Murray Hill, NJ -- February 08, 2002 -- C. R. Bard, Inc. (NYSE-BCR) today communicated its estimates for full year 2002 and first quarter 2002 financial performance. The Company has targeted revenue growth for the full year 2002 at 8 percent in constant currency. Also, for the full year 2002, the Company estimates that earnings per share will be between $3.27 and $3.31 including a 24 cent impact from the elimination of goodwill amortization in accordance with Statement of Financial Accounting Standards No. 142 (SFAS 142), "Goodwill and Other Intangible Assets". First quarter 2002 revenue is expected to grow between 6 and 8 percent, in constant currency, with earnings per share of 78 to 79 cents including a 6 cent impact from the elimination of goodwill amortization.
This guidance excludes the impact of a charge associated with the termination of Bard's merger agreement with Tyco International Ltd., to be recorded in the first quarter. This charge is not expected to exceed $10 million on a pre-tax basis.
The Company provided further guidance on revenues and ratios for the full year 2002 along with its year end 2001 balance sheet and cash flow statements, and supplemental information on 2001 results following the text of this release.
Bard expects to reinitiate its quarterly earnings conference call following the first quarter of 2002. Earnings for the first quarter are tentatively scheduled to be released on April 16, 2002.
C. R. Bard, Inc., (www.crbard.com) headquartered in Murray Hill, New Jersey, is a leading multinational developer, manufacturer and marketer of health care products in the fields of vascular, urology, oncology and surgical specialty products.
This press release contains forward-looking statements, the accuracy of which is necessarily subject to risks and uncertainties. Please refer to our September 30, 2001 Form 10-Q for a statement with regard to forward-looking statements, including disclosure of the factors that could cause actual results to differ materially from those expressed or implied.
Revenue Growth
(in constant currency)
| Disease State |
|
% Range |
|
|
|
| Vascular |
|
6 - 8% |
| Urology |
|
5 - 7% |
| Oncology |
|
8 - 10% |
| Surgery |
|
10 - 12% |
Income Statement
Selected Ratios
(% to sales)
| |
|
% Range |
| |
|
|
| Gross Profit |
|
53.2 - 53.6% |
| SG&A |
|
28.5 - 29.0% |
| R&D |
|
4.5 - 5.5% |
| Income Taxes (% IBT) |
|
28.2 - 28.7% |
C. R. Bard, Inc.
Condensed Consolidated Balance Sheets
For the Periods Ended
(in thousands)
| |
December 31, 2001 |
December 31, 2000 |
|
|
|
| ASSETS |
| Cash and short-term investments |
$271,000 |
$119,700 |
| Accounts receivable, net |
$176,800 |
$195,800 |
| Inventories |
$182,000 |
$193,500 |
| Other current assets |
$17,600 |
$17,600 |
|
|
|
| Total current assets |
$647,400 |
$526,600 |
|
|
|
| |
|
|
| Property, plant and equipment, net |
$157,900 |
$155,500 |
| |
|
|
| Intangible assets, net of amortization |
$372,900 |
$356,200 |
| |
|
|
| Other assets |
$52,900 |
$50,900 |
|
|
|
| |
|
|
| Total assets |
$1,231,100 |
$1,089,200 |
|
|
|
| |
|
|
| LIABILITIES AND SHAREHOLDERS' INVESTMENT |
| Short-term debt |
$800 |
$800 |
| Accounts payable |
$43,600 |
$56,000 |
| Accrued liabilities |
$190,100 |
$167,700 |
|
|
|
| Total current liabilities |
$234,500 |
$224,500 |
|
|
|
| Long-term debt |
$156,400 |
$204,300 |
| Other long-term liabilities |
$51,500 |
$46,500 |
|
|
|
| |
|
|
| Shareholders' Investment |
$788,700 |
$613,900 |
|
|
|
| Total liabilities and shareholders' investment |
$1,231,100 |
$1,089,200 |
|
|
|
C.R. Bard, Inc.
Condensed Consolidated Statements of Cash Flows
For the Periods Ending
(in thousands)
| |
Twelve Months Ended
December 31 |
| |
2001 |
2000 |
|
|
|
| Cash flows from operating activities: |
|
|
| Net income |
$143,200 |
$106,900 |
| Non-cash items and other |
$104,900 |
$99,800 |
|
|
|
| |
$248,100 |
$206,700 |
|
|
|
| |
|
|
| Cash flows from investing activities: |
|
|
| Capital expenditures |
($27,400) |
($19,400) |
| Other long-term investments, net |
($44,700) |
($36,600) |
|
|
|
| |
($72,100) |
($56,000) |
|
|
|
| |
|
|
| Cash flows from financing activities: |
|
|
| Purchase of common stock |
($17,500) |
($17,800) |
| Dividends paid |
($43,100) |
($41,800) |
| Other financing activities |
$35,400 |
($63,300) |
|
|
|
| |
($25,200) |
($122,900) |
|
|
|
| |
|
|
| Translation adjustment |
($2,600) |
($6,400) |
| |
|
|
| Cash and cash equivalents: |
|
|
| Increase during the period |
$148,200 |
$21,400 |
| Balance at January 1, |
$114,100 |
$92,700 |
|
|
|
| Balance at December 31, |
$262,300 |
$114,100 |
|
|
|
C. R. Bard, Inc.
Revenue Growth Rates by Product Group
For the Quarter and Twelve Month Period Ending December 31,2001
| |
Quarter Ending 12/31/01 |
Twelve Months Ending 12/31/01 |
| |
% Growth As Reported |
% Growth Constant Currency |
% Growth As Reported |
% Growth Constant Currency |
|
|
|
|
|
| VASCULAR DIAGNOSIS & INTERVENTION |
|
|
|
|
| Electrophysiology |
13% |
12% |
10% |
12% |
| Radiology |
6% |
5% |
4% |
6% |
| Grafts |
7% |
6% |
0% |
1% |
|
|
|
|
|
|
TOTAL VASCULAR |
8% |
7% |
4% |
6% |
|
|
|
|
|
| |
|
|
|
|
| UROLOGICAL DIAGNOSIS & INTERVENTION |
|
|
|
|
| Basic Drainage |
-1% |
-1% |
1% |
2% |
| Urological Specialties |
23% |
23% |
21% |
22% |
|
|
|
|
|
|
TOTAL UROLOGICAL |
7% |
7% |
8% |
9% |
|
|
|
|
|
| |
|
|
|
|
| ONCOLOGICAL DIAGNOSIS & INTERVENTION |
|
|
|
|
| Specialty Access |
5% |
5% |
7% |
8% |
| Interventional (G.I.) |
11% |
11% |
12% |
13% |
|
|
|
|
|
|
TOTAL ONCOLOGICAL |
7% |
7% |
9% |
9% |
|
|
|
|
|
| |
|
|
|
|
| SURGICAL SPECIALTIES |
|
|
|
|
| Soft Tissue Products |
21% |
20% |
21% |
22% |
| Performance Irrigation |
-1% |
-1% |
-2% |
-2% |
| Hemostasis |
13% |
13% |
18% |
18% |
|
|
|
|
|
|
TOTAL SURGICAL SPECIALTIES |
13% |
13% |
12% |
13% |
|
|
|
|
|
|
|
|
|
|
|
TOTAL OTHER PRODUCTS |
1% |
1% |
0% |
0% |
|
|
|
|
|
| |
|
|
|
|
|
TOTAL NET SALES |
8% |
8% |
8% |
9% |
|
|
|
|
|
|
