-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UGKiaUu8bVak9RrfZd2t2c7Dg+6ZEbNoV5MWms7tKYmLkJmJGPbO5QsUUa5LLfi4 0qt4TDm2E7SpLSxzB7lqRQ== 0000950130-01-503128.txt : 20010719 0000950130-01-503128.hdr.sgml : 20010719 ACCESSION NUMBER: 0000950130-01-503128 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010718 ITEM INFORMATION: FILED AS OF DATE: 20010718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BECTON DICKINSON & CO CENTRAL INDEX KEY: 0000010795 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 220760120 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-04802 FILM NUMBER: 1684024 BUSINESS ADDRESS: STREET 1: ONE BECTON DR CITY: FRANKLIN LAKES STATE: NJ ZIP: 07417-1880 BUSINESS PHONE: 2018476800 MAIL ADDRESS: STREET 1: ONE BECTON DR CITY: FRANKLIN LAKE STATE: NJ ZIP: 07417 8-K 1 d8k.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 18, 2001 ------------- BECTON, DICKINSON AND COMPANY - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) New Jersey 001-4802 22-0760120 - -------------------------------------------------------------------------------- (State or other juris- (Commission (IRS Employer Iden- diction of incorporation) File Number) tification Number) 1 Becton Drive, Franklin Lakes, New Jersey 07417-1880 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (201) 847-6800 -------------- N/A - -------------------------------------------------------------------------------- (Former name or former addresses if changed since last report.) Item 5. OTHER EVENTS ------------ On July 18, 2001 the Registrant announced in a press release its results for the third quarter ended June 30, 2001. Attached hereto as Exhibit 99, which is incorporated herein by reference, is a copy of such press release. 1 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BECTON, DICKINSON AND COMPANY (Registrant) By: /s/ Kathleen M. Gibson ----------------------- Kathleen M. Gibson Assistant Secretary Date: July 18, 2001 2 INDEX TO EXHIBITS ----------------- Exhibit Number Description of Exhibits ------ ----------------------- 99.1 Press release issued July 18, 2001. EX-99.1 2 dex991.txt PRESS RELEASE ISSUED JULY 18TH, 2001 EXHIBIT 99.1 1 Becton Drive Franklin Lakes, NJ 07417 tel:201.847.4000 fax:201.847.6692 www.bd.com News Release [LOGO] BD Indispensable to human health Contact: - ------- Camilla Jenkins / Media Relations - 201-847-5369 Dean Paranicas / Investor Relations - 201-847-7102 BD ANNOUNCES RESULTS FOR FISCAL THIRD QUARTER Quarter And Full Year Outlook In Line With Expectations Franklin Lakes, NJ (July 18, 2001) - BD (Becton, Dickinson and Company) (NYSE:BDX) today reported revenues of $954 million for the third quarter ended June 30, 2001, an increase of 4 percent over the same period a year ago. At constant foreign exchange rates, revenues increased 7 percent. Diluted earnings per share were 46 cents for the third quarter, compared with 43 cents for the prior year's quarter. Last year's reported earnings included a gain from the sale of an equity investment, offset in part by charges related to the acquisition of in-process research and development and the write-down of an asset held for sale. Excluding these items, earnings per share for the prior year would have been 40 cents. "We are pleased with our continuing sales growth, led globally by BD Biosciences and in the U.S. by our safety-engineered products," said Edward J. Ludwig, president and chief executive officer. "This performance, along with our ongoing control over spending, has resulted in an increase in our operating margin for the year." Mr. Ludwig confirmed that the Company remains on track to achieve earnings per share of approximately 50 cents in the fourth quarter, prior to the adoption of Securities and Exchange Commission Staff Accounting Bulletin No. 101. In the Medical Systems segment, worldwide revenues of $523 million increased 2 percent for the quarter, or 5 percent at constant foreign exchange rates. Contributing to this segment's revenue growth was an increase in U.S. Consumer Health Care revenues of approximately 11 percent due primarily to sales of insulin syringes, reflecting the impact of longstanding incentive programs offered by the Company in the drug wholesaler channel. Beginning in the fourth quarter, the Company intends to redirect its promotional efforts toward sustaining its branded syringe sales at the retail level and toward development of the U.S. pen needle market. These activities are expected to result in lower Consumer Health Care sales in the fourth