DENTSPLY International Inc.: DENTSPLY International Reports Record Third Quarter 2013 Results

   DENTSPLY International Inc.: DENTSPLY International Reports Record Third
                             Quarter 2013 Results



  *Third quarter adjusted earnings per  diluted share increased 12% to  $0.57 
    compared to $0.51  

  *Adjusted operating margin expanded 60 basis points to 17.9% from 17.3%  in 
    the prior year third quarter

  *Operating cash flow improved by 31% to $126 million for the third  quarter 
    and grew 28% to $258 million through nine months

York, PA - October 29, 2013 - DENTSPLY International Inc. (NASDAQ: XRAY) today
announced record sales and earnings for  the three months ended September  30, 
2013.

Net sales in the third quarter of 2013 grew 1.2% to $704.0 million compared to
$695.7 million  in  the third  quarter  of 2012.  Excluding  precious  metals 
content, net sales in the  third quarter of 2013  of $669.4 million grew  3.4% 
from $647.1 million in the third quarter of 2012. Constant currency net sales
growth, excluding  precious metals  content, in  the third  quarter was  2.7%, 
reflecting strong internal  growth in the  U.S. and Rest  of World  geographic 
regions and continued slightly positive internal growth in Europe.  

Net income attributable  to DENTSPLY  International for the  third quarter  of 
2013 was $79.9 million, or $0.55 per diluted share, compared to $53.4 million,
or $0.37 per  diluted share  in the  third quarter  of 2012.  On an  adjusted 
basis, excluding certain items, earnings grew  12% to $0.57 per diluted  share 
for the  third quarter  of 2013  from $0.51  in the  same period  in 2012.  A 
reconciliation of the US  GAAP measure to earnings  per share calculated on  a 
non-US GAAP basis is provided in the attached table.

DENTSPLY's Chairman and Chief Executive Officer Bret Wise commented, "DENTSPLY
made solid  progress in  the third  quarter, achieving  growth in  each  major 
geographic region and  in each  of our  principal product  categories.   This 
growth, combined with  strong improvement  in adjusted  operating margins  and 
lower interest costs, drove  record earnings for the  third quarter.   Market 
conditions are generally consistent  with what we  had anticipated earlier  in 
the year,  and  thus we  are  maintaining  our expectations  for  fiscal  2013 
adjusted earnings per diluted share in the range of $2.33 to $2.38." 

Additional Information

A conference call  is scheduled to  begin today at  8:30 a.m. (Eastern  Time). 
Supplemental materials for reference  during the call  will be available  for 
download in  the  investor  relations  section  of  DENTSPLY's  web  site,  at 
www.dentsply.com. 

A live  webcast will  be  accessible via  a link  on  DENTSPLY's web  site  at 
www.dentsply.com. In order to  participate in the  call, dial (877)  874-1588 
for domestic calls, or (719) 325-4772 for international calls. The Conference
ID # is 7195173. At that time, you will be able to discuss third quarter 2013
results with  DENTSPLY's  Chairman and  Chief  Executive Officer,  Bret  Wise, 
President and  Chief  Financial  Officer,  Chris  Clark,  and  Executive  Vice 
President and Chief Operating Officer, Jim Mosch. 

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 # 7195173 

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. 
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, 
volatility in the capital markets or changes in our credit ratings,  continued 
support of our products by  influential dental and medical professionals,  our 
ability to successfully integrate acquisitions, risks associated with  foreign 
currency exchange rates, risks  associated with our competitors'  introduction 
of generic or private label products, our ability to accurately predict dealer
and customer  inventory  levels,  our  ability  to  successfully  realize  the 
benefits of any cost reduction or restructuring efforts, our ability to obtain
a supply of certain  finished goods and raw  materials from third parties  and 
changes in the general  economic environment that  could affect the  business. 
Changes in such assumptions or factors could produce significantly  different 
results.

For additional information regarding the factors that may cause actual results
to differ materially  from these forward-looking  statements, 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-US 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.  The Company discloses  adjusted 
net income  attributable  to  DENTSPLY International  to  allow  investors  to 
evaluate the  performance of  the Company's  operations exclusive  of  certain 
items that  impact the  comparability of  results from  period to  period  and 
certain large non-cash  charges related to  purchased intangible assets.  The 
Company believes that this information is helpful in understanding  underlying 
operating  trends  and  cash  flow   generation.  The  adjusted  net   income 
attributable to DENTSPLY International consists of net income attributable  to 
DENTSPLY International adjusted to exclude the impact of the following:

(1) Acquisition related  costs. These  adjustments include  costs related  to 
integrating recently acquired  businesses and  specific costs  related to  the 
consummation of the acquisition process. These costs are irregular in  timing 
and as  such may  not be  indicative of  past and  future performance  of  the 
Company and are  therefore excluded  to allow investors  to better  understand 
underlying operating trends.

