Bard Announces Third Quarter Results

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 Ended

Nine Months Ended

September 30,

September 30,

2012

2011

2012

2011

Net sales

$

722,900

$

719,200

$

2,195,500

$

2,144,500

Costs and expenses

Cost of goods sold

272,600

274,900

837,700

815,200

Marketing, selling and administrative expense

196,600

189,300

604,300

580,400

Research and development expense

52,200

46,900

150,500

141,800

Interest expense

9,700

9,000

28,900

27,100

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 - basic

83,400

86,600

83,800

86,000

Wt. avg. common and common equivalent shares outstanding - diluted

84,600

87,800

84,900

87,700

Product Group Summary of Net Sales

(dollars in thousands, unaudited)

Quarter Ended September 30,

Nine Months Ended September 30,

Constant

Constant

2012

2011

Change

Currency

2012

2011

Change

Currency

Vascular

$

202,500

$

208,200

-3

%

1

%

$

633,000

$

621,700

2

%

4

%

Urology

188,100

182,200

3

%

5

%

562,000

544,400

3

%

4

%

Oncology

203,900

198,900

3

%

4

%

601,900

578,100

4

%

5

%

Surgical Specialties

107,700

107,600

-

2

%

333,800

333,400

-

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

%

Reconciliation of Earnings

(dollars in millions except per share amounts, unaudited)

Quarter Ended September 30, 2012

Diluted

Earnings

Marketing,

per Share

Cost of

Selling and

Research &

Other

Available

Goods

Administrative

Development

(Income)

Income

to Common

Sold

Expense

Expense

Expense, Net

Taxes

Net Income

Shareholders

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

)

0.4

4.1

Asset impairment

-

-

-

(13.2

)

5.2

8.0

Total

-

(1.1

)

(2.4

)

(14.2

)

5.6

12.1

0.14

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 of

Selling and

Research &

Other

Available

Goods

Administrative

Development

(Income)

Income

to Common

Sold

Expense

Expense

Expense, Net

Taxes

Net Income

Shareholders (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

)

-

0.5

2.2

Restructuring

-

-

-

(10.0

)

3.3

6.7

Impairment of bonds

-

-

-

(7.0

)

-

7.0

Tax item

-

-

-

-

1.1

(1.1

)

Total

(0.1

)

(2.1

)

(0.5

)

(17.0

)

4.9

14.8

0.17

Adjusted Basis

$

274.8

$

187.2

$

46.4

$

-