EX-99.1
Published on July 30, 2009
|
News Release
|
 |
Contact:
Patricia A. Spinella, Investor Relations 201-847-5453
Colleen T. White, Corporate Communications 201-847-5369
Patricia A. Spinella, Investor Relations 201-847-5453
Colleen T. White, Corporate Communications 201-847-5369
BD ANNOUNCES RESULTS FOR THIRD FISCAL QUARTER
| | Reports earnings per share from continuing operations of $1.38, or $1.30 after excluding specified item | ||
| | Revises earnings guidance to high end of range previously provided for fiscal year 2009 | ||
| | Reports divestiture of Home Healthcare product line |
Franklin Lakes, NJ (July 30, 2009) BD (Becton, Dickinson and Company) (NYSE: BDX) today reported
quarterly revenues of $1.820 billion for the third fiscal quarter ended June 30, 2009, representing
a decrease of 1.6 percent from the prior-year period. Excluding the unfavorable impact from
foreign currency translation, which overall is estimated to account for 7 percentage points,
worldwide revenues increased 5 percent.
We are pleased with our solid third quarter performance and, in particular, the results achieved
by our Diagnostics segment and our Medical segments Pharmaceutical Systems and Diabetes Care
units, stated Edward J. Ludwig, Chairman and Chief Executive Officer. In the face of a
challenging global economy, we exceeded our overall expectations in the quarter and, as a result,
we are revising our revenue and earnings guidance to the high end of the range previously provided
for this year. We remain confident that our focus on productivity improvements and disciplined
expense management, along with our ongoing investments in long-term growth opportunities, will
ensure BDs future success.
Analyses of Third Quarter and Nine-Month Period of Fiscal Year 2009 and 2008 Earnings
Table 1
| Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||
| 2009 | 2008 | % Growth | 2009 | 2008 | % Growth | |||||||||||||||||||
Diluted EPS |
$ | 1.39 | $ | 1.18 | 17.8 | % | $ | 3.70 | $ | 3.34 | 10.8 | % | ||||||||||||
Home Healthcare Divestiture |
(0.01 | ) | | (0.03 | ) | (0.03 | ) | |||||||||||||||||
Diluted EPS from Continuing Operations |
$ | 1.38 | $ | 1.18 | 16.9 | % | $ | 3.67 | $ | 3.31 | 10.9 | % | ||||||||||||
Specified Items: |
||||||||||||||||||||||||
Litigation Charge (1) |
| | 0.11 | | ||||||||||||||||||||
Tax Adjustment (2) |
(0.08 | ) | | (0.08 | ) | | ||||||||||||||||||
Adjusted Diluted EPS from Continuing Operations |
$ | 1.30 | $ | 1.18 | 10.2 | % | $ | 3.70 | $ | 3.31 | 11.8 | % | ||||||||||||
| (1) | Represents the charge relating to the pending settlement with the direct purchaser plaintiffs (which includes BDs distributors) in the antitrust class actions. | |
| (2) | Represents the tax benefit relating to various tax settlements in multiple jurisdictions. |
The preceding analysis (Table 1) of diluted earnings per share from continuing operations for the
three-month and nine-month periods ended June 30, 2009 and 2008 identifies the specified items that
affect comparability of results between periods. As illustrated, third quarter fiscal 2009 diluted
earnings per share from continuing operations included a tax benefit of $20 million (8 cents
diluted earnings per share from continuing operations) relating to various tax settlements in
multiple jurisdictions. Excluding the tax benefit of 8 cents, third quarter fiscal 2009 diluted
earnings per share from continuing operations were $1.30, representing an increase of 10 percent
over diluted earnings per share from continuing operations of $1.18 from the prior-year period.
Reported diluted earnings per share from continuing operations for the third quarter of fiscal 2009
included a 7-cents gain from our hedging program.
For the nine-month period, diluted earnings per share from continuing operations of $3.67 included
the aforementioned tax benefit of 8 cents and the second quarter charge of 11 cents relating to a
pending antitrust class action settlement. Excluding these specified items, diluted earnings per
share from continuing operations for the nine-month period in fiscal year 2009 were $3.70,
representing an increase of 12 percent over diluted earnings per share from continuing operations
of $3.31 from the prior-year period. Reported diluted earnings per share from continuing
operations for the nine-month period ending June 30, 2009 included a 23-cents gain from our hedging
program.
Home Healthcare Product Line Sold
In July 2009, the Company sold the assets associated with its Home Healthcare product line to 3M,
including product inventory, brand names and manufacturing associated with ACE®,
Tensor®, Bauer & Black® and Tru-Fit® products, and thermometers.
Consequently, the results of operations of the Home Healthcare product line have been classified as
discontinued operations for all quarters and years referred to in this release. Included in the
attached financial tables are the Companys Consolidated Income Statements for the first two
quarters of fiscal year 2009 and for all periods in fiscal year 2008, which reflect this
classification change. The Company expects to record a gain on the sale of about 5 cents diluted
earnings per share from discontinued operations in the fourth fiscal quarter.
Segment Results
In the BD Medical segment, worldwide revenues for the quarter were $969 million, representing a
decrease of 3 percent from the prior year period. Excluding the unfavorable impact from foreign
currency translation of an estimated 8 percentage points, revenues increased 5 percent in the
quarter due in part to sales of insulin delivery products, as well as safety-engineered and
prefillable devices. For the nine-month period ended June 30, 2009 the BD Medical segment reported
a 2 percent decrease in revenue growth. On a currency neutral basis, BD Medical revenues for the
nine-month period increased by 3 percent.
In the BD Diagnostics segment, worldwide revenues for the quarter were $566 million, representing
an increase of 2 percent from the prior year period. Excluding the unfavorable impact from foreign
currency translation of an estimated 6 percentage points, revenues increased 8 percent in the
quarter. Sales of safety-engineered devices, cancer diagnostics products and infectious disease
testing systems, including flu-related products, contributed to revenue growth. For the nine-month
period ended June 30, 2009 the BD Diagnostics segment reported 2.5 percent revenue growth. On a
currency neutral basis, BD Diagnostics revenues for the nine-month period increased by 6.5 percent.
In the BD Biosciences segment, worldwide revenues for the quarter were $285 million, representing a
decrease of 4 percent from the prior year period. Excluding the unfavorable impact from foreign
currency translation of an estimated 3 percentage points, revenues decreased 1 percent in the
quarter.
Demand in the U.S. for capital equipment in the research and clinical segments continued to be
impacted by funding constraints. International revenue growth moderated in the third quarter
primarily due to lessening demand for instruments in Europe and Japan. For the nine-month period
ended June 30, 2009 the BD Biosciences segment reported 3 percent revenue growth. On a currency
neutral basis, BD Biosciences revenues for the nine-month period increased by 4 percent.
Geographic Results
Third quarter revenues in the U.S. were $805 million, representing an increase of 3 percent from
the prior year period. Revenues outside of the U.S. were $1.015 billion, representing a decrease
of 5 percent from the prior year period, and reflect an estimated 11 percentage points of
unfavorable impact from foreign currency translation.
For the nine-month period ended June 30, 2009, revenues in the U.S. were $2.365 billion,
representing an increase of 2 percent from the prior year period. Revenues outside of the U.S.
were $2.898 billion, representing a decrease of 1 percent from the prior year period, and reflect
an estimated 8 percentage points of unfavorable impact from foreign currency translation.
Fiscal 2009 Outlook for Full Year
The Company revised its guidance for full fiscal year 2009 reported diluted earnings per share from
continuing operations to approximately 11 to 12 percent over diluted earnings per share from
continuing operations of $4.42 for the full fiscal year 2008. The Companys guidance for full
fiscal year 2009 includes an approximate 28-cents gain from our hedging program as discussed on our
April 28, 2009 second fiscal quarter conference call.
The following analysis of estimated diluted earnings per share from continuing operations for the
full fiscal year identifies specified items that affect the comparability of results between
periods. As illustrated in Table 2, the Company expects that diluted earnings per share from
continuing operations for the full fiscal year 2009, excluding specified items, will be
approximately $4.92 to $4.96, representing an increase of approximately 11 to 12 percent over
diluted earnings per share from continuing operations of $4.42 for the fiscal year 2008.
Table 2
| Twelve Months Ended September 30, | ||||||||||||
| 2009 | 2008 | % Growth | ||||||||||
| (Estimated) | ||||||||||||
Diluted EPS (1) |
$ | 4.93 - $4.97 | $ | 4.46 | 10 - 11 | % | ||||||
Home Healthcare Divestiture |
(0.04 | ) | (0.04 | ) | ||||||||
Diluted EPS from Continuing Operations |
$ | 4.89 - $4.93 | $ | 4.42 | 11 - 12 | % | ||||||
Specified Items: |
||||||||||||
Litigation Charge (2) |
0.11 | | ||||||||||
Tax Adjustment (3) |
(0.08 | ) | | |||||||||
Adjusted Diluted EPS from Continuing Operations |
$ | 4.92 - $4.96 | $ | 4.42 | 11 - 12 | % | ||||||
| (1) | Does not include estimated gain on sale of Home Healthcare of about 5 cents. | |
| (2) | Represents the charge relating to the pending settlement with the direct purchaser plaintiffs (which includes BDs distributors) in the antitrust class actions. | |
| (3) | Represents the tax benefit relating to various tax settlements in multiple jurisdictions. |
Conference Call Information
A conference call regarding BDs third fiscal quarter results, its expectations for the full fiscal
year 2009 and its preliminary outlook for fiscal year 2010 will be broadcast live on BDs website,
www.bd.com/investors, along with related slides, at 10:00 a.m. (ET) Thursday, July 30, 2009. The
conference call will be available for replay on BDs website,
www.bd.com/investors, or at
800-642-1687 (domestic) and 706-645-9291 (international), Conference ID: 16834521, through the
close of business on Thursday, August 6, 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 peoples 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. BDs capabilities are instrumental in combating many of the worlds 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 BDs 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 BDs products; fluctuations in costs and
availability of raw materials and in BDs ability to maintain favorable supplier arrangements and
relationships; uncertainties of litigation (as described in BDs 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 BDs 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.
