Bard Announces Third Quarter Results

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Bard Announces Third Quarter Results

MURRAY HILL, N.J.--(BUSINESS WIRE)-- C. R. Bard, Inc. (NYS: BCR) today reported 2012 third quarter financial results. Third quarter 2012 net sales were $722.9 million, an increase of 1 percent over the prior-year period on a reported basis. Excluding the impact of foreign exchange, third quarter 2012 net sales increased 3 percent over the prior-year period.

For the third quarter 2012, net sales in the U.S. were $483.4 million, a decrease of 1 percent from the prior-year period. Net sales outside the U.S. were $239.5 million, an increase of 3 percent over the prior-year period on a reported basis. Excluding the impact of foreign exchange, third quarter 2012 net sales outside the U.S. increased 11 percent over the prior-year period.


For the third quarter 2012, net income was $129.3 million and diluted earnings per share available to common shareholders were $1.50, a decrease of 1 percent and an increase of 3 percent, respectively, as compared to third quarter 2011 results. Adjusting for items that affect comparability between periods as detailed in the tables below, third quarter 2012 net income was $141.4 million and diluted earnings per share available to common shareholders were $1.64, a decrease of 2 percent and an increase of 1 percent, respectively, as compared to third quarter 2011 results.

Timothy M. Ring, chairman and chief executive officer, commented, "We delivered adjusted earnings per share at the top end of our guidance range this quarter, despite significant headwinds in the United States. Our international investments are shifting the mix of our portfolio to faster growing markets, which remains a key focus for us as we continue to improve our growth profile by investing in geographic and product markets with superior growth opportunities."

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 management's 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 June 30, 2012 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 EndedNine Months Ended
September 30,September 30,
2012201120122011
 
Net sales$722,900$719,200$2,195,500$2,144,500
Costs and expenses
Cost of goods sold272,600274,900837,700815,200
Marketing, selling and administrative expense196,600189,300604,300580,400
Research and development expense52,20046,900150,500141,800
Interest expense9,7009,00028,90027,100
Other (income) expense, net 13,600 17,000 19,000 211,200
 
Total costs and expenses 544,700 537,100 1,640,400 1,775,700
Income from operations before income taxes 178,200 182,100 555,100 368,800
 
Income tax provision 48,900 52,000 153,200 154,600
 
Net income$129,300$130,100$401,900$214,200
 
Basic earnings per share available to common shareholders$1.52$1.48$4.70$2.44
 
Diluted earnings per share available to common shareholders$1.50$1.46$4.64$2.40
 
Wt. avg. common shares outstanding - basic83,40086,60083,80086,000
 
Wt. avg. common and common equivalent shares outstanding - diluted84,60087,80084,90087,700
 
Product Group Summary of Net Sales
(dollars in thousands, unaudited)
        
Quarter Ended September 30, Nine Months Ended September 30,
ConstantConstant
 2012 2011  Change Currency 2012 2011  Change Currency
Vascular$202,500$208,200-3%1%$633,000$621,7002%4%
Urology188,100182,2003%5%562,000544,4003%4%
Oncology203,900198,9003%4%601,900578,1004%5%
Surgical Specialties107,700107,600-2%333,800333,400-1%
Other 20,700 22,300 -7%-6% 64,800 66,900 -3%-3%
 
Net sales$722,900$719,200 1%$2,195,500$2,144,500 2%
 
Foreign exchange impact  (16,000)  (29,800)
Constant Currency$722,900$703,200 3%$2,195,500$2,114,700 4%
 
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Reconciliation of Earnings
(dollars in millions except per share amounts, unaudited)
      
Quarter Ended September 30, 2012
Diluted
Earnings
Marketing,per Share
Cost ofSelling andResearch &OtherAvailable
GoodsAdministrativeDevelopment(Income)Incometo Common
SoldExpenseExpenseExpense, NetTaxesNet IncomeShareholders
 
GAAP Basis$272.6$196.6$52.2$13.6$48.9$129.3$1.50

Items that affect comparability of

results between periods:

Acquisition related items-(1.1)(2.4)(1.0)0.44.1
Asset impairment -  -  -  (13.2) 5.2  8.0  
Total-(1.1)(2.4)(14.2)5.612.10.14
       
Adjusted Basis$272.6 $195.5 $49.8 $(0.6)$54.5 $141.4 $1.64
 
 
Quarter Ended September 30, 2011
Diluted
Earnings
Marketing,per Share
Cost ofSelling andResearch &OtherAvailable
GoodsAdministrativeDevelopment(Income)Incometo Common
SoldExpenseExpenseExpense, NetTaxesNet IncomeShareholders (1)
 
GAAP Basis$274.9$189.3$46.9$17.0$52.0$130.1$1.46

Items that affect comparability of

results between periods:

Acquisition related items(0.1)(2.1)(0.5)-0.52.2
Restructuring---(10.0)3.36.7
Impairment of bonds---(7.0)-7.0
Tax item -  -  -  -  1.1  (1.1) 
Total(0.1)(2.1)(0.5)(17.0)4.914.80.17
       
Adjusted Basis$274.8 $187.2 $46.4 $-