BECKMAN 1994 EARNINGS PER SHARE GROW 20 PERCENT BEFORE SPECIAL CHARGES.FULLERTON Fullerton, city (1990 pop. 114,144), Orange co., S Calif., SE of Los Angeles; founded 1887, inc. 1904. The city is named for George H. Fullerton, head of a land company, who arranged to route the San Diego–Los Angeles–Santa Fe RR through the settlement in , Calif.--(BUSINESS WIRE)--Jan. 23, 1995--Beckman Instruments, Inc. (NYSE NYSE See: New York Stock Exchange :BEC) announced today that 1994 earnings per share before special charges grew 20 percent to $2.03 from $1.69 in 1993, while 1994 fourth quarter earnings per share before special charges grew 33 percent to $0.65 from $0.49 in the prior year. Sales in 1994 were $888.6 million, 1.5 percent greater than the previous year, while fourth quarter revenues were $250.0 million, a 5.7 percent increase. During 1994 U.S. diagnostic sales grew over 9 percent, offsetting industry-wide depressed markets Depressed market Market in which supply overwhelms demand, leading to weak and lower prices. in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and
restricted U.S. public funding Public funding is money given from tax revenue or other governmental sources to an individual, organization, or entity. See also
Special charges in 1994 were $11.3 million for the company's reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). programs that began in the fourth quarter of 1993 and are scheduled for completion in 1995. In addition there was a $5.1 million aftertax charge for adoption of a new Financial Accounting Standard, No. 112, "Employers' Accounting for Postemployment Benefits." In 1993, special charges were taken for the first phases of the reorganization and restructuring program, environmental costs and adoption of two new Financial Accounting Standards, No. 106, "Postretirement Benefits Other Than Pensions" and No. 109, "Accounting for Income Taxes." As a result of Beckman's reorganization and restructuring programs, the company has a flatter, more cost effective operating structure with about 1000 fewer employees. This is providing significant savings and is the principal contributor to 1994 earnings growth. These programs have been implemented to support a redirected business strategy that concentrates Beckman Beckman or Beckmann may refer to:
(2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler and centrifugation Centrifugation A mechanical method of separating immiscible liquids or solids from liquids by the application of centrifugal force. This force can be very great, and separations which proceed slowly by gravity can be speeded up enormously in centrifugal , while at the same time shifting See timeshifting. (programming) time shifting - A technique used to work around problems due to the Year 2000 and the "millennium bug". Time shifting involves translating date fields in a database back by a fixed number of years to avoid year 2000 problems with the database life sciences investment toward faster growing biotechnology biotechnology, the use of biological processes, as through the exploitation and manipulation of living organisms or biological systems, in the development or manufacture of a product or in the technological solution to a problem. opportunities. Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. T. Rosso For information on a musical group by the same name, please see ROSSO (band) Rosso is the major city of south-western Mauritania and capital of Trarza region. It ia situated on the Senegal River at the head of year-round navigation. , chairman and chief executive officer said, "Beckman is capitalizing on the opportunities created by dislocations in our markets by providing state of the art tools for better laboratory productivity. And to meet the needs of our shareholders we are organizing For other uses, see Organising model and Union organizer. Organizing is the act of rearranging following one or more s. It can also be seen as the opposite of messing up. One organized opposite could be disordered, since ordered is almost synonymous. internally to improve our own efficiency. We have made significant gains in profitability and are focused on our strongest and most profitable product lines, while shifting investment toward faster growing segments for the future." Beckman Instruments, Inc. is a registered ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9000 Quality Systems company which develops, manufactures and markets automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. systems and supplies used for biological analysis in laboratories for research, product development and clinical diagnostics. Beckman operates in more than 120 countries. -0-
BECKMAN INSTRUMENTS INC.
FOURTH QUARTER REPORT
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in Millions, Except Amounts Per Share)
Three Months Ended Twelve Months Ended
Dec. 31 Dec. 31
1994 1993 1994 1993
Sales $250.0 $236.6 $888.6 $875.7
Operating costs and expenses
Cost of sales 113.0 110.6 416.3 418.3
Marketing, administrative
and general 83.6 77.0 281.9 278.5
Research, development and
engineering 23.1 24.8 91.5 93.3
Restructuring charge 4.2 114.7 11.3 114.7
223.9 327.1 801.0 904.8
Operating income (loss) 26.1 (90.5) 87.6 (29.1)
Nonoperating income (expense)
Interest income 1.6 1.3 5.1 4.1
Interest expense (3.7) (3.1) (13.2) (12.7)
Other, net (1.5) (13.8) (4.6) (16.2)
(3.6) (15.6) (12.7) (24.8)
Earnings (loss) before income taxes 22.5 (106.1) 74.9 (53.9) Income tax provision (benefit) 9.3 (39.1) 27.6 (20.3) Net earnings (loss) before cumulative effect of changes in accounting principles 13.2 (67.0) 47.3 (33.6) Cumulative effect of changes in accounting principles: Accounting for income taxes - - - 26.2 Accounting for postretirement benefits other than pensions (net of tax benefit of $17.0) - - - (30.2) Accounting for postemployment benefits (net of tax benefit of $3.0) - - (5.1) - Net earnings (loss) $13.2 $(67.0) $42.2 $(37.6) Average number of shares outstanding (thousands) 28,090 27,682 28,079 27,827 Net earnings (loss) per share before cumulative effect of changes in accounting principles $0.47 $(2.41) $1.68 $(1.21)
Cumulative effect of changes
in accounting principles:
Accounting for income taxes - - - 0.95
Accounting for postretirement
benefits other than pensions - - - (1.09)
Accounting for postemployment
benefits - - (0.18) -
Net earnings (loss) per share $0.47 $(2.41) $1.50 $(1.35)
-0-
BECKMAN INSTRUMENTS INC.
EARNINGS RECONCILIATION
Year ended Dec. 31 1994 1993
Per Per
Amt Share Amt Share
Earnings before restructuring and environmental charges and cumulative effect of changes in accounting principles $56.9 $2.03 $46.9 $1.69 Restructuring, net of tax benefit (9.6) (0.35) (73.0) (2.63) Environmental charge, net of tax benefit - - (7.5) (0.27) Cumulative effect of changes in accounting principles, net (5.1) (0.18) (4.0) (0.14) Net earnings (loss) $42.2 $1.50 $(37.6) $(1.35) -0-
BECKMAN INSTRUMENTS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
Dec. 31, 1994 Dec. 31, 1993
Assets Current assets: Cash and equivalents $ 44.2 $ 24.2 Short-term investments 0.7 21.9 Trade receivables 265.9 252.1 Inventories 150.7 163.9 Deferred income taxes 37.8 70.6 Other current assets 12.7 11.8
Total current assets 512.0 544.5
Property, plant and equipment, net 232.6 216.8 Deferred income taxes 56.6 30.3 Other assets 27.9 28.4
Total assets $829.1 $820.0
Liabilities and Stockholders' Equity Current liabilities: Notes payable $ 12.2 $ 31.7 Accounts payable and accrued expenses 202.9 242.7 Income taxes 53.7 48.9
Total current liabilities 268.8 323.3
Long-term debt 117.3 113.7 Other liabilities 126.0 107.5
Total liabilities 512.1 544.5
Stockholders' equity 317.0 275.5
Total liabilities and stockholders'
equity $829.1 $820.0
CONTACT: Beckman Instruments Inc., Fullerton Jay Steffenhagen, 714/773-7764 |
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