Form: 8-K

Current report filing

April 28, 2009

Documents

1 Becton Drive
Franklin Lakes, NJ 07417
www.bd.com

News Release

Contact:
Patricia A. Spinella, Investor Relations – 201-847-5453
Colleen T. White, Corporate Communications – 201-847-5369

BD ANNOUNCES RESULTS FOR SECOND FISCAL QUARTER

  • Reports earnings per share from continuing operations of $1.06, or $1.18 after excluding specified item

  • Reaffirms guidance for full fiscal year 2009 earnings per share from continuing operations, excluding specified item

Franklin Lakes, NJ (April 28, 2009) – BD (Becton, Dickinson and Company) (NYSE: BDX) today reported quarterly revenues of $1.741 billion for the second fiscal quarter ended March 31, 2009, representing a decrease of 0.4 percent from the prior year period. This quarter’s revenue growth rate reflects the unfavorable impact from foreign currency translation, which overall is estimated to account for 3.4 percentage points.

"In the face of global economic pressures, we are pleased to have achieved top-line growth in all three segments after adjusting for the negative impact of foreign currency translation. This growth, along with our continued focus on disciplined expense and currency risk management, has enabled us to deliver adjusted earnings in line with our expectations," stated Edward J. Ludwig, Chairman and Chief Executive Officer. "Our strong performance for the first half of fiscal 2009, combined with our commitment to continue to drive efficiency throughout BD, gives us the confidence to reaffirm our guidance for full-year adjusted earnings."

Second Quarter and Six-Month Period of Fiscal Year 2009 and 2008 Earnings

Reported diluted earnings per share from continuing operations for the second quarter were $1.06. Second quarter results included a pre-tax charge of $45 million (11 cents diluted earnings per share from continuing operations) relating to the settlement agreement with the direct purchaser plaintiffs (which includes BD’s distributors) in the antitrust class actions, as described in BD's Current Report on Form 8-K filed with the SEC today. Second quarter fiscal 2009 diluted earnings per share from continuing operations, excluding the charge of 11 cents, of $1.18 increased by 8 percent over diluted earnings per share from continuing operations of $1.09 for the prior year period. For the six-month period ending March 31, 2009, reported diluted earnings per share from continuing operations were $2.32. Excluding the aforementioned charge of 11 cents, diluted earnings per share from continuing operations for the six-month period in fiscal 2009 were $2.43, representing an increase of 12.5 percent over diluted earnings per share from continuing operations of $2.16 from the prior year period.

Segment Results

In the BD Medical segment, worldwide revenues for the quarter were $897 million, representing a decrease of 3 percent from the prior year period after taking into account an estimated 5 percentage points of unfavorable impact from foreign currency translation. On a currency neutral basis, the increase in worldwide sales of Medical Surgical Systems products was offset in part by the expected decline in sales of prefillable devices in the U.S. For the six-month period ended March 31, 2009, the BD Medical segment reported a 2 percent decrease in revenue growth after taking into account an estimated 4 percentage points of unfavorable impact from foreign currency translation. On a currency neutral basis, BD Medical revenues for the six-month period increased by 2 percent.

In the BD Diagnostics segment, worldwide revenues for the quarter were $540 million, representing an increase of 2 percent from the prior year period after taking into account an estimated 3 percentage

points of unfavorable impact from foreign currency translation. Increased sales of safety-engineered devices, cancer diagnostics products and infectious disease testing systems were partially offset by a decline in the sales of flu testing products due to a mild flu season in the U.S. For the six-month period ended March 31, 2009, the BD Diagnostics segment reported 3 percent revenue growth after taking into account an estimated 3 percentage points of unfavorable impact from foreign currency translation. On a currency neutral basis, BD Diagnostics revenues for the six-month period increased by 6 percent.

