Bard Reports First Quarter Results; Net Sales Up 13 Percent On Constant Currency Basis.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 $393.8 million for the quarter ended March 31, 2004, up 17 percent over the prior year's net sales of $335.9 million. On a constant currency basis, first-quarter 2004 net sales increased 13 percent. Net sales in the U.S. were $275.8 million, up 14 percent over the prior-year period, and net sales outside the U.S. were $118.0 million, up 27 percent over the prior-year period. On a constant currency basis, net sales outside the U.S. increased by 13 percent over the prior-year period. For the first quarter of 2004, net income was $71.9 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 $1.35, up 53 percent and 52 percent, respectively, over the same period in the prior year. Included in the first quarter 2004 results were certain items that increased net income by $8.6 million (after tax), or 16 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, thereby affecting comparability with the prior-year quarter. For the first quarter of 2003, 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 $46.9 million and diluted earnings per share of 89 cents. Excluding the items comprising the $8.6 million, net income and diluted earnings per share increased 35 percent and 34 percent, respectively, in the first quarter of 2004 as compared to the same period in the prior year. Timothy M. Ring, chairman and chief executive officer, commented, "We are pleased to start 2004 with such strong momentum. Our results for the first quarter clearly exceeded expectations. New products are becoming a more significant driver of our sales growth, which serves as an endorsement A signature on a Commercial Paper or document. An endorsement on a negotiable instrument, such as a check or a promissory note, has the effect of transferring all the rights represented by the instrument to another individual. of our strategy to expand R&D investments. Our gross margin remains strong and continues to provide the necessary resources for this investment plan. R&D spending is up 19% this quarter and we expect our investment to accelerate in the coming quarters." 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. 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. , the accuracy of which is necessarily subject to risks and uncertainties. Please refer to our December December: see month. 31, 2003 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 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.
Consolidated Statements of Income
(thousands of dollars except per share amounts, unaudited)
Three Months Ended
March 31,
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2004 2003
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Net sales $393,800 $335,900
Costs and expenses:
Cost of goods sold 161,600 146,200
Marketing, selling & administrative 120,700 104,100
Research & development expense 23,200 19,500
Interest expense 3,400 3,100
Other (income) expense, net (13,400) (1,700)
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Total costs and expenses 295,500 271,200
--------- ---------
Income before taxes 98,300 64,700
Income tax provision 26,400 17,800
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Net income (1) $71,900 $46,900
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Basic earnings per share $1.38 $0.91
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Diluted earnings per share $1.35 $0.89
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Average common shares outstanding - basic 52,000 51,700
Average common shares outstanding - diluted 53,300 52,500
(1) In addition to interest income and exchange gains and losses,
first quarter 2004 other (income) expense, net includes the
adjustment of a 2003 reserve recorded in connection with the legal
action entitled Nelson N. Stone, M.D., et al. v. C. R. Bard, Inc.,
et. al. This adjustment resulted in additional pretax income of
$16.0 million ($9.8 million after-tax; $0.18 diluted earnings per
share), partially offset by a pretax charge for an unrelated legal
settlement of $3.9 million ($2.3 million after-tax; $0.04 diluted
earnings per share). In addition the company recorded a $1.1 million
tax credit in income tax provision related to the retroactive
effective date of its Malaysian high-technology pioneer grant ($0.02
diluted earnings per share).
Product Group Summary of Net Sales
Three Months Ended March 31,
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Constant
2004 2003 Change Currency
--------- --------- ------ --------
Vascular $92,100 $67,600 36% 27%
Urology 116,500 109,300 7% 4%
Oncology 94,300 77,700 21% 18%
Surgery 75,200 64,400 17% 14%
Other 15,700 16,900 (7)% (9)%
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Total net sales $393,800 $335,900 17% 13%
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