Interventional firm C.R. Bard has reported net sales of $301.9 million for the quarter ended March 31, 2002, up 6% over the prior year’s net sales of $284.8 million. The Murray Hill, NJ-based manufacturer stated net income for the first quarter of $41.6 million and diluted earnings per share of 78 cents, up 25% and 20%, respectively, over the same period in 2001.
Included in reported net income for the quarter are one-time items totaling $10.3 million (pre-tax), or 13 cents per diluted share, including costs related to the termination of the merger agreement with Tyco International, costs to realign certain divisional and manufacturing operations, and corporate severance-related costs, according to the company. Bard expects the realignment and severance costs to generate annual pre-tax savings of $7 million by the first quarter of 2003.
By AuntMinnie.com staff writers
April 17, 2002
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