(2)  Restructuring  and  other  costs,  including  legal  settlements.  These 
adjustments include both costs and income that are irregular in timing, amount
and impact to the Company's financial  performance. As such, these items  may 
not be  indicative of  past and  future  performance of  the Company  and  are 
therefore excluded  for  the  purpose of  understanding  underlying  operating 
trends.

(3) Amortization of purchased intangible assets. This adjustment excludes the
periodic  amortization  expense  related   to  purchased  intangible   assets. 
Following a  significant acquisition  in 2011,  the Company  began  recording 
large  non-cash  charges  related  to  the  values  attributed  to   purchased 
intangible assets. These charges have been excluded from adjusted net  income 
attributed to  DENTSPLY  International  to allow  investors  to  evaluate  and 
understand operating trends excluding these large non-cash charges.

(4)  Income  related  to  credit  risk  and  fair  value  adjustments.  These 
adjustments include both the cost and income impacts of adjustments in certain
assets and liabilities  that are  recorded through  net income  which are  due 
solely to the  changes in  fair value  and credit  risk. These  items can  be 
variable and driven  more by  market conditions than  the Company's  operating 
performance. As such, these  items may not be  indicative of past and  future 
performance of  the  Company  and therefore  are  excluded  for  comparability 
purposes.

(5) Certain fair  value adjustments  related to  an unconsolidated  affiliated 
company.  This  adjustment  represents  the  fair  value  adjustment  of  the 
unconsolidated affiliated company's  convertible debt instrument  held by  the 
Company.  The  affiliate  is  accounted  for  under  the  equity  method   of 
accounting. The fair value adjustment is driven by open market pricing of the
affiliate's equity instruments, which has a high degree of variability and may
not be  indicative  of the  operating  performance  of the  affiliate  or  the 
Company.

(6) Income tax related adjustments. These adjustments include both income tax
expenses and  income  tax  benefits  that are  representative  of  income  tax 
adjustments mostly related to prior periods,  as well as the final  settlement 
of income tax audits.  These adjustments are irregular  in timing and  amount 
and may significantly  impact the Company's  operating performance. As  such, 
these items  may not  be indicative  of  past and  future performance  of  the 
Company and therefore are excluded for comparability purposes.

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 
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          Nine Months Ended
                             September 30,               September 30,
                           2013         2012          2013           2012
Net sales               $ 704,018    $ 695,734    $ 2,197,112    $ 2,175,141
Net sales, excluding
precious metal content    669,425      647,120      2,058,029      2,011,225
Cost of products sold     327,601      331,619      1,017,539      1,010,807
Gross profit              376,417      364,115      1,179,573      1,164,334
% of Net sales               53.5 %       52.3 %         53.7 %         53.5 %
% of Net sales,
excluding precious
metal content                56.2 %       56.3 %         57.3 %         57.9 %
Selling, general and
administrative expenses   269,165      260,352        852,763        860,740
Restructuring and other
costs                       2,231       15,097          5,065         18,862
Operating income          105,021       88,666        321,745        284,732
% of Net sales               14.9 %       12.7 %         14.6 %         13.1 %
% of Net sales,
excluding precious
metal content                15.7 %       13.7 %         15.6 %         14.2 %
Net interest and other
expense                    10,885       12,885         40,337         40,173
Income before income
taxes                      94,136       75,781        281,408        244,559
Provision for income
taxes                      13,187       18,960         39,599         48,550
Equity in net (loss)
earnings of
unconsolidated
affiliated company            (83 )     (2,529 )          320         (5,448 )
Net income                 80,866       54,292        242,129        190,561
% of Net sales               11.5 %        7.8 %         11.0 %          8.8 %
% of Net sales,
excluding precious
metal content                12.1 %        8.4 %         11.8 %          9.5 %
Less: Net income
attributable to
noncontrolling
interests                   1,015          928          3,366          3,148
Net income attributable
to DENTSPLY
International           $  79,851    $  53,364    $   238,763    $   187,413
% of Net sales               11.3 %        7.7 %         10.9 %          8.6 %
% of Net sales,
excluding precious
metal content                11.9 %        8.2 %         11.6 %          9.3 %
Earnings per common
share:
Basic                   $    0.56    $    0.38    $      1.67    $      1.32
Dilutive                $    0.55    $    0.37    $      1.65    $      1.30
Cash dividends declared
per common share        $  0.0625    $  0.0550    $    0.1875    $    0.1650
Weighted average common
shares outstanding:
Basic                     142,421      141,843        142,705        141,767
Dilutive                  144,698      143,884        144,952        143,885

