SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
-----------------------
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to _______________
Commission File Number 0-16211
DENTSPLY International Inc.
- -----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 39-1434669
- -----------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
570 West College Avenue, P. O. Box 872, York, PA 17405-0872
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(717) 845-7511
----------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
( X ) Yes ( ) No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: At November 8, 1996 the Company
had 26,876,039 shares of Common Stock outstanding, with a par value of $.01 per
share.
Page 1 of 19
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Exhibit Index at Page 17
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DENTSPLY INTERNATIONAL INC.
FORM 10-Q
For Quarter Ended September 30, 1996
------------------------
INDEX
-----
Page No.
--------
PART I - FINANCIAL INFORMATION (unaudited)
Item 1 - Financial Statements
Consolidated Condensed Balance Sheets............ 3
Consolidated Condensed Statements of Income...... 4
Consolidated Condensed Statements of Cash Flows.. 5
Consolidated Condensed Statement of
Stockholders' Equity........................... 7
Notes to Unaudited Consolidated Condensed
Financial Statements........................... 8
Item 2 - Management's Discussion and Analysis of
Financial Condition and Results of Operations.... 13
PART II - OTHER INFORMATION
Item 1 - Legal Proceedings............................ 15
Item 6 - Exhibits and Reports on Form 8-K............. 15
Signatures........................................... 16
2
PART I
FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
DENTSPLY INTERNATIONAL INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(unaudited)
December 31, September 30,
1995 1996
ASSETS ------------ ------------
Current assets: (in thousands)
Cash and cash equivalents $ 3,974 $ 4,229
Accounts and notes receivable-trade, net 93,315 95,017
Inventories 125,704 131,784
Prepaid expenses and other current assets 16,906 20,945
Net assets of discontinued operations 5,870 -
--------- ---------
Total Current Assets 245,769 251,975
Property, plant and equipment, net 140,101 140,188
Other noncurrent assets, net 13,974 16,603
Identifiable intangible assets, net 39,282 59,075
Cost in excess of fair value of net
assets acquired, net 149,127 198,026
--------- ---------
Total Assets $ 588,253 $ 665,867
LIABILITIES AND STOCKHOLDERS' EQUITY ========= =========
Current liabilities:
Accounts payable and accrued liabilities $ 78,356 $ 81,079
Income taxes payable 31,221 30,866
Notes payable and current portion
of long-term debt 7,616 18,568
--------- ---------
Total Current Liabilities 117,193 130,513
Long-term debt 68,675 95,976
Deferred income taxes 35,927 33,164
Other liabilities 47,104 52,037
--------- ---------
Total Liabilities 268,899 311,690
--------- ---------
Minority interests in consolidated subsidiaries 3,432 4,477
Stockholders' equity: --------- ---------
Preferred stock, $.01 par value; .25 million
shares authorized; no shares issued - -
Common stock, $.01 par value; 100 million
shares authorized; 27.1 million shares
issued at December 31, 1995 and
September 30, 1996 271 271
Capital in excess of par value 149,999 149,831
Retained earnings 179,231 219,195
Cumulative translation adjustment 3,234 (915)
Employee stock ownership plan reserve (12,536) (11,276)
Treasury stock, at cost, .1 million
shares at December 31, 1995 and .2 million
at September 30, 1996 (4,277) (7,406)
--------- ---------
Total Stockholders' Equity 315,922 349,700
--------- ---------
Total Liabilities and Stockholders' Equity $ 588,253 $ 665,867
========= =========
See accompanying notes to unaudited consolidated condensed financial statements.
