Bard Announces First Quarter Results.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 were $428.6 million, an increase of 9 percent over the prior-year period. Excluding the impact of a 2004 divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). and foreign exchange, first quarter 2005 ongoing net sales increased 12 percent over the prior-year period. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]For the first quarter 2005, net sales in the U.S. were $300.4 million and net sales outside the U.S. were $128.2 million, both up 9 percent over the prior-year period. Excluding the impact of the 2004 divestiture and foreign exchange, first quarter 2005 ongoing net sales in the U.S. and outside the U.S. increased 14 percent and 7 percent, respectively, over the prior-year period. E[acute accent]For the first quarter 2005, net income was $81.3 million and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were 75 cents, an increase of 13 percent and 12 percent, respectively, over the prior-year period. E[acute accent]The 2005 first quarter results included certain items that increased net income by $2.0 million (after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. ), or 2 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. Excluding certain items, first quarter 2005 net income was $79.3 million and diluted earnings per share were 73 cents. Net income and diluted earnings per share, excluding certain items, increased by 25 percent and 24 percent, respectively, for the first quarter 2005, as compared to the prior-year period. E[acute accent]"We are pleased to start 2005 with good momentum. Revenue growth for the first quarter was strong across all of our major product groups, reflecting the power of our broad portfolio and the importance of new technology," commented Timothy M. Ring, chairman and chief executive officer. "Our earnings performance benefited from healthy gross margin expansion and lower operating spending for the quarter. Going forward, we will leverage our operating efficiencies to provide us with the means to invest in our key franchises, deliver innovative clinical solutions and enhance shareholder value." E[acute accent]C. R. Bard, Inc. (www.crbard.com), headquartered in Murray Hill, N.J., is a leading multinational developer, manufacturer and marketer of innovative, life-enhancing medical technologies in the fields of vascular vascular /vas·cu·lar/ (vas´ku-ler) 1. pertaining to vessels, particularly blood vessels. 2. indicative of a copious blood supply. vas·cu·lar adj. , urology urology Medical specialty dealing with the urinary system and male reproductive organs. It traces its origin to medieval lithologists, itinerant healers who specialized in surgical removal of bladder stones. , oncology oncology /on·col·o·gy/ (ong-kol´ah-je) the sum of knowledge regarding tumors; the study of tumors. on·col·o·gy n. and surgical specialty surgical specialty A specialty of health care in which interventions constitute a significant component of Pt management Examples OB/GYN, ophthalmology, ENT, surgery–cardiothoracic, colorectal, general, neurologic, orthopedic, plastic, urology. products. E[acute accent]This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, which are based on management's current expectations, the accuracy of which is necessarily subject to risks and uncertainties. These statements are not historical in nature and use words such as "anticipate", "estimate", "expect", "project", "intend", "forecast", "plan", "believe", and other words of similar meaning in connection with any discussion of future operating or financial performance. Many factors may cause actual results to differ materially from anticipated results including product developments, sales efforts, expenses, the outcomes of contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. such as legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. , and other economic, business, competitive and regulatory factors. The company undertakes no obligation to update its forward-looking statements. Please refer to our December December: see month. 31, 2004 10-K for more detailed information about these and other factors that may cause actual results to differ materially from those expressed or implied. E[acute accent]The company sold certain assets of its Endoscopic en·do·scope n. An instrument for examining visually the interior of a bodily canal or a hollow organ such as the colon, bladder, or stomach. en Technologies division on September 30, 2004. Net sales excluding sales of the divested Endoscopic Technologies products are referred to as "ongoing net sales". The earnings per share figures reported in this press release reflect the company's two-for-one common stock split that became effective on May 28, 2004. E[acute accent]"Net sales, excluding foreign exchange", "ongoing net sales" and "net income and diluted earnings per share excluding certain items" are non-GAAP financial measures. The company analyzes net sales on a constant currency and ongoing basis to better measure the comparability of results between periods. Because changes in foreign currency exchange rates have a non-operating impact on net sales, the company believes that evaluating growth in net sales on a constant currency basis provides an additional and meaningful assessment of net sales. The company believes that comparing ongoing net sales between periods provides an additional and meaningful analysis of comparable operations. Net income and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. excluding certain items are used by the company to measure the comparability of results between periods. Because certain items such as investment gains and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. outcomes may not reflect underlying operating results, the company believes the exclusion of these and similar items provides an additional and meaningful assessment of net income and EPS. The limitation of these non-GAAP measures is that, by excluding certain items, they do not reflect results on a standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. reporting basis. All non-GAAP financial measures are intended to supplement the applicable GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). disclosures and should not be viewed as a replacement for GAAP results.
