UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
Report February 9,
2011
(Date of
earliest event reported)
Commission
File Number 0-16211
DENTSPLY
International Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
39-1434669
|
|
(State
of Incorporation)
|
(IRS
Employer Identification No.)
|
|
221
West Philadelphia Street,
|
|
|
York, Pennsylvania
|
17405-0872
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code:
(717)
845-7511
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
_____
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
_____
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
_____
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
_____
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
2.02. - Results of Operations and Financial Condition
The
following information is furnished pursuant to Item 2.02, "Results of Operations
and Financial Condition."
On
February 9, 2011, the Company issued a press release disclosing its fourth
quarter and full year 2010 sales and earnings. This earnings release references
net sales, excluding precious metal content, and net income, excluding certain
unusual items, both of which are considered measures not calculated in
accordance with generally accepted accounting principles (non-GAAP measures).
Due to the fluctuations of precious metal prices and because the precious metal
content of the Company's sales is largely a pass-through to customers and has
minimal effect on earnings, the Company reports net sales both with and without
precious metal content to show the Company's performance independent of precious
metal price volatility and to enhance comparability of performance between
periods. Earnings from operations, excluding certain unusual items,
is presented to enhance the comparability between periods. A copy of the
Company's press release is attached hereto as Exhibit 99.1 and is hereby
incorporated by reference.
Item
9.01. Financial Statements and Exhibits
(a)
Financial Statements - Not applicable.
(b)
Exhibits:
99.1 The
DENTSPLY International Inc. Fourth Quarter 2010 earnings release issued February
9, 2011 as referenced in Item 2.02.
SIGNATURE
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)
|
|||
|
By:
|
/s/ William R. Jellison | ||
|
William
R. Jellison
|
|||
|
Senior
Vice President and
Chief
Financial Officer
|
|||
Date:
February 9, 2011
 |
DENTSPLY
International Inc.
|
|
World
Headquarters
|
|
|
Susquehanna
Commerce Center
|
|
|
221
West Philadelphia Street
|
|
|
York,
PA 17405-0872
|
|
|
(717)
849-4465 -
Direct
|
News
For
further information contact:
William
R. Jellison
Senior
Vice President and
Chief
Financial Officer
|
(717)
849-4243
|
For
Immediate Release
|
DENTSPLY
International Inc.
Reports
Results for its Fourth Quarter and Full Year 2010
|
-
|
Full
year net sales were a record $2.221 billion and increased 2.9%
or 2.1%, excluding precious metal
content
|
|
-
|
Full
year Fully Diluted Earnings Per Share on a GAAP basis were $1.82 per share
and were a record $1.90 on a non-GAAP fully diluted basis and increased
3.3% for the year
|
York, PA – February 9, 2011 –
DENTSPLY International Inc. (NASDAQ–XRAY) today
announced sales and earnings for the three months and year ended December 31,
2010.
Fourth
Quarter Results
Net sales
in the fourth quarter of 2010 were $568.2 million, essentially the same level as
reported in the fourth quarter of 2009. Net sales, excluding precious
metal content, increased 0.3% in total, and 2.5% on a constant currency basis in
the fourth quarter of 2010. However, sales were negatively impacted
by foreign exchange translation resulting from a generally stronger U.S. dollar
during the quarter when compared to the same period last year.
Net
income attributable to DENTSPLY International for the fourth quarter of 2010 was
$67.8 million, or $0.47 per diluted share, compared to $74.8 million, or $0.50
per diluted share, in the fourth quarter of 2009. Net income
attributable to DENTSPLY International in the fourth quarter of 2010 included
tax adjustments, charges for restructuring and other costs, impacts related to
recent acquisitions and investments that on a net basis decreased diluted
earnings per share by $0.04. Net income attributable to DENTSPLY International
in 2009 included positive tax adjustments, charges for restructuring, costs
related to recent acquisitions and other related items that on a net basis
increased diluted earnings per share by $0.02.
