DENTSPLY International Reports Record Third Quarter 2015 Results
(Thomson Reuters ONE) -
· Adjusted earnings of $0.66 per diluted share, up 6.5% vs. $0.62 in
prior year period
· Adjusted operating margin for the third quarter expanded 220 bps to
20.9%
· Revenue excluding precious metals up 1.4% in constant currency in the
third quarter; Fx headwind 9.1%
· Operating cash flow growth of 8.3% in the third quarter
York, PA - October 28, 2015 - DENTSPLY International Inc. (NASDAQ: XRAY) today
announced sales and earnings for the three and nine months ended September
30, 2015.
Third Quarter Results
Net sales in the third quarter of 2015 of $648.9 million decreased 8.4% compared
to $708.2 million in the third quarter of 2014. Net sales, excluding metals
content, of $629.3 million decreased 7.7% compared to $681.6 million in the
third quarter of 2014. Revenue for the three months, excluding precious metals,
grew 1.4% on a constant currency basis, offset by a 9.1% headwind from foreign
currency translation.
Net income attributable to DENTSPLY International for the third quarter of 2015
was $84.5 million, or $0.59 per diluted share, compared to $75.3 million, or
$0.52 per diluted share in the second quarter of 2014. On an adjusted basis,
excluding certain items, net earnings per diluted share grew 6.5% to $0.66
compared to $0.62 in the third quarter of 2014. A reconciliation of the
adjusted earnings per share, a non-US GAAP measure, to earnings per share
calculated on a US-GAAP basis is provided in the attached table.
Nine months 2015 Results
Net sales for the first nine months of 2015 of $2.0 billion decreased 9.1%
compared to $2.2 billion for the first nine months of 2014. Net sales for the
nine months, excluding precious metals content, of $1.9 billion decreased 7.9%
compared to $2.1 billion in the first nine months of 2014. Revenue for the
first nine months of 2015 grew 2.0% on a constant currency basis, offset by a
9.9% headwind from foreign currency translation.
Net income attributable to DENTSPLY International for the first nine months of
2015 was $192.6 million, or $1.35 per diluted share, compared to $238.1 million,
or $1.65 per diluted share in the first nine months of 2014. On an adjusted
basis, excluding certain items, net earnings per diluted share grew 3.7% to
$1.97 compared to $1.90 in the first nine months of 2014.
Outlook
Bret Wise, DENTSPLY's Chairman and Chief Executive Officer, stated "During the
third quarter, the business continued to achieve strong earnings growth despite
a significant headwind from currency. We have been executing our global
efficiency program and have realized improved margins well ahead of plan. For
the third quarter, adjusted operating margin of 20.9% improved 220 basis points
and, over a two-year period, the cumulative improvement was 300 basis points.
Looking ahead, we are now poised to increase investment in growth opportunities,
while also improving margins further, both important elements in driving
shareholder value. Based on the results through nine months and our outlook for
the balance of the year, we are increasing full-year 2015 adjusted earnings
guidance to the range of $2.58 to $2.64 per diluted share."
Merger Update
On September 15, 2015, the Company and Sirona Dental Systems, Inc. ("Sirona")
entered into an Agreement and Plan of Merger and announced a merger of equals
between the two companies. Mr. Wise commented, "We are excited about the
possibilities that this merger brings to the dental market, our customers and
shareholders. We are actively pursuing the regulatory and shareholder approvals
required to complete the merger and expect the transaction to close in the first
quarter of 2016."
Additional Information
A conference call is scheduled to begin today at 8:30 a.m. (Eastern Time) with a
live webcast to discuss these financial results. Supplemental materials for
reference during the call will be available for download in the investor
relations section of DENTSPLY's web site, at www.dentsply.com.
Investors can access the webcast via a link on DENTSPLY's web site at
www.dentsply.com. For those planning to participate on the call, please dial
(877) 856-1969 for domestic calls, or (719) 325-4903 for international calls.
The Conference ID # is 4311375. Members of management speaking on the call will
include Bret Wise, DENTSPLY's Chairman and Chief Executive Officer, Chris Clark,
President and Chief Financial Officer, and Jim Mosch, Executive Vice President
and Chief Operating Officer.
A rebroadcast of the conference call will be available online at the DENTSPLY
web site, and a dial-in replay will be available for one week following the call
at (888) 203-1112 (for domestic calls) or (719) 457-0820 (for international
calls), Replay Passcode # 4311375.
