Business Context and Reporting Period
Company: Becton, Dickinson and Company
Filing Type: Form 8-K (Current Report)
Date of Report: April 25, 2003
Reporting Period: Second quarter ended March 31, 2003
This filing serves to disclose preliminary financial results for the second quarter of 2003 via a press release attached as Exhibit 99.1. The disclosure is made pursuant to Regulation FD.
Key Financial Metrics
The filing text itself does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These figures are contained within the attached press release (Exhibit 99.1) referenced in the document.
The company highlighted the following non-GAAP financial measures in the referenced press release:
- Revenue Growth: Presented at constant foreign exchange rates to remove the impact of currency fluctuations.
- Earnings Per Share (EPS): Presented for the three and six-month periods ended March 31, 2002, excluding a special charge related to manufacturing restructuring to facilitate comparison with prior periods.
Material Changes
The filing does not explicitly detail material changes in financial position or operations within the text provided. It notes that the company is presenting adjusted metrics to allow for better comparison to prior periods, specifically regarding foreign exchange impacts and a prior-year restructuring charge.
Guidance, Outlook, and Risks
Management Commentary: Management utilizes the non-GAAP measures described above internally to evaluate performance. They assert that these measures help investors understand operating results without the effects of currency fluctuations or specific one-time charges.
Regulatory Note: The information in this report is furnished and not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, limiting liability under that section.
Risks/Contingencies: No specific risks or contingencies are detailed in the text of this 8-K summary; the focus is on the methodology of financial presentation.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for actual GAAP revenue, net income, and EPS figures for the quarter ended March 31, 2003.
- Verify the reconciliation between the reported non-GAAP measures and GAAP measures provided in the press release.
- Confirm the specific amount of the manufacturing restructuring charge excluded from the 2002 EPS comparison.
- Assess the impact of foreign exchange rate fluctuations on reported revenue growth by comparing constant currency vs. reported growth rates.