Adjusted
earnings (excluding tax adjustments, charges for restructuring, costs related to
recent acquisitions and other related items), which constitute a non-GAAP
measure, were $73.7 million, or $0.51 per diluted share, in the fourth quarter
of 2010. This compares to $72.6 million, or $0.48 per diluted share,
in the fourth quarter of 2009, or an increase in adjusted earnings per diluted
share of 6.3% for the quarter. A reconciliation of this non-GAAP
measure to earnings per share on a GAAP basis is provided in the attached
table.
|
|
DENTSPLY
International Inc.
|
|
World
Headquarters
|
|
|
Susquehanna
Commerce Center
|
|
|
221
West Philadelphia Street
|
|
|
York,
PA 17405-0872
|
|
|
(717)
849-4465 - Direct
|
Full
Year Results
Net sales
for the full year were $2,221.0 million in 2010, compared to $2,159.4 million in
2009. Net sales, excluding precious metal content, were
$2,031.8 million an increase of 2.1% compared to 2009. Net sales,
excluding precious metal content, increased 2.6% in 2010 in constant currency,
including acquisitions. The Company experienced positive constant currency
growth for dental consumable products and dental specialty products for the
year.
Net
income attributable to DENTSPLY International for 2010 was $265.7 million, or
$1.82 per diluted share, compared to $274.3 million, or $1.83 per diluted share
in 2009. Net income for the full year of 2010 included a net negative impact
from tax adjustments, charges for restructuring, costs related to recent
acquisitions and other items, which reduced earnings per diluted share by $0.08
and 2009 included tax adjustments, charges for restructuring, costs related to
recent acquisitions and other related items that, on a net basis, reduced
earnings per diluted share by $0.01 for the year.
For
comparability analysis, net income attributable to DENTSPLY International on a
non-GAAP basis was $277.9 million or $1.90 per diluted share for
2010. This compares with $275.7 million, or $1.84 per diluted share,
in 2009, an increase of 3.3%. A reconciliation of this non-GAAP
measure to earnings per share on a GAAP basis is provided in the attached
table.
2011
Outlook
Bret
Wise, Chairman and Chief Executive Officer stated, “Moving into 2011, we are
fortunate to have a number of new and exciting product launches
planned. This, along with a gradually improving dental market, should
allow us to improve both our growth rates in sales and earnings for the year. We
are cautiously optimistic based on this outlook along with the current exchange
rates, and are initiating our 2011 earnings guidance in the range of $2.00 to
$2.08 per diluted share.”
Additional
Information
A
conference call has been scheduled for Wednesday, February 9, 2011 at 8:30 a.m.
Eastern Time. A live broadcast is available through Shareholder.com
by accessing DENTSPLY’s website at www.dentsply.com. The
Conference ID # is 7647861. If you would like to participate in this
call, dial (888259-8371 (for domestic calls) or (913)312-1448 (for international
calls). An online rebroadcast will be available to the public
following the call at the DENTSPLY website: www.dentsply.com. A
replay will also be available for one week following the conference call at
(888)203-1112 (for domestic calls) and (719)457-0820 (for international calls),
Passcode # 7647861.
DENTSPLY
designs, develops, manufactures and markets a broad range of professional dental
products including dental implants, endodontic instruments and materials,
orthodontic appliances, restorative materials, preventive materials and devices,
and prosthetic materials and devices. The Company distributes its
dental products in over 120 countries under some of the most well-established
brand names in the industry. DENTSPLY is committed to the development of
innovative, high quality, cost-effective new products for the dental
market.
|
|
DENTSPLY
International Inc.
|
|
World
Headquarters
|
|
|
Susquehanna
Commerce Center
|
|
|
221
West Philadelphia Street
|
|
|
York,
PA 17405-0872
|
|
|
(717)
849-4465 - Direct
|
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 markets, the timing, success and
market reception for our new and existing products, uncertainty with respect to
governmental actions with respect to dental products, outcome of
litigation, continued support of our products by influential dental
professionals, 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-GAAP
Financial Measures
In
addition to the results reported in accordance with accounting principles
generally accepted in the United States (“GAAP”), the Company provided adjusted
operating income, adjusted net income attributable to DENTSPLY International and
adjusted earnings per diluted share. These adjusted amounts consist of
GAAP amounts excluding (1) restructuring and other costs, (2)
acquisition-related charges, (3) loss on derivative at an unconsolidated
affiliated company, (4) income tax-related adjustments and (5) credit risk
adjustments to outstanding derivatives. Adjusted earnings per diluted
share are calculated by dividing adjusted net income attributable to DENTSPLY
International by diluted weighted-average shares outstanding.
