UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
October 27, 2011(October 27, 2011)
Date of Report (Date of earliest event reported)
0-16211
(Commission File Number)
DENTSPLY International Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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39-1434669
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(State of Incorporation)
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(IRS Employer Identification No.)
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221 West Philadelphia Street,
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York, Pennsylvania
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17405-0872
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(Address of principal executive offices)
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(Zip Code)
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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:
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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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 October 27, 2011, the Company issued a press release disclosing its third quarter 2011 sales and earnings. This earnings release references net sales, excluding precious metal content, and net income, adjusted for certain charges, 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 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, adjusted for certain charges, are 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
(d) Exhibits:
99.1 The DENTSPLY International Inc. Third Quarter 2011 earnings release issued October 27, 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.
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DENTSPLY International Inc.
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By:
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/s/ William R. Jellison
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William R. Jellison
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Senior Vice President and
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Chief Financial Officer
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Date: October 27, 2011
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News
For further information contact:
Derek Leckow
Vice President
Investor Relations
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(717) 849-7863
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For Immediate Release
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DENTSPLY International Reports Results for Third Quarter 2011
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-
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Record net sales for the third quarter increased 14.4% and 14.0% excluding precious metals
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-
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Earnings per diluted share of $0.42 on a GAAP basis, and $0.46 on an adjusted basis
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-
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Astra Tech acquisition completed ahead of schedule
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Increasing fiscal 2011 earnings guidance
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York, PA – October 27, 2011 -- DENTSPLY International Inc. (NASDAQ–XRAY) today announced financial results for the three months ended September 30, 2011. Net sales in the third quarter of 2011 increased 14.4% to $619.8 million compared to $541.8 million reported for the third quarter of 2010. Net sales, excluding precious metal content, were $563.8 million, a 14.0% increase compared to $494.3 million in the third quarter of 2010. The net sales growth, excluding precious metal content, was primarily the result of the acquisition of Astra Tech, which was completed on August 31, 2011. The company also had positive impacts from foreign currency exchange rates and internal sales growth excluding orthodontic and Japanese sales.
Net income attributable to DENTSPLY for the third quarter of 2011 was $60.6 million, or $0.42 per diluted share, representing a 4.5% decline compared to $0.44 per diluted share in the third quarter of 2010. Earnings per diluted share in the third quarter of 2011, on an adjusted basis and excluding amortization of acquired intangible assets and other non-GAAP adjustments, were $0.46, essentially the same as the third quarter of 2010 despite the significant headwind from the orthodontic supply disruption in Japan. A reconciliation of the non-GAAP measure to earnings per share calculated on a GAAP basis is presented on the attached table.
Bret Wise, Chairman and Chief Executive Officer, stated, “We are pleased to report another quarter of strong performance despite the orthodontic supply disruption in Japan. We are also excited to have closed the Astra Tech transaction during the quarter allowing us to begin the integration process earlier than we originally anticipated. We are pleased with the early assessment coming out of our integration efforts.”
Mr. Wise went on to state, “Based upon our performance to date, our outlook for a stable global dental market, and increased confidence in the contribution from Astra Tech, we are increasing our guidance for adjusted earnings per diluted share in 2011 to a range of $2.01 to $2.07 per share from a comparable previous range of $1.96 to $2.04 per diluted share.”
As shown below, this adjusted EPS guidance range excludes all amortization related to purchased intangible assets including $0.04 per diluted share from acquisitions completed prior to July 1, 2011.
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Previous FY 2011 Non-GAAP EPS guidance
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$ | 1.92 - $2.00 | ||
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Amortization of acquired intangible assets*
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$ | 0.04 | ||
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Previous FY 2011 non-GAAP EPS guidance, adjusted
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$ | 1.96 - $2.04 | ||
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New FY 2011 non-GAAP EPS guidance
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$ | 2.01 - $2.07 |
* Beginning in the third quarter of 2011 the Company updated its definition of adjusted earnings to exclude amortization of acquired intangible assets.