quarter. In the Clinical Laboratory Solutions segment, worldwide revenues increased 6 percent to $284 million, or 8 percent at constant foreign exchange rates. Both segments benefited from strong sales of advanced protection devices. U.S. sales of safety-engineered products were $66 million for Medical Systems, representing an increase of 41 percent versus the prior year's quarter, and $43 million for Clinical Laboratory Solutions, representing an increase of 65 percent versus the prior year's quarter. Revenues for the Biosciences segment grew 11 percent to $147 million. At constant foreign exchange rates, revenues increased 13 percent. Both product groups contributed to this growth. On a geographic basis, third quarter revenues in the United States increased 9 percent to $525 million. Revenues outside the United States of $429 million decreased 1 percent, or increased 5 percent at constant foreign exchange rates. Revenues for the quarter and year to date were adversely impacted by economic conditions in Latin America, and by a further decline in sales performance in Asia Pacific. Nine-Month Results - ------------------ For the nine-month period ended June 30, 2001, reported revenues were $2.759 billion, a 2 percent increase over $2.698 billion a year ago, or 6 percent at constant foreign exchange rates. Diluted earnings per share for the nine-month period were $1.13. BD is a medical technology company that manufactures and sells a broad range of supplies, devices and systems for use by healthcare professionals, medical research institutions, industry and the general public. This press release may contain certain forward-looking statements (as defined under Federal securities laws) regarding the Company's performance, including future revenues, products and income, or events or developments that the Company expects to occur or anticipates occurring in the future. All such statements are based upon current expectations of the Company and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. Factors that could cause actual results to vary materially from any forward-looking statement include, but are not limited to: competitive factors; pricing and market share pressures; uncertainties of litigation; the Company's ability to achieve sales and earnings forecasts, which are based on sales volume and product mix assumptions, to achieve its cost savings objectives, and to achieve anticipated synergies and other cost savings in connection with acquisitions; changes in regional, national or foreign economic conditions; increases in energy costs; fluctuations in costs and availability of raw materials and in the Company's ability to maintain favorable supplier arrangements and relationships; changes in interest or foreign currency exchange rates; delays in product introductions; and changes in health care 2 or other governmental regulation, as well as other factors discussed in this press release and in the Company's filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements. ### BD's news releases can be found on its website at www.bd.com or through Business Wire at www.businesswire.com. A conference call with analysts regarding this -------------------- news release will be broadcast live on BD's website at 8:30 a.m. EDT Thursday, July 19, 2001, and will be available for replay at www.bd.com through ---------- July 25, 2001. 3 BECTON DICKINSON AND COMPANY CONSOLIDATED INCOME STATEMENTS (Unaudited; Amounts in thousands, except per-share data)
Three Months Ended June 30, 2001 2000 % Change - ---------------------------------------------------------------------- REVENUES $954,192 $914,140 4.4 Cost of products sold 475,305 453,838 4.7 Selling and administrative 248,709 248,773 - Research and development 53,105 60,202 (11.8) - ---------------------------------------------------------------------- TOTAL OPERATING COSTS AND EXPENSES 777,119 762,813 1.9 - ---------------------------------------------------------------------- OPERATING INCOME 177,073 151,327 17.0 Interest expense, net (13,155) (17,564) (25.1) Gains on investments, net - 31,766 NM Other expense, net (367) (4,021) (90.9) - ---------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 163,551 161,508 1.3 Income tax provision 39,252 47,090 (16.6) - ---------------------------------------------------------------------- NET INCOME $124,299 $114,418 8.6 - ---------------------------------------------------------------------- EARNINGS PER SHARE Basic $ 0.48 $ 0.45 6.7 Diluted $ 0.46 $ 0.43 7.0 - ---------------------------------------------------------------------- AVERAGE SHARES OUTSTANDING Basic 258,086 252,904 Diluted 269,653 263,659 - ----------------------------------------------------------------------
