Beckman first quarter 1997 earnings per share grow 15 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.--(BUSINESS WIRE)--April 21, 1997--Beckman Instruments Inc. (NYSE NYSE See: New York Stock Exchange :BEC) announced today that first quarter earnings per share grew 15 percent to $0.54 from $0.47 in 1996, and that sales in the same period grew 3 percent to $232 million or 5 percent in constant currency. When compared to 1996, the percentage of diagnostic systems placed on operating leases Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. increased, which had the effect of reducing reported sales growth in the quarter by 1 percent. During the quarter, Beckman announced the purchase of the Access(r) 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. immunochemistry Immunochemistry A discipline concerned both with the structure of antibody (immunoglobulin) molecules and with their ability to bind an apparently limitless number of diverse chemical structures (antigens); with the structure, organization, and rearrangement product business from Sanofi 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 Pasteur Pas·teur , Louis 1822-1895. French chemist who founded modern microbiology, invented pasteurization, and developed vaccines for anthrax, rabies, and chicken cholera. . This adds significantly to the company's diagnostic testing Diagnostic testing Testing performed to determine if someone is affected with a particular disease. Mentioned in: Von Willebrand Disease capability and also complements its Hybritech immunochemistry business in cancer and specialty testing. Beckman will now be able to offer a broad menu of high-sensitivity immunochemistry-based tests on an automated platform, which will be sold as a companion to Beckman's industry-leading SYNCHRON(r) Family of clinical chemistry systems. Louis T. Rosso, chairman and chief executive officer, said "In the near term, currency and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. market conditions are affecting sales growth, while expense control and a lower effective tax rate are maintaining earnings per share momentum. "More importantly, for the longer term, the Company is addressing the key market driver -- laboratory productivity -- and is significantly expanding its product portfolio through internal development and strategic acquisitions." 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 through 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.
FIRST QUARTER REPORT
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in Millions, Except Amounts Per Share)
Unaudited
Three Months Ended
March 31,
1997 1996
Sales $231.9 $224.8
Operating costs and expenses:
Cost of sales 109.6 104.9
Selling, general and administrative 74.8 73.7
Research and development 24.0 24.7
208.4 203.3
Operating income 23.5 21.5
Nonoperating income (expense):
Interest income 1.9 1.3
Interest expense (2.8) (3.1)
Other, net (0.3) 0.8
(1.2) (1.0)
Earnings before income taxes 22.3 20.5
Income tax provision 6.7 6.8
Net earnings $15.6 $13.7
Weighted average common shares and common
share equivalents - (in thousands) 28,861 29,259
Net earnings per share $0.54 $0.47
Dividends declared per share $0.15 $0.13
-0-
BECKMAN INSTRUMENTS, INC.
FIRST QUARTER REPORT
EARNINGS RECONCILIATION
(In Millions, Except Amounts Per Share)
Unaudited
Three Months ended March 31, 1997 1996
Per Per
Amt Shares Share(1) Amt Shares Share(1)
Net earnings before
dilutive effect of common
share equivalents $15.6 27.9 $0.56 $13.7 28.4 $0.48
Dilutive effect of common
share equivalents 1.0 $(0.02) 0.9 $(0.01)
Net earnings $15.6 28.9 $0.54 $13.7 29.3 $0.47
-0- (1) In February 1997, the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). (FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). ) issued Statement of Financial Accounting Standards No. 128 ("SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 128"), "Earnings Per Share," replacing primary and fully 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 ("EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ") with basic and 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. 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 first quarter basic EPS for 1997 and 1996, respectively, would have been $0.56 and $0.48, and diluted EPS would have equaled the current and historically reported net (primary) earnings per share. -0-
BECKMAN INSTRUMENTS, INC.
FIRST QUARTER REPORT
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
Unaudited
March 31, Dec. 31,
1997 1996
Assets
Current assets:
Cash and equivalents $39.7 $34.6
Short-term investments 4.2 8.1
Trade receivables and other 284.5 309.5
Inventories 199.1 190.4
Deferred income taxes 21.6 21.4
Other current assets 15.5 15.4
Total current assets 564.6 579.4
Property, plant and equipment, net 255.4 263.5
Deferred income taxes 50.5 50.8
Other assets 66.6 66.4
Total assets $937.1 $960.1
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable $25.3 $19.4
Accounts payable and accrued expenses 183.5 208.2
Income taxes 66.7 51.7
Total current liabilities 275.5 279.3
Long-term debt, less current maturities 176.1 176.6
Other liabilities 94.8 105.3
Total liabilities 546.4 561.2
Stockholders' equity 390.7 398.9
Total liabilities and
stockholders' equity $937.1 $960.1
-0- CONTACT: Beckman Instruments Inc., Fullerton Michael J. Whelan, Director, Investor Relations Investor relations The process by which the corporation communicates with its investors. 714/773-7620 |
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