DENTSPLY International Inc. : DENTSPLY International Reports Record Fourth Quarter and Fiscal 2012 Results

  DENTSPLY International Inc. : DENTSPLY International Reports Record Fourth
                       Quarter and Fiscal 2012 Results

                                                                     

DENTSPLY International Reports Record Fourth Quarter and Fiscal 2012 Results

  * Net sales, excluding precious metals, grew 3.8% for the fourth quarter and
    16.4% for the year 

  * Fourth quarter earnings  per diluted share  of $0.88 on  a GAAP basis  and 
    $0.56 on an adjusted basis 

  * Fiscal 2012 earnings per diluted share of $2.18 on a GAAP basis and  $2.22 
    on an adjusted basis  

York, PA -  February 20,  2013 -  DENTSPLY International  Inc. (NASDAQ:  XRAY) 
today announced  sales  and earnings  for  the  three months  and  year  ended 
December 31, 2012.

Fourth Quarter Results

Net sales in the fourth quarter of 2012 increased 2.1% to $753.3 million  from 
$738.0 million in the fourth quarter  of 2011.  Net sales, excluding  precious 
metals content, of $703.5  million increased 3.8% from  $677.8 million in  the 
fourth quarter  of  2011.   Constant  currency  net  sales  growth,  excluding 
precious metals content,  in the  fourth quarter  was 5.9%,  driven by  strong 
internal growth, especially in emerging markets.  

Net income attributable to  DENTSPLY International for  the fourth quarter  of 
2012 was  $126.8  million, or  $0.88  per  diluted share,  compared  to  $40.6 
million, or $0.28  per diluted share  in the  fourth quarter of  2011.  On  an 
adjusted basis,  excluding  certain items,  earnings  increased to  $0.56  per 
diluted share from $0.51 per diluted share  in the fourth quarter of 2011.   A 
reconciliation of the non-GAAP measure to  earnings per share calculated on  a 
GAAP basis is provided in the attached table.

Full Year Results

Net sales for the full year 2012 were a record $2.9 billion, a 15.4%  increase 
over the prior year. Net sales in 2012, excluding precious metal content, were
$2.7 billion, a 16.4% increase over 2011.  Fiscal 2012 net sales were aided by
acquisitions and improving internal growth.

Net income attributable to DENTSPLY International for 2012 was a record $314.2
million, or $2.18 per diluted share, compared to $244.5 million, or $1.70  per 
diluted share  for  2011.  On  an  adjusted basis,  excluding  certain  items, 
earnings of $2.22  per diluted  share increased  9.4% from  $2.03 per  diluted 
share in 2011.   A reconciliation  of this  non-GAAP measure  to earnings  per 
share on a GAAP basis is provided on the attached table.

Bret Wise, Chairman  and Chief Executive  Officer, stated "We  are pleased  to 
report another  record quarter  and a  strong finish  to the  year.   DENTSPLY 
continues to innovate and grow above the rate of the global dental  consumable 
market and deliver on its capital deployment plans.  In 2012, we substantially
improved our  leverage  ratios and  are  now in  a  good position  to  explore 
acquisitions, balanced  with further  debt  reduction and  return of  cash  to 
shareholders through dividends  and share  repurchases.  We  believe that  the 
global dental  market  will continue  to  grow in  2013,  and based  on  these 
assumptions and current currency rates,  we expect that our adjusted  earnings 
will improve to a range of $2.38 to $2.48 per share for the current year."

Additional Information

A conference call is scheduled to begin today at 8:30 a.m. (Eastern Time).   A 
live webcast  will  be  accessible  via  a link  on  DENTSPLY's  web  site  at 
www.dentsply.com.  Supplemental materials for  reference during the call  will 
be available for download in the investor relations section of DENTSPLY's  web 
site.  In order to participate in  the call, dial (877) 627-6580 for  domestic 
calls, or (913)  312-0833 for  international calls.   The Conference  ID #  is 
5792145.  
At that time, you  will be able  to discuss fourth  quarter 2012 results  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 online at the  DENTSPLY 
web site.  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), Replay Passcode # 5792145.

