Bard Provides Financial Guidance for 2002.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 NYSE See: New York Stock Exchange :BCR BCR B Cell Receptor BCR Business Communications Review (magazine) BCR Banca Comerciala Romana (Romanian bank) BCR Breakpoint Cluster Region BCR Benefit/Cost Ratio BCR Bay City Rollers ) today communicated its estimates for full year 2002 and first quarter 2002 financial performance. The Company has targeted revenue growth for the full year 2002 at 8 percent in constant currency. Also, for the full year 2002, the Company estimates that earnings per share will be between $3.27 and $3.31 including a 24 cent impact from the elimination of goodwill amortization in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Statement of Financial Accounting Standards No. 142 (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 142), "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ". First quarter 2002 revenue is expected to grow between 6 and 8 percent, in constant currency, with earnings per share of 78 to 79 cents including a 6 cent impact from the elimination of goodwill amortization. This guidance excludes the impact of a charge associated with the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of Bard's merger agreement with Tyco International For the unrelated division of Mattel, see . Tyco International Ltd. NYSE: TYC is a diversified manufacturing conglomerate incorporated in Bermuda, with United States operational headquarters in New Jersey. Ltd., to be recorded in the first quarter. This charge is not expected to exceed $10 million on a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta basis. The Company provided further guidance on revenues and ratios for the full year 2002 along with its year end 2001 balance sheet and cash flow statements, and supplemental information on 2001 results following the text of this release. 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. expects to reinitiate its quarterly earnings conference call following the first quarter of 2002. Earnings for the first quarter are tentatively ten·ta·tive adj. 1. Not fully worked out, concluded, or agreed on; provisional: tentative plans. 2. Uncertain; hesitant. scheduled to be released on April 16, 2002. C. R. Bard, Inc., (www.crbard.com) headquartered in Murray Hill, New Jersey
Of, relating to, or being a company with subsidiaries or other operations in a number of countries. The diversity of operations of such companies subjects them to unique risks (for example, exchange rate changes or government nationalization) developer, manufacturer and marketer of health care products 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. 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 September September: see month. 30, 2001 Form 10-Q Form 10-Q See 10-Q. 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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. .
C. R. Bard. Inc.
2002 Financial Objectives
Revenue Growth
(in constant currency)
Disease State % Range
Vascular 6 - 8 %
Urology 5 - 7 %
Oncology 8 - 10 %
Surgery 10 - 12 %
Income Statement
Selected Ratios
(% to Sales)
% Range
Gross Profit 53.2 - 53.6 %
SG&A 28.5 - 29.0 %
R&D 4.5 - 5.5 %
Income Taxes (% IBT) 28.2 - 28.7 %
C. R. Bard, Inc.
Condensed Consolidated Balance Sheets
For the Periods Ended
(in thousands)
December 31, December 31,
2001 2000
-------------------------------
ASSETS
Cash and short-term investments $271,000 $119,700
Accounts receivable, net $176,800 $195,800
Inventories $182,000 $193,500
Other current assets $17,600 $17,600
-------------------------------
Total current assets $647,400 $526,600
-------------------------------
Property, plant and equipment, net $157,900 $155,500
Intangible assets, net of
amortization $372,900 $356,200
Other assets $52,900 $50,900
-------------------------------
Total assets $1,231,100 $1,089,200
===============================
LIABILITIES AND SHAREHOLDERS'
INVESTMENT
Short-term debt $800 $800
Accounts payable $43,600 $56,000
Accrued liabilities $190,100 $167,700
-------------------------------
Total current liabilities $234,500 $224,500
-------------------------------
Long-term debt $156,400 $204,300
Other long-term liabilities $51,500 $46,500
-------------------------------
Shareholders' Investment $788,700 $613,900
-------------------------------
Total liabilities and shareholders'
investment $1,231,100 $1,089,200
===============================
C. R. Bard, Inc.
Condensed Consolidated Statements of Cash Flows
For the Periods Ending
(in thousands)
Twelve Months Ended
December 31,
2001 2000
-------------- -------------
Cash flows from operating activities:
Net income $143,200 $106,900
Noncash items and other $104,900 $99,800
------------ -------------
$248,100 $206,700
------------ -------------
Cash flows from investing activities:
Capital expenditures ($27,400) ($19,400)
Other long-term investments, net ($44,700) ($36,600)
------------ -------------
($72,100) ($56,000)
------------ -------------
Cash flows from financing activities:
Purchase of common stock ($17,500) ($17,800)
Dividends paid ($43,100) ($41,800)
Other financing activities $35,400 ($63,300)
------------ -------------
($25,200) ($122,900)
------------ -------------
Translation adjustment ($2,600) ($6,400)
Cash and cash equivalents:
Increase during the period $148,200 $21,400
Balance at January 1, $114,100 $92,700
------------ -------------
Balance at December 31, $262,300 $114,100
============ =============
C. R. Bard, Inc.
Revenue Growth Rates by Product Group
For the Quarter and Twelve Month Period Ending December 31, 2001
Quarter Ending 12/31/01
% Growth % Growth
As Constant
Reported Currency
-------------------------------
VASCULAR DIAGNOSIS & INTERVENTION
Electrophysiology 13% 12%
Radiology 6% 5%
Grafts 7% 6%
------------------------------
TOTAL VASCULAR 8% 7%
------------------------------
UROLOGICAL DIAGNOSIS & INTERVENTION
Basic Drainage -1% -1%
Urological Specialties 23% 23%
------------------------------
TOTAL UROLOGICAL 7% 7%
------------------------------
ONCOLOGICAL DIAGNOSIS & INTERVENTION
Specialty Access 5% 5%
Interventional (G.I.) 11% 11%
------------------------------
TOTAL ONCOLOGICAL 7% 7%
------------------------------
SURGICAL SPECIALTIES
Soft Tissue Products 21% 20%
Performance Irrigation -1% -1%
Hemostasis 13% 13%
------------------------------
TOTAL SURGICAL SPECIALTIES 13% 13%
------------------------------
TOTAL OTHER PRODUCTS 1% 1%
------------------------------
TOTAL NET SALES 8% 8%
==============================
Twelve Months Ending 12/31/01
% Growth % Growth
As Constant
Reported Currency
-------------------------------
VASCULAR DIAGNOSIS & INTERVENTION
Electrophysiology 10% 12%
Radiology 4% 6%
Grafts 0% 1%
-------------------------------
TOTAL VASCULAR 4% 6%
-------------------------------
UROLOGICAL DIAGNOSIS & INTERVENTION
Basic Drainage 1% 2%
Urological Specialties 21% 22%
-------------------------------
TOTAL UROLOGICAL 8% 9%
-------------------------------
ONCOLOGICAL DIAGNOSIS & INTERVENTION
Specialty Access 7% 8%
Interventional (G.I.) 12% 13%
-------------------------------
TOTAL ONCOLOGICAL 9% 9%
-------------------------------
SURGICAL SPECIALTIES
Soft Tissue Products 21% 22%
Performance Irrigation -2% -2%
Hemostasis 18% 18%
-------------------------------
TOTAL SURGICAL SPECIALTIES 12% 13%
-------------------------------
TOTAL OTHER PRODUCTS 0% 0%
-------------------------------
TOTAL NET SALES 8% 9%
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