News Release
|
| 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 |
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. |
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. |
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 | % | ||||||||||||
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 | % | ||||||
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
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
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
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
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 | ) | ||||||
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 | | |||||||
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 | |||||||
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 | ) | |||||||||||
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
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
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
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
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
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
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
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