MURRAY HILL, N.J.--(BUSINESS WIRE)--April 20, 2004--C. R. Bard,
Inc. (NYSE-BCR) today reported net sales of $393.8 million for the
quarter ended March 31, 2004, up 17 percent over the prior year's net
sales of $335.9 million. On a constant currency basis, first-quarter
2004 net sales increased 13 percent. Net sales in the U.S. were $275.8
million, up 14 percent over the prior-year period, and net sales
outside the U.S. were $118.0 million, up 27 percent over the
prior-year period. On a constant currency basis, net sales outside the
U.S. increased by 13 percent over the prior-year period.
For the first quarter of 2004, net income was $71.9 million and
diluted earnings per share were $1.35, up 53 percent and 52 percent,
respectively, over the same period in the prior year. Included in the
first quarter 2004 results were certain items that increased net
income by $8.6 million (after tax), or 16 cents per diluted share,
thereby affecting comparability with the prior-year quarter. For the
first quarter of 2003, Bard reported net income of $46.9 million and
diluted earnings per share of 89 cents. Excluding the items comprising
the $8.6 million, net income and diluted earnings per share increased
35 percent and 34 percent, respectively, in the first quarter of 2004
as compared to the same period in the prior year.
Timothy M. Ring, chairman and chief executive officer, commented,
"We are pleased to start 2004 with such strong momentum. Our results
for the first quarter clearly exceeded expectations. New products are
becoming a more significant driver of our sales growth, which serves
as an endorsement of our strategy to expand R&D investments. Our gross
margin remains strong and continues to provide the necessary resources
for this investment plan. R&D spending is up 19% this quarter and we
expect our investment to accelerate in the coming quarters."
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 may contain forward-looking statements, the
accuracy of which is necessarily subject to risks and uncertainties.
Please refer to our December 31, 2003 Form 10-K 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)
Three Months Ended
March 31,
-------------------
2004 2003
--------- ---------
Net sales $393,800 $335,900
Costs and expenses:
Cost of goods sold 161,600 146,200
Marketing, selling & administrative 120,700 104,100
Research & development expense 23,200 19,500
Interest expense 3,400 3,100
Other (income) expense, net (13,400) (1,700)
--------- ---------
Total costs and expenses 295,500 271,200
--------- ---------
Income before taxes 98,300 64,700
Income tax provision 26,400 17,800
--------- ---------
Net income (1) $71,900 $46,900
========= =========
Basic earnings per share $1.38 $0.91
========= =========
Diluted earnings per share $1.35 $0.89
========= =========
Average common shares outstanding - basic 52,000 51,700
Average common shares outstanding - diluted 53,300 52,500
(1) In addition to interest income and exchange gains and losses,
first quarter 2004 other (income) expense, net includes the
adjustment of a 2003 reserve recorded in connection with the legal
action entitled Nelson N. Stone, M.D., et al. v. C. R. Bard, Inc.,
et. al. This adjustment resulted in additional pretax income of
$16.0 million ($9.8 million after-tax; $0.18 diluted earnings per
share), partially offset by a pretax charge for an unrelated legal
settlement of $3.9 million ($2.3 million after-tax; $0.04 diluted
earnings per share). In addition the company recorded a $1.1 million
tax credit in income tax provision related to the retroactive
effective date of its Malaysian high-technology pioneer grant ($0.02
diluted earnings per share).
Product Group Summary of Net Sales
Three Months Ended March 31,
-----------------------------------
Constant
2004 2003 Change Currency
--------- --------- ------ --------
Vascular $92,100 $67,600 36% 27%
Urology 116,500 109,300 7% 4%
Oncology 94,300 77,700 21% 18%
Surgery 75,200 64,400 17% 14%
Other 15,700 16,900 (7)% (9)%
--------- ---------
Total net sales $393,800 $335,900 17% 13%
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CONTACT: C. R. Bard, Inc.
Investor Relations:
Eric J. Shick, 908-277-8413
or
Media Relations:
Holly P. Glass, 703-754-2848
SOURCE: C. R. Bard, Inc.
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