Table 1
| Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||
| 2009 | 2008 | % Growth | 2009 | 2008 | % Growth | |||||||||||||||||||
Diluted EPS |
$ | 1.39 | $ | 1.18 | 17.8 | % | $ | 3.70 | $ | 3.34 | 10.8 | % | ||||||||||||
Home Healthcare Divestiture |
(0.01 | ) | | (0.03 | ) | (0.03 | ) | |||||||||||||||||
Diluted EPS from Continuing Operations |
$ | 1.38 | $ | 1.18 | 16.9 | % | $ | 3.67 | $ | 3.31 | 10.9 | % | ||||||||||||
Specified Items: |
||||||||||||||||||||||||
Litigation Charge (1) |
| | 0.11 | | ||||||||||||||||||||
Tax Adjustment (2) |
(0.08 | ) | | (0.08 | ) | | ||||||||||||||||||
Adjusted Diluted EPS from Continuing Operations |
$ | 1.30 | $ | 1.18 | 10.2 | % | $ | 3.70 | $ | 3.31 | 11.8 | % | ||||||||||||
Table 2
| Twelve Months Ended September 30, | ||||||||||||
| 2009 | 2008 | % Growth | ||||||||||
| (Estimated) | ||||||||||||
Diluted EPS (1) |
$ | 4.93 - $4.97 | $ | 4.46 | 10-11 | % | ||||||
Home Healthcare Divestiture |
(0.04 | ) | (0.04 | ) | ||||||||
Diluted EPS from Continuing Operations |
$ | 4.89 - $4.93 | $ | 4.42 | 11-12 | % | ||||||
Specified Items: |
||||||||||||
Litigation Charge (2) |
0.11 | | ||||||||||
Tax Adjustment (3) |
(0.08 | ) | | |||||||||
Adjusted Diluted EPS from Continuing Operations |
$ | 4.92 - $4.96 | $ | 4.42 | 11-12 | % | ||||||
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per share data)
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per share data)
| Three Months Ended June 30, | ||||||||||||
| 2009 | 2008 | % Change | ||||||||||
REVENUES |
$ | 1,820,255 | $ | 1,849,339 | (1.6 | ) | ||||||
Cost of products
sold |
860,063 | 905,388 | (5.0 | ) | ||||||||
Selling and
administrative |
429,940 | 435,807 | (1.3 | ) | ||||||||
Research and
development |
98,489 | 99,928 | (1.4 | ) | ||||||||
TOTAL OPERATING
COSTS AND EXPENSES |
1,388,492 | 1,441,123 | (3.7 | ) | ||||||||
OPERATING
INCOME |
431,763 | 408,216 | 5.8 | |||||||||
Interest income |
12,767 | 10,956 | 16.5 | |||||||||
Interest expense |
(11,288 | ) | (9,017 | ) | 25.2 | |||||||
Other expense, net |
(4,247 | ) | (1,285 | ) | NM | |||||||
INCOME FROM
CONTINUING
OPERATIONS
BEFORE INCOME TAXES |
428,995 | 408,870 | 4.9 | |||||||||
Income tax provision |
90,291 | 112,875 | (20.0 | ) | ||||||||
INCOME FROM
CONTINUING
OPERATIONS |
338,704 | 295,995 | 14.4 | |||||||||
INCOME FROM
DISCONTINUED
OPERATIONS
NET OF INCOME
TAX PROVISION
(BENEFIT) OF
$214 AND $(261),
RESPECTIVELY |
2,323 | 1,094 | NM | |||||||||
NET INCOME |
$ | 341,027 | $ | 297,089 | 14.8 | |||||||
EARNINGS PER
SHARE |
||||||||||||
Basic: |
||||||||||||
Income from
continuing operations |
$ | 1.41 | $ | 1.21 | 16.5 | |||||||
Income from
discontinued
operations |
$ | 0.01 | $ | | NM | |||||||
Net income (1) |
$ | 1.42 | $ | 1.22 | 16.4 | |||||||
Diluted: |
||||||||||||
Income from
continuing operations |
$ | 1.38 | $ | 1.18 | 16.9 | |||||||
Income from
discontinued
operations |
$ | 0.01 | $ | | NM | |||||||
Net income |
$ | 1.39 | $ | 1.18 | 17.8 | |||||||
AVERAGE SHARES
OUTSTANDING |
||||||||||||
Basic |
240,109 | 244,273 | ||||||||||
Diluted |
245,696 | 251,648 | ||||||||||
| NM Not Meaningful | ||
| (1) | Total per share amounts may not add due to rounding | |
Page 1
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
(Unaudited; Amounts in thousands, except per share data)
SUPPLEMENTAL INFORMATION
(Unaudited; Amounts in thousands, except per share data)
| Three Months Ended June 30, 2009 | ||||||||||||
| As | Tax | Excluding | ||||||||||
| Reported | Adjustment (1) | Item | ||||||||||
Income taxes |
90,291 | 20,485 | 110,776 | |||||||||
effective tax rate |
21.0 | % | 25.8 | % | ||||||||
Income from
continuing
operations |
338,704 | (20,485 | ) | 318,219 | ||||||||
as a % of
revenues |
18.6 | % | 17.5 | % | ||||||||
Diluted earnings per
share |
||||||||||||
Income from
continuing
operations |
$ | 1.38 | $ | (0.08 | ) | $ | 1.30 | |||||
| (1) | Represents the tax benefit relating to various tax settlements in multiple jurisdictions. |
Page 2
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per share data)
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per share data)
| Nine Months ended June 30, | ||||||||||||
| 2009 | 2008 | % Change | ||||||||||
REVENUES |
