Bard Announces Second Quarter Results
Bard Announces Second Quarter Results
MURRAY HILL, N.J.--(BUSINESS WIRE)-- C. R. Bard, Inc. (NYS: BCR) today reported 2013 second quarter financial results. Second quarter 2013 net sales were $759.9 million, an increase of 2 percent over the prior-year period on a reported basis. Excluding the impact of foreign exchange, second quarter 2013 net sales increased 3 percent over the prior-year period.
For the second quarter 2013, net sales in the U.S. were $497.6 million, an increase of 2 percent over the prior-year period. Net sales outside the U.S. were $262.3 million, an increase of 4 percent over the prior-year period on both a reported and constant currency basis.
For the second quarter 2013, net loss was ($161.6 million) and diluted loss per share was ($2.03), reflecting a net charge for estimated costs related to product liability matters. Adjusting for this charge and other items that affect the comparability of results between periods as detailed in the tables below, second quarter 2013 net income was $117.2 million and diluted earnings per share were $1.42, a decrease of 17 percent and 12 percent, respectively, as compared to second quarter 2012 results.
Timothy M. Ring, chairman and chief executive officer, commented, "Our operating results this quarter exceeded our expectations. We continue to focus on the execution of our investment plan, which we believe will shift the mix of our portfolio to faster growing products and geographies and contribute to long-term sustainable leadership positions in our markets."
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 March 31, 2013 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 Operations | ||||||||||||||||
(dollars and shares in thousands except per share amounts, unaudited) | ||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net sales | $ | 759,900 | $ | 742,600 | $ | 1,500,200 | $ | 1,472,600 | ||||||||
Costs and expenses | ||||||||||||||||
Cost of goods sold | 296,600 | 285,700 | 591,900 | 565,100 | ||||||||||||
Marketing, selling and administrative expense | 226,300 | 205,400 | 442,700 | 407,700 | ||||||||||||
Research and development expense | 66,100 | 50,100 | 125,400 | 98,300 | ||||||||||||
Interest expense | 11,100 | 9,700 | 22,500 | 19,200 | ||||||||||||
Other (income) expense, net | 295,700 | 6,200 | 326,000 | 5,400 | ||||||||||||
Total costs and expenses | 895,800 | 557,100 | 1,508,500 | 1,095,700 | ||||||||||||
(Loss) income from operations before income taxes | (135,900 | ) | 185,500 | (8,300 | ) | 376,900 | ||||||||||
Income tax provision | 25,700 | 51,600 | 62,600 | 104,300 | ||||||||||||
Net (loss) income | $ | (161,600 | ) | $ | 133,900 | $ | (70,900 | ) | $ | 272,600 | ||||||
Basic (loss) earnings per share available to common shareholders | $ | (2.03 | ) | $ | 1.56 | $ | (0.88 | ) | $ | 3.18 | ||||||
Diluted (loss) earnings per share available to common shareholders | $ | (2.03 | ) | $ | 1.54 | $ | (0.88 | ) | $ | 3.14 | ||||||
Wt. avg. common shares outstanding - basic | 79,800 | 83,900 | 80,600 | 84,000 | ||||||||||||
Wt. avg. common and common equivalent shares outstanding - diluted | 79,800 | 85,100 | 80,600 | 85,100 | ||||||||||||
Product Group Summary of Net Sales | ||||||||||||||||||||||||||||
(dollars in thousands, unaudited) | ||||||||||||||||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