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 110  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.   The 
Company also has strategically  located distribution centers  to enable it  to 
better serve its customers and  increase its operating efficiency.  While  the 
United States and Europe are the Company's largest markets, the Company serves
all major  markets worldwide.   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; 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, 
continued  support  of  our  products   by  influential  dental  and   medical 
professionals, our  ability  to  successfully  integrate  acquisitions,  risks 
associated with foreign currency  exchange rates, and  changes in the  general 
economic  environment  that  could  affect  the  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 
most recent Form 10-K and its subsequent periodic reports on Forms 10-Q  filed 
with the Securities and Exchange Commission.

Non-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.  These adjusted amounts consist of
US GAAP  amounts excluding,  net of  tax (1)  acquisition related  costs,  (2) 
restructuring and  other  costs,  (3)  amortization  of  purchased  intangible 
assets, (4)  Orthodontic  business continuity  costs,  (5) income  related  to 
credit  risk  adjustments,   (6)  certain   fair  value   adjustments  at   an 
unconsolidated affiliated  company, and  (7) income  tax related  adjustments. 
 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 Company believes that the presentation of adjusted net income attributable
to DENTSPLY  International  and adjusted  earnings  per diluted  common  share 
provides  important  supplemental  information  to  management  and  investors 
seeking to  understand  the  Company's  financial  condition  and  results  of 
operations.  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.
                    CONSOLIDATED STATEMENTS OF OPERATIONS
                   (In thousands, except per share amounts)
                           Three Months Ended         Twelve Months Ended
                              December 31,                December 31,
                           2012         2011          2012           2011
Net sales               $ 753,288    $ 738,013    $ 2,928,429    $ 2,537,718
Net sales, excluding
precious metal content    703,473      677,843      2,714,698      2,332,589
Cost of products sold     361,235      377,056      1,372,042      1,264,278
Gross profit              392,053      360,957      1,556,387      1,273,440
% of Net sales               52.0 %       48.9 %         53.1 %         50.2 %
% of Net sales,
excluding precious
metal content                55.7 %       53.3 %         57.3 %         54.6 %
Selling, general and
administrative expenses   287,992      293,603      1,148,731        936,847
Restructuring and other
costs                       6,854        2,016         25,717         35,865
Operating income           97,207       65,338        381,939        300,728
% of Net sales               12.9 %        8.9 %         13.0 %         11.9 %
% of Net sales,
excluding precious
metal content                13.8 %        9.6 %         14.1 %         12.9 %
Net interest and other
expense                    11,088       14,632         51,260         44,617
Income before income
taxes                      86,119       50,706        330,679        256,111
Provision for (benefit
from) income taxes        (39,630 )      9,974          8,920         11,016
Equity in net (loss)
income  attributable
to unconsolidated
affiliated company          2,178          661         (3,270 )        2,351
Net income                127,927       41,393        318,489        247,446
% of Net sales               17.0 %        5.6 %         10.9 %          9.8 %
% of Net sales,
excluding precious
metal content                18.2 %        6.1 %         11.7 %         10.6 %
Less: Net income
attributable to
noncontrolling
interests                   1,127          790          4,276          2,926
Net income attributable
to DENTSPLY
International           $ 126,800    $  40,603    $   314,213    $   244,520
% of Net sales               16.8 %        5.5 %         10.7 %          9.6 %
% of Net sales,
excluding precious
metal content                18.0 %        6.0 %         11.6 %         10.5 %
Earnings per common
share:
Basic                   $    0.89    $    0.29    $      2.22    $      1.73
Dilutive                $    0.88    $    0.28    $      2.18    $      1.70
Cash dividends declared
per common share        $   0.055    $   0.055    $     0.220    $     0.205
Weighted average common
shares outstanding:
Basic                     142,098      141,532        141,850        141,386
Dilutive                  144,297      143,578        143,945        143,553

