-----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, E2oF6rQr+04KCbmn3+ImQ4475iaWrXhYprPHfiLh/RJ+P7FNcY2z7p+fJ8NEHjGo P7QMUEzXUSSJP4E9HKBETg== 0000009892-03-000176.txt : 20030716 0000009892-03-000176.hdr.sgml : 20030716 20030716164130 ACCESSION NUMBER: 0000009892-03-000176 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030630 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030716 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARD C R INC /NJ/ CENTRAL INDEX KEY: 0000009892 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 221454160 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06926 FILM NUMBER: 03789728 BUSINESS ADDRESS: STREET 1: 730 CENTRAL AVE CITY: MURRAY HILL STATE: NJ ZIP: 07974 BUSINESS PHONE: 9082778000 MAIL ADDRESS: STREET 1: 730 CENTRAL AVENUE CITY: MURRAY HILL STATE: NJ ZIP: 07974 8-K 1 f8kjuly.htm FORM 8-K SECOND QUARTER EARNINGS RELEASE

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 16, 2003

C. R. BARD, INC.
(Exact Name of Registrant as Specified in Charter)

New Jersey

001-6926

22-1454160

(State or Other Jurisdiction of Incorporation or Organization)

(Commission File Number)

(IRS Employer Identification No.)

 

 

 

730 Central Avenue
Murray Hill, New Jersey

 

07974

(Address of Principal Executive Office)

 

(Zip Code)

(908) 277-8000
(Registrant's Telephone Number, Including Area Code)

 

ITEM 9. Regulation FD Disclosure (Information provided under Item 12 - Results of Operations and Financial Condition).

The following information is disclosed pursuant to Item 12 - Results of Operations and Financial Condition. It is being furnished under Item 9 of this Form 8-K in accordance with interim guidance issued by the SEC.

On July 16, 2003, C. R. Bard, Inc. issued a press release reporting earnings and other financial results for its second quarter and six months ended June 30, 2003. A copy of the press release is attached as Exhibit 99. The information in this press release is furnished not filed.

SIGNATURE

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.

 

C. R. BARD, INC.

By: /s/ Todd C. Schermerhorn

Name: Todd C. Schermerhorn

Title: Senior Vice President and

Chief Financial Officer

 

July 16, 2003

Exhibit 99

Contact: Eric J. Shick

Vice President - Investor Relations

(908) 277-8413

Holly P. Glass

Vice President - Government and Public Relations

(703) 754-2848

BARD REPORTS SECOND QUARTER RESULTS

EARNINGS UP 13%, SALES UP 12%

MURRAY HILL, NJ -- (July 16, 2003) -- C. R. Bard, Inc. (NYSE-BCR) today reported net income for the second quarter 2003 of $49.5 million, and diluted earnings per share of 94 cents, both up 13 percent over the same period in the prior year. For the quarter ended June 30, 2002, Bard reported net income of $43.9 million and diluted earnings per share of 83 cents.

Net sales of $354.2 million for the quarter ended June 30, 2003, increased 12 percent over the prior-year period's net sales of $317.5 million. On a constant currency basis, second-quarter 2003 net sales increased 8 percent over the same period in 2002. Second-quarter 2003 net sales in the U.S. were $250.4 million, up 8 percent over the prior-year period, and net sales outside the U.S. were $103.8 million, up 21 percent over the prior-year period. On a constant currency basis, net sales outside the U.S. increased by 7 percent over the prior-year quarter.

William H. Longfield, chairman and chief executive officer, commented, "We are pleased to report solid revenue and earnings results again this quarter. Our broad product portfolio and market leadership positions continue to drive steady growth. The current quarter improvement in gross margin and the increased funding of research and development clearly demonstrate our commitment to product innovation and an improving growth profile. The senior management transition is occurring seamlessly, and I am confident that Bard is well positioned for the future."

C. R. Bard, Inc., (www.crbard.com) headquartered in Murray Hill, New Jersey, is a leading multinational developer, manufacturer and marketer of health care products 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 March 31, 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

(dollars and shares in thousands except per share amounts, unaudited)

 

 

Quarter Ended

June 30,

Six Months Ended

June 30,

2003

2002

2003

2002

Net sales

$354,200

$317,500

$690,100

$619,400

Costs and expenses:

Cost of goods sold

152,600

147,000

298,800

286,500

Marketing, selling & administrative expense

109,900

92,800

214,000

181,100

Research & development expense

21,800

14,900

41,300

29,200

Interest expense

3,200

3,200

6,300

6,400

Other (income) expense, net

(1,500)

(1,800)

(3,200)

6,400

Total costs and expenses

286,000

256,100

557,200

509,600

Income before tax provision

68,200

61,400

132,900

109,800

Income tax provision

18,700

17,500

36,500

31,200

Net income (1)

$49,500

$43,900

$96,400

$78,600

Basic earnings per share

$0.96

$0.84

$1.86

$1.50

Diluted earnings per share

$0.94

$0.83

$1.83

$1.48

Wt. avg. common shares outstanding - basic

51,700

52,300

51,700

52,400

Wt. avg. common shares outstanding - diluted

52,800

53,100

52,600

53,100

(1) First-quarter 2002 results include charges related to the termination of the Tyco merger agreement 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 June 30,

Six Months Ended June 30,

Constant

Constant

2003

2002

Change

Currency

2003

2002

Change

Currency

Vascular

$75,800

$63,700

19%

10%

$143,400

$123,600

16%

8%

Urology

114,500

106,100

8%

5%

223,800

205,300

9%

7%

Oncology

80,000

74,900

7%

4%

157,700

145,800

8%

6%

Surgery

67,400

56,300

20%

17%

131,800

112,300

17%

15%

Other

16,500

16,500

---

(1)%

33,400

32,400

3%

2%

Total net sales

$354,200

$317,500

12%

8%

$690,100

$619,400

11%

8%

-----END PRIVACY-ENHANCED MESSAGE-----