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): January 31, 2012
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
(Registrants Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR240.13e-4(c)) |
Form 8-K | Page 2 of 3 |
Item 2.02 | Results of Operations and Financial Condition. |
The following information is being furnished pursuant to Item 2.02.
On January 31, 2012, C. R. Bard, Inc. issued a press release reporting earnings and other financial results for the fourth quarter ended December 31, 2011. A copy of the press release is furnished as Exhibit 99.1 and is incorporated by reference in this Item 2.02. The information in this press release shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit |
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99.1 | Press Release (This exhibit is furnished not filed) |
Form 8-K | Page 3 of 3 |
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 |
January 31, 2012
Exhibit 99.1
Contacts: | ||
Investor Relations: | Todd W. Garner | |
Vice President, Investor Relations | ||
(908) 277-8065 | ||
Media Relations: | Scott T. Lowry | |
Vice President and Treasurer | ||
(908) 277-8365 |
BARD ANNOUNCES FOURTH QUARTER RESULTS
REVENUE UP 5 PERCENT,
DILUTED EPS OF $1.30, $1.70 ON ADJUSTED BASIS
MURRAY HILL, NJ (January 31, 2012) C. R. Bard, Inc. (NYSE: BCR) today reported 2011 fourth quarter financial results. Fourth quarter 2011 net sales were $751.9 million, an increase of 5 percent over the prior-year period, on both an as-reported and constant currency basis.
For the fourth quarter 2011, net sales in the U.S. were $502.5 million and net sales outside the U.S. were $249.4 million, an increase of 2 percent and 10 percent, respectively, over the prior-year period. Excluding the impact of foreign exchange, fourth quarter 2011 net sales outside the U.S. increased 9 percent over the prior-year period.
Net sales for the full year 2011 were $2,896.4 million, an increase of 6 percent over the prior-year period. Excluding the impact of foreign exchange, full year 2011 net sales increased 5 percent over the prior-year period.
For the fourth quarter 2011, net income attributable to common shareholders was $113.8 million and diluted earnings per share available to common shareholders were $1.30, a decrease of 16 percent and 12 percent, respectively, as compared to fourth quarter 2010 results. Adjusting for items that affect comparability between periods as detailed in the tables below, fourth quarter 2011 net income attributable to common shareholders was $148.6 million and diluted earnings per share available to common shareholders were $1.70, an increase of 4 percent and 10 percent, respectively, as compared to fourth quarter 2010 results.
For the full year 2011, net income attributable to common shareholders was $328.0 million and diluted earnings per share available to common shareholders were $3.69, a decrease of 36 percent and 31 percent, respectively, as compared to full year 2010 results. Adjusting for items that affect comparability between periods, full year 2011 net income attributable to common shareholders was $568.9 million and diluted earnings per share available to common shareholders were $6.40, an increase of 6 percent and 14 percent, respectively, as compared to full year 2010 results.
Timothy M. Ring, chairman and chief executive officer, commented, Fourth quarter constant currency net sales growth of 5% was at the top end of our guidance and allowed us to exceed adjusted EPS guidance for the quarter and for the year. Our revenue growth is being driven by a combination of geographic investments, external acquisitions and internal research and development. By combining top-line growth with disciplined expense management and share-repurchase programs, we have been able to meet our short-term commitments to shareholders while positioning the company for healthy long-term growth.
