Murray Hill, NJ -- July 17, 2001 -- C. R. Bard, Inc. (NYSE-BCR) today reported net sales of $295.9 million for the quarter ended June 30, 2001, up 8 percent over net sales of $274.6 million for the same period in the prior year. Adjusting for the 1 percent negative effect of currency translation, second quarter net sales would have increased by 9 percent. Net income for the second quarter was $35.0 million, and diluted earnings per share was 68 cents, up 6 percent and 5 percent, respectively, over the same period in the prior year. In the prior-year period, Bard reported net income of $33.1 million and diluted earnings per share of 65 cents, which included a legal settlement and a gain from asset dispositions amounting to $5.0 million or 6 cents diluted earnings per share after tax.
William H. Longfield, chairman and chief executive officer, commented, "Bard's second quarter sales growth of 9 percent, on a constant currency basis, is indicative of the fundamental strength of the company's product lines. We are pleased by our performance and excited about the future growth opportunities the Tyco merger will bring to Bard's franchises."
Second quarter net sales in the U.S. were $215.2 million, up 10 percent over the prior-year period, and net sales outside the U.S. were $80.7 million, up 3 percent over the prior-year period. Adjusting for the negative currency translation effect, net sales growth outside the U.S. would have increased by 8 percent in the second quarter and 7 percent for the first half of the year 2001.
The Company also announced that yesterday it received a second request for information from the U.S. Federal Trade Commission regarding its proposed merger with a subsidiary of Tyco International Ltd. The Company is in the process of gathering information to respond to the request. Both the Company and Tyco continue to expect a closing in the fourth quarter of this year. The transaction, which was announced on May 30, 2001, is subject to customary conditions, including regulatory approval and the approval of Bard's shareholders.
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 March 31, 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.