Biomet Announces Cash Dividend, Three-For-Two Stock Split, and Record Fiscal Year End Results.Business Editors & Health/Medical Writers WARSAW Warsaw (wôr`sô), Pol. Warszawa, city (1993 est. pop. 1,655,700), capital of Poland and of Mazowieckie prov., central Poland, on both banks of the Vistula River. , Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. .--(BW HealthWire)--July 6, 2000 Biomet Biomet, Inc. NASDAQ: BMET is a medical device manufacturer located in Warsaw, Indiana. The company specializes in reconstructive products for hips, knees and shoulders, fixation devices, orthopedic support devices, dental implants and operating room supplies. , Inc. (Nasdaq:BMET BMET Biomedical Engineering Technology BMet Bachelor of Metallurgy BMET Bio-Medical Equipment Repair Technician ) today announced that its Board of Directors declared a cash dividend of sixteen cents ($.16) per share, payable July July: see month. 17, 2000 to shareholders of record at the close of business on July 10, 2000. It is important to note that this cash dividend is payable on the pre-split Common Shares. The Company also announced that its Board of Directors has declared a three-for-two stock split on its outstanding Common Shares, to be distributed on or about August 8, 2000, to shareholders of record as of July 18, 2000. The Board's decision to approve the three-for-two stock split reflects its continued confidence in the Company's operational and strategic direction, and is further reinforced by Biomet's solid financial performance during fiscal year 2000. Dane A. Miller, Ph.D., President and Chief Executive Officer said "The declaration of this dividend and the three-for-two stock split is an expression of appreciation for the continued support of our shareholders as the Company completes its first quarter with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales exceeding $1 billion." Biomet today also reported record sales and earnings results for its fiscal year and fourth quarter ended May 31, 2000. Led by balanced growth in its reconstructive re·con·struc·tive adj. 1. Relating to or characterized by reconstruction. 2. Serving to rebuild, restore, or correct the appearance and function of defective, damaged, or misshaped body structures or parts: , fixation fixation: see psychoanalysis. , spinal spinal /spi·nal/ (spi´n'l) 1. pertaining to a spine or to the vertebral column. 2. pertaining to the spinal cord's functioning independently from the brain. spi·nal adj. and other product lines, Biomet reported fourth quarter earnings of $.28 ($.42 on a pre-split basis) per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, representing a 22% increase over comparable earnings per share last year, excluding non-recurring items during the fourth quarter of fiscal year 1999. All per share data have been adjusted to reflect the above-mentioned three-for-two stock split. During the fourth quarter of fiscal year 2000, net income was $50,621,000, resulting in a 22% increase compared with net income, excluding non-recurring charges, of $41,649,000 recorded in last year's comparable quarter. Foreign currency translation adjustments reduced net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight by $5.1 million during the fourth quarter of fiscal year 2000. Excluding the effect of foreign currency, net sales would have increased 14% during the fourth quarter of fiscal year 2000. Dane A. Miller, Ph.D., President and Chief Executive Officer, stated, "We are particularly pleased with our operational performance during the fourth quarter of fiscal year 2000. Biomet has experienced accelerating revenue growth throughout fiscal year 2000. Additionally, the Company anticipates its tax rate to be 34-35% during fiscal year 2001 as a result of a reduction in the effective tax rate in the United Kingdom and organizational restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and tax planning Tax planning Devising strategies throughout the year in order to minimize tax liability, for example, by choosing a tax filing status that is most beneficial to the taxpayer. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ." Revenues during fiscal year 2000 were $920,582,000, representing an 11% increase over fiscal year 1999. Excluding the effect of foreign currency translation adjustments, revenues increased 13%. During fiscal year 2000, net income before non-recurring charges increased 20% to $181,171,000, while diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of increased 19% to $1.02 ($1.54 on a pre-split basis) compared to $.86 ($1.28 pre-split) during fiscal year 1999. Biomet, Inc. and its subsidiaries design, manufacture and market products used primarily by musculoskeletal musculoskeletal /mus·cu·lo·skel·e·tal/ (-skel´e-t'l) pertaining to or comprising the skeleton and muscles. mus·cu·lo·skel·e·tal adj. Relating to or involving the muscles and the skeleton. medical specialists in both surgical and non-surgical therapy, including reconstructive and fixation devices, electrical bone growth stimulators, orthopedic orthopedic /or·tho·pe·dic/ (-pe´dik) pertaining to the correction of deformities of the musculoskeletal system; pertaining to orthopedics. support devices, operating room operating room n. Abbr. OR A room equipped for performing surgical operations. supplies, general surgical instruments A surgical instrument is a specially designed tool or device for performing specific actions of carrying out desired effects during a surgery or operation, such as modifying biological tissue, or to provide access or viewing it. , arthroscopy Arthroscopy Definition Arthroscopy is the examination of a joint, specifically, the inside structures. The procedure is performed by inserting a specifically designed illuminated device into the joint through a small incision. products, spinal implants, bone cements, bone substitutes, craniomaxillofacial implants and dental implants dental implant n. An artificial tooth that is anchored in the gums or jawbone to replace a missing tooth. dental implant and associated instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. . Headquartered in Warsaw, Indiana Warsaw is a city in, and the county seat of, Kosciusko County, Indiana, United StatesGR6. The population was 12,415, as of the 2000 census. Cradled between Winona Lake, Pike Lake and Center Lake, Warsaw is nicknamed "Lake City , Biomet and its subsidiaries currently distribute products in more than 100 countries. For further information contact Greg W. Sasso, Vice President, Corporate Development and Communications at (219) 372-1528 or Barb Goslee, Manager, Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. at (219) 372-1514. All of Biomet's financial information may be obtained on our website at www.biomet.com or you may contact us by e-mail at investor.relations@biometmail.com.
