8-KEarnings & ResultsOther EventsExhibits & Filings

BECTON DICKINSON & CO 8-K Report, Financial Results (Nov 3, 2005)

Filed November 3, 2005For Securities:BDX

Summary

Becton, Dickinson and Company (BDX) filed an 8-K on November 3, 2005, to announce its fourth fiscal quarter and full fiscal year 2005 financial results. The filing primarily serves to furnish a press release detailing these results and, importantly, outlining the company's use of non-GAAP financial measures. BDX management employs various adjusted financial metrics, such as revenue growth at constant foreign exchange rates and excluding share-based compensation and significant charges from cost of products sold, gross profit, operating income, and net income. These adjustments aim to provide a clearer view of the company's underlying operational performance and improve comparability across periods, especially considering the impact of new accounting standards and foreign currency fluctuations. Investors should note that these non-GAAP measures are presented supplementally and should be considered alongside GAAP results, as they may differ from other companies' reporting and can exclude items with material financial impact.

Key Highlights

  • 1BDX announced its fourth fiscal quarter and full fiscal year 2005 financial results via a press release furnished with the 8-K.
  • 2The company is utilizing several non-GAAP financial measures to present its results, aiming for enhanced comparability and insight into underlying performance.
  • 3Adjusted measures exclude the impact of share-based compensation expense, foreign exchange rate fluctuations, significant charges, and specific tax-related items.
  • 4Specific non-GAAP metrics highlighted include constant currency revenue growth, adjusted cost of products sold, gross profit, operating income, and net income.
  • 5BDX also provided adjusted income from continuing operations and earnings per share, excluding share-based compensation, foreign earnings repatriation tax impacts, and tax reserve reversals/changes.
  • 6The company emphasizes that these non-GAAP measures are supplemental and should be evaluated in conjunction with, not as a substitute for, GAAP results.
  • 7The filing also discloses the consolidation of multiple antitrust class action lawsuits filed against BDX, alleging violations of federal antitrust laws and seeking undisclosed damages.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce and furnish Becton, Dickinson and Company's (BDX) financial results for the fourth fiscal quarter and full fiscal year ended September 30, 2005, as detailed in an accompanying press release. It also informs investors about the company's use of non-GAAP financial measures.

BDX is using non-GAAP financial measures to provide investors with additional insight into the company's financial results. Management believes these adjusted measures offer a clearer view of underlying operational performance and improve comparability across periods by excluding items such as share-based compensation, foreign currency fluctuations, significant charges, and certain tax impacts that may distort period-over-period comparisons or are considered outside of normal operational results.

Key adjustments include presenting revenue growth at constant foreign exchange rates, and excluding the impact of share-based compensation expense from cost of products sold, gross profit, operating income, and selling and administrative expenses. Additionally, income from continuing operations, net income, and earnings per share are presented after excluding share-based compensation, tax impacts from foreign earnings repatriation, tax reserve reversals, and significant charges. BDX also excludes specific tax-related items when presenting income taxes and the effective tax rate.

Yes, the filing discloses the consolidation of several purported class action lawsuits filed against BDX. These lawsuits allege violations of federal antitrust laws, claiming that BDX charged higher prices for certain products to direct purchasers. The consolidated litigation is captioned 'In re Hypodermic Products Antitrust Litigation,' and BDX intends to defend these claims vigorously.