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Murray Hill, NJ -- January 29, 2002 -- C. R. Bard, Inc. (NYSE-BCR) today reported 2001 fourth quarter and full year financial results. Fourth quarter 2001 net sales were $302.8 million, an increase of 8 percent over the prior-year period on both a reported and constant currency basis. Net sales for the full year 2001 were $1,181.3 million, an increase of 8 percent on a reported basis and an increase of 9 percent on a constant currency basis. Fourth quarter net sales in the U.S. were $220.2 million, up 9 percent over the prior-year period, and net sales outside the U.S. were $82.6 million, up 6 percent over the prior-year period.
Net income for the fourth quarter was $ 39.3 million or 74 cents diluted earnings per share. In the prior-year period, Bard reported net income of $8.3 million and diluted earnings per share of 16 cents, including one-time pretax items totaling $35.3 million or 47 cents per share after taxes associated with the Company's fourth quarter 2000 decision to not exercise its option to acquire the remaining capital stock of Endologix, Inc., and legal settlements. Excluding these prior-year items, 2001 fourth quarter net income and diluted earnings per share increased 21 percent and 17 percent, respectively.
For the full year 2001, net income totaled $143.2 million or $2.75 diluted earnings per share; the results for 2001 did not include any one-time items. Excluding one-time items reported in 2000, net income and diluted earnings per share for 2001 increased by 14 percent and 12 percent, respectively.
William H. Longfield, chairman and chief executive officer, said, "We are very proud of Bard's results for this past year. Revenue growth in constant currency accelerated to 9 percent this year, up from 8 percent in 2000 and 7 percent in 1999. Strong sales growth came from all of our four product groups. Net income trends remain solid and predictable. In addition, positive cash flow has left the company with a strong cash position and lower debt levels."
The Company also reiterated that it is studying Tyco International's recent announcement that it plans to split into four public companies and is discussing with Tyco the companies' proposed merger agreement.
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.
C.R. Bard, Inc.
Consolidated Statements of Income(thousands of dollars except per share amounts, unaudited)
| | Quarter Ended
December 31, | | Twelve Months Ended
December 31, |
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| | 2001 | | 2000 | | 2001 | | 2000 |
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| Net Sales | $302,800 |
| $280,300 | | $1,181,300 | | $1,098,800 |
| | | Costs and expenses: | |
| | Cost of goods sold | 140,300 | | 128,400 | | 550,500 | | 499,300 |
| | Marketing, selling & administrative | 91,900 | | 90,200 | | 364,200 | | 352,000 |
| | Research & development expense | 13,100 | | 12,500 | | 53,400 | | 53,200 |
| | Interest expense | 3,000 | | 3,900 | | 14,200 | | 19,300 |
| | Gain from dispositions of cardiology business | --- | | --- | | --- | | (15,400) |
| | Other (income) expense, net (1) | (1,800) | | 34,500 | | (5,900) | | 36,400 |
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| Total costs and expenses | 246,500 | | 269,500 | | 976,400 | | 944,800 |
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| Income before taxes | 56,300 | | 10,800 | | 204,900 | | 154,000 |
| | Income tax provision | 17,000 | | 2,500 | | 61,700 | | 47,100 |
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| Net income | $ 39,300 | | $ 8,300 | | $143,200 | | $ 106,900 |
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| Basic earnings per share | $ 0.76 | | $ 0.16 | | $ 2.80 | | $ 2.11 |
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| Diluted earnings per share | $ 0.74 | | $ 0.16 | | $ 2.75 | | $ 2.09 |
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| Average common shares outstanding-basic | 51,963 | | 50,858 | | 51,227 | | 50,699 |
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| Average common shares outstanding-diluted | 52,893 | | 51,344 | | 52,001 | | 51,222 |
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(1) In addition to interest income and foreign exchange, other (income) expense, net for the fourth quarter of 2000 included a charge of $40,300 ($0.53 per share after tax) related to not exercising an option to acquire the remaining capital stock of Endologix, Inc. In addition the fourth quarter included a net gain of $5,000 ($0.06 per share after tax) related primarily to legal settlements. |
Product Group Summary of Net Sales
| | Quarter Ended December 31, | | Nine Months Ended December 31, |
| | 2001 | | 2000 | | Change | | Constant
Currency | | 2001 | | 2000 | | Change | | Constant
Currency | | |
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| Vascular | $65,200 | | $60,100 | | 8% | | 7% | | $250,900 | | $241,200 | | 4% | | 6% |
| Urology | 98,800 | | 92,200 | | 7% | | 7% | | 390,100 | | 361,200 | | 8% | | 9% |
| Oncology | 70,600 | | 65,900 | | 7% | | 7% | | 274,600 | | 253,000 | | 9% | | 9% |
| Surgery | 53,300 | | 47,300 | | 13% | | 13% | | 205,200 | | 182,600 | | 12% | | 13% |
| Other | 14,900 | | 14,800 | | 1% | | 1% | | 60,500 | | 60,800 | | ---- | | ---- |
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| Total net sales | $302,800 | | $280,300 | | 8% | | 8% | | $1,181,300 | | $1,098,800 | | 8% | | 9% |
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