Sybron Dental Specialties, Inc. Reports 19.9% Increase in Fourth
Quarter Revenues ORANGE, Calif., Nov. 17 /PRNewswire-FirstCall/ --
Sybron Dental Specialties, Inc. , a leading manufacturer of
value-added products for the dental and orthodontic professions and
products for use in infection prevention, announced today its
financial results for its fourth fiscal quarter and full year ended
September 30, 2003. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001204/SDSLOGO ) FOURTH
QUARTER RESULTS Net sales for the fourth quarter of fiscal 2003
totaled $137.7 million, compared to $114.9 million in the prior
year period, an increase of 19.9%. Sybron's total internal net
sales growth rate, which excludes the net sales of the SpofaDental
acquisition and currency fluctuations, was 13.4% for the fourth
quarter. Consumable products represented approximately 95% of total
sales in the fourth quarter. Net income for the fourth quarter of
fiscal 2003 was $17.3 million, or $0.43 per diluted share, compared
with net income of $6.9 million, or $0.18 per diluted share, in the
same period of the previous year. A one-time tax benefit
contributed approximately $0.02 per diluted share to the Company's
net income in the fourth quarter of fiscal 2003. Net income for the
fourth quarter of fiscal 2002 was impacted by $2.3 million (net of
tax) in restructuring charges related to the consolidation of the
Company's Metrex subsidiary, as well as the consolidation of the
Company's European facilities into the expanded KerrHawe facility
in Switzerland. Excluding the impact of the restructuring charges,
net income in the fourth quarter of fiscal 2002 was $9.2 million,
or $0.24 per diluted share. Effective October 1, 2002, Sybron
adopted Statement of Financial Accounting Standards No. 142,
"Goodwill and Other Intangible Assets," and is no longer amortizing
its goodwill. In the fourth quarter of fiscal 2003, Sybron
generated $30.8 million in free cash flow, defined as cash flows
from operating activities of $34.6 million minus capital
expenditures of $3.8 million. This compares with free cash flow of
$17.6 million in the same period of the previous year (cash flows
from operating activities of $21.1 million minus capital
expenditures of $3.5 million). "Our fourth quarter performance
capped a very strong year for the Company, with both business
segments delivering exceptional growth," said Floyd W. Pickrell,
Jr., Chief Executive Officer of Sybron Dental Specialties. "The
underlying trends in the dental and orthodontic markets are
creating an environment conducive to growth, and our focus on the
fastest growing segments of these markets is serving the Company
well. "We have developed a number of signature products that are
opening doors for us with new accounts and helping to expand our
customer base. These products include our LED curing light, our
Damon 2 self-ligating bracket, and our CaviWipes brand moist
towellete disinfectant. The popularity of these products has
created additional opportunities to sell other product lines into
new accounts, which is helping us to generate solid growth," said
Mr. Pickrell. KERR AND ORMCO HIGHLIGHTS During the fourth quarter,
the Company's Kerr subsidiary generated internal net sales growth
of 15.1%. In addition to continued strong sales of recently
introduced products such as the LED curing light and Toothprints(R)
brand dental identification system, Kerr's sales were positively
impacted by a contribution from SpofaDental, its most recent
acquisition. Spofa achieved a record level of sales in the month of
September, despite the fact that it has not yet introduced Kerr's
products to its Eastern European customer base. The Metrex
infection prevention product line also continues to show
significant improvement. For the full 2003 fiscal year, sales of
Metrex products increased 18%, gross margin increased by almost 3
percentage points, and the operating margin increased by 83%
(before amortization) over the previous fiscal year. In addition,
the working capital requirements for the zMetrex product line have
been significantly reduced. The improvements are the result of the
consolidation of Metrex into the Company's Kerr subsidiary and the
related cost savings. During the fourth quarter, the Company's
Ormco subsidiary generated internal net sales growth of 11.0%, with
particular strength in international markets. Ormco continues to
make excellent progress in converting orthodontists to its high-end
self-ligating, titanium and aesthetic brackets, which is the
primary driver of the increased sales. For the 12 months ended
September 30, 2003, Ormco had a net increase of 182 accounts in the
United States. Other notable strong selling product lines include
the Company's endodontic products and its system of nearly
invisible, custom-made positioners. FOURTH QUARTER FINANCIAL
HIGHLIGHTS Gross margins in the fourth quarter of 2003 were 56.3%,
compared with 55.0% in the fourth quarter of 2002 and 55.4% in the
third quarter of 2003. The improvement in overall gross margin from
the previous year is primarily attributable to higher gross margins
at the Company's Ormco subsidiary, as higher volumes have increased
the absorption of overhead expenses at Ormco's production
facilities. Selling, general and administrative expenses before
amortization (SG&A) were $46.0 million, or 33.4% of net sales,
in the fourth quarter of 2003, compared with $39.4 million (before
amortization and restructuring charges), or 34.3% of net sales, in
the same period of the prior year, and $44.8 million, or 33.3% of
net sales, in the third quarter of 2003. Research and development
expenditures were $2.5 million in the fourth quarter of 2003, an
increase of 6.7% from the $2.4 million in the same period of the
prior year. Operating income for the fourth quarter of 2003 was
$31.2 million, compared to $18.2 million in the fourth quarter of
2002. Cash flow from operations was $34.6 million, compared with
$21.1 million in the fourth quarter of 2002. Earnings before
interest, taxes, depreciation and amortization (EBITDA) for the
quarter were $34.2 million. Operating income was 22.6% and EBITDA
was 24.8% of net sales for the quarter. Fourth quarter 2003 EBITDA
is calculated by adding net income of $17.3 million, income taxes
of $8.3 million, other expense of $5.6 million, and depreciation
and amortization of approximately $3.0 million. Sybron's effective
tax rate in the fourth quarter of fiscal 2003 was 36.0%, excluding
a one-time benefit of a tax settlement in Canada. Net trade
receivables were $103.6 million and days sales outstanding (DSOs)
were 60.1 days at September 30, 2003, which compares with 58.7 days
at June 30, 2003. Net inventory was $84.2 million at the end of the
fourth quarter and inventory days were 130 days, which compares to
132 days at June 30, 2003. Please refer to the supplemental
schedules provided on the Financial Report's section of Sybron's
Investor Relations web site (
http://www.sybrondental.com/investors/pubs.html ) that detail the
calculation of the Company's DSOs and inventory days. Capital
expenditures were $3.8 million in the fourth quarter of fiscal
2003, compared with $3.5 million in the same period of the previous
year. For the full fiscal 2003 year, capital expenditures were $9.2
million. Sybron's average credit facility debt outstanding for the
quarter was approximately $282.5 million and the Company's average
interest rate on the debt was 6.6%. The Company paid down $26.8
million of debt in the fourth quarter, leaving total debt
outstanding of approximately $277.7 million at September 30, 2003.
Sybron's capital structure was 57.2% debt and 42.8% equity at
September 30, 2003. This compares with 72.2% debt and 27.8% equity
at September 30, 2002. Cash and cash equivalents were $22.9 million
at September 30, 2003, compared with $19.9 million at June 30,
2003. FULL YEAR 2003 FINANCIAL HIGHLIGHTS The following is a
summary of the key financial highlights in fiscal 2003: -- Net
sales totaled $526.4 million, compared to $456.7 million in fiscal
2002, an increase of 15.3%. -- Total internal sales growth for the
year was 8.4%, and the Company saw a more consistent order flow on
a quarter-to-quarter basis than in previous years. -- Net income
was $57.5 million, or $1.46 per diluted share, compared with net
income of $31.6 million, or $0.81 per diluted share, for fiscal
2002. Excluding restructuring charges of $2.3 million and one-time
charges of $7.9 million related to the Company's refinancing of its
credit facility, net income in fiscal 2002 was $41.8 million, or
$1.07 per diluted share. -- 3.6 cents per share in fiscal 2003 was
attributable to non-operating events related to the one-time tax
benefit discussed above and the gain from the sale of the Company's
facility in San Diego in the second quarter. -- Increased focus on
working capital management reduced inventory days from 161 to 130.