ADDITIONAL INFORMATION
A conference call has also been scheduled for today, Thursday, October 27, 2011 at 8:30 a.m. (Eastern Time). At that time, you will be able to discuss the third quarter earnings with DENTSPLY’s Chairman and Chief Executive Officer, Mr. Bret Wise; President and Chief Operating Officer, Mr. Chris Clark; and Senior Vice President and Chief Financial Officer, Mr. William Jellison. A live broadcast is available by accessing DENTSPLY’s website at www.dentsply.com. In order to participate in the call, dial (888) 727-7721 (for domestic calls) and (913) 312-1462 (for international calls). The Conference ID # is 4131409.
A rebroadcast of the conference call will be available to the public online at the DENTSPLY website www.dentsply.com. 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), pass code #4131409.
DENTSPLY International Inc. believes it is the world's largest designer, developer, manufacturer and marketer of professional dental products. The Company has also expanded, through the Astra Tech acquisition, in consumable medical devices. The Company is headquartered in the United States and operates in more than 120 other countries, principally through its foreign subsidiaries.
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, our ability to successfully integrate Astra Tech, 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-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) acquisition related costs and the expensing of purchase price adjustments, (2) restructuring and other costs, (3) amortization on purchased intangibles from acquisitions, (4) Orthodontic business continuity costs, (5) certain fair value adjustments at an unconsolidated affiliated company, and (6) income tax related adjustments. Adjusted earnings per diluted share are calculated by dividing adjusted net income attributable to DENTSPLY International by diluted weighted-average shares outstanding. Income tax related adjustments may include the impact to adjust the interim effective income tax rate to the expected annual effective income tax rate.
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.
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DENTSPLY INTERNATIONAL INC.
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(In thousands, except per share amounts)
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2011
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2010
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2011
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2010
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Net sales
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$ | 619,759 | $ | 541,815 | $ | 1,799,705 | $ | 1,652,845 | ||||||||
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Net sales, excluding precious metal content
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563,751 | 494,345 | 1,654,746 | 1,510,501 | ||||||||||||
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Cost of products sold
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322,111 | 269,001 | 887,222 | 810,399 | ||||||||||||
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Gross profit
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297,648 | 272,814 | 912,483 | 842,446 | ||||||||||||
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% of Net sales
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48.0 | % | 50.4 | % | 50.7 | % | 51.0 | % | ||||||||
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% of Net sales, excluding precious metal content
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52.8 | % | 55.2 | % | 55.1 | % | 55.8 | % | ||||||||
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Selling, general and
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administrative expenses
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231,493 | 182,057 | 643,244 | 552,474 | ||||||||||||
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Restructuring and other costs
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26,353 | 338 | 33,849 | 5,261 | ||||||||||||
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Operating income
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39,802 | 90,419 | 235,390 | 284,711 | ||||||||||||
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% of Net sales
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6.4 | % | 16.7 | % | 13.1 | % | 17.2 | % | ||||||||
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% of Net sales, excluding precious metal content
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7.1 | % | 18.3 | % | 14.2 | % | 18.8 | % | ||||||||
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Net interest and other expense
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20,826 | 5,316 | 29,985 | 17,775 | ||||||||||||
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Income before income taxes
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18,976 | 85,103 | 205,405 | 266,936 | ||||||||||||
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(Benefit) Provision for income taxes
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(40,627 | ) | 21,288 | 1,042 | 67,585 | |||||||||||
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Equity in net income attributable
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to unconsolidated affilated company
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1,597 | - | 1,690 | - | ||||||||||||
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Net income
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61,200 | 63,815 | 206,053 | 199,351 | ||||||||||||
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% of Net sales
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9.9 | % | 11.8 | % | 11.4 | % | 12.1 | % | ||||||||
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% of Net sales, excluding precious metal content
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10.9 | % | 12.9 | % | 12.5 | % | 13.2 | % | ||||||||
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Less: Net income attributable
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to the noncontrolling interests
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603 | 162 | 2,136 | 1,470 | ||||||||||||
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Net income attributable to DENTSPLY International
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$ | 60,597 | $ | 63,653 | $ | 203,917 | $ | 197,881 | ||||||||
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% of Net sales
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9.8 | % | 11.7 | % | 11.3 | % | 12.0 | % | ||||||||
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% of Net sales, excluding precious metal content
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10.7 | % | 12.9 | % | 12.3 | % | 13.1 | % | ||||||||
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Earnings per common share:
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Basic
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$ | 0.43 | $ | 0.45 | $ | 1.44 | $ | 1.37 | ||||||||
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Dilutive
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$ | 0.42 | $ | 0.44 | $ | 1.42 | $ | 1.35 | ||||||||