The
Company also provided an operational tax rate, which is the Company’s effective
tax rate, a GAAP measure, adjusted for certain one-time charges. Adjusted
operating income, adjusted net income attributable to DENTSPLY International,
adjusted earnings per diluted share and operating tax rate are considered
measures not calculated in accordance with GAAP, and therefore are non-GAAP
measures. These non-GAAP measures may differ from those of other
companies.
The
Company believes that the presentation of adjusted operating income, adjusted
net income attributable to DENTSPLY International, adjusted earnings per diluted
share and operating tax rate provides important supplemental information to
management and investors seeking to understand the Company’s financial condition
and results of operations. The non-GAAP financial information should not
be considered in isolation from, or as a substitute for, measures of financial
performance prepared in accordance with GAAP.
|
|
DENTSPLY
International Inc.
|
|
World
Headquarters
|
|
|
Susquehanna
Commerce Center
|
|
|
221
West Philadelphia Street
|
|
|
York,
PA 17405-0872
|
|
|
(717)
849-4465 -
Direct
|
|
DENTSPLY
INTERNATIONAL INC.
|
|||||||||||
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|||||||||||
|
(In
thousands, except per share
amounts)
|
|
Three
Months Ended
|
Twelve
Months Ended
|
|||||||||||||||
|
December
31,
|
December
31,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Net
sales
|
$ | 568,169 | $ | 568,394 | $ | 2,221,014 | $ | 2,159,378 | ||||||||
|
Net
sales, excluding precious metal content
|
521,256 | 519,672 | 2,031,757 | 1,990,666 | ||||||||||||
|
Cost
of products sold
|
280,458 | 285,161 | 1,090,856 | 1,053,015 | ||||||||||||
|
Gross
profit
|
287,711 | 283,233 | 1,130,158 | 1,106,363 | ||||||||||||
|
%
of Net sales
|
50.6 | % | 49.8 | % | 50.9 | % | 51.2 | % | ||||||||
|
%
of Net sales, excluding precious metal content
|
55.2 | % | 54.5 | % | 55.6 | % | 55.6 | % | ||||||||
|
Selling,
general and
|
||||||||||||||||
|
administrative
expenses
|
186,426 | 178,847 | 738,901 | 718,230 | ||||||||||||
|
Restructuring
and other costs
|
5,723 | 985 | 10,984 | 6,890 | ||||||||||||
|
Operating
income
|
95,562 | 103,401 | 380,273 | 381,243 | ||||||||||||
|
%
of Net sales
|
16.8 | % | 18.2 | % | 17.1 | % | 17.7 | % | ||||||||
|
%
of Net sales, excluding precious metal content
|
18.3 | % | 19.9 | % | 18.7 | % | 19.2 | % | ||||||||
|
Net
interest and other expense
|
4,842 | 3,976 | 22,617 | 17,887 | ||||||||||||
|
Income
before income taxes
|
90,720 | 99,425 | 357,656 | 363,356 | ||||||||||||
|
Provision
for income taxes
|
21,640 | 23,375 | 89,225 | 88,944 | ||||||||||||
|
Equity
in net loss attributable
|
||||||||||||||||
|
to
unconsolidated affilated company
|
(1,096 | ) | - | (1,096 | ) | - | ||||||||||
|
Net
income
|
67,984 | 76,050 | 267,335 | 274,412 | ||||||||||||
|
%
of Net sales
|
12.0 | % | 13.4 | % | 12.0 | % | 12.7 | % | ||||||||
|
%
of Net sales, excluding precious metal content
|
13.0 | % | 14.6 | % | 13.2 | % | 13.8 | % | ||||||||
|
Less:
Net income (loss) attributable
|
||||||||||||||||
|
to
the noncontrolling interests
|
157 | 1,216 | 1,627 | 154 | ||||||||||||
|
Net
income attributable to DENTSPLY International
|
$ | 67,827 | $ | 74,834 | $ | 265,708 | $ | 274,258 | ||||||||
|
%
of Net sales
|
11.9 | % | 13.2 | % | 12.0 | % | 12.7 | % | ||||||||
|
%
of Net sales, excluding precious metal content
|
13.0 | % | 14.4 | % | 13.1 | % | 13.8 | % | ||||||||
|
Earnings
per common share:
|
||||||||||||||||
|
Basic
|
$ | 0.48 | $ | 0.51 | $ | 1.85 | $ | 1.85 | ||||||||
|
Dilutive
|
$ | 0.47 | $ | 0.50 | $ | 1.82 | $ | 1.83 | ||||||||
|
Cash
dividends declared per common share
|
$ | 0.05 | $ | 0.05 | $ | 0.20 | $ | 0.20 | ||||||||
|
Weighted
average common share outstanding:
|
||||||||||||||||
|
Basic
|
141,934 | 147,648 | 143,980 | 148,319 | ||||||||||||
|
Dilutive
|
143,937 | 150,218 | 145,985 | 150,102 | ||||||||||||
|
|
DENTSPLY
International Inc.