In the BD Biosciences segment, worldwide revenues for the quarter were $304 million, representing an increase of 3 percent from the prior year period. Strong international sales growth of research instruments and reagents, primarily in Western Europe and Japan, were offset in part by a slowdown in research-related capital spending in the U.S., particularly in the academic and biotech markets. For the six-month period ended March 31, 2009, the BD Biosciences segment reported 7 percent revenue growth after taking into account an estimated 1 percentage point favorable impact from foreign currency translation. On a currency neutral basis, BD Biosciences revenues for the six-month period increased by 6 percent.

Geographic Results

Second quarter revenues in the U.S. were $778 million, representing a decrease of 1 percent from the prior year period. Revenues outside the U.S. were $963 million, representing flat revenues from the prior year period, and reflect an estimated 6 percentage points of unfavorable impact from foreign currency translation.

For the six-month period ended March 31, 2009, revenues in the U.S. were $1.587 billion, representing an increase of 1 percent from the prior year period. Revenues outside of the U.S. were $1.887 billion, representing an increase of 0.5 percent from the prior year period, and reflect an estimated 6 percentage points of unfavorable impact from foreign currency translation.

Fiscal 2009 Outlook for Full Year

Excluding the specified item, the Company reaffirms that diluted earnings per share from continuing operations for the full fiscal year 2009 will increase approximately 9 to 11 percent over diluted earnings per share from continuing operations of $4.46 for the fiscal year 2008. The Company expects that reported diluted earnings per share from continuing operations for the full fiscal year 2009 will increase 7 to 9 percent.

Conference Call Information
A conference call regarding BD’s second fiscal quarter results and its expectations for the full fiscal year will be broadcast live on BD’s website, www.bd.com/investors, along with related slides, at 10:00 a.m. (ET) Tuesday, April 28, 2009. The conference call will be available for replay on BD’s website, www.bd.com/investors, or at 800-642-1687 (domestic) and 706-645-9291 (international), Conference ID: 92219921, through the close of business on Tuesday, May 5, 2009.

This news release contains certain non-GAAP financial measures. A reconciliation of these and other measures to the comparable GAAP measures is included in this release and in the attached financial tables.

About BD
BD is a leading global medical technology company that develops, manufactures and sells medical devices, instrument systems and reagents. The Company is dedicated to improving people's health throughout the world. BD is focused on improving drug delivery, enhancing the quality and speed of diagnosing infectious diseases and cancers, and advancing research, discovery and production of new drugs and vaccines. BD's capabilities are instrumental in combating many of the world's most pressing diseases. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs approximately 28,000 people in approximately 50 countries throughout the world. The Company serves healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. For more information, please visit www.bd.com.

***

This press release, including the section entitled “Fiscal 2009 Outlook for Full Year,” contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD’s performance, including future revenues, earnings per share and income, or events or developments that BD expects to occur or anticipates occurring in the future. All such statements are based upon current expectations of BD 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. With respect to forward-looking statements contained herein, factors that could cause actual results to vary materially from any forward-looking statement include, but are not limited to: adverse changes in regional, national or foreign economic conditions, including any impact that may result from the current global economic downturn on our ability to access credit markets and finance our operations, the demand for our products and services, or our suppliers’ ability to provide products needed for our operations; changes in interest or foreign currency exchange rates, particularly in light of increased volatility in currency exchange rates; competitive factors; pricing

and market share pressures; difficulties inherent in product development and delays in product introductions; increases in energy costs and their effect on, among other things, the cost of producing BD’s products; fluctuations in costs and availability of raw materials and in BD’s ability to maintain favorable supplier arrangements and relationships; uncertainties of litigation (as described in BD’s filings with the Securities and Exchange Commission); the effects of potential pandemic diseases; changes in healthcare or other governmental regulation, including changes in government pricing and reimbursement policies or other cost containment reforms; and issuance of new or revised accounting standards, as well as other factors discussed in this press release and in BD’s filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.

BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per share data)
 
    Three Months Ended March 31,  
    2009       2008     % Change  
 
REVENUES $ 1,740,804     $ 1,746,925     (0.4 )
 
Cost of products sold   838,101       853,807     (1.8 )
Selling and administrative   440,502       415,523     6.0  
Research and development   98,734       96,034     2.8  
TOTAL OPERATING COSTS                    
     AND EXPENSES   1,377,337       1,365,364     0.9  
                     
OPERATING INCOME   363,467       381,561     (4.7 )
                     
Interest income   4,312       8,005     (46.1 )
Interest expense   (7,495 )     (8,098 )   (7.4 )
Other (expense) income, net   (5,701 )     828     NM  
                     
INCOME FROM CONTINUING OPERATIONS BEFORE                    
     INCOME TAXES   354,583       382,296     (7.2 )
                     
Income tax provision   93,256       106,661     (12.6 )
                     
INCOME FROM CONTINUING OPERATIONS   261,327       275,635     (5.2 )
                     
(LOSS) INCOME FROM DISCONTINUED OPERATIONS                    
     NET OF INCOME TAX (BENEFIT) PROVISION OF                    
     $(32) AND $347, RESPECTIVELY   (53 )     550     NM  
                     
NET INCOME $ 261,274     $ 276,185     (5.4 )
                     
EARNINGS PER SHARE                    
                     
Basic:                    
Income from continuing operations $ 1.09     $ 1.13     (3.5 )
(Loss) income from discontinued operations $ -     $ -                -  
Net income $ 1.09     $ 1.13     (3.5 )
                     
Diluted:                    
Income from continuing operations $ 1.06     $ 1.09     (2.8 )
(Loss) income from discontinued operations $ -     $ -                -  
Net income $ 1.06     $ 1.09     (2.8 )
                     
                     
AVERAGE SHARES OUTSTANDING                    
                     
     Basic   240,239       244,869        
     Diluted   245,890       252,788        
                     
NM - Not Meaningful                    

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
(Unaudited; Amounts in thousands, except per share data)
 
 
    Three Months Ended March 31, 2009  
    As       Litigation       Excluding  
    Reported       Charge (1)       Item  
 
Selling and administrative $ 440,502     $ (45,000 )   $ 395,502  
     as a % of revenues   25.3 %             22.7 %
 
Operating Income   363,467       45,000       408,467  
     as a % of revenues   20.9 %             23.5 %
 
Income taxes   93,256       17,100       110,356  
     effective tax rate   26.3 %             27.6 %
 
Income from continuing operations   261,327       27,900       289,227  
     as a % of revenues   15.0 %             16.6 %
 
Diluted earnings per share                      
Income from continuing operations (2) $ 1.06     $ 0.11     $ 1.18  

(1)     

Represents the charge relating to the settlement agreement with the direct purchaser plaintiffs (which includes BD’s distributors) in the antitrust class actions.
(2)     

Total per share amounts may not add due to rounding.

BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per share data)
 
    Six Months Ended March 31,  
    2009       2008     % Change  
 
REVENUES $ 3,474,309     $ 3,452,692     0.6  
 
Cost of products sold   1,642,399       1,683,654     (2.5 )
Selling and administrative   850,444       837,240     1.6  
Research and development   196,191       187,561     4.6  
TOTAL OPERATING COSTS                    
     AND EXPENSES   2,689,034       2,708,455     (0.7 )
 
OPERATING INCOME   785,275       744,237     5.5  
 
Interest income   5,962       21,534     (72.3 )
Interest expense   (15,319 )     (18,438 )   (16.9 )
Other income, net   3,711       1,535     NM  
 
INCOME FROM CONTINUING OPERATIONS BEFORE                    
     INCOME TAXES   779,629       748,868     4.1  
 
Income tax provision   206,233       202,337     1.9  
 
INCOME FROM CONTINUING OPERATIONS   573,396       546,531     4.9  
 
(LOSS) INCOME FROM DISCONTINUED OPERATIONS                    
     NET OF INCOME TAX (BENEFIT) PROVISION OF                    
     $(23) AND $734, RESPECTIVELY   (40 )     1,201     NM  
 
