Bard Reports Third-Quarter Results Net Sales up 12%, Earnings Per Share at 98 Cents.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 NYSE See: New York Stock Exchange :BCR BCR B Cell Receptor BCR Business Communications Review (magazine) BCR Banca Comerciala Romana (Romanian bank) BCR Breakpoint Cluster Region BCR Benefit/Cost Ratio BCR Bay City Rollers ) 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 $361.8 million for the quarter ended September September: see month. 30, 2003, up 12 percent over the prior-year period's net sales of $322.7 million. On a constant currency basis, third-quarter 2003 net sales increased 9 percent over the third quarter 2002. Third-quarter 2003 net sales in the U.S. were $258.8 million, up 10 percent over the prior-year period, and net sales outside the U.S. were $103.0 million, up 17 percent over the prior-year period. On a constant currency basis, net sales outside the U.S. increased by 6 percent over the prior-year quarter. Net Income for the third quarter 2003 was $51.5 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 were 98 cents, up 73 percent and 72 percent, respectively, over the same period in the prior year. For the quarter ended September 30, 2002, 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 $29.8 million and diluted earnings per share of 57 cents. Included in the third-quarter 2002 results were items totaling $14.8 million after tax, or 28 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, related to the realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of certain divisional and manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. and a tax credit. Excluding these items, net income and diluted earnings per share both grew 15 percent for the quarter. Timothy M. Ring, chairman and chief executive officer, commented, "We continue to be pleased with our strategic and financial progress. Third-quarter results highlight the strength of our customer relationships across a broad range of markets, coupled with an improving product portfolio. Our efficiency improvements outpaced our spending programs this quarter, resulting in better than expected earnings results. We remain committed to our objective of 12 percent annual earnings per share growth going forward." 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 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 June 30, 2003 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 Nine Months Ended
September 30, September 30,
------------------- ---------------------
2003 2002 2003 2002
--------- --------- ----------- ---------
Net sales $361,800 $322,700 $1,051,900 $942,100
Costs and expenses:
Cost of goods sold 154,700 149,200 453,500 435,700
Marketing, selling &
administrative expense 112,300 95,200 326,300 276,300
Research & development
expense 21,600 14,900 62,900 44,100
Interest expense 3,200 3,100 9,500 9,500
Other (income) expense,
net (1,100) 23,600 (4,300) 30,000
--------- --------- ----------- ---------
Total costs and expenses 290,700 286,000 847,900 795,600
--------- --------- ----------- ---------
Income before tax provision 71,100 36,700 204,000 146,500
Income tax provision 19,600 6,900 56,100 38,100
--------- --------- ----------- ---------
Net income (1) $51,500 $29,800 $147,900 $108,400
========= ========= =========== =========
Basic earnings per share $0.99 $0.58 $2.86 $2.08
========= ========= =========== =========
Diluted earnings per share $0.98 $0.57 $2.81 $2.05
========= ========= =========== =========
Wt. avg. common shares
outstanding - basic 51,800 51,700 51,700 52,100
Wt. avg. common shares
outstanding - diluted 52,600 52,300 52,600 52,900
(1) Third quarter 2002 results included a charge related to the
realignment of certain divisional and manufacturing operations and a
tax credit resulting in a net impact of $14.8 million after tax
($0.28 diluted earnings per share). First quarter 2002 results
include charges related to the termination of the company's merger
agreement with Tyco International, Ltd. of $4.0 million after tax
($0.08 diluted earnings per share), divisional and manufacturing
consolidation projects of $1.7 million after tax ($0.03 diluted
earnings per share) and corporate severance related costs of $4.2
million after tax ($0.08 diluted earnings per share). These charges
were offset with the reversal of certain legal accruals of $3.0
million after tax ($0.06 diluted earnings per share).
Product Group Summary of Net Sales
Quarter Ended September 30,
-----------------------------------
Constant
2003 2002 Change Currency
--------- --------- ------ --------
Vascular $77,400 $65,600 18% 12%
Urology 113,300 107,100 6% 4%
Oncology 86,300 76,100 13% 11%
Surgery 68,500 56,800 21% 19%
Other 16,300 17,100 (5)% (6)%
--------- ---------
Total net sales $361,800 $322,700 12% 9%
========= =========
Product Group Summary of Net Sales
Nine Months Ended September 30,
-----------------------------------
Constant
2003 2002 Change Currency
--------- --------- ------ --------
Vascular $220,800 $189,200 17% 9%
Urology 337,100 312,400 8% 6%
Oncology 244,000 221,900 10% 8%
Surgery 200,300 169,100 18% 17%
Other 49,700 49,500 --- (1)%
--------- ---------
Total net
sales $1,051,900 $942,100 12% 8%
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