Beckman's third quarter and year-to-date earnings per share grow 14 percent before special charges.FULLERTON Fullerton, city (1990 pop. 114,144), Orange co., S Calif., SE of Los Angeles; founded 1887, inc. 1904. The city is named for George H. Fullerton, head of a land company, who arranged to route the San Diego–Los Angeles–Santa Fe RR through the settlement in , Calif.--(BUSINESS WIRE)--Oct. 23, 1995--Beckman Instruments Inc. (NYSE NYSE See: New York Stock Exchange :BEC) Monday Monday: see week. announced that third quarter earnings per share before special charges grew 14% to $.58 from $.51 in 1994. Earnings per share before special charges for the first nine months of 1995 grew 14 percent to $1.57 from $1.38 in the same period of the prior year. Sales in the third quarter were $229.9 million, 6 percent above third quarter 1994, and $665.5 million for the first nine months, 4 percent above prior year. In constant currency, sales in the third quarter were 2 percent above prior year and for the first nine months slightly above 1994. Starting in the first quarter of 1995, the company began including the dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). of unexercised stock options as common stock equivalents when calculating earnings per share. Without this change earnings per share before special charges for the third quarter and first nine months of 1995 would have grown 16 percent. This effect will lower annual 1995 reported earnings per share growth, as compared to 1994, by about 2 percent. Special charges of $4.1 million or $.10 per share in the third quarter and $10.6 million or $.25 per share in the first nine months were for the company's restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). program initiated in October October: see month. of 1993. It will be completed as originally planned by the end of this year. Earnings per share after special charges were $.48 for the third quarter and $1.32 for the nine months ending September September: see month. 1995. Throughout 1995, Beckman Beckman or Beckmann may refer to:
(2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler . These internal programs will be augmented with the January January: see month. 1996 acquisition of Hybritech Inc. Hybritech brings a world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. capability in the development and manufacturing of cancer tests and other high-sensitivity immunoassays, together with existing product lines that can immediately be leveraged by Beckman's worldwide distribution system. Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. T. Rosso For information on a musical group by the same name, please see ROSSO (band) Rosso is the major city of south-western Mauritania and capital of Trarza region. It ia situated on the Senegal River at the head of year-round navigation. , chairman and chief executive officer said, "Beckman is growing profits while investing to strengthen its market positions in a competitive and constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. business environment. As we go forward, Hybritech will provide Beckman with technologies and products that complement existing programs and support achievement of our strategic objectives." Beckman Instruments Inc. is a registered ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9000 Quality Systems Company which develops, manufactures and markets automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. systems and supplies used for biological analysis in laboratories for research, product development and clinical diagnostics. Beckman operates in more then 120 countries. -0-
BECKMAN INSTRUMENTS
THIRD QUARTER REPORT
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in Millions, Except Amounts Per Share)
Unaudited
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
Sales $229.9 $217.8 $665.5 $638.6
Operating costs and expenses:
Cost of sales 106.9 103.0 312.1 303.3
Marketing, administrative
and general 73.1 65.7 212.1 198.3
Research, development and
engineering 22.9 23.9 67.0 68.4
Restructuring charge 4.1 4.8 10.6 7.1
207.0 197.4 601.8 577.1
Operating income 22.9 20.4 63.7 61.5 Nonoperating income (expense): Interest income 1.7 1.2 4.1 3.5 Interest expense (3.8) (3.5) (9.6) (9.5) Other, net 0.2 (0.7) (0.7) (3.1)
(1.9) (3.0) (6.2) (9.1)
Earnings before income taxes 21.0 17.4 57.5 52.4 Income tax provision 7.1 6.1 19.5 18.3 Net earnings before cumulative effect of change in accounting principles 13.9 11.3 38.0 34.1
Cumulative effect of change in
accounting principles:
Accounting for postemployment
benefits (net of tax benefit
of $3.0) -- -- -- (5.1)
Net earnings $13.9 $11.3 $38.0 $29.0 Weighted average common shares and common share equivalents -- (thousands) 28,691 28,175 28,730 28,030 Net earnings per share before cumulative effect of change in accounting principles $0.48 $0.40 $1.32 $1.21
Cumulative effect of change in
accounting principles:
Accounting for postemployment
benefits (net of tax benefit
of $3.0) -- -- -- (0.18)
Net earnings per share $0.48 $0.40 $1.32 $1.03 See accompanying notes to condensed consolidated financial statements.
BECKMAN INSTRUMENTS INC.
EARNINGS RECONCILIATION CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
Unaudited
Quarter Ended September 30, 1995 1994
Per Per
Shares Amt Share Shares Amt Share
Net earnings before restructuring charge and cumulative effect of change in accounting principles 28,076 $16.5 $0.59 28,175 $14.4 $0.51 Common share equivalents 615 -- (0.01) (a) -- -- Net earnings before restructuring charge and cumulative effect of change in accounting principles 28,691 16.5 0.58 28,175 14.4 0.51 Restructuring charge, net of tax benefit 28,691 (2.6) (0.10) 28,175 (3.1) (0.11) Cumulative effect of change in accounting principles 28,691 -- -- 28,175 -- -- Net earnings 28,691 $13.9 $0.48 28,175 $11.3 $0.40 (a) Less than 3% dilutive
Nine Months Ended September 30, 1995 1994
Per Per
Shares Amt Share Shares Amt Share
Net earnings before restructuring charge and cumulative effect of change in accounting principles 28,074 $44.9 $1.60 28,030 $38.7 $1.38 Common share equivalents 656 -- (0.03) (a) -- -- Net earnings before restructuring charge and cumulative effect of change in accounting principles 28,730 44.9 1.57 28,030 38.7 1.38 Restructuring charge, net of tax benefit 28,730 (6.9) (0.25) 28,030 (4.6)(0.17) Cumulative effect of change in accounting principles 28,730 -- -- 28,030 (5.1) (0.18) Net earnings 28,730 $38.0 $1.32 28,030 $29.0 $1.03 (a) Less than 3% dilutive -0-
BECKMAN INSTRUMENTS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
Unaudited
September 30, December 31,
1995 1994
Assets
Current assets: Cash and equivalents $17.9 $44.2 Short-term investments 8.6 0.7 Trade receivables 269.6 265.9 Inventories 172.6 150.7 Deferred income taxes 38.6 37.8 Other current assets 20.9 12.7
Total current assets 528.2 512.0
Property, plant and equipment, net 243.8 232.6 Deferred income taxes 57.8 56.6 Other assets 46.0 27.9
Total assets $875.8 $829.1
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable $17.4 $12.2
Accounts payable and
accrued expenses 175.5 202.9
Income taxes 60.3 53.7
Total current
liabilities 253.2 268.8
Long-term debt, less current maturities 159.7 117.3 Other liabilities 118.1 126.0
Total liabilities 531.0 512.1
Stockholders' equity 344.8 317.0
Total liabilities
and stockholders'
equity $875.8 $829.1
-0-
CONTACT: Beckman Industries Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. J. Whelan The family surname Whelan is an anglicised variety of an ancient Irish name, Ó Faoláin, which is the name of an important Irish sept which was prominent in a southeast area of Ireland known historically as "The Decies", which today is part of the modern county of Waterford. , 714/773-7620 |
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