correction to the Company's intangible
assets and their useful lives, Sybron expects to record this
additional $0.2 million in amortization expense per quarter, going
forward. The Company's management concluded that the effect of the
delay in recording the charges was not material to any of the prior
periods in which increased amortization expense should have been
recognized and the correcting entries are not material to the first
quarter of fiscal 2006. Research and development expenditures were
$2.9 million in the first quarter of 2006, an increase of 4.7% over
the $2.8 million of expenditures in the same period of the prior
year. Operating income for the first quarter of 2006 was $25.9
million, or 16.4% of net sales, compared to $27.4 million, or 18.4%
of net sales, in the first quarter of 2005. Excluding stock
compensation expense, operating income was 18.0% of net sales in
the first quarter of 2006. The attached table provides a
reconciliation of the Company's operating income excluding stock
compensation expense to operating income according to GAAP. The
$2.1 million amortization charge negatively impacted operating
income as a percent of sales by approximately 130 basis points.
Earnings before interest, taxes, depreciation and amortization
(EBITDA) for the first quarter of 2006 was $32.8 million, or 20.8%
of net sales, compared with EBITDA of $31.5 million, or 21.1%, in
the first quarter of 2005. The attached table provides a
reconciliation of the Company's EBITDA to its net income. Stock
compensation expense, which was not recognized in the first quarter
of fiscal 2005, negatively impacted first quarter 2006 EBITDA as a
percent of net sales by approximately 160 basis points. Sybron's
effective tax rate in the first quarter of fiscal 2006 was 33.0%,
compared with 32.0% in the first quarter of fiscal 2005. The higher
effective tax rate is primarily the result of lower
extraterritorial income exclusion benefit and an increase in the
percentage of earnings coming from higher tax rate jurisdictions.
The Company expects its annual effective tax rate, including any
potential discrete adjustments to be approximately 32% to 34%.
Discrete adjustments could include the reversal of tax contingency
reserves due to the expiration of statutory limitations as well as
certain foreign tax exposures. Further, the Company is evaluating
the amount of foreign earnings to repatriate under the American
Jobs Creation Act of 2004, which allows companies to repatriate
cash into the United States at a special, temporary effective tax
rate of 5.3%. Sybron's current analysis indicates that between
$10.0 million and $60.0 million may be repatriated with a potential
tax expense of between $2.0 million and $5.0 million. This expense
is not included in the annual rate estimates provided. The Company
expects to be in a position to finalize its assessment later this
year. Net trade receivables were $97.6 million and days sales
outstanding (DSOs) were 57.9 days at December 31, 2005, compared to
61.7 days at December 31, 2004. Net inventory was $95.2 million at
December 31, 2005 and inventory days were 119 days, compared to 149
days at December 31, 2004 and 118 days at September 30, 2005.
Please refer to the supplemental schedules, provided on the
Financial Report's section of Sybron's Investor Relations web site
for a detailed calculation of the Company's DSOs and inventory
days. The web site address is:
(http://investors.sybrondental.com/phoenix.zhtml?c=124926&p=irol-reportsOther)
The average debt outstanding for the quarter was $208.5 million
with an average interest rate of 8.4%. The Company reduced its debt
during the quarter by $2.1 million, leaving total debt outstanding
at December 31, 2005 of $209.7 million. Sybron's cash and cash
equivalents balance was $70.6 million at December 31, 2005,
compared with $58.6 million at September 30, 2005. Sybron's capital
structure was 33.4% debt and 66.6% equity at December 31, 2005,
compared to 42.0% debt and 58.0% equity at December 31, 2004.
