SIRONA DENTAL SYSTEMS, INC.

CIK:0001014507|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
REVENUE	$ 304.2	$ 293.0
Cost of goods sold	(130.2)	(130.1)
GROSS PROFIT	174.0	162.9
Selling, general and administrative expense	(96.4)	(87.8)
Research and development expense	(13.3)	(14.8)
Net other operating income (loss)	2.4	2.5
OPERATING INCOME	66.7	62.8
Gain (loss) on foreign currency transactions	2.9	(2.2)
Gain (loss) on derivative instruments	(1.0)	0.4
Interest income (expense)	(0.9)	(0.9)
Other income (expense)	(0.4)	0.7
INCOME BEFORE TAXES	67.3	60.8
Income tax benefit (expense)	(15.5)	(14.0)
NET INCOME	51.8	46.8
Net (income) loss attributable to noncontrolling interests	(0.5)	(0.8)
NET INCOME ATTRIBUTABLE TO SIRONA DENTAL SYSTEMS, INC.	$ 51.3	$ 46.0
INCOME PER SHARE (attributable to Sirona Dental Systems, Inc. common shareholders):
Basic	$ 0.92	$ 0.83
Diluted	$ 0.91	$ 0.82
Weighted average shares - basic	55,914,865	55,416,418
Weighted average shares - diluted	56,513,670	56,290,177

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
OPERATING ACTIVITIES
NET INCOME	$ 51.8	$ 46.8
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
Depreciation and amortization	15.9	17.9
(Gain) loss on derivative instruments and foreign currency transactions	(1.9)	1.8
Deferred income taxes	(4.1)	(4.6)
Share-based compensation expense	4.2	3.1
Other adjustments	0.1	0.1
TOTAL ADJUSTMENTS TO RECONCILE NET INCOME TO OPERATING CASH FLOWS	14.2	18.3
CHANGES IN ASSETS AND LIABILITIES
Accounts receivable	(40.8)	(44.2)
Inventories	(5.1)	(8.6)
Trade accounts payable	(14.6)	(12.2)
Other current and non-current assets	4.8	2.5
Other current and non-current liabilities	(9.0)	(2.5)
Current income taxes	8.0	4.1
EFFECT OF CHANGES IN ASSETS AND LIABILITIES ON OPERATING CASH FLOWS	(56.7)	(60.9)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	9.3	4.2
INVESTING ACTIVITIES
Investment in property, plant and equipment	(11.0)	(12.3)
Proceeds from sale of property, plant and equipment	0.5	(0.1)
Purchase of intangible assets	0.0	(0.2)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(10.5)	(12.6)
FINANCING ACTIVITIES
Repayments of short-term and long-term debt	(22.6)	0.0
Purchase of treasury stock	0.0	(1.2)
Common shares issued under share based compensation plans	0.2	2.1
Tax effect of common shares issued under share based compensation plans	1.2	0.5
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(23.6)	0.4
CHANGE IN CASH AND CASH EQUIVALENTS	(24.8)	(8.0)
Effect of exchange rate change on cash and cash equivalents	(8.0)	(6.7)
Cash and cash equivalents at beginning of period	517.8	382.8
CASH AND CASH EQUIVALENTS AT END OF PERIOD	485.0	368.1
SUPPLEMENTAL INFORMATION
Interest paid	0.9	0.4
Interest capitalized	0.1	0.1
Income taxes paid	$ 10.7	$ 10.9

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Dec. 31, 2015	Sep. 30, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 485.0	$ 517.8
Restricted cash	0.5	0.6
Accounts receivable, net of allowance for doubtful accounts of $1.7 and $1.4, respectively	192.9	154.9
Inventories, net	131.9	129.4
Deferred tax assets	27.3	26.0
Prepaid expenses and other current assets	28.8	33.7
Income tax receivable	9.4	14.2
TOTAL CURRENT ASSETS	875.8	876.6
Property, plant and equipment, net of accumulated depreciation of $196.3 and $191.4, respectively	202.7	208.3
Goodwill	572.9	585.9
Restricted cash	0.5	0.5
Intangible assets, net of accumulated amortization of $490.6 and $495.6, respectively	207.3	216.8
Other non-current assets	2.6	3.3
Deferred tax assets	11.5	10.9
TOTAL ASSETS	1,873.3	1,902.3
CURRENT LIABILITIES
Trade accounts payable	49.2	65.3
Short-term financial liabilities	53.1	23.1
Income taxes payable	17.7	14.8
Deferred tax liabilities	0.4	0.7
Accrued liabilities and deferred income	182.9	191.2
TOTAL CURRENT LIABILITIES	303.3	295.1
Long-term financial liabilities	4.7	57.1
Deferred tax liabilities	96.5	100.5
Other non-current liabilities	20.2	21.5
Pension related provisions	60.4	62.4
Deferred income	21.0	24.8
TOTAL LIABILITIES	506.1	561.4
SHAREHOLDERS` EQUITY
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued and outstanding)	0.0	0.0
Common stock ($0.01 par value; 95,000,000 shares authorized; 58,415,061 shares issued; 55,943,562 shares outstanding at Dec. 31, 2015; 58,367,468 shares issued; 55,895,969 shares outstanding at Sept. 30, 2015)	0.6	0.6
Additional paid-in capital	705.9	702.6
Treasury stock, at cost, 2,471,499 shares held at cost at Dec. 31, 2015; 2,471,499 shares held at cost at Sept. 30, 2015	(132.0)	(132.0)
Retained earnings	998.1	946.1
Accumulated other comprehensive income (loss)	(208.5)	(179.1)
TOTAL SIRONA DENTAL SYSTEMS, INC. SHAREHOLDERS` EQUITY	1,364.1	1,338.2
NONCONTROLLING INTERESTS	3.1	2.7
TOTAL SHAREHOLDERS` EQUITY	1,367.2	1,340.9
TOTAL LIABILITIES & SHAREHOLDERS` EQUITY	$ 1,873.3	$ 1,902.3