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On Feb. 4, 2009,
reported a 1.4% growth in its earnings during Q4 FY08. Net income amounted to $71.00 million or $0.47 per share compared to $70.03 million or $0.45 per share a year ago. Excluding restructuring, tax adjustments and other related items, earnings slipped 1.0% to $67.79 million or $0.45 per share from $68.50 million or $0.44 per share. The latest quarterly earnings are in line with the consensus estimate of $0.45 per share.
The company's revenue decreased 6.2% to $508.14 million from $541.50 million in the prior year's quarter. Excluding precious metal content, revenue declined 4.5% year over year to $467.19 million from $489.19 million, affected by the significant strengthening of the U.S. dollar, which reduced sales by 4.5%, as well as the slowing of dental demand in certain regions.
XRAY entered into an agreement with the shareholders of
to acquire a majority interest in the company. The two founders will retain significant ownership and continue to manage the business. Meanwhile, on Nov. 13, 2008, the company's common stock was added to the
Standard & Poor's 500 Index
after the market close.
Effective Jan. 1, 2009, Chris Clark took over as President and Chief Operating Officer of Dentsply. Additionally, Dentsply paid a quarterly cash dividend of $0.05 per common stock on Jan. 9, 2009.
For FY08, XRAY's net earnings expanded 9.3% to $283.87 million or $1.87 per share from $259.65 million or $1.68 per share in FY07. Moreover, in FY08, the company's revenue ascended 9.1% to $2.19 billion from $2.01 billion.
Looking forward to FY09, XRAY expects EPS to be in the range of $1.85 to $1.95, excluding income tax related adjustments, restructuring and other costs and the reversal of the inventory step-up from the company's recent acquisitions.
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