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Previous: BARRINGER TECHNOLOGIES INC, 10-Q, 1999-04-28 |
Next: PATRIOT AMERICAN HOSPITALITY INC/DE, S-3, 1999-04-28 |
<PAGE>
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 28, 1999
--------------
BECTON, DICKINSON AND COMPANY
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
New Jersey 001-4802 22-0760120
- --------------------------------------------------------------------------------
(State or other juris- (Commission (IRS Employer Iden-
diction of incorporation) File Number) tification Number)
1 Becton Drive, Franklin Lakes, New Jersey 07417-1880
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (201) 847-6800
--------------
N/A
- --------------------------------------------------------------------------------
(Former name or former addresses if changed since last report.)
<PAGE>
Item 5. OTHER EVENTS
------------
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,
are copies of the related Revenues, Income Statements, Balance
Sheets and Statements of Cash Flows.
<PAGE>
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
----------------------------
Bridget M. Healy
Vice President and Secretary
Date: April 28, 1999
- 2 -
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit
Number Description of Exhibits
------ -----------------------
99 Revenues, Income Statements, Balance Sheets and
Statements of Cash Flows.
<PAGE>
BECTON DICKINSON AND COMPANY
SECOND QUARTER MEETING
New York, NY
April 28, 1999
<PAGE>
BECTON DICKINSON AND COMPANY
REVENUES - SECOND QUARTER
(In Millions)
- --------------------------------------------------------------------------------
FY1999 FY1998 % INC/(DEC)
------ ------ -----------
BUSINESS SEGMENT AS FX
- ---------------- REPORTED NEUTRAL
-------- -------
MEDICAL SUPPLIES & DEVICES $ 484 $ 384 26.1 24.5
DIAGNOSTIC SYSTEMS 390 355 10.0 8.4
------ ------
TOTAL $ 874 $ 738 18.4 16.8
====== ======
GEOGRAPHIC AREA
- ---------------
UNITED STATES
-------------
MEDICAL SUPPLIES & DEVICES $ 226 $ 199 13.6
DIAGNOSTIC SYSTEMS 212 203 4.4
------ ------
TOTAL UNITED STATES 438 402 8.9
------ ------
INTERNATIONAL
-------------
MEDICAL SUPPLIES & DEVICES 257 184 39.6 36.3
DIAGNOSTIC SYSTEMS 179 152 17.5 13.8
------ ------
TOTAL INTERNATIONAL 436 336 29.6 26.1
------ ------
TOTAL $ 874 $ 738 18.4 16.8
====== ======
<PAGE>
BECTON DICKINSON AND COMPANY
REVENUES - SIX MONTHS
(In Millions)
- --------------------------------------------------------------------------------
FY1999 FY1998 %INC/(DEC)
------ ------ -------------------
BUSINESS SEGMENT AS FX
- ---------------- REPORTED NEUTRAL
-------- -------
MEDICAL SUPPLIES & DEVICES $ 909 $ 756 20.2 19.8
DIAGNOSTIC SYSTEMS 734 684 7.3 6.6
------ ------
TOTAL $1,643 $1,440 14.1 13.6
====== ======
GEOGRAPHIC AREA
- ---------------
UNITED STATES
-------------
MEDICAL SUPPLIES & DEVICES $ 419 $ 400 4.7
DIAGNOSTIC SYSTEMS 398 391 2.0
------ ------
TOTAL UNITED STATES 817 791 3.4
------ ------
INTERNATIONAL
-------------
MEDICAL SUPPLIES & DEVICES 490 356 37.6 36.8
DIAGNOSTIC SYSTEMS 336 293 14.5 12.8
------ ------
TOTAL INTERNATIONAL 826 649 27.1 26.0
------ ------
TOTAL $1,643 $1,440 14.1 13.6
====== ======
<PAGE>
BECTON DICKINSON AND COMPANY
INCOME STATEMENTS - SECOND QUARTER
(In Millions, Except Per Share Amounts)
- -------------------------------------------------------------------------------
THREE MONTHS ENDED MARCH 31,
-----------------------------------------------
1999 1998
----------------- ----------------
% OF % OF %
AMT REV AMT REV INC/(DEC)
-------- -------- -------- ------- -----------
REVENUES $ 874 100.0 $ 738 100.0 18.4
COST OF PRODUCTS SOLD 429 49.1 364 49.3 17.9
-------- --------
GROSS PROFIT 445 50.9 374 50.7 18.8
SELLING & ADMINISTRATIVE 233 26.7 186 25.2 25.3
RESEARCH & DEVELOPMENT 67 7.7 44 5.9 53.6