NM - Not Meaningful BECTON DICKINSON AND COMPANY CONSOLIDATED INCOME STATEMENTS (Unaudited; Amounts in thousands, except per-share data)
Nine Months Ended June 30, 2001 2000 % Change - -------------------------------------------------------------------------- REVENUES $2,758,628 $2,698,436 2.2 Cost of products sold 1,411,867 1,377,776 2.5 Selling and administrative 725,913 726,674 (0.1) Research and development 160,329 171,120 (6.3) - -------------------------------------------------------------------------- TOTAL OPERATING COSTS AND EXPENSES 2,298,109 2,275,570 1.0 - -------------------------------------------------------------------------- OPERATING INCOME 460,519 422,866 8.9 Interest expense, net (47,717) (60,320) (20.9) Gains on investments, net - 64,925 NM Other (expense) income, net (13,746) 893 NM - -------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 399,056 428,364 (6.8) Income tax provision 95,773 119,481 (19.8) - -------------------------------------------------------------------------- NET INCOME $ 303,283 $ 308,883 (1.8) - -------------------------------------------------------------------------- EARNINGS PER SHARE Basic $ 1.17 $ 1.22 (4.1) Diluted $ 1.13 $ 1.17 (3.4) - -------------------------------------------------------------------------- AVERAGE SHARES OUTSTANDING Basic 256,513 252,093 Diluted 268,357 263,192 - --------------------------------------------------------------------------
NM - Not Meaningful BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION (Unaudited; Amounts in thousands)
Three Months Ended June 30, 2001 2000 % Change ------------------------------ MEDICAL SYSTEMS - --------------- United States $271,113 $249,407 8.7 International 251,985 262,775 (4.1) - --------------------------------------------------------------- TOTAL $523,098 $512,182 2.1 - --------------------------------------------------------------- CLINICAL LABORATORY SOLUTIONS - ----------------------------- United States $168,757 $153,023 10.3 International 115,658 116,357 (0.6) - --------------------------------------------------------------- TOTAL $284,415 $269,380 5.6 - --------------------------------------------------------------- BIOSCIENCES - ----------- United States $ 84,858 $ 78,971 7.5 International 61,821 53,607 15.3 - --------------------------------------------------------------- TOTAL $146,679 $132,578 10.6 - --------------------------------------------------------------- TOTAL REVENUES - -------------- United States $524,728 $481,401 9.0 International 429,464 432,739 (0.8) - --------------------------------------------------------------- TOTAL $954,192 $914,140 4.4 - ---------------------------------------------------------------
Nine Months Ended June 30, 2001 2000 % Change ------------------------------------ MEDICAL SYSTEMS - --------------- United States $ 724,074 $ 688,032 5.2 International 744,296 776,085 (4.1) - -------------------------------------------------------------------- TOTAL $1,468,370 $1,464,117 0.3 - -------------------------------------------------------------------- CLINICAL LABORATORY SOLUTIONS - ----------------------------- United States $ 504,161 $ 473,973 6.4 International 355,566 360,439 (1.4) - -------------------------------------------------------------------- TOTAL $ 859,727 $ 834,412 3.0 - -------------------------------------------------------------------- BIOSCIENCES - ----------- United States $ 238,349 $ 227,594 4.7 International 192,182 172,313 11.5 - -------------------------------------------------------------------- TOTAL $ 430,531 $ 399,907 7.7 - -------------------------------------------------------------------- TOTAL REVENUES - -------------- United States $1,466,584 $1,389,599 5.5 International 1,292,044 1,308,837 (1.3) - -------------------------------------------------------------------- TOTAL $2,758,628 $2,698,436 2.2 - --------------------------------------------------------------------
BECTON DICKINSON AND COMPANY REVENUES BY BUSINESS SEGMENTS AND MAJOR PRODUCT GROUPS Three Months Ended June 30, (Unaudited; Amounts in thousands)
