BECTON DICKINSON AND COMPANY
SECOND QUARTER MEETING
New York, NY
April 28, 1999
BECTON DICKINSON AND COMPANY
REVENUES - SECOND QUARTER
(In Millions)
- --------------------------------------------------------------------------------
FY1999 FY1998 % INC/(DEC)
------ ------ -----------
BUSINESS SEGMENT AS FX
- ---------------- REPORTED NEUTRAL
-------- -------
MEDICAL SUPPLIES & DEVICES $ 484 $ 384 26.1 24.5
DIAGNOSTIC SYSTEMS 390 355 10.0 8.4
------ ------
TOTAL $ 874 $ 738 18.4 16.8
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GEOGRAPHIC AREA
- ---------------
UNITED STATES
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MEDICAL SUPPLIES & DEVICES $ 226 $ 199 13.6
DIAGNOSTIC SYSTEMS 212 203 4.4
------ ------
TOTAL UNITED STATES 438 402 8.9
------ ------
INTERNATIONAL
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MEDICAL SUPPLIES & DEVICES 257 184 39.6 36.3
DIAGNOSTIC SYSTEMS 179 152 17.5 13.8
------ ------
TOTAL INTERNATIONAL 436 336 29.6 26.1
------ ------
TOTAL $ 874 $ 738 18.4 16.8
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BECTON DICKINSON AND COMPANY
REVENUES - SIX MONTHS
(In Millions)
- --------------------------------------------------------------------------------
FY1999 FY1998 %INC/(DEC)
------ ------ -------------------
BUSINESS SEGMENT AS FX
- ---------------- REPORTED NEUTRAL
-------- -------
MEDICAL SUPPLIES & DEVICES $ 909 $ 756 20.2 19.8
DIAGNOSTIC SYSTEMS 734 684 7.3 6.6
------ ------
TOTAL $1,643 $1,440 14.1 13.6
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GEOGRAPHIC AREA
- ---------------
UNITED STATES
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MEDICAL SUPPLIES & DEVICES $ 419 $ 400 4.7
DIAGNOSTIC SYSTEMS 398 391 2.0
------ ------
TOTAL UNITED STATES 817 791 3.4
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INTERNATIONAL
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MEDICAL SUPPLIES & DEVICES 490 356 37.6 36.8
DIAGNOSTIC SYSTEMS 336 293 14.5 12.8
------ ------
TOTAL INTERNATIONAL 826 649 27.1 26.0
------ ------
TOTAL $1,643 $1,440 14.1 13.6
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BECTON DICKINSON AND COMPANY
INCOME STATEMENTS - SECOND QUARTER
(In Millions, Except Per Share Amounts)
- -------------------------------------------------------------------------------
THREE MONTHS ENDED MARCH 31,
-----------------------------------------------
1999 1998
----------------- ----------------
% OF % OF %
AMT REV AMT REV INC/(DEC)
-------- -------- -------- ------- -----------
REVENUES $ 874 100.0 $ 738 100.0 18.4
COST OF PRODUCTS SOLD 429 49.1 364 49.3 17.9
-------- --------
GROSS PROFIT 445 50.9 374 50.7 18.8
SELLING & ADMINISTRATIVE 233 26.7 186 25.2 25.3
RESEARCH & DEVELOPMENT 67 7.7 44 5.9 53.6
-------- --------
OPERATING INCOME 144 16.5 145 19.6 (.1)
INTEREST EXPENSE, NET (19) (2.1) (11) (1.5) 64.2
OTHER INCOME (EXPENSE), NET 1 .2 (3) (.4) NM
-------- --------
INCOME BEFORE INCOME TAXES 127 14.5 130 17.6 (2.2)
INCOME TAX PROVISION/RATE 37 29.1 38 29.0 (1.8)
-------- --------
NET INCOME $ 90 10.3 $ 92 12.5 (2.4)
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EARNINGS PER SHARE
- ------------------
BASIC $ .36 $ .37 (2.7)
======== ========
DILUTED $ .34 $ .35 (2.9)
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NM - Not Meaningful
BECTON DICKINSON AND COMPANY
INCOME STATEMENTS - SIX MONTHS
(In Millions, Except Per Share Amounts)
- -------------------------------------------------------------------------------
