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.