DENTSPLY International Inc. is a leading manufacturer and distributor of dental
and other consumable medical device products. The Company believes it is the
world's largest manufacturer of consumable dental products for the professional
dental market. For over 115 years, DENTSPLY's commitment to innovation and
professional collaboration has enhanced its portfolio of branded consumables and
small equipment. Headquartered in the United States, the Company has global
operations with sales in more than 120 countries. Visit www.dentsply.com for
more information about DENTSPLY and its products.
This press release contains forward-looking information (within the meaning of
the Private Securities Litigation Reform Act of 1995) regarding future events or
the future financial performance of the Company that involve substantial risks
and uncertainties. Actual events or results may differ materially from those in
the projections or other forward-looking information set forth herein as a
result of certain risk factors. These risk factors include, without limitation;
uncertainties as to the timing of the merger with Sirona; uncertainties as to
whether the Company's and Sirona's stockholders will approve the merger; the
risk that competing offers will be made; the possibility that various closing
conditions for the merger may not be satisfied or waived, including that a
governmental entity may prohibit, delay or refuse to grant approval for the
consummation of the merger, or the terms of such approval; the effects of
disruption from the merger making it more difficult to maintain relationships
with employees, customers, suppliers, and other business partners; the risk that
stockholder litigation in connection with the merger may result in significant
costs of defense, indemnification and liability; the failure to realize
synergies from the merger or delay in realization thereof; the business of the
Company and Sirona may not be combined successfully, or such combination may
take longer, be more difficult, time-consuming or costly to accomplish than
expected; operating costs and business disruption following completion of the
merger, including adverse effects on employee retention and on the Company's and
Sirona's respective business relationships with third parties; costs associated
with the merger; the continued strength of dental and medical markets, the
timing, success and market reception for our new and existing products,
uncertainty with respect to governmental actions with respect to dental and
medical products, outcome of litigation and/or governmental enforcement actions,
volatility in the capital markets or changes in our credit ratings, continued
support of our products by influential dental and medical professionals, our
ability to successfully integrate acquisitions, risks associated with foreign
currency exchange rates, risks associated with our competitors' introduction of
generic or private label products, our ability to accurately predict dealer and
customer inventory levels, our ability to successfully realize the benefits of
any cost reduction or restructuring efforts, our ability to obtain a supply of
certain finished goods and raw materials from third parties and changes in the
general economic environment that could affect the business. Changes in such
assumptions or factors could produce significantly different results.
For additional information regarding the factors that may cause actual results
to differ materially from these forward-looking statements, please refer to the
Company's most recent Form 10-K and its subsequent periodic reports on Forms 10-
Q filed with the Securities and Exchange Commission.
Non-US GAAP Financial Measures
In addition to the results reported in accordance with US GAAP, the Company
provides adjusted net income attributable to DENTSPLY International and adjusted
earnings per diluted common share ("adjusted EPS"). The Company discloses
adjusted net income attributable to DENTSPLY International to allow investors to
evaluate the performance of the Company's operations exclusive of certain items
that impact the comparability of results from period to period and may not be
indicative of past or future performance of the normal operations of the Company
and certain large non-cash charges related to purchased intangible assets. The
Company believes that this information is helpful in understanding underlying
operating trends and cash flow generation.
Adjusted net income and adjusted EPS are important internal measures for the
Company. Senior management receives a monthly analysis of operating results
that includes adjusted net income and adjusted EPS and the performance of the
Company is measured on this basis along with other performance metrics.
The adjusted net income attributable to DENTSPLY International consists of net
income attributable to DENTSPLY International adjusted to exclude the net of tax
impact of the following:
(1) Business combination related costs. These adjustments include costs related
to integrating and consummating recently acquired businesses and costs, gains
and losses related to the disposal of businesses or product lines. These items
are irregular in timing and as such may not be indicative of past and future
performance of the Company and are therefore excluded to allow investors to
better understand underlying operating trends.
(2) Restructuring, restructuring program related costs and other costs. These
adjustments include costs related to the implementation of restructuring
initiatives as well as certain other costs. These costs can include, but are
not limited to, severance costs, facility closure costs, lease and contract
terminations costs, related professional service costs, duplicate facility and
labor costs associated with specific restructuring initiatives, as well as,
legal settlements and impairments of assets. These items are irregular in
timing, amount and impact to the Company's financial performance. As such,
these items may not be indicative of past and future performance of the Company
and are therefore excluded for the purpose of understanding underlying operating
trends.
