FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report March 1, 2004
(Date of earliest event reported)
DENTSPLY INTERNATIONAL INC
(Exact name of Company as specified in charter)
Delaware 0-16211 39-1434669
(State of Incorporation) (Commission (IRS Employer
File Number) Identification No.)
221 West Philadelphia Street, York, Pennsylvania 17405
(Address of principal executive offices) (Zip Code)
(717) 845-7511
(Company's telephone number including area code)
Item 5. - Other Events
In December 2003 the Company announced that it had entered into an
agreement to sell its Gendex equipment business which is expected to close in
the first quarter of 2004. The Company also announced to the customers
impacted that it is discontinuing production of its dental needle line at the
end of the first quarter of 2004. Accordingly, beginning in the fourth
quarter of 2003 these businesses have been treated as discontinued operations
and their results of operations were reported separately from continuing
operations for all periods presented.
In order to provide additional information regarding its continuing
operations and the impact of discontinued operations, the Company is also
furnishing a summary of its results of operations reclassified to show the
impact of the Gendex equipment business and the dental needle line as
discontinued operations for each of the quarters in the years 2003 and 2002.
This summary is attached hereto as Exhibit 99.1 and is hereby incorporated by
reference.
Item 7. - Financial Statements and Exhibits
(a) Financial Statements - Not applicable.
(b) Exhibits:
99.1 Summary of the Company's quarterly results operation for the fiscal
years 2003 and 2002, related to its continuing and discontinued
operations, as referenced in Item 5.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DENTSPLY INTERNATIONAL INC
(Company)
/s/Bret W. Wise
Bret W. Wise
Senior Vice President and
Chief Financial Officer
Date: March 1, 2004
Dentsply International Inc.
Quarterly Financial Information (Unaudited)
First Second Third Fourth Total
Quarter Quarter Quarter Quarter Year
(in thousands, except per share amounts)
2003
Net sales from continuing operations $ 371,236 $ 394,478 $ 375,503 $ 429,708 $ 1,570,925
Gross profit from continuing operations 182,762 198,075 183,801 208,563 773,201
Operating income from continuing operations 60,524 69,840 63,781 73,838 267,983
Net income from continuing operations 37,439 43,450 40,287 48,677 169,853
Net income from discontinued operations 828 768 1,027 1,707 4,330
Net income $ 38,267 $ 44,218 $ 41,314 $ 50,384 $ 174,183
Earnings per common share - basic
Continuing operations $ 0.48 $ 0.55 $ 0.51 $ 0.62 $ 2.16
Discontinued operations 0.01 0.01 0.01 0.02 0.05
Total earnings per common share $ 0.49 $ 0.56 $ 0.52 $ 0.64 $ 2.21
Earnings per common share - diluted
Continuing operations $ 0.47 $ 0.54 $ 0.50 $ 0.60 $ 2.11
Discontinued operations 0.01 0.01 0.01 0.02 0.05
Total earnings per common share $ 0.48 $ 0.55 $ 0.51 $ 0.62 $ 2.16
Cash dividends declared per common share $ 0.046 $ 0.046 $ 0.0525 $ 0.0525 $ 0.197
2002
Net sales from continuing operations $ 331,650 $ 361,601 $ 340,301 $ 384,048 $ 1,417,600
Gross profit from continuing operations 163,169 178,654 171,239 191,349 704,411
Operating income from continuing operations 55,715 62,945 59,539 71,253 249,452
Net income from continuing operations 32,148 35,810 34,900 40,783 143,641
Net income from discontinued operations 948 1,010 866 1,487 4,311
Net income $ 33,096 $ 36,820 $ 35,766 $ 42,270 $ 147,952
Earnings per common share - basic
Continuing operations $ 0.41 $ 0.46 $ 0.45 $ 0.52 $ 1.84
Discontinued operations 0.01 0.01 0.01 0.02 0.05
Total earnings per common share $ 0.42 $ 0.47 $ 0.46 $ 0.54 $ 1.89
Earnings per common share - diluted
Continuing operations $ 0.40 $ 0.45 $ 0.44 $ 0.51 $ 1.80
Discontinued operations 0.01 0.01 0.01 0.02 0.05
Total earnings per common share $ 0.41 $ 0.46 $ 0.45 $ 0.53 $ 1.85
Cash dividends declared per common share $ 0.046 $ 0.046 $ 0.046 $ 0.046 $ 0.184