BARD REPORTS SECOND 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 of $277.2 million for the quarter ended June 30, 1995. Quarterly net sales increased 8 percent compared with $256.3 million reported in the second quarter of 1994. Net income for the second quarter was $24.1 million and earnings per share were 46 cents. In the prior year period, Bard reported net income of $23.3 million and earnings per share of 45 cents. William H. Longfield, president and chief executive officer, said, "Bard's international revenue, aided in part by recent acquisitions, continues to strengthen and generate positive results. However, our domestic cardiovascular sales and income had an adverse impact on second quarter results. The recent lifting of the Applications Integrity Policy by the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. at our USCI USCI United States Colored Infantry USCI University College Sedaya International USCI United States Computers, Incorporated division will allow us to submit new 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. product applications which should reverse this trend." Longfield added, "We continue to focus on strengthening our overall market positions through acquisitions while we wait for FDA approvals for next generation angioplasty and angiography angiography or arteriography X-ray examination of arteries and veins with a contrast medium to differentiate them from surrounding organs. The contrast medium is introduced through a catheter to show the blood vessels and the structures they supply, including products." Sales of Contigen, Bard's stress urinary incontinence stress urinary incontinence n. See stress incontinence. product, grew for the first six months of 1995 by 14 percent over the prior year period. While these results are good, they are below expectations and continued efforts in consumer awareness and referral physician campaigns are necessary to accelerate growth. Bard is also working to establish reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. codes in key international markets. Second quarter earnings performance was approximately 2 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. lower than expected due to a reduction in the receipt of anticipated royalty income from a balloon angioplasty balloon angioplasty: see under angioplasty. patent licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. . This matter is currently awaiting a decision from the U.S. District Court. For the six months ended June 30, 1995, sales in the U.S. were $355.2 million, while international sales totaled $186.1 million. The currency translation effect increased sales by approximately $8 million in the current quarter. For the first six months, currency translation increased worldwide sales by approximately 2 percent. Year-to-date net income and earnings per share were $48.3 million and 93 cents, respectively. These were increases of 5 and 4 percent, respectively, compared with the first six months of 1994. Separately, William C. Bopp, senior vice president and CFO See Chief Financial Officer. , indicated that on June 14, 1995, a $350 million five-year syndicated credit facility with 15 participating banks was closed. "This guaranteed loan facility will allow Bard to further explore new business opportunities while securing a well balanced debt structure," said Bopp. C.R. Bard, Inc. headquartered in Murray Hill, NJ, is a leading multinational developer, manufacturer and marketer of health care products. -0- Note: A recorded announcement giving financial performance details for the quarter and the year is available by calling (908) 277-8300. C. R. BARD, INC. AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED INCOME (thousands except per share amounts, unaudited)
Quarter Ended June 30, Six Months Ended June 30,
Percent Percent
1995 1994 Change 1995 1994 Change
Net Sales $277,200 $256,300 8 $541,300 $503,700 7 Costs and expenses: Cost of goods sold 135,900 124,500 9 265,200 245,800 8 Marketing, selling and administrative 83,200 74,900 11 161,000 146,700 10 Research & development expense 19,200 18,700 3 37,600 36,400 3
238,300 218,100 9 463,800 428,900 8
Operating income 38,900 38,200 2 77,500 74,800 4 Interest expense 6,000 3,200 11,700 5,800 Other income (expense), net 1,500 (1,200) 3,200 (2,200) Income before taxes 34,400 33,800 69,000 66,800 Provision for income taxes 10,300 10,500 20,700 20,700 Net income $24,100 $23,300 3 $48,300 $46,100 5 Net income per share $.46 $.45 2 $.93 $.89 4 Weighted average shares outstanding 52,047 51,992 -- PRODUCT GROUP SUMMARY OF NET SALES
Quarter Ended June 30, Six Months Ended June 30,
Percent Percent
1995 1994 Change 1995 1994 Change
Cardiovascular $98,100 $97,500 1 $189,000 $189,900 - Urological 79,500 71,600 11 158,300 142,600 11 Surgical 99,600 87,200 14 194,000 171,200 13 Net Sales $277,200 $256,300 8 $541,300 $503,700 7 CONTACT: 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. E. L. Parker 908/277-8059 |
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