Beckman third quarter earnings grow 12 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)--Oct. 21, 1996--Beckman Instruments Inc. (NYSE NYSE See: New York Stock Exchange :BEC) on Monday Monday: see week. announced that third quarter 1996 earnings per share grew 12 percent to 65 cents from 58 cents in the prior year. Third quarter 1996 sales grew 10 percent to $253 million when compared with 1995. In constant currency, sales in the third quarter were 13 percent above prior year. For the first nine months of 1996, earnings per share grew 13 percent to $1.77 from $1.57 in the prior year. The first nine months 1996 sales grew 12 percent to $743 million when compared with 1995, or 13 percent in constant currency. To fuel growth, Beckman's strategic focus is to improve customer efficiency by simplifying and automating processes for biochemical bi·o·chem·is·try n. 1. The study of the chemical substances and vital processes occurring in living organisms; biological chemistry; physiological chemistry. 2. analysis. The company's products are designed to help customers in life sciences research, pharmaceutical development 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 run more tests in less time at lower cost. To date in 1996, new products that increase laboratory productivity include: -- Enhanced Synchron(r) autochemistry analyzers for faster, easier operation in hospitals and commercial laboratories. -- New test kits that expand the utility of the Synchron systems. -- FlexSure(r) HP, a whole-blood H. pylori Noun 1. H. pylori - the type species of genus Heliobacter; produces urease and is associated with several gastroduodenal diseases (including gastritis and gastric ulcers and duodenal ulcers and other peptic ulcers) Heliobacter pylori test for rapid bacteria-based ulcer detection used in physicians' offices. -- Tandem (Tandem Computers Inc., Cupertino, CA) A former major manufacturer of fault-tolerant computers founded in 1974 by James Treybig and provider of the early 21st century technology for HP's enterprise computing strategy. (r)-R Ostase test for monitoring the treatment of osteoporosis osteoporosis (ŏs'tēō'pərō`sĭs), disorder in which the normal replenishment of old bone tissue is severely disrupted, resulting in weakened bones and increased risk of fracture; osteopenia . -- Centrifuge centrifuge (sĕn`trəfy  j), device using centrifugal force to separate two or more substances of different density, e.g., two liquids or a liquid and a solid. systems that reduce sample processing time.
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: "Customers need improved productivity, and they are looking to Beckman Beckman or Beckmann may refer to:
Beckman Instruments 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 that 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. -0-
BECKMAN INSTRUMENTS INC.
THIRD QUARTER REPORT
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in Millions, Except Amounts Per Share)
Unaudited
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1996 1995 1996 1995
Sales $252.8 $229.9 $742.8 $665.5
Operating costs and expenses:
Cost of sales 117.8 106.9 346.3 312.1
Selling, general and
administrative 77.7 73.1 234.7 212.1
Research and development 26.1 22.9 78.1 67.0
Restructuring charge -- 4.1 -- 10.6
221.6 207.0 659.1 601.8
Operating income 31.2 22.9 83.7 63.7
Nonoperating income (expense):
Interest income 1.9 1.7 4.6 4.1
Interest expense (4.4) (3.8) (12.0) (9.6)
Other, net (0.8) 0.2 0.4 (0.7)
(3.3) (1.9) (7.0) (6.2)
Earnings before income taxes 27.9 21.0 76.7 57.5
Income tax provision 9.2 7.1 25.3 19.5
Net earnings $ 18.7 $ 13.9 $ 51.4 $ 38.0
Weighted average common shares
and common share equivalents
(thousands) 28,706 28,691 28,999 28,730
Net earnings per share $ 0.65 $ 0.48 $ 1.77 $ 1.32
Dividends declared per share $ 0.13 $ 0.11 $ 0.39 $ 0.33
-0-
BECKMAN INSTRUMENTS INC.
EARNINGS RECONCILIATION
Unaudited
Quarter ended Sept. 30,
1996 1995
Per Per
Amt Share Amt Share
Net earnings before
special charges $18.7 $0.65 $16.5 $0.58
Special charges
Restructuring, net of tax benefit -- -- (2.6) (0.10)
Net earnings $18.7 $0.65 $13.9 $0.48
Nine Months ended Sept. 30,
1996 1995
Per Per
Amt Share Amt Share
Net earnings before
special charges $51.4 $1.77 $44.9 $1.57
Special charges
Restructuring, net of tax benefit -- -- (6.9) (0.25)
Net earnings $51.4 $1.77 $38.0 $1.32
-0-
BECKMAN INSTRUMENTS INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
Unaudited
Sept. 30, Dec. 31,
1996 1995
Assets
Current assets:
Cash and equivalents $ 13.8 $ 26.2
Short-term investments 7.9 8.2
Trade receivables and other 293.5 288.8
Inventories 204.8 166.2
Deferred income taxes 26.6 29.4
Other current assets 14.3 14.5
Total current assets 560.9 533.3
Property, plant and equipment, net 254.8 252.1
Deferred income taxes 62.3 59.8
Other assets 75.2 62.6
Total assets $953.2 $907.8
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable $ 22.3 $ 15.8
Accounts payable and accrued expenses 190.7 190.5
Income taxes 57.8 44.9
Total current liabilities 270.8 251.2
Long-term debt, less current maturities 189.2 162.7
Other liabilities 129.3 146.0
Total liabilities 589.3 559.9
Stockholders' equity 363.9 347.9
Total liabilities and
stockholders' equity $953.2 $907.8
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. , Director, Investor Relations Investor relations The process by which the corporation communicates with its investors. 714/773-7620 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion