-----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, EbrQWbVqDiafC9L4iNhLht4uxOMmGLofRPRivVXVs4w+5hy7/BwqfoqU1aB3oMIt r4+w+9o9marFm2cJwTp/AA== 0000893750-03-000528.txt : 20031015 0000893750-03-000528.hdr.sgml : 20031013 20031015171752 ACCESSION NUMBER: 0000893750-03-000528 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031015 ITEM INFORMATION: FILED AS OF DATE: 20031015 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: 03942366 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 form8_k.txt FORM 8-K 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): October 15, 2003 C. R. BARD, INC. (Exact Name of Registrant as Specified in Charter)
New Jersey 001-6926 22-1454160 (State or Other Jurisdiction of (Commission File Number) (IRS Employer Incorporation or Organization) 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 October 15, 2003, C. R. Bard, Inc. issued a press release reporting earnings and other financial results for its third quarter and nine months ended September 30, 2003. 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: /s/ Todd C. Schermerhorn ------------------------ Name: Todd C. Schermerhorn Title: Senior Vice President and Chief Financial Officer October 15, 2003 EX-99.1 3 exhibit_99.txt PRESS RELEASE Exhibit 99.1 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 THIRD-QUARTER RESULTS NET SALES UP 12%, EARNINGS PER SHARE AT 98 CENTS MURRAY HILL, NJ -- (October 15, 2003) -- C. R. Bard, Inc. (NYSE-BCR) today reported net sales of $361.8 million for the quarter ended September 30, 2003, up 12 percent over the prior-year period's net sales of $322.7 million. On a constant currency basis, third-quarter 2003 net sales increased 9 percent over the third quarter 2002. Third-quarter 2003 net sales in the U.S. were $258.8 million, up 10 percent over the prior-year period, and net sales outside the U.S. were $103.0 million, up 17 percent over the prior-year period. On a constant currency basis, net sales outside the U.S. increased by 6 percent over the prior-year quarter. Net Income for the third quarter 2003 was $51.5 million, and diluted earnings per share were 98 cents, up 73 percent and 72 percent, respectively, over the same period in the prior year. For the quarter ended September 30, 2002, Bard reported net income of $29.8 million and diluted earnings per share of 57 cents. Included in the third-quarter 2002 results were items totaling $14.8 million after tax, or 28 cents per diluted share, related to the realignment of certain divisional and manufacturing operations and a tax credit. Excluding these items, net income and diluted earnings per share both grew 15 percent for the quarter. Timothy M. Ring, chairman and chief executive officer, commented, "We continue to be pleased with our strategic and financial progress. Third-quarter results highlight the strength of our customer relationships across a broad range of markets, coupled with an improving product portfolio. Our efficiency improvements outpaced our spending programs this quarter, resulting in better than expected earnings results. We remain committed to our objective of 12 percent annual earnings per share growth going forward." 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 contains forward-looking statements, the accuracy of which is necessarily subject to risks and uncertainties. Please refer to our June 30, 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. - MORE - C. R. Bard, Inc. Consolidated Statements of Income (thousands of dollars except per share amounts, unaudited)
Quarter Ended Nine Months Ended September 30, September 30, ------------------------------ ---------------------------- 2003 2002 2003 2002 ------------- ----------- ----------- ----------- Net sales $361,800 $322,700 $1,051,900 $942,100 Costs and expenses: Cost of goods sold 154,700 149,200 453,500 435,700 Marketing, selling & administrative expense 112,300 95,200 326,300 276,300 Research & development expense 21,600 14,900 62,900 44,100 Interest expense 3,200 3,100 9,500 9,500 Other (income) expense, net (1,100) 23,600 (4,300) 30,000 ------------- ----------- ----------- ----------- Total costs and expenses 290,700 286,000 847,900 795,600 ------------- ----------- ----------- ----------- Income before tax provision 71,100 36,700 204,000 146,500 Income tax provision 19,600 6,900 56,100 38,100 ------------- ----------- ----------- ----------- Net income (1) $51,500 $29,800 $147,900 $108,400 ============= =========== =========== =========== Basic earnings per share $0.99 $0.58 $2.86 $2.08 ============= =========== =========== =========== Diluted earnings per share $0.98 $0.57 $2.81 $2.05 ============= =========== =========== =========== Wt. avg. common shares outstanding - basic 51,800 51,700 51,700 52,100 Wt. avg. common shares outstanding - diluted 52,600 52,300 52,600 52,900
(1) Third quarter 2002 results included a charge related to the realignment of certain divisional and manufacturing operations and a tax credit resulting in a net impact of $14.8 million after tax ($0.28 diluted earnings per share). First quarter 2002 results include charges related to the termination of the company's merger agreement with Tyco International, Ltd. 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 September 30, Nine Months Ended September 30, ---------------------------------------------- ------------------------------------------------- Constant Constant 2003 2002 Change Currency 2003 2002 Change Currency ----------- ------------ --------- ----------- ---------- ----------- --------- ----------- Vascular $77,400 $65,600 18% 12% $220,800 $189,200 17% 9% Urology 113,300 107,100 6% 4% 337,100 312,400 8% 6% Oncology 86,300 76,100 13% 11% 244,000 221,900 10% 8% Surgery 68,500 56,800 21% 19% 200,300 169,100 18% 17% Other 16,300 17,100 (5)% (6)% 49,700 49,500 --- (1)% ----------- ------------ Total net sales $361,800 $322,700 12% 9% $1,051,900 $942,100 12% 8% =========== ============ ========== ===========
-----END PRIVACY-ENHANCED MESSAGE-----