Biomet Announces Cash Dividend, Three-For-Two Stock Split, and Record Fiscal
Year End Results
Business Editors & Health/Medical Writers
WARSAW, Ind.--(BW HealthWire)--July 6, 2000-- Biomet, Inc.
(Nasdaq:BMET) today announced that its Board of Directors declared a
cash dividend of sixteen cents ($.16) per share, payable July 17, 2000
to shareholders of record at the close of business on July 10, 2000.
It is important to note that this cash dividend is payable on the
pre-split Common Shares.
The Company also announced that its Board of Directors has
declared a three-for-two stock split on its outstanding Common Shares,
to be distributed on or about August 8, 2000, to shareholders of
record as of July 18, 2000. The Board's decision to approve the
three-for-two stock split reflects its continued confidence in the
Company's operational and strategic direction, and is further
reinforced by Biomet's solid financial performance during fiscal year
2000. Dane A. Miller, Ph.D., President and Chief Executive Officer
said "The declaration of this dividend and the three-for-two stock
split is an expression of appreciation for the continued support of
our shareholders as the Company completes its first quarter with
annualized sales exceeding $1 billion."
Biomet today also reported record sales and earnings results for
its fiscal year and fourth quarter ended May 31, 2000. Led by balanced
growth in its reconstructive, fixation, spinal and other product
lines, Biomet reported fourth quarter earnings of $.28 ($.42 on a
pre-split basis) per diluted share, representing a 22% increase over
comparable earnings per share last year, excluding non-recurring items
during the fourth quarter of fiscal year 1999. All per share data have
been adjusted to reflect the above-mentioned three-for-two stock
split.
During the fourth quarter of fiscal year 2000, net income was
$50,621,000, resulting in a 22% increase compared with net income,
excluding non-recurring charges, of $41,649,000 recorded in last
year's comparable quarter. Foreign currency translation adjustments
reduced net sales by $5.1 million during the fourth quarter of fiscal
year 2000. Excluding the effect of foreign currency, net sales would
have increased 14% during the fourth quarter of fiscal year 2000. Dane
A. Miller, Ph.D., President and Chief Executive Officer, stated, "We
are particularly pleased with our operational performance during the
fourth quarter of fiscal year 2000. Biomet has experienced
accelerating revenue growth throughout fiscal year 2000. Additionally,
the Company anticipates its tax rate to be 34-35% during fiscal year
2001 as a result of a reduction in the effective tax rate in the
United Kingdom and organizational restructuring and tax planning in
the United States."
Revenues during fiscal year 2000 were $920,582,000, representing
an 11% increase over fiscal year 1999. Excluding the effect of foreign
currency translation adjustments, revenues increased 13%. During
fiscal year 2000, net income before non-recurring charges increased
20% to $181,171,000, while diluted earnings per share increased 19% to
$1.02 ($1.54 on a pre-split basis) compared to $.86 ($1.28 pre-split)
during fiscal year 1999.
Biomet, Inc. and its subsidiaries design, manufacture and market
products used primarily by musculoskeletal medical specialists in both
surgical and non-surgical therapy, including reconstructive and
fixation devices, electrical bone growth stimulators, orthopedic
support devices, operating room supplies, general surgical
instruments, arthroscopy products, spinal implants, bone cements, bone
substitutes, craniomaxillofacial implants and dental implants and
associated instrumentation. Headquartered in Warsaw, Indiana, Biomet
and its subsidiaries currently distribute products in more than 100
countries.
For further information contact Greg W. Sasso, Vice President,
Corporate Development and Communications at (219) 372-1528 or Barb
Goslee, Manager, Corporate Communications at (219) 372-1514.
All of Biomet's financial information may be obtained on our
website at biomet.com or you may contact us by e-mail at
investor.relations@biometmail.com. |