|
|
World
Headquarters
|
|
|
Susquehanna
Commerce Center
|
|
|
221
West Philadelphia Street
|
|
|
York,
PA 17405-0872
|
|
|
(717)
849-4465 -
Direct
|
|
DENTSPLY
INTERNATIONAL INC.
|
||||||||
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
(In
thousands)
|
||||||||
|
December
31,
|
December
31,
|
|||||||
|
2010
|
2009
|
|||||||
|
Assets
|
||||||||
|
Current
Assets:
|
||||||||
|
Cash
and cash equivalents
|
$ | 540,038 | $ | 450,348 | ||||
|
Accounts
and notes receivable-trade, net
|
344,796 | 348,684 | ||||||
|
Inventories,
net
|
308,738 | 291,640 | ||||||
|
Prepaid
expenses and other current assets
|
121,473 | 127,124 | ||||||
|
Total
Current Assets
|
1,315,045 | 1,217,796 | ||||||
|
Property,
plant and equipment, net
|
423,105 | 439,619 | ||||||
|
Identifiable
intangible assets, net
|
78,743 | 89,086 | ||||||
|
Goodwill,
net
|
1,303,055 | 1,312,596 | ||||||
|
Other
noncurrent assets, net
|
138,003 | 28,835 | ||||||
|
Total
Assets
|
$ | 3,257,951 | $ | 3,087,932 | ||||
|
Liabilities
and Equity
|
||||||||
|
Current
liabilities
|
$ | 360,091 | $ | 444,556 | ||||
|
Long-term
debt
|
604,015 | 387,151 | ||||||
|
Deferred
income taxes
|
72,489 | 72,524 | ||||||
|
Other
noncurrent liabilities
|
311,444 | 276,743 | ||||||
|
Total
Liabilities
|
1,348,039 | 1,180,974 | ||||||
|
Total
DENTSPLY International Equity
|
1,839,386 | 1,832,105 | ||||||
|
Noncontrolling
interests
|
70,526 | 74,853 | ||||||
|
Total
Equity
|
1,909,912 | 1,906,958 | ||||||
|
Total
Liabilities and Equity
|
$ | 3,257,951 | $ | 3,087,932 | ||||
|
|
DENTSPLY
International Inc.
