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BARD REPORTS FIRST QUARTER SALES AND INCOME.


MURRAY HILL Murray Hill may refer to one of the following places:
  • Murray Hill, Kentucky
  • Murray Hill, Manhattan, a residential neighborhood in New York City
  • Murray Hill, Queens, a different locality in New York City
  • Murray Hill, New Jersey
  • Murray Hill, Pennsylvania
, N.J.--(BUSINESS WIRE)--April 17, 1996--C. R. Bard bard, in Wales, term originally used to refer to the order of minstrel-poets who composed and recited the poems that celebrated the feats of Celtic chieftains and warriors. , Inc. (NYSE-BCR) today reported net sales Net Sales

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
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Apr 17, 1996
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