BARD RELEASES SUPPLEMENTAL FINANCIAL DATA.MURRAY HILL Murray Hill may refer to one of the following places:
As indicated in the January 26 summary, sales for the full year 1994 increased 5 percent to $1.018 billion. Net income of $74.9 million was 34 percent above the $56.0 million reported a year earlier. Earnings per share for the year were $1.44, up 35 percent over the $1.07 reported in 1993, with both years including one- time charges. The 1993 results included four one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. items, the net effect of which was a charge to after- tax earnings of 50 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . The 1994 results included a 33 cent per share fourth quarter charge. Adjusting for these events, Bard's net income per share comparison would have been $1.77 versus $1.57, a 13 percent increase. Bard's gross margin at 51.2 percent was up from 50.9 percent in 1993. Continued emphasis on cost improvement programs coupled with favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. product mix contributed to this improvement. Marketing, selling and administrative expenses were flat year to year, as tight expense controls continued. Research and development expenditures were $69.8 million, up 5 percent over 1993. Interest expense for 1994 increased to $15.1 million from $11.4 million the previous year. Bard's tax rate in 1994 was 27 percent, down from 37 percent in 1993 resulting primarily from the nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. items. Bard's financial condition at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1994 remained strong. Cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments were $34.2 million, and the Company's total debt to total capitalization Total capitalization The total long-term debt and all types of equity of a company that constitutes its capital structure. total capitalization See capitalization. ratio equaled 38.4 percent (balance sheet is attached). Complete financial information will be available in Bard's 1994 Annual Report, scheduled for distribution on March 10. C. R. Bard C. R. Bard, Inc. (NYSE: BCR) is one of the large S&P 500 companies of the United States, a surgical specialties and hospital medical device manufacturer in Murray Hill, New Jersey. It is named after its founder, who sold the company within only a few years of its founding. , Inc., headquartered in Murray Hill, NJ, is a leading multinational multinational Of, relating to, or being a company with subsidiaries or other operations in a number of countries. The diversity of operations of such companies subjects them to unique risks (for example, exchange rate changes or government nationalization) developer, manufacturer and marketer of health care products. Note: A recorded announcement giving financial performance details for the quarter and the year is available by calling (908) 277-8300 or 277-8301. -0-
C. R. BARD, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED INCOME
(In thousands except per share figures)
For the Quarter Ended For the Year Ended
December 31, December 31,
1994 1993 1994 1993
Net sales $262,600 $247,000 $1,018,200 $970,800 Costs and expenses: Cost of goods sold 128,500 122,100 497,300 476,700
Marketing, selling
and administrative 78,700 78,500 300,400 299,300
Research & development 16,500 14,300 69,800 66,300
------ ------ ------- ------
223,700 214,900 867,500 842,300
Operating income 38,900 32,100 150,700 128,500 Interest expense 5,500 3,200 15,100 11,400 Other income (expense), net (29,800) 33,600 (32,600) (18,200) Income before taxes and effect of accounting change 3,600 62,500 103,000 98,900 Income tax provision/ (benefit) (2,400) 22,400 28,100 36,800 Income before effect of accounting change 6,000 40,100 74,900 62,100 Effect of change in accounting principle, net of taxes --- --- --- (6,100) Net income $6,000 $40,100 $74,900 $56,000 Net income per share before effect of accounting change $.11 $.77 $1.44 $1.19 Net income per share $.11 $.77 $1.44 $1.07 Average shares outstanding 52,005 52,197 Note: Reflected in the fourth quarter ended December 31, 1994 is a 33 cent per share charge for the settlement of a lawsuit and for other costs related to Bard's USCI division. During the fourth quarter ended December 31, 1993, the Company recognized a one-time gain of 37 cents per share from the sale of its Ventritex, Inc. common stock holdings. -0-
C. R. BARD, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of dollars)
December 31, December 31,
1994 1993
Assets Cash and short-term investments $34,200 $75,000 Accounts receivable(net) 187,300 167,300 Inventories 199,200 173,500 Other current assets 7,300 5,700 Total current assets 428,000 421,500 Long-term investments 13,300 17,700 Property, plant and equipment (net) 199,900 168,900 Other assets 317,200 190,500 TOTAL ASSETS $958,400 $798,600 Liabilities and Shareholders' Investment Short-term debt $195,900 $84,500 Accounts payable 39,200 39,300 Accrued liabilities 129,500 140,500 Total current liabilities 364,600 264,300 Long-term debt 78,300 68,500 Other long-term liabilities 75,700 82,700 Shareholders'investment 439,800 383,100 TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT $958,400 $798,600 -0- CONTACT: E. L. Parker C.R. Bard, Inc. (908) 277-8059 |
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