NET INCOME $ 573,356     $ 547,732     4.7  
 
EARNINGS PER SHARE                    
 
Basic:                    
Income from continuing operations $ 2.38     $ 2.23     6.7  
(Loss) income from discontinued operations $ -     $ -                -  
Net income (1) $ 2.38     $ 2.24     6.3  
 
Diluted:                    
Income from continuing operations $ 2.32     $ 2.16     7.4  
(Loss) income from discontinued operations $ -     $ -                -  
Net income $ 2.32     $ 2.16     7.4  
 
 
AVERAGE SHARES OUTSTANDING                    
 
     Basic   241,330       244,580        
     Diluted   247,436       253,288        
 
NM - Not Meaningful                    
 
(1) Total per share amounts may not add due to rounding                    

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
(Unaudited; Amounts in thousands, except per share data)
 
 
             Six Months Ended March 31, 2009  
    As       Litigation       Excluding  
    Reported       Charge (1)       Item  
 
Selling and administrative $ 850,444     $ (45,000 )   $ 805,444  
     as a % of revenues   24.5 %             23.2 %
 
Operating Income   785,275       45,000       830,275  
     as a % of revenues   22.6 %             23.9 %
 
Income taxes   206,233       17,100       223,333  
     effective tax rate   26.5 %             27.1 %
 
Income from continuing operations   573,396       27,900       601,296  
     as a % of revenues   16.5 %             17.3 %
 
Diluted earnings per share                      
Income from continuing operations $ 2.32     $ 0.11     $ 2.43  

(1) Represents the charge relating to the settlement agreement with the direct purchaser plaintiffs (which includes BD’s distributors) in the antitrust class actions.

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
 
    Three Months Ended March 31,  
    2009     2008   % Change  
 
BD MEDICAL                
     United States $ 388,966   $ 388,281   0.2  
     International   508,358     533,971   (4.8 )
TOTAL $ 897,324   $ 922,252   (2.7 )
 
BD DIAGNOSTICS                
     United States $ 285,113   $ 281,088   1.4  
     International   254,527     249,484   2.0  
TOTAL $ 539,640   $ 530,572   1.7  
 
BD BIOSCIENCES                
     United States $ 104,039   $ 114,581   (9.2 )
     International   199,801     179,520   11.3  
TOTAL $ 303,840   $ 294,101   3.3  
 
TOTAL REVENUES                
     United States $ 778,118   $ 783,950   (0.7 )
     International   962,686     962,975   -  
TOTAL $ 1,740,804   $ 1,746,925   (0.4 )

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
 
    Six Months Ended March 31,  
    2009     2008   % Change  
 
BD MEDICAL                
     United States $ 796,474   $ 795,772   0.1  
     International   991,626     1,035,764   (4.3 )
TOTAL $ 1,788,100   $ 1,831,536   (2.4 )
 
BD DIAGNOSTICS                
     United States $ 572,681   $ 560,576   2.2  
     International   507,150     492,747   2.9  
TOTAL $ 1,079,831   $ 1,053,323   2.5  
 
BD BIOSCIENCES                
     United States $ 217,790   $ 217,653   0.1  
     International   388,588     350,180   11.0  
TOTAL $ 606,378   $ 567,833   6.8  
 
TOTAL REVENUES                
     United States $ 1,586,945   $ 1,574,001   0.8  
     International   1,887,364     1,878,691   0.5  
TOTAL $ 3,474,309   $ 3,452,692   0.6  

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended March 31,
(Unaudited; Amounts in thousands)
 
    United States  
    2009     2008   % Change  
 
BD MEDICAL                
     Medical Surgical Systems $ 242,350   $ 232,447   4.3  
     Diabetes Care   97,196     96,883   0.3  
     Pharmaceutical Systems   43,065     52,779   (18.4 )
     Ophthalmic Systems   6,355     6,172   3.0  
TOTAL $ 388,966   $ 388,281   0.2  
 
