-----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==
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 |
|
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% |