Bard Announces Second Quarter Results
C. R. Bard, Inc.Investor Relations:Todd W. Garner, 908-277-8065Vice President, Investor RelationsMedia Relations:Scott T. Lowry, 908-277-8365Vice President and Treasurer
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."
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.
(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.
(2) Total per share amounts do not add due to rounding.
(1) Basic and diluted earnings per share available to common shareholders is calculated using a numerator, which represents the total of net income less income allocated to participating securities.
(2) 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.