C. R. Bard, Inc. (www.crbard.com), headquartered in Murray Hill, NJ, 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 within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on managements current expectations, the accuracy of which is necessarily subject to risks and uncertainties. These statements are not historical in nature and use words such as anticipate, estimate, expect, project, intend, forecast, plan, believe, and other words of similar meaning in connection with any discussion of future operating or financial performance. Many factors may cause actual results to differ materially from anticipated results including product developments, sales efforts, income tax matters, the outcomes of contingencies such as legal proceedings, and other economic, business, competitive and regulatory factors. The company undertakes no obligation to update its forward-looking statements. Please refer to the Cautionary Statement Regarding Forward-Looking Information in our September 30, 2011 Form 10-Q for more detailed information about these and other factors that may 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 December 31, |
Twelve Months Ended December 31, |
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2011 | 2010 | 2011 | 2010 | |||||||||||||
Net sales |
$ | 751,900 | $ | 717,100 | $ | 2,896,400 | $ | 2,720,200 | ||||||||
Costs and expenses |
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Cost of goods sold |
282,100 | 263,700 | 1,097,300 | 1,020,000 | ||||||||||||
Marketing, selling and administrative expense |
214,200 | 204,700 | 794,600 | 759,800 | ||||||||||||
Research and development expense |
43,600 | 52,200 | 185,400 | 185,400 | ||||||||||||
Interest expense |
9,300 | 3,800 | 36,400 | 12,700 | ||||||||||||
Other (income) expense, net |
60,700 | 15,900 | 271,900 | 24,600 | ||||||||||||
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Total costs and expenses |
609,900 | 540,300 | 2,385,600 | 2,002,500 | ||||||||||||
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Income from operations before income taxes |
142,000 | 176,800 | 510,800 | 717,700 | ||||||||||||
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Income tax provision |
28,200 | 40,600 | 182,800 | 208,100 | ||||||||||||
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Net income |
113,800 | 136,200 | 328,000 | 509,600 | ||||||||||||
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Net income attributable to noncontrolling interest |
| | | 400 | ||||||||||||
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Net income attributable to common shareholders |
$ | 113,800 | $ | 136,200 | $ | 328,000 | $ | 509,200 | ||||||||
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Basic earnings per share available to common shareholders |
$ | 1.31 | $ | 1.48 | $ | 3.75 | $ | 5.39 | ||||||||
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Diluted earnings per share available to common shareholders |
$ | 1.30 | $ | 1.47 | $ | 3.69 | $ | 5.32 | ||||||||
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Wt. avg. common shares outstanding - basic |
85,200 | 90,800 | 85,800 | 93,400 | ||||||||||||
Wt. avg. common and common equivalent shares outstanding - diluted |
86,000 | 92,000 | 87,300 | 94,600 |
Product Group Summary of Net Sales
(dollars in thousands, unaudited)
Quarter Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||
2011 | 2010 | Change | Constant Currency |
2011 | 2010 | Change | Constant Currency |
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Vascular |
$ | 220,700 | $ | 205,300 | 8 | % | 7 | % | $ | 842,400 | $ | 755,900 | 11 | % | 10 | % | ||||||||||||||||
Urology |
190,400 | 185,100 | 3 | % | 3 | % | 734,800 | 718,100 | 2 | % | 1 | % | ||||||||||||||||||||
Oncology |
201,400 | 189,200 | 6 | % | 6 | % | 779,500 | 724,800 | 8 | % | 6 | % | ||||||||||||||||||||
Surgical Specialties |
116,600 | 114,600 | 2 | % | 2 | % | 450,000 | 434,600 | 4 | % | 3 | % | ||||||||||||||||||||
Other |
22,800 | 22,900 | | | 89,700 | 86,800 | 3 | % | 3 | % | ||||||||||||||||||||||
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Net sales |
$ | 751,900 | $ | 717,100 | 5 | % | $ | 2,896,400 | $ | 2,720,200 | 6 | % | ||||||||||||||||||||
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Foreign exchange impact |
1,700 | 33,300 | ||||||||||||||||||||||||||||||
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Constant Currency |
$ | 751,900 | $ | 718,800 | 5 | % | $ | 2,896,400 | $ | 2,753,500 | 5 | % | ||||||||||||||||||||
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Reconciliation of Earnings
(dollars in millions except per share amounts, unaudited)
Quarter Ended December 31, 2011 | ||||||||||||||||||||||||||||
Cost of Goods Sold |
Marketing, Selling and Administrative Expense |
