CONSOLIDATED FINANCIAL STATEMENTS - Boston Scientific

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QUARTERLY RESULTS OF OPERATIONS (unaudited) Three months ended (in millions, except per share data) 2004 March 31, June 30, September 30, December 31, Net sales $ 1,082 $ 1,460 $ 1,482 $ 1,600 Gross profit 790 1,097 1,173 1,272 Operating income 264 448 358 504 Net income 194 313 258 297 Net income per common share – basic $ 0.23 $ 0.37 $ 0.31 $ 0.35 Net income per common share – assuming dilution $ 0.23 $ 0.36 $ 0.30 $ 0.35 2003 Net sales $ 807 $ 854 $ 876 $ 939 Gross profit 581 619 633 682 Operating income 155 173 173 196 Net income 97 114 124 137 Net income per common share – basic $ 0.12 $ 0.14 $ 0.15 $ 0.17 Net income per common share – assuming dilution $ 0.11 $ 0.13 $ 0.15 $ 0.16 During 2004, the Company recorded after-tax charges of $64 million in the second quarter, $146 million in the third quarter and $122 million in the fourth quarter. The net charges for the year consisted of a provision for legal and regulatory exposures, an enhancement to the Company’s 401(k) Retirement Savings Plan, purchased research and development, a charge relating to taxes on the approximately $1 billion of cash that the Company plans to repatriate in 2005 under the American Jobs Creation Act of 2004 and a non-cash charge resulting from certain modifications to the Company’s stock option plans. BOSTON SCIENTIFIC AND SUBSIDIARIES 50 During 2003, the Company recorded after-tax charges of $20 million in the first quarter, $12 million in the second quarter, $13 million in the third quarter and $4 million in the fourth quarter. The net charges for the year consisted of purchased research and development and charges related to litigation and product liability settlements. The Company paid a two-for-one stock split that was effected in the form of a 100 percent stock dividend on November 5, 2003. All historical amounts above have been restated to reflect the stock split. (See notes to the consolidated financial statements)
MARKET FOR THE COMPANY’S COMMON STOCK AND RELATED MATTERS (unaudited) The following table shows the market range for the Company’s common stock based on reported sales prices on the New York Stock Exchange. All amounts below reflect the impact of the Company’s two-for-one stock split that was effected in the form of a 100 percent stock dividend on November 5, 2003. 2004 High Low First Quarter $ 44.12 $ 35.86 Second Quarter 45.81 37.32 Third Quarter 42.70 32.12 Fourth Quarter 39.46 33.36 2003 High Low First Quarter $ 23.70 $ 19.84 Second Quarter 32.30 20.63 Third Quarter 34.21 28.33 Fourth Quarter 36.76 31.09 The Company has not paid a cash dividend during the past five years. The Company currently intends to retain all of its earnings to invest in the continued growth of its business. The Company may consider declaring and paying a dividend in the future; however, there can be no assurance that it will do so. At February 28, 2005, there were 8,259 record holders of the Company’s common stock. (See notes to the consolidated financial statements) 51 BOSTON SCIENTIFIC AND SUBSIDIARIES
Page 1 and 2: 2004 CONSOLIDATED FINANCIAL STATEME
Page 3 and 4: MANAGEMENT’S DISCUSSION AND ANALY
Page 19 and 20: MANAGEMENT’S REPORT on internal c
Page 21 and 22: CONSOLIDATED STATEMENTS OF OPERATIO
Page 23 and 24: CONSOLIDATED BALANCE SHEETS (in mil
Page 25 and 26: CONSOLIDATED STATEMENTS OF CASH FLO
Page 27 and 28: NOTES to the consolidated financial
Page 49: FIVE-YEAR SELECTED FINANCIAL DATA (

CONSOLIDATED FINANCIAL STATEMENTS - Boston Scientific

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