                     DENTSPLY INTERNATIONAL INC.
                CONDENSED CONSOLIDATED BALANCE SHEETS
                           (In thousands)
                                          September 30,  December 31,
                                              2013           2012
Assets
Current Assets:
Cash and cash equivalents                 $     50,658   $    80,132
Accounts and notes receivable-trade, net       502,370       442,412
Inventories, net                               448,277       402,940
Prepaid expenses and other current assets      151,840       185,612
Total Current Assets                         1,153,145     1,111,096
Property, plant and equipment, net             628,509       614,705
Identifiable intangible assets, net            800,470       830,642
Goodwill, net                                2,218,136     2,210,953
Other noncurrent assets, net                   209,719       204,901
Total Assets                              $  5,009,979   $ 4,972,297
Liabilities and Equity
Current liabilities                       $    777,561   $   927,780
Long-term debt                               1,164,794     1,222,035
Deferred income taxes                          226,668       232,641
Other noncurrent liabilities                   361,938       340,398
Total Liabilities                            2,530,961     2,722,854
Total DENTSPLY International Equity          2,438,441     2,208,698
Noncontrolling interests                        40,577        40,745
Total Equity                                 2,479,018     2,249,443
Total Liabilities and Equity              $  5,009,979   $ 4,972,297

                         DENTSPLY INTERNATIONAL INC.
                               (In thousands)
Supplemental Summary Cash Flow Information:
Nine Months Ended September 30, 2013 and 2012
                                              Nine Months Ended September 30,
                                                    2013             2012
Net Cash Provided by Operating Activities     $      258,266     $   202,065
Net Cash Used in Investing Activities         $      161,891     $    80,300
Net Cash Used in Financing Activities         $      124,650     $   145,585
Depreciation                                  $       61,545     $    59,509
Amortization                                  $       34,700     $    37,289
Capital Expenditures                          $       73,500     $    64,859
Cash Dividends Paid                           $       25,895     $    23,561

                     DENTSPLY INTERNATIONAL INC.
                            (In thousands)
Operating Income Summary:
The following tables present the reconciliation of reported US GAAP
operating income in total and on a percentage of net sales, excluding
precious metal content, to the non-US GAAP financial measures.
Three Months Ended September
30, 2013
                                                            Percentage of Net
                                                             Sales, Excluding
                                                              Precious Metal
                                Operating Income (Loss)          Content
Operating Income               $           105,021                15.7 %
Amortization of Purchased
Intangible Assets                           11,237                 1.7 %
Restructuring and Other Costs,
including Legal Settlements                  2,285                 0.3 %
Acquisition-Related Activities               1,173                 0.2 %
Adjusted Non-US GAAP Operating
Income                         $           119,716                17.9 %
Three Months Ended September
30, 2012
                                                            Percentage of Net
                                                             Sales, Excluding
                                                              Precious Metal
                                Operating Income (Loss)          Content
Operating Income               $            88,666                13.7 %
Restructuring and Other Costs               15,457                 2.4 %
Amortization of Purchased
Intangible Assets                            9,313                 1.4 %
Orthodontic Business
Continuity Costs                               110                   - %
Acquisition-Related Activities              (1,893 )              (0.2 )%
Adjusted Non-US GAAP Operating
Income                         $           111,653                17.3 %

