Bard Reports Third Quarter Results; Sales of Emphasis Products Up 7 Percent.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 totaling $226.9 million. The company reported total net sales of $298.5 million, net income of $23.5 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 of 42 cents for the third quarter ended September 30, 1998. In the prior year period, Bard reported net sales of emphasis products of $213.0 million, total net sales of $297.5 million and a net loss of $3.8 million or negative 7 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. . The prior year loss included a one- time restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. for Bard's strategic manufacturing initiative. Bard is currently in the process of divesting several of its coronary 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. businesses. A major component of this program was completed with the previously reported sale October 1, 1998 of Bard's coronary cath lab A catheterization laboratory or cath lab is an examination room in a hospital or clinic with diagnostic imaging equipment to support the catheterization procedure. A catheter is inserted into a large artery, and various wires and devices can be inserted through the body via business. The gain from this sale will be reflected in the fourth quarter results. When the divestitures are completed, approximately 95 percent of Bard's net sales will be generated by its four emphasis product groups. William H. Longfield, chairman and chief executive officer, said, "I am pleased that our emphasis products continue to show strong performance with 7 percent sales growth in the third quarter. When our divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). program is completed, we will be able to focus more resources on R & D programs in our core franchise businesses. It is these four emphasis product groups that will drive our growth and help us to meet our 1999 financial targets by capitalizing on the market strength of our remaining businesses." For the nine months ended September 30, 1998, Bard's worldwide sales of emphasis products increased over 6 percent to $667.8 million. Total sales for nine months equaled $895.4 million, with sales in the U.S. of $584.7 million and international sales of $310.7 million. Year-to-date net income and diluted earnings per share, were $88.6 million and $1.56 respectively. 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., headquartered in Murray Hill, New Jersey
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. Management refers the reader to Bard's 1998 second quarter 10-Q for a detailed statement with regard to forward-looking statements. -0-
C. R. BARD, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED INCOME
(thousands except per share amounts, unaudited)
Quarter Ended Nine Months Ended
Sept. 30, Sept. 30,
1998 1997 1998 1997
Net sales $298,500 $297,500 $895,400 $902,200
Costs and expenses:
Cost of goods sold 144,900 139,300 430,400 426,200
Marketing, selling and
administrative 94,100 97,700 286,800 288,400
Research and development
expense 18,900 21,600 58,900 64,200
Interest expense 7,600 8,200 22,900 24,900
Other (income) expense,
net (1,100) 35,700 (36,200) 27,900
Total costs and expenses 264,400 302,500 762,800 831,600
Income (loss) before
taxes 34,100 (5,000) 132,600 70,600
Provision (benefit)
for income taxes 10,600 (1,200) 44,000 22,100
Net income (loss) $ 23,500 $ (3,800) $ 88,600 $ 48,500
Basic earnings per
share $ .42 $ (.07) $ 1.57 $ .85
Diluted earnings per
share $ .42 $ (.07) $ 1.56 $ .84
Average common shares
outstanding - basic 55,936 57,054 56,498 57,054
Average common shares
outstanding - diluted 56,358 57,742 56,838 57,742
PRODUCT GROUP SUMMARY OF NET SALES
Quarter Ended Nine Months Ended
Sept. 30, Sept. 30,
% %
1998 1997 change 1998 1997 change
Vascular $ 51,700 $ 48,700 6 $ 152,200 $ 145,400 5
Urology 85,100 80,200 6 249,700 236,300 6
Oncology 53,500 50,200 7 157,300 147,900 6
Surgery 36,600 33,900 8 108,600 99,700 9
Total Emphasis
Products 226,900 213,000 7 667,800 629,300 6
Other 71,600 84,500 (15) 227,600 272,900 (17)
Net Sales $ 298,500 $ 297,500 0 $ 895,400 $ 902,200 (1)
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