-- $63.1 million in debt was retired, despite the use of $16.2
million for the acquisition of SpofaDental and a $10.3 million
contribution to the Company's pension fund. -- Free cash flow was
$78.0 million in fiscal 2003, defined as cash flows from operating
activities of $87.2 million minus capital expenditures of $9.2
million. Excluding the $10.3 million contribution to the Company's
pension fund, Sybron's cash flow from operating activities in
fiscal 2003 would have been $97.5 million and free cash flow would
have been $88.3 million. This compares with free cash flow of $39.0
million in fiscal 2002 (cash flows from operating activities of
$54.7 million minus capital expenditures of $15.7 million). OUTLOOK
For the first quarter of fiscal 2004, Sybron expects revenue to
range from $126 million to $130 million, and diluted earnings per
share to range from $0.26 to $0.29. Internal growth at Kerr is
expected to be lower than the historical growth rate in the first
quarter due to the introduction of its popular LED curing light in
the first quarter of 2003, which generated exceptionally strong
sales in that quarter. For the full fiscal 2004 year, Sybron
expects total revenue growth of 7-12%, net income to range from $61
million to $65 million, and diluted earnings per share to range
from $1.50 to $1.60. The Company anticipates that the weighted
average share count for the full year will be approximately 40.6
million shares, which is approximately 1.3 million shares higher
than in fiscal 2003. For fiscal 2004, capital expenditures are
expected to be approximately $15 million. The Company also expects
to have additional expense in fiscal 2004 due to its Sarbanes-Oxley
compliance efforts. The Company's expectations for fiscal 2004 do
not include the impact of any potential acquisitions, but do
reflect the anticipated impact of the consolidation of
SpofaDental's Eastern European facilities in fiscal 2004. In
support of its outlook for fiscal 2004, the Company cited the
following catalysts for the anticipated growth in revenue and
earnings: -- Healthy end-user demand in all of its markets -- An
expected increase in the Company's European sales efforts for the
endodontic product line -- A full year contribution from
SpofaDental -- A solid pipeline of new products from Ormco,
including the expansion of its popular line of high-end brackets,
and Kerr, including StandOut(TM) and Fill-In(TM), two new delivery
systems for crown and bridge procedures -- Continued momentum in
the Metrex product line following the improved performance in 2003
-- Expense savings and tax benefits due to the consolidation of the
Company's Western European facilities -- Reduced interest expense
resulting from lower debt levels "We believe we have excellent
organic growth opportunities in all of our markets," said Mr.
Pickrell. "In particular, we are excited by the sales potential of
our Damon 2 self-ligating bracket. Despite the significant growth
we have seen in this product area during 2003, we estimate that
self-ligating brackets comprise less than 10% of all the brackets
sold in the United States. This represents a large, untapped
opportunity for us. If we continue to educate orthodontists about
the higher levels of efficiency and patient satisfaction that
result from using the Damon 2 system, we should continue to
generate account conversions. "In addition, since the spin-off from
our former parent company, we have never been in a stronger
financial position or generated more free cash flow. We believe
this puts the Company in an excellent position to continue
executing on our acquisition strategy to create additional
shareholder value," said Mr. Pickrell. NON-GAAP FINANCIAL MEASURES
The Company has included information concerning EBITDA and free
cash flow because management believes that certain investors use
EBITDA and free cash flow as measures of a company's historical
ability to service its debt. EBITDA and free cash flow should not
be considered as alternatives to, or more meaningful than, net
income as an indicator of Sybron's operating performance or cash
flows as a measure of liquidity. EBITDA and free cash flow have not
been prepared in accordance with generally accepted accounting
principals (GAAP). EBITDA and free cash flow, as presented by
Sybron, may not be comparable to similarly titled measures reported
by other companies. CONFERENCE CALL The Company will host a
conference call on Tuesday, November 18th at 1:00 p.m. Eastern
Standard Time to review the information in this press release and