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Cash dividends declared per common share
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$ | 0.05 | $ | 0.05 | $ | 0.15 | $ | 0.15 | ||||||||
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Weighted average common share outstanding:
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Basic
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141,349 | 142,501 | 141,337 | 144,670 | ||||||||||||
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Dilutive
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143,395 | 144,063 | 143,578 | 146,679 | ||||||||||||
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DENTSPLY INTERNATIONAL INC.
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(In thousands)
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September 30,
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December 31,
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2011
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2010
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Assets
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Current Assets:
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Cash and cash equivalents
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$ | 81,866 | $ | 540,038 | ||||
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Accounts and notes receivable-trade, net
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475,947 | 344,796 | ||||||
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Inventories, net
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391,528 | 308,738 | ||||||
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Prepaid expenses and other current assets
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140,264 | 121,473 | ||||||
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Total Current Assets
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1,089,605 | 1,315,045 | ||||||
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Property, plant and equipment, net
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569,853 | 423,105 | ||||||
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Identifiable intangible assets, net
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808,038 | 78,743 | ||||||
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Goodwill, net
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2,208,906 | 1,303,055 | ||||||
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Other noncurrent assets, net
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157,309 | 138,003 | ||||||
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Total Assets
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$ | 4,833,711 | $ | 3,257,951 | ||||
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Liabilities and Equity
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Current liabilities
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$ | 512,689 | $ | 360,091 | ||||
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Long-term debt
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1,793,979 | 604,015 | ||||||
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Deferred income taxes
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242,162 | 72,489 | ||||||
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Other noncurrent liabilities
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394,467 | 311,444 | ||||||
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Total Liabilities
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2,943,297 | 1,348,039 | ||||||
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Total DENTSPLY International Equity
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1,853,692 | 1,839,386 | ||||||
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Noncontrolling interests
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36,722 | 70,526 | ||||||
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Total Equity
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1,890,414 | 1,909,912 | ||||||
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Total Liabilities and Equity
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$ | 4,833,711 | $ | 3,257,951 | ||||
DENTSPLY INTERNATIONAL INC.
(In thousands, except per share amounts)
Three Months Ended September 30, 2011
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.
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Three Months Ended September 30, 2011
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Operating
Income (Expense)
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Percentage
of Net Sales,
Ex Precious Metal Content
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Income from Operations
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$ | 39,802 | 7.1 | % | ||||
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Acquisition Related Activities
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35,530 | 6.3 | % | |||||
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Restructuring and Other Costs
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14,826 | 2.6 | % | |||||
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Amortization on Purchased
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||||||||
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Intangibles from Acquisitions:
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Prior to July 1, 2011
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2,136 | 0.4 | % | |||||
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Astra Tech
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3,354 | 0.6 | % | |||||
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Orthodontics Business Continuity Costs
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1,321 | 0.2 | % | |||||
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Adjusted Non-GAAP Operating Earnings
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$ | 96,969 | 17.2 | % | ||||
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Three Months Ended September 30, 2010
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Operating
Income (Expense)
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Percentage
of Net Sales,
Ex Precious Metal Content
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Income from Operations
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$ | 90,419 | 18.3 | % | ||||
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Amortization on Purchased
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||||||||
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Intangibles from Acquisitions
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2,218 | 0.5 | % | |||||
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Acquisition Related Activities
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1,714 | 0.3 | % | |||||
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Restructuring and Other Costs
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338 | 0.1 | % | |||||
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Adjusted Non-GAAP Operating Earnings
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$ | 94,689 | 19.2 | % | ||||
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DENTSPLY INTERNATIONAL INC.
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(In thousands, except per share amounts)
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Earnings Summary:
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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.
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Three Months Ended September 30, 2011
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Income
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Diluted
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(Expense)
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Per Share
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Net Income Attributable to DENTSPLY International
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$ | 60,597 | $ | 0.42 | ||||
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Acquisition Related Activities, Net of Tax
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36,122 | 0.25 | ||||||
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Restructuring and Other Costs, Net of Tax and
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9,530 | 0.07 | ||||||
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Non-Controlling Interests
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Amortization on Purchased
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Intangibles from Acquisitions, Net of Tax:
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Prior to July 1, 2011
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1,423 | 0.01 | ||||||
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Astra Tech
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2,415 | 0.02 | ||||||
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Orthodontics Business Continuity Costs, Net of Tax
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866 | - | ||||||
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Gain on Fair Value Adjustments at an Unconsolidated
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Affiliated Company, Net of Tax
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(1,800 | ) | (0.01 | ) | ||||
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Income Tax-Related Adjustments
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(42,950 | ) | (0.30 | ) | ||||
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Adjusted Non-GAAP Net Income Attributable
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to DENTSPLY International
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$ | 66,203 | $ | 0.46 | ||||
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Three Months Ended September 30, 2010
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Income
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Diluted
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|||||||
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(Expense)
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Per Share
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|||||||
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Net Income Attributable to DENTSPLY International
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$ | 63,653 | $ | 0.44 | ||||
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Amortization on Purchased
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||||||||
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Intangibles from Acquisitions, Net of Tax
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1,471 | 0.01 | ||||||
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Acquisition Related Activities, Net of Tax and
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||||||||
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Non-Controlling Interests
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1,283 | 0.01 | ||||||
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Restructuring and Other Costs, Net of Tax and
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||||||||
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Non-Controlling Interests
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240 | - | ||||||
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Income Tax-Related Adjustments
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(320 | ) | - | |||||
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Adjusted Non-GAAP Net Income Attributable
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to DENTSPLY International
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$ | 66,327 | $ | 0.46 | ||||
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DENTSPLY INTERNATIONAL INC.
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(In thousands)
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Operating Tax Rate Summary:
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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.
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||||||||||||
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Three Months Ended September 30, 2011
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Pre-tax Income
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Income Tax
Benefit (Expense)
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Percentage
of Pre-tax
Income
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||||||||||
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As Reported - GAAP Operating Results
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$ | 18,976 | $ | 40,627 | (214.1 | )% | ||||||
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Acquisition Related Activities
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47,558 | (11,436 | ) | |||||||||
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Restructuring and Other Costs
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14,825 | (5,136 | ) | |||||||||
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Amortization on Purchased
|
||||||||||||
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Intangibles from Acquisitions:
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||||||||||||
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Prior to July 1, 2011
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2,136 | (713 | ) | |||||||||
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Astra Tech
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3,354 | (939 | ) | |||||||||
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Orthodontics Business Continuity Costs
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1,322 | (456 | ) | |||||||||
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Gain on Fair Value Adjustments at an Unconsolidated
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||||||||||||
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Affiliated Company
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(393 | ) | 119 | |||||||||
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Income Tax-Related Adjustments
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- | (42,950 | ) | |||||||||
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As Adjusted - Non-GAAP Operating Results
|
$ | 87,778 | $ | (20,884 | ) | 23.8 | % | |||||
|
Three Months Ended September 30, 2010
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||||||||||||
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Pre-tax Income
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Income Tax
Benefit (Expense)
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Percentage
of Pre-tax
Income
|
||||||||||
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As Reported - GAAP Operating Results
|
$ | 85,103 | $ | (21,288 | ) | 25.0 | % | |||||
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Amortization on Purchased
|
||||||||||||
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Intangibles from Acquisitions
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2,218 | (747 | ) | |||||||||
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Acquisition Related Activities
|
1,714 | (431 | ) | |||||||||
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Restructuring and Other Costs
|
338 | (102 | ) | |||||||||
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Income Tax-Related Adjustments
|
- | (320 | ) | |||||||||
|
As Adjusted - Non-GAAP Operating Results
|
$ | 89,373 | $ | (22,888 | ) | 25.6 | % | |||||
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DENTSPLY INTERNATIONAL INC.