                    DENTSPLY INTERNATIONAL INC.
               CONDENSED CONSOLIDATED BALANCE SHEETS
                           (In thousands)
                                          December 31,  December 31,
                                              2012          2011
Assets
Current Assets:
Cash and cash equivalents                 $    80,132   $    77,128
Accounts and notes receivable-trade, net      442,412       427,709
Inventories, net                              402,940       361,762
Prepaid expenses and other current assets     185,612       146,304
Total Current Assets                        1,111,096     1,012,903
Property, plant and equipment, net            614,705       591,445
Identifiable intangible assets, net           830,642       791,100
Goodwill, net                               2,210,953     2,190,063
Other noncurrent assets, net                  204,901       169,887
Total Assets                              $ 4,972,297   $ 4,755,398
Liabilities and Equity
Current liabilities                       $   927,780   $   724,073
Long-term debt                              1,222,035     1,490,010
Deferred income taxes                         232,641       249,822
Other noncurrent liabilities                  340,398       407,342
Total Liabilities                           2,722,854     2,871,247
Total DENTSPLY International Equity         2,208,698     1,848,077
Noncontrolling interests                       40,745        36,074
Total Equity                                2,249,443     1,884,151
Total Liabilities and Equity              $ 4,972,297   $ 4,755,398

                      DENTSPLY INTERNATIONAL INC.
                            (In thousands)
Operating Income Summary:
The following tables present the reconciliation of reported GAAP
operating income in total and on a percentage of net sales, excluding
precious metal content, to the non-GAAP financial measures.
Three Months Ended December 31,
2012
                                                            Percentage of Net
                                                            Sales, Excluding
                                                             Precious Metal
                                    Operating Income             Content
Operating Income                 $         97,207                  13.8 %
Amortization of Purchased
Intangible Assets                          12,388                   1.8 %
Restructuring and Other Costs               7,006                   1.0 %
Acquisition-Related Activities              3,619                   0.5 %
Orthodontics Business Continuity
Costs                                        (152 )                   -
Adjusted Non-GAAP Operating
Income                           $        120,068                  17.1 %
Three Months Ended December 31,
2011
                                                            Percentage of Net
                                                            Sales, Excluding
                                                             Precious Metal
                                    Operating Income             Content
Operating Income                 $         65,338                   9.6 %
Acquisition-Related Activities             29,348                   4.4 %
Amortization of Purchased
Intangible Assets                          10,994                   1.6 %
Restructuring and Other Costs               1,553                   0.2 %
Orthodontics Business Continuity
Costs                                       1,246                   0.2 %
Adjusted Non-GAAP Operating
Income                           $        108,479                  16.0 %

                      DENTSPLY INTERNATIONAL INC.
                            (In thousands)
Operating Income Summary:
The following tables present the reconciliation of reported GAAP
operating income in total and on a percentage of net sales, excluding
precious metal content, to the non-GAAP financial measures.
Twelve Months Ended December 31,
2012
                                                            Percentage of Net
                                                            Sales, Excluding
                                                             Precious Metal
                                    Operating Income             Content
Operating Income                 $          381,939                14.1 %
Amortization of Purchased
Intangible Assets                            49,745                 1.8 %
Restructuring and Other Costs                27,103                 1.0 %
Acquisition-Related Activities               14,164                 0.5 %
Orthodontics Business Continuity
Costs                                           920                   -
Adjusted Non-GAAP Operating
Income                           $          473,871                17.5 %
Twelve Months Ended December 31,
2011
                                                            Percentage of Net
                                                            Sales, Excluding
                                                             Precious Metal
                                    Operating Income             Content
Operating Income                 $          300,728                12.9 %
Acquisition-Related Activities               70,870                 3.0 %
Restructuring and Other Costs                17,883                 0.8 %
Amortization of Purchased
Intangible Assets                            20,996                 0.9 %
Orthodontics Business Continuity
Costs                                         3,287                 0.1 %
Adjusted Non-GAAP Operating
Income                           $          413,764                17.7 %

