Biomet Announces Record Fiscal Year End Results and Cash Dividend.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, 1999-- 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 reported record sales and earnings results for its fiscal year and fourth quarter ended May 31, 1999. -0-
($000's Except Per Share Data)
Fourth Quarter Ended May 31:
Percent
1999 1998 Change
---- ---- -------
Net sales $205,080 $184,326 11%
Gross profit 143,088 127,235 12
Operating income 5,535 50,157 (89)
Net income 9,516 33,446 (72)
Basic earnings per share .09 .30 (70)
Diluted earnings per share .08 .30 (73)
Pro forma excluding special
charge in FY99:
Operating income 60,535 50,157 21
Net income 42,406 33,446 27
Basic earnings per share .38 .30 27
Diluted earnings per share .37 .30 23
U.S. sales $135,544 $121,564 12%
Foreign sales 69,536 62,762 11
Reconstructive sales $123,105 $110,694 11%
Fixation sales 43,293 38,717 12
Spinal product sales 12,664 10,703 18
Other product sales 26,018 24,212 7
Fiscal Year Ended May 31:
Percent
1999 1998 Change
---- ---- -------
Net sales $757,414 $651,405 16%
Gross profit 527,687 449,170 17
Operating income 171,650 180,106 (5)
Net income 116,361 124,726 (7)
Basic earnings per share 1.04 1.12 (7)
Diluted earnings per share 1.03 1.11 (8)
Pro forma excluding special
charge in FY99:
Operating income 226,650 180,106 26
Net income 149,251 124,726 20
Basic earnings per share 1.33 1.12 19
Diluted earnings per share 1.32 1.11 19
U.S. sales $511,075 $464,027 10%
Foreign sales 246,339 187,378 31
Reconstructive sales $450,877 $389,483 16%
Fixation sales 162,825 144,853 12
Spinal product sales 45,125 35,902 26
Other product sales 98,587 81,167 21
The above financial results for 1999 reflect the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. special charge of $55 million recently announced by the Company in connection with the Orthofix litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . On June June: see month. 30, 1999, the Company announced that the appellate court A court having jurisdiction to review decisions of a trial-level or other lower court. An unsuccessful party in a lawsuit must file an appeal with an appellate court in order to have the decision reviewed. virtually eliminated $50 million in punitive damages Monetary compensation awarded to an injured party that goes beyond that which is necessary to compensate the individual for losses and that is intended to punish the wrongdoer. assessed against the Company, which reduced the judgment to $49.9 million plus interest. While we were pleased the appellate court recognized the punitive pu·ni·tive adj. Inflicting or aiming to inflict punishment; punishing. [Medieval Latin p  n damage award was unreasonable, we continue to
disagree with Verb 1. disagree with - not be very easily digestible; "Spicy food disagrees with some people"hurt - give trouble or pain to; "This exercise will hurt your back" the decision. We still believe that the record clearly established that Orthofix breached its agreement with Biomet, failed to bill and ship the Company's legitimate orders and engaged in tortious Wrongful; conduct of such character as to subject the actor to civil liability under Tort Law. In order to establish that a particular act was tortious, a plaintiff must prove that an actionable wrong existed and that damages ensued from that wrong. acts. Increases in sales and earnings for the fourth quarter of fiscal year 1999 were principally attributable to the continued market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" of the Company's reconstructive re·con·struc·tive adj. 1. Relating to or characterized by reconstruction. 2. Serving to rebuild, restore, or correct the appearance and function of defective, damaged, or misshaped body structures or parts: , fixation fixation: see psychoanalysis. and spinal spinal /spi·nal/ (spi´n'l) 1. pertaining to a spine or to the vertebral column. 2. pertaining to the spinal cord's functioning independently from the brain. spi·nal adj. devices. The Company also announced that its Board of Directors declared a cash dividend of fourteen cents ($.14) per share, payable August 6, 1999 to shareholders of record at the close of business on July July: see month. 9, 1999. Dane A. Miller, Ph.D., President and Chief Executive Officer, said, "The declaration of this dividend is an expression of appreciation for the continued support of our shareholders and reflects the Board's confidence and optimism in Biomet's operational direction." Biomet, Inc. and its subsidiaries design, manufacture and market products used primarily by orthopedic orthopedic /or·tho·pe·dic/ (-pe´dik) pertaining to the correction of deformities of the musculoskeletal system; pertaining to orthopedics. medical specialists in both ly 100 countries. For further information contact Greg W. Sasso, Vice President, Corporate Development and Communications at (219) 372-1528 or Ashley Couch A couch, loveseat, sofa, settee, lounge, davenport or chesterfield are items of furniture for the comfortable seating of more than one person. Compare the joiner's settle, with its separate seat cushions. Prickettte: www.biomet.com or e-mail investor.relations@biometmail.com -0-
Biomet, Inc. - - - Fiscal Year and Fourth Quarter Results
FOR PERIODS ENDED MAY 31, 1999 and 1998
(in thousands except per share data)
Three Months Ended
May 31, 1999
1999 1998 Percent
Change
Net Sales $ 205,080 $ 184,326 11%
Cost of Sales 61,992 57,091 9
--------- ---------
Gross Profit 143,088 127,235 12
S, G, & A 73,181 68,451 7
Special Charge 55,000 -- n/m
R & D 9,372 8,627 9
--------- ---------
Operating Income 5,535 50,157 (89)
Other Income 4,280 2,826 51
--------- ---------
Income Before Taxes and Minority
Interest 9,815 52,983 (81)
Provision for Taxes (2,289) 19,537 n/m
--------- ---------
Income Before Minority Interest 12,104 33,446 (64)
Minority Interest 2,588 -- n/m
--------- ---------
Net Income 9,516 33,446 (72)
Basic Earnings per Share .09 .30 (70)
Diluted Earnings per Share .08 .30 (73)
Fiscal Year Ended
May 31,1999
1999 1998 Percent
Change
Net Sales $ 757,414 $ 651,405 16%
Cost of Sales 229,727 202,235 14
--------- ---------
Gross Profit 527,687 449,170 17
S, G, & A 265,565 232,944 14
Special Charge 55,000 -- n/m
R & D 35,472 36,120 (2)
--------- ---------
Operating Income 171,650 180,106 (5)
Other Income 14,696 24,072 (39)
--------- ---------
Income Before Taxes and Minority
Interest 186,346 204,178 (9)
Provision for Taxes 62,527 79,071 (21)
--------- ---------
Income Before Minority Interest 123,819 125,107 (1)
Minority Interest 7,458 381 n/m
--------- ---------
Net Income 116,361 124,726 (7)
Basic Earnings per Share 1.04 1.12 (7)
Diluted Earnings per Share 1.03 1.11 (7)
n/m Not meaningful
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