2/07/08
Dentsply International Inc, York, Pa, announced record sales and earnings for both the quarter and fiscal year ending December 31, 2007.
According to the company, net sales in the fourth quarter of 2007 increased 14.9% to $541.5 million compared to $471.3 million reported in the fourth quarter of 2006. Net sales, excluding precious metal content, increased 16.1% in the fourth quarter of 2007. Sales of specialty products, including implants, endodontics, and orthodontic products enjoyed double-digit sales growth in the quarter. Sales growth reflects the impact of improved organic growth, the benefit of acquisitions completed in 2007, and additional exchange impact associated with the weaker US dollar.
Net income for the fourth quarter of 2007 was $70.0 million, or $0.45 per diluted share, compared to a net income of $64.9 million, or $0.42 per diluted share, in the fourth quarter of 2006. Net income in the fourth quarter of 2007 includes charges, net of tax, for restructuring and other related items of $1.0 million, ($0.01) per diluted share. The fourth quarter of 2007 also includes a net reduction to income tax expense of $2.5 million, $0.02 per diluted share, from the resolution of certain tax matters. The fourth quarter of 2006 included charges, net of tax, for restructuring and other related items of $1.0 million, ($0.01) per diluted share, and a net reduction of income tax expense of $8.8 million, $0.06 per diluted share, related to the resolution of certain tax matters.
On an adjusted basis, earnings, excluding restructuring and other related items and tax adjustments, which constitute a non-GAAP measure, were $68.5 million or $0.44 per diluted share in the fourth quarter of 2007, compared to $57.1 million or $0.37 per diluted share in the fourth quarter of 2006, an increase of 18.9% in earnings per diluted share.
“We are pleased with the acceleration of our sales growth and earnings performance in 2007,” said Bret Wise, chairman and CEO at Dentsply Int’l. “For full year 2008, we believe that internal sales growth will range from 5.5% to 6.5%, and total sales growth should approach or exceed 10% as we continue to benefit from acquisitions and current foreign exchange rates. We also anticipate earnings for 2008 to be in the range of $1.83 to $1.88 per diluted share.”
[Dentsply International Inc, February 5, 2008]