<PAGE>
EXHIBIT 99.1
News Release [LOGO] BD
Indispensable to
human health
Contact:
--------
Camilla Jenkins / Media Relations
201-847-5369
Dean Paranicas / Investor Relations
201-847-7102
BD ANNOUNCES RECORD REVENUES FOR
FISCAL FOURTH QUARTER AND FULL YEAR
Results Consistent With Company's September 26, 2000 Announcement
Franklin Lakes, NJ (November 8, 2000) - BD (Becton, Dickinson and Company)
(NYSE: BDX) today reported diluted earnings per share for the fourth quarter of
32 cents. Excluding previously announced special charges, gains on investments
and a favorable tax effect, diluted earnings per share were 39 cents, which were
consistent with the Company's announcement on September 26, 2000.
As the Company stated in September, the results for the fourth quarter ended
September 30, 2000 included special charges against earnings associated with a
worldwide organizational restructuring of 10 cents and certain estimated
litigation defense costs of 4 cents. The effect of these charges on diluted
earnings per share was 14 cents. Gains on investments of 2 cents, and the
favorable tax effect of 5 cents from the conclusion of certain tax audits also
were recorded in the fiscal quarter. Foreign currency translation reduced the
quarter's earnings by an estimated 2 cents primarily as a result of the weak
Euro versus a year ago. The Company's reported fiscal 1999 fourth quarter
earnings per share were 29 cents, or 42 cents excluding the impact of in-process
research and development charges.
"BD's performance in the quarter was consistent with the guidance and reflected
the strategic actions we announced in September. The steps we have taken set
the stage for better, more consistent performance going forward," said BD
President and Chief Executive Officer Edward J. Ludwig. "In 2001 we expect to
achieve revenue growth of approximately 7 percent, or 5 percent on a reported
basis that would reflect an estimated 2 percent unfavorable impact of foreign
currency translation. Based on that forecast, we should achieve an increase in
net income of approximately 10 percent in 2001."
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Revenues for the fiscal fourth quarter were $920 million, an increase of 2
percent over fiscal 1999. Revenues for the fourth quarter were reduced by an
estimated $50 million as a result of the Company's previously announced decision
to terminate certain incentive programs with distributors in order to improve
supply chain and manufacturing efficiencies, reduce costs and establish closer
links with customers. The estimated diluted earnings per share impact of the
decision was 6 cents. Foreign currency translation reduced reported revenues by
approximately $22 million for the fiscal quarter, or by about 2 percent.
Q4 Segment and Geographic Results
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Medical Systems revenues for the fiscal quarter were $502 million, or 3 percent
below last year, and Preanalytical Solutions revenues increased 2 percent to
$131 million. The performance of Medical Systems and Preanalytical Solutions was
impacted by the discontinuance of certain incentive programs with distributors
in the United States. Biosciences revenues increased 13 percent to $287 million
for the fiscal quarter.
On a geographic basis, fiscal fourth quarter revenues in the United States were
$474 million compared with $481 million last year. Revenues outside the United
States of $446 million were 6 percent higher than the prior year's fourth
quarter, or 11 percent after excluding the impact of unfavorable currency
translation ("FX neutral").
Full Year Results
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Reported diluted earnings per share for fiscal 2000 were $1.49. The impact of
fourth quarter items discussed above offset unusual items reported in previous
quarters. Foreign currency translation reduced the year's earnings by an
estimated 6 cents per share. Reported fiscal 1999 diluted earnings per share
were $1.04, or $1.49 excluding special and other charges and in-process research
and development charges.
Revenues for fiscal 2000 were a record $3.618 billion, a 6 percent increase from
last year's $3.418 billion, with acquisitions contributing 3 percent. Foreign
currency translation reduced reported revenues by about 2 percent.
By business segment, Medical Systems segment revenues grew 2 percent to $1.966
billion, or 5 percent on an FX neutral basis. Preanalytical Solutions segment
revenues grew 5 percent to $535 million, or 8 percent on an FX neutral basis.
Biosciences segment revenues of $1.118 billion increased 13 percent, or 15
percent on an FX neutral basis, with particularly strong reported growth from
immunocytometry products.
By geographic area, revenues inside the United States were $1.864 billion, 7
percent higher than a year earlier, while revenues outside the United States of
$1.755 billion grew 5 percent, or 10 percent on an FX neutral basis. Strong
growth was experienced in Latin America, Asia and Japan. Europe was affected by
unfavorable foreign currency translation.
BD is a medical technology company that manufactures and sells a broad range of
supplies, devices, and systems for use by healthcare professionals, medical
research institutions, industry and the general public.
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***
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, implied or projected 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; pricing and market share pressures; uncertainties of litigation; the
Company's ability to achieve sales and earnings forecasts, which are based on
sales volume and product mix assumptions, to achieve its cost savings
objectives, and to achieve anticipated synergies and other cost savings in
connection with acquisitions; changes in regional, national or foreign economic
conditions; increases in energy costs; fluctuations in costs and availability
of raw materials and in the Company's ability to maintain favorable supplier
arrangements and relationships; changes in interest or foreign currency exchange
rates; delays in product introductions; and changes in health care or other
governmental regulation, as well as other factors discussed in this press
release and in the Company's filings with the Securities and Exchange
Commission. We do not intend to update any forward-looking statements.
***
A live audio Web cast of BD's investment community presentation will air
Thursday, November 9, 2000 beginning at 8:30 a.m., EST. The audio Web cast can
be accessed through the BD Web site, www.bd.com, and will be available for
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replay through Wednesday, November 22, 2000. Minimum requirements to listen to
the broadcast are a 14.4bps connection to the Internet and RealPlayer(R) Basic
software, which can be downloaded for free from the Real Networks(R) Web site.
