YORK, Pa., March 31, 2011 (GLOBE NEWSWIRE) -- DENTSPLY International Inc. (Nasdaq:XRAY) today announced that its Board of Directors has increased the Company's authorization to repurchase shares under its stock repurchase program. Under this program, the Company may repurchase shares of Company stock on the open market or in negotiated transactions in an amount to maintain up to thirty-four million shares in Treasury, an increase in the repurchase authorization of twelve million shares. The Company has repurchased just over two million shares thus far in 2011 and currently has twenty-two million shares of Treasury stock, completing its prior authorization level. The Company has approximately one hundred forty-one million shares of common stock outstanding.
Bret Wise, Chairman and Chief Executive Officer, stated, "The Company's top priority continues to be investing in our business units and in synergistic acquisitions. However, this increase in the authorization today reflects the commitment of the Board of Directors and Management to efficiently use the strength of the Company's balance sheet and cash-flow, to enhance shareholder value."
There is no assurance that any shares will be repurchased by the Company. Shares that are repurchased will be retired and will constitute authorized but unissued shares.
DENTSPLY designs, develops, manufactures and markets a broad range of professional dental products including dental implants, endodontic instruments and materials, orthodontic appliances, restorative materials, preventive materials and devices, and prosthetic materials and devices. The Company distributes its dental products in over 120 countries under some of the most well-established brand names in the industry. DENTSPLY is committed to the development of innovative, high quality, cost-effective new products for the dental market.
The DENTSPLY International Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4306
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 markets, the timing, success and market reception for our new and existing products, uncertainty with respect to governmental actions with respect to dental products, outcome of litigation, continued support of our products by influential dental professionals, 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.