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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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