$ | 5,263,141 | $ | 5,262,786 | 0.0 | |||||||
Cost of products sold |
2,485,687 | 2,566,465 | (3.1 | ) | ||||||||
Selling and
administrative |
1,272,318 | 1,263,212 | 0.7 | |||||||||
Research and
development |
294,391 | 287,169 | 2.5 | |||||||||
TOTAL OPERATING
COSTS AND EXPENSES |
4,052,396 | 4,116,846 | (1.6 | ) | ||||||||
OPERATING
INCOME |
1,210,745 | 1,145,940 | 5.7 | |||||||||
Interest income |
18,730 | 32,489 | (42.3 | ) | ||||||||
Interest expense |
(26,607 | ) | (27,455 | ) | (3.1 | ) | ||||||
Other (expense)
income, net |
(538 | ) | 252 | NM | ||||||||
INCOME FROM
CONTINUING
OPERATIONS
BEFORE INCOME TAXES |
1,202,330 | 1,151,226 | 4.4 | |||||||||
Income tax provision |
295,033 | 314,321 | (6.1 | ) | ||||||||
INCOME FROM
CONTINUING
OPERATIONS |
907,297 | 836,905 | 8.4 | |||||||||
INCOME FROM DISCONTINUED
OPERATIONS NET OF INCOME
TAX PROVISION OF
$1,681 AND $1,364, RESPECTIVELY |
7,086 | 7,916 | (10.5 | ) | ||||||||
NET INCOME |
$ | 914,383 | $ | 844,821 | 8.2 | |||||||
EARNINGS PER
SHARE |
||||||||||||
Basic: |
||||||||||||
Income from
continuing operations |
$ | 3.77 | $ | 3.42 | 10.2 | |||||||
Income from
discontinued
operations |
$ | 0.03 | $ | 0.03 | | |||||||
Net income (1) |
$ | 3.80 | $ | 3.46 | 9.8 | |||||||
Diluted: |
||||||||||||
Income from
continuing operations |
$ | 3.67 | $ | 3.31 | 10.9 | |||||||
Income from
discontinued
operations |
$ | 0.03 | $ | 0.03 | | |||||||
Net income |
$ | 3.70 | $ | 3.34 | 10.8 | |||||||
AVERAGE SHARES OUTSTANDING |
||||||||||||
Basic |
240,923 | 244,478 | ||||||||||
Diluted |
247,083 | 252,944 | ||||||||||
| NM Not Meaningful | ||
| (1) | Total per share amounts may not add due to rounding | |
Page 3
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
(Unaudited; Amounts in thousands, except per share data)
SUPPLEMENTAL INFORMATION
(Unaudited; Amounts in thousands, except per share data)
| Nine Months ended June 30, 2009 | ||||||||||||||||
| As | Litigation | Tax | Excluding | |||||||||||||
| Reported | Charge (1) | Adjustment (2) | Items | |||||||||||||
Selling and
administrative |
$ | 1,272,318 | $ | (45,000 | ) | $ | | $ | 1,227,318 | |||||||
as a % of
revenues |
24.2 | % | 23.3 | % | ||||||||||||
Operating
Income |
1,210,745 | 45,000 | | 1,255,745 | ||||||||||||
as a % of
revenues |
23.0 | % | 23.9 | % | ||||||||||||
Income taxes |
295,033 | 17,100 | 20,485 | 332,618 | ||||||||||||
effective tax
rate |
24.5 | % | 26.7 | % | ||||||||||||
Income from
continuing
operations |
907,297 | 27,900 | (20,485 | ) | 914,712 | |||||||||||
as a % of
revenues |
17.2 | % | 17.4 | % | ||||||||||||
Diluted
earnings per
share |
||||||||||||||||
Income from
continuing
operations |
$ | 3.67 | $ | 0.11 | $ | (0.08 | ) | $ | 3.70 | |||||||
| (1) | Represents the charge relating to the pending settlement with the direct purchaser plaintiffs (which includes BDs distributors) in the antitrust class actions. | |
| (2) | Represents the tax benefit relating to various tax settlements in multiple jurisdictions. |
Page 4
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
| Three Months Ended June 30, | ||||||||||||
| 2009 | 2008 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
United States |
$ | 397,898 | $ | 386,724 | 2.9 | |||||||
International |
570,773 | 611,424 | (6.6 | ) | ||||||||
TOTAL |
$ | 968,671 | $ | 998,148 | (3.0 | ) | ||||||
BD DIAGNOSTICS |
||||||||||||
United States |
$ | 299,374 | $ | 280,118 | 6.9 | |||||||
International |
267,005 | 273,304 | (2.3 | ) | ||||||||
TOTAL |
$ | 566,379 | $ | 553,422 | 2.3 | |||||||
BD BIOSCIENCES |
||||||||||||
United States |
$ | 108,136 | $ | 116,239 | (7.0 | ) | ||||||
International |
177,069 | 181,530 | (2.5 | ) | ||||||||
TOTAL |
$ | 285,205 | $ | 297,769 | (4.2 | ) | ||||||
TOTAL REVENUES |
||||||||||||
United States |
$ | 805,408 | $ | 783,081 | 2.9 | |||||||
International |
1,014,847 | 1,066,258 | (4.8 | ) | ||||||||
TOTAL |
$ | 1,820,255 | $ | 1,849,339 | (1.6 | ) | ||||||
Page 5
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
| Nine Months ended June 30, | ||||||||||||
| 2009 | 2008 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
United States |
$ | 1,167,062 | $ | 1,149,717 | 1.5 | |||||||
International |
1,558,285 | 1,640,722 | (5.0 | ) | ||||||||
TOTAL |
