MURRAY HILL, N.J.--(BUSINESS WIRE)--March 16, 2005--C. R. Bard,
Inc. (NYSE-BCR) today announced that it expects first quarter 2005
earnings to exceed prior guidance. The company now expects earnings
per share excluding the impact of certain items to be above $0.70 on
an ongoing net sales increase in the range between 10 and 13 percent
in constant currency. In its fourth quarter 2004 earnings call, the
company had indicated that it expected to earn between $0.65 and $0.66
per share for the quarter.
Chairman and Chief Executive Officer, Timothy M. Ring, commented,
"We are pleased that 2005 is off to a solid start. Strong gross margin
performance coupled with lower than expected spending levels in the
first quarter are the primary drivers. We anticipate increased R&D
investment throughout the balance of the year; therefore our full-year
guidance remains unchanged."
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 within
the meaning of the Private Securities Litigation Reform Act of 1995,
which are based on management's current expectations, the accuracy of
which is necessarily subject to risks and uncertainties. These
statements are not historical in nature and use words such as
"anticipate", "estimate", "expect", "project", "intend", "forecast",
"plan", "believe", and other words of similar meaning in connection
with any discussion of future operating or financial performance. Many
factors may cause actual results to differ materially from anticipated
results including product developments, sales efforts, expenses, the
outcomes of contingencies such as legal proceedings, and other
economic, business, competitive and regulatory factors. The company
undertakes no obligation to update its forward-looking statements.
Please refer to our December 31, 2004 10-K for more detailed
information about these and other factors that may cause actual
results to differ materially from those expressed or implied.
"Net sales on a constant currency basis", "ongoing net sales" and
"net income and diluted earnings per share excluding certain items"
are non-GAAP financial measures. The company analyzes net sales on a
constant currency and ongoing basis to better measure the
comparability of results between periods. Because changes in foreign
currency exchange rates have a non-operating impact on net sales, the
company believes that evaluating growth in net sales on a constant
currency basis provides an additional and meaningful assessment of net
sales. The company believes that comparing ongoing net sales between
periods provides an additional and meaningful analysis of comparable
operations. Net income and EPS excluding certain items are used by the
company to measure the comparability of results between periods.
Because certain items such as divestiture activity and litigation
outcomes may not reflect underlying operating results, the company
believes the exclusion of these and similar items provides an
additional and meaningful assessment of net income and EPS. The
limitation of these non-GAAP measures is that, by excluding certain
items, they do not reflect results on a standardized reporting basis.
All non-GAAP financial measures are intended to supplement the
applicable GAAP disclosures and should not be viewed as a replacement
for GAAP results.
CONTACT: C. R. Bard, Inc.
Eric J. Shick, 908-277-8413
Holly P. Glass, 703-754-2848
SOURCE: C. R. Bard, Inc.