Bard Announces Second Quarter Results

C. R. Bard, Inc. (NYSE: BCR) today reported 2012 second quarter financial results. Second quarter 2012 net sales were $742.6 million, an increase of 2 percent over the prior-year period on a reported basis. Excluding the impact of foreign exchange, second quarter 2012 net sales increased 4 percent over the prior-year period.

For the second quarter 2012, net sales in the U.S. were $490.0 million, an increase of 2 percent over the prior-year period. Net sales outside the U.S. were $252.6 million, an increase of 3 percent over the prior-year period on a reported basis. Excluding the impact of foreign exchange, second quarter 2012 net sales outside the U.S. increased 8 percent over the prior-year period.

For the second quarter 2012, net income was $133.9 million and diluted earnings per share available to common shareholders were $1.54. Adjusting for items that affect comparability between periods as detailed in the tables below, second quarter 2012 net income was $140.5 million and diluted earnings per share available to common shareholders were $1.62, a decrease of 1 percent and an increase of 3 percent, respectively, as compared to second quarter 2011 results.

Timothy M. Ring, chairman and chief executive officer, commented, “The economic climate remains challenging, especially in the United States and Europe. Navigating the short term while positioning for the long term is how we have remained strong and successful for over a century. As we have said, we believe the medical device companies who thrive in the future will provide clinically effective products at a value that benefits the entire healthcare system. Our teams are well positioned to identify unmet needs and provide successful solutions for our customers, and we see significant long-term opportunity as we continue to execute on our strategy.”

C. R. Bard, Inc. ( www.crbard.com ), headquartered in Murray Hill, NJ, is a leading multinational developer, manufacturer and marketer of innovative, life-enhancing medical technologies in the fields of vascular, urology, oncology and surgical specialty products.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current expectations, the accuracy of which is necessarily subject to risks and uncertainties. These statements are not historical in nature and use words such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “forecast”, “plan”, “believe”, and other words of similar meaning in connection with any discussion of future operating or financial performance. Many factors may cause actual results to differ materially from anticipated results including product developments, sales efforts, income tax matters, the outcomes of contingencies such as legal proceedings, and other economic, business, competitive and regulatory factors. The company undertakes no obligation to update its forward-looking statements. Please refer to the Cautionary Statement Regarding Forward-Looking Information in our March 31, 2012 Form 10-Q for more detailed information about these and other factors that may cause actual results to differ materially from those expressed or implied.

C. R. Bard, Inc.
Consolidated Statements of Operations
(dollars and shares in thousands except per share amounts, unaudited)
								Quarter Ended							Six Months Ended
								June 30,							June 30,
									2012			2011				2012			2011
Net sales								$	742,600		$	725,000			$	1,472,600		$	1,425,300
Costs and expenses
Cost of goods sold									285,700			275,500				565,100			540,300
Marketing, selling and administrative expense									205,400			196,800				407,700			391,100
Research and development expense									50,100			46,900				98,300			94,900
Interest expense									9,700			9,000				19,200			18,100
Other (income) expense, net									6,200			194,100				5,400			194,200
Total costs and expenses									557,100			722,300				1,095,700			1,238,600
Income from operations before income taxes									185,500			2,700				376,900			186,700
Income tax provision									51,600			50,500				104,300			102,600
Net income (loss)								$	133,900		$	(47,800	)		$	272,600		$	84,100
Basic earnings (loss) per share available to common shareholders								$	1.56		$	(0.55	)		$	3.18		$	0.96
Diluted earnings (loss) per share available to common shareholders								$	1.54		$	(0.55	)		$	3.14		$	0.94
Wt. avg. common shares outstanding - basic									83,900			86,200				84,000			85,800
Wt. avg. common and common equivalent shares outstanding - diluted									85,100			86,200				85,100			87,800

Product Group Summary of Net Sales
(dollars in thousands, unaudited)
			Quarter Ended June 30,													Six Months Ended June 30,
													Constant													Constant
				2012			2011			Change			Currency				2012			2011			Change			Currency
Vascular			$	221,300		$	215,200			3	%		6	%		$	430,500		$	413,500			4	%		6	%
Urology				188,800			182,700			3	%		5	%			373,900			362,200			3	%		4	%
Oncology				199,100			192,800			3	%		4	%			398,000			379,200			5	%		5	%
Surgical Specialties				111,400			110,900			-			2	%			226,100			225,800			-			1	%
Other				22,000			23,400			-6	%		-6	%			44,100			44,600			-1	%		-1	%
Net sales			$	742,600		$	725,000			2	%					$	1,472,600		$	1,425,300			3	%
Foreign exchange impact							(11,500	)												(13,800	)
Constant Currency			$	742,600		$	713,500						4	%		$	1,472,600		$	1,411,500						4	%

Reconciliation of Earnings (Loss)
(dollars in millions except per share amounts, unaudited)
			Quarter Ended June 30, 2012
																											Diluted
																											Earnings (Loss)
							Marketing,																				per Share
			Cost of				Selling and				Research &				Other												Available
			Goods				Administrative				Development				(Income)				Income				Net Income				to Common
			Sold				Expense				Expense				Expense, Net				Taxes				(Loss)				Shareholders
GAAP Basis			$	285.7			$	205.4			$	50.1			$	6.2			$	51.6			$	133.9			$	1.54
Items that affect comparability of
results between periods:
Acquisition related items				(0.1	)			(0.1	)			(0.4	)			(0.2	)			-				0.8
Asset impairments				-				-				-				(9.0	)			3.2				5.8
Restructuring				-				-				-				1.6				(0.5	)			(1.1	)
Tax Item				-				-				-				-				(1.1	)			1.1
Total				(0.1	)			(0.1	)			(0.4	)			(7.6	)			1.6				6.6				0.08
Adjusted Basis			$	285.6			$	205.3			$	49.7			$	(1.4	)		$	53.2			$	140.5			$	1.62
			Quarter Ended June 30, 2011
																											Diluted
																											Earnings (Loss)
							Marketing,																				per Share
			Cost of				Selling and				Research &				Other												Available
			Goods				Administrative				Development				(Income)				Income				Net Income				to Common
			Sold				Expense				Expense				Expense, Net				Taxes				(Loss)				Shareholders (1)
GAAP Basis			$	275.5			$	196.8			$	46.9			$	194.1			$	50.5			$	(47.8	)		$	(0.55	)
Items that affect comparability of
results between periods:
Acquisition related items				(0.1	)			(0.7	)			-				(0.1	)			0.1				0.8
Legal settlements and commitments				-				-				-				(195.5	)			6.0				189.5
Restructuring				-				-				-				1.1				(0.3	)			(0.8	)
Total				(0.1	)			(0.7	)			-				(194.5	)			5.8				189.5				2.10
Adjusted Basis			$	275.4			$	196.1			$	46.9			$	(0.4	)		$	56.3			$	141.7			$	1.57
			Six Months Ended June 30, 2012
																											Diluted
																											Earnings (Loss)
							Marketing,																				per Share
			Cost of				Selling and				Research &				Other												Available
			Goods				Administrative				Development				(Income)				Income				Net Income				to Common
			Sold				Expense				Expense				Expense, Net				Taxes				(Loss)				Shareholders (2)
GAAP Basis			$	565.1			$	407.7			$	98.3			$	5.4			$	104.3			$	272.6			$	3.14
Items that affect comparability of
results between periods:
Acquisition related items				(0.1	)			(0.1	)			(0.8	)			(0.8	)			0.2				1.6
Asset impairments				-				-				-				(9.0	)			3.2				5.8
Restructuring				-				-				-				1.6				(0.5	)			(1.1	)
Tax Item				-				-				-				-				(1.1	)			1.1
Total				(0.1	)			(0.1	)			(0.8	)			(8.2	)			1.8				7.4				0.08
Adjusted Basis			$	565.0			$	407.6			$	97.5			$	(2.8	)		$	106.1			$	280.0			$	3.23
			Six Months Ended June 30, 2011
																											Diluted
																											Earnings (Loss)
							Marketing,																				per Share
			Cost of				Selling and				Research &				Other												Available
			Goods				Administrative				Development				(Income)				Income				Net Income				to Common
			Sold				Expense				Expense				Expense, Net				Taxes				(Loss)				Shareholders
GAAP Basis			$	540.3			$	391.1			$	94.9			$	194.2			$	102.6			$	84.1			$	0.94
Items that affect comparability of
results between periods:
Acquisition related items				0.5				(0.9	)			(3.0	)			(0.3	)			1.1				2.6
Legal settlements and commitments				-				-				-				(195.5	)			6.0				189.5
Restructuring				-				-				-				1.1				(0.3	)			(0.8	)
Total				0.5				(0.9	)			(3.0	)			(194.7	)			6.8				191.3				2.14
Adjusted Basis			$	540.8			$	390.2			$	91.9			$	(0.5	)		$	109.4			$	275.4			$	3.08

(1) For the quarter ended June 30, 2011, diluted loss per share on a GAAP basis does not include approximately 2.4 million common share equivalents primarily from share-based compensation plans because their effect would have been antidilutive. As a result, total per share amounts do not add.

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