|
|
World
Headquarters
|
|
|
Susquehanna
Commerce Center
|
|
|
221
West Philadelphia Street
|
|
|
York,
PA 17405-0872
|
|
|
(717)
849-4465 -
Direct
|
| DENTSPLY INTERNATIONAL INC. | |||||||
| (In thousands, except per share amounts) | |||||||
| Operating Income Summary: | |||||||
| The following tables present the reconciliation of reported GAAP operating income in total and on a percentage of net sales, excluding precious metal content, to the non-GAAP financial measures. | |||||||
| Three Months Ended December 31, 2010 | |||||||
|
Operating
|
Percentage
of
Net Sales,
|
|||||||
|
Income
(Loss)
|
Excluding
Precious
Metal
Content
|
|||||||
|
Operating
Income
|
$ | 95,562 | 18.3 | % | ||||
|
Restructuring
and Other Costs
|
5,723 | 1.1 | % | |||||
|
Recent
Acquisition-Related Activities
|
454 | 0.1 | % | |||||
|
Adjusted
Non-GAAP Operating Income
|
$ | 101,739 | 19.5 | % | ||||
|
Three
Months Ended December 31, 2009
|
||||||||
|
Operating
|
Percentage
of
Net Sales,
|
|||||||
|
Income
(Loss)
|
Excluding
Precious
Metal
Content
|
|||||||
|
Operating
Income
|
$ | 103,401 | 19.9 | % | ||||
|
Restructuring
and Other Costs
|
985 | 0.2 | % | |||||
|
Recent
Acquisition-Related Activities
|
115 | 0.0 | % | |||||
|
Adjusted
Non-GAAP Operating Income
|
$ | 104,501 | 20.1 | % | ||||
|
|
DENTSPLY
International Inc.
|
|
World
Headquarters
|
|
|
Susquehanna
Commerce Center
|
|
|
221
West Philadelphia Street
|
|
|
York,
PA 17405-0872
|
|
|
(717)
849-4465 -
Direct
|
|
DENTSPLY
INTERNATIONAL INC.
|
|||||||
|
(In
thousands, except per share amounts)
|
|||||||
|
Earnings
Summary:
|
|||||||
|
The
following tables present the reconciliation of reported GAAP net income
attributable to DENTSPLY International and on a
|
|||||||
|
per
share basis to the non-GAAP financial
measures.
|
|||||||
|
Three
Months Ended December 31, 2010
|
||||||||
|
Income
|
Per
Diluted
|
|||||||
|
(Loss)
|
Share
|
|||||||
|
Net
Income Attributable to DENTSPLY International
|
$ | 67,827 | $ | 0.47 | ||||
|
Restructuring
and Other Costs, Net of Tax and
|
||||||||
|
Noncontrolling
Interests
|
3,889 | 0.03 | ||||||
|
Recent
Acquisition-Related Activities, Net of Tax and
|
||||||||
|
Noncontrolling
Interests
|
481 | 0.00 | ||||||
|
Income
Tax-Related Adjustments
|
404 | 0.00 | ||||||
|
Loss
on Derivative at an Unconsolidated
|
||||||||
|
Affilated
Company
|
1,131 | 0.01 | ||||||
|
Adjusted
Non-GAAP Net Income Attributable
|
||||||||
|
to
DENTSPLY International
|
$ | 73,732 | $ | 0.51 | ||||
|
Three
Months Ended December 31, 2009
|
||||||||
|
Income
|
Per
Diluted
|
|||||||
|
(Loss)
|
Share
|
|||||||
|
Net
Income Attributable to DENTSPLY International
|
$ | 74,834 | $ | 0.50 | ||||
|
Restructuring
and Other Costs, Net of Tax and
|
||||||||
|
Noncontrolling
Interests
|
1,051 | 0.01 | ||||||
|
Recent
Acquisition-Related Activities, Net of Tax and
|
||||||||
|
Noncontrolling
Interests
|
60 | 0.00 | ||||||
|
Income
Tax-Related Adjustments
|
(3,347 | ) | (0.02 | ) | ||||
|
Rounding
|
- | (0.01 | ) | |||||
|
Adjusted
Non-GAAP Net Income Attributable
|
||||||||
|
to
DENTSPLY International
|
$ | 72,598 | $ | 0.48 | ||||
|
|
DENTSPLY
International Inc.
|
|
World
Headquarters
|
|
|
Susquehanna
Commerce Center
|
|
|
221
West Philadelphia Street
|
|
|
York,
PA 17405-0872
|
|
|
(717)
849-4465 - Direct
|
|
DENTSPLY
INTERNATIONAL INC.
|
||||||
|
(In
thousands)
|
||||||
|
Operating
Tax Rate Summary:
|
||||||
|
The
following tables present the reconciliation of reported GAAP effective tax
rate as a percentage of income before income taxes to the non-GAAP
financial measure.