(3) Amortization of purchased intangible assets. This adjustment excludes the
periodic amortization expense related to purchased intangible assets. Beginning
in 2011, the Company began recording large non-cash charges related to the
values attributed to purchased intangible assets. As such, amortization expense
has been excluded from adjusted net income attributed to DENTSPLY International
to allow investors to evaluate and understand operating trends excluding these
large non-cash charges.
(4) Credit risk and fair value adjustments. These adjustments include both the
cost and income impacts of adjustments in certain assets and liabilities
including the Company's pension obligations, that are recorded through net
income which are due solely to the changes in fair value and credit risk. These
items can be variable and driven more by market conditions than the Company's
operating performance. As such, these items may not be indicative of past and
future performance of the Company and therefore are excluded for comparability
purposes.
(5) Certain fair value adjustments related to an unconsolidated affiliated
company. This adjustment represents the fair value adjustment of the
unconsolidated affiliated company's convertible debt instrument held by the
Company. The affiliate is accounted for under the equity method of accounting.
The fair value adjustment is driven by open market pricing of the affiliate's
equity instruments, which has a high degree of variability and may not be
indicative of the operating performance of the affiliate or the Company.
(6) Income tax related adjustments. These adjustments include both income tax
expenses and income tax benefits that are representative of income tax
adjustments mostly related to prior periods, as well as the final settlement of
income tax audits, and discrete tax items resulting from the implementation of
restructuring initiatives. These adjustments are irregular in timing and amount
and may significantly impact the Company's operating performance. As such,
these items may not be indicative of past and future performance of the Company
and therefore are excluded for comparability purposes.
Adjusted earnings per diluted common share is calculated by dividing adjusted
net income attributable to DENTSPLY International by diluted weighted-average
common shares outstanding. Adjusted net income attributable to DENTSPLY
International and adjusted earnings per diluted common share are considered
measures not calculated in accordance with US GAAP, and therefore are non-US
GAAP measures. These non-US GAAP measures may differ from other companies.
Income tax related adjustments may include the impact to adjust the interim
effective income tax rate to the expected annual effective tax rate. The non-US
GAAP financial information should not be considered in isolation from, or as a
substitute for, measures of financial performance prepared in accordance with US
GAAP.
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------- --------------------------
2015 2014 2015 2014
------------- ------------- ------------- ------------
Net sales $ 648.9 $ 708.2 $ 2,003.2 $ 2,203.6
Net sales, excluding
precious metal content 629.3 681.6 1,935.6 2,101.7
Cost of products sold 279.4 320.1 860.7 996.9
------------- ------------- ------------- ------------
Gross profit 369.5 388.1 1,142.5 1,206.7
% of Net sales 56.9 % 54.8 % 57.0 % 54.8 %
% of Net sales,
excluding precious metal
content 58.7 % 56.9 % 59.0 % 57.4 %
Selling, general and
administrative expenses 264.3 276.0 809.5 859.9
Restructuring and other
costs 6.6 2.5 50.9 4.5
------------- ------------- ------------- ------------
Operating income 98.6 109.6 282.1 342.3
% of Net sales 15.2 % 15.5 % 14.1 % 15.5 %
% of Net sales,
excluding precious metal
content 15.7 % 16.1 % 14.6 % 16.3 %
Net interest and other
expense 5.4 12.1 24.7 32.6
------------- ------------- ------------- ------------
Income before income taxes 93.2 97.5 257.4 309.7
Provision for income taxes 19.6 21.2 63.2 69.9
Equity in net income
(loss) of
unconsolidated
affiliated company 10.8 (1.0 ) (1.7 ) (1.6 )
------------- ------------- ------------- ------------
Net income 84.4 75.3 192.5 238.2
% of Net sales 13.0 % 10.6 % 9.6 % 10.8 %
% of Net sales,
excluding precious metal