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||||||||
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(In thousands, except per share amounts)
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||||||||
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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.
|
||||||||
|
Nine Months Ended September 30, 2011
|
||||||||
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Operating
Income (Expense)
|
Percentage
of Net Sales,
Ex Precious Metal Content
|
|||||||
|
Income from Operations
|
$ | 235,390 | 14.2 | % | ||||
|
Acquisition Related Activities
|
41,521 | 2.5 | % | |||||
|
Restructuring and Other Costs
|
16,330 | 1.0 | % | |||||
|
Amortization on Purchased
|
||||||||
|
Intangibles from Acquisitions:
|
||||||||
|
Prior to July 1, 2011
|
6,649 | 0.4 | % | |||||
|
Astra Tech
|
3,354 | 0.2 | % | |||||
|
Orthodontics Business Continuity Costs
|
2,041 | 0.1 | % | |||||
|
Adjusted Non-GAAP Operating Income
|
$ | 305,285 | 18.4 | % | ||||
|
Nine Months Ended September 30, 2010
|
||||||||
|
Operating
Income (Expense)
|
Percentage
of Net Sales,
Ex Precious Metal Content
|
|||||||
|
Income from Operations
|
$ | 284,711 | 18.8 | % | ||||
|
Amortization on Purchased
|
||||||||
|
Intangibles from Acquisitions
|
6,787 | 0.5 | % | |||||
|
Restructuring and Other Costs
|
5,261 | 0.4 | % | |||||
|
Recent Acquisition-Related Activities
|
2,232 | 0.1 | % | |||||
|
Adjusted Non-GAAP Operating Income
|
$ | 298,991 | 19.8 | % | ||||
|
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.
|
||||||||
|
Nine Months Ended September 30, 2011
|
||||||||
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Income
|
Diluted
|
|||||||
|
(Expense)
|
Per Share
|
|||||||
|
Net Income Attributable to DENTSPLY International
|
$ | 203,917 | $ | 1.42 | ||||
|
Acquisition Related Activities, Net of Tax and
|
42,363 | 0.30 | ||||||
|
Non-Controlling Interests
|
||||||||
|
Restructuring and Other Costs, Net of Tax and
|
10,403 | 0.07 | ||||||
|
Non-Controlling Interests
|
||||||||
|
Amortization on Purchased
|
||||||||
|
Intangibles from Acquisitions, Net of Tax:
|
||||||||
|
Prior to July 1, 2011
|
4,429 | 0.03 | ||||||
|
Astra Tech
|
2,415 | 0.02 | ||||||
|
Orthodontics Business Continuity Costs, Net of Tax
|
1,308 | 0.01 | ||||||
|
Gain on Fair Value Adjustments at an Unconsolidated
|
||||||||
|
Affiliated Company, Net of Tax
|
(2,059 | ) | (0.01 | ) | ||||
|
Credit Risk Adjustment to Outstanding
|
||||||||
|
Derivatives, Net of Tax
|
(783 | ) | (0.01 | ) | ||||
|
Income Tax-Related Adjustments
|
(43,733 | ) | (0.31 | ) | ||||
|
Adjusted Non-GAAP Net Income Attributable
