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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) July 22, 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 July 21, 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: July 22, 1999
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INDEX TO EXHIBITS
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Exhibit
Number Description of Exhibits
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99 Press release dated July 21, 1999.
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EXHIBIT 99
BECTON DICKINSON REPORTS THIRD QUARTER RESULTS;
CHARGES REDUCE NET INCOME BY $69 MILLION
Franklin Lakes, NJ (July 21, 1999) - Becton Dickinson and Company
(NYSE: BDX) announced today results for its fiscal third quarter ended June 30,
1999, which included the previously announced effects of restructuring and other
charges totaling $102 million pre-tax, or $69 million after-tax. Excluding
these charges, diluted earnings per share were $.38. Results for the third
quarter of 1998, excluding charges of $106 million after-tax, were $.37 per
share. Reported earnings per share for the current quarter were $.12.
Revenues for the quarter were $873 million, a five percent increase from
last year's $834 million.
Charges Reduce Reported E.P.S.
As the company indicated in April, results for the quarter would include
expenses related to a voluntary retirement program and other charges. These
other charges relate to exiting certain product lines, primarily in the home
health care business and other activities, which reflect the company's decision
to discontinue its efforts to introduce a stand-alone blood glucose monitoring
product this year. These other charges also include write-downs associated with
impaired assets. Of the total restructuring and other charges of $102 million
pre-tax for the quarter, approximately $27 million were reported in cost of
products sold to reflect the write-off of inventories for the exited product
lines. The effect of these charges on diluted earnings per share was $.26.
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Helping All People Live Healthy Lives
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2
Segment and Geographic Revenues
By business segment, medical supplies and devices revenues for the quarter
were $495 million, a four percent increase from last year's $474 million.
Particularly strong performance was reported by the company's infusion therapy
and pre-fillable syringe businesses.
Diagnostic systems revenues were $378 million for the quarter, an increase
of five percent over last year's $359 million. Especially strong results were
reported for the company's flow cytometry business.
On a geographic basis, revenues in the United States were $450 million for
the quarter, a two percent increase from last year's $442 million. Revenues
from non-U.S. markets were $423 million compared with $392 million a year ago,
or an increase of eight percent.
Nine Months Results
For the nine months ended June 30, 1999, revenues increased 11 percent to
$2.516 billion, compared with $2.274 billion last year. Net income for the nine
months was $199 million or $.75 per diluted share, including the restructuring
and other charges in the current quarter.
###
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 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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3
BECTON DICKINSON AND COMPANY
SELECTED FINANCIAL SCHEDULES
Amounts in thousands, except per-share data
<TABLE>
<CAPTION>
STATEMENTS Three Months Ended June 30,
OF OPERATIONS 1999 1998 % Change
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<S> <C> <C> <C>
REVENUES $873,002 $833,561 4.7
Cost of products sold 461,323 419,007 10.1
Selling and administrative 231,924 234,418 (1.1)
Research and development 50,694 80,859 (37.3)
Special charges 75,553 90,945 NM
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TOTAL OPERATING COSTS
AND EXPENSES 819,494 825,229 (0.7)
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OPERATING INCOME 53,508 8,332 NM
Interest expense, net (16,877) (17,526) (3.7)
Other expense, net (1,267) (1,815) (30.2)
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INCOME (LOSS) BEFORE
INCOME TAXES 35,364 (11,009) NM
Income tax provision (benefit) 2,240 (1,024) NM
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NET INCOME (LOSS) $ 33,124 $ (9,985) NM
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EARNINGS (LOSS) PER SHARE
Basic $0.13 $(0.04) NM
Diluted $0.12 $(0.04) NM
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AVERAGE SHARES OUTSTANDING
Basic 250,075 246,604
Diluted 265,072 246,604
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NM - Not Meaningful
Three Months Ended June 30,
SUMMARY OF REVENUES 1999 1998 % Change
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BY BUSINESS SEGMENT
Medical Supplies and Devices $495,135 $474,351 4.4
Diagnostic Systems 377,867 359,210 5.2
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TOTAL REVENUES $873,002 $833,561 4.7
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BY GEOGRAPHIC AREA
United States $449,616 $441,662 1.8
International 423,386 391,899 8.0
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TOTAL REVENUES $873,002 $833,561 4.7
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</TABLE>
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4
BECTON DICKINSON AND COMPANY
SELECTED FINANCIAL SCHEDULES
Amounts in thousands, except per-share data
<TABLE>
<CAPTION>
STATEMENTS Nine Months Ended June 30,
OF OPERATIONS 1999 1998 % Change
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<S> <C> <C> <C>
REVENUES $2,515,932 $2,273,634 10.7
Cost of products sold 1,276,293 1,137,890 12.2
Selling and administrative 688,044 619,575 11.1
Research and development 167,255 169,285 (1.2)
Special charges 75,553 90,945 NM
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TOTAL OPERATING COSTS
AND EXPENSES 2,207,145 2,017,695 9.4
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OPERATING INCOME 308,787 255,939 20.6
Interest expense, net (53,506) (39,194) 36.5
Other income (expense), net 1,218 (7,112) NM
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INCOME BEFORE
INCOME TAXES 256,499 209,633 22.4
Income tax provision 57,103 62,962 (9.3)
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NET INCOME $ 199,396 $ 146,671 35.9
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EARNINGS PER SHARE
Basic $0.79 $0.59 33.9
Diluted $0.75 $0.56 33.9
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AVERAGE SHARES OUTSTANDING
Basic 249,213 245,054
Diluted 265,335 260,684
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NM - Not Meaningful
Nine Months Ended June 30,
SUMMARY OF REVENUES 1999 1998 % Change
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BY BUSINESS SEGMENT
Medical Supplies and Devices $1,404,078 $1,230,601 14.1
Diagnostic Systems 1,111,854 1,043,033 6.6
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TOTAL REVENUES $2,515,932 $2,273,634 10.7
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BY GEOGRAPHIC AREA
United States $1,266,967 $1,232,409 2.8
International 1,248,965 1,041,225 20.0
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TOTAL REVENUES $2,515,932 $2,273,634 10.7
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</TABLE>