|
||||||
|
Three
Months Ended December 31, 2010
|
||||||||||||
|
Percentage
|
||||||||||||
|
Income
Before
Income
Taxes
|
Income
Taxes
|
of
Income Before
Income
Taxes
|
||||||||||
|
As
Reported - GAAP Operating Results
|
$ | 90,720 | $ | (21,640 | ) | 23.9 | % | |||||
|
Restructuring
and Other Costs
|
5,723 | (1,832 | ) | |||||||||
|
Recent
Acquisition-Related Activities
|
454 | 27 | ||||||||||
|
Income
Tax-Related Adjustments
|
- | 758 | ||||||||||
|
As
Adjusted - Non-GAAP Operating Results
|
$ | 96,897 | $ | (22,687 | ) | 23.4 | % | |||||
|
Three
Months Ended December 31, 2009
|
Percentage
|
|||||||||||
|
Income
Before
Income
Taxes
|
Income
Taxes
|
of
Income Before
Income
Taxes
|
||||||||||
|
As
Reported - GAAP Operating Results
|
$ | 99,425 | $ | (23,375 | ) | 23.5 | % | |||||
|
Restructuring
and Other Costs
|
985 | (262 | ) | |||||||||
|
Recent
Acquisition-Related Activities
|
115 | (15 | ) | |||||||||
|
Income
Tax-Related Adjustments
|
- | (3,347 | ) | |||||||||
|
As
Adjusted - Non-GAAP Operating Results
|
$ | 100,525 | $ | (26,999 | ) | 26.9 | % | |||||
|
|
DENTSPLY
International Inc.
|
|
World
Headquarters
|
|
|
Susquehanna
Commerce Center
|
|
|
221
West Philadelphia Street
|
|
|
York,
PA 17405-0872
|
|
|
(717)
849-4465 - Direct
|
|
DENTSPLY
INTERNATIONAL INC.
|
||||||
|
(In
thousands, except per share amounts)
|
||||||
|
Operating
Income Summary:
|
||||||
|
The
following tables present the reconciliation of reported GAAP operating
income in total and on a percentage of net sales, excluding precious metal
content basis to the non-GAAP financial
measures.
|
||||||
|
Twelve
Months Ended December 31, 2010
|
Percentage
|
|||||||
|
Operating
|
of
Net Sales,
|
|||||||
|
Income
(Loss)
|
Excluding
Precious
Metal
Content
|
|||||||
|
Operating
Income
|
$ | 380,273 | 18.7 | % | ||||
|
Restructuring
and Other Costs
|
10,984 | 0.6 | % | |||||
|
Recent
Acquisition-Related Activities
|
2,686 | 0.1 | % | |||||
|
Adjusted
Non-GAAP Operating Income
|
$ | 393,943 | 19.4 | % | ||||
|
Twelve
Months Ended December 31, 2009
|
Percentage
|
|||||||
|
Operating
|
of
Net Sales,
|
|||||||
|
Income
(Loss)
|
Excluding
Precious
Metal
Content
|
|||||||
|
Operating
Income
|
$ | 381,243 | 19.2 | % | ||||
|
Restructuring
and Other Costs
|
6,890 | 0.3 | % | |||||
|
Recent
Acquisition-Related Activities
|
4,134 | 0.2 | % | |||||
|
Adjusted
Non-GAAP Operating Income
|
$ | 392,267 | 19.7 | % | ||||
|
|
DENTSPLY
International Inc.
|
|
World
Headquarters
|
|
|
Susquehanna
Commerce Center
|
|
|
221
West Philadelphia Street
|
|
|
York,
PA 17405-0872
|
|
|
(717)
849-4465 - Direct
|
|
DENTSPLY
INTERNATIONAL INC.
|
|||||||
|
(In
thousands, except per share amounts)
|
|||||||
|
Earnings
Summary:
|
|||||||
|
The
following tables present the reconciliation of reported GAAP net income in
total and on a per share basis to the non-GAAP financial
measures.