content 13.4 % 11.0 % 9.9 % 11.3 %
Less: Net (loss) income
attributable to
noncontrolling interests (0.1 ) - (0.1 ) 0.1
------------- ------------- ------------- ------------
Net income attributable to
DENTSPLY International $ 84.5 $ 75.3 $ 192.6 $ 238.1
------------- ------------- ------------- ------------
% of Net sales 13.0 % 10.6 % 9.6 % 10.8 %
% of Net sales,
excluding precious metal
content 13.4 % 11.0 % 10.0 % 11.3 %
Earnings per common share:
Basic $ 0.60 $ 0.53 $ 1.38 $ 1.68
Dilutive $ 0.59 $ 0.52 $ 1.35 $ 1.65
Cash dividends declared
per common share $ 0.07250 $ 0.06625 $ 0.21750 $ 0.19875
Weighted average common
shares outstanding:
Basic 139.8 141.8 140.0 141.9
Dilutive 142.4 144.3 142.5 144.3
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(unaudited)
September December
30, 2015 31, 2014
---------------- --------------
Assets
Current Assets:
Cash and cash equivalents $ 236.4 $ 151.7
Accounts and notes receivable-trade, net 429.8 426.6
Inventories, net 361.3 387.1
Prepaid expenses and other current assets 180.6 241.6
---------------- --------------
Total Current Assets 1,208.1 1,207.0
Property, plant and equipment, net 555.2 588.9
Identifiable intangible assets, net 600.4 670.8
Goodwill, net 1,984.3 2,089.3
Other noncurrent assets, net 54.2 90.5
---------------- --------------
Total Assets $ 4,402.2 $ 4,646.5
---------------- --------------
Liabilities and Equity
Current liabilities $ 933.4 $ 652.6
Long-term debt 701.9 1,150.1
Deferred income taxes 152.9 165.6
Other noncurrent liabilities 332.5 356.0
---------------- --------------
Total Liabilities 2,120.7 2,324.3
Total DENTSPLY International Equity 2,280.1 2,321.3
Noncontrolling interests 1.4 0.9
---------------- --------------
Total Equity 2,281.5 2,322.2
---------------- --------------
Total Liabilities and Equity $ 4,402.2 $ 4,646.5
---------------- --------------
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
SUPPLEMENTAL SUMMARY CASH FLOW INFORMATION
(In millions)
(unaudited)
Nine Months Ended
September 30,
2015 2014
----------- ----------
Net Cash Provided by Operating Activities $ 371.0 $ 367.7
----------- ----------
Net Cash Provided by (Used in) Investing Activities $ 13.2 $ (76.4 )
----------- ----------
Net Cash Used in Financing Activities $ 294.0 $ 264.3
----------- ----------
Depreciation $ 61.6 $ 63.1
----------- ----------
Amortization $ 32.8 $ 36.4
----------- ----------
Capital Expenditures $ 51.7 $ 73.0
----------- ----------
Cash Dividends Paid $ 29.9 $ 27.9
----------- ----------
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
(In millions, except percentages)
(unaudited)
Operating Income Summary:
The following tables present the reconciliation of reported US GAAP operating
income in total and on a percentage of net sales, excluding precious metal
content, to the non-US GAAP financial measures.
Three Months Ended September
30, 2015
Percentage of Net Sales,
Operating Income Excluding Precious Metal
(Loss) Content
--------------------- ---------------------------
Operating Income $ 98.6 15.7 %
Restructuring, Restructuring
Program Related Costs and Other
Costs 15.5 2.5 %
Amortization of Purchased
Intangible Assets 10.9 1.7 %
Business Combination Related
Costs 4.9 0.8 %
Credit Risk and Fair Value
Adjustments 2.0 0.3 %
--------------------- ---------------------------
Adjusted Non-US GAAP Operating
Income $ 131.9 21.0 %
--------------------- ---------------------------
Three Months Ended September
30, 2014
Percentage of Net Sales,
Operating Income Excluding Precious Metal
(Loss) Content
--------------------- ---------------------------
Operating Income $ 109.6 16.1 %
Amortization of Purchased
Intangible Assets 11.9 1.8 %
Restructuring, Restructuring
Program Related Costs and Other
Costs 3.7 0.5 %
Business Combination Related
Costs 2.0 0.3 %
--------------------- ---------------------------
Adjusted Non-US GAAP Operating
Income $ 127.2 18.7 %
--------------------- ---------------------------
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
(In millions, except percentages)
(unaudited)
Operating Income Summary:
The following tables present the reconciliation of reported US GAAP operating
income in total and on a percentage of net sales, excluding precious metal
content, to the non-US GAAP financial measures.