-------- --------
OPERATING INCOME 144 16.5 145 19.6 (.1)
INTEREST EXPENSE, NET (19) (2.1) (11) (1.5) 64.2
OTHER INCOME (EXPENSE), NET 1 .2 (3) (.4) NM
-------- --------
INCOME BEFORE INCOME TAXES 127 14.5 130 17.6 (2.2)
INCOME TAX PROVISION/RATE 37 29.1 38 29.0 (1.8)
-------- --------
NET INCOME $ 90 10.3 $ 92 12.5 (2.4)
======== ========
EARNINGS PER SHARE
- ------------------
BASIC $ .36 $ .37 (2.7)
======== ========
DILUTED $ .34 $ .35 (2.9)
======== ========
NM - Not Meaningful
<PAGE>
BECTON DICKINSON AND COMPANY
INCOME STATEMENTS - SIX MONTHS
(In Millions, Except Per Share Amounts)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
SIX MONTHS ENDED MARCH 31,
---------------------------------------------------------
1999 1998
--------------------- --------------------
% OF % OF %
AMT REV AMT REV INC/(DEC)
------- ------- ------- -------- ---------
REVENUES $ 1,643 100.0 $ 1,440 100.0 14.1
COST OF PRODUCTS SOLD 815 49.6 719 49.9 13.4
------- -------
GROSS PROFIT 828 50.4 721 50.1 14.8
SELLING & ADMINISTRATIVE 456 27.8 385 26.7 18.4
RESEARCH & DEVELOPMENT 117 7.1 88 6.1 31.8
------- -------
OPERATING INCOME 255 15.5 248 17.2 3.1
INTEREST EXPENSE, NET (37) (2.2) (22) (1.5) 69.0
OTHER INCOME (EXPENSE), NET 2 .2 (5) (.4) NM
------- -------
INCOME BEFORE INCOME TAXES 221 13.5 221 15.3 .2
INCOME TAX PROVISION/RATE 55 24.8 64 29.0 (14.3)
------- -------
NET INCOME $ 166 10.1 $ 157 10.9 6.1
======= =======
EARNINGS PER SHARE
- ------------------
BASIC $ .66 $ .63 4.8
======= =======
DILUTED $ .63 $ .60 5.0
======= =======
</TABLE>
NM - Not Meaningful
<PAGE>
BECTON DICKINSON AND COMPANY
BALANCE SHEETS
ASSETS (In Millions)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARCH 31, SEPTEMBER 30,
1999 1998
-------------- --------------
<S> <C> <C>
CASH & EQUIVALENTS $ 74 $ 83
SHORT-TERM INVESTMENTS 8 7
TRADE RECEIVABLES, NET 754 727
INVENTORIES 600 537
PREPAID EXPENSES & OTHER 198 189
-------------- --------------
TOTAL CURRENT ASSETS 1,634 1,543
PROPERTY, PLANT & EQUIPMENT, NET 1,327 1,303
OTHER 1,172 1,001
-------------- --------------
TOTAL ASSETS $ 4,132 $ 3,846
============== ==============
</TABLE>
<PAGE>
BECTON DICKINSON AND COMPANY
BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS' EQUITY (In Millions)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARCH 31, SEPTEMBER 30,
1999 1998
-------------- --------------
<S> <C> <C>
SHORT-TERM DEBT $ 658 $ 385
PAYABLES & ACCRUED EXPENSES 641 707
-------------- --------------
TOTAL CURRENT LIABILITIES 1,299 1,092
LONG-TERM DEBT 761 765
LONG-TERM EMPLOYEE
BENEFIT OBLIGATIONS 335 327
DEFERRED INCOME TAXES & OTHER 52 49
SHAREHOLDERS' EQUITY 1,684 1,614
-------------- --------------
TOTAL LIABLITIES &
SHAREHOLDERS' EQUITY $ 4,132 $ 3,846
============== ==============
</TABLE>
<PAGE>
BECTON DICKINSON AND COMPANY
STATEMENTS OF CASH FLOWS
(In Millions)
- --------------------------------------------------------------------------------
SIX MONTHS ENDED
MARCH 31,
----------------------
1999 1998
------ ------
OPERATING ACTIVITIES:
- ---------------------
NET INCOME $ 166 $ 157
DEPRECIATION & AMORTIZATION 128 109
PURCHASED IN-PROCESS R&D 17 -
WORKING CAPITAL & OTHER ITEMS (193) (26)
------- -------
119 239
------- -------
INVESTING ACTIVITIES:
- ---------------------
CAPITAL EXPENDITURES (133) (90)
ACQUISITIONS OF BUSINESSES (153) (65)
CHANGE IN OTHER INVESTMENTS
& OTHER NON-CURRENT ASSETS (78) (35)
------- -------
(364) (190)
------- -------
FINANCING ACTIVITIES:
- ---------------------
NET CHANGE IN DEBT OUTSTANDING 263 4
ISSUANCE OF COMMON STOCK 15 29
REPURCHASE OF COMMON STOCK - (44)
DIVIDENDS PAID (43) (37)
------- -------
235 (49)
------- -------
NET DECREASE IN
CASH & EQUIVALENTS $ (9) $ -
======= =======
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