News & Events

Franklin Lakes, NJ (July 21, 1999) -- Becton Dickinson and Company (NYSE: BDX) announced today results for its fiscal third quarter ended June 30, 1999, which included the previously announced effects of restructuring and other charges totaling $102 million pre-tax, or $69 million after-tax. Excluding these charges, diluted earnings per share were $.38. Results for the third quarter of 1998, excluding charges of $106 million after-tax, were $.37 per share. Reported earnings per share for the current quarter were $.12.

Revenues for the quarter were $873 million, a five percent increase from last year's $834 million.

As the company indicated in April, results for the quarter would include expenses related to a voluntary retirement program and other charges. These other charges relate to exiting certain product lines, primarily in the home health care business and other activities, which reflect the company's decision to discontinue its efforts to introduce a stand-alone blood glucose monitoring product this year. These other charges also include write-downs associated with impaired assets. Of the total restructuring and other charges of $102 million pre-tax for the quarter, approximately $27 million were reported in cost of products sold to reflect the write-off of inventories for the exited product lines. The effect of these charges on diluted earnings per share was $.26.

By business segment, medical supplies and devices revenues for the quarter were $495 million, a four percent increase from last year's $474 million. Particularly strong performance was reported by the company's infusion therapy and pre-fillable syringe businesses.

Diagnostic systems revenues were $378 million for the quarter, an increase of five percent over last year's $359 million. Especially strong results were reported for the company's flow cytometry business.

On a geographic basis, revenues in the United States were $450 million for the quarter, a two percent increase from last year's $442 million. Revenues from non-U.S. markets were $423 million compared with $392 million a year ago, or an increase of eight percent.

For the nine months ended June 30, 1999, revenues increased 11 percent to $2.516 billion, compared with $2.274 billion last year. Net income for the nine months was $199 million or $.75 per diluted share, including the restructuring and other charges in the current quarter.

BECTON DICKINSON AND COMPANY
SELECTED FINANCIAL SCHEDULES
Amounts in thousands, except per-share data

STATEMENTS                         Three Months Ended June 30,	
OF OPERATIONS                      1999         1998         % Change
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REVENUES                         $ 873,002    $ 833,561          4.7 

Cost of products sold              461,323      419,007         10.1 
Selling and administrative         231,924      234,418         (1.1)
Research and development            50,694       80,859        (37.3)
Special charges                     75,553       90,945           NM 
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TOTAL OPERATING COSTS
     AND EXPENSES                  819,494      825,229         (0.7)
-----------------------------------------------------------

OPERATING INCOME                    53,508        8,332           NM 

Interest expense, net              (16,877)     (17,526)        (3.7)
Other expense, net                  (1,267)      (1,815)       (30.2)
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INCOME (LOSS) BEFORE
INCOME TAXES                        35,364      (11,009)          NM 

Income tax provision (benefit)       2,240       (1,024)          NM 
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NET INCOME (LOSS)                 $ 33,124     $ (9,985)          NM 
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EARNINGS (LOSS) PER SHARE

Basic                             $   0.13     $  (0.04)          NM 
Diluted                           $   0.12     $  (0.04)          NM 
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AVERAGE SHARES OUTSTANDING

Basic                              250,075      246,604 
Diluted                            265,072      246,604 
-----------------------------------------------------------

NM - Not Meaningful



                                    Three Months Ended June 30,
SUMMARY OF REVENUES                 1999           1998       % Change
----------------------------------------------------------------------


BY BUSINESS SEGMENT

Medical Supplies and Devices      $ 495,135      $ 474,351       4.4 
Diagnostic Systems                  377,867        359,210       5.2 
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TOTAL REVENUES                    $ 873,002      $ 833,561       4.7 
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BY GEOGRAPHIC AREA

United States                     $ 449,616      $ 441,662       1.8 
International                       423,386        391,899       8.0 
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TOTAL REVENUES                    $ 873,002      $ 833,561 	 4.7 
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BECTON DICKINSON AND COMPANY
SELECTED FINANCIAL SCHEDULES
Amounts in thousands, except per-share data

STATEMENTS                        Nine Months Ended June 30,
OF OPERATIONS                     1999           1998       % Change
---------------------------------------------------------------------

REVENUES                        $ 2,515,932    $ 2,273,634     10.7 

Cost of products sold             1,276,293      1,137,890     12.2 
Selling and administrative          688,044        619,575     11.1 
Research and development            167,255        169,285     (1.2)
Special charges                      75,553         90,945       NM 
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TOTAL OPERATING COSTS
AND EXPENSES                      2,207,145      2,017,695      9.4 
-----------------------------------------------------------

OPERATING INCOME                    308,787        255,939     20.6 

Interest expense, net               (53,506)       (39,194)    36.5 
Other income (expense), net           1,218         (7,112)      NM 
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INCOME BEFORE INCOME TAXES          256,499        209,633     22.4 

Income tax provision                 57,103         62,962     (9.3)
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NET INCOME                       $  199,396     $  146,671     35.9 
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EARNINGS PER SHARE

Basic                            $     0.79     $     0.59     33.9 
Diluted                          $     0.75     $     0.56     33.9 
-----------------------------------------------------------

AVERAGE SHARES OUTSTANDING

     Basic                          249,213        245,054
     Diluted                        265,335        260,684
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NM - Not Meaningful



	                        Nine Months Ended June 30,
SUMMARY OF REVENUES             1999            1998         % Change 
-----------------------------------------------------------------------

BY BUSINESS SEGMENT

Medical Supplies and Devices    $ 1,404,078    $ 1,230,601      14.1 
Diagnostic Systems                1,111,854      1,043,033       6.6 
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TOTAL REVENUES                  $ 2,515,932    $ 2,273,634      10.7 
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BY GEOGRAPHIC AREA

United States                   $ 1,266,967    $ 1,232,409       2.8 
International                     1,248,965      1,041,225      20.0 
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TOTAL REVENUES                  $ 2,515,932    $ 2,273,634      10.7 
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