respond to questions. The dial-in number for the call is (888)
273-9885 passcode "Sybron Dental" for domestic callers and (612)
332-0228 passcode "Sybron Dental" for international callers. A
recorded replay of the conference call will be offered beginning at
4:30 p.m. Eastern Standard Time on Tuesday, November 18th via both
the Company's website and a telephone dial-in number. The telephone
dial-in number for the recorded replay is (800) 475-6701, passcode
701095 for domestic callers and (320) 365-3844, passcode 701095 for
international callers. The telephone replay will be available
through 3:00 a.m. Eastern Standard Time on November 22, 2003. The
website replay may be accessed in the Investor Relations section of
Sybron Dental's website at http://www.sybrondental.com/ . CAUTION
REGARDING FORWARD-LOOKING STATEMENTS Statements made in this press
release regarding future matters are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements, including those dealing with
the Company's expectations as to its future revenue, earnings per
share, organic growth and diluted share count; the demand for its
products; the introduction and sales of new products; the expansion
of its sales force in Europe; the benefits of the SpofaDental
acquisition; the success of its self ligating orthodontic brackets;
and the ability of the Company to continue to make acquisitions are
based on the Company's current expectations. Our actual results may
differ materially from those currently expected or desired because
of a number of risks and uncertainties, including the level of
demand for the Company's products; regulatory compliance; currency
fluctuations; distributor inventory adjustments; the intensity of
competition; and other factors affecting the Company's business and
prospects discussed in the filings made by the Company, from time
to time, with the SEC including the factors discussed in the
"Cautionary Factors" section in Item 7 of the Company's most recent
Annual Report on Form 10-K and its periodic reports on Form 10-Q
and 8-K (if any). We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise. BUSINESS DESCRIPTION Sybron Dental
Specialties and its subsidiaries are leading manufacturers of
value-added products for the dental and orthodontic professions and
products for use in infection control. Sybron Dental Specialties
develops, manufactures, and sells through independent distributors
a comprehensive line of consumable general dental and infection
prevention products to the dental industry worldwide. It also
develops, manufactures, markets and distributes an array of
consumable orthodontic and endodontic products worldwide. SYBRON
DENTAL SPECIALTIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS
OF INCOME (in thousands except per share amounts) Three Months
Ended September 30 Historical Pro Forma 2003 2002 2002 Net sales
$137,743 $114,904 $114,904 Cost of sales 60,261 51,556 51,556
Restructuring charges -- 106 -- Gross profit 77,482 63,242 63,348
Selling, general and administrative expenses 45,972 39,371 39,371
Restructuring charges -- 3,141 -- Amortization of goodwill and
other intangible assets 335 2,580 2,580 Total selling, general and
administrative expenses 46,307 45,092 41,951 Operating income
31,175 18,150 21,397 Other income (expense): Interest expense
(5,157) (5,641) (5,641) Amortization of deferred financing fees
(408) (368) (368) Refinancing expenses -- -- -- Other, net (21)
(277) (277) Income before income taxes 25,589 11,864 15,111 Income
taxes 8,288 4,926 5,892 Net income $17,301 $6,938 $9,219 Earnings
per share: Basic earnings per share $0.45 $0.18 $0.24 Diluted
earnings per share $0.43 $0.18 $0.24 Weighted average basic shares
outstanding 38,250 37,989 37,989 Weighted average diluted shares
outstanding 40,407 38,350 38,350 Twelve Months Ended September 30
Historical Pro Forma 2003 2002 2002 Net sales $526,391 $456,666
$456,666 Cost of sales 235,602 200,737 200,737 Restructuring
charges -- 106 -- Gross profit 290,789 255,823 255,929 Selling,
general and administrative expenses 177,545 150,326 150,326
Restructuring charges -- 3,141 -- Amortization of goodwill and
other intangible assets 1,274 10,150 10,150 Total selling, general
and administrative expenses 178,819 163,617 160,476 Operating
income 111,970 92,206 95,453 Other income (expense): Interest
expense (21,554) (25,815) (25,815) Amortization of deferred
financing fees (1,645) (1,070) (1,070) Refinancing expenses --
(12,998) -- Other, net 804 (30) (30) Income before income taxes
89,575 52,293 68,538 Income taxes 32,123 20,694 26,729 Net income
$57,452 $31,599 $41,809 Earnings per share: Basic earnings per
share $1.51 $0.83 $1.10 Diluted earnings per share $1.46 $0.81
$1.07 Weighted average basic shares outstanding 38,106 37,941
37,941 Weighted average diluted shares outstanding 39,328 39,149
39,149 SYBRON DENTAL SPECIALTIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (in thousands except per share
amounts) Three Months Ended September 30 Pro Forma (1) Historical
Adjustments Pro Forma 2002 2002 2002 Net sales $114,904 $--
$114,904 Cost of sales 51,556 -- 51,556 Restructuring charges 106
(106) -- Gross profit 63,242 106 63,348 Selling, general and
administrative expenses 39,371 -- 39,371 Restructuring charges
3,141 (3,141) -- Amortization of goodwill and other intangible
assets 2,580 -- 2,580 Total selling, general and administrative
expenses 45,092 (3,141) 41,951 Operating income 18,150 3,247 21,397
Other income (expense): Interest expense (5,641) -- (5,641)
Amortization of deferred financing fees (368) -- (368) Refinancing
expenses -- -- -- Other, net (277) -- (277) Income before income
taxes 11,864 3,247 15,111 Income taxes 4,926 966 5,892 Net income
$6,938 $2,281 $9,219 Earnings per share: Basic earnings per share
$0.18 $0.06 $0.24 Diluted earnings per share $0.18 $0.06 $0.24
Weighted average basic shares outstanding 37,989 37,989 37,989
Weighted average diluted shares outstanding 38,350 38,350 38,350
Twelve Months Ended September 30 Pro Forma (1) Historical
Adjustments Pro Forma 2002 2002 2002 Net sales $456,666 $--
$456,666 Cost of sales 200,737 -- 200,737 Restructuring charges 106
(106) -- Gross profit 255,823 106 255,929 Selling, general and
administrative expenses 150,326 -- 150,326 Restructuring charges
3,141 (3,141) -- Amortization of goodwill and other intangible
assets 10,150 -- 10,150 Total selling, general and administrative
expenses 163,617 (3,141) 160,476 Operating income 92,206 3,247
95,453 Other income (expense): Interest expense (25,815) --
(25,815) Amortization of deferred financing fees (1,070) -- (1,070)
Refinancing expenses (12,998) 12,998 -- Other, net (30) -- (30)
Income before income taxes 52,293 16,245 68,538 Income taxes 20,694
6,035 26,729 Net income $31,599 $10,210 $41,809 Earnings per share:
Basic earnings per share $0.83 $0.27 $1.10 Diluted earnings per
share $0.81 $0.26 $1.07 Weighted average basic shares outstanding
37,941 37,941 37,941 Weighted average diluted shares outstanding
39,149 39,149 39,149 (1) Pro forma adjustments consist of: (i) for
the three months and twelve months ended 9/30/02: a $2.3 million
net of tax ($3.5 million pre-tax) restructuring charge related to
the consolidation of the European facilities and the Metrex
consolidation, of which $2.2 million net of tax ($3.4 million pre-
tax) is a cash charge. Of the pre-tax amount, $3.1 million is
recorded in selling, general and administrative expenses, $0.1
million is recorded in gross profit and $0.3 million is reflected
in income taxes, and (ii) for the twelve months ended 9/30/02: a
$7.9 million net of tax ($13.0 pre-tax) refinancing expense related
to the following: (a) a $2.7 million net of tax ($4.5 million
pre-tax) non-cash charge for the amortization of the remainder of
its deferred financing fees related to its previous credit
facility, (b) a $2.3 million net of tax ($3.8 million pre-tax)
charge related to the termination of interest rate swaps that could
not be reassigned to the new credit facility, (c) a $2.0 million
net of tax ($3.2 million pre-tax) non- cash charge related to
expensing the fair value of interest rate swaps that were
reassigned to the new credit facility and (d) a $0.9 million net of
tax ($1.5 million pre-tax) for termination costs primarily related
to a pre-payment penalty of the Term Loan B of its previous credit
facility. SYBRON DENTAL SPECIALTIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (in thousands, except share and per
share amounts) September 30, September 30, 2003 2002 ASSETS Current
assets: Cash and cash equivalents $22,868 $12,652 Accounts
receivable (less allowance for doubtful receivables of $2,247 and
$1,400 at September 30, 2003 and 2002, respectively) 103,565 80,479
Inventories 84,239 89,685 Deferred income taxes 4,896 7,427 Prepaid
expenses and other current assets 11,624 14,163 Total current
assets 227,192 204,406 Property, plant and equipment, net of
accumulated depreciation of $92,273 and $85,906 at September 30,
