BECKMAN 1995 EARNINGS PER SHARE GROW 13 PERCENT.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. 22, 1996--Beckman Instruments Inc. (NYSE NYSE See: New York Stock Exchange :BEC) announced today that 1995 earnings per share before special charges grew 13 percent to $2.29 from $2.03 in 1994, while 1995 fourth quarter earnings per share before special charges grew 11 percent to $.72 from $.65 in the same period of the prior year. Sales revenues in 1995 were $930 million or 5 percent greater than 1994 while fourth quarter revenues were $265 million, a 6 percent increase versus prior year. Changes in currency exchange rates added 2 percent to total 1995 revenue growth, but did not affect reported fourth quarter growth. Beckman's strategic redirection Diverting data from their normal destination to another; for example, to a disk file instead of the printer, or to a server's disk instead of the local disk. See virtual directory, symbolic link, shortcut, redirector and DOS redirection. 1. 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). program announced at the close of 1993 was completed on schedule in the fourth quarter of 1995 and concludes special charges being incurred for this program. Starting in the first quarter of 1995, the Company began including the dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). of unexercised stock options as common stock equivalents when calculating earnings per share. Without this change, earnings per share before special charges for the year and fourth quarter would have grown 16 and 15 percent, respectively, compared to the prior year. Throughout 1995 Beckman Beckman or Beckmann may refer to:
Biorobotics is often used to refer to a real subfield of robotics: studying how to make robots that emulate or simulate living biological programmable workstation and the SYNCHRON(r) family of 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. clinical analyzers. Biomek is the leading system of its type for automating life sciences laboratories and SYNCHRON has been number one in automated clinical diagnostic placements for five consecutive years. Beckman's development of new products for laboratory productivity is a key strategy. It was supported in 1995 by our continuing investment of 10 percent of sales in research and development, which resulted in the shipment of four major new products: the Avanti Avanti Historic kingdom, north-central India. Located on the overland trade routes between northern and southern India, it lay within present-day Madhya Pradesh. Its capital was at Ujjayini (near present-day Ujjain). (tm) J-25 High-Performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" Centrifuge centrifuge (sĕn`trəfy  j), device using centrifugal force to separate two or more substances of different density, e.g., two liquids or a liquid and a solid. , the Oligo 1000M DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. Synthesizer synthesizer Machine that electronically generates and modifies sounds, frequently with the use of a digital computer, for use in the composition of electronic music and in live performance. , the Paragon(r) CZE CZE Czech Republic (ISO Country code) CZE Capillary Zone Electrophoresis 2000 Capillary Electrophoresis Capillary electrophoresis (CE), also known as capillary zone electrophoresis (CZE), can be used to separate ionic species by their charge and frictional forces. In traditional electrophoresis, electrically charged analytes move in a conductive liquid medium under the System and the SYNCHRON Delta Series of Automated Clinical Analyzers. During the year, this investment was complemented with the following acquisitions and alliances. They are intended to leverage the Company's worldwide infrastructure and expand market share within established business areas: o BioSepra: Distribution and development agreement for new protein purification Protein purification is a series of processes intended to isolate a single type of protein from a complex mixture. Protein purification is vital for the characterisation of the function, structure and interactions of the protein of interest. products. o Genomyx, Inc.: Staged acquisition. Genomyx has developed a new system for simplified manual DNA sequencing DNA sequencing The determination of the sequence of nucleotides in a sample of DNA. . o Abbott Laboratories Abbott Laboratories (NYSE: ABT) is a diversified pharmaceuticals and health care company. It has over 65,000 employees and operates in 130 countries. The corporate headquarters are in Abbott