BD's news releases can be found at www.bd.com or through Business Wire at
www.businesswire.com.
Financial tables attached
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BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
Amounts in thousands, except per-share data
Three Months Ended September 30,
2000 1999 % Change
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REVENUES $ 919,898 $ 902,480 1.9
Cost of products sold 470,556 435,373 8.1
Selling and administrative 247,228 243,885 1.4
Research and development 52,662 86,761 (39.3)
Special charges 57,514 - NM
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TOTAL OPERATING COSTS
AND EXPENSES 827,960 766,019 8.1
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OPERATING INCOME 91,938 136,461 (32.6)
Interest expense, net (13,877) (18,546) (25.2)
Gains on investments, net 11,288 - NM
Other income (expense), net 2,221 (1,759) NM
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INCOME BEFORE
INCOME TAXES 91,570 116,156 (21.2)
Income tax provision 7,556 39,833 (81.0)
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NET INCOME $ 84,014 $ 76,323 10.1
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EARNINGS PER SHARE
Basic $ 0.33 $ 0.30 10.0
Diluted $ 0.32 $ 0.29 10.3
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AVERAGE SHARES OUTSTANDING
Basic 253,526 250,732
Diluted 263,848 262,291
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NM - Not Meaningful
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BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
Amounts in thousands, except per-share data
Twelve Months Ended September 30,
2000 1999 % Change
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REVENUES $ 3,618,334 $ 3,418,412 5.8
Cost of products sold 1,848,332 1,711,666 8.0
Selling and administrative 973,902 931,929 4.5
Research and development 223,782 254,016 (11.9)
Special charges 57,514 75,553 NM
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TOTAL OPERATING COSTS
AND EXPENSES 3,103,530 2,973,164 4.4
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OPERATING INCOME 514,804 445,248 15.6
Interest expense, net (74,197) (72,052) 3.0
Gains on investments, net 76,213 - NM
Other income (expense), net 3,114 (541) NM
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INCOME BEFORE
INCOME TAXES 519,934 372,655 39.5
Income tax provision 127,037 96,936 31.1
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NET INCOME $ 392,897 $ 275,719 42.5
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EARNINGS PER SHARE
Basic $ 1.54 $ 1.09 41.3
Diluted $ 1.49 $ 1.04 43.3
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AVERAGE SHARES OUTSTANDING
Basic 252,454 249,595
Diluted 263,239 264,580
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NM - Not Meaningful
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BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
Amounts in thousands
Three Months Ended September 30,
2000 1999 % Change
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MEDICAL SYSTEMS
United States $ 239,323 $ 265,802 (10.0)
International 262,599 253,984 3.4
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TOTAL $ 501,922 $ 519,786 (3.4)
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BIOSCIENCES
United States $ 163,371 $ 143,900 13.5
International 124,085 111,055 11.7
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TOTAL $ 287,456 $ 254,955 12.7
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PREANALYTICAL SOLUTIONS
United States $ 71,262 $ 71,116 0.2
International 59,258 56,623 4.7
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TOTAL $ 130,520 $ 127,739 2.2
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TOTAL REVENUES
United States $ 473,956 $ 480,818 (1.4)
International 445,942 421,662 5.8
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TOTAL $ 919,898 $ 902,480 1.9
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Twelve Months Ended September 30,
2000 1999 % Change
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MEDICAL SYSTEMS
United States $ 927,355 $ 922,515 0.5
International 1,038,684 1,001,350 3.7
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TOTAL $ 1,966,039 $ 1,923,865 2.2
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BIOSCIENCES
United States $ 644,399 $ 545,773 18.1
International 473,130 440,048 7.5
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TOTAL $ 1,117,529 $ 985,821 13.4
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PREANALYTICAL SOLUTIONS
United States $ 291,801 $ 279,497 4.4
International 242,965 229,229 6.0
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TOTAL $ 534,766 $ 508,726 5.1
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TOTAL REVENUES
United States $ 1,863,555 $ 1,747,785 6.6
International 1,754,779 1,670,627 5.0
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TOTAL $ 3,618,334 $ 3,418,412 5.8
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BECTON DICKINSON AND COMPANY
SELECTED FINANCIAL INFORMATION
Amounts in thousands
CONDENSED September 30, September 30,
BALANCE SHEETS 2000 1999
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Cash & equivalents $ 49,196 $ 59,932
Trade receivables, net 751,720 812,544
Inventories 678,676 642,533
Other 181,085 168,716
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TOTAL CURRENT ASSETS 1,660,677 1,683,725
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Property, plant & equipment, net 1,576,058 1,431,149
Other 1,268,361 1,322,084
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TOTAL ASSETS $ 4,505,096 $ 4,436,958
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Current Liabilities $ 1,353,538 $ 1,329,322
Long-term Liabilities 1,195,560 1,338,948
Equity 1,955,998 1,768,688
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TOTAL LIABILITIES & EQUITY $ 4,505,096 $ 4,436,958
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Twelve Months Ended
SELECTED CASH September 30,
FLOW INFORMATION 2000 1999
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Depreciation & amortization $ 288,255 $ 258,863
Cash flow from operating
activities 612,159 427,802
Capital expenditures (376,372) (311,547)
Acquisitions of businesses (21,272) (374,221)
Cash flow from investing
activities (403,399) (815,848)
Cash flow from financing
activities (219,496) 364,727
Net Change in Cash &
Equivalents (10,736) (23,319)
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