News & Events
Becton Dickinson Reports Third Quarter Results; One-Time Charges Reduce E.P.S. By $.11
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Franklin Lakes, NJ (July 21, 1997) -- Becton Dickinson and Company (NYSE: BDX) today reported earnings per share of $.54 for the fiscal third quarter ended June 30, 1997, including $.11 per share of one-time charges for in-process research and development related to two recent acquisitions. Excluding the one-time charges, earnings per share were $.65, an increase of 12 percent over last year’s $.58. Net income was $70 million for the quarter, including the one-time charges, compared with $77 million a year ago. Reported revenues for the quarter were $707 million, compared with last year’s third quarter revenues of $693 million. The company said that foreign currency translation reduced reported revenues by an estimated $23 million for the quarter. Adjusted for currency translation, revenues increased 5 percent compared with last year. Segment and Geographic Revenues By business segment, diagnostic systems revenues for the quarter were $323 million, an increase of 2 percent. Medical supplies and devices revenues were $384 million, also an increase of 2 percent. The company noted that excluding the impact of foreign currency, medical segment revenues grew 5 percent and diagnostic systems revenues grew 6 percent. On a geographic basis, revenues in the United States were $377 million, a 7 percent increase, while revenues outside the United States were $329 million, a decrease of 3 percent, reflecting the negative impact of currency translation. Nine Months Results For the nine months ended June 30, 1997 revenues were $2.062 billion compared with $2.039 billion last year, while earnings per share for the nine months were $1.61 including the $.11 of one-time charges noted earlier, compared with $1.45 a share a year ago. Net income for the nine months was $211 million, including the one-time charges, versus $196 million for the year ago period. Foreign currency translation for the first nine months of the fiscal year reduced reported revenues by an estimated $53 million. The company also said that the growth in revenues was affected by the absence of approximately $55 million in revenues from divested businesses and $13 million is included in the current year from acquisitions. Clateo Castellini, chairman, president and chief executive officer, said, "We are pleased with our results for the nine months, and the continuing improvement in gross profit. We believe these margins are sustainable and are a good measure of our fundamental profitability." BECTON DICKINSON AND COMPANY
SELECTED FINANCIAL SCHEDULES
Thousands of dollars, except per share amounts
Three Months Ended June 30,
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%
1997 1996 Change
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REVENUES $ 706,539 $ 692,945 2.0
Cost of products sold 352,745 351,851 .3
Selling and administrative 191,106 182,956 4.5
Research and development 57,551 38,091 51.1
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TOTAL OPERATING COSTS
AND EXPENSES 601,402 572,898 5.0
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OPERATING INCOME 105,137 120,047 (12.4)
Interest expense, net (10,116) (9,773) 3.5
Other income (expense), net 3,779 (3,098) NM
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INCOME BEFORE INCOME TAXES 98,800 107,176 (7.8)
Income tax provision 28,652 30,009 (4.5)
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NET INCOME $ 70,148 $ 77,167 (9.1)
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EARNINGS PER SHARE $ .54 $ .58 (6.9)
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Average common and common
equivalent shares outstanding 129,059 131,826
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NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SELECTED FINANCIAL SCHEDULES
Thousands of dollars, except per share amounts
Nine Months Ended June 30,
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%
1997 1996 Change
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REVENUES $2,061,545 $2,038,605 1.1
Cost of products sold 1,048,551 1,069,306 (1.9)
Selling and administrative 563,090 550,766 2.2
Research and development 136,618 113,748 20.1
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TOTAL OPERATING COSTS
AND EXPENSES 1,748,259 1,733,820 .8
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OPERATING INCOME 313,286 304,785 2.8
Interest expense, net (28,126) (28,758) (2.2)
Other income (expense), net 11,920 (3,140) NM
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INCOME BEFORE INCOME TAXES 297,080 272,887 8.9
Income tax provision 86,153 76,408 12.8
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NET INCOME $ 210,927 $ 196,479 7.4
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EARNINGS PER SHARE $ 1.61 $ 1.45 11.0
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Average common and common
equivalent shares outstanding 129,073 133,658
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NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUMMARY OF REVENUES
Thousands of dollars
Three Months Ended June 30,
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%
1997 1996 Change
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BUSINESS SEGMENT
Medical Supplies and Devices $ 383,800 $ 376,828 1.9
Diagnostic Systems 322,739 316,117 2.1
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Total $ 706,539 $ 692,945 2.0
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GEOGRAPHIC AREA
United States $ 377,235 $ 352,657 7.0
International 329,304 340,288 (3.2)
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Total $ 706,539 $ 692,945 2.0
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Nine Months Ended June 30,
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%
1997 1996 Change
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BUSINESS SEGMENT
Medical Supplies and Devices $1,107,820 $1,103,076 .4
Diagnostic Systems 953,725 935,529 1.9
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Total $2,061,545 $2,038,605 1.1
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GEOGRAPHIC AREA
United States $1,069,608 $1,043,291 2.5
International 991,937 995,314 ( .3)
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Total $2,061,545 $2,038,605 1.1
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