News & Events
BD (Becton, Dickinson and Company) Announces Record Revenues for Fiscal Year
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Contact: Ronald Jasper Becton, Dickinson and Company (201) 847-7160 Franklin Lakes, NJ (November 04, 1999) -- BD (Becton, Dickinson and Company) (NYSE:BDX) announced today results for its fiscal fourth quarter and full year, which ended September 30, 1999. Full Year Results Revenues for the year were a record $3.418 billion (three billion, four hundred eighteen million dollars), a ten percent increase from last year’s $3.117 billion (three billion, one hundred seventeen million dollars). Recent acquisitions contributed to revenue growth. Diluted earnings per share for the year, excluding previously announced restructuring and other charges and in-process research and development charges associated with acquisitions, were $1.49. Reported earnings per share were $1.04 for fiscal 1999, compared with $.90 in fiscal 1998, which also included certain charges. By geographic area, revenues in the United States were $1.748 billion (one billion, seven hundred forty-eight million dollars), compared with $1.690 billion (one billion, six hundred ninety million dollars), an increase of three percent. Revenues outside the United States were $1.671 billion (one billion, six hundred seventy-one million dollars), compared with $1.427 billion (one billion, four hundred twenty-seven million dollars) last year, a seventeen percent increase, partly due to recent acquisitions. Foreign currency translation increased non-U.S. revenues by less than one percent. Beginning September 30, 1999, the company reports in three operating segments: medical systems, biosciences, and preanalytical solutions. Medical systems revenues for the year were $1.924 billion (one billion, nine hundred twenty-four million dollars), revenues from biosciences were $986 million, and revenues from preanalytical solutions were $509 million. Fourth Quarter Results Revenues for the fourth quarter were $902 million, an increase of seven percent. Diluted earnings per share were $.42, excluding the impact of the in-process research and development charges associated with the recent acquisition of Clontech Laboratories, Inc. Reported earnings per share were $.29. By business segment, medical systems revenues for the quarter were $521 million, biosciences revenues were $255 million, and preanalytical solutions revenues were $126 million. On a geographic basis, fourth quarter revenues in the United States were $481 million compared with $458 million for the last year ago, while revenues outside the United States were $422 million compared with $385 million in the prior fiscal year’s fourth quarter. - Selected Financial Reviews follow -
BECTON DICKINSON AND COMPANY
SELECTED FINANCIAL SCHEDULES
Amounts in thousands, except per-share data
Three Months Ended September 30,
INCOME STATEMENTS 1999 1998 % Change
REVENUES $ 902,480 $ 843,239 7.0
Cost of products sold 435,373 403,142 8.0
Selling and administrative 243,885 241,989 0.8
Research and development 86,761 48,615 78.5
TOTAL OPERATING COSTS
AND EXPENSES 766,019 693,746 10.4
OPERATING INCOME 136,461 149,493 (8.7)
Interest expense, net (18,546) (17,146) 8.2
Other expense, net (1,759) (1,114) 57.9
INCOME BEFORE
INCOME TAXES 116,156 131,233 (11.5)
Income tax provision 39,833 41,336 (3.6)
NET INCOME $ 76,323 $ 89,897 (15.1)
EARNINGS PER SHARE
Basic $ 0.30 $ 0.36 (16.7)
Diluted $ 0.29 $ 0.34 (14.7)
AVERAGE SHARES OUTSTANDING
Basic 250,732 247,614
Diluted 262,291 265,106
Three Months Ended September 30,
SUMMARY OF REVENUES 1999 1998 % Change
BY OPERATING SEGMENT
Medical Systems $ 521,474 $ 484,351 7.7
Biosciences 254,955 239,165 6.6
Preanalytical Solutions 126,051 119,723 5.3
TOTAL REVENUES $ 902,480 $ 843,239 7.0
BY GEOGRAPHIC AREA
United States $ 480,818 $ 458,117 5.0
International 421,662 385,122 9.5
TOTAL REVENUES $ 902,480 $ 843,239 7.0
BECTON DICKINSON AND COMPANY
SELECTED FINANCIAL SCHEDULES
Amounts in thousands, except per-share data
Twelve Months Ended September 30,
INCOME STATEMENTS 1999 1998 % Change
REVENUES $ 3,418,412 $3,116,873 9.7
Cost of products sold 1,711,666 1,541,032 11.1
Selling and administrative 931,929 861,564 8.2
Research and development 254,016 217,900 16.6
Special charges 75,553 90,945 NM
TOTAL OPERATING COSTS
AND EXPENSES 2,973,164 2,711,441 9.7
OPERATING INCOME 445,248 405,432 9.8
Interest expense, net (72,052) (56,340) 27.9
Other expense, net (541) (8,226) (93.4)
INCOME BEFORE
INCOME TAXES 372,655 340,866 9.3
Income tax provision 96,936 104,298 (7.1)
NET INCOME $ 275,719 $ 236,568 16.5
EARNINGS PER SHARE
Basic $ 1.09 $ 0.95 14.7
Diluted $ 1.04 $ 0.90 15.6
AVERAGE SHARES OUTSTANDING
Basic 249,595 245,700
Diluted 264,580 262,128
NM - Not Meaningful
Twelve Months Ended September 30,
SUMMARY OF REVENUES 1999 1998 % Change
BY OPERATING SEGMENT
Medical Systems $ 1,923,865 $ 1,714,952 12.2
Biosciences 985,821 924,157 6.7
Preanalytical Solutions 508,726 477,764 6.5
TOTAL REVENUES $ 3,418,412 $ 3,116,873 9.7
BY GEOGRAPHIC AREA
United States $ 1,747,785 $ 1,690,282 3.4
International 1,670,627 1,426,591 17.1
TOTAL REVENUES $ 3,418,412 $ 3,116,873 9.7
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