Bard Announces Fourth Quarter Results Diluted EPS of $1.52, $1.70 on Adjusted Basis

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Bard Announces Fourth Quarter Results Diluted EPS of $1.52, $1.70 on Adjusted Basis

MURRAY HILL, N.J.--(BUSINESS WIRE)-- C. R. Bard, Inc. (NYS: BCR) today reported 2012 fourth quarter financial results. Fourth quarter 2012 net sales were $762.6 million, an increase of 1 percent over the prior-year period on an as-reported basis. Excluding the impact of foreign exchange, fourth quarter 2012 net sales increased 2 percent over the prior-year period.


For the fourth quarter 2012, net sales in the U.S. were $498.1 million and net sales outside the U.S. were $264.5 million, a decrease of 1 percent and an increase of 6 percent, respectively, over the prior-year period. Excluding the impact of foreign exchange, fourth quarter 2012 net sales outside the U.S. increased 8 percent over the prior-year period.

Net sales for the full year 2012 were $2,958.1 million, an increase of 2 percent over the prior-year period. Excluding the impact of foreign exchange, full year 2012 net sales increased 3 percent over the prior-year period.

For the fourth quarter 2012, net income was $128.2 million and diluted earnings per share available to common shareholders were $1.52, an increase of 13 percent and 17 percent, respectively, as compared to fourth quarter 2011 results. Adjusting for items that affect comparability between periods as detailed in the tables below, fourth quarter 2012 net income was $143.9 million and diluted earnings per share available to common shareholders were $1.70, a decrease of 3 percent and unchanged, respectively, as compared to fourth quarter 2011 results.

For the full year 2012, net income was $530.1 million and diluted earnings per share available to common shareholders were $6.16, an increase of 62 percent and 67 percent, respectively, as compared to full year 2011 results. Adjusting for items that affect comparability between periods, full year 2012 net income was $565.3 million and diluted earnings per share available to common shareholders were $6.57, a decrease of 1 percent and an increase of 3 percent, respectively, as compared to full year 2011 results.

Timothy M. Ring, chairman and chief executive officer, commented, "While the near term environment remains challenging, especially in our developed markets, we are executing a strategy to return to faster growth through investments in emerging markets and new product categories. We believe the size of the opportunities in front of us and the capabilities of our organization have never been better, and we are investing to aggressively pursue these 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 September 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 Ended   Twelve Months Ended
December 31,December 31,

2012

   

2011

2012

   

2011

 
Net sales$762,600$751,900$2,958,100$2,896,400
Costs and expenses
Cost of goods sold287,600282,1001,125,3001,097,300
Marketing, selling and administrative expense213,000214,200817,300794,600
Research and development expense52,70043,600203,200185,400
Interest expense10,7009,30039,60036,400
Other (income) expense, net 21,300 60,700 40,300 271,900
 
Total costs and expenses 585,300 609,900 2,225,700 2,385,600
Income from operations before income taxes 177,300 142,000 732,400 510,800
 
Income tax provision 49,100 28,200 202,300 182,800
 
Net income$128,200$113,800$530,100$328,000
 
Basic earnings per share available to common shareholders$1.54$1.31$6.24$3.75
 
Diluted earnings per share available to common shareholders$1.52$1.30$6.16$3.69
 
Wt. avg. common shares outstanding - basic82,00085,20083,30085,800
 
 
Wt. avg. common and common equivalent shares outstanding - diluted83,10086,00084,40087,300
 
 
Product Group Summary of Net Sales
(dollars in thousands, unaudited)
 
 
     Quarter Ended December 31,  Twelve Months Ended December 31,
         Constant         Constant
2012   2011    Change   Currency2012   2011    Change   Currency
Vascular$212,000$220,700-4%-2%$845,000$842,400-3%
Urology195,800190,4003%3%757,800734,8003%4%
Oncology210,500201,4005%5%812,400779,5004%5%
Surgical Specialties121,300116,6004%4%455,100450,0001%2%
Other 23,000 22,800 1%- 87,800 89,700 -2%-2%
 
Net sales$762,600$751,900 1%$2,958,100$2,896,400 2%
 
Foreign exchange impact (4,300)  (34,100)
Constant Currency$762,600$747,600 2%$2,958,100$2,862,300 3%
 
 
Reconciliation of Earnings
(dollars in millions except per share amounts, unaudited)
 
 
    Quarter Ended December 31, 2012
                 Diluted
Earnings
Marketing,per Share
Cost ofSelling andResearch &OtherAvailable
GoodsAdministrativeDevelopment(Income)IncomeNetto Common
SoldExpenseExpenseExpense, NetTaxesIncomeShareholders (1)
 
GAAP Basis$287.6$213.0$52.7$21.3$49.1$128.2$1.52
Items that affect comparability of
results between periods:
Acquisition related items(0.1)(0.8)(1.9)(0.3)0.32.8
Restructuring -  -  -  (19.0) 6.1  12.9  
Total(0.1)(0.8)(1.9)(19.3)6.415.70.19
       
Adjusted Basis$287.5 $212.2 $50.8 $2.0 $55.5 $143.9 $1.70
 
 
Quarter Ended December 31, 2011
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