Biomet announces record fiscal year results and cash dividend.WARSAW, Ind.--(BW HealthWire)--July 2, 1997--(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 ) Biomet, Inc. today reported record sales and earnings for its fiscal year and fourth quarter ended May 31, 1997. -0-
($000's Except Per Share Data)
Fiscal Year Ended May 31:
1997 1996 Percent Change
Net sales $580,347 $535,159 8 %
Gross profit 394,552 360,795 9
Operating income 159,811 137,280 16
Net income 106,454 94,106(a) 13
Earnings per share .94 .82(a) 15
U.S. sales $425,522 $396,707 7 %
Foreign sales 154,825 138,452 12
Reconstructive sales $352,122 $326,834 8 %
EBI sales 114,321 108,627 5
Other products 113,904 99,698 14
Fourth Quarter Ended May 31:
1997 1996 Percent Change
Net sales $152,996 $141,417 8 %
Gross profit 104,893 95,755 10
Operating income 42,959 37,990 13
Net income 28,903 27,129(a) 7
Earnings per share .26 .24(a) 8
U.S. sales $111,116 $101,232 10 %
Foreign sales 41,880 40,185 4
Reconstructive sales $ 94,634 $ 88,763 7 %
EBI sales 29,001 27,617 5
Other products 29,361 25,037 17
(a) Includes approximately $1.7 million and 1.5 cents per share in
non-recurring net income as a result of a one time payment from
United States Surgical Corporation (USSC) surrounding the termination
of a joint venture agreement between Biomet and USSC.
Increases in sales and earnings for fiscal year 1997 as compared to fiscal year 1996 were principally attributed 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 devices in both the international and domestic markets. Biomet's Maxim Total Knee and Alliance Hip Systems continued to capture market share in the domestic reconstructive market. In addition, the Company is experiencing strong sales increases in the internal fixation internal fixation n. The stabilization of fractured bony parts by direct fixation to one another with surgical wires, screws, pins, or plates. market. EBI's growth was due to increased sales of the SpF Spinal Fusion spinal fusion n. A surgical procedure in which vertebrae are joined. Also called spondylosyndesis. Spinal fusion Stimulation System and the EBIce Controlled Cold Therapy System. The reported earnings for the fourth quarter and the fiscal year do not reflect any additional provision for liabilities that ultimately may be incurred with respect to the previously announced jury verdict of approximately $149 million against the Company in the Orthofix litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . Biomet, Inc. also announced that the Board of Directors of the Company has declared a cash dividend of eleven cents ($.11) per share, payable August 8, 1997 to shareholders of record at the close of business on July 11, 1997. Dane 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." Biomet, Inc. and its subsidiaries design, manufacture and market products used primarily by orthopedic medical specialists in both surgical and non-surgical therapy, including reconstructive and trauma 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 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. For further information contact Greg W. Sasso, Vice President, Corporate Development and Communications, or Sheila Warren, 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) 267-6639. CONTACT: Biomet, Inc. Greg W. Sasso or Sheila Warren, 219/267-6639 |
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