BD DIAGNOSTICS                
     Preanalytical Systems $ 147,436   $ 140,674   4.8  
     Diagnostic Systems   137,677     140,414   (1.9 )
TOTAL $ 285,113   $ 281,088   1.4  
 
BD BIOSCIENCES                
     Cell Analysis $ 71,770   $ 78,269   (8.3 )
     Discovery Labware   32,269     36,312   (11.1 )
TOTAL $ 104,039   $ 114,581   (9.2 )
 
TOTAL UNITED STATES $ 778,118   $ 783,950   (0.7 )

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
 
    International  
                    % Change      
    2009     2008   Reported     FX Neutral   FX Impact  
 
BD MEDICAL                          
     Medical Surgical Systems $ 230,233   $ 248,269   (7.3 )   3.7   (11.0 )
     Diabetes Care   87,033     90,577   (3.9 )   2.7   (6.6 )
     Pharmaceutical Systems   178,085     181,660   (2.0 )   3.2   (5.2 )
     Ophthalmic Systems   13,007     13,465   (3.4 )   3.8   (7.2 )
TOTAL $ 508,358   $ 533,971   (4.8 )   3.4   (8.2 )
 
BD DIAGNOSTICS                          
     Preanalytical Systems $ 131,029   $ 133,518   (1.9 )   7.0   (8.9 )
     Diagnostic Systems   123,498     115,966   6.5     11.5   (5.0 )
TOTAL $ 254,527   $ 249,484   2.0     9.1   (7.1 )
 
BD BIOSCIENCES                          
     Cell Analysis $ 159,223   $ 141,452   12.6     11.5   1.1  
     Discovery Labware   40,578     38,068   6.6     4.7   1.9  
TOTAL $ 199,801   $ 179,520   11.3     10.1   1.2  
 
TOTAL INTERNATIONAL $ 962,686   $ 962,975   -     6.1   (6.1 )

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
 
    Total  
                    % Change        
    2009     2008   Reported     FX Neutral     FX Impact  
 
BD MEDICAL                            
     Medical Surgical Systems $ 472,583   $ 480,716   (1.7 )   4.0     (5.7 )
     Diabetes Care   184,229     187,460   (1.7 )   1.5     (3.2 )
     Pharmaceutical Systems   221,150     234,439   (5.7 )   (1.6 )   (4.1 )
     Ophthalmic Systems   19,362     19,637   (1.4 )   3.6     (5.0 )
TOTAL $ 897,324   $ 922,252   (2.7 )   2.0     (4.7 )
 
BD DIAGNOSTICS                            
     Preanalytical Systems $ 278,465   $ 274,192   1.6     5.9     (4.3 )
     Diagnostic Systems   261,175     256,380   1.9     4.1     (2.2 )
TOTAL $ 539,640   $ 530,572   1.7     5.0     (3.3 )
 
BD BIOSCIENCES                            
     Cell Analysis $ 230,993   $ 219,721   5.1     4.5     0.6  
     Discovery Labware   72,847     74,380   (2.1 )   (3.1 )   1.0  
TOTAL $ 303,840   $ 294,101   3.3     2.6     0.7  
 
TOTAL REVENUES $ 1,740,804   $ 1,746,925   (0.4 )   3.0     (3.4 )

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Six Months Ended March 31,
(Unaudited; Amounts in thousands)
 
    United States  
    2009     2008   % Change  
 
BD MEDICAL                
     Medical Surgical Systems $ 498,605   $ 485,192   2.8  
     Diabetes Care   199,008     195,409   1.8  
     Pharmaceutical Systems   85,717     102,757   (16.6 )
     Ophthalmic Systems   13,144     12,414   5.9  
TOTAL $ 796,474   $ 795,772   0.1  
 
BD DIAGNOSTICS                
     Preanalytical Systems $ 296,666   $ 283,974   4.5  
     Diagnostic Systems   276,015     276,602   (0.2 )
TOTAL $ 572,681   $ 560,576   2.2  
 
