UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended November 30, 2005.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________.
Commission file Number 0-12515.
BIOMET, INC.
(Exact name of registrant as specified in its charter)
Indiana 35-1418342
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
56 East Bell Drive, Warsaw, Indiana 46582
(Address of principal executive offices)
(574) 267-6639
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
Indicate by check mark whether the registrant is an accelerated filer (as
described in Rule 12b-2 of the Exchange Act). Yes X No
Indicate by check mark whether the registrant is a shell company (as described
in Rule 12b-2 of the Exchange Act). Yes No X
As of November 30, 2005, the registrant had 247,525,550 common shares
outstanding.
BIOMET, INC.
CONTENTS
Pages
Part I. Financial Information
Item 1. Financial Statements:
Consolidated Balance Sheets 1-2
Consolidated Statements of Income 3
Consolidated Statements of Cash Flows 4
Notes to Consolidated Financial Statements 5-7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 8-10
Item 3. Quantitative and Qualitative Disclosure about
Market Risks 11
Item 4. Controls and Procedures 11
Part II. Other Information
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 12
Item 6. Exhibits 12
Signatures 13
Index to Exhibits 14
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BIOMET, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
at November 30, 2005 and May 31, 2005
(in thousands)
ASSETS
November 30, May 31,
2005 2005
----------- -------
(Unaudited)
Current assets:
Cash and cash equivalents $ 98,382 $ 104,706
Investments 8,075 10,962
Accounts and notes receivable, net 479,902 479,745
Inventories 495,624 469,791
Deferred income taxes 74,332 72,732
Prepaid expenses and other 42,496 35,980
--------- ---------
Total current assets 1,198,811 1,173,916
--------- ---------
Property, plant and equipment, at cost 595,981 574,398
Less, Accumulated depreciation 263,683 251,511
--------- ---------
Property, plant and equipment, net 332,298 322,887
--------- ---------
Investments 61,070 61,406
Goodwill, net 431,473 435,621
Intangible assets, net 83,511 87,835
Other assets 14,777 14,912
--------- ---------
Total assets $2,121,940 $2,096,577
========= =========
The accompanying notes are a part of the consolidated financial statements.
BIOMET, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
at November 30, 2005 and May 31, 2005
(in thousands)
LIABILITIES AND SHAREHOLDERS' EQUITY
November 30, May 31,
2005 2005
----------- -------
(Unaudited)
Current liabilities:
Short-term borrowings $ 289,768 $ 282,193
Accounts payable 58,127 57,021
Accrued income taxes 5,309 9,725
Accrued wages and commissions 60,226 62,171
Other accrued expenses 94,469 90,281
--------- ---------
Total current liabilities 507,899 501,391
Long-term liabilities:
Deferred income taxes 29,329 31,255
--------- ---------
Total liabilities 537,228 532,646
--------- ---------
Contingencies
Shareholders' equity:
Common shares 193,780 188,162
Additional paid-in capital 67,673 67,613
Retained earnings 1,328,932 1,284,905
Accumulated other comprehensive income (loss) (5,673) 23,251
--------- ---------
Total shareholders' equity 1,584,712 1,563,931
--------- ---------
Total liabilities and shareholders' equity $2,121,940 $2,096,577
========= =========
The accompanying notes are a part of the consolidated financial statements.
BIOMET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
for the six and three month periods ended November 30, 2005 and 2004
(Unaudited, in thousands, except per share data)
Six Months Ended Three Months Ended
---------------- ------------------
2005 2004 2005 2004
---- ---- ---- ----
Net sales $ 979,593 $ 894,834 $ 494,690 $ 456,674
Cost of sales 274,106 257,087 139,611 131,115
-------- -------- -------- --------
Gross profit 705,487 637,747 355,079 325,559
Selling, general and
administrative expenses 359,635 326,765 181,453 166,305
Research and development expense 42,119 38,082 21,303 19,606
In-process research and development -- 26,020 -- --
-------- -------- -------- --------
Operating income 303,733 246,880 152,323 139,648
Other income, net 313 (484) (245) 244
-------- -------- -------- --------
Income before income taxes 304,046 246,396 152,078 139,892
Provision for income taxes 102,469 94,764 50,800 48,693
-------- -------- -------- --------
Net income $ 201,577 $ 151,632 $ 101,278 $ 91,199
======== ======== ======== ========
Earnings per share:
Basic $.81 $.60 $.41 $.36
==== ==== ==== ====
Diluted $.81 $.59 $.41 $.36
==== ==== ==== ====
Shares used in the computation
of earnings per share:
Basic 248,963 253,403 248,337 252,944
======= ======= ======= =======
Diluted 249,952 255,586 249,276 255,255
======= ======= ======= =======
Cash dividends per common share $.25 $.20 $ -- $ --
==== ==== ==== ====
The accompanying notes are a part of the consolidated financial statements.