Park, Illinois, a neighborhood of North Chicago, Illinois. : Co-marketing Co-marketing is a marketing practice where two companies cooperate with separate distribution channels, sometimes including profit sharing. It is frequently confused with Co-promotion See also Marketing co-operation and distribution agreement for Beckman's recently developed H.pylori test, which will accelerate its commercial introduction as an aid in diagnosing ulcer disease. o Hybritech Inc.: Acquisition that opens new market segments in immuno-diagnostics for hospital, commercial and physicians office laboratories. Louis T. Rosso, chairman and chief executive officer said, "1995 was a year of challenges and progress. Sales and earnings grew in relatively flat markets, we completed the strategic redirection and restructuring program on schedule, and we implemented alliances and acquisitions that complement our own research and development efforts. Beckman's strategic direction is clear, products are focused on the emergent emergent /emer·gent/ (e-mer´jent) 1. coming out from a cavity or other part. 2. pertaining to an emergency. emergent 1. coming out from a cavity or other part. 2. coming on suddenly. customer needs and a new streamlined organization is in place. We believe that Beckman is well prepared for 1996 and beyond." 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 systems and supplies used for biological analysis in laboratories for research, product development and clinical diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler . Beckman operates in more than 120 countries. -0-
BECKMAN INSTRUMENTS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in Millions, Except Amounts Per Share)
Three Months Ended Twelve Months Ended
December 31, December 31,
1995 1994 1995 1994
Sales $264.6 $250.0 $930.1 $888.6
Operating costs and
expenses
Cost of sales 115.1 113.0 427.2 416.3
Marketing,
administrative
and general 88.3 83.6 300.4 281.9
Research, development
and engineering 24.7 23.1 91.7 91.5
Restructuring charge 17.1 4.2 27.7 11.3
245.2 223.9 847.0 801.0
Operating income 19.4 26.1 83.1 87.6
Nonoperating income (expense)
Interest income 1.2 1.6 5.3 5.1
Interest expense (3.8) (3.7) (13.4) (13.2)
Other, net (1.9) (1.5) (2.6) (4.6)
(4.5) (3.6) (10.7) (12.7)
Earnings before income taxes 14.9 22.5 72.4 74.9 Income tax provision 4.0 9.3 23.5 27.6 Net earnings before cumulative effect of changes in accounting principles 10.9 13.2 48.9 47.3
Cumulative effect of changes
in accounting principles:
Accounting for post-
employment benefits
(net of tax benefit of
$3.0) - - - (5.1)
Net earnings $10.9 $13.2 $48.9 $42.2
Average number of shares outstanding (thousands) 29,011 28,090 28,807 28,079 Net earnings per share before cumulative effect of changes in accounting principles $0.38 $0.47 $1.70 $1.68
Cumulative effect of changes in
accounting principles:
Accounting for postemployment
benefits - - - (0.18)
Net earnings per share $0.38 $0.47 $1.70 $1.50
BECKMAN INSTRUMENTS, INC.
EARNINGS RECONCILIATION
Year ended December 31, 1995 1994
Per Per
Amt Share Amt Share
Net earnings before special
charges and dilutive effect
of common share equivalents $66.1 $2.35 $56.9 $2.03
Dilutive effect of common
share equivalents -- (0.06) -- (a)
Net earnings before special
charges 66.1 2.29 56.9 2.03
Special charges
Restructuring, net of tax
benefit (17.2) (0.59) (9.6) (0.35)
Cumulative effect of changes in
accounting principles, net -- -- (5.1) (0.18)
Net earnings $48.9 $1.70 $42.2 $1.50
Note (a): The dilutive effect of common share equivalents was insignificant.
BECKMAN INSTRUMENTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
December 31, December 31,
1995 1994
Assets
Current assets: Cash and equivalents $ 26.2 $ 44.2 Short-term investments 8.2 0.7 Trade receivables and other 288.8 265.9 Inventories 166.2 150.7 Deferred income taxes 29.4 37.8 Other current assets 14.5 12.7 Total current assets 533.3 512.0 Property, plant and equipment, net 252.1 232.6 Deferred income taxes 59.8 56.6 Other assets 62.6 27.9 Total assets $907.8 $829.1 Liabilities and Stockholders' Equity Current liabilities: Notes payable $ 15.8 $ 12.2 Accounts payable and accrued expenses 190.5 202.9 Income taxes 44.9 53.7 Total current liabilities 251.2 268.8 Long-term debt 162.7 117.3 Other liabilities 146.0 126.0 Total liabilities 559.9 512.1 Stockholders' equity 347.9 317.0
Total liabilities and
stockholders' equity $907.8 $829.1
CONTACT: Beckman Instruments Michael J. Whelan, 714/773-7620 |
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