                      DENTSPLY INTERNATIONAL INC.
                            (In thousands)
Operating Income Summary:
The following tables present the reconciliation of reported US GAAP
operating income in total and on a percentage of net sales, excluding
precious metal content, to the non-US GAAP financial measures.
Nine Months Ended September
30, 2013
                                                            Percentage of Net
                                                             Sales, Excluding
                                                              Precious Metal
                                Operating Income (Loss)          Content
Operating Income               $             321,745               15.6 %
Amortization of Purchased
Intangible Assets                             34,652                1.7 %
Restructuring and Other Costs,
including Legal Settlements                    5,343                0.3 %
Acquisition-Related Activities                 4,442                0.2 %
Adjusted Non-US GAAP Operating
Income                         $             366,182               17.8 %
Nine Months Ended September
30, 2012
                                                            Percentage of Net
                                                             Sales, Excluding
                                                              Precious Metal
                                Operating Income (Loss)          Content
Operating Income               $             284,732               14.2 %
Amortization of Purchased
Intangible Assets                             37,359                1.9 %
Restructuring and Other Costs                 20,097                1.0 %
Acquisition-Related Activities                10,544                0.5 %
Orthodontics Business
Continuity Costs                               1,071                  - %
Adjusted Non-US GAAP Operating
Income                         $             353,803               17.6 %

                         DENTSPLY INTERNATIONAL INC.
                   (In thousands, except per share amounts)
Earnings Summary:
The following tables present the reconciliation of reported US GAAP net income
attributable to DENTSPLY International and on a per common share basis to the
non-US GAAP financial measures.
Three Months Ended September
30, 2013
                                       Net                    Per Diluted
                                      Income                 Common Share
Net Income Attributable to
DENTSPLY International        $         79,851           $          0.55
Amortization of Purchased
Intangible Assets, Net of Tax            7,851                      0.06
Restructuring and Other
Costs, including Legal
Settlements, Net of Tax                  1,961                      0.01
Acquisition Related
Activities, Net of Tax                     744                      0.01
Credit Risk and Fair Value
Adjustments to Outstanding
Derivatives, Net of Tax                   (488 )                       -
Gain on Fair Value
Adjustments related to an
Unconsolidated Affiliated
Company, Net of Tax                       (829 )                   (0.01 )
Income Tax-Related
Adjustments                             (6,882 )                   (0.05 )
Adjusted Non-US GAAP Net
Income Attributable to
DENTSPLY International        $         82,208           $          0.57
Three Months Ended September
30, 2012
                                       Net                    Per Diluted
                                      Income                 Common Share
Net Income Attributable to
DENTSPLY International        $         53,364           $          0.37
Restructuring and Other
Costs, Net of Tax                       10,909                      0.08
Amortization of Purchased
Intangible Assets, Net of Tax            5,159                      0.04
Income Tax-Related
Adjustments                              4,039                      0.03
Loss on Fair Value
Adjustments related to an
Unconsolidated Affiliated
Company, Net of Tax                      1,687                      0.01
Orthodontics Business
Continuity Costs, Net of Tax                70                         -
Acquisition Related
Activities, Net of Tax                  (1,161 )                   (0.01 )
Rounding                                     -                     (0.01 )
Adjusted Non-US GAAP Net
Income Attributable to
DENTSPLY International        $         74,067           $          0.51

                         DENTSPLY INTERNATIONAL INC.
                   (In thousands, except per share amounts)
Earnings Summary:
The following tables present the reconciliation of reported US GAAP net income
attributable to DENTSPLY International and on a per common share basis to the
non-US GAAP financial measures.
Nine Months Ended September
30, 2013
                                        Net                   Per Diluted
                                      Income                  Common Share
Net Income Attributable to
DENTSPLY International        $         238,763           $          1.65
Amortization of Purchased
Intangible Assets, Net of Tax            24,229                      0.17
Restructuring and Other
Costs, including Legal
Settlements, Net of Tax                   4,462                      0.03
Acquisition Related
Activities, Net of Tax                    2,843                      0.02
Credit Risk and Fair Value
Adjustments to Outstanding
Derivatives, Net of Tax                   2,702                      0.02
Gain on Fair Value
Adjustments related to an
Unconsolidated Affiliated
Company, Net of Tax                      (1,347 )                   (0.01 )
Income Tax-Related
Adjustments                             (18,388 )                   (0.13 )
Adjusted Non-US GAAP Net
Income Attributable to
DENTSPLY International        $         253,264           $          1.75
Nine Months Ended September
30, 2012
                                        Net                   Per Diluted
                                      Income                  Common Share
Net Income Attributable to
DENTSPLY International        $         187,413           $          1.30
Amortization of Purchased
Intangible Assets, Net of Tax            25,148                      0.17
Restructuring and Other
Costs, Net of Tax                        14,063                      0.10
Acquisition Related
Activities, Net of Tax                    6,630                      0.05
Loss on Fair Value
Adjustments related to an
Unconsolidated Affiliated
Company, Net of Tax                       5,280                      0.04
Orthodontics Business
Continuity Costs, Net of Tax                692                         -
Income Tax-Related
Adjustments                              (1,375 )                   (0.01 )
Adjusted Non-US GAAP Net
Income Attributable to
DENTSPLY International        $         237,851           $          1.65

