Beckman second quarter 1995 earnings per share grow 14% 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)--July 17, 1995--Beckman Instruments Inc. (NYSE NYSE See: New York Stock Exchange :BEC) Monday Monday: see week. announced that second quarter and first half 1995 earnings per share before special charges grew 14% from the prior year to $.56 and $.99 respectively. Sales were $230.6 million and $435.6 million for the second quarter and first half, with growth of 4% in each period when compared to 1994. In constant currency exchange rates, sales for the second quarter and the first half of 1995 were unchanged from 1994. Beginning with 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. This will lower 1995 reported earnings per share growth, as compared to 1994, by 2 to 3%. Without this change, earnings per share before special charges for the second quarter and first half of 1995 would have grown 16%. Special charges of $3.4 million or $.08 per share in the second quarter and $6.5 million or $.15 per share in the first half were for completion of the company's previously announced 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 that will be finished by the end of the year. In the first half of 1994 special charges were incurred for the restructuring program and a required change in accounting principles. Earnings per share after special charges were $.48 for the second quarter and $.84 for first half of 1995. A worldwide focus on health care related cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. is limiting growth in the bioresearch bi·o·re·search n. Research in the biological sciences. and clinical 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 markets. However, in this environment, Beckman Beckman or Beckmann may refer to:
o In bioresearch, these include the Oligo 1000M DNA synthesis DNA synthesis commonly refers to:
system, the Biomek(r) 2000 laboratory automation workstation workstation Computer intended for use by one person, but with a much faster processor and more memory than an ordinary personal computer. Workstations are designed for powerful business applications that do large numbers of calculations or require high-speed graphical , and the Avanti Avanti Historic kingdom, north-central India. Located on the overland trade routes between northern and southern India, it lay within present-day Madhya Pradesh. Its capital was at Ujjayini (near present-day Ujjain). (r) series of high performance certrifuges. In addition, the company has initiated the acquisition of Genomyx Corp., which will provide Beckman with simplified sim·pli·fy tr.v. sim·pli·fied, sim·pli·fy·ing, sim·pli·fies To make simple or simpler, as: a. To reduce in complexity or extent. b. To reduce to fundamental parts. c. manual DNA sequencing DNA sequencing The determination of the sequence of nucleotides in a sample of DNA. systems and has also entered into an alliance to sell protein purification Protein purification is a series of processes intended to isolate a single type of protein from a complex mixture. Protein purification is vital for the characterisation of the function, structure and interactions of the protein of interest. products provided by BioSepra Inc. All of these products contribute to laboratory productivity. o In diagnostics, the newest product additions are Synchron(r) Delta Series clinical systems. These will be shown for the first time at the American Association American Association refers to one of the following professional baseball leagues:
: Top - 0–9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z A
meeting held this week in Anaheim Anaheim (ăn`əhīm), city (1990 pop. 266,406), Orange co., S Calif., SE of Los Angeles; inc. 1870. Anaheim was founded by Germans in 1857 as an experiment in communal living. , Calif. The Synchron(r) Delta Series maintains Beckman's leadership position in optimizing hospital laboratory efficiency where the Synchron product line has been number one in new placements since 1991. 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, "The results of our restructuring program are now evident in Beckman's financial performance. At the same time, the company's streamlined organization is successfully focusing on customer needs for improved laboratory productivity, strengthening market positions worldwide." 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 than 120 countries.
Beckman Instruments
Second Quarter Report
Condensed Consolidated Statements of Earnings
(Dollars in Millions, Except Amounts Per Share)
Unaudited
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
Sales $230.6 $222.2 $435.6 $420.8
Operating costs and expenses:
Cost of sales 108.0 105.2 205.2 200.3
Marketing, administrative
and general 73.8 69.2 139.0 132.6
Research, development and
engineering 22.0 22.9 44.1 44.5
Restructuring charge 3.4 1.1 6.5 2.3
207.2 198.4 394.8 379.7
Operating income 23.4 23.8 40.8 41.1
Nonoperating income (expense):
Interest income 1.1 1.2 2.4 2.3
Interest expense (3.0) (3.3) (5.8) (6.0)
Other, net (0.6) (1.7) (0.9) (2.4)
(2.5) (3.8) (4.3) (6.1)
Earnings before income taxes 20.9 20.0 36.5 35.0 Income tax provision 7.1 7.0 12.4 12.2 Net earnings before cumulative effect of change in accounting principles 13.8 13.0 24.1 22.8
Cumulative effect of change in
accounting principles:
Accounting for postemployment
benefits (net of tax benefit
of $3.0) -- -- -- (5.1)
Net earnings $13.8 $13.0 $24.1 $17.7 Weighted average common shares and common share equivalents -- (thousands) 28,674 27,977 28,749 27,948 Net earnings per share before cumulative effect of change in accounting principles $0.48 $0.46 $0.84 $0.81 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 $0.46 $0.84 $0.63 Note to Editors: See accompanying notes to condensed consolidated financial statements.
Beckman Instruments Inc.
Earnings Reconciliation
Unaudited
Quarter Ended June 30, 1995 1994
Per Per
Shares Amt Share Shares Amt Share
Net earnings before
restructuring charge and
cumulative effect of
change in accounting
principles 28,064 $16.0 $0.57 27,977 $13.7 $0.49
Common share equivalents 610 -- (0.01) (a) -- -- Net earnings before restructuring charge and cumulative effect of change in accounting principles 28,674 16.0 0.56 27,977 13.7 0.49 Restructuring charge, net of tax benefit 28,674 (2.2) (0.08)27,977 (0.7)(0.03) Cumulative effect of change in accounting principles 28,674 -- -- 27,977 -- -- Net earnings 28,674 $13.8 $0.48 27,977 $13.0 $0.46 (a) Less than 3% dilutive
Six Months Ended June 30, 1995 1994
Per Per
Shares Amt Share Shares Amt Share
Net earnings before
restructuring charge and
cumulative effect of
change in accounting
principles 28,073 $28.4 $1.01 27,948 $24.3 $0.87
Common share equivalents 676 -- (0.02) (a) -- -- Net earnings before restructuring charge and cumulative effect of change in accounting principles 28,749 28.4 0.99 27,948 24.3 0.87 Restructuring charge, net of tax benefit 28,749 (4.3) (0.15)27,948 (1.5)(0.06) Cumulative effect of change in accounting principles 28,749 -- -- 27,948 (5.1)(0.18) Net earnings 28,749 $24.1 $0.84 27,948 $17.7 $0.63 (a) Less than 3% dilutive
BECKMAN INSTRUMENTS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
Unaudited
June 30, Dec 31,
1995 1994
Assets Current Assets: Cash and equivalents $ 15.1 $ 44.2 Short-term investments 6.4 0.7 Trade receivables 274.3 265.9 Inventories 171.8 150.7 Deferred income taxes 39.0 37.8 Other current assets 15.4 12.7
Total current assets 522.0 512.0
Property, plant and equipment, net 245.9 232.6 Deferred income taxes 58.5 56.6 Other assets 40.2 27.9
Total assets $866.6 $829.1
Liabilities and Stockholders' Equity Current liabilities: Notes payable $ 31.0 $ 12.2 Accounts payable and accrued expenses 189.1 202.9 Income taxes 55.9 53.7
Total current liabilities 276.0 268.8
Long-term debt, less current maturities 130.3 117.3 Other liabilities 116.0 126.0
Total liabilities 522.3 512.1
Stockholders' equity 344.3 317.0
Total liabilities and stockholders'
equity $866.6 $829.1
CONTACT: Beckman Instruments Inc. Jay Steffenhagen, 714/773-7764 |
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