Bard reports 1996 financial results with eight percent fourth quarter sales growth.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 for the fourth quarter ended December December: see month. 31, 1996 of $314.2 million, up 8 percent and earnings per share of 46 cents, up 15 percent over 1995 fourth quarter results. Net sales for the full year were $1.194 billion, up 5 percent over the prior year. Net income for 1996 totaled $92.5 million, and earnings per share were $1.62, up 7 and 6 percent, respectively, compared with last year's results of $86.8 million and $1.53 per share. The results of the fourth quarter of 1995 and the full year for both 1995 and 1996 include one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charges. 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, "The fourth quarter saw several significant product launches in the cardiology cardiology Medical specialty dealing with heart diseases and disorders. It began with the 1749 publication by Jean Baptiste de Sénac of contemporary knowledge of the heart. Diagnostic methods improved in the 19th century, and in 1905 the electrocardiograph was invented. area. The XT coronary stent coronary stent Intracoronary stent Cardiology An expandable tubular device which can be inserted percutaneously, and left within a coronary artery lumen to maintain its patency Pros Clinical and angiographic outcomes are better with intracoronary artery stent was launched in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , and the Bard ProCross Rely balloon angioplasty balloon angioplasty: see under angioplasty. catheter catheter /cath·e·ter/ (kath´e-ter)1. a tubular, flexible surgical instrument that is inserted into a cavity of the body to withdraw or introduce fluid. 2. urethral c. was released in the U.S. On a worldwide basis, we began selling our new internally-developed Quantum blood oxygenator oxygenator an apparatus by which oxygen is introduced into the blood during circulation outside the body, as during open-heart surgery. See also extracorporeal circulatory support unit. . These new products, along with continued emphasis on our strong urological and surgical product franchises, including our IMPRA acquisition, should help sustain the sales growth momentum we experienced in the fourth quarter." The 1996 net sales of $1.194 billion included U.S. sales of $787.0 million and international sales of $407.4 million, 66 and 34 percent of total sales, respectively. For the fourth quarter, U.S. sales totaled $206.9 million and international sales were $107.3 million. The effect of currency translation was to decrease international sales growth by over 2 percent in the quarter. Net income for the quarter totaled $26.5 million or 46 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. , up 16 and 15 percent , respectively, over fourth quarter 1995 net income of $22.8 million or 40 cents per share. Fourth quarter 1995 results included a one-time after-tax charge of $3.6 million or 6 cents per share for the costs associated with the merger with American Hydro-Surgical Instruments, Inc. Reported 1996 earnings per share were $1.62 for the full year versus $1.53 as reported for the full year 1995. The 1996 results include one-time after-tax charges of 23 cents per share for the IMPRA acquisition and the Davol plant closing, while 1995 results include onetime charges of 23 cents for two acquisitions made in that year. Adjusting for these events, Bard's earnings per share comparison would have been $1.85 versus $1.76, a 5 percent increase. Complete financial information will be available in Bard's 1996 Annual Report, scheduled for distribution on March 7. Statements of consolidated income and condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. balance sheets are attached to this report. C.R. Bard, Inc., headquartered in Murray Hill, NJ, is a leading multinational developer, manufacturer and marketer of health care products. Note: A recorded announcement giving financial performance details for the quarter and the year is available by calling (908) 277-8300.
C. R. BARD, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED INCOME
(In thousands except per share amounts)
Quarter Ended December 31, Year Ended December 31,
1996 1995 1996 1995
Net sales 314,200 $291,000 $1,194,400 $1,137,800
Costs and expenses:
Cost of goods sold 150,800 141,000 581,300 550,000
Marketing, selling
and administrative 99,200 91,800 365,800 354,600
Research & development 19,500 18,500 77,300 75,600
Interest expense 7,700 5,500 26,400 24,200
Costs to combine
operations 0 5,200 9,000 17,700
Other (income) expense (900) (2,000) 31,900 (7,800)
Total costs and
expenses 276,300 260,000 1,091,700 1,014,300
Income before taxes 37,900 31,000 102,700 123,500
Income tax provision 11,400 8,200 10,200 36,700
Net income $ 26,500 $ 22,800 $ 92,500 $ 86,800
Net income per share $ .46 $ .40 $ 1.62 $ 1.53
Weighted average shares outstanding 57,090 56,731
PRODUCT GROUP SUMMARY OF NET SALES
Quarter Ended December 31, Year Ended December 31,
% %
1996 1995 Change 1996 1995 Change
Cardiovascular $101,100 $ 96,300 5 $ 394,200 $ 375,000 5
Urological 85,700 84,400 2 342,400 322,500 6
Surgical 127,400 110,300 16 457,800 440,300 4
Net Sales $314,200 $291,000 8 $1,194,400 $1,137,800 5
C. R. BARD, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of dollars)
December 31, December 31,
1996 1995
Assets
Cash and short-term investments $ 78,000 $ 51,300
Accounts receivable (net) 245,400 215,700
Inventories 245,000 228,200
Other current assets 8,500 8,700
Total current assets 576,900 503,900
Property, plant and equipment (net) 226,100 214,200
Intangible assets, net
of amortization 447,200 315,500
Other assets 82,300 57,400
TOTAL ASSETS $1,332,500 $1,091,000
Liabilities and Shareholders' Investment
Short-term debt $ 148,200 $ 66,900
Accounts payable 59,200 62,700
Accrued liabilities 128,800 143,700
Total current liabilities 336,200 273,300
Long-term debt 342,800 198,400
Other long-term liabilities 52,000 54,700
Shareholders' investment 601,500 564,600
TOTAL LIABILITIES AND SHAREHOLDERS'
INVESTMENT $1,332,500 $1,091,000
CONTACT: 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. E.L. Parker, 908/277-8059 |
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