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ORTHOMET ANNOUNCES FIRST QUARTER RESULTS

 ORTHOMET ANNOUNCES FIRST QUARTER RESULTS
 MINNEAPOLIS, Oct. 21 /PRNewswire/ -- Orthomet, Inc. (NASDAQ: OMET)


announced today that sales for its first quarter ended Sept. 30 increased 26 percent over the previous fiscal year's first quarter, and that its operations during the quarter were profitable.
 First quarter sales were $4,723,000, compared to $3,759,000 a year ago. Earnings from operations were $254,000, versus an operating loss of $84,000 in the prior year's first quarter. Net earnings were $929,000, or $.20 per share, including a previously announced gain of $750,000, or $.16 per share from the sale of an investment in a development stage company. The company reported a net loss of $267,000, or $.08 per share, in the first quarter of fiscal 1992.
 Richard D. Nikolaev, Orthomet's chairman and chief executive officer, said, "We feel good about our financial performance in the first quarter. The sales increase and earnings from operations are consistent with the goal we set at the start of the fiscal year, which was to build sales at twice the market growth rate of approximately 12 percent and to be profitable doing so. Our goal for the full year remains the same." Nikolaev added, "Operations were profitable in the quarter because of an improvement in the gross profit margin. This came as a result of meeting our sales forecast and our production schedules, and of the implementation of new sales and marketing strategies in both domestic and international markets."
 Orthomet, Inc. designs, manufactures and markets selected orthopaedic reconstructive implant products and related surgical instrumentation.
 ORTHOMET, INC.
 STATEMENTS OF OPERATIONS
 (Dollars in thousands)
 Three Months Ended
 9/30/92 9/30/91
 Net sales $4,723 $3,759
 Cost of sales 1,888 1,791
 Gross profit 2,835 1,968
 Operating expenses (income):
 Sales and marketing 1,238 1,048
 General and administrative 871 746
 Research and development 522 341
 Other operating (income) (50) (83)
 -- 2,581 2,052
 Operating earnings (loss) 254 (84)
 Other income (expense):
 Interest and financing expense (73) (160)
 Interest income 34 7
 Other 774 --
 Earnings (loss) before income taxes 989 (237)
 Income taxes 30 --
 Net earnings (loss) 959 (237)
 Less preferred stock cash dividends 30 30
 Net earnings (loss) applicable
 to common stock $929 $(267)
 Earnings (loss) per common share $.20 $(.08)
 Weighted average number of common
 shares and common share
 equivalents outstanding 4,662,482 3,181,743
 ORTHOMET, INC.
 BALANCE SHEETS
 (Dollars in thousands)
 ASSETS 9/30/92 6/30/92
 Current assets:
 Cash and cash equivalents $3,769 $2,768
 Marketable securities 743 250
 Accounts receivable (net) 3,035 3,521
 Employee and distribution advances 117 131
 Inventories 6,008 5,824
 Prepaid expenses and other assets 346 411
 Total current assets 14,018 12,905
 Property and equipment (net) 3,168 3,605
 Other assets 339 144
 Total assets $17,525 $16,654
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $1,110 $1,161
 Employee compensation 412 485
 Other liabilities and accrued expenses 763 613
 Accrued severance costs 36 112
 Accrued rework costs 60 81
 Income taxes payable 30 --
 Current portion of lease obligation 277 286
 Total current liabilities 2,688 2,738
 Lease obligations 810 845
 Redeemable convertible preferred stock 2,000 2,000
 Shareholders' equity:
 Common stock 435 435
 Additional paid-in capital 15,325 15,298
 Retained earnings (deficit) (3,733) (4,662)
 Total shareholders' equity 12,027 11,071
 Total liabilities and shareholders' equity $17,525 $16,654
 -0- 10/21/92
 /CONTACT: James C. Hawley, Orthomet executive vice president, 612-944-6112/
 (OMET) CO: Orthomet, Inc. ST: Minnesota IN: MTC SU: ERN


KH -- MN016 -- 3087 10/21/92 16:17 EDT
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Date:Oct 21, 1992
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