Research & Development Expense |
Other (Income) Expense, Net |
Income Taxes |
Net Income Attributable to Common Shareholders |
Diluted Earnings per Share Available to Common Shareholders |
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GAAP Basis |
$ | 282.1 | $ | 214.2 | $ | 43.6 | $ | 60.7 | $ | 28.2 | $ | 113.8 | $ | 1.30 | ||||||||||||||
Items that affect comparability of results between periods: |
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Acquisition related items |
| (3.8 | ) | | (4.1 | ) | 1.0 | 6.9 | ||||||||||||||||||||
Legal settlement |
| | | (51.0 | ) | 10.2 | 40.8 | |||||||||||||||||||||
Impairment of bonds |
| | | (4.5 | ) | | 4.5 | |||||||||||||||||||||
Restructuring |
| | | 1.1 | (0.2 | ) | (0.9 | ) | ||||||||||||||||||||
Tax items |
| | | | 16.5 | (16.5 | ) | |||||||||||||||||||||
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Total |
| (3.8 | ) | | (58.5 | ) | 27.5 | 34.8 | 0.40 | |||||||||||||||||||
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Adjusted Basis |
$ | 282.1 | $ | 210.4 | $ | 43.6 | $ | 2.2 | $ | 55.7 | $ | 148.6 | $ | 1.70 | ||||||||||||||
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Quarter Ended December 31, 2010 | ||||||||||||||||||||||||||||
Cost of Goods Sold |
Marketing, Selling and Administrative Expense |
Research & Development Expense |
Other (Income) Expense, Net |
Income Taxes |
Net Income Attributable to Common Shareholders |
Diluted Earnings per Share Available to Common Shareholders (1) |
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GAAP Basis |
$ | 263.7 | $ | 204.7 | $ | 52.2 | $ | 15.9 | $ | 40.6 | $ | 136.2 | $ | 1.47 | ||||||||||||||
Items that affect comparability of results between periods: |
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Acquisition related items |
(0.4 | ) | (0.1 | ) | (2.1 | ) | | 0.6 | 2.0 | |||||||||||||||||||
Restructuring |
| | | (16.7 | ) | 5.3 | 11.4 | |||||||||||||||||||||
Tax items |
| | | | 6.2 | (6.2 | ) | |||||||||||||||||||||
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Total |
(0.4 | ) | (0.1 | ) | (2.1 | ) | (16.7 | ) | 12.1 | 7.2 | 0.08 | |||||||||||||||||
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Adjusted Basis |
$ | 263.3 | $ | 204.6 | $ | 50.1 | $ | (0.8 | ) | $ | 52.7 | $ | 143.4 | $ | 1.54 | |||||||||||||
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Twelve Months Ended December 31, 2011 | ||||||||||||||||||||||||||||
Cost of Goods Sold |
Marketing, Selling and Administrative Expense |
Research & Development Expense |
Other (Income) Expense, Net |
Income Taxes |
Net Income Attributable to Common Shareholders |
Diluted Earnings per Share Available to Common Shareholders |
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GAAP Basis |
$ | 1,097.3 | $ | 794.6 | $ | 185.4 | $ | 271.9 | $ | 182.8 | $ | 328.0 | $ | 3.69 | ||||||||||||||
Items that affect comparability of results between periods: |
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Acquisition related items |
0.4 | (6.8 | ) | (3.5 | ) | (4.4 | ) | 2.6 | 11.7 | |||||||||||||||||||
Legal settlements and commitments |
| | | (246.5 | ) | 16.2 | 230.3 | |||||||||||||||||||||
Impairment of bonds |
| | | (11.5 | ) | | 11.5 | |||||||||||||||||||||
Restructuring |
| | | (7.8 | ) | 2.8 | 5.0 | |||||||||||||||||||||
Tax items |
| | | | 17.6 | (17.6 | ) | |||||||||||||||||||||
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Total |
0.4 | (6.8 | ) | (3.5 | ) | (270.2 | ) | 39.2 | 240.9 | 2.71 | ||||||||||||||||||
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Adjusted Basis |
$ | 1,097.7 | $ | 787.8 | $ | 181.9 | $ | 1.7 | $ | 222.0 | $ | 568.9 | $ | 6.40 | ||||||||||||||
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Twelve Months Ended December 31, 2010 | ||||||||||||||||||||||||||||
Cost of Goods Sold |
Marketing, Selling and Administrative Expense |
Research & Development Expense |
Other (Income) Expense, Net |
Income Taxes |
Net Income Attributable to Common Shareholders |
Diluted Earnings per Share Available to Common Shareholders |
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GAAP Basis |
$ | 1,020.0 | $ | 759.8 | $ | 185.4 | $ | 24.6 | $ | 208.1 | $ | 509.2 | $ | 5.32 | ||||||||||||||
Items that affect comparability of results between periods: |
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Acquisition related items |
(3.2 | ) | (5.7 | ) | (2.6 | ) | (9.3 | ) | 4.7 | 16.1 | ||||||||||||||||||
Write-down of receivables |
| (3.8 | ) | | | | 3.8 | |||||||||||||||||||||
Restructuring |
| | | (16.7 | ) | 5.3 | 11.4 | |||||||||||||||||||||
Tax items |
| | | | 4.8 | (4.8 | ) | |||||||||||||||||||||
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Total |
(3.2 | ) | (9.5 | ) | (2.6 | ) | (26.0 | ) | 14.8 | 26.5 | 0.28 | |||||||||||||||||
