Bausch & Lomb 1999 Annual Report

Contact
Lenses 62%
Global Vision Care Market
Growth Rates
Total 5 – 8%
Contact Lenses 9 – 12%
Lens Care (1) – 1%
Global Market $4.7 Billion
Lens Care 38%
Global Ophthalmic Pharmaceuticals Market
Anti-Infective
21%
Global Ophthalmic Surgery Market
Vitreoretinal 12%
Refractive 25%
Other 8%
Anti-Inflammatory 9%
Source: Company Estimates
Growth Rates
Total 11 – 14%
Cataract 3 – 5%
Refractive 35 – 40%
Vitreoretinal 5%
Global Market $1.8 Billion
Back of the Eye 1%
Allergy 17%
Growth Rates
Total 5 – 8%
Glaucoma 5 – 7%
Allergy 3 – 5%
Anti-Infective (2) – 0%
Anti-Inflammatory 0 – 2%
Back of the Eye 100+%
Global Market $3.9 Billion
Cataract 63%
Glaucoma 44%
Financial Highlights
For The Years Ended December 27, 1997,
December 26, 1998 and December 25, 1999
Dollar Amounts In Millions – Except Per Share Data
1997 1998 1999
Business Results
Net sales $1,108.7 $1,597.5 $1,756.1 10%
Segment earnings 247.5 300.6 330.7 10%
Operating earnings – reported 162.9 169.5 214.2 26%
Operating earnings – comparable basis † 202.0 248.0 267.7 8%
Income from continuing operations 62.0 55.6 102.7 85%
Net income 49.4 25.2 444.8 *
Per share:
Continuing operations – diluted 1.12 0.99 1.75 77%
Net income – diluted 0.89 0.45 7.59 *
Dividends declared 1.04 1.04 1.04 –
Shareholders’ equity at year end 14.82 14.93 21.48 44%
Capital expenditures 126.1 201.5 155.9
Working capital 202.9 774.4 1,190.7
Diluted Common shares outstanding (000s) 55,654 56,367 58,639
Return on average shareholders’ equity 5.9% 3.1% 43.3%
Return on invested capital 5.0% 3.8% 21.7%
High/low stock price $47 7 ⁄8 – $32 1 ⁄2 $59 3 ⁄8 – $37 3 ⁄4 $83 3 ⁄8 – $52 5 ⁄8
† Represents company’s results excluding amounts related to restructuring charges and asset write-offs and other significant charges.
* Represents an increase in excess of 100%.
The Future… something that
everyone reaches at the rate of sixty
minutes an hour… sixty seconds
a minute… it’s here, it’s now.
At Bausch & Lomb, we make
every second count.
Percentage Change
from 1998