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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) April 21, 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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On April 21, 1999, the Registrant announced in a press release its
results for the second quarter ended March 31, 1999. Attached
hereto as Exhibit 99, which is incorporated herein by reference, is
a copy of such 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: April 21, 1999
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INDEX TO EXHIBITS
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Exhibit
Number Description of Exhibits
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99 Press Release issued on April 21, 1999
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EXHIBIT 99
R. Jasper - 201-847-7160
April 21, 1999
BECTON DICKINSON REPORTS 18 PERCENT REVENUE INCREASE
FOR FISCAL SECOND QUARTER
Franklin Lakes, NJ (April 21, 1999) - Becton Dickinson and Company
(NYSE:BDX) announced today results for its fiscal second quarter, which ended
March 31, 1999. Diluted earnings per share were $.34 including a $.06 per share
charge for in-process research and development related to the company's recent
acquisition of Biometric Imaging, Inc. Excluding the one-time charge, earnings
per share were $.40, an increase of 14 percent over last year's $.35.
Reported revenues for the quarter increased by 18 percent from the second
quarter of fiscal 1998 to $874 million. Recent acquisitions contributed to this
growth. Excluding the estimated impact of foreign currency translation, revenue
growth would have been approximately 17 percent.
By business segment, medical supplies and devices revenues grew 26 percent
to $484 million compared with $384 million in last year's second quarter. These
revenues reflected strong growth from the company's infusion therapy business,
which included $45 million from the April 1998 acquisition of the medical
device business (MDD) of the BOC Group. This segment's performance also
reflects significant growth in diabetes health care revenues primarily due to
unusually low revenues in the prior year's second quarter after a January 1998
price increase.
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Diagnostic systems revenues increased to $390 million, a 10 percent
increase over $355 million in last year's second quarter. Included in these
results were strong performances from the flow cytometry, sample collection and
tissue culture businesses.
By geographic area, revenues in the United States were $438 million, a 9
percent increase over the prior year. Revenues outside the United States were
$436 million, a 30 percent increase over last year's $336 million. The MDD
acquisition contributed to the strong revenue growth outside the United States.
Six-Month Results
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For the six-month period ended March 31, 1999, revenues were $1.643
billion, a 14 percent increase over $1.440 billion a year ago. As previously
noted, recent acquisitions contributed to revenue growth. Favorable foreign
currency translation added an estimated $8 million in revenues for the six-month
period. Diluted earnings per share were $.63 including the in-process research
and development charge of $.06. Medical supplies and devices revenues for the
six-month period were $909 million, while revenues from diagnostic systems
totaled $734 million.
Clateo Castellini, chairman, president and chief executive officer, said,
"We are pleased that we are seeing the results from our focus on revenue growth,
and we expect this to continue in the second half of the year."
* * *
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
2
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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.
- Selected Financial Schedules Follow -
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BECTON DICKINSON AND COMPANY
SELECTED FINANCIAL SCHEDULES
Amounts in thousands, except per-share data
Three Months Ended March 31,
INCOME STATEMENTS 1999 1998 % Change
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REVENUES $873,964 $738,433 18.4
Cost of products sold 429,260 364,080 17.9
Selling and administrative 233,004 186,017 25.3
Research and development 67,251 43,796 53.6
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TOTAL OPERATING COSTS
AND EXPENSES 729,515 593,893 22.8
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OPERATING INCOME 144,449 144,540 (0.1)
Interest expense, net (18,758) (11,427) 64.2
Other income (expense), net 1,460 (3,064) NM
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INCOME BEFORE
INCOME TAXES 127,151 130,049 (2.2)
Income tax provision 37,037 37,714 (1.8)
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NET INCOME $ 90,114 $ 92,335 (2.4)
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EARNINGS PER SHARE
Basic $ 0.36 $ 0.37 (2.7)
Diluted $ 0.34 $ 0.35 (2.9)
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AVERAGE SHARES OUTSTANDING
Basic 249,276 244,952
Diluted 264,814 260,678
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NM - Not Meaningful
Three Months Ended March 31,
SUMMARY OF REVENUES 1999 1998 % Change
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BY BUSINESS SEGMENT
Medical Supplies and Devices $483,779 $383,685 26.1
Diagnostic Systems 390,185 354,748 10.0
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TOTAL REVENUES $873,964 $738,433 18.4
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BY GEOGRAPHIC AREA
United States $438,118 $402,162 8.9
International 435,846 336,271 29.6
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TOTAL REVENUES $873,964 $738,433 18.4
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BECTON DICKINSON AND COMPANY
SELECTED FINANCIAL SCHEDULES
Amounts in thousands, except per-share data
Six Months Ended March 31,
INCOME STATEMENTS 1999 1998 % Change
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REVENUES $1,642,930 $1,440,073 14.1
Cost of products sold 814,970 718,883 13.4
Selling and administrative 456,120 385,157 18.4
Research and development 116,561 88,426 31.8
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TOTAL OPERATING COSTS
AND EXPENSES 1,387,651 1,192,466 16.4
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OPERATING INCOME 255,279 247,607 3.1
Interest expense, net (36,629) (21,668) 69.0
Other income (expense), net 2,485 (5,297) NM
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INCOME BEFORE
INCOME TAXES 221,135 220,642 0.2
Income tax provision 54,863 63,986 (14.3)
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NET INCOME $ 166,272 $ 156,656 6.1
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EARNINGS PER SHARE
Basic $ 0.66 $ 0.63 4.8
Diluted $ 0.63 $ 0.60 5.0
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AVERAGE SHARES OUTSTANDING
Basic 248,793 244,282
Diluted 265,314 259,160
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NM - Not Meaningful
Six Months Ended March 31,
SUMMARY OF REVENUES 1999 1998 % Change
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BY BUSINESS SEGMENT
Medical Supplies and Devices $ 908,944 $ 756,250 20.2
Diagnostic Systems 733,986 683,823 7.3
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TOTAL REVENUES $1,642,930 $1,440,073 14.1
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BY GEOGRAPHIC AREA
United States $ 817,351 $ 790,747 3.4
International 825,579 649,326 27.1
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TOTAL REVENUES $1,642,930 $1,440,073 14.1
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