Beckman Third Quarter Sales Grow 7 Percent.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.--(BW HealthWire)--Oct. 20, 1997--Beckman Instruments, Inc. (NYSE NYSE See: New York Stock Exchange :BEC) announced today that third quarter 1997 sales grew 7 percent to $272 million when compared to 1996 and that in the first nine months sales grew 4 percent to $774 million. Sales were affected by 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. European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. and Asian markets and a strengthening dollar. When measured in constant currency, at 1996 exchange rates, third quarter and nine month sales grew 11 percent and 7 percent, respectively. Third quarter 1997 earnings per share grew 5 percent to $.68 from $.65 in the prior year and in the first nine months earnings per share grew 10 percent to $1.94 from $1.77 in 1996. These earnings include a $.05 dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. in the third quarter and a $.09 dilution in the first nine months resulting from expenses associated with the acquisition of the Access(r) immunoassay Immunoassay An assay that quantifies antigen or antibody by immunochemical means. The antigen can be a relatively simple substance such as a drug, or a complex one such as a protein or a virus. product line. Without the acquisition, which was completed late in the second quarter and is expected to be accretive to earnings in 1998, earnings per share growth would have been 12 percent for the third quarter and 15 percent for the nine month period. In September September: see month. , Beckman Beckman or Beckmann may refer to:
Miami is a major city in southeastern Florida, in the United States. It is the county seat of Miami-Dade County. Miami is a gamma world city with an estimated population of 404,048. before the end of the year. Coulter, which has annual sales of $700 million, is the world's leading supplier of systems for blood cell analysis. This combination creates a formidable market presence, because there is no overlap o·ver·lap n. 1. A part or portion of a structure that extends or projects over another. 2. The suturing of one layer of tissue above or under another layer to provide additional strength, often used in dental surgery. v. in Beckman and Coulter's product portfolios and they are sold to the same customers. The new company, which will be known as Beckman Coulter This article needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , will be able to address over 75 percent of the hospital laboratory test volume -- including virtually all routine clinical tests -- and will be a leading supplier to life sciences research. 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 "By joining with Coulter we are creating a new company and an even stronger competitor in the diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler and life sciences markets. Together, Beckman and Coulter offer a complete range of systems for routine diagnostic testing Diagnostic testing Testing performed to determine if someone is affected with a particular disease. Mentioned in: Von Willebrand Disease , while Coulter's flow cytometers extend our product capability for medical research. The net result is a much enhanced ability to serve customers." Focused on the chemistry of life, Beckman Instruments, Inc. automates and simplifies biological analysis with products used in life science and clinical diagnostics laboratories. Beckman's instrument systems, chemistries, software and supplies are used in all phases of the battle against disease, from pioneering medical research and drug discovery to patient blood testing. Operating on a global basis, Beckman's annual sales totaled more than $1 billion in 1996, with half of these generated outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . -0-
BECKMAN INSTRUMENTS, INC.
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,
1997 1996 1997 1996
Sales $271.6 $252.8 $774.1 $742.8
Operating costs and expenses:
Cost of sales 132.1 117.8 372.4 346.3
Selling, general and
administrative 82.9 77.7 237.4 234.7
Research and development 27.7 26.1 80.3 78.1
242.7 221.6 690.1 659.1
Operating income 28.9 31.2 84.0 83.7
Nonoperating expenses:
Interest income (0.7) (1.9) (2.9) (4.6)
Interest expense 4.6 4.4 11.7 12.0
Other, net (2.7) 0.8 (4.5) (0.4)
1.2 3.3 4.3 7.0
Earnings before income
taxes 27.7 27.9 79.7 76.7
Income tax provision 8.3 9.2 23.9 25.3
Net earnings $ 19.4 $ 18.7 $ 55.8 $ 51.4
Weighted average common shares
and common share
equivalents - (thousands) 28,649 28,706 28,745 28,999
Net earnings per share $ 0.68 $ 0.65 $ 1.94 $ 1.77
Dividends declared
per share $ 0.15 $ 0.13 $ 0.45 $ 0.39
-0-
BECKMAN INSTRUMENTS, INC.
THIRD QUARTER REPORT
EARNINGS RECONCILIATION
(In Millions, Except Amounts Per Share)
Unaudited
Nine Months ended September 30, 1997 1996
Per Per
Amt. Shares Share(a) Amt. Shares Share(a)
Net earnings
before dilutive
effect of common
share
equivalents $55.8 27.6 $2.02 $51.4 28.1 $1.83
Dilutive effect
of common share
equivalents --- 1.1 $(0.08) --- 0.9 $(0.06)
Net earnings $55.8 28.7 $1.94 $51.4 29.0 $1.77
(a) In February 1997, the Financial Accounting Standards Board
(FASB) issued Statement of Financial Accounting Standards No. 128
("SFAS 128"), "Earnings Per Share," replacing primary and fully
diluted earnings per share ("EPS") with basic and diluted EPS. SFAS
128 is required to be adopted by the Company in its year end 1997
annual report. Had the Company been required to adopt SFAS 128
earlier in 1997, the third quarter basic EPS for 1997 and 1996,
respectively, would have been $0.71 and $0.67, and diluted EPS would
have equaled the current and historically reported net (primary)
earnings per share.
-0-
BECKMAN INSTRUMENTS, INC.
THIRD QUARTER REPORT
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
Unaudited
September 30, December 31,
1997 1996
Assets
Current assets:
Cash and equivalents $ 20.0 $ 34.6
Short-term investments 0.4 8.1
Trade receivables and other 332.5 309.5
Inventories 223.0 190.4
Deferred income taxes 22.4 21.4
Other current assets 20.3 15.4
Total current assets 618.6 579.4
Property, plant and equipment, net 278.4 263.5
Deferred income taxes 51.0 50.8
Other assets 80.2 66.4
Total assets $1,028.2 $ 960.1
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable $ 88.5 $ 19.4
Accounts payable and accrued
expenses 184.1 208.2
Income taxes 73.8 51.7
Total current liabilities 346.4 279.3
Long-term debt, less current
maturities 196.9 176.6
Other liabilities 87.1 105.3
Total liabilities 630.4 561.2
Stockholders' equity 397.8 398.9
Total liabilities and
stockholders' equity $1,028.2 $ 960.1
CONTACT: Beckman Instruments Inc., Fullerton 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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