<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) January 20, 2000
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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 January 20, 2000 the Registrant announced in a press release its
results for the first quarter ended December 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: January 20, 2000
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<PAGE>
INDEX TO EXHIBITS
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Exhibit
Number Description of Exhibits
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99 Press Release issued on January 20, 2000
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1 Becton Drive
Franklin Lakes, New Jersey 07417
tel: 201-847-6800
www.bd.com
NEWS RELEASE [LOGO] BD
Indispensable to
human health
Contact:
Ronald Jasper
Director, Investor Relations
(201) 847-7160
BD REPORTS RESULTS FOR FISCAL FIRST QUARTER;
REVENUES INCREASE 12 PERCENT
Franklin Lakes, NJ (January 20, 2000) - BD (Becton, Dickinson and Company)
(NYSE:BDX) announced today results for its fiscal first quarter, which ended
December 31, 1999. Reported revenues for the quarter increased by 12 percent
from the first quarter of fiscal 1999 to $859 million. Diluted earnings per
share were $.29, unchanged from a year ago when earnings benefited from a
favorable tax judgment in Brazil which increased earnings per share by $.03.
Year-to-year changes in currency exchange rates reduced reported revenues for
the current year's first quarter by an estimated $11 million and earnings per
share by $.01.
By business segment, Medical Systems revenues grew 9 percent to $463
million compared with $425 million in last year's first quarter. These revenues
reflected good growth in most product areas, including the company's advanced
protection devices.
Revenues for the Biosciences segment grew 18 percent over a year ago to
$264 million for the quarter. Recent acquisitions, including Clontech which was
acquired in late fiscal 1999, added approximately $20 million to Biosciences
revenues for the quarter. The company also said that its BDProbeTec ET
instrument, which was launched in the U.S. late in the quarter, is being very
well received by the bioscience marketplace.
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Revenues of the Preanalytical Solutions segment increased to $132 million,
10 percent higher than the prior fiscal year's $121 million. The segment's
results also reflected strong sales in advanced protection devices in the United
States.
By geographic area, revenues outside the United States were $433 million,
an 11 percent increase. Revenues inside the United States were $426 million, an
increase of 13 percent, with good performance by all segments.
Gross profit margin for the quarter declined to 47.6 percent partially due
to unfavorable mix of sales and the scale up of production of advanced
protection devices. The Company also noted gross profit margins for the
remainder of the year are expected to show improvement in comparison to the
first quarter.
Selling and administrative expenses were $234 million, or 27.2 percent of
revenues, as compared to 29 percent of revenues last year, reflecting actions
taken in recent quarters to control expenses.
Edward J. Ludwig, president and chief executive officer, said: "We are
pleased with our first quarter's results, although we believe they included a
modest one-time benefit from Y2K-related purchases. We are confident that we
will report record earnings for the year and that sales growth will continue to
show acceleration from recent years."
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 and 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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BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per-share data)
<TABLE>
<CAPTION>
Three Months Ended December 31,
1999 1998 %Change
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<S> <C> <C> <C>
REVENUES $ 859,164 $ 768,966 11.7
Cost of products sold 449,951 385,710 16.7
Selling and administrative 233,838 223,116 4.8
Research and development 53,743 49,310 9.0
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TOTAL OPERATING COSTS
AND EXPENSES 737,532 658,136 12.1
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OPERATING INCOME 121,632 110,830 9.7
Interest expense, net (21,557) (17,871) 20.6
Other income, net 1,674 1,025 63.3
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INCOME BEFORE
INCOME TAXES 101,749 93,984 8.3
Income tax provision 26,455 17,826 48.4
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NET INCOME $ 75,294 $ 76,158 (1.1)
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EARNINGS PER SHARE
Basic $ 0.30 $ 0.30 -
Diluted $ 0.29 $ 0.29 -
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AVERAGE SHARES OUTSTANDING
Basic 251,328 248,320
Diluted 262,593 265,419
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</TABLE>
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BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
(Unaudited; Amounts in thousands)
<TABLE>
<CAPTION>
Three Months Ended December 31,
1999 1998 %Change
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<S> <C> <C> <C>
MEDICAL SYSTEMS
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United States $ 206,622 $ 192,625 7.3
International 255,984 232,540 10.1
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TOTAL $ 462,606 $ 425,165 8.8
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BIOSCIENCES
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United States $ 150,766 $ 123,277 22.3
International 113,650 100,002 13.6
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TOTAL $ 264,416 $ 223,279 18.4
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PREANALYTICAL SOLUTIONS
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United States $ 69,071 $ 63,331 9.1
International 63,071 57,191 10.3
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TOTAL $ 132,142 $ 120,522 9.6
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TOTAL REVENUES
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United States $ 426,459 $ 379,233 12.5
International 432,705 389,733 11.0
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TOTAL $ 859,164 $ 768,966 11.7
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</TABLE>
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BECTON DICKINSON AND COMPANY
SELECTED FINANCIAL INFORMATION
(Unaudited; Amounts in thousands)
<TABLE>
<CAPTION>
CONDENSED December 31, September 30,
BALANCE SHEETS 1999 1999
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<S> <C> <C>
Cash & equivalents $ 70,936 $ 59,932
Trade receivables, net 790,952 812,544
Inventories 666,396 642,533
Other 174,355 168,716
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TOTAL CURRENT ASSETS 1,702,639 1,683,725
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Property, plant & equipment, net 1,442,729 1,431,149
Other 1,336,730 1,322,084
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TOTAL ASSETS $ 4,482,098 $ 4,436,958
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Current Liabilities $ 1,345,119 $ 1,329,322
Long-term Liabilities 1,331,764 1,338,948
Equity 1,805,215 1,768,688
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TOTAL LIABILITIES & EQUITY $ 4,482,098 $ 4,436,958
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</TABLE>
<TABLE>
<CAPTION>
Three Months Ended
SELECTED CASH December 31,
FLOW INFORMATION 1999 1998
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<S> <C> <C>
Depreciation & amortization $ 72,440 $ 62,688
Cash flow from operating
activities 120,869 84,929
Capital expenditures (66,697) (61,778)
Acquisitions of businesses - (41,706)
Cash flow from investing
activities (94,846) (115,784)
Cash flow from financing
activities (15,019) 76,182
Net Change in Cash &
Equivalents 11,004 45,327
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</TABLE>