Nine Months Ended September
30, 2015
Percentage of Net Sales,
Operating Income Excluding Precious Metal
(Loss) Content
--------------------- ---------------------------
Operating Income $ 282.1 14.6 %
Restructuring, Restructuring
Program Related Costs and Other
Costs 65.7 3.4 %
Amortization of Purchased
Intangible Assets 32.8 1.7 %
Credit Risk and Fair Value
Adjustments 6.0 0.3 %
Business Combination Related
Costs 5.7 0.3 %
--------------------- ---------------------------
Adjusted Non-US GAAP Operating
Income $ 392.3 20.3 %
--------------------- ---------------------------
Nine Months Ended September
30, 2014
Percentage of Net Sales,
Operating Income Excluding Precious Metal
(Loss) Content
--------------------- ---------------------------
Operating Income $ 342.3 16.3 %
Amortization of Purchased
Intangible Assets 36.4 1.7 %
Restructuring, Restructuring
Program Related Costs and Other
Costs 5.9 0.3 %
Business Combination Related
Costs 5.6 0.3 %
--------------------- ---------------------------
Adjusted Non-US GAAP Operating
Income $ 390.2 18.6 %
--------------------- ---------------------------
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
(In millions, except per share amounts)
(unaudited)
Earnings Summary:
The following tables present the reconciliation of reported US GAAP net income
attributable to DENTSPLY International and on a per diluted common share basis
to the non-US GAAP financial measures.
Three Months Ended September 30, 2015
Net Per Diluted
Income Common Share
---------- --------------------------------
Net Income Attributable to DENTSPLY
International $ 84.5 $ 0.59
Restructuring, Restructuring Program
Related Costs and Other Costs, Net of
Tax 12.6 0.09
Amortization of Purchased Intangible
Assets, Net of Tax 7.6 0.05
Business Combination Related Costs,
Net of Tax 4.9 0.03
Credit Risk and Fair Value
Adjustments, Net of Tax 0.8 0.01
Income Tax Related Adjustments (2.3 ) (0.02 )
Certain Fair Value Adjustments
Related to an Unconsolidated
Affiliated Company, Net of Tax (14.6 ) (0.10 )
Rounding - 0.01
---------- --------------------------------
Adjusted non-US GAAP earnings $ 93.5 $ 0.66
---------- --------------------------------
Three Months Ended September 30, 2014
Net Per Diluted
Income Common Share
---------- --------------------------------
Net Income Attributable to DENTSPLY
International $ 75.3 $ 0.52
Amortization of Purchased Intangible
Assets, Net of Tax 8.4 0.06
Restructuring, Restructuring Program
Related Costs and Other Costs, Net of
Tax 2.5 0.02
Business Combination Related Costs,
Net of Tax 1.4 0.01
Credit Risk and Fair Value
Adjustments, Net of Tax 0.8 0.01
Income Tax Related Adjustments 0.6 -
Certain Fair Value Adjustments
Related to an Unconsolidated
Affiliated Company, Net of Tax 0.3 -
---------- --------------------------------
Adjusted Non-US GAAP Net Income
Attributable to DENTSPLY
International $ 89.3 $ 0.62
---------- --------------------------------
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
(In millions, except per share amounts)
(unaudited)
Earnings Summary:
The following tables present the reconciliation of reported US GAAP net income
attributable to DENTSPLY International and on a per diluted common share basis
to the non-US GAAP financial measures.
Nine Months Ended September 30, 2015
Net Per Diluted
Income Common Share
----------- -------------------------------
Net Income Attributable to DENTSPLY
International $ 192.6 $ 1.35
Restructuring, Restructuring Program
Related Costs and Other Costs, Net of
Tax 53.9 0.38
Amortization of Purchased Intangible
Assets, Net of Tax 22.9 0.16
Business Combination Related Costs,
Net of Tax 5.5 0.04
Credit Risk and Fair Value
Adjustments, Net of Tax 4.1 0.03
Income Tax Related Adjustments 3.1 0.02
Certain Fair Value Adjustments
Related to an Unconsolidated
Affiliated Company, Net of Tax (1.7 ) (0.01 )
----------- -------------------------------
Adjusted Non-US GAAP Net Income
Attributable to DENTSPLY
International $ 280.4 $ 1.97
----------- -------------------------------
Nine Months Ended September 30, 2014
Net Per Diluted
Income Common Share
----------- -------------------------------
Net Income Attributable to DENTSPLY
International $ 238.1 $ 1.65
Amortization of Purchased Intangible
Assets, Net of Tax 25.7 0.18
Restructuring, Restructuring Program
Related Costs and Other Costs, Net of
Tax 4.1 0.03
Business Combination Related Costs,
Net of Tax 3.8 0.02
Income Tax Related Adjustments 3.5 0.02
Credit Risk and Fair Value
Adjustments, Net of Tax - -
Certain Fair Value Adjustments
Related to an Unconsolidated
Affiliated Company, Net of Tax (0.8 ) -
----------- -------------------------------
Adjusted Non-US GAAP Net Income
Attributable to DENTSPLY
International $ 274.4 $ 1.90
----------- -------------------------------
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
(In millions, except percentages)
(unaudited)
Operating Tax Rate
Summary:
The following tables present the reconciliation of reported US GAAP effective
tax rate as a percentage of income before income taxes to the non-US GAAP
financial measure.
Three Months Ended
September 30, 2015
Pre-tax Income Tax Benefit Percentage of Pre-
Income (Expense) Tax Income
------------ --------------------- ---------------------
As Reported - US GAAP
Operating Results $ 93.2 $ (19.6 ) 21.0 %
Restructuring,
Restructuring Program
Related Costs and Other
Costs 15.5 (2.9 )
Amortization of
Purchased Intangible
Assets 10.9 (3.3 )
Business Combination
Related Costs 4.9 -
Credit Risk and Fair
Value Adjustments 1.0 (0.2 )
Certain Fair Value
Adjustments Related to
an Unconsolidated
Affiliated Company (5.1 ) 1.1
Income Tax Related
Adjustments - (2.3 )
------------ ---------------------
As Adjusted - Non-US
GAAP Operating Results $ 120.4 $ (27.2 ) 22.6 %
------------ ---------------------
Three Months Ended
September 30, 2014
Pre-tax Income Tax Benefit Percentage of Pre-
Income (Expense) Tax Income
------------ --------------------- ---------------------
As Reported - US GAAP
Operating Results $ 97.5 $ (21.2 ) 21.7 %
Amortization of
Purchased Intangible
Assets 11.9 (3.5 )
Restructuring,
Restructuring Program
Related Costs and Other
Costs 3.7 (1.2 )
Business Combination
Related Costs 2.0 (0.6 )
Credit Risk and Fair
Value Adjustments 1.3 (0.5 )
Certain Fair Value
Adjustments Related to
an Unconsolidated
Affiliated Company - -
Income Tax Related
Adjustments - 0.6
------------ ---------------------
As Adjusted - Non-US
GAAP Operating Results $ 116.4 $ (26.4 ) 22.7 %
------------ ---------------------
DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES
(In millions, except percentages)
(unaudited)
Operating Tax Rate
Summary:
The following tables present the reconciliation of reported US GAAP effective
tax rate as a percentage of income before income taxes to the non-US GAAP
financial measure.
Nine Months Ended
September 30, 2015
Pre-tax Income Tax Benefit Percentage of Pre-
Income (Expense) Tax Income
------------ --------------------- ---------------------
As Reported - US GAAP
Operating Results $ 257.4 $ (63.2 ) 24.6 %
Restructuring,
Restructuring Program
Related Costs and Other
Costs 65.7 (11.8 )
Amortization of
Purchased Intangible
Assets 32.8 (9.9 )
Credit Risk and Fair
Value Adjustments 5.7 (1.6 )
Business Combination
Related Costs 5.7 (0.2 )
Certain Fair Value
Adjustments Related to
an Unconsolidated
Affiliated Company (5.2 ) 1.1
Income Tax Related
Adjustments - 3.1
------------ ---------------------
As Adjusted - Non-US
GAAP Operating Results $ 362.1 $ (82.5 ) 22.8 %
------------ ---------------------
Nine Months Ended
September 30, 2014
Pre-tax Income Tax Benefit Percentage of Pre-
Income (Expense) Tax Income
------------ --------------------- ---------------------
As Reported - US GAAP
Operating Results $ 309.7 $ (69.9 ) 22.6 %
Amortization of
Purchased Intangible
Assets 36.4 (10.7 )
Restructuring,
Restructuring Program
Related Costs and Other
Costs 5.9 (1.8 )
Business Combination
Related Costs 5.6 (1.8 )
Certain Fair Value
Adjustments Related to
an Unconsolidated
Affiliated Company 0.2 (0.1 )
Credit Risk and Fair
Value Adjustments - -
Income Tax Related
Adjustments - 3.5
------------ ---------------------
As Adjusted - Non-US
GAAP Operating Results $ 357.8 $ (80.8 ) 22.6 %
------------ ---------------------
For further information contact:
Derek Leckow
Vice President
Investor Relations
(717) 849-7863
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: DENTSPLY International Inc. via GlobeNewswire
[HUG#1961956]
Unternehmensinformation / Kurzprofil:
Datum: 28.10.2015 - 12:01 Uhr
Sprache: Deutsch
News-ID 430097
Anzahl Zeichen: 44831
contact information:
Town:
York, Pennsylvania
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 224 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DENTSPLY International Reports Record Third Quarter 2015 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
DENTSPLY International Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