                       DENTSPLY INTERNATIONAL INC.
                             (In thousands)
Operating Tax Rate Summary:
The following tables present the reconciliation of reported US GAAP
effective tax rate as a percentage of income before income taxes to the
non-US GAAP financial measure.
Three Months Ended
September 30, 2013
                                                  Income Tax     Percentage of
                                                    Benefit         Pre-Tax
                             Pre-tax Income        (Expense)        Income
As Reported - US GAAP
Operating Results           $      94,136       $    (13,187 )       14.0 %
Amortization of Purchased
Intangible Assets                  11,237             (3,386 )
Restructuring and Other
Costs, including Legal
Settlements                         2,285               (324 )
Acquisition-Related
Activities                          1,173               (429 )
Gain on Fair Value
Adjustments related to an
Unconsolidated Affiliated
Company                                (8 )                2
Credit Risk and Fair Value
Adjustments to Outstanding
Derivatives                          (794 )              306
Income Tax-Related
Adjustments                             -             (6,882 )
As Adjusted - Non-US GAAP
Operating Results           $     108,029       $    (23,900 )       22.1 %
Three Months Ended
September 30, 2012
                                                  Income Tax     Percentage of
                                                    Benefit         Pre-Tax
                             Pre-tax Income        (Expense)        Income
As Reported - US GAAP
Operating Results           $      75,781       $    (18,960 )       25.0 %
Restructuring and Other
Costs                              15,458             (4,549 )
Amortization of Purchased
Intangible Assets                   9,313             (4,154 )
Orthodontics Business
Continuity Costs                      110                (40 )
Gain on Fair Value
Adjustments related to an
Unconsolidated Affiliated
Company                              (407 )              123
Acquisition-Related
Activities                         (1,893 )              732
Income Tax-Related
Adjustments                             -              4,039
As Adjusted - Non-US GAAP
Operating Results           $      98,362       $    (22,809 )       23.2 %

                       DENTSPLY INTERNATIONAL INC.
                             (In thousands)
Operating Tax Rate Summary:
The following tables present the reconciliation of reported US GAAP
effective tax rate as a percentage of income before income taxes to the
non-US GAAP financial measure.
Nine Months Ended September
30, 2013
                                                  Income Tax     Percentage of
                                                    Benefit         Pre-Tax
                             Pre-tax Income        (Expense)        Income
As Reported - US GAAP
Operating Results           $     281,408       $    (39,599 )       14.1 %
Amortization of Purchased
Intangible Assets                  34,652            (10,423 )
Restructuring and Other
Costs, including Legal
Settlements                         5,343               (881 )
Acquisition-Related
Activities                          4,442             (1,599 )
Credit Risk and Fair Value
Adjustments to Outstanding
Derivatives                         4,401             (1,699 )
Gain on Fair Value
Adjustments related to an
Unconsolidated Affiliated
Company                               (20 )                6
Income Tax-Related
Adjustments                             -            (18,388 )
As Adjusted - Non-US GAAP
Operating Results           $     330,226       $    (72,583 )       22.0 %
Nine Months Ended September
30, 2012
                                                  Income Tax     Percentage of
                                                    Benefit         Pre-Tax
                             Pre-tax Income        (Expense)        Income
As Reported - US GAAP
Operating Results           $     244,559       $    (48,550 )       19.9 %
Amortization of Purchased
Intangible Assets                  37,359            (12,211 )
Restructuring and Other
Costs                              20,098             (6,035 )
Acquisition-Related
Activities                         10,544             (3,914 )
Orthodontics Business
Continuity Costs                    1,071               (379 )
Loss on Fair Value
Adjustments related to an
Unconsolidated Affiliated
Company                              (229 )               69
Income Tax-Related
Adjustments                             -             (1,375 )
As Adjusted - Non-US GAAP
Operating Results           $     313,402       $    (72,395 )       23.1 %

For further information contact:       

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

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Source: DENTSPLY International Inc. via Thomson Reuters ONE
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