|
|||||||
|
Twelve
Months Ended December 31, 2010
|
|||||||
|
Income
|
Per
Diluted
|
|||||||
|
(Loss)
|
Share
|
|||||||
|
Net
Income Attributable to DENTSPLY International
|
$ | 265,708 | $ | 1.82 | ||||
|
Restructuring
and Other Costs, Net of Tax and
|
||||||||
|
Non-Controlling
Interests
|
7,138 | 0.05 | ||||||
|
Recent
Acquisition-Related Activities, Net of Tax and
|
||||||||
|
Non-Controlling
Interests
|
2,152 | 0.01 | ||||||
|
Loss
on Derivative at an Unconsolidated
|
||||||||
|
Affilated
Company
|
1,131 | 0.01 | ||||||
|
Income
Tax-Related Adjustments
|
1,073 | 0.01 | ||||||
|
Credit
Risk Adjustment to Outstanding
|
||||||||
|
Derivatives,
Net of Tax
|
732 | 0.01 | ||||||
|
Rounding
|
- | (0.01 | ) | |||||
|
Adjusted
Non-GAAP Net Income Attributable
|
||||||||
|
to
DENTSPLY International
|
$ | 277,934 | $ | 1.90 | ||||
|
Twelve
Months Ended December 31, 2009
|
||||||||
|
Income
|
Per
Diluted
|
|||||||
|
(Loss)
|
Share
|
|||||||
|
Net
Income Attributable to DENTSPLY International
|
$ | 274,258 | $ | 1.83 | ||||
|
Restructuring
and Other Costs, Net of Tax and
|
||||||||
|
Non-Controlling
Interests
|
5,075 | 0.03 | ||||||
|
Recent
Acquisition-Related Activities, Net of Tax and
|
||||||||
|
Non-Controlling
Interests
|
1,830 | 0.01 | ||||||
|
Income
Tax-Related Adjustments
|
(5,423 | ) | (0.03 | ) | ||||
|
Adjusted
Non-GAAP Net Income Attributable
|
||||||||
|
to
DENTSPLY International
|
$ | 275,740 | $ | 1.84 | ||||
|
|
DENTSPLY
International Inc.
|
|
World
Headquarters
|
|
|
Susquehanna
Commerce Center
|
|
|
221
West Philadelphia Street
|
|
|
York,
PA 17405-0872
|
|
|
(717)
849-4465 - Direct
|
|
DENTSPLY
INTERNATIONAL INC.
|
||||||
|
(In
thousands)
|
||||||
|
Operating
Tax Rate Summary:
|
||||||
|
The
following tables present the reconciliation of reported GAAP effective tax
rate as a percentage of income before income taxes to the non-GAAP
financial measure.
|
||||||
|
Twelve
Months Ended December 31, 2010
|
||||||
|
Percentage
|
||||||||||||
|
Income
Before
Income
Taxes
|
Income
Taxes
|
of
Income Before
Income
Taxes
|
||||||||||
|
As
Reported - GAAP Operating Results
|
$ | 357,656 | $ | (89,225 | ) | 24.9 | % | |||||
|
Restructuring
and Other Costs
|
10,984 | (3,737 | ) | |||||||||
|
Recent
Acquisition-Related Activities
|
2,686 | (534 | ) | |||||||||
|
Credit
Risk Adjustment to Outstanding Derivatives
|
1,192 | (460 | ) | |||||||||
|
Income
Tax-Related Adjustments
|
- | 1,427 | ||||||||||
|
As
Adjusted - Non-GAAP Operating Results
|
$ | 372,518 | $ | (92,529 | ) | 24.8 | % | |||||
|
Twelve
Months Ended December 31, 2009
|
Percentage
|
|||||||||||
|
Income
Before
Income
Taxes
|
Income
Taxes
|
of
Income Before
Income
Taxes
|
||||||||||
|
As
Reported - GAAP Operating Results
|
$ | 363,356 | $ | (88,944 | ) | 24.5 | % | |||||
|
Restructuring
and Other Costs
|
6,890 | (2,268 | ) | |||||||||
|
Recent
Acquisition-Related Activities
|
4,134 | (1,085 | ) | |||||||||
|
Income
Tax-Related Adjustments
|
- | (5,423 | ) | |||||||||
|
As
Adjusted - Non-GAAP Operating Results
|
$ | 374,380 | $ | (97,720 | ) | 26.1 | % | |||||