$ | 2,725,347 | $ | 2,790,439 | (2.3 | ) | ||||||
BD DIAGNOSTICS |
||||||||||||
United States |
$ | 872,055 | $ | 840,695 | 3.7 | |||||||
International |
774,156 | 766,050 | 1.1 | |||||||||
TOTAL |
$ | 1,646,211 | $ | 1,606,745 | 2.5 | |||||||
BD BIOSCIENCES |
||||||||||||
United States |
$ | 325,926 | $ | 333,891 | (2.4 | ) | ||||||
International |
565,657 | 531,711 | 6.4 | |||||||||
TOTAL |
$ | 891,583 | $ | 865,602 | 3.0 | |||||||
TOTAL REVENUES |
||||||||||||
United States |
$ | 2,365,043 | $ | 2,324,303 | 1.8 | |||||||
International |
2,898,098 | 2,938,483 | (1.4 | ) | ||||||||
TOTAL |
$ | 5,263,141 | $ | 5,262,786 | | |||||||
Page 6
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended June 30,
(Unaudited; Amounts in thousands)
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended June 30,
(Unaudited; Amounts in thousands)
| United States | ||||||||||||
| 2009 | 2008 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
Medical Surgical Systems |
$ | 256,171 | $ | 243,960 | 5.0 | |||||||
Diabetes Care |
91,330 | 87,469 | 4.4 | |||||||||
Pharmaceutical Systems |
43,460 | 49,125 | (11.5 | ) | ||||||||
Ophthalmic Systems |
6,937 | 6,170 | 12.4 | |||||||||
TOTAL |
$ | 397,898 | $ | 386,724 | 2.9 | |||||||
BD DIAGNOSTICS |
||||||||||||
Preanalytical Systems |
$ | 155,760 | $ | 144,416 | 7.9 | |||||||
Diagnostic Systems |
143,614 | 135,702 | 5.8 | |||||||||
TOTAL |
$ | 299,374 | $ | 280,118 | 6.9 | |||||||
BD BIOSCIENCES |
||||||||||||
Cell Analysis |
$ | 70,518 | $ | 80,186 | (12.1 | ) | ||||||
Discovery Labware |
37,618 | 36,053 | 4.3 | |||||||||
TOTAL |
$ | 108,136 | $ | 116,239 | (7.0 | ) | ||||||
TOTAL UNITED STATES |
$ | 805,408 | $ | 783,081 | 2.9 | |||||||
Page 7
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended June 30, (continued)
(Unaudited; Amounts in thousands)
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended June 30, (continued)
(Unaudited; Amounts in thousands)
| International | ||||||||||||||||||||
| % Change | ||||||||||||||||||||
| 2009 | 2008 | Reported | FX Neutral | FX Impact | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 242,701 | $ | 272,064 | (10.8 | ) | 3.1 | (13.9 | ) | |||||||||||
Diabetes Care |
94,521 | 94,244 | 0.3 | 12.3 | (12.0 | ) | ||||||||||||||
Pharmaceutical Systems |
220,503 | 230,346 | (4.3 | ) | 8.3 | (12.6 | ) | |||||||||||||
Ophthalmic Systems |
13,048 | 14,770 | (11.7 | ) | 0.1 | (11.8 | ) | |||||||||||||
TOTAL |
$ | 570,773 | $ | 611,424 | (6.6 | ) | 6.4 | (13.0 | ) | |||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 136,427 | $ | 146,345 | (6.8 | ) | 6.5 | (13.3 | ) | |||||||||||
Diagnostic Systems |
130,578 | 126,959 | 2.9 | 13.0 | (10.1 | ) | ||||||||||||||
TOTAL |
$ | 267,005 | $ | 273,304 | (2.3 | ) | 9.5 | (11.8 | ) | |||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 139,251 | $ | 141,889 | (1.9 | ) | 3.0 | (4.9 | ) | |||||||||||
Discovery Labware |
37,818 | 39,641 | (4.6 | ) | 0.8 | (5.4 | ) | |||||||||||||
TOTAL |
$ | 177,069 | $ | 181,530 | (2.5 | ) | 2.5 | (5.0 | ) | |||||||||||
TOTAL INTERNATIONAL |
$ | 1,014,847 | $ | 1,066,258 | (4.8 | ) | 6.5 | (11.3 | ) | |||||||||||
Page 8
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended June 30, (continued)
(Unaudited; Amounts in thousands)
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended June 30, (continued)
(Unaudited; Amounts in thousands)
| Total | |||||||||||||||||||||
| % Change | |||||||||||||||||||||
| 2009 | 2008 | Reported | FX Neutral | FX Impact | |||||||||||||||||
BD MEDICAL |
|||||||||||||||||||||
Medical Surgical Systems |
$ | 498,872 | $ | 516,024 | (3.3 | ) | 4.0 | (7.3 | ) | ||||||||||||
Diabetes Care |
185,851 | 181,713 | 2.3 | 8.5 | (6.2 | ) | |||||||||||||||
Pharmaceutical Systems |
263,963 | 279,471 | (5.5 | ) | 4.8 | (10.3 | ) | ||||||||||||||
Ophthalmic Systems |
19,985 | 20,940 | (4.6 | ) | 3.7 | (8.3 | ) | ||||||||||||||
TOTAL |
$ | 968,671 | $ | 998,148 | (3.0 | ) | 5.1 | (8.1 | ) | ||||||||||||
BD DIAGNOSTICS |
|||||||||||||||||||||
Preanalytical Systems |
$ | 292,187 | $ | 290,761 | 0.5 | 7.2 | (6.7 | ) | |||||||||||||
Diagnostic Systems |
274,192 | 262,661 | 4.4 | 9.3 | (4.9 | ) | |||||||||||||||
TOTAL |
$ | 566,379 | $ | 553,422 | 2.3 | 8.2 | (5.9 | ) | |||||||||||||
BD BIOSCIENCES |
