News & Events
BD Reports Results for Fiscal First Quarter; Revenues Increase 12 Percent
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Contact: Ronald Jasper Becton, Dickinson and Company (201) 847-7160 Franklin Lakes, NJ (January 20, 2000) -- BD (Becton, Dickinson and Company) (NYSE:BDX) announced today results for its fiscal first quarter, which ended December 31, 1999. Reported revenues for the quarter increased by 12 percent from the first quarter of fiscal 1999 to $859 million. Diluted earnings per share were $.29, unchanged from a year ago when earnings benefited from a favorable tax judgment in Brazil which increased earnings per share by $.03. Year-to-year changes in currency exchange rates reduced reported revenues for the current year's first quarter by an estimated $11 million and earnings per share by $.01.
By business segment, Medical Systems revenues grew 9 percent to $463 million compared with $425 million in last year's first quarter. These revenues reflected good growth in most product areas, including the company's advanced protection devices.
Revenues for the Biosciences segment grew 18 percent over a year ago to $264 million for the quarter. Recent acquisitions, including Clontech which was acquired in late fiscal 1999, added approximately $20 million to Biosciences revenues for the quarter. The company also said that its BDProbeTec ET instrument, which was launched in the U.S. late in the quarter, is being well received by the in vitro diagnostic marketplace.
Revenues of the Preanalytical Solutions segment increased to $132 million, 10 percent higher than the prior fiscal year's $121 million. The segment's results also reflected strong sales in advanced protection devices in the United States.
By geographic area, revenues outside the United States were $433 million, an 11 percent increase. Revenues inside the United States were $426 million, an increase of 13 percent, with good performance by all segments. Gross profit margin for the quarter declined to 47.6 percent partially due to unfavorable mix of sales and the scale up of production of advanced protection devices. The Company also noted gross profit margins for the remainder of the year are expected to show improvement in comparison to the first quarter. Selling and administrative expenses were $234 million, or 27.2 percent of revenues, as compared to 29 percent of revenues last year, reflecting actions taken in recent quarters to control expenses. Edward J. Ludwig, president and chief executive officer, said: "We are pleased with our first quarter's results, although we believe they included a modest one-time benefit from Y2K-related purchases. We are confident that we will report record earnings for the year and that sales growth will continue to show acceleration from recent years." This press release may contain certain forward looking statements (as defined under Federal securities laws) regarding the company's performance, including future revenues, products and income, or events and developments that the company expects to occur or anticipates occurring in the future. All such statements are based upon current expectations of the company and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described in any forward-looking statement. Factors that could cause actual results to vary materially from any forward-looking statement include, but are not limited to, competitive factors, changes in regional, national or foreign economic conditions, changes in interest or foreign currency exchange rates, delays in product introductions, Year 2000 issues, and changes in health care or other governmental regulation, as well as other factors discussed herein and in the company's filings with the Securities and Exchange Commission.
BECTON DICKINSON AND COMPANY
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