Biomet fourth-quarter net sales up 7% to $540 million

By Lisa Kerner

Charlotte, N.C., June 28 - Biomet, Inc. said sales for the fourth quarter ended May 31 increased 7% to $539.9 million from $503.1 million in the year-ago period, while operating income decreased 5% to $148 million from $156 million.

Net income for the period fell to $98.5 million from $103.2 million. Diluted earnings per share decreased 2% to $0.40 from $0.41 and increased 10%, as adjusted, to $0.46 per share from $0.42.

Net sales for the fiscal year ended May 31 were $2.03 million, up a bit from the previous fiscal year net sales of $1.88 million.

For the year, net include increased to $406.1 million from $351.6 million. And diluted earnings per share of $1.63 were up from $1.38 for the 2005 fiscal year.

Adjusted results for the fourth-quarter and fiscal year 2006 excluded several one-time items, such as a $9 million separation package to the former president and chief executive officer and $2.6 million for a cross-licensing and settlement agreement.

While as a whole Biomet underperformed for its internal expectations during fiscal year 2006, its orthopedic reconstructive products and dental reconstructive implants were strong, officials said.

Management is maintaining its guidance of $513 million to $530 million in sales and $0.43 to $0.45 in earnings per share for the first quarter of fiscal-year 2007.

Based in Warsaw, Ind., Biomet and its subsidiaries design, manufacture and market products used primarily by musculoskeletal medical specialists.

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