Biomet Announces Record Fiscal Year 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 1, 1998--Biomet, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BMET BMET Biomedical Engineering Technology BMet Bachelor of Metallurgy BMET Bio-Medical Equipment Repair Technician ) today reported record sales and earnings for its fiscal year and fourth quarter ended May 31, 1998. -0-
($000's Except Per Share Data)
Fourth Quarter Ended May 31:
Percent
1998 1997 Change
Net sales $184,326 $152,996 20%
Gross profit 127,235 104,893 21
Operating income 50,157 42,959 17
Net income 33,446 28,903 16
Basic earnings per share .30 .26 15
Diluted earnings per share .30 .26 15
U.S. sales $121,564 $111,116 9
Foreign sales 62,762 41,880 50
Reconstructive sales $110,694 $ 93,215 19
Fixation sales 38,717 33,693 15
Spinal product sales 10,703 8,036 33
Other product sales 24,212 18,052 34
Fiscal Year Ended May 31:
Percent
1998 1997 Change
Net sales $651,405 $580,347 12%
Gross profit 449,170 394,552 14
Operating income 180,106 159,811 13
Net income 124,726 106,454 17
Basic earnings per share 1.12 .94 19
Diluted earnings per share 1.11 .93 19
U.S. sales $464,027 $425,522 9
Foreign sales 187,378 154,825 21
Reconstructive sales $389,483 $347,762 12
Fixation sales 144,853 132,875 9
Spinal product sales 35,902 31,426 14
Other product sales 81,167 68,284 19
Increases in sales and earnings for the fourth quarter of fiscal year 1998 were principally attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk 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: devices 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. implants. Foreign currency translation adjustments negatively influenced Biomet's sales by approximately $2.8 million during the fourth quarter and $9.5 million during the twelve months of fiscal year 1998. Biomet Biomet, Inc. NASDAQ: BMET is a medical device manufacturer located in Warsaw, Indiana. The company specializes in reconstructive products for hips, knees and shoulders, fixation devices, orthopedic support devices, dental implants and operating room supplies. , Inc. also announced that the Board of Directors of the Company has declared a cash dividend of twelve cents ($.12) per share, payable August 7, 1998 to shareholders of record at the close of business on July July: see month. 10, 1998. Dane Dane n. 1. A native or inhabitant of Denmark. 2. A person of Danish ancestry. [Middle English Dan, from Old Norse Danr. A. Miller, Ph.D., President and Chief Executive Officer of Biomet, 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." A decision by the U.S. Court of Appeals for the Federal Circuit (the "Federal Circuit") on the Company's appeal of the $36.6 million judgment against it in the Tronzo case is expected at any time. Management has not changed its assessment of the Company's ultimate liability in this matter, and continues to believe that the judgment of the trial court will not be upheld. However, if a decision materially adverse to the Company is entered by the Federal Circuit prior to the completion of the Company's audit for fiscal 1998, which is currently in process, then the Company would be required to adjust the preliminary 1998 results reported herein to reflect that decision. 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 surgical and non-surgical therapy, including reconstructive and fixation fixation: see psychoanalysis. devices, electrical bone growth stimulators, orthopedic support devices, operating room operating room n. Abbr. OR A room equipped for performing surgical operations. supplies, spinal implants, 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, bone cements, bone substitutes and craniomaxillofacial implants and instruments. 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 approximately 100 countries. -0-
BIOMET, INC. - - FISCAL YEAR AND FOURTH QUARTER RESULTS
(in thousands except per share data)
Three Months Ended
May 31:
Percent
1998 1997 Change
Net Sales $184,326 $152,996 20%
Cost of Sales 57,091 48,103 19
_______ _______
Gross Profit 127,235 104,893 21
S, G & A 68,451 56,640 21
R & D 8,627 5,294 63
_______ _______
Operating Income 50,157 42,959 17
Other Income 2,826 2,463 15
_______ _______
Income Before Taxes 52,983 45,422 17
Provision for Taxes 19,537 16,519 18
_______ _______
Net Income 33,446 28,903 16
Basic Earnings per Share .30 .26 15
Diluted Earnings per Share .30 .26 15
Fiscal Year Ended
May 31:
Percent
1998 1997 Change
Net Sales $651,405 $580,347 12%
Cost of Sales 202,235 185,795 9
_______ _______
Gross Profit 449,170 394,552 14
S, G & A 232,944 211,540 10
R & D 36,120 23,201 56
_______ _______
Operating Income 180,106 159,811 13
Other Income 23,691 9,321 154
_______ _______
Income Before Taxes 203,797 169,132 20
Provision for Taxes 79,071 62,678 26
_______ _______
Net Income 124,726 106,454 17
Basic Earnings per Share 1.12 .94 19
Diluted Earnings per Share 1.11 .93 19
CONTACT: Biomet, Inc.
Greg W. Sasso, 219/372-1528
Web site: www.biomet.com or e-mail
investor.relations@biometmail.com
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