3
DENTSPLY INTERNATIONAL INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
1995 1996 1995 1996
-------- -------- -------- --------
(in thousands, except per share data)
Net sales $137,330 $155,327 $410,313 $476,266
Cost of products sold 74,411 80,855 210,796 243,226
-------- -------- -------- --------
Gross profit 62,919 74,472 199,517 233,040
Selling, general and
administrative expenses 45,577 49,773 132,352 150,212
-------- -------- -------- --------
Operating income 17,342 24,699 67,165 82,828
Interest expense 2,564 2,766 6,565 8,492
Interest income (316) (321) (899) (942)
Other (income) expense,
net (699) (254) 2,222 (1,761)
-------- -------- -------- --------
Income before income taxes 15,793 22,508 59,277 77,039
Provision for income taxes 6,314 8,635 23,589 30,409
-------- -------- -------- --------
Net income $ 9,479 $ 13,873 $ 35,688 $ 46,630
======== ======== ======== ========
Earnings per common share $.35 $.52 $1.32 $1.73
Dividends per common share $.075 $.0825 $.225 $.2475
Weighted average common
shares outstanding 27,001 26,892 27,033 26,934
See accompanying notes to unaudited consolidated condensed financial statements.
4
DENTSPLY INTERNATIONAL INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(unaudited)
Nine Months Ended
September 30,
-------------------
1995 1996
-------- --------
(in thousands)
Cash flows from operating activities:
Net income $ 35,688 $ 46,630
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 16,487 20,995
Other, net (17,370) (8,389)
-------- --------
Net cash provided by operating activities 34,805 59,236
-------- --------
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired (74,204) (84,774)
Property, plant and equipment additions (11,835) (13,157)
Proceeds from disposal of Medical business 3,260 7,500
Proceeds from sale of property, plant, and
equipment 2,294 132
Other, net (11) (555)
-------- --------
Net cash used in investing activities (80,496) (90,854)
-------- --------
Cash flows from financing activities:
Debt repayment (41,552) (38,305)
Proceeds from long-term debt 125,717 70,544
Cash paid for treasury stock (42,703) (3,825)
Other, net 140 4,088
-------- --------
Net cash provided by financing activities 41,602 32,502
-------- --------
Effect of exchange rate changes on cash
and cash equivalents 1,052 (629)
-------- --------
Net increase (decrease) in cash and cash
equivalents (3,037) 255
Cash and cash equivalents at beginning of period 7,278 3,974
-------- --------
Cash and cash equivalents at end of period $ 4,241 $ 4,229
======== ========
Supplemental disclosures of cash flow information:
Interest paid $ 4,337 $ 5,093
Income taxes paid 28,954 29,101
See accompanying notes to unaudited consolidated condensed financial statements.
5
DENTSPLY INTERNATIONAL INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(unaudited)
Supplemental disclosures of noncash transactions (in thousands):
In March 1995, the Company purchased all of the capital stock of KV33
Corporation ("KV33") for $11.5 million. In June 1995, the Company purchased
approximately 96% of the capital stock of Maillefer Instruments, S.A.
("Maillefer") for $65.8 million. In August 1995, the Company purchased the
assets of Dunvale Corporation ("Dunvale") for $1.8 million. In conjunction with
the acquisitions, liabilities were assumed as follows:
KV33 Maillefer Dunvale
-------- --------- -------
Fair value of assets acquired $ 14,329 $ 94,983 $ 2,030
Cash paid for assets or capital stock (11,450) (65,798) (1,839)
-------- -------- -------
Liabilities assumed $ 2,879 $ 29,185 $ 191
======== ======== =======
In January 1996, the Company purchased certain net assets of Tulsa Dental
Products LLC for $75.1 million. In conjunction with the acquisition, liabilities
were assumed as follows:
Fair value of assets acquired $ 78,655
Cash paid for assets (75,114)
--------
Liabilities assumed $ 3,541
========
See accompanying notes to unaudited consolidated condensed financial statements.
6
DENTSPLY INTERNATIONAL INC.
