Bard Exceeds First Quarter Expectations; Earnings Per Share at 89 Cents.Business Editors/Health/Medical Writers MURRAY HILL Murray Hill may refer to one of the following places:
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. (NYSE-BCR) today reported net sales Net Sales 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 $335.9 million for the quarter ended March 31, 2003, up 11 percent over the prior year's net sales of $301.9 million. On a constant currency basis, first-quarter 2003 net sales increased 8 percent. First-quarter 2003 net sales in the U.S. were $242.8 million, up 9 percent over the prior-year period, and net sales outside the U.S. were $93.1 million, up 18 percent over the prior-year period. On a constant currency basis, net sales outside the U.S. increased by 7 percent over the prior-year quarter. Net Income for the first quarter 2003 was $46.9 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 89 cents, up 35 percent and 37 percent, respectively, over the same period in the prior year. For the quarter ended March 31, 2002, Bard bard, in Wales, term originally used to refer to the order of minstrel-poets who composed and recited the poems that celebrated the feats of Celtic chieftains and warriors. reported net income of $34.7 million and diluted earnings per share of 65 cents. Included in the first quarter 2002 results were items totaling $6.9 million after tax, or 13 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, related to the termination of the Tyco merger agreement, divisional and manufacturing consolidation projects and corporate severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when related costs, offset by the reversal of certain legal accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. . Without the items above, net income and diluted earnings per share grew 13 percent and 14 percent, respectively, for the quarter. William H. Longfield, chairman and chief executive officer, commented, "We are pleased with our results for the quarter, and the progress of our strategic initiatives. Our 2002 realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. efforts are providing clear benefits. Gross margins have improved significantly and are allowing us to meaningfully add to our research and development portfolio, while continuing to generate the steady bottom-line performance that investors have come to expect from Bard." C. R. Bard, Inc., (www.crbard.com) headquartered in Murray Hill, New Jersey
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. This press release contains 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. , the accuracy of which is necessarily subject to risks and uncertainties. Please refer to our December 31, 2002 Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for a statement with regard to forward-looking statements, including disclosure of the factors that could cause actual results to differ materially from those expressed or implied.
C. R. Bard, Inc.
Consolidated Statements of Income
(thousands of dollars except per share amounts, unaudited)
Three Months Ended
March 31,
-------------------
2003 2002
--------- ---------
Net sales $335,900 $301,900
Costs and expenses:
Cost of goods sold 146,200 139,500
Marketing, selling & administrative expense 104,100 88,300
Research & development expense 19,500 14,300
Interest expense 3,100 3,200
Other (income) expense, net (1,700) 8,200
--------- ---------
Total costs and expenses 271,200 253,500
--------- ---------
Income before tax provision 64,700 48,400
Income tax provision 17,800 13,700
--------- ---------
Net income (1) $46,900 $34,700
========= =========
Basic earnings per share $0.91 $0.66
========= =========
Diluted earnings per share $0.89 $0.65
========= =========
Weighted average common shares outstanding - basic 51,700 52,500
Weighted average common shares outstanding -
diluted 52,500 53,200
(1) First quarter 2002 results include charges related to the
termination of the Tyco merger agreement of $4.0 million after tax
($0.08 diluted earnings per share), divisional and manufacturing
consolidation projects of $1.7 million after tax ($0.03 diluted
earnings per share) and corporate severance related costs of $4.2
million after tax ($0.08 diluted earnings per share). These
charges were offset with the reversal of certain legal accruals of
$3.0 million after tax ($0.06 diluted earnings per share).
Product Group Summary of Net Sales
Three Months Ended March 31,
-----------------------------------
Constant
2003 2002 Change Currency
--------- --------- ------ --------
Vascular $67,600 $59,900 13% 6%
Urology 109,300 99,200 10% 8%
Oncology 77,700 70,900 10% 8%
Surgery 64,400 56,000 15% 13%
Other 16,900 15,900 6% 5%
--------- ---------
Total net sales $335,900 $301,900 11% 8%
========= =========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion