BECKMAN 1996 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. 20, 1997--Beckman Instruments, Inc. (NYSE NYSE See: New York Stock Exchange :BEC) announced today that 1996 earnings per share grew 13 percent to $2.58 from $2.29 in 1995. Fourth quarter earnings per share grew 13 percent to $0.81 from $0.72 in the same period of the prior year. Sales in 1996 grew 11 percent to $1,028 million or 13 percent in constant currency. Fourth quarter sales grew 8 percent to $285 million or 10 percent in constant currency above prior year. Beckman's growth was fueled by its focus on improving customer productivity, and the company continued expanding the number of its instrument systems installed in laboratories around the world. These systems drove a growing stream of repeat aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. sales, consisting of chemistry kits, operating supplies and field service, representing over 65% of 1996 revenues. -0-
Key contributors to the year's results include the following:
-- The SYNCHRON(r) Delta family of automated chemistry systems,
which improve the efficiency of hospital laboratory testing,
continued to maintain a leading position in unit placements.
-- The 1996 purchase and integration of Hybritech Inc. was
completed, adding a valuable core competency and incremental
sales of immunochemistry-based diagnostic products.
-- The Avanti(r) line of high-performance centrifuges, which
accelerate workflow for life science researchers, made
significant gains in market share.
-- The Biomek(r) 2000 biorobotics workstation combined with Sagian
robotics technology, moved Beckman to the forefront of
high-throughput screening of candidate compounds in the
pharmaceutical discovery process.
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 "Since 1992 Beckman's earnings per share have grown at a compound rate of more than 14 percent and the company has established itself as a clear leader in automating and simplifying laboratory processes. We will continue to leverage our strong market positions with both new product development and acquisitions." Beckman Beckman or Beckmann may refer to:
(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 (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.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in Millions, Except Amounts Per Share)
Twelve Months ended December 31
Three Months Ended Twelve Months Ended
December 31, December 31,
1996 1995 1996 1995
Sales $285.2 $264.6 $1,028.0 $930.1
Operating costs and expenses:
Cost of sales 131.5 115.1 477.8 427.2
Marketing, general and
administrative 84.6 88.3 319.3 300.4
Research and development 30.3 24.7 108.4 91.7
Restructuring charge -- 17.1 -- 27.7
246.4 245.2 905.5 847.0
Operating income 38.8 19.4 122.5 83.1
Nonoperating income (expense):
Interest income 1.2 1.2 5.8 5.3
Interest expense (6.1) (3.8) (18.1) (13.4)
Other, net 0.9 (1.9) 1.3 (2.6)
(4.0) (4.5) (11.0) (10.7)
Earnings before income taxes 34.8 14.9 111.5 72.4
Income tax provision 11.5 4.0 36.8 23.5
Net earnings $ 23.3 $ 10.9 $ 74.7 $ 48.9
Weighted average common shares and common
share equivalents -
(in thousands) 28,733 29,011 28,930 28,807
Net earnings per share $ 0.81 $ 0.38 $ 2.58 $ 1.70
Dividends paid per share $ 0.13 $ 0.11 $ 0.52 $ 0.44
-0-
BECKMAN INSTRUMENTS, INC.
EARNINGS RECONCILIATION
Year ended December 31, 1996 1995
Per Per
Amt Share Amt Share
Net earnings before special charges $74.7 $2.58 $66.1 $2.29
Special charges
Restructuring, net of tax benefit -- -- (17.2) (0.59)
Net earnings $74.7 $2.58 $48.9 $1.70
Three Months ended December 31, 1996 1995
Per Per
Amt Share Amt Share
Net earnings before special charges $23.3 $0.81 $21.2 $0.72
Special charges
Restructuring, net of tax benefit -- -- (10.3) (0.34)
Net earnings $23.3 $0.81 $10.9 $0.38
-0-
BECKMAN INSTRUMENTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
December 31 1996 1995
Assets
Current assets:
Cash and equivalents $34.6 $26.2
Short-term investments 8.1 8.2
Trade receivables and other 309.5 288.8
Inventories 190.4 166.2
Deferred income taxes 21.4 29.4
Other current assets 15.4 14.5
Total current assets 579.4 533.3
Property, plant and equipment, net 263.5 252.1
Deferred income taxes 50.8 59.8
Other assets 66.4 62.6
Total assets $960.1 $907.8
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable $ 19.4 $ 15.8
Accounts payable and accrued
expenses 208.2 190.5
Income taxes 51.7 44.9
Total current liabilities 279.3 251.2
Long-term debt, less current maturities 176.6 162.7
Other liabilities 105.3 146.0
Total liabilities 561.2 559.9
Stockholders' equity 398.9 347.9
Total liabilities and stockholders'
equity $960.1 $907.8
CONTACT: Beckman Instruments, Inc., Fullerton Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. J. Whelan The family surname Whelan is an anglicised variety of an ancient Irish name, Ó Faoláin, which is the name of an important Irish sept which was prominent in a southeast area of Ireland known historically as "The Decies", which today is part of the modern county of Waterford. (director, investor relations Investor relations The process by which the corporation communicates with its investors. ) 714/773-7620 |
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