United States ---------------------------------- 2001 2000 % Change ---------------------------------- MEDICAL SYSTEMS - --------------- Medical Surgical $159,871 $148,834 7.4 Consumer Health Care 88,511 79,586 11.2 Pharmaceutical Systems 15,772 13,616 15.8 Ophthalmic Systems 6,959 7,371 (5.6) - ----------------------------------------------------------------- TOTAL $271,113 $249,407 8.7 - ----------------------------------------------------------------- CLINICAL LABORATORY SOLUTIONS - ----------------------------- Preanalytical Solutions $ 86,896 $ 73,062 18.9 Diagnostic Systems 81,861 79,961 2.4 - ----------------------------------------------------------------- TOTAL $168,757 $153,023 10.3 - ----------------------------------------------------------------- BIOSCIENCES - ----------- Immunocytometry & Reagents $ 59,554 $ 57,302 3.9 Discovery Labware 25,304 21,669 16.8 - ----------------------------------------------------------------- TOTAL $ 84,858 $ 78,971 7.5 - ----------------------------------------------------------------- TOTAL UNITED STATES $524,728 $481,401 9.0 - -----------------------------------------------------------------
International ------------------------------------ 2001 2000 % Change ------------------------------------ MEDICAL SYSTEMS - --------------- Medical Surgical $141,077 $151,123 (6.6) Consumer Health Care 45,106 52,092 (13.4) Pharmaceutical Systems 59,863 54,085 10.7 Ophthalmic Systems 5,939 5,475 8.5 - --------------------------------------------------------------------- TOTAL $251,985 $262,775 (4.1) - --------------------------------------------------------------------- CLINICAL LABORATORY SOLUTIONS - ----------------------------- Preanalytical Solutions $ 59,578 $ 59,576 - Diagnostic Systems 56,080 56,781 (1.2) - --------------------------------------------------------------------- TOTAL $115,658 $116,357 (0.6) - --------------------------------------------------------------------- BIOSCIENCES - ----------- Immunocytometry & Reagents $ 46,632 $ 38,178 22.1 Discovery Labware 15,189 15,429 (1.6) - --------------------------------------------------------------------- TOTAL $ 61,821 $ 53,607 15.3 - --------------------------------------------------------------------- TOTAL INTERNATIONAL $429,464 $432,739 (0.8) - ---------------------------------------------------------------------
Total ---------------------------------- 2001 2000 % Change ---------------------------------- MEDICAL SYSTEMS - --------------- Medical Surgical $300,948 $299,957 0.3 Consumer Health Care 133,617 131,678 1.5 Pharmaceutical Systems 75,635 67,701 11.7 Ophthalmic Systems 12,898 12,846 0.4 - ------------------------------------------------------------------- TOTAL $523,098 $512,182 2.1 - ------------------------------------------------------------------- CLINICAL LABORATORY SOLUTIONS Preanalytical Solutions $146,474 $132,638 10.4 Diagnostic Systems 137,941 136,742 0.9 - ------------------------------------------------------------------- TOTAL $284,415 $269,380 5.6 - ------------------------------------------------------------------- BIOSCIENCES - ----------- Immunocytometry & Reagents $106,186 $ 95,480 11.2 Discovery Labware 40,493 37,098 9.2 - ------------------------------------------------------------------- TOTAL $146,679 $132,578 10.6 - ------------------------------------------------------------------- TOTAL REVENUES $954,192 $914,140 4.4 - -------------------------------------------------------------------
FX Neutral % Growth -------------------------------- International Total ----------------- ------------- MEDICAL SYSTEMS - --------------- Medical Surgical (1.8) 2.8 Consumer Health Care (9.0) 3.2 Pharmaceutical Systems 16.5 16.3 Ophthalmic Systems 13.9 2.7 - ----------------------------------------------------------------- TOTAL 0.9 4.7 - ----------------------------------------------------------------- CLINICAL LABORATORY SOLUTIONS - ----------------------------- Preanalytical Solutions 5.5 12.9 Diagnostic Systems 4.2 3.2 - ----------------------------------------------------------------- TOTAL 4.9 8.0 - ----------------------------------------------------------------- BIOSCIENCES - ----------- Immunocytometry & Reagents 28.1 13.6 Discovery Labware 4.5 11.7 - ----------------------------------------------------------------- TOTAL 21.3 13.1 - ----------------------------------------------------------------- TOTAL 4.5 6.9 - -----------------------------------------------------------------
BECTON DICKINSON AND COMPANY REVENUES BY BUSINESS SEGMENTS AND MAJOR PRODUCT GROUPS Nine Months Ended June 30, (Unaudited; Amounts in thousands)