SIX MONTHS ENDED MARCH 31,
---------------------------------------------------------
1999 1998
--------------------- --------------------
% OF % OF %
AMT REV AMT REV INC/(DEC)
------- ------- ------- -------- ---------
REVENUES $ 1,643 100.0 $ 1,440 100.0 14.1
COST OF PRODUCTS SOLD 815 49.6 719 49.9 13.4
------- -------
GROSS PROFIT 828 50.4 721 50.1 14.8
SELLING & ADMINISTRATIVE 456 27.8 385 26.7 18.4
RESEARCH & DEVELOPMENT 117 7.1 88 6.1 31.8
------- -------
OPERATING INCOME 255 15.5 248 17.2 3.1
INTEREST EXPENSE, NET (37) (2.2) (22) (1.5) 69.0
OTHER INCOME (EXPENSE), NET 2 .2 (5) (.4) NM
------- -------
INCOME BEFORE INCOME TAXES 221 13.5 221 15.3 .2
INCOME TAX PROVISION/RATE 55 24.8 64 29.0 (14.3)
------- -------
NET INCOME $ 166 10.1 $ 157 10.9 6.1
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EARNINGS PER SHARE
- ------------------
BASIC $ .66 $ .63 4.8
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DILUTED $ .63 $ .60 5.0
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NM - Not Meaningful
BECTON DICKINSON AND COMPANY
BALANCE SHEETS
ASSETS (In Millions)
- -------------------------------------------------------------------------------
MARCH 31, SEPTEMBER 30,
1999 1998
-------------- --------------
CASH & EQUIVALENTS $ 74 $ 83
SHORT-TERM INVESTMENTS 8 7
TRADE RECEIVABLES, NET 754 727
INVENTORIES 600 537
PREPAID EXPENSES & OTHER 198 189
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TOTAL CURRENT ASSETS 1,634 1,543
PROPERTY, PLANT & EQUIPMENT, NET 1,327 1,303
OTHER 1,172 1,001
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TOTAL ASSETS $ 4,132 $ 3,846
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BECTON DICKINSON AND COMPANY
BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS' EQUITY (In Millions)
- -------------------------------------------------------------------------------
MARCH 31, SEPTEMBER 30,
1999 1998
-------------- --------------
SHORT-TERM DEBT $ 658 $ 385
PAYABLES & ACCRUED EXPENSES 641 707
-------------- --------------
TOTAL CURRENT LIABILITIES 1,299 1,092
LONG-TERM DEBT 761 765
LONG-TERM EMPLOYEE
BENEFIT OBLIGATIONS 335 327
DEFERRED INCOME TAXES & OTHER 52 49
SHAREHOLDERS' EQUITY 1,684 1,614
-------------- --------------
TOTAL LIABLITIES &
SHAREHOLDERS' EQUITY $ 4,132 $ 3,846
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BECTON DICKINSON AND COMPANY
STATEMENTS OF CASH FLOWS
(In Millions)
- --------------------------------------------------------------------------------
SIX MONTHS ENDED
MARCH 31,
----------------------
1999 1998
------ ------
OPERATING ACTIVITIES:
- ---------------------
NET INCOME $ 166 $ 157
DEPRECIATION & AMORTIZATION 128 109
PURCHASED IN-PROCESS R&D 17 -
WORKING CAPITAL & OTHER ITEMS (193) (26)
------- -------
119 239
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INVESTING ACTIVITIES:
- ---------------------
CAPITAL EXPENDITURES (133) (90)
ACQUISITIONS OF BUSINESSES (153) (65)
CHANGE IN OTHER INVESTMENTS
& OTHER NON-CURRENT ASSETS (78) (35)
------- -------
(364) (190)
------- -------
FINANCING ACTIVITIES:
- ---------------------
NET CHANGE IN DEBT OUTSTANDING 263 4
ISSUANCE OF COMMON STOCK 15 29
REPURCHASE OF COMMON STOCK - (44)
DIVIDENDS PAID (43) (37)
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235 (49)
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NET DECREASE IN
CASH & EQUIVALENTS $ (9) $ -
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