MURRAY HILL, N.J.--(BUSINESS WIRE)--Oct. 15, 2003--C. R. Bard,
Inc. (NYSE:BCR) today reported net sales of $361.8 million for the
quarter ended September 30, 2003, up 12 percent over the prior-year
period's net sales of $322.7 million. On a constant currency basis,
third-quarter 2003 net sales increased 9 percent over the third
quarter 2002. Third-quarter 2003 net sales in the U.S. were $258.8
million, up 10 percent over the prior-year period, and net sales
outside the U.S. were $103.0 million, up 17 percent over the
prior-year period. On a constant currency basis, net sales outside the
U.S. increased by 6 percent over the prior-year quarter.
Net Income for the third quarter 2003 was $51.5 million, and
diluted earnings per share were 98 cents, up 73 percent and 72
percent, respectively, over the same period in the prior year. For the
quarter ended September 30, 2002, Bard reported net income of $29.8
million and diluted earnings per share of 57 cents. Included in the
third-quarter 2002 results were items totaling $14.8 million after
tax, or 28 cents per diluted share, related to the realignment of
certain divisional and manufacturing operations and a tax credit.
Excluding these items, net income and diluted earnings per share both
grew 15 percent for the quarter.
Timothy M. Ring, chairman and chief executive officer, commented,
"We continue to be pleased with our strategic and financial progress.
Third-quarter results highlight the strength of our customer
relationships across a broad range of markets, coupled with an
improving product portfolio. Our efficiency improvements outpaced our
spending programs this quarter, resulting in better than expected
earnings results. We remain committed to our objective of 12 percent
annual earnings per share growth going forward."
C. R. Bard, Inc., (www.crbard.com) headquartered in Murray Hill,
N.J., is a leading multinational developer, manufacturer, and marketer
of innovative, life-enhancing medical technologies 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 June 30, 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
(thousands of dollars except per share amounts, unaudited)
Quarter Ended Nine Months Ended
September 30, September 30,
------------------- ---------------------
2003 2002 2003 2002
--------- --------- ----------- ---------
Net sales $361,800 $322,700 $1,051,900 $942,100
Costs and expenses:
Cost of goods sold 154,700 149,200 453,500 435,700
Marketing, selling &
administrative expense 112,300 95,200 326,300 276,300
Research & development
expense 21,600 14,900 62,900 44,100
Interest expense 3,200 3,100 9,500 9,500
Other (income) expense,
net (1,100) 23,600 (4,300) 30,000
--------- --------- ----------- ---------
Total costs and expenses 290,700 286,000 847,900 795,600
--------- --------- ----------- ---------
Income before tax provision 71,100 36,700 204,000 146,500
Income tax provision 19,600 6,900 56,100 38,100
--------- --------- ----------- ---------
Net income (1) $51,500 $29,800 $147,900 $108,400
========= ========= =========== =========
Basic earnings per share $0.99 $0.58 $2.86 $2.08
========= ========= =========== =========
Diluted earnings per share $0.98 $0.57 $2.81 $2.05
========= ========= =========== =========
Wt. avg. common shares
outstanding - basic 51,800 51,700 51,700 52,100
Wt. avg. common shares
outstanding - diluted 52,600 52,300 52,600 52,900
(1) Third quarter 2002 results included a charge related to the
realignment of certain divisional and manufacturing operations and a
tax credit resulting in a net impact of $14.8 million after tax
($0.28 diluted earnings per share). First quarter 2002 results
include charges related to the termination of the company's merger
agreement with Tyco International, Ltd. 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 September 30,
-----------------------------------
Constant
2003 2002 Change Currency
--------- --------- ------ --------
Vascular $77,400 $65,600 18% 12%
Urology 113,300 107,100 6% 4%
Oncology 86,300 76,100 13% 11%
Surgery 68,500 56,800 21% 19%
Other 16,300 17,100 (5)% (6)%
--------- ---------
Total net sales $361,800 $322,700 12% 9%
========= =========
Product Group Summary of Net Sales
Nine Months Ended September 30,
-----------------------------------
Constant
2003 2002 Change Currency
--------- --------- ------ --------
Vascular $220,800 $189,200 17% 9%
Urology 337,100 312,400 8% 6%
Oncology 244,000 221,900 10% 8%
Surgery 200,300 169,100 18% 17%
Other 49,700 49,500 --- (1)%
--------- ---------
Total net
sales $1,051,900 $942,100 12% 8%
========= =========
CONTACT: C. R. Bard, Inc.
Investor Relations
Eric J. Shick, 908-277-8413
or
Government and Public Relations
Holly P. Glass, 703-754-2848
SOURCE: C. R. Bard, Inc.
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