Bard Reports Fourth Quarter Results, Sales Up 8 Percent, Earnings Per Share At $.74.Business & Health Editors 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 2001 fourth quarter and full year financial results. Fourth quarter 2001 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 were $302.8 million, an increase of 8 percent over the prior-year period on both a reported and constant currency basis. Net sales for the full year 2001 were $1,181.3 million, an increase of 8 percent on a reported basis and an increase of 9 percent on a constant currency basis. Fourth quarter net sales in the U.S. were $220.2 million, up 9 percent over the prior-year period, and net sales outside the U.S. were $82.6 million, up 6 percent over the prior-year period. Net income for the fourth quarter was $ 39.3 million or 74 cents 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 . In the prior-year period, 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 $8.3 million and diluted earnings per share of 16 cents, including one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern items totaling $35.3 million or 47 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. after taxes associated with the Company's fourth quarter 2000 decision to not exercise its option to acquire the remaining capital stock of Endologix, Inc., and legal settlements. Excluding these prior-year items, 2001 fourth quarter net income and diluted earnings per share increased 21 percent and 17 percent, respectively. For the full year 2001, net income totaled $143.2 million or $2.75 diluted earnings per share; the results for 2001 did not include any one-time items. Excluding one-time items reported in 2000, net income and diluted earnings per share for 2001 increased by 14 percent and 12 percent, respectively. William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack H. Longfield, chairman and chief executive officer, said, "We are very proud of Bard's results for this past year. Revenue growth in constant currency accelerated to 9 percent this year, up from 8 percent in 2000 and 7 percent in 1999. Strong sales growth came from all of our four product groups. Net income trends remain solid and predictable. In addition, positive cash flow has left the company with a strong cash position and lower debt levels." The Company also reiterated that it is studying Tyco International's recent announcement that it plans to split into four public companies and is discussing with Tyco the companies' proposed merger agreement. C. R. Bard, Inc., (www.crbard.com) headquartered in Murray Hill, New Jersey
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.
C. R. Bard, Inc.
Consolidated Statements of Income
(thousands of dollars except per share amounts, unaudited)
Quarter Ended Twelve Months Ended
December 31, December 31,
--------------------- ------------------------
2001 2000 2001 2000
---------- ---------- ------------ -----------
Net sales $302,800 $280,300 $1,181,300 $1,098,800
Costs and expenses:
Cost of goods sold 140,300 128,400 550,500 499,300
Marketing, selling
& administrative 91,900 90,200 364,200 352,000
Research &
development expense 13,100 12,500 53,400 53,200
Interest expense 3,000 3,900 14,200 19,300
Gain from
dispositions of
cardiology businesses - - - (15,400)
Other (income)
expense, net (1) (1,800) 34,500 (5,900) 36,400
---------- --------- ---------- ----------
Total costs
and expenses 246,500 269,500 976,400 944,800
---------- --------- ---------- ----------
Income before taxes 56,300 10,800 204,900 154,000
Income tax provision 17,000 2,500 61,700 47,100
---------- --------- ---------- ----------
Net income $ 39,300 $8,300 $143,200 $106,900
========== ========= ========== ==========
Basic earnings
per share $ 0.76 $ 0.16 $ 2.80 $ 2.11
========== ========= ========== ==========
Diluted earnings
per share $ 0.74 $ 0.16 $ 2.75 $ 2.09
========== ========= ========== ==========
Average common shares
outstanding - basic 51,963 50,858 51,227 50,699
Average common shares
outstanding - diluted 52,893 51,344 52,001 51,222
(1) In addition to interest income and foreign exchange, other
(income) expense, net for the fourth quarter of 2000 included
a charge of $40,300 ($0.53 per share after tax) related to not
exercising an option to acquire the remaining capital stock of
Endologix, Inc. In addition the fourth quarter included a net
gain of $5,000 ($0.06 per share after tax) related primarily
to legal settlements.
Product Group Summary of Net Sales
Quarter Ended December 31,
-----------------------------------------------
Constant
2001 2000 Change Currency
---------- -------- --------- ----------
Vascular $65,200 $ 60,100 8% 7%
Urology 98,800 92,200 7% 7%
Oncology 70,600 65,900 7% 7%
Surgery 53,300 47,300 13% 13%
Other 14,900 14,800 1% 1%
--------- ---------
Total net sales $302,800 $280,300 8% 8%
========= =========
Twelve Months Ended December 31,
--------------------------------------------
Constant
2001 2000 Change Currency
-------- --------- --------- ----------
Vascular $250,900 $ 241,200 4% 6%
Urology 390,100 361,200 8% 9%
Oncology 274,600 253,000 9% 9%
Surgery 205,200 182,600 12% 13%
Other 60,500 60,800 - -
---------- ----------
Total
net sales $1,181,300 $1,098,800 8% 9%
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