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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 4, 1999
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BECTON, DICKINSON AND COMPANY
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(Exact name of registrant as specified in its charter)
New Jersey 001-4802 22-0760120
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(State or other juris- (Commission (IRS Employer Iden-
diction of incorporation) File Number) tification Number)
1 Becton Drive, Franklin Lakes, New Jersey 07417-1880
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (201) 847-6800
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N/A
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(Former name or former addresses if changed since last report.)
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Item 5. Other Events
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Press release dated November 4, 1999. Attached hereto as Exhibit
99, which is incorporated herein by reference, is a copy of the
press release.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BECTON, DICKINSON AND COMPANY
(Registrant)
By: /s/ Bridget M. Healy
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Bridget M. Healy
Vice President and Secretary
Date: November 5, 1999
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INDEX TO EXHIBIT
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Exhibit
Number Description of Exhibit
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99 Press Release dated November 4, 1999.
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Refer to: Ronald Jasper
Director, Investor Relations
(201) 847-7160
BECTON DICKINSON ANNOUNCES
RECORD REVENUES FOR FISCAL YEAR
Franklin Lakes, NJ (November 4, 1999) - Becton, Dickinson and Company
(NYSE:BDX) announced today results for its fiscal fourth quarter and full year,
which ended September 30, 1999.
Full Year Results
Revenues for the year were a record $3.418 billion (three billion, four
hundred eighteen million dollars), a ten percent increase from last year's
$3.117 billion (three billion, one hundred seventeen million dollars). Recent
acquisitions contributed to revenue growth. Diluted earnings per share for the
year, excluding previously announced restructuring and other charges and in-
process research and development charges associated with acquisitions, were
$1.49. Reported earnings per share were $1.04 for fiscal 1999, compared with
$.90 in fiscal 1998, which also included certain charges.
Continued ....
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By geographic area, revenues in the United States were $1.748 billion (one
billion, seven hundred forty-eight million dollars), compared with $1.690
billion (one billion, six hundred ninety million dollars), an increase of three
percent. Revenues outside the United States were $1.671 billion (one billion,
six hundred seventy-one million dollars), compared with $1.427 billion (one
billion, four hundred twenty-seven million dollars) last year, a seventeen
percent increase, partly due to recent acquisitions. Foreign currency
translation increased non-U.S. revenues by less than one percent.
Beginning September 30, 1999, the company reports in three operating
segments: medical systems, biosciences, and preanalytical solutions. Medical
systems revenues for the year were $1.924 billion (one billion, nine hundred
twenty-four million dollars), revenues from biosciences were $986 million, and
revenues from preanalytical solutions were $509 million.
Fourth Quarter Results
Revenues for the fourth quarter were $902 million, an increase of seven
percent. Diluted earnings per share were $.42, excluding the impact of the in-
process research and development charges associated with the recent acquisition
of Clontech Laboratories, Inc. Reported earnings per share were $.29.
By business segment, medical systems revenues for the quarter were $521
million, biosciences revenues were $255 million, and preanalytical solutions
revenues were $126 million.
On a geographic basis, fourth quarter revenues in the United States were
$481 million compared with $458 million for the last year ago, while revenues
outside the United States were $422 million compared with $385 million in the
prior fiscal year's fourth quarter.
- Selected Financial Reviews follow -
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BECTON DICKINSON AND COMPANY
SELECTED FINANCIAL SCHEDULES
Amounts in thousands, except per-share data
Three Months Ended September 30,
INCOME STATEMENTS 1999 1998 % Change
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REVENUES $ 902,480 $843,239 7.0
Cost of products sold 435,373 403,142 8.0
Selling and administrative 243,885 241,989 0.8
Research and development 86,761 48,615 78.5
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TOTAL OPERATING COSTS
AND EXPENSES 766,019 693,746 10.4
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OPERATING INCOME 136,461 149,493 (8.7)
Interest expense, net (18,546) (17,146) 8.2
Other expense, net (1,759) (1,114) 57.9
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INCOME BEFORE
INCOME TAXES 116,156 131,233 (11.5)
Income tax provision 39,833 41,336 (3.6)
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NET INCOME $ 76,323 $ 89,897 (15.1)
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EARNINGS PER SHARE
Basic $ $0.30 $ 0.36 (16.7)
Diluted $ $0.29 $ 0.34 (14.7)
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AVERAGE SHARES OUTSTANDING
Basic 250,732 247,614
Diluted 262,291 265,106
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Three Months Ended September 30,
SUMMARY OF REVENUES 1999 1998 % Change
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BY OPERATING SEGMENT
Medical Systems $ 521,474 $484,351 7.7
Biosciences 254,955 239,165 6.6
Preanalytical Solutions 126,051 119,723 5.3
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TOTAL REVENUES $ 902,480 $843,239 7.0
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BY GEOGRAPHIC AREA
United States $ 480,818 $458,117 5.0
International 421,662 385,122 9.5
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TOTAL REVENUES $ 902,480 $843,239 7.0
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BECTON DICKINSON AND COMPANY
SELECTED FINANCIAL SCHEDULES
Amounts in thousands, except per-share data
Twelve Months Ended September 30,
INCOME STATEMENTS 1999 1998 % Change
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REVENUES $3,418,412 $3,116,873 9.7
Cost of products sold 1,711,666 1,541,032 11.1
Selling and administrative 931,929 861,564 8.2
Research and development 254,016 217,900 16.6
Special charges 75,553 90,945 NM
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TOTAL OPERATING COSTS
AND EXPENSES 2,973,164 2,711,441 9.7
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OPERATING INCOME 445,248 405,432 9.8
Interest expense, net (72,052) (56,340) 27.9
Other expense, net (541) (8,226) (93.4)
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INCOME BEFORE
INCOME TAXES 372,655 340,866 9.3
Income tax provision 96,936 104,298 (7.1)
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NET INCOME $ 275,719 $ 236,568 16.5
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EARNINGS PER SHARE
Basic $ 1.09 $ 0.95 14.7
Diluted $ 1.04 $ 0.90 15.6
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AVERAGE SHARES OUTSTANDING
Basic 249,595 245,700
Diluted 264,580 262,128
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NM - Not Meaningful
Twelve Months Ended September 30,
SUMMARY OF REVENUES 1999 1998 % Change
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BY OPERATING SEGMENT
Medical Systems $1,923,865 $1,714,952 12.2
Biosciences 985,821 924,157 6.7
Preanalytical Solutions 508,726 477,764 6.5
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TOTAL REVENUES $3,418,412 $3,116,873 9.7
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BY GEOGRAPHIC AREA
United States $1,747,785 $1,690,282 3.4
International 1,670,627 1,426,591 17.1
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TOTAL REVENUES $3,418,412 $3,116,873 9.7
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