OUTLOOK For the second quarter of fiscal 2006, Sybron expects
revenue to range from $175 million to $180 million, and diluted
earnings per share to range from $0.43 to $0.48, which reflects the
adoption of SFAS 123R, "Share-Based Payment." Stock compensation
expense includes employee stock compensation expense of $2.6
million and a charge of $1.2 million related to the granting of
stock options to the Company's directors. Since the options granted
to the directors will vest on the grant date, the entire amount of
their expense will be recognized in the second quarter of fiscal
2006. Therefore, no expense related to director stock options is
expected to be incurred in the third or fourth quarter of fiscal
2006. On a pro forma basis, excluding tax-effected stock
compensation expense, diluted earnings per share is expected to
range from $0.49 to $0.54. For additional information, please see
the attached reconciliation of pro forma and GAAP results. For the
full fiscal year 2006, Sybron continues to expect revenue to range
from $685.0 million to $705.0 million (with internal net sales
growth between 6% and 9%). The Company's revenue estimate for
fiscal 2006 excludes the impact of potential acquisitions. Sybron
also updated its full year, fiscal 2006 diluted earnings per share
expectations, which it now expects to range from $1.75 to $1.90
(which also reflects the adoption of SFAS 123R). On a pro forma
basis, excluding tax-effected stock compensation expense, diluted
earnings per share is expected to range from $1.93 to $2.08. For
additional information, please see the attached reconciliation of
pro forma and GAAP results. Commenting on the outlook for Sybron,
Mr. Pickrell said, "We expect to see our sales results strengthen
as we move through the year to result in the achievement of our
financial targets. During the coming quarters, we expect to benefit
from increasing production volumes of the Damon 3 metal bracket,
the initiation of cross-selling efforts with the Oraltronics
product line, and new product introductions in our endodontics,
visualization and dental adhesive areas. In addition, our
management team remains highly committed to controlling our expense
levels, and we are optimistic that we will see improvement in our
operating margin as sales increase." CONFERENCE CALL AND WEBCAST
The Company will host a conference call on Tuesday, February 7th,
2006 at 10:00 a.m. Pacific Time to review the information in this
press release and respond to questions. The dial-in number for the
call is (800) 553-0358 for domestic callers and (612) 332-0530 for
international callers, passcode 815397. A recorded replay of the
conference call will be offered beginning at 1:30 p.m. Pacific Time
on Tuesday, February 7th via both the Company's website and a
telephone dial-in number. The telephone dial-in number for the
recorded replay is (800) 475-6701, passcode 815397 for domestic
callers and (320) 365-3844, passcode 815397 for international
callers. The telephone replay will be available through 11:59 p.m.
Pacific Time on February 10th, 2006. The live webcast and archived
replay may be accessed in the Investor Relations section of Sybron
Dental's website at http://www.sybrondental.com/. CAUTION REGARDING
FORWARD-LOOKING STATEMENTS Statements made in this press release
regarding future matters are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements, including those dealing with the
Company's expectations as to its future revenue; earnings per
share; organic growth; stock compensation expense; the demand for
its products; the development, introduction and sales of new
products; and the Company's ability to reduce its manufacturing,
selling, general and administrative expenses are based on the
Company's current expectations. Our actual results may differ
materially from those currently expected or desired because of a
number of risks and uncertainties, including the level of demand
for the Company's products; its ability to develop and introduce
new products; regulatory requirements; currency exchange rate
fluctuations; distributor inventory adjustments; the intensity of
competition; changes in the number of stock options granted or the
number of options forfeited; and other factors affecting the
Company's business prospects discussed in filings made by the
Company, from time to time, with the SEC including the factors
discussed in the "Cautionary Factors" section in Item 7 of the
Company's most recent Annual Report on Form 10-K and its periodic
reports on Form 10-Q. We undertake no obligation to publicly update
any forward-looking statement, whether as a result of new
information, future events or otherwise. BUSINESS DESCRIPTION
Sybron Dental Specialties and its subsidiaries are leading
manufacturers of both a broad range of value-added products for the
dental profession, including the specialty markets of orthodontics,
endodontics and implantology, and a variety of infection prevention
products for use by the dental and medical professions. SYBRON
DENTAL SPECIALTIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS
OF INCOME (in thousands, except per share amounts) (unaudited)
