Bard Reports Fourth Quarter Results Consistent With Guidance.Business Editors & Health/Medical Writers MURRAY HILL Murray Hill may refer to one of the following places:
Sales Up 7 Percent On Constant Currency Basis; 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. At $0.69 Excluding Endologix 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 2000 fourth quarter and full year financial results. Net income for the fourth quarter was $8.3 million or 16 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 including a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charge of $40.3 million or 53 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 decision to not exercise its option to acquire the remaining capital stock of Endologix, Inc. Excluding this charge, 2000 fourth quarter net income was $35.5 million or 69 cents diluted earnings per share, an increase of 7 percent and 8 percent, respectively, over reported results for the same period in the prior year. 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 $33.2 million and diluted earnings per share of 64 cents. For the full year 2000, net income totaled $106.9 million or $2.09 diluted earnings per share. Excluding the effect of the Endologix related charge, full year net income was $134.1 million or $2.62 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. 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, "Once again, Bard has demonstrated outstanding financial strength in 2000. Despite difficult foreign currency comparisons, we were able to consistently deliver on our earnings commitments. Revenue momentum continues to build as our growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. , in constant currency, increased to over 8 percent in 2000 from the 7 percent level in 1999. In addition, very strong cash flows continue to improve our balance sheet position. We look forward to building on these positive trends in 2001." Full year 2000 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 $1.099 billion included U.S. sales of $788.3 million and sales outside the U.S. of $310.5 million. For the fourth quarter 2000, total net sales were $280.3 million with U. S. sales of $202.5 million and sales outside the U.S. of $77.8 million, 72 and 28 percent of total net sales, respectively. Currency translation negatively impacted fourth quarter 2000 sales outside the U.S. by 12 percent and total net sales by 3 percent. On a constant currency basis, fourth quarter 2000 total net sales would have increased 7 percent and sales outside the U.S. would have been up 9 percent. For the full year, excluding negative currency effect, sales outside the U.S. would have increased 9 percent and total net sales would have increased by 8 percent. Complete financial information will be available in Bard's 2000 Annual Report, scheduled for distribution in March. 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, 2000 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.
Statements of Consolidated Income
(in thousands except per share amounts)
Quarter Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
---------------------------------------------
Net sales $ 280,300 $ 270,700 $ 1,098,800 $ 1,036,500
-----------------------------------------------
Costs and expenses:
Cost of goods sold 128,400 122,200 499,300 462,300
Marketing, selling
and administrative 90,200 84,500 352,000 330,500
Research and
development 12,500 13,400 53,200 53,800
Interest expense 3,900 5,200 19,300 19,300
Gain from dispositions
of cardiology
businesses(1) - (9,200) (15,400) (9,200)
Other (income)
expense (1) 34,500 6,500 36,400 6,500
----------------------------------------------
Total costs and
expenses 269,500 222,600 944,800 863,200
Income before taxes 10,800 48,100 154,000 173,300
Income tax provision 2,500 14,900 47,100 55,200
Net income $ 8,300 $ 33,200 $ 106,900 $ 118,100
==============================================
Basic earnings
per share $ 0.16 $ 0.65 $ 2.11 $ 2.31
==============================================
Diluted earnings
per share $ 0.16 $ 0.64 $ 2.09 $ 2.28
==============================================
Average common shares
outstanding - basic 50,858 51,076 50,699 51,183
==============================================
Average common shares
outstanding - diluted 51,344 51,813 51,222 51,882
==============================================
(1) The fourth quarter of 2000 included a charge of $40,300 ($.53 per
share after tax) related to not exercising the Endologix option
and a net gain of $5,000 ($.06 per share after tax) related
primarily to legal settlements. Adjusting for these items and
comparable non-operating items in 1999, diluted earnings per
share was $.63 in both 2000 and 1999. On a full-year basis,
adjusting for these items and other non-operating items, diluted
earnings per share was $2.45 in 2000 compared to adjusted diluted
earnings per share of $2.27 in 1999.
Product Group Summary of Net Sales
------------------------------------------------------
Quarter Ended Twelve Months Ended
December 31, December 31,
------------------------------------------------------
2000 1999 Actual Constant 2000 1999 Actual Constant
Change Change Change Change
Vascular $60,100 $59,400 1% 9% $ 241,200 $ 226,200 7% 12%
Urology 92,200 93,000 -1% 2% 361,200 353,600 2% 4%
Oncology 65,900 62,600 5% 7% 253,000 238,000 6% 8%
Surgery 47,300 42,500 11% 13% 182,600 164,500 11% 12%
Other
products 14,800 13,200 12% 15% 60,800 54,200 12% 13%
---------------- ---------------------
Net sales $280,300 $270,700 4% 7% $1,098,800 $1,036,500 6% 8%
================= =====================
C.R. BARD, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(thousands of dollars)
12/31/00 12/31/99
---------------- ----------------
ASSETS
Cash and short-term investments $ 119,700 $ 95,900
Accounts receivable, net 195,800 212,900
Inventories 193,500 204,000
Other current assets 17,600 16,300
---------------- ----------------
Total current assets 526,600 529,100
Property, plant and equipment, net 155,500 169,700
Intangible assets 356,200 337,000
Other assets 50,900 90,600
---------------- ----------------
TOTAL ASSETS $ 1,089,200 $ 1,126,400
================ ================
LIABILITIES AND SHAREHOLDERS' INVESTMENT
Short-term debt $ 800 $ 130,300
Accounts payable 56,000 54,300
Accrued liabilities 167,700 167,900
---------------- ----------------
Total current liabilities 224,500 352,500
Long-term debt 204,300 158,400
Other long-term liabilities 46,500 41,200
TOTAL SHAREHOLDER'S EQUITY 613,900 574,300
---------------- ----------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 1,089,200 $ 1,126,400
================ ================
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