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FRANKLIN LAKES, N.J.--(BUSINESS WIRE)--April 18, 2000--BD (Becton, Dickinson and Company) (NYSE:BDX) announced today results for its fiscal second quarter which ended March 31, 2000. Diluted earnings per share were $.45, a 32 percent increase over last year's $.34. The quarter's reported earnings included a gain on the sale of an equity investment and the unfavorable impact of a previously announced voluntary product recall in February. Excluding the net effect of these items, earnings per share would have been $.42.

Last year's diluted earnings per share included a $.06 per share charge for in-process research and development related to an acquisition. Excluding this charge, last year's earnings per share would have been $.40.

Reported revenues for the quarter were $925 million, an increase of 6 percent over last year's $874 million. Foreign currency translation reduced reported revenues by an estimated $18 million for the quarter, or about 2 percent, while earnings per share were reduced by an estimated $.01. Sales for the quarter were also reduced by an estimated $15 million, attributable toY2K, which previously increased first quarter revenues by an estimated similar amount.

Edward J. Ludwig, president and chief executive officer, said: "We are pleased with our results for the quarter and the year to date and the acceleration of our underlying revenue growth rate. Revenues from our advanced protection devices continue on track to contribute an additional $75 million this year as customers continue to increase their awareness of the benefits of these products. We are also very satisfied with the revenues contributed by Clontech Laboratories, Inc., which we acquired in late 1999. We continue to be comfortable with our earnings per share estimates for the balance of year."

By business segment, Medical Systems segment revenues grew one percent for the quarter to $489 million. Sales of advanced protection devices showed excellent growth. Reported revenues and growth were reduced by $22 million, or 5 percent, as a result of the product recall, foreign currency translation and the absence of divested home health care product line revenues. The company also noted that Y2K concerns, which aided the first quarter revenues, reduced this segment's second quarter revenue by an additional estimated 2 percent. Preanalytical Solutions segment revenues grew 9 percent to $139 million, or 12 percent when excluding the impact of unfavorable foreign currency translation ("FX neutral"). Advanced protection device sales continue to strengthen results in this segment. Biosciences segment revenues of $296 million grew 13 percent for the quarter, or 14 percent FX neutral, with particularly strong reported growth from reagent revenues in the company's flow cytometry business, including Clontech, which is on track to add over $75 million to this segment's growth for fiscal year 2000.

By geographic area, revenues inside the United States were $482 million, 10 percent higher than a year earlier, while revenues outside the United States grew 2 percent, or 6 percent FX neutral, to $443 million. Strong growth was experienced in Latin America and Asia. Europe was affected by unfavorable foreign currency translation and the estimated one-time effect of higher sales in the first fiscal quarter related to Y2K.

Six-Month Results

For the six-month period ended March 31, 2000, revenues were $1.784 billion, a 9 percent increase over $1.643 billion a year ago. Excluding the unfavorable foreign currency translation that reduced revenues by an estimated $29 million for the six-month period, revenues grew 10 percent over the prior year. Diluted earnings per share were $.74, including the net favorable effect of the gain on the investment sale and the product recall. Medical Systems revenues for the six-month period were $952 million, Preanalytical Solutions revenues totaled $272 million, and Biosciences revenues were $561 million.

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 or 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.