                         DENTSPLY INTERNATIONAL INC.
                   (In thousands, except per share amounts)
Earnings Summary:
The following tables present the reconciliation of reported GAAP net income
attributable to DENTSPLY International and on a per share basis to the
non-GAAP financial measures.
Three Months Ended December 31, 2012
                                                        Net          Diluted
                                                       Income       Per Share
Net Income Attributable to DENTSPLY International  $   126,800     $   0.88
Amortization of Purchased Intangible Assets, Net
of Tax                                                   8,466         0.06
Restructuring and Other Costs, Net of Tax                4,486         0.03
Acquisition-Related Activities, Net of Tax               2,669         0.02
Orthodontics Business Continuity Costs, Net of Tax         (93 )          -
Gain on Fair Value Adjustments at an
Unconsolidated Affiliated Company, Net of Tax           (2,353 )      (0.02 )
Income Tax-Related Adjustments                         (58,617 )      (0.41 )
Adjusted Non-GAAP Net Income Attributable to
DENTSPLY International                             $    81,358     $   0.56
Three Months Ended December 31, 2011
                                                        Net          Diluted
                                                       Income       Per Share
Net Income Attributable to DENTSPLY International  $    40,603     $   0.28
Acquisition-Related Activities, Net of Tax              20,361         0.14
Amortization of Purchased Intangible Assets, Net
of Tax                                                   7,584         0.05
Income Tax-Related Adjustments                           2,677         0.02
Restructuring and Other Costs, Net of Tax                  991         0.01
Orthodontics Business Continuity Costs, Net of Tax         820         0.01
Gain on Fair Value Adjustments at an
Unconsolidated Affiliated Company, Net of Tax             (423 )          -
Adjusted Non-GAAP Net Income Attributable to
DENTSPLY International                             $    72,613     $   0.51

                         DENTSPLY INTERNATIONAL INC.
                   (In thousands, except per share amounts)
Earnings Summary:
The following tables present the reconciliation of reported GAAP net income
attributable to DENTSPLY International and on a per share basis to the
non-GAAP financial measures.
Twelve Months Ended December 31,
2012
                                             Net                  Diluted
                                            Income               Per Share
Net Income Attributable to DENTSPLY
International                        $       314,213         $       2.18
Amortization of Purchased Intangible
Assets, Net of Tax                            33,612                 0.23
Restructuring and Other Costs, Net
of Tax                                        18,549                 0.13
Acquisition-Related Activities, Net
of Tax                                         9,299                 0.07
Loss on Fair Value Adjustments at an
Unconsolidated Affiliated Company,
Net of Tax                                     2,927                 0.02
Orthodontics Business Continuity
Costs, Net of Tax                                600                    -
Income Tax-Related Adjustments               (59,992 )              (0.41 )
Adjusted Non-GAAP Net Income
Attributable to DENTSPLY
International                        $       319,208         $       2.22
Twelve Months Ended December 31,
2011
                                             Net                  Diluted
                                            Income               Per Share
Net Income Attributable to DENTSPLY
International                        $       244,520         $       1.70
Acquisition-Related Activities, Net
of Tax                                        62,723                 0.44
Amortization of Purchased Intangible
Assets, Net of Tax                            14,428                 0.10
Restructuring and Other Costs, Net
of Tax                                        11,395                 0.08
Orthodontics Business Continuity
Costs, Net of Tax                              2,128                 0.01
Credit Risk Adjustment to
Outstanding Derivatives, Net of Tax             (783 )                  -
Gain on Fair Value Adjustments at an
Unconsolidated Affiliated Company,
Net of Tax                                    (2,486 )              (0.02 )
Income Tax-Related Adjustments               (41,053 )              (0.28 )
Adjusted Non-GAAP Net Income
Attributable to DENTSPLY
International                        $       290,872         $       2.03