Constant | Constant | |||||||||||||||||||||||||||
2013 | 2012 | Change | Currency | 2013 | 2012 | Change | Currency | |||||||||||||||||||||
Vascular | $ | 212,200 | $ | 221,300 | -4 | % | -4 | % | $ | 415,400 | $ | 430,500 | -4 | % | -4 | % | ||||||||||||
Urology | 191,700 | 188,800 | 2 | % | 2 | % | 380,500 | 373,900 | 2 | % | 2 | % | ||||||||||||||||
Oncology | 214,100 | 199,100 | 8 | % | 8 | % | 421,200 | 398,000 | 6 | % | 6 | % | ||||||||||||||||
Surgical Specialties | 120,000 | 111,400 | 8 | % | 8 | % | 240,300 | 226,100 | 6 | % | 6 | % | ||||||||||||||||
Other | 21,900 | 22,000 | - | - | 42,800 | 44,100 | -3 | % | -3 | % | ||||||||||||||||||
Net sales | $ | 759,900 | $ | 742,600 | 2 | % | $ | 1,500,200 | $ | 1,472,600 | 2 | % | ||||||||||||||||
Foreign exchange impact | (1,400 | ) | 300 | |||||||||||||||||||||||||
Constant Currency | $ | 759,900 | $ | 741,200 | 3 | % | $ | 1,500,200 | $ | 1,472,900 | 2 | % | ||||||||||||||||
Reconciliation of (Loss) Earnings | ||||||||||||||||||||||||||||
(dollars in millions except per share amounts, unaudited) | ||||||||||||||||||||||||||||
Quarter Ended June 30, 2013 | ||||||||||||||||||||||||||||
Diluted | ||||||||||||||||||||||||||||
(Loss) Earnings | ||||||||||||||||||||||||||||
Marketing, | per Share | |||||||||||||||||||||||||||
Cost of | Selling and | Research & | Other | Available | ||||||||||||||||||||||||
Goods | Administrative | Development | (Income) | Income | Net (Loss) | to Common | ||||||||||||||||||||||
Sold | Expense | Expense | Expense, Net | Taxes | Income | Shareholders (1) | ||||||||||||||||||||||
GAAP Basis | $ | 296.6 | $ | 226.3 | $ | 66.1 | $ | 295.7 | $ | 25.7 | $ | (161.6 | ) | $ | (2.03 | ) | ||||||||||||
Items that affect comparability of results between periods: | ||||||||||||||||||||||||||||
Acquisition-related items | (0.2 | ) | (0.8 | ) | (0.9 | ) | - | 0.2 | 1.7 | |||||||||||||||||||
Asset impairments | (0.6 | ) | - | - | (2.6 | ) | 0.2 | 3.0 | ||||||||||||||||||||
Restructuring | - | - | - | 1.4 | (0.4 | ) | (1.0 | ) | ||||||||||||||||||||
Litigation charges, net | - | - | - | (292.4 | ) | 17.3 | 275.1 | |||||||||||||||||||||
Total | (0.8 | ) | (0.8 | ) | (0.9 | ) | (293.6 | ) | 17.3 | 278.8 | 3.37 | |||||||||||||||||
Adjusted Basis | $ | 295.8 | $ | 225.5 | $ | 65.2 | $ | 2.1 | $ | 43.0 | $ | 117.2 | $ | 1.42 | ||||||||||||||
Quarter Ended June 30, 2012 | ||||||||||||||||||||||||||||
Diluted | ||||||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Marketing, | per Share | |||||||||||||||||||||||||||
Cost of | Selling and | Research & | Other | Available | ||||||||||||||||||||||||
Goods | Administrative | Development | (Income) | Income | Net | to Common | ||||||||||||||||||||||
Sold | Expense | Expense | Expense, Net | Taxes | Income | Shareholders | ||||||||||||||||||||||
GAAP Basis | $ | 285.7 | $ | 205.4 | $ | 50.1 | $ | 6.2 | $ | 51.6 | $ | 133.9 | $ | 1.54 | ||||||||||||||
Items that affect comparability of results between periods: | ||||||||||||||||||||||||||||
Acquisition-related items | (0.1 | ) | (0.1 | ) | (0.4 | ) | (0.2 | ) | - | 0.8 | ||||||||||||||||||
Asset impairments | - | - | - | (9.0 | ) | 3.2 | 5.8 | |||||||||||||||||||||
Restructuring | - | - | - | 1.6 | (0.5 | ) | (1.1 | ) | ||||||||||||||||||||
Tax Item | - | - | - | - | (1.1 | ) | 1.1 | |||||||||||||||||||||
Total | (0.1 | ) | (0.1 | ) | ||||||||||||||||||||||||