|||||||||||||||||||||
Cell Analysis |
$ | 209,769 | $ | 222,075 | (5.5 | ) | (2.4 | ) | (3.1 | ) | |||||||||||
Discovery Labware |
75,436 | 75,694 | (0.3 | ) | 2.5 | (2.8 | ) | ||||||||||||||
TOTAL |
$ | 285,205 | $ | 297,769 | (4.2 | ) | (1.2 | ) | (3.0 | ) | |||||||||||
TOTAL REVENUES |
$ | 1,820,255 | $ | 1,849,339 | (1.6 | ) | 5.0 | (6.6 | ) | ||||||||||||
Page 9
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Nine Months ended June 30,
(Unaudited; Amounts in thousands)
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Nine Months ended June 30,
(Unaudited; Amounts in thousands)
| United States | ||||||||||||
| 2009 | 2008 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
Medical Surgical Systems |
$ | 754,776 | $ | 729,152 | 3.5 | |||||||
Diabetes Care |
263,028 | 250,099 | 5.2 | |||||||||
Pharmaceutical Systems |
129,177 | 151,882 | (14.9 | ) | ||||||||
Ophthalmic Systems |
20,081 | 18,584 | 8.1 | |||||||||
TOTAL |
$ | 1,167,062 | $ | 1,149,717 | 1.5 | |||||||
BD DIAGNOSTICS |
||||||||||||
Preanalytical Systems |
$ | 452,426 | $ | 428,391 | 5.6 | |||||||
Diagnostic Systems |
419,629 | 412,304 | 1.8 | |||||||||
TOTAL |
$ | 872,055 | $ | 840,695 | 3.7 | |||||||
BD BIOSCIENCES |
||||||||||||
Cell Analysis |
$ | 219,668 | $ | 225,814 | (2.7 | ) | ||||||
Discovery Labware |
106,258 | 108,077 | (1.7 | ) | ||||||||
TOTAL |
$ | 325,926 | $ | 333,891 | (2.4 | ) | ||||||
TOTAL UNITED STATES |
$ | 2,365,043 | $ | 2,324,303 | 1.8 | |||||||
Page 10
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Nine Months ended June 30, (continued)
(Unaudited; Amounts in thousands)
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Nine Months ended June 30, (continued)
(Unaudited; Amounts in thousands)
| International | |||||||||||||||||||||
| % Change | |||||||||||||||||||||
| 2009 | 2008 | Reported | FX Neutral | FX Impact | |||||||||||||||||
BD MEDICAL |
|||||||||||||||||||||
Medical Surgical Systems |
$ | 697,178 | $ | 766,401 | (9.0 | ) | 2.3 | (11.3 | ) | ||||||||||||
Diabetes Care |
271,221 | 269,215 | 0.7 | 8.8 | (8.1 | ) | |||||||||||||||
Pharmaceutical Systems |
550,718 | 563,969 | (2.3 | ) | 5.6 | (7.9 | ) | ||||||||||||||
Ophthalmic Systems |
39,168 | 41,137 | (4.8 | ) | 3.7 | (8.5 | ) | ||||||||||||||
TOTAL |
$ | 1,558,285 | $ | 1,640,722 | (5.0 | ) | 4.5 | (9.5 | ) | ||||||||||||
BD DIAGNOSTICS |
|||||||||||||||||||||
Preanalytical Systems |
$ | 396,380 | $ | 408,031 | (2.9 | ) | 7.2 | (10.1 | ) | ||||||||||||
Diagnostic Systems |
377,776 | 358,019 | 5.5 | 12.2 | (6.7 | ) | |||||||||||||||
TOTAL |
$ | 774,156 | $ | 766,050 | 1.1 | 9.5 | (8.4 | ) | |||||||||||||
BD BIOSCIENCES |
|||||||||||||||||||||
Cell Analysis |
$ | 450,615 | $ | 421,095 | 7.0 | 8.1 | (1.1 | ) | |||||||||||||
Discovery Labware |
115,042 | 110,616 | 4.0 | 4.4 | (0.4 | ) | |||||||||||||||
TOTAL |
$ | 565,657 | $ | 531,711 | 6.4 | 7.3 | (0.9 | ) | |||||||||||||
TOTAL INTERNATIONAL |
$ | 2,898,098 | $ | 2,938,483 | (1.4 | ) | 6.4 | (7.8 | ) | ||||||||||||
Page 11
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Nine Months ended June 30, (continued)
(Unaudited; Amounts in thousands)
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Nine Months ended June 30, (continued)
(Unaudited; Amounts in thousands)
| Total | |||||||||||||||||||||
| % Change | |||||||||||||||||||||
| 2009 | 2008 | Reported | FX Neutral | FX Impact | |||||||||||||||||
BD MEDICAL |
|||||||||||||||||||||
Medical Surgical Systems |
$ | 1,451,954 | $ | 1,495,553 | (2.9 | ) | 2.9 | (5.8 | ) | ||||||||||||
Diabetes Care |
534,249 | 519,314 | 2.9 | 7.1 | (4.2 | ) | |||||||||||||||
Pharmaceutical Systems |
679,895 | 715,851 | (5.0 | ) | 1.2 | (6.2 | ) | ||||||||||||||
Ophthalmic Systems |
59,249 | 59,721 | (0.8 | ) | 5.1 | (5.9 | ) | ||||||||||||||
TOTAL |
$ | 2,725,347 | $ | 2,790,439 | (2.3 | ) | 3.3 | (5.6 | ) | ||||||||||||
BD DIAGNOSTICS |
|||||||||||||||||||||
Preanalytical Systems |
$ | 848,806 | $ | 836,422 | 1.5 | 6.4 | (4.9 | ) | |||||||||||||
Diagnostic Systems |
797,405 | 770,323 | 3.5 | 6.6 | (3.1 | ) | |||||||||||||||
TOTAL |
$ | 1,646,211 | $ | 1,606,745 | 2.5 | 6.5 | (4.0 | ) | |||||||||||||
BD BIOSCIENCES |
|||||||||||||||||||||
Cell Analysis |
$ | 670,283 | $ | 646,909 | 3.6 | 4.3 | (0.7 | ) | |||||||||||||
Discovery Labware |
221,300 | 218,693 | 1.2 | 1.4 | (0.2 | ) | |||||||||||||||
TOTAL |
$ | 891,583 | $ | 865,602 | 3.0 | 3.6 | (0.6 | ) | |||||||||||||
TOTAL REVENUES |
$ | 5,263,141 | $ | 5,262,786 | | 4.3 | (4.3 | ) | |||||||||||||
Page 12
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
SAFETY REVENUES
(Unaudited; Amounts in thousands)
SUPPLEMENTAL REVENUE INFORMATION
SAFETY REVENUES
(Unaudited; Amounts in thousands)
| Three Months Ended June 30, | ||||||||||||||||||||
| % Change | ||||||||||||||||||||
| 2009 | 2008 | Reported | FX Neutral | FX Impact | ||||||||||||||||
TOTAL SAFETY REVENUES |
||||||||||||||||||||
United States |
$ | 272,719 | $ | 261,041 | 4.5 | 4.5 | | |||||||||||||
International |
148,970 | 143,495 | 3.8 | 17.9 | (14.1 | ) | ||||||||||||||
TOTAL |
$ | 421,689 | $ | 404,536 | 4.2 | 9.3 | (5.1 | ) | ||||||||||||
| Nine Months ended June 30, | ||||||||||||||||||||
| % Change | ||||||||||||||||||||
| 2009 | 2008 | Reported | FX Neutral | FX Impact | ||||||||||||||||
TOTAL SAFETY REVENUES |
||||||||||||||||||||
United States |
$ | 796,714 | $ | 774,608 | 2.9 | 2.9 | | |||||||||||||
International |
419,768 | 390,797 | 7.4 | 18.7 | (11.3 | ) | ||||||||||||||
TOTAL |
$ | 1,216,482 | $ | 1,165,405 | 4.4 | 8.2 | (3.8 | ) | ||||||||||||
Page 13
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS FISCAL 2009
Revised for Home Health Care Discontinued Operations
(Unaudited; Amounts in thousands, except per-share data)
CONSOLIDATED INCOME STATEMENTS FISCAL 2009
Revised for Home Health Care Discontinued Operations
(Unaudited; Amounts in thousands, except per-share data)
| Quarter 1 | Quarter 2 | Quarter 2 YTD | ||||||||||
REVENUES |
$ | 1,717,919 | $ | 1,724,967 | $ | 3,442,886 | ||||||
Cost of products sold |
796,274 | 829,350 | 1,625,624 | |||||||||
Selling and administrative |
406,019 | 436,359 | 842,378 | |||||||||
Research and development |
97,314 | 98,588 | 195,902 | |||||||||
TOTAL OPERATING COSTS
AND EXPENSES |
1,299,607 | 1,364,297 | 2,663,904 | |||||||||
OPERATING INCOME |
418,312 | 360,670 | 778,982 | |||||||||
Interest income |
1,651 | 4,312 | 5,963 | |||||||||
Interest expense |
(7,824 | ) | (7,495 | ) | (15,319 | ) | ||||||
Other income (expense), net |
9,411 | (5,701 | ) | 3,710 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES |
421,550 | 351,786 | 773,336 | |||||||||
Income tax provision |
112,131 | 92,612 | 204,743 | |||||||||
INCOME FROM CONTINUING OPERATIONS |
309,419 | 259,174 | 568,593 | |||||||||
Income from Discontinued Operations
before Income Tax |
3,503 | 2,726 | 6,229 | |||||||||
Income tax provision |
854 | 611 | 1,465 | |||||||||
INCOME FROM DISCONTINUED OPERATIONS |
2,649 | 2,115 | 4,764 | |||||||||
NET INCOME |
$ | 312,068 | $ | 261,289 | $ | 573,357 | ||||||
EARNINGS PER SHARE |
||||||||||||
Basic: |
||||||||||||
Income from continuing operations |
$ | 1.28 | $ | 1.08 | $ | 2.36 | ||||||
Income from discontinued operations |
$ | 0.01 | $ | 0.01 | $ | 0.02 | ||||||
Net income |
$ | 1.29 | $ | 1.09 | $ | 2.38 | ||||||
Diluted: |
||||||||||||
Income from continuing operations |
$ | 1.25 | $ | 1.05 | $ | 2.30 | ||||||
Income from discontinued operations |
$ | 0.01 | $ | 0.01 | $ | 0.02 | ||||||
Net income |
$ | 1.26 | $ | 1.06 | $ | 2.32 | ||||||
AVERAGE SHARES OUTSTANDING |
||||||||||||
Basic |
242,397 | 240,239 | 241,330 | |||||||||
Diluted |
248,311 | 245,890 | 247,436 | |||||||||
Page 14
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
Revised for Home Health Care Discontinued Operations
(Unaudited; Amounts in thousands, except per share data)
SUPPLEMENTAL INFORMATION
Revised for Home Health Care Discontinued Operations
(Unaudited; Amounts in thousands, except per share data)
| Three Months Ended March 31, 2009 | ||||||||||||
| As | Litigation | Excluding | ||||||||||
| Revised | Charge (1) | Item | ||||||||||
Selling and administrative |
$ | 436,359 | $ | (45,000 | ) | $ | 391,359 | |||||
as a % of revenues |
25.3 | % | 22.7 | % | ||||||||
Operating Income |
360,670 | 45,000 | 405,670 | |||||||||
as a % of revenues |
20.9 | % | 23.5 | % | ||||||||
Income taxes |
92,612 | 17,100 | 109,712 | |||||||||
effective tax rate |
26.3 | % | 27.7 | % | ||||||||
Income from continuing operations |
259,174 | 27,900 | 287,074 | |||||||||
