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Biomet Announces Record Fiscal Year End Results and Cash Dividend.

WARSAW, Ind.--(BW HealthWire)--July 6, 1999--

Biomet, Inc. (Nasdaq:BMET) 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 special charge of $55 million recently announced by the Company in connection with the Orthofix litigation. On June 30, 1999, the Company announced that the appellate court virtually eliminated $50 million in punitive damages assessed against the Company, which reduced the judgment to $49.9 million plus interest. While we were pleased the appellate court recognized the punitive damage award was unreasonable, we continue to disagree with 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 acts.

Increases in sales and earnings for the fourth quarter of fiscal year 1999 were principally attributable to the continued market penetration of the Company's reconstructive, fixation and spinal 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 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 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 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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Publication:Business Wire
Geographic Code:1USA
Date:Jul 6, 1999
Words:843
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