2003 and 2002, respectively 80,750 75,502 Goodwill 258,590 241,405
Intangible assets, net 16,455 17,711 Other assets 28,672 22,433
Total assets $611,659 $561,457 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $19,620 $14,927 Current
portion of long-term debt 3,714 3,193 Income taxes payable 16,274
3,389 Accrued payroll and employee benefits 28,712 24,367
Restructuring reserve 1,486 4,130 Accrued rebates 9,872 5,626
Accrued interest 3,901 4,605 Other current liabilities 10,917 9,018
Total current liabilities 94,496 69,255 Long-term debt 124,008
187,644 Senior subordinated notes 150,000 150,000 Deferred income
taxes 13,748 11,444 Other liabilities 21,422 11,971 Commitments and
contingent liabilities Stockholders' equity: Preferred stock, $.01
par value; authorized 20,000,000 shares, none outstanding -- --
Common stock, $.01 par value; authorized 250,000,000 shares,
38,223,515 issued and 37,989,202 issued and outstanding at
September 30, 2003 and 2002, respectively 383 380 Additional
paid-in capital 74,934 70,329 Retained earnings 126,044 68,592
Accumulated other comprehensive income (loss) 6,624 (8,158) Total
stockholders' equity 207,985 131,143 Total liabilities and
stockholders' equity $611,659 $561,457 SYBRON DENTAL SPECIALTIES,
INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (in
thousands) Twelve Months Ended September 30, 2003 2002 Cash flows
from operating activities: Net income $57,452 $31,599 Adjustments
to reconcile net income to net cash provided by operating
activities: Depreciation 11,336 10,712 Amortization of goodwill and
other intangible assets 1,274 10,258 Non-cash charges related to
termination of previous credit facility -- 7,694 Amortization of
deferred financing fees 1,645 1,070 Gain on sales of property,
plant and equipment (365) (243) Provision for losses on doubtful
receivables 400 600 Inventory provisions 3,776 2,573 Deferred
income taxes 3,232 2,919 Tax benefit from issuance of stock under
employee stock plan 604 283 Changes in assets and liabilities, net
of effects of businesses acquired: (Increase)/decrease in accounts
receivable (21,548) 12,521 (Increase)/decrease in inventories 7,737
(13,964) (Increase)/decrease in prepaid expenses and other current
assets 2,997 (1,068 Increase/(decrease) in accounts payable 4,110
(2,801) Increase/(decrease) in income taxes payable 12,701 (3,955)
Increase/(decrease) in accrued payroll and employee benefits 8,804
(5,606) Increase in accrued rebates 4,245 205 Increase/(decrease)
in restructuring reserve (2,644) 1,355 Increase/(decrease) in
accrued interest (704) 2,619 Increase in other current liabilities
1,226 1,393 Net change in other assets and liabilities (9,113)
(3,487) Net cash provided by operating activities 87,165 54,677
Cash flows from investing activities: Capital expenditures (9,153)
(15,694) Proceeds from sales of property, plant, and equipment
5,359 1,227 Net payments for businesses acquired, net of cash
acquired (16,237) (8,315) Payments for intangibles (1,418) (5,838)
Net cash used in investing activities (21,449) (28,620) Cash flows
from financing activities: Proceeds from credit facility 163,000
453,500 Principal payments on credit facility (226,361) (611,823)
Proceeds from long-term debt 4,063 1,855 Principal payments on
long-term debt (4,477) (677) Payment of deferred financing fees
(473) (11,993) Proceeds from sale of senior subordinated notes --
150,000 Payments of prepayment penalty and terminated interest rate
swap related to refinancing -- (5,305) Cash received from exercise
of stock options 4,004 1,203 Payment of terminated cross currency
debt swap -- (1,497) Net cash used in financing activities (60,244)
(24,737) Effect of exchange rate changes on cash and cash
equivalents 4,744 3,013 Net increase in cash and cash equivalents
10,216 4,333 Cash and cash equivalents at beginning of period
12,652 8,319 Cash and cash equivalents at end of period $22,868
$12,652 SYBRON DENTAL SPECIALTIES, INC. AND SUBSIDIARIES INTERNAL
GROWTH For periods ended September 30, 2003 Professional Total
Dental Orthodontics SDS Quarter 15.1% 11.0% 13.4% Year to date 8.1%
8.9% 8.4% Total SDS Foreign Domestic Quarter 5.7% 19.1% Year to
date 6.4% 9.8% http://www.newscom.com/cgi-bin/prnh/20001204/SDSLOGO
http://photoarchive.ap.org/ DATASOURCE: Sybron Dental Specialties,
Inc. CONTACT: Gregory D. Waller, Chief Financial Officer of Sybron
Dental Specialties, Inc., +1-714-516-7400 Web site:
http://www.sybrondental.com/
http://www.sybrondental.com/investors/pubs.html
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