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Adjusted Basis |
$ | 1,016.8 | $ | 750.3 | $ | 182.8 | $ | (1.4 | ) | $ | 222.9 | $ | 535.7 | $ | 5.60 | |||||||||||||
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(1) | Total per share amounts do not add due to rounding. |
Notes to Reconciliation of Earnings
| For the fourth quarter 2011, the following items affected the comparability of results between periods: (i) charges of $7.9 million pre-tax for acquisition related items including transaction costs, purchase accounting adjustments and integration costs; (ii) a charge of $51.0 million pre-tax related to a preliminary legal settlement; (iii) a charge of $4.5 million pre-tax for the impairment of Greek bonds; (iv) a net reversal of $1.1 million pre-tax for restructuring costs; and (v) a decrease of $16.5 million in the income tax provision associated with audit settlements related to the completion of IRS examinations for the tax years from 2005 through 2007 and certain examinations in a foreign jurisdiction. The net effect of these items decreased net income attributable to common shareholders by $34.8 million, or $0.40 diluted earnings per share available to common shareholders. |
| For the fourth quarter 2010, the following items affected the comparability of results between periods: (i) a charge of $2.6 million pre-tax for acquisition related items including purchased research and development, transaction costs and purchase accounting adjustments; (ii) a charge of $16.7 million pre-tax for restructuring; and (iii) a decrease of $6.2 million in the income tax provision associated with the completion of certain foreign tax examinations, and the expiration of statutes of limitations in foreign jurisdictions. The net effect of these items decreased net income attributable to common shareholders by $7.2 million, or $0.08 diluted earnings per share available to common shareholders. |
| For the twelve months ended December 31, 2011, the following items affected the comparability of results between periods: (i) charges of $14.3 million pre-tax for acquisition related items including purchased research and development, transaction costs, purchase accounting adjustments and integration costs; (ii) charges of $246.5 million pre-tax related to legal settlements and commitments; (iii) charges of $11.5 million pre-tax for the impairment of Greek bonds; (iv) net charges of $7.8 million pre-tax for restructuring; and (v) a decrease of $17.6 million in the income tax provision associated with audit settlements related to the completion of IRS examinations for the tax years from 2005 through 2007 and certain examinations in other jurisdictions. The net effect of these items decreased net income attributable to common shareholders by $240.9 million, or $2.71 diluted earnings per share available to common shareholders. |
| For the twelve months ended December 31, 2010, the following items affected the comparability of results between periods: (i) charges of $20.8 million pre-tax for acquisition related items including purchased research and development, transaction costs, purchase accounting adjustments and integration costs; (ii) a charge of $3.8 million pre-tax for the write-down of public hospital receivables in Greece; (iii) a charge of $16.7 million pre-tax for restructuring; and (iv) a net decrease of $4.8 million in the income tax provision, including a decrease of $10.4 million due to a remeasurement of certain tax positions related to the completion of IRS examinations of the tax years 2003 and 2004, the completion of certain foreign tax examinations, and the expiration of statutes of limitations in foreign jurisdictions, offset by an increase of $5.6 million due to cash repatriation of certain foreign earnings as a result of new tax legislation. The net effect of these items decreased net income attributable to common shareholders by $26.5 million, or $0.28 diluted earnings per share available to common shareholders. |
This press release contains financial measures that are not calculated in accordance with United States generally accepted accounting principles (GAAP). These non-GAAP measures are reconciled to their most directly comparable GAAP measures in the above tables.
This press release includes net sales excluding the impact of foreign exchange. The company analyzes net sales on a constant currency basis to better measure the comparability of results between periods. Because changes in foreign currency exchange rates have a non-operating impact on net sales, the company believes that evaluating growth in net sales on a constant currency basis provides an additional and meaningful assessment of net sales to both management and the companys investors.
