Baxter International lost $169 million, or 28 cents per share, for the second quarter ended June 30, reflecting a $414 million charge primarily related to a restructuring initiated this year to correct a weak financial performance. By comparison, the medical-products manufacturer earned $49 million, or 8 cents per share, in the year-ago second quarter. Baxter reported revenue of $2.4 billion for the second quarter, up from $2.2 billion in the year-ago quarter. As part of the restructuring announced in January, Baxter eliminated 4,000 jobs, or 8% of its workforce, and reduced its plasma production by 13%, closing some plasma-collection centers.
Baxter also said it would restate financial results from 2001 through the first quarter of 2004 because of incorrect revenue recognition and inadequate provisions for bad debt in Brazil. The restatement will result in a decrease in net income over the period, but by no more than $40 million, or 7 cents per share, officials said. For the six-month period, Baxter earned $20 million, or 3 cents per share, on revenue of $4.6 billion. It earned $266 million, or 45 cents per share, on revenue of $4.2 billion in the year-ago six-month period. -- by Cinda Becker