BIOMET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the six months ended November 30, 2005 and 2004
(Unaudited, in thousands)
2005 2004
---- ----
Cash flows from (used in) operating activities:
Net income $201,577 $151,632
Adjustments to reconcile net income to
net cash from operating activities:
Depreciation 33,599 28,969
Amortization 4,433 3,290
Write off of in-process research and development -- 26,020
(Loss) Gain on sale of investments, net (132) 223
Deferred income taxes (3,060) (6,684)
Changes in current assets and liabilities:
Accounts and notes receivable, net (13,830) 7,724
Inventories (41,638) (19,005)
Accounts payable 4,301 (3,868)
Accrued income taxes (5,555) (7,985)
Other (793) (1,133)
------- -------
Net cash from operating activities 178,902 179,183
------- -------
Cash flows from (used in) investing activities:
Proceeds from sales and maturities of investments 28,527 24,692
Purchases of investments (25,185) (22,284)
Capital expenditures (50,653) (43,511)
Acquisitions, net of cash acquired -- (266,229)
Other 556 (3,131)
------- ------
Net cash used in investing activities (46,755) (310,463)
------- ------
Cash flows from (used in) financing activities:
Increase in short-term borrowings, net 11,118 209,385
Issuance of common shares 7,718 12,766
Cash dividends (62,473) (50,872)
Purchase of common shares (97,929) (103,990)
------- ------
Net cash from (used in) financing activities (141,566) 67,289
------- ------
Effect of exchange rate changes on cash 3,095 4,266
------- ------
Decrease in cash and cash equivalents (6,324) (59,725)
Cash and cash equivalents, beginning of year 104,706 159,243
------- -------
Cash and cash equivalents, end of period $ 98,382 $ 99,518
======= =======
The accompanying notes are a part of the consolidated financial statements.
BIOMET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1: BASIS OF PRESENTATION.
The accompanying consolidated financial statements include the accounts of
Biomet, Inc. and its subsidiaries (individually and collectively referred to as
the "Company"). The unaudited consolidated financial statements have been
prepared in accordance with accounting principles generally accepted in the
United States for interim financial information and with the instructions to
Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include
all of the information and notes required by accounting principles generally
accepted in the United States for complete financial statements. In the opinion
of management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the six-month period ended November 30, 2005 are not necessarily
indicative of the results that may be expected for the fiscal year ending
May 31, 2006. For further information, refer to the consolidated financial
statements and notes thereto included in the Company's Annual Report on Form
10-K for the fiscal year ended May 31, 2005.
The accompanying consolidated balance sheet at May 31, 2005, has been derived
from the audited Consolidated Financial Statements at that date, but does not
include all disclosures required by accounting principles generally accepted
in the United States.
The Company operates in one business segment, musculoskeletal products, which
includes the designing, manufacturing and marketing of reconstructive products,
fixation devices, spinal products and other products. Other products consist
primarily of EBI's softgoods and bracing products, Arthrotek's arthroscopy
products, general instruments and operating room supplies. The Company manages
its business segment primarily on a geographic basis. These geographic markets
are comprised of the United States, Europe and the Rest of World. Major markets
included in the Rest of World geographic market are Canada, South America,
Mexico, Japan and the Pacific Rim.
Net sales of musculoskeletal products by product category are as follows for the
six and three month periods ended November 30, 2005 and 2004:
Six Months Ended Three Months Ended
----------------- ------------------
2005 2004 2005 2004
---- ---- ---- ----
(in thousands)
Reconstructive Products $660,154 $583,867 $336,339 $301,385
Fixation Devices 124,854 123,041 60,675 60,328
Spinal Products 110,353 106,141 55,027 53,232
Other Products 84,232 81,785 42,649 41,729
------- ------- ------- -------
Total $979,593 $894,834 $494,690 $456,674
======= ======= ======= =======
As permitted by SFAS No. 123, the Company accounts for its employee stock
options using the intrinsic value method. Accordingly, no compensation expense
is recognized for the employee stock-based compensation plans. If compensation
expense for the Company's employee stock options had been determined based on
the fair value method of accounting, pro forma net income and diluted earnings
per share for the six and three month periods ended November 30, 2005 and 2004
would have been as follows:
Six Months Ended Three Months Ended
----------------- ------------------
2005 2004 2005 2004