In addition, this press release includes the following non-GAAP measures: (1) cost of goods sold excluding charges for acquisition related items; (2) marketing, selling and administrative expense excluding charges for acquisition related items and the write-down of public hospital receivables in Greece; (3) research and development expense excluding charges for acquisition related items; (4) other (income) expense, net, excluding charges for acquisition related items, legal settlements and commitments, the impairment of Greek bonds; and charges for restructuring; (5) income tax provision excluding a decrease due to audit settlements and reductions of certain tax positions, an increase resulting from a cash repatriation of certain foreign earnings, and the tax effect of the items set forth in (1) through (4) above; (6) net income attributable to common shareholders excluding the items set forth in (1) through (5) above; and (7) diluted earnings per share available to common shareholders excluding the items set forth in (1) through (5) above.
The company excluded the items described above because they may cause certain statements of operations categories not to be indicative of ongoing operating results, and therefore affect the comparability of results between periods. The company therefore believes that these non-GAAP measures provide an additional and meaningful assessment of the companys ongoing operating performance. Because the company has historically reported these non-GAAP results to the investment community, management also believes that the inclusion of these non-GAAP measures provides consistency in its financial reporting and facilitates investors understanding of the companys historic operating trends by providing an additional basis for comparisons to prior periods. Management uses these non-GAAP measures: (1) to establish financial and operational goals; (2) to monitor the companys actual performance in relation to its business plan and operating budgets; (3) to evaluate the companys core operating performance and understand key trends within the business; and (4) as part of several components it considers in determining incentive compensation.
Management recognizes that the use of these non-GAAP measures has limitations, including the fact that they may not be comparable with similar non-GAAP measures used by other companies and that management must exercise judgment in determining which types of charges or other items should be excluded from the non-GAAP information. Management compensates for these limitations by providing full disclosure of each non-GAAP measure and a reconciliation to the most directly comparable GAAP measure. All non-GAAP measures are intended to supplement the applicable GAAP disclosures and should not be considered in isolation from, or as a replacement for, financial information prepared in accordance with GAAP. For a reconciliation of these non-GAAP measures to the most comparable GAAP measures, please see the above tables.
Notes to Earnings per Share
(dollars and shares in thousands, except per share amounts, unaudited)
Quarter Ended December 31, |
Twelve Months Ended December 31, |
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2011 | 2010 | 2011 | 2010 | |||||||||||||
Earnings per Share Numerator: GAAP Basis - basic and diluted |
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Net income attributable to common shareholders |
$ | 113,800 | $ | 136,200 | $ | 328,000 | $ | 509,200 | ||||||||
Less: Income allocated to participating securities (1) |
2,000 | 1,400 | 6,100 | 5,500 | ||||||||||||
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Net income available to common shareholders |
$ | 111,800 | $ | 134,800 | $ | 321,900 | $ | 503,700 | ||||||||
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Earnings per Share Numerator: Adjusted Basis - diluted |
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Net income attributable to common shareholders |
$ | 148,600 | $ | 143,400 | $ | 568,900 | $ | 535,700 | ||||||||
Less: Income allocated to participating securities (1) |
2,700 | 1,500 | 10,100 | 5,800 | ||||||||||||
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Net income available to common shareholders |
$ | 145,900 | $ | 141,900 | $ | 558,800 | $ | 529,900 | ||||||||
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Earnings per Share Denominator: |
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Wt. avg. common shares outstanding - basic |
85,200 | 90,800 | 85,800 | 93,400 | ||||||||||||
Wt. avg. common and common equivalent shares outstanding - diluted |
86,000 | 92,000 | 87,300 | 94,600 | ||||||||||||
Earnings per Share: GAAP Basis |
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Basic earnings per share available to common shareholders |
$ | 1.31 | $ | 1.48 | $ | 3.75 | $ | 5.39 | ||||||||
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Diluted earnings per share available to common shareholders |
$ | 1.30 | $ | 1.47 | $ | 3.69 | $ | 5.32 | ||||||||
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Earnings per Share: Adjusted Basis |
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Diluted earnings per share available to common shareholders |
$ | 1.70 | $ | 1.54 | $ | 6.40 | $ | 5.60 | ||||||||
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(1) | Basic and diluted earnings per share available to common shareholders is calculated using a numerator, which represents the total of net income attributable to common shareholders less income allocated to participating securities. |