Three Months Ended December 31, 2005 2004 Net sales $158,031
$149,040 Cost of sales Cost of products sold 68,031 63,673
Restructuring charges 10 -- Total Cost of sales 68,041 63,673 Gross
profit 89,990 85,367 Selling, general and administrative expenses
61,254 57,488 Restructuring charges 16 -- Amortization of
intangible assets 2,814 497 Total selling, general and
administrative expenses 64,084 57,985 Operating income 25,906
27,382 Other income (expense) Interest expense, net (3,857) (4,817)
Amortization of deferred financing fees (413) (415) Other, net 47
(34) Income before income taxes 21,683 22,116 Income taxes 7,155
7,077 Net income $14,528 $15,039 Earnings per share: Basic earnings
per share $0.36 $0.38 Diluted earnings per share $0.35 $0.37
Weighted average basic shares outstanding 40,407 39,479 Weighted
average diluted shares outstanding 42,029 41,068 SYBRON DENTAL
SPECIALTIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in
thousands, except per share amounts) (unaudited) December 31,
September 30, 2005 2005 ASSETS Current assets Cash and cash
equivalents $70,609 $58,572 Accounts receivable (less allowance for
doubtful receivables of $2,946 and $3,007 at December 31, 2005 and
September 30, 2005, respectively) 97,630 112,500 Inventories 95,162
92,840 Deferred income taxes 6,572 7,788 Prepaid expenses and other
current assets 11,123 12,261 Total current assets 281,096 283,961
Property, plant and equipment, net of accumulated depreciation of
$120,411 and $117,252 at December 31, 2005 and September 30, 2005,
respectively 85,863 87,762 Goodwill 293,433 295,306 Intangible
assets, net 59,169 50,882 Other assets 32,852 32,507 Total assets
$752,413 $750,418 LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities Accounts payable $19,566 $20,135 Current portion of
long-term debt 607 733 Income taxes payable 12,547 11,822 Accrued
payroll and employee benefits 19,657 31,537 Accrued rebates 9,696
9,336 Accrued interest 609 3,519 Other current liabilities 13,148
15,412 Total current liabilities 75,830 92,494 Long-term debt
59,105 61,099 Senior subordinated notes 150,000 150,000 Deferred
income taxes 29,166 16,405 Other liabilities 19,253 28,267 Total
liabilities 333,354 348,265 Commitments and contingent liabilities
Stockholders' equity Preferred stock, $.01 par value; authorized
20,000 shares, no shares outstanding -- -- Common stock, $.01 par
value; authorized 250,000 shares, 40,489 and 40,395 shares issued
and outstanding at December 31, 2005 and September 30, 2005,
respectively 405 404 Additional paid-in capital 123,637 118,448
Retained earnings 279,369 264,841 Accumulated other comprehensive
income 15,648 18,460 Total stockholders' equity 419,059 402,153
Total liabilities and stockholders' equity $752,413 $750,418 SYBRON
DENTAL SPECIALTIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS
OF CASH FLOWS (in thousands) (unaudited) Three Months Ended
December 31, 2005 2004 Cash flows from operating activities: Net
income $14,528 $15,039 Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation 4,043 3,635
Amortization of intangible assets 2,814 497 Amortization of
deferred financing fees 413 415 Loss on sales of property, plant
and equipment 6 93 Provision for losses on doubtful receivables 193
483 Inventory provisions 635 1,377 Deferred income taxes 4,158
(525) Tax benefit from issuance of stock under employee stock
option plan 419 4,051 Changes in assets and liabilities, net of
effects of businesses acquired: Decrease in accounts receivable
14,931 8,707 Increase in inventories (2,736) (7,616) Decrease in
prepaid expenses and other current assets 1,138 1,149 Decrease in
accounts payable (569) (926) Increase (decrease) in income taxes
payable 409 (3,112) Decrease in accrued payroll and employee
benefits (11,880) (3,753) Increase in accrued rebates 360 1,774
Decrease in accrued interest (2,910) (2,684) Decrease in other
current liabilities (2,264) (1,093) Net change in other assets and
liabilities 994 2,295 Net cash provided by operating activities
24,682 19,806 Cash flows from investing activities: Capital
expenditures (2,713) (3,398) Proceeds from sales of property,
plant, and equipment 7 146 Net payments for businesses acquired --
(45,975) Payments for intangibles (201) (274) Net cash used in
investing activities (2,907) (49,501) Cash flows from financing
activities: Proceeds from credit facility 48,700 59,000 Principal
payments on credit facility (50,758) (34,160) Settlement of
derivative instruments (8,384) -- Principal payments on long-term
debt (62) (219) Proceeds from exercise of stock options 1,032 7,868
Proceeds received from employee stock purchase plan 1,149 748 Net
cash provided by (used in) financing activities (8,323) 33,237
Effect of exchange rate changes on cash and cash equivalents
(1,415) 5,503 Net increase in cash and cash equivalents 12,037
9,045 Cash and cash equivalents at beginning of year 58,572 40,602
Cash and cash equivalents at end of year $70,609 $49,647
Reconciliation of First Quarter 2006 Internal Net Sales Growth (in
millions) (unaudited) Professional Specialty Dental Products SDS
Net sales growth 4.3% 7.8% 6.0% Add: sales decrease due to currency