C. R. Bard, Inc.
Consolidated Statements of Income
(in thousands except per share amounts, unaudited)
Quarter Ended
March 31,
-------------------
2005 2004
--------- ---------
Net sales $428,600 $393,800
Costs and expenses:
Cost of goods sold 164,900 161,600
Marketing, selling & administrative expense 128,600 120,700
Research & development expense 27,200 23,200
Interest expense 3,100 3,400
Other (income) expense, net (6,400) (13,400)
--------- ---------
Total costs and expenses 317,400 295,500
--------- ---------
Income before tax provision 111,200 98,300
Income tax provision 29,900 26,400
--------- ---------
Net income $81,300 $71,900
========= =========
Basic earnings per share $0.78 $0.69
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Diluted earnings per share $0.75 $0.67
========= =========
Wt. avg. common shares outstanding - basic 104,900 104,000
Wt. avg. common shares outstanding - diluted 108,200 106,600
Product Group Summary of Net Sales
(dollars in thousands, unaudited)
Quarter Ended March 31,
-----------------------------------
Constant
2005 2004 Change Currency
--------- --------- ------ --------
Vascular $104,300 $92,100 13% 11%
Urology 127,400 116,500 9% 8%
Oncology 93,200 79,200 18% 17%
Surgery 85,600 75,200 14% 13%
Other 18,100 15,700 15% 15%
--------- --------- ------ --------
Ongoing Sales $428,600 $378,700 13%
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FX Impact --- 4,500
--------- ---------
Con. Currency $428,600 $383,200 12%
========= ========= ========
Ongoing Sales $428,600 $378,700 13%
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Divested Sales --- 15,100
--------- ---------
Reported Sales $428,600 $393,800 9%
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E[acute accent]Notes to Consolidated Statements of Income E[acute accent]--Net sales of divested products were previously reported in the oncology product group. E[acute accent]--All earnings per share numbers reflect the company's 2 for 1 stock split that became effective May 28, 2004. E[acute accent]--For the first quarter of 2005, in addition to interest income and exchange gains and losses, other (income) expense, net included income of approximately $3.2 million pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern ($2.0 million after-tax; $0.02 diluted earnings per share) resulting from a milestone payment related to the company's sale of an investment during the second quarter of 2004. E[acute accent]--For the first quarter of 2004, in addition to interest income and exchange gains and losses, other (income) expense, net included the adjustment of a fourth quarter 2003 reserve recorded in connection with a legal verdict. This adjustment resulted in additional 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. of $16.0 million ($9.8 million after-tax; $0.09 diluted earnings per share), partially offset by a charge for an unrelated legal settlement of $3.9 million pretax ($2.3 million after-tax; $0.02 diluted earnings per share). In addition the company recorded a $1.1 million tax credit in income tax provision related to the retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a effective date of its Malaysian high-technology pioneer grant ($0.01 diluted earnings per share).
Reconciliation of Earnings
(in millions, except per share)
Quarter Ended March 31,
--------------------------------------------------
2005 2004
----------------------- -------------------------
Net Income Diluted EPS Net Income Diluted EPS
---------- ----------- ---------- -----------
GAAP Basis $81.3 $0.75 $71.9 $0.67
Adjustment (2.0) (0.02) (8.6) (0.08)
------- ------- ------- --------
Adjusted Basis $79.3 $0.73 $63.3 $0.59
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