|
||||||||
|
to DENTSPLY International
|
$ | 218,260 | $ | 1.52 | ||||
|
Nine Months Ended September 30, 2010
|
||||||||
|
Income
|
Diluted
|
|||||||
|
(Expense)
|
Per Share
|
|||||||
|
Net Income Attributable to DENTSPLY International
|
$ | 197,881 | $ | 1.35 | ||||
|
Amortization on Purchased
|
||||||||
|
Intangibles from Acquisitions, Net of Tax
|
4,491 | 0.03 | ||||||
|
Restructuring and Other Costs, Net of Tax and
|
||||||||
|
Non-Controlling Interests
|
3,250 | 0.02 | ||||||
|
Recent Acquisition-Related Activities, Net of Tax and
|
||||||||
|
Non-Controlling Interests
|
1,670 | 0.01 | ||||||
|
Credit Risk Adjustment to Outstanding
|
||||||||
|
Derivatives, Net of Tax
|
732 | 0.01 | ||||||
|
Income Tax-Related Adjustments
|
670 | - | ||||||
|
Adjusted Non-GAAP Net Income Attributable
|
||||||||
|
to DENTSPLY International
|
$ | 208,694 | $ | 1.42 | ||||
|
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.
|
||||||||||||
|
Nine Months Ended September 30, 2011
|
||||||||||||
|
Pre-tax
Income
|
Income Tax
Benefit (Expense)
|
Percentage
of Pre-tax Income
|
||||||||||
|
As Reported - GAAP Operating Results
|
$ | 205,405 | $ | (1,042 | ) | 0.5 | % | |||||
|
Acquisition Related Activities
|
53,947 | (11,971 | ) | |||||||||
|
Restructuring and Other Costs
|
16,331 | (5,769 | ) | |||||||||
|
Amortization on Purchased
|
||||||||||||
|
Intangibles from Acquisitions
|
||||||||||||
|
Prior to July 1, 2011
|
6,649 | (2,220 | ) | |||||||||
|
Astra Tech
|
3,354 | (939 | ) | |||||||||
|
Orthodontics Business Continuity Costs
|
2,041 | (733 | ) | |||||||||
|
Gain on Fair Value Adjustments at an
|
||||||||||||
|
Unconsolidated Affiliate Company
|
(392 | ) | 119 | |||||||||
|
Credit Risk Adjustment to Outstanding Derivatives
|
(1,275 | ) | 492 | |||||||||
|
Income Tax-Related Adjustments
|
- | (43,733 | ) | |||||||||
|
As Adjusted - Non-GAAP Operating Results
|
$ | 286,060 | $ | (65,796 | ) | 23.0 | % | |||||
|
Nine Months Ended September 30, 2010
|
||||||||||||
|
Pre-tax
Income
|
Income Tax
Benefit (Expense)
|
Percentage
of Pre-tax Income
|
||||||||||
|
As Reported - GAAP Operating Results
|
$ | 266,936 | $ | (67,585 | ) | 25.3 | % | |||||
|
Amortization on Purchased
|
||||||||||||
|
Intangibles from Acquisitions
|
6,786 | (2,295 | ) | |||||||||
|
Restructuring and Other Costs
|
5,261 | (1,905 | ) | |||||||||
|
Recent Acquisition-Related Activities
|
2,232 | (562 | ) | |||||||||
|
Credit Risk Adjustment to Outstanding Derivatives
|
1,192 | (460 | ) | |||||||||
|
Income Tax-Related Adjustments
|
- | 670 | ||||||||||
|
As Adjusted - Non-GAAP Operating Results
|
$ | 282,407 | $ | (72,137 | ) | 25.5 | % | |||||
###