(Source: PrimeNewswire)
YORK, Pa., April 30, 2009 (GLOBE NEWSWIRE) -- DENTSPLY International Inc. (Nasdaq:XRAY) today announced sales and earnings for the three months ended March 31, 2009. Net sales in the first quarter of 2009 decreased 9.6% to $506.9 million compared to $560.8 million reported for the first quarter of 2008. Net sales, excluding precious metal content, were $465.7 million, a 6.2% decrease compared to 2008. The change in net sales, excluding precious metal content, was driven by currency translation, which reduced sales by 6.9%, offset by 0.7% growth on a constant currency basis which includes acquisitions.
DENTSPLY's net income for the first quarter of 2009 was $61.7 million, or $0.41 per diluted share, compared to $0.45 per diluted share in the first quarter of 2008. Net income in the first quarter of 2009 included the net of tax impact of restructuring, impairment and other costs of $1.0 million, a $1.1 million net of tax impact for recent acquisition-related activities and a net charge for income tax-related adjustments of $0.3 million. These items, in aggregate, reduced earnings on a net basis by $0.02 per diluted share in the first quarter of 2009. The first quarter of 2008 included the net of tax impact of restructuring costs of $0.1 million and a net charge to income tax expense of $0.6 million, which in the aggregate, reduced earnings per diluted share by less than $0.01. For a reconciliation of the non-GAAP measure to earnings per share calculated according to GAAP, see the attached table.
Bret Wise, Chairman and Chief Executive Officer, stated, "We are pleased to be able to deliver what we believe are solid results in a slowing global economy and dental market. In this environment, we are striking a balance between cost containment and continuing investment in technologies and marketing that will position us for growth in coming years. We achieved sales growth, excluding precious metal content, on a constant currency basis in the first quarter and solid profitability, despite the significant headwind from the economy. Our global diversification, depth of product lines and the strength of our balance sheet provide a solid foundation to further build upon our market position throughout economic cycles. Given current global economic conditions, we are slightly modifying our full year 2009 earnings per diluted share guidance to $1.80 to $1.90 on a non-GAAP basis, excluding restructuring and other costs, recent acquisition-related activities and income tax-related adjustments."
ADDITIONAL INFORMATION
A conference call has been scheduled for Friday, May 1, 2009 at 8:30 AM Eastern Time. A live broadcast is available through Shareholder.com by accessing DENTSPLY's website at www.dentsply.com. In order to participate in the call, dial (877) 874-1568 (for domestic calls) and (719) 325-4812 (for international calls). The Conference ID # is 7529411. At that time, you will be able to discuss the first 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 rebroadcast of the conference call will be available to the public on-line 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), Passcode # 7529411.
DENTSPLY designs, develops, manufactures and markets a broad range of products for the dental market. The Company believes that it is the world's leading manufacturer and distributor of dental prosthetics, precious metal dental alloys, dental ceramics, endodontic instruments and materials, prophylaxis paste, dental sealants, ultrasonic scalers, and crown and bridge materials; the leading United States manufacturer and distributor of dental handpieces, dental x-ray film holders, film mounts and bone substitute/grafting materials; and a leading worldwide manufacturer or distributor of dental implants, impression materials, orthodontic appliances, dental cutting instruments, infection control products, and dental injectable anesthetics. 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.
The DENTSPLY International Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4306
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 our 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 Annual Report on Form 10-K and its subsequent periodic reports on Forms 10-Q filed with the Securities and Exchange Commission.
