BARD REPORTS FIRST QUARTER SALES AND INCOME.MURRAY HILL Murray Hill may refer to one of the following places:
The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the quarter ended March 31, 1996 of $289.2 million and earnings per share of 48 cents, increases of 4 percent and 9 percent, respectively, when compared with the first quarter of 1995. Net income increased 9 percent and totaled $27.1 million compared with $24.9 million reported last year. William H. Longfield, chairman and chief executive officer, said, "During the first quarter, we saw the early stages of several strategic product initiatives begin to take shape. Strong performance in international balloon angioplasty balloon angioplasty: see under angioplasty. and solid growth with our urological infection control catheter catheter /cath·e·ter/ (kath´e-ter) 1. a tubular, flexible surgical instrument that is inserted into a cavity of the body to withdraw or introduce fluid. 2. urethral c. are two good examples. As we integrate into operations our recent acquisitions and further solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. the positioning of our newly formed Medical Division, we expect to see a steady growth in Bard's 1996 revenue stream." For the three months ended March 31, 1996, sales in the U.S. were $193.7 million, up 2 percent, while international sales totaled $95.5 million, up 8 percent. The currency translation effect increased international sales by approximately 1 percent for the quarter. Sales by product group showed cardiovascular increased by 6 percent, with urological sales growth at 7 percent and surgical sales flat year over year. Bard also indicated that in March 1996 it received additional royalty payments pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to the Company's angioplasty angioplasty (ăn`jēōplăs'tē), any surgical repair of a blood vessel, especially balloon angioplasty or percutaneous transluminal coronary angioplasty, a treatment of coronary artery disease. catheter balloon technology. As a result, "other income" includes approximately $9.9 million in payments received on sales of these products for prior periods. Also included in the quarter are the reversal of tax reserves of $15.0 million, the writedown of assets of $31.0 million ($16.8 million net of tax) related to guidewire technology as well as several other miscellaneous charges. Excluding the effect of these unusual items, pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. for the quarter ended March 31, 1996 would have been $37.7 million with a related tax provision of $11.1 million resulting in a net income of $26.6 million or 47 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. . 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 developer, manufacturer and marketer of health care products.
Note: A recorded announcement giving financial performance
details for the quarter is available by calling (908) 277-8300.
C. R. BARD, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED INCOME
(thousands except per share amounts, unaudited)
For The Three Months Ended March 31,
1996 1995
Net sales $289,200 $278,100 Costs and expenses: Cost of goods sold 140,600 134,200 Marketing, selling and administrative 86,400 85,000 Research and development expense 19,300 19,200 Interest expense 6,000 6,000 Other (income) expense, net 26,300 (1,700) Total costs and expenses 278,600 242,700 Income before taxes 10,600 35,400 Provision for income taxes (16,500) 10,500 Net income $ 27,100 $ 24,900 Net income per share $ .48 $ .44 Weighted average shares outstanding 56,903 56,458 PRODUCT GROUP SUMMARY OF NET SALES For The Three Months Ended March 31, Percent 1996 1995 Change Cardiovascular $96,500 $90,900 6 Urological 84,200 78,800 7 Surgical 108,500 108,400 - Net sales $289,200 $278,100 4 CONTACT: C. R. Bard, Inc. E. L. Parker, 908/277-8059 |
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