Browse Careers
Browse Investors

Bard Reports First Quarter Results; Net Sales Up 13 Percent On Constant Currency Basis

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%
                                   ========= =========

    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.

bard-pubs

Primary Media Relations Contact

Scott Lowry
Vice President and Treasurer
C. R. Bard, Inc.
730 Central Avenue
Murray Hill, NJ 07974

Tel: 908-277-8365