BIOMET, INC. -- QUARTERLY RESULTS
FOR THE PERIODS ENDED MAY 31
(in thousands, except per share data)
Three Months Ended Three Months Ended
May 31, 2000 May 31, 1999
Before Non-Recurring Reported
Non-Recurring Charges
Charges
Net Sales $250,216 $223,843 $223,843
Cost of Sales 75,126 68,500 68,500
-------- -------- --------
Gross Profit 175,090 155,343 155,343
S, G, & A 89,810 82,749 48,447 131,196
R & D 10,674 10,274 _ 10,274
-------- -------- -------- --------
Operating
Income 74,606 62,320 48,447 13,873
Other Income 5,094 4,324 4,324
-------- -------- -------- --------
Income Before Taxes
And Minority
Interest 79,700 66,644 48,447 18,197
Income Taxes 26,609 24,325 23,859 466
-------- -------- -------- --------
Income Before
Minority
Interest 53,091 42,319 24,588 17,731
Minority
Interest 2,470 670 1,918 2,588
-------- -------- -------- --------
Net Income 50,621 41,649 26,506 15,143
Earnings per Share:
Basic .29 .24 .09
Diluted .28 .23 .09
U.S. sales $163,373 $145,485
Foreign sales 86,843 78,358
Reconstructive
sales $157,501 141,868
Fixation sales 48,773 43,292
Spinal products 15,548 12,664
Other product
sales 28,394 26,019
Twelve Months Ended
May 31, 2000
Before Non-Recurring
Non-Recurring Charges Reported
Charges
Net Sales $920,582 $920,582
Cost of Sales 278,382 278,382
-------- --------
Gross Profit 642,200 642,200
S, G, & A 326,617 11,700 338,317
R & D 40,208 40,208
-------- -------- --------
Operating Income 275,375 11,700 263,675
Other Income, Net 17,017 17,017
-------- -------- --------
Income Before Taxes
and Minority Interest 292,392 11,700 280,692
Income Taxes 104,038 4,300 99,738
-------- -------- --------
Income Before
Minority Interest 188,354 7,400 180,954
Minority Interest 7,183 7,183
-------- -------- --------
Net Income 181,171 7,400 173,771
Earnings per Share:
Basic 1.03 .99
Diluted 1.02 .98
U.S. sales $609,293
Foreign sales 311,289
Reconstructive sales 580,239
Fixation sales 180,336
Spinal products 54,119
Other product sales 105,888
Twelve Months Ended
May 31, 1999
Before Non-Recurring Reported
Non-Recurring Charges
Charges
Net Sales $827,902 $827,902
Cost of Sales 259,429 259,429
-------- --------
Gross Profit 568,473 568,473
S, G, & A 295,401 48,447 343,848
R & D 38,723 38,723
-------- -------- --------
Operating Income 234,349 48,447 185,902
Other Income, Net 13,899 13,899
-------- -------- --------
Income Before Taxes
and Minority Interest 248,248 48,447 199,801
Income Taxes 91,176 23,859 67,317
-------- -------- --------
Income Before
Minority Interest 157,072 24,588 132,484
Minority Interest 5,540 1,918 7,458
-------- -------- --------
Net Income 151,532 26,506 125,026
Earnings per Share:
Basic .87 .72
Diluted .86 .71
U.S. sales 548,510
Foreign sales 279,392
Reconstructive sales 521,365
Fixation sales 162,825
Spinal products 45,125
Other product sales 98,587
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