8-KEarnings & ResultsExhibits & Filings

BECTON DICKINSON & CO 8-K Report, Financial Results (Jul 22, 2005)

Filed July 22, 2005For Securities:BDX

Summary

This 8-K filing from Becton, Dickinson and Company (BDX), filed on July 22, 2005, primarily furnishes a press release detailing the company's third fiscal quarter 2005 financial results. A key aspect of this filing is BDX's extensive use of non-GAAP (Generally Accepted Accounting Principles) financial measures. The company explains its rationale for presenting these adjusted figures, which exclude items such as share-based compensation expense, significant charges, and fluctuations in foreign exchange rates. Investors are advised that BDX management utilizes these non-GAAP measures to provide a clearer view of the company's underlying operational performance and to facilitate comparisons with prior periods, especially before the full adoption of accounting standards related to share-based compensation. While BDX believes these adjusted metrics offer valuable insights, the filing explicitly states that these should be considered supplemental to, and not a substitute for, GAAP results, highlighting that excluded items can materially impact reported net income and earnings per share.

Key Highlights

  • 1BDX announced its third fiscal quarter 2005 financial results via a press release furnished with this 8-K.
  • 2The filing details BDX's use of numerous non-GAAP financial measures to present its results.
  • 3Adjusted measures are provided to exclude the impact of share-based compensation expense, allowing for better period-over-period comparability.
  • 4The company also adjusts for significant charges, foreign exchange rate fluctuations, and certain tax-related items when presenting key financial metrics.
  • 5BDX's management uses these non-GAAP metrics to assess the company's underlying performance and for budgeting purposes.
  • 6The report emphasizes that non-GAAP results are supplemental and should be considered alongside GAAP results, as excluded items can be material.
  • 7The press release containing the financial results is attached as Exhibit 99.1.

Frequently Asked Questions

The main purpose of this 8-K filing is to furnish Becton, Dickinson and Company's (BDX) press release announcing its financial results for the third fiscal quarter of 2005. It also explains the non-GAAP financial measures the company is using.

BDX is using non-GAAP financial measures to provide investors with a clearer view of the company's underlying operational performance and to enhance comparability with prior periods. Specifically, these adjustments exclude items like share-based compensation, significant charges, and foreign exchange impacts that management believes can obscure the core business results.

No, the non-GAAP results are presented on a supplemental basis. BDX explicitly states that these measures are not a substitute for results prepared in accordance with U.S. GAAP. Investors are encouraged to consider both GAAP and non-GAAP results, as the excluded items can have a material impact on net income and earnings per share.

The expenses and items being excluded in the non-GAAP measures include share-based compensation expense, significant charges, effects of significant reversals of tax reserves, and effects of changes in tax laws and regulations. Revenue growth rates are also presented at constant foreign exchange rates.