8-K 1 f8k42004.htm BARD FIRST QUARTER PRESS RELEASE - HTML FORMAT

 SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

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Date of Report (Date of earliest event reported): April 20, 2004

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 12. Results of Operations and Financial Condition.

The following information is being furnished pursuant to Item 12.

On April 20, 2004, C. R. Bard, Inc. issued a press release reporting earnings and other financial results for its first quarter ended March 31, 2004. A copy of the press release is attached as Exhibit 99.1. 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: Todd C. Schermerhorn /s/

Name: Todd C. Schermerhorn

Title: Senior Vice President and

Chief Financial Officer

April 20, 2004

Exhibit 99.1

 

 Contacts:

Investor Relations: Eric J. Shick

Vice President, Investor Relations

(908) 277-8413

Media Relations: Holly P. Glass

Vice President, Government and Public Affairs

(703) 754-2848

BARD REPORTS FIRST QUARTER RESULTS

NET SALES UP 13 PERCENT ON CONSTANT CURRENCY BASIS

MURRAY HILL, NJ -- (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%