as a % of revenues |
15.0 | % | 16.6 | % | ||||||||
Diluted earnings per share |
||||||||||||
Income from continuing operations (2) |
$ | 1.05 | $ | 0.11 | $ | 1.17 | ||||||
| (1) | Represents the charge relating to the pending settlement with the direct purchaser plaintiffs (which includes BDs distributors) in the antitrust class actions. | |
| (2) | Total per share share amounts may not add due to rounding. |
| Six Months Ended March 31, 2009 | ||||||||||||
| As | Litigation | Excluding | ||||||||||
| Revised | Charge (1) | Item | ||||||||||
Selling and administrative |
$ | 842,378 | $ | (45,000 | ) | $ | 797,378 | |||||
as a % of revenues |
24.5 | % | 23.2 | % | ||||||||
Operating Income |
778,982 | 45,000 | 823,982 | |||||||||
as a % of revenues |
22.6 | % | 23.9 | % | ||||||||
Income taxes |
204,743 | 17,100 | 221,843 | |||||||||
effective tax rate |
26.5 | % | 27.1 | % | ||||||||
Income from continuing operations |
568,593 | 27,900 | 596,493 | |||||||||
as a % of revenues |
16.5 | % | 17.3 | % | ||||||||
Diluted earnings per share |
||||||||||||
Income from continuing operations |
$ | 2.30 | $ | 0.11 | $ | 2.41 | ||||||
| (1) | Represents the charge relating to the pending settlement with the direct purchaser plaintiffs (which includes BDs distributors) in the antitrust class actions. |
Page 15
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS FISCAL 2008
Revised for Home Health Care Discontinued Operations
(Unaudited; Amounts in thousands, except per-share data)
CONSOLIDATED INCOME STATEMENTS FISCAL 2008
Revised for Home Health Care Discontinued Operations
(Unaudited; Amounts in thousands, except per-share data)
| Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Year | ||||||||||||||||
REVENUES |
$ | 1,687,077 | $ | 1,726,370 | $ | 1,849,339 | $ | 1,812,156 | $ | 7,074,942 | ||||||||||
Cost of products sold |
820,005 | 841,073 | 905,388 | 880,372 | 3,446,838 | |||||||||||||||
Selling and administrative |
417,197 | 410,207 | 435,807 | 432,399 | 1,695,610 | |||||||||||||||
Research and development |
91,374 | 95,866 | 99,928 | 108,463 | 395,631 | |||||||||||||||
TOTAL OPERATING COSTS
AND EXPENSES |
1,328,576 | 1,347,146 | 1,441,123 | 1,421,234 | 5,538,079 | |||||||||||||||
OPERATING INCOME |
358,501 | 379,224 | 408,216 | 390,922 | 1,536,863 | |||||||||||||||
Interest income |
13,528 | 8,005 | 10,956 | 6,879 | 39,368 | |||||||||||||||
Interest expense |
(10,339 | ) | (8,098 | ) | (9,017 | ) | (8,889 | ) | (36,343 | ) | ||||||||||
Other income (expense), net |
707 | 828 | (1,285 | ) | (1,734 | ) | (1,484 | ) | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES |
362,397 | 379,959 | 408,870 | 387,178 | 1,538,404 | |||||||||||||||
Income tax provision |
95,028 | 106,418 | 112,875 | 108,216 | 422,537 | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS |
267,369 | 273,541 | 295,995 | 278,962 | 1,115,867 | |||||||||||||||
Income from Discontinued Operations
before Income Tax |
5,213 | 3,234 | 833 | 4,434 | 13,714 | |||||||||||||||
Income tax provision (benefit) |
1,034 | 590 | (261 | ) | 1,222 | 2,585 | ||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS |
4,179 | 2,644 | 1,094 | 3,212 | 11,129 | |||||||||||||||
NET INCOME |
$ | 271,548 | $ | 276,185 | $ | 297,089 | $ | 282,174 | $ | 1,126,996 | ||||||||||
EARNINGS PER SHARE |
||||||||||||||||||||
Basic: (1) |
||||||||||||||||||||
Income from continuing operations |
$ | 1.09 | $ | 1.12 | $ | 1.21 | $ | 1.14 | $ | 4.57 | ||||||||||
Income from discontinued operations |
$ | 0.02 | $ | 0.01 | $ | | $ | 0.01 | $ | 0.05 | ||||||||||
Net income |
$ | 1.11 | $ | 1.13 | $ | 1.22 | $ | 1.16 | $ | 4.61 | ||||||||||
Diluted: (1) |
||||||||||||||||||||
Income from continuing operations |
$ | 1.06 | $ | 1.08 | $ | 1.18 | $ | 1.11 | $ | 4.42 | ||||||||||
Income from discontinued operations |
$ | 0.02 | $ | 0.01 | $ | | $ | 0.01 | $ | 0.04 | ||||||||||
Net income |
$ | 1.07 | $ | 1.09 | $ | 1.18 | $ | 1.12 | $ | 4.46 | ||||||||||
AVERAGE SHARES OUTSTANDING |
||||||||||||||||||||
Basic |
244,292 | 244,869 | 244,273 | 243,863 | 244,323 | |||||||||||||||
Diluted |
253,116 | 252,788 | 251,648 | 251,197 | 252,681 | |||||||||||||||
| (1) | Total per share amounts may not add due to rounding. |
Page 16