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Murray Hill, NJ -- October 17, 2001 -- C. R. Bard, Inc. (NYSE-BCR) today reported net sales of $297.8 million for the quarter ended September 30, 2001, up 8 percent over prior year's net sales of $275.4 million. Adjusting for the negative effect of currency translation, third quarter net sales would have increased by 10 percent. Net income for the third quarter was $35.7 million, and diluted earnings per share was 68 cents, up 5 percent and 3 percent, respectively, over the same period in the prior year. In the prior-year period, Bard reported net income of $34.0 million and diluted earnings per share of 66 cents, which included legal settlements and a gain from asset dispositions amounting to $4.1 million or 4 cents diluted earnings per share after tax. Excluding these one-time items in the prior-year period, net income and diluted earnings per share would have increased 12 percent and 10 percent, respectively.
William H. Longfield, chairman and chief executive officer, commented, "Bard's third quarter sales growth of 10 percent, on a constant currency basis, demonstrates the continued strength of the company's core franchises. We are pleased by this performance and look forward to building further on our positive momentum."
Third quarter net sales in the U.S. were $218.2 million, up 10 percent over the prior-year period, and net sales outside the U.S. were $79.6 million, up 3 percent over the same period in the prior-year. Adjusting for the negative currency translation effect, net sales growth outside the U.S. would have increased by 8 percent in the third quarter and 7 percent for the first nine months of the year 2001.
In addition, the company said that it remains comfortable with its full-year 2001 diluted earnings per share estimate of $2.75, consistent with previous guidance.
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 June30, 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
September 30, | | Nine Months Ended
September 30, |
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| | 2001 | | 2000 | | 2001 | | 2000 |
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| Net Sales | $297,800 |
| $275,400 | | $878,500 | | $818,500 |
| | | Costs and expenses: | |
| | Cost of goods sold | 139,500 | | 126,100 | | 410,200 | | 370,900 |
| | Marketing, selling & administrative | 91,200 | | 87,900 | | 272,300 | | 261,800 |
| | Research & development expense | 13,100 | | 13,000 | | 40,300 | | 40,700 |
| | Interest expense | 3,500 | | 4,900 | | 11,200 | | 15,400 |
| | Gain from dispositions of cardiology business | 0 | | 0 | | 0 | | (15,400) |
| | Other (income) expense, net (1) | (700) | | (5,800) | | (4,100) | | 1,900 |
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| Total costs and expenses | 246,600 | | 226,100 | | 729,900 | | 675,300 |
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| Income before taxes | 51,200 | | 49,300 | | 148,600 | | 143,200 |
| | Income tax provision | 15,500 | | 15,300 | | 44,700 | | 44,600 |
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| Net income | $ 35,700 | | $ 34,000 | | $103,900 | | $ 98,600 |
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| Basic earnings per share | $ 0.70 | | $ 0.67 | | $ 2.04 | | $ 1.95 |
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| Diluted earnings per share | $ 0.68 | | $ 0.66 | | $ 2.01 | | $ 1.93 |
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| Average common shares outstanding-basic | 51,324 | | 50,767 | | 50,966 | | 50,648 |
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| Average common shares outstanding-diluted | 52,276 | | 51,324 | | 51,669 | | 51,169 |
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| (1) In addition to interest income and foreign exchange, other (income)
expense, net for the third quarter of 2000 includes a net pretax gain of $4,100 ($.04 diluted per share after-tax) resulting
from asset dispositions and legal settlements. |
Product Group Summary of Net Sales
| | Quarter Ended September 30, | | Nine Months Ended September 30, |
| | 2001 | | 2000 | | Change | | Constant
Currency | | 2001 | | 2000 | | Change | | Constant
Currency | | |
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| Vascular | $62,600 | | $59,100 | | 6% | | 10% | | $185,700 | | $181,100 | | 3% | | 6% |
| Urology | 100,000 | | 91,300 | | 10% | | 11% | | 291,300 | | 269,000 | | 8% | | 10% |
| Oncology | 70,700 | | 65,300 | | 8% | | 9% | | 204,000 | | 187,100 | | 9% | | 10% |
| Surgery | 49,700 | | 44,900 | | 11% | | 11% | | 151,900 | | 135,300 | | 12% | | 13% |
| Other | 14,800 | | 14,800 | | 0% | | -3% | | 45,600 | | 46,000 | | -1% | | -1% |
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| Total net sales | $297,800 | | $275,400 | | 8% | | 10% | | $878,500 | | $818,500 | | 7% | | 9% |
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