                       DENTSPLY INTERNATIONAL INC.
                (In thousands, except per share amounts)
Operating Tax Rate
Summary:
The following tables present the reconciliation of reported GAAP
effective tax rate as a percentage of income before income taxes to the
non-GAAP financial measure.
Three Months Ended
December 31, 2012
                                                  Income Tax     Percentage of
                                                   Benefit          Pre-Tax
                            Pre-tax Income        (Expense)         Income
As Reported - GAAP
Operating Results          $      86,119       $     39,630         (46.0 %)
Amortization of Purchased
Intangible Assets                 12,388             (3,922 )
Restructuring and Other
Costs                              7,006             (2,520 )
Acquisition-Related
Activities                         3,619               (950 )
Gain on Fair Value
Adjustments at an
Unconsolidated Affiliated
Company                              (43 )               13
Orthodontics Business
Continuity Costs                    (152 )               59
Income Tax-Related
Adjustments                            -            (58,817 )
As Adjusted - Non-GAAP
Operating Results          $     108,937       $    (26,507 )        24.3 %
Three Months Ended
December 31, 2011
                                                  Income Tax     Percentage of
                                                   Benefit          Pre-Tax
                            Pre-tax Income        (Expense)         Income
As Reported - GAAP
Operating Results          $      50,706       $     (9,974 )        19.7 %
Acquisition-Related
Activities                        29,348             (8,987 )
Amortization of Purchased
Intangible Assets                 10,994             (3,409 )
Restructuring and Other
Costs                              1,553               (563 )
Orthodontics Business
Continuity Costs                   1,246               (426 )
Loss on Fair Value
Adjustments at an
Unconsolidated Affiliated
Company                                8                 (3 )
Income Tax-Related
Adjustments                            -              2,722
As Adjusted - Non-GAAP
Operating Results          $      93,855       $    (20,640 )        22.0 %

                      DENTSPLY INTERNATIONAL INC.
                (In thousands, except per share amounts)
Operating Tax Rate
Summary:
The following tables present the reconciliation of reported GAAP
effective tax rate as a percentage of income before income taxes to the
non-GAAP financial measure.
Twelve Months Ended
December 31, 2012
                                                  Income Tax     Percentage of
                                                   Benefit          Pre-Tax
                            Pre-tax Income        (Expense)         Income
As Reported - GAAP
Operating Results          $     330,679       $      (8,920 )       2.7 %
Amortization of Purchased
Intangible Assets                 49,745             (16,133 )
Restructuring and Other
Costs                             27,103              (8,554 )
Acquisition-Related
Activities                        14,164              (4,865 )
Orthodontics Business
Continuity Costs                     920                (320 )
Gain on Fair Value
Adjustments at an
Unconsolidated Affiliated
Company                             (272 )                82
Income Tax-Related
Adjustments                            -             (60,192 )
As Adjusted - Non-GAAP
Operating Results          $     422,339       $     (98,902 )      23.4 %
Twelve Months Ended
December 31, 2011
                                                  Income Tax     Percentage of
                                                   Benefit          Pre-Tax
                            Pre-tax Income        (Expense)         Income
As Reported - GAAP
Operating Results          $     256,111       $     (11,016 )       4.3 %
Acquisition-Related
Activities                        83,681             (20,958 )
Amortization of Purchased
Intangible Assets                 20,996              (6,568 )
Restructuring and Other
Costs                             17,498              (6,333 )
Orthodontics Business
Continuity Costs                   3,287              (1,159 )
Gain on Fair Value
Adjustments at an
Unconsolidated Affiliate
Company                             (383 )               116
Credit Risk Adjustment to
Outstanding Derivatives           (1,275 )               492
Income Tax-Related
Adjustments                            -             (41,008 )
As Adjusted - Non-GAAP
Operating Results          $     379,915       $     (86,434 )      22.8 %

For further information contact:    

Derek Leckow
Vice President
Investor Relations
(717) 849-7863    

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