BD BIOSCIENCES                
     Cell Analysis $ 149,150   $ 145,629   2.4  
     Discovery Labware   68,640     72,024   (4.7 )
TOTAL $ 217,790   $ 217,653   0.1  
 
TOTAL UNITED STATES $ 1,586,945   $ 1,574,001   0.8  

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Six Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
 
    International  
                    % Change      
    2009     2008   Reported     FX Neutral   FX Impact  
 
BD MEDICAL                          
     Medical Surgical Systems $ 454,480   $ 494,336   (8.1 )   1.9   (10.0 )
     Diabetes Care   180,813     181,438   (0.3 )   6.0   (6.3 )
     Pharmaceutical Systems   330,214     333,623   (1.0 )   3.7   (4.7 )
     Ophthalmic Systems   26,119     26,367   (0.9 )   5.8   (6.7 )
TOTAL $ 991,626   $ 1,035,764   (4.3 )   3.3   (7.6 )
 
BD DIAGNOSTICS                          
     Preanalytical Systems $ 259,953   $ 261,687   (0.7 )   7.7   (8.4 )
     Diagnostic Systems   247,197     231,060   7.0     11.7   (4.7 )
TOTAL $ 507,150   $ 492,747   2.9     9.6   (6.7 )
 
BD BIOSCIENCES                          
     Cell Analysis $ 311,364   $ 279,205   11.5     10.7   0.8  
     Discovery Labware   77,224     70,975   8.8     6.4   2.4  
TOTAL $ 388,588   $ 350,180   11.0     9.8   1.2  
 
TOTAL INTERNATIONAL $ 1,887,364   $ 1,878,691   0.5     6.2   (5.7 )

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Six Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
 
    Total  
                    % Change        
    2009     2008   Reported     FX Neutral     FX Impact  
 
BD MEDICAL                            
     Medical Surgical Systems $ 953,085   $ 979,528   (2.7 )   2.3     (5.0 )
     Diabetes Care   379,821     376,847   0.8     3.8     (3.0 )
     Pharmaceutical Systems   415,931     436,380   (4.7 )   (1.1 )   (3.6 )
     Ophthalmic Systems   39,263     38,781   1.2     5.8     (4.6 )
TOTAL $ 1,788,100   $ 1,831,536   (2.4 )   1.9     (4.3 )
 
BD DIAGNOSTICS                            
     Preanalytical Systems $ 556,619   $ 545,661   2.0     6.0     (4.0 )
     Diagnostic Systems   523,212     507,662   3.1     5.2     (2.1 )
TOTAL $ 1,079,831   $ 1,053,323   2.5     5.6     (3.1 )
 
BD BIOSCIENCES                            
     Cell Analysis $ 460,514   $ 424,834   8.4     7.9     0.5  
     Discovery Labware   145,864     142,999   2.0     0.8     1.2  
TOTAL $ 606,378   $ 567,833   6.8     6.1     0.7  
 
TOTAL REVENUES $ 3,474,309   $ 3,452,692   0.6     3.7     (3.1 )

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
SAFETY REVENUES
(Unaudited; Amounts in thousands)
 
 
       Three Months Ended March 31,  
                  % Change      
    2009     2008   Reported   FX Neutral   FX Impact  
 
TOTAL SAFETY REVENUES                        
     United States $ 255,026   $  247,316   3.1   3.1   -  
     International   136,718      126,418   8.1   18.9   (10.8 )
TOTAL $ 391,744   $  373,734   4.8   8.5   (3.7 )
 
 
 
 
    Six Months Ended March 31,  
                  % Change      
    2009     2008   Reported   FX Neutral   FX Impact  
 
TOTAL SAFETY REVENUES                        
     United States $ 523,995   $ 513,567   2.0   2.0   -  
     International   270,798     247,303   9.5   19.1   (9.6 )
TOTAL $ 794,793   $ 760,870   4.5   7.6   (3.1 )