MURRAY HILL, N.J.--(BUSINESS WIRE)--July 16, 2003--C. R. Bard,
Inc. (NYSE:BCR) today reported net income for the second quarter 2003
of $49.5 million, and diluted earnings per share of 94 cents, both up
13 percent over the same period in the prior year. For the quarter
ended June 30, 2002, Bard reported net income of $43.9 million and
diluted earnings per share of 83 cents.
Net sales of $354.2 million for the quarter ended June 30, 2003,
increased 12 percent over the prior-year period's net sales of $317.5
million. On a constant currency basis, second-quarter 2003 net sales
increased 8 percent over the same period in 2002. Second-quarter 2003
net sales in the U.S. were $250.4 million, up 8 percent over the
prior-year period, and net sales outside the U.S. were $103.8 million,
up 21 percent over the prior-year period. On a constant currency
basis, net sales outside the U.S. increased by 7 percent over the
prior-year quarter.
William H. Longfield, chairman and chief executive officer,
commented, "We are pleased to report solid revenue and earnings
results again this quarter. Our broad product portfolio and market
leadership positions continue to drive steady growth. The current
quarter improvement in gross margin and the increased funding of
research and development clearly demonstrate our commitment to product
innovation and an improving growth profile. The senior management
transition is occurring seamlessly, and I am confident that Bard is
well positioned for the future."
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, 2003 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
(dollars and shares in thousands except per share amounts, unaudited)
Quarter Ended Six Months Ended
June 30, June 30,
------------------- -------------------
2003 2002 2003 2002
--------- --------- --------- ---------
Net sales $354,200 $317,500 $690,100 $619,400
Costs and expenses:
Cost of goods sold 152,600 147,000 298,800 286,500
Marketing, selling &
administrative expense 109,900 92,800 214,000 181,100
Research & development
expense 21,800 14,900 41,300 29,200
Interest expense 3,200 3,200 6,300 6,400
Other (income) expense, net (1,500) (1,800) (3,200) 6,400
--------- ---------
Total costs and expenses 286,000 256,100 557,200 509,600
--------- --------- --------- ---------
Income before tax provision 68,200 61,400 132,900 109,800
Income tax provision 18,700 17,500 36,500 31,200
--------- --------- --------- ---------
Net income (1) $49,500 $43,900 $96,400 $78,600
========= ========= ========= =========
Basic earnings per share $0.96 $0.84 $1.86 $1.50
========= ========= ========= =========
Diluted earnings per share $0.94 $0.83 $1.83 $1.48
========= ========= ========= =========
Wt. avg. common shares
outstanding - basic 51,700 52,300 51,700 52,400
Wt. avg. common shares
outstanding - diluted 52,800 53,100 52,600 53,100
(1) First-quarter 2002 results include charges related to the
termination of the Tyco merger agreement of $4.0 million after tax
($0.08 diluted earnings per share), divisional and manufacturing
consolidation projects of $1.7 million after tax ($0.03 diluted
earnings per share) and corporate severance related costs of $4.2
million after tax ($0.08 diluted earnings per share). These
charges were offset with the reversal of certain legal accruals of
$3.0 million after tax ($0.06 diluted earnings per share).
Product Group Summary of Net Sales
Quarter Ended June 30,
-----------------------------------
Constant
2003 2002 Change Currency
--------- --------- ------ --------
Vascular $75,800 $63,700 19% 10%
Urology 114,500 106,100 8% 5%
Oncology 80,000 74,900 7% 4%
Surgery 67,400 56,300 20% 17%
Other 16,500 16,500 -- (1)%
--------- ---------
Total net sales $354,200 $317,500 12% 8%
========= =========
Six Months Ended June 30,
-----------------------------------
Constant
2003 2002 Change Currency
--------- --------- ------ --------
Vascular $143,400 $123,600 16% 8%
Urology 223,800 205,300 9% 7%
Oncology 157,700 145,800 8% 6%
Surgery 131,800 112,300 17% 15%
Other 33,400 32,400 3% 2%
--------- ---------
Total net sales $690,100 $619,400 11% 8%
========= =========
CONTACT: C. R. Bard, Inc.
Eric J. Shick, 908-277-8413
or
Holly P. Glass, 703-754-2848
SOURCE: C. R. Bard, Inc.
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