CONSOLIDATED CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY
(unaudited)
Capital in Cumulative Total
Common Excess of Retained Translation Treasury Stockholders'
Stock Par Value Earnings Adjustment ESOP Reserve Stock Equity
(in thousands) ------ ----------- -------- ----------- ------------ --------- ------------
Balance at December 31, 1995 $ 271 $149,999 $179,231 $ 3,234 $(12,536) $ (4,277) $315,922
Exercise of stock options and
warrants --- (311) --- --- --- 696 385
Tax benefit related to stock
options and warrants exercised --- 184 --- --- --- --- 184
Compensatory stock options
lapsed --- (41) --- --- --- --- (41)
Repurchase of 97,800 shares of
common stock --- --- --- --- --- (3,825) (3,825)
Cash dividends declared, $.2475
per share --- --- (6,666) --- --- --- (6,666)
Translation adjustment --- --- --- (4,149) --- --- (4,149)
Net change in ESOP reserve --- --- --- --- 1,260 --- 1,260
Net income --- --- 46,630 --- --- --- 46,630
------ -------- -------- ------- -------- -------- --------
Balance at September 30, 1996 $ 271 $149,831 $219,195 $ (915) $(11,276) $ (7,406) $349,700
====== ======== ======== ======= ======== ======== ========
<FN>
See accompanying notes to unaudited consolidated condensed financial statements.
</FN>
7
DENTSPLY INTERNATIONAL INC.
NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
--------------------------------------------------------------
SEPTEMBER 30, 1996
------------------
The accompanying interim consolidated condensed financial statements
reflect all adjustments (consisting only of normal recurring adjustments) which
in the opinion of management are necessary for a fair presentation of financial
position, results of operations and cash flows for the interim periods. These
interim financial statements conform with the requirements for interim financial
statements and consequently do not include all the disclosures normally required
by generally accepted accounting principles.
Disclosures are updated where appropriate.
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
- ----------------------------------------
Principles of Consolidation
- ---------------------------
The interim consolidated condensed financial statements include the
accounts of DENTSPLY International Inc. (the "Company") and its subsidiaries.
Minority interests in net income of consolidated subsidiaries is not material
and is included in other (income) expense, net. Certain items in the prior year
have been reclassified to conform to the 1996 classification.
Inventories
- -----------
Inventories are stated at the lower of cost or market. At December 31, 1995
and September 30, 1996, the cost of $10.6 million or 8% and $9.2 million or 7%,
respectively, of inventories was determined by the last-in, first-out (LIFO)
method. The cost of other inventories was determined by the first-in, first-out
(FIFO) or average cost method.
Property, Plant and Equipment
- -----------------------------
Property, plant and equipment are stated at cost, net of accumulated
depreciation. Except for leasehold improvements, depreciation for financial
reporting purposes is computed by the straight-line method over the following
estimated useful lives: buildings - generally 40 years; and machinery and
equipment - 8 to 15 years. The cost of leasehold improvements is amortized over
the shorter of the estimated useful life or the term of the lease. For income
tax purposes, depreciation is computed using various methods.
Earnings per Common Share
- -------------------------
Earnings per common share are based on the weighted average number of
common shares outstanding. Common stock equivalents (options and warrants) had
no material effect on the earnings per common share computation. All shares held
by the DENTSPLY Employee Stock Ownership Plan are considered outstanding and are
included in the earnings per common share computation.
8
NOTE 2 - BUSINESS ACQUISITIONS
- ------------------------------
In August 1996, the Company paid $5 million for a 51% interest in CeraMed
Dental, LLC ("CeraMed") and the right to acquire the remaining 49% interest at a
later date. CeraMed, located in Lakewood, Colorado, is the leading supplier of
bone grafting materials and HA plasma-feed coating materials to dental markets.
The acquisition was accounted for under the purchase method of accounting
and the results of CeraMed's operations have been included in the accompanying
financial statements since the date of acquisition. The aggregate purchase price
of $5 million plus direct acquisition costs has been allocated on the basis of
preliminary estimates of the fair values of assets acquired. The excess ($.9
million) of acquisition cost over net assets acquired is being amortized over 25
years. Pro forma information has been omitted due to immateriality.
In January 1996, the Company purchased certain assets of Tulsa Dental
Products L.L.C. ("Tulsa") in a cash transaction valued at $75.1 million. Based
in Tulsa, Oklahoma, Tulsa is a manufacturer and distributor of principally
endodontic instruments and materials.
The acquisition was accounted for under the purchase method of accounting
and the results of Tulsa's operations have been included in the accompanying
financial statements since the date of acquisition. The aggregate purchase price
of $75.1 million plus direct acquisition costs has been allocated on the basis
of preliminary estimates of the fair values of assets acquired and liabilities
assumed. The excess ($53.7 million) of acquisition cost over net assets acquired
is being amortized over 25 years.
The following unaudited pro forma consolidated results of operations assume
that the acquisition of Tulsa occurred on January 1, 1995:
Nine Months Ended September 30,
------------------------------
1995 1996
-------- --------
(in thousands, except per share data)
Net sales $424,596 $476,266
Net income 34,281 46,899
Earnings per common share 1.27 1.74
The pro forma information does not purport to be indicative of the results
that actually would have been obtained had the operations been combined during
the periods presented.
In June 1995, the Company purchased approximately 96% of the outstanding
Capital Stock of Maillefer Instruments S.A. (Maillefer) from Maillefer
stockholders for 11,000 SFR per share in a cash transaction valued at
approximately $65.8 million. An additional 3.9% of Maillefer stock was purchased
in June 1996 for 10,375 SFR per share, or approximately $2.3 million. Based in
Switzerland, Maillefer is a manufacturer and distributor principally of
endodontic instruments.
9
The acquisition was accounted for under the purchase method of accounting
and the results of Maillefer's operations have been included in the accompanying
financial statements since the date of acquisition. The aggregate purchase price
of $68.1 million plus direct acquisition costs has been allocated on the basis
of the fair values of assets acquired and liabilities assumed. Since the fair
value of net assets acquired exceeded the purchase price by approximately $16.7
million, the values otherwise assignable to noncurrent assets acquired have been
reduced by a proportionate part of the excess.
In March 1995, the Company purchased all of the outstanding capital stock
of KV33 Corporation ("KV33") in a cash transaction valued at $11.5 million. The
acquisition was accounted for under the purchase method of accounting and the
results of KV33's operations have been included in the accompanying financial
statements since the date of acquisition. The excess ($10.2 million) of
acquisition cost over net assets acquired is being amortized over 25 years.
NOTE 3 - INVENTORIES
- --------------------
Inventories consist of the following:
December 31, September 30,
1995 1996
------------ ------------
(in thousands)
Finished goods $ 70,677 $ 77,428
Work-in-process 26,440 25,988
Raw materials and supplies 28,587 28,368
-------- --------
$125,704 $131,784
======== ========
Pre-tax income was $.5 million and $.2 million lower in the nine months
ended September 30, 1995 and 1996, respectively as a result of using the LIFO
method compared to the FIFO method. If the FIFO method had been used to
determine the cost of the LIFO inventories, the amounts at which net inventory
is stated would be lower than reported at December 31, 1995 and September 30,
1996 by $2.0 million and $1.8 million, respectively.
10
NOTE 4 - PROPERTY, PLANT AND EQUIPMENT
- --------------------------------------
Property, plant and equipment consist of the following:
December 31, September 30,
1995 1996
------------ ------------
Assets, at cost: (in thousands)
Land $ 17,395 $ 17,128
Buildings and improvements 67,903 69,206
Machinery and equipment 88,417 96,104
Construction in progress 9,039 11,647
-------- --------
182,754 194,085
Less: Accumulated depreciation 42,653 53,897
-------- --------
$140,101 $140,188
======== ========
NOTE 5 - SPECIAL CHARGES
- ------------------------
During the nine months ended September 30, 1995, the Company recorded
special charges which materially impacted the comparison with other periods.
These special charges, on a pre-tax basis, included the following (in
thousands):
Costs associated with consolidation of all executive
functions in York, Pennsylvania $2,460
Loss on sale of corporate aircraft 626
------
$3,086
======
The impact of these expenses on earnings per share was $.07 per share in the
nine months ended September 30, 1995.
NOTE 6 - DISCONTINUED OPERATIONS
- --------------------------------
On October 13, 1994, the Company announced its strategic decision to
discontinue the operations comprising its medical business. The medical
operations include Eureka X-Ray Tube Corp. (Eureka), GENDEX Medical and CMW
business units which manufacture medical x-ray tubes, medical x-ray systems and
orthopedic bone cement, respectively. The net assets of CMW and substantially
all of the net assets of Eureka were sold in the fourth quarter of 1994.