United States ------------------------------------- 2001 2000 % Change ------------------------------------- MEDICAL SYSTEMS - --------------- Medical Surgical $ 452,076 $ 422,416 7.0 Consumer Health Care 212,147 210,843 0.6 Pharmaceutical Systems 38,464 33,424 15.1 Ophthalmic Systems 21,387 21,349 0.2 - ---------------------------------------------------------------------- TOTAL $ 724,074 $ 688,032 5.2 - ---------------------------------------------------------------------- CLINICAL LABORATORY SOLUTIONS - ----------------------------- Preanalytical Solutions $ 249,965 $ 220,539 13.3 Diagnostic Systems 254,196 253,434 0.3 - ---------------------------------------------------------------------- TOTAL $ 504,161 $ 473,973 6.4 - ---------------------------------------------------------------------- BIOSCIENCES - ----------- Immunocytometry & Reagents $ 171,380 $ 167,730 2.2 Discovery Labware 66,969 59,864 11.9 - ---------------------------------------------------------------------- TOTAL $ 238,349 $ 227,594 4.7 - ---------------------------------------------------------------------- TOTAL UNITED STATES $1,466,584 $1,389,599 5.5 - ----------------------------------------------------------------------
International -------------------------------------- 2001 2000 % Change -------------------------------------- MEDICAL SYSTEMS - --------------- Medical Surgical $ 422,755 $ 452,971 (6.7) Consumer Health Care 141,289 151,503 (6.7) Pharmaceutical Systems 163,185 155,458 5.0 Ophthalmic Systems 17,067 16,153 5.7 - ----------------------------------------------------------------------- TOTAL $ 744,296 $ 776,085 (4.1) - ----------------------------------------------------------------------- CLINICAL LABORATORY SOLUTIONS - ----------------------------- Preanalytical Solutions $ 179,279 $ 183,727 (2.4) Diagnostic Systems 176,287 176,712 (0.2) - ----------------------------------------------------------------------- TOTAL $ 355,566 $ 360,439 (1.4) - ----------------------------------------------------------------------- BIOSCIENCES - ----------- Immunocytometry & Reagents $ 146,516 $ 126,085 16.2 Discovery Labware 45,666 46,228 (1.2) - ----------------------------------------------------------------------- TOTAL $ 192,182 $ 172,313 11.5 - ----------------------------------------------------------------------- TOTAL INTERNATIONAL $1,292,044 $1,308,837 (1.3) - -----------------------------------------------------------------------
Total -------------------------------------- 2001 2000 % Change -------------------------------------- MEDICAL SYSTEMS - --------------- Medical Surgical $ 874,831 $ 875,387 (0.1) Consumer Health Care 353,436 362,346 (2.5) Pharmaceutical Systems 201,649 188,882 6.8 Ophthalmic Systems 38,454 37,502 2.5 - ----------------------------------------------------------------------- TOTAL $1,468,370 $1,464,117 0.3 - ----------------------------------------------------------------------- CLINICAL LABORATORY SOLUTIONS - ----------------------------- Preanalytical Solutions $ 429,244 $ 404,266 6.2 Diagnostic Systems 430,483 430,146 0.1 - ----------------------------------------------------------------------- TOTAL $ 859,727 $ 834,412 3.0 - ----------------------------------------------------------------------- BIOSCIENCES - ----------- Immunocytometry & Reagents $ 317,896 $ 293,815 8.2 Discovery Labware 112,635 106,092 6.2 - ----------------------------------------------------------------------- TOTAL $ 430,531 $ 399,907 7.7 - ----------------------------------------------------------------------- TOTAL REVENUES $2,758,628 $2,698,436 2.2 - -----------------------------------------------------------------------
FX Neutral % Growth --------------------------------- International Total ----------------- -------------- MEDICAL SYSTEMS - --------------- Medical Surgical (0.7) 3.1 Consumer Health Care 0.4 0.5 Pharmaceutical Systems 15.7 15.6 Ophthalmic Systems 14.3 6.2 - ------------------------------------------------------------------ TOTAL 3.1 4.1 - ------------------------------------------------------------------ CLINICAL LABORATORY SOLUTIONS - ----------------------------- Preanalytical Solutions 5.5 9.8 Diagnostic Systems 6.9 3.0 - ------------------------------------------------------------------ TOTAL 6.2 6.3 - ------------------------------------------------------------------ BIOSCIENCES - ----------- Immunocytometry & Reagents 26.3 12.5 Discovery Labware 6.3 9.5 - ------------------------------------------------------------------ TOTAL 20.9 11.7 - ------------------------------------------------------------------ TOTAL 6.3 5.9 - ------------------------------------------------------------------
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