DENTSPLY International Inc. (DENTSPLY), a US-based dental devices company, has reported net sales of $506.9 million for the first quarter of 2009, down 9.6%, compared with the net sales of $560.8 million in the year-ago quarter. It has also reported net income of $61.7 million, or $0.41 per diluted share, for the first quarter of 2009, compared with the net income of $68.1 million, or $0.45 per diluted share, in the year-ago quarter.
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.
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.
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.”