Substantially all of the remaining assets comprising the medical business were
sold in the first quarter of 1996 for $7.5 million.
Sales from these operations were $4.9 million and $0 for the three months
ended September 30, 1995 and 1996, respectively. Sales for the nine months ended
September 30, 1995 and 1996 were $14.9 million and $2.7 million, respectively.
11
The components of net assets of discontinued operations included in the
Consolidated Condensed Balance Sheets are as follows:
December 31,
1995
------------
(in thousands)
Accounts and notes receivable-trade, net $ 2,105
Inventories 6,550
Deferred income taxes 4,611
Prepaid expenses and other current assets 174
Property, plant and equipment, net 2,644
Other noncurrent assets, net 2,331
Cost in excess of fair value of net assets acquired, net 3,348
Accounts payable and accrued liabilities (10,149)
Other liabilities (5,744)
--------
$ 5,870
========
NOTE 7 - NOTES PAYABLE AND LONG-TERM DEBT
- -----------------------------------------
The increases from December 31, 1995 in Notes payable and current portion
of long-term debt ($11.0 million) and Long-term debt ($27.3 million) were
primarily due to utilization of the Company's credit facilities for the purchase
of certain assets of Tulsa for $75.1 million.
12
DENTSPLY INTERNATIONAL INC.
Item 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operations
RESULTS OF OPERATIONS
Quarter Ended September 30, 1996 Compared to Quarter Ended September 30,
1995
In the quarter ended September 30, 1996, net sales increased $18.0 million, or
13.1%, to $155.3 million from $137.3 million in the same period of 1995. The
Company had strong sales gains in North America, Europe and Latin America versus
the prior year quarter.
Gross profit increased $11.6 million, or 18.4%, to $74.5 million from $62.9
million in the third quarter of 1995 as a result of higher net sales. As a
percentage of net sales, gross profit increased from 45.8% in the third quarter
of 1995 to 47.9% in the same period of 1996. This resulted from the overall high
volume and a favorable mix of higher margin products in Europe and the Pacific
Rim.
Selling, general and administrative expenses increased $4.2 million, or 9.2%. As
a percentage of net sales, expenses decreased from 33.2% in the third quarter of
1995 to 32.0% for the same period of 1996. This resulted from improvement at
operations in North America and Latin America.
Income before income taxes increased $6.7 million, or 42.5%, while net income
increased $4.4 million, or 46.4% from the third quarter of 1995. Earnings per
common share increased from $.35 in 1995 to $.52 in 1996, or 48.6%.
Nine Months Ended September 30, 1996 Compared to Nine Months Ended
September 30, 1995
For the nine months ended September 30, 1996, net sales increased $66.0 million,
or 16.1%, to $476.3 million from $410.3 million in the same period of 1995. The
increase primarily came from acquisitions and strong base business sales growth
in the Pacific Rim, Latin America, and CIS.
Gross profit increased $33.5 million, or 16.8%, to $233.0 million from $199.5
million in the first nine months of 1995 as a result of higher net sales. As a
percentage of net sales, gross profit increased slightly from 48.6% in the first
nine months of 1995 to 48.9% for the same period of 1996. Improvements in the
gross profit percentage due to favorable product mix during the first nine
months of 1996 were partially offset by the adverse impact of acquisition
accounting for Maillefer, Tulsa, and CeraMed.
Selling, general and administrative expenses increased $17.9 million, or 13.5%.
As a percentage of net sales, expenses decreased from 32.3% in the first nine
months of 1995 to 31.5% for the same period of 1996. This improvement came from
operations in Europe, Latin America and the Pacific Rim.
Interest expense increased $1.9 million to $8.5 million for the first nine
months of 1996, compared to $6.6 million for the first nine months of 1995. The
increase is primarily due to acquisition debt, partially offset by cash
generated from operations.
13
Other income was $1.8 million for the first nine months of 1996 compared to
other expense of $2.2 million for the same period in 1995. Other income in 1996
is primarily due to a legal settlement of $1.2 million in the Company's favor in
the first quarter of 1996, while the Company took a one-time charge of $3.1
million in the second quarter of 1995 to cover the costs of closing down its
Executive Offices in Illinois and consolidating its executive operations in
York, Pennsylvania. This charge on an after tax basis was $1.8 million or $.07
per common share.
Income before income taxes increased $17.8 million, or 30.0% while net income
increased $10.9 million, or 30.7%, from the first nine months of 1995. Excluding
the one-time charge in the second quarter of 1995 for closing down the Executive
Offices in Illinois and consolidating its executive operations in York,
Pennsylvania, income before income taxes increased $14.7 million, or 23.5%,
while net income increased $9.1 million or 24.3%.
Earnings per common share increased from $1.32 in 1995 to $1.73 in 1996, or
31.1%. Excluding the one-time charge in the second quarter of 1995 for closing
down the Executive Offices in Illinois and consolidating its executive
operations in York, Pennsylvania, earnings per common share increased $.34, or
24.5%.
LIQUIDITY AND CAPITAL RESOURCES
In January 1996, the Company acquired the dental manufacturing and distribution
operations of Tulsa for $75.1 million in cash and an earn-out based on the
operating performance of the acquired business. The transaction was funded from
the Company's existing $175.0 million Bank Revolving Loan Facility and
short-term bank borrowings.
Investing activities for the nine months ended September 30, 1996 include
capital expenditures of $13.2 million.
The Company's current ratio was 1.9 with working capital of $121.5 million at
September 30, 1996. This compares with a current ratio of 2.0 and working
capital of $122.7 million at December 31, 1995, excluding the net assets of
discontinued operations.
The Company expects to be able to finance cash requirements, including capital
expenditures, stock repurchases and debt service from the funds generated from
operations and amounts available under the existing Revolving Loan Facility.
For the nine months ended September 30, 1996, cash flows from operating
activities were $59.2 million compared to $34.8 million for the nine months
ended September 30, 1995. The increase of $24.4 million results from higher
sales and gross margins in 1996, while cash flows in 1995 were adversely
impacted by income tax payments on the gain from disposal of the medical
business in 1994 and a larger increase in inventories than in 1996.
IMPACT OF INFLATION
The Company has generally offset the impact of inflation on wages and the cost
of purchased materials by improving operating efficiencies and increasing
selling prices to the extent permitted by market conditions.
14
PART II
OTHER INFORMATION
Item 1 - Legal Proceedings
The Company and its subsidiaries are from time to time parties to lawsuits
arising out of their respective operations. The Company believes that pending
litigation to which it is a party will not have a material adverse effect upon
its consolidated financial position or results of operations.
Item 6 - Exhibits and Reports on Form 8-K
(a) Exhibits. The following exhibits are filed herewith:
---------
Number Description
------ -----------
3.1 Certificate of Incorporation(1)
3.2 By-Laws, as amended(1)
11 Statement regarding computation of earnings per common
share
27 Financial Data Schedule
(pursuant to Item 601(c)(1)(iv) of Regulation S-K, this
exhibit shall not be deemed filed for purposes of Section 18
of the Securities Exchange Act of 1934, as amended)
-------------
(1) Incorporated by reference to exhibit included in the Company's
Registration Statement on Form S-8 (no. 33-71792).
(b) Reports on Form 8-K
-------------------
No reports on Form 8-K were filed by the Company during the quarter
ended September 30, 1996.
15
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DENTSPLY INTERNATIONAL INC.
November 13, 1996 /s/ John C. Miles II
- -------------------- -----------------------------------
Date John C. Miles II
President and
Chief Executive Officer
November 13, 1996 /s/ Edward D. Yates
- -------------------- -----------------------------------
Date Edward D. Yates
Senior Vice President and
Chief Financial Officer
16
EXHIBIT INDEX
-------------
Number Description Sequential Page No.
------ ----------- -------------------
11 Statement regarding computation
of earnings per common share. 18
27 Financial Data Schedule 19
(pursuant to Item 601(c)(1)(iv) of
Regulation S-K, this exhibit shall
not be deemed filed for purposes
of Section 18 of the Securities
Exchange Act of 1934, as amended)
17