2.4% 3.2% 2.8% Less: non-organic increase due to acquisitions made
in the previous twelve months 0.0% 4.2% 2.1% Internal net sales
growth 6.8% 6.7% 6.8% Less: internal net sales growth from
equipment 1.1% -1.6% -0.2% Internal net sales growth of consumable
products 5.6% 8.3% 7.0% Domestic and international sales by segment
Domestic $46.4 $36.1 $82.4 International 32.8 42.8 75.6 Total sales
$79.2 $78.8 $158.0 Internal net sales growth Foreign 7.5% Domestic
6.1% Total 6.8% Internal net sales growth is a non-GAAP measure and
should not be considered a replacement for GAAP results. Our
management uses internal net sales growth to evaluate the
underlying results and trends in the business. We also use internal
net sales growth as a metric for evaluating the performance of
members of senior management in the operating units. The difference
between reported net sales growth (the most comparable GAAP
measure) and internal net sales growth (the non- GAAP measure)
consists of the impact of foreign currency and the non- organic
growth related to acquisitions. Organic growth in acquisitions
includes only the pro-forma growth which would have been realized
if we had owned the acquired business in the prior period. Internal
net sales growth is a useful measure of our performance because it
excludes items that: i) are not completely under management's
control, such as the impact of foreign currency exchange; or ii) do
not reflect our underlying growth, such as acquisitions. The
limitation of this measure is that it excludes items that have an
impact on our sales. This limitation is best addressed by using
internal net sales growth in combination with the GAAP numbers.
Reconciliation of First Quarter 2006 and First Quarter 2005 EBITDA
and Net Income (in millions) (unaudited) Q1 2006 Q1 2005 Net income
$14.5 $15.0 Add: income taxes 7.2 7.1 Add: net interest expense 4.2
5.3 Add: depreciation and amortization 6.9 4.1 Earnings before
interest taxes depreciation & amortization $32.8 $31.5 We view
EBITDA as an operating performance measure, and as such we believe
that the GAAP financial measure most directly comparable to it is
net income or net loss. In calculating EBITDA, we exclude from net
income or net loss the financial items that we believe have less
significance to the day-to-day operation of our business. We have
outlined below the type and scope of these exclusions and the
limitations on the use of this non-GAAP financial measure as a
result of these exclusions. EBITDA is not an alternative to net
income, operating income or cash flows from operating activities as
calculated and presented in accordance with GAAP. Investors and
potential investors in our securities should not rely on EBITDA as
a substitute for any GAAP financial measure. In addition, our
calculation of EBITDA may or may not be consistent with that of
other companies. We strongly urge investors and potential investors
in our securities to review the reconciliation of EBITDA to the
comparable GAAP financial measures that are included in this press
release and our financial statements, including the notes thereto,
and the other financial information contained in our SEC filings
and not to rely on any single financial measure to evaluate our
business. Our management uses EBITDA as a supplemental financial
measure to evaluate the performance of our business that, when
viewed with our GAAP results and the accompanying reconciliations,
we believe provides a more complete understanding of factors and
trends affecting our business than the GAAP results alone. We also
regularly communicate our EBITDA to the public through our earnings
releases because it is the financial measure commonly used by
analysts that cover our industry and our investor base to evaluate
our performance. We understand that analysts and investors
regularly rely on non-GAAP financial measures, such as EBITDA, to
provide a financial measure by which to compare a company's
assessment of its operating performance against that of other
companies in the same industry. This non-GAAP financial measure is
helpful in more clearly reflecting the sales of our products and
services, as well as highlighting trends in our core businesses
that may not otherwise be apparent when relying solely on GAAP
financial measures, because this non-GAAP financial measure
eliminates from earnings financial items that have less bearing on
our performance. The term EBITDA as used in this press release
refers to, for any period, net income (loss) before interest,
taxes, depreciation, amortization, loss (gain) on disposition of
assets, minority interest in (income) loss of subsidiaries and
income from equity investments. Set forth below are descriptions of
the financial items that have been excluded from our net loss to
calculate EBITDA and the material limitations associated with using
this non-GAAP financial measure as compared to the use of the most
directly comparable GAAP financial measure: * The amount of
interest expense we incur is significant and reduces the amount of
funds otherwise available to use in our business and, therefore, is
important for investors to consider. However, management does not
consider the amount of interest expense when evaluating our core
operating performance. * Management does not consider income tax
(benefit) expense when considering the profitability of our core
operations. Nevertheless, the amount of taxes we are required to
pay reduces the amount of funds otherwise available for use in our
business and thus may be useful for an investor to consider. *
Depreciation and amortization are important for investors to
consider, even though they are non-cash charges, because they
represent generally the wear and tear on our property, plant and
equipment, which produce our revenue. We do not believe these
charges are indicative of our core operating performance. * (Loss)
gain on the disposition of assets may increase or decrease the cash
available to us and thus may be important for an investor to
consider. We are not in the business of acquiring or disposing of
assets and, therefore, the effect of the disposition of assets may
not be comparable from year-to-year. We believe such gains or
losses recorded on the disposition of an asset do not reflect the
core operating performance of our business. Management compensates
for the above-described limitations of using a non-GAAP financial
measure by using this non-GAAP financial measure only to supplement
our GAAP results to provide a more complete understanding of the
factors and trends affecting our business. Reconciliation of First
Quarter 2006 GAAP and Pro Forma Results (in millions, except per
share amounts) (unaudited) GAAP Stock Pro-Forma Results Comp Exp
Results Net sales $158.0 $158.0 Cost of good sold 68.0 (0.1) 67.9
Cost of goods sold as a percent of net sales 43.1% 43.0% Gross
profit 90.0 0.1 90.1 Gross profit as a percent of net sales 56.9%
57.0% Selling, general and administrative 64.1 (2.5) 61.6 Selling,
general and administrative as a percent of net sales 40.6% 39.0%
Operating Income 25.9 2.6 28.5 Operating income as a percent of net
sales 16.4% 18.0% Net income $14.5 $1.7 $16.3 Earnings per share
$0.35 $0.39 Shares used in computing fully diluted earnings per
share 42.0 42.0 Operating income before stock option expense is a
non-GAAP measure and should not be considered a replacement for
GAAP results. Operating income before stock option expense is a
financial measure we use to evaluate the underlying results and
operating performance of the businesses. The difference between
operating income (the most comparable GAAP measure) and operating
income before stock option expense (the non-GAAP measure) reflects
the impact of adopting SFAS 123R on the current period results. The
limitation of this measure is that it excludes an item that impacts
the company's current period operating income. This limitation is
best addressed by using this measure in combination with operating
income (the most comparable GAAP measure) because operating income
before stock option expense does not reflect the impact of adopting
SFAS 123R and may be higher than operating income (the most
comparable GAAP measure). We believe operating income before stock
option expense is a useful measure that allows investors to draw
comparisons between operating results reported prior to adoption of
SFAS 123R and the current period, which may mask underlying trends
and make it difficult to give investors perspective on underlying
business results. Reconciliation of Estimated Second Quarter 2006
and Estimated Fiscal Year 2006 Pro Forma and GAAP Results (in
millions, except per share amounts) (unaudited) Q2 2006 FY 2006 Low
High Low High Net sales $175.0 $180.0 $685.0 $705.0 Pro forma net
income 20.7 22.8 81.9 88.2 Less: employee stock compensation
expense 2.6 2.6 10.2 10.2 Less: director stock grant expense 1.2
1.2 1.2 1.2 Plus: tax effect of including stock compensation
expense 1.2 1.2 3.8 3.8 Net income, according to GAAP $18.1 $20.2
$74.3 $80.6 Pro forma fully diluted earnings per share 0.49 0.54
1.93 2.08 Tax-effected impact of pro-forma stock compensation 0.06
0.06 0.18 0.18 Fully diluted earnings per share according to GAAP
$0.43 $0.48 $1.75 $1.90 Shares used in computing fully diluted
earnings per share 42.2 42.2 42.4 42.4 Stock compensation expense
indicated in the reconciliation table is based on the Company's
current expectations. The actual expense may differ materially from
the Company's estimate due to changes in the number of options
granted or in the number of options forfeited. See the section of
this Press Release entitled CAUTION REGARDING FORWARD-LOOKING
STATEMENTS for a discussion of risks and uncertainties which may
cause the Company's actual stock compensation expense, as well as
all other actual results, to differ materially from the estimates
provided above. First Call Analyst: FCMN Contact:
Diane.Thomas@Sybrondental.com DATASOURCE: Sybron Dental
Specialties, Inc. CONTACT: Bernard J. Pitz, Chief Financial Officer
of Sybron Dental Specialties, Inc., +1-949-255-8700 Web site:
http://www.sybrondental.com/
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Sybron Dental (NYSE:SYD)
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Sybron Dental (NYSE:SYD)
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