Bard Reports Second Quarter Results; Net Sales up 15 Percent on Constant Currency Basis.MURRAY HILL Murray Hill may refer to one of the following places:
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 $416.3 million for the quarter ended June June: see month. 30, 2004, up 18 percent over the prior year's net sales of $354.2 million. On a constant currency basis, second quarter 2004 net sales increased 15 percent. Net sales in the U.S. were $290.6 million, up 16 percent over the prior-year period, and net sales outside the U.S. were $125.7 million, up 21 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 second quarter of 2004, net income was $58.7 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 55 cents, up 19 percent and 17 percent, respectively, over the same period in the prior year. Included in the second quarter 2004 results were certain items that decreased net income by $2.6 million, or 2 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 second 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 $49.5 million and diluted earnings per share of 47 cents. Excluding the items comprising the $2.6 million, net income and diluted earnings per share increased 24 percent and 21 percent, respectively, in the second quarter of 2004 as compared to the same period in the prior year. The earnings per share figures reported in this press release reflect the Company's two-for-one common stock split that became effective on May 28, 2004. Timothy Timothy, epistles in the New Testament Timothy, two letters of the New Testament. With Titus they comprise the Pastoral Epistles, in which St. Paul addresses his coworkers as the guardians and transmitters of his teaching. M. Ring, chairman and chief executive officer, commented, "We had another strong quarter as we continue to work toward a sustainable, higher growth profile. Many of our new products are meeting with strong initial demand, particularly in our 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. and 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. product groups. Operationally, gross margin continues to expand allowing significantly greater R&D investment this quarter. We were active on the business development front as well, concluding several "tuck-in" transactions during the period. Overall, we are very pleased with the execution of our growth strategy." C. R. Bard, Inc. (www.crbard.com), headquartered in Murray Hill, N.J., is a leading multinational multinational 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 innovative, life-enhancing medical technologies in the fields of vascular, 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 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 March 31, 2004 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.
Consolidated Statements of Income
(thousands of dollars except per share amounts, unaudited)
Quarter Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2004 2003 2004 2003
-------- -------- -------- --------
Net sales $416,300 $354,200 $810,100 $690,100
Costs and expenses:
Cost of goods sold 169,000 152,600 330,600 298,800
Marketing, selling &
administrative expense 130,500 109,900 251,200 214,000
Research & development
expense (1) 31,600 21,800 54,800 41,300
Interest expense 3,000 3,200 6,400 6,300
Other (income) expense, net 3,100 (1,500) (10,300) (3,200)
-------- -------- -------- --------
Total costs and expenses 337,200 286,000 632,700 557,200
-------- -------- -------- --------
Income before tax provision 79,100 68,200 177,400 132,900
Income tax provision 20,400 18,700 46,800 36,500
-------- -------- -------- --------
Net income (2) $58,700 $49,500 $130,600 $96,400
======== ======== ======== ========
Basic earnings per share $0.56 $0.48 $1.25 $0.93
======== ======== ======== ========
Diluted earnings per share $0.55 $0.47 $1.22 $0.92
======== ======== ======== ========
Wt. avg. common shares
outstanding - basic 104,500 103,400 104,300 103,400
Wt. avg. common shares
outstanding - diluted 107,500 105,600 107,100 105,200
(1) Included in research and development expense is approximately $6.7
million and $1.0 million in acquired in-process research and
development for the quarters ended June 30, 2004 and 2003,
respectively.
(2) In addition to interest income and exchange gains and losses,
first quarter 2004 other (income) expense, net included 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; $0.09 diluted earnings per
share), partially offset by a charge for an unrelated legal
settlement of $3.9 million pretax ($2.3 million after-tax; $0.02
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 ($0.01 diluted earnings per share). In addition to
interest income and exchange gains and losses, second quarter 2004
other (income) expense, net included a charge for a legal
settlement partially offset by an investment gain, which resulted
in a net pretax charge of $4.3 million ($2.6 million after-tax;
$0.02 diluted earnings per share).
Product Group Summary of Net Sales
Quarter Ended June 30,
-----------------------------------
Constant
2004 2003 Change Currency
-------- -------- ------ --------
Vascular $100,100 $75,800 32% 27%
Urology 121,500 114,500 6% 4%
Oncology 100,300 80,000 25% 23%
Surgery 76,900 67,400 14% 13%
Other 17,500 16,500 6% 4%
-------- --------
Total net sales $416,300 $354,200 18% 15%
======== ========
Six Months Ended June 30,
-----------------------------------
Constant
2004 2003 Change Currency
-------- -------- ------ --------
Vascular $192,200 $143,400 34% 27%
Urology 238,000 223,800 6% 4%
Oncology 194,500 157,700 23% 20%
Surgery 152,100 131,800 15% 14%
Other 33,300 33,400 --- (2)%
-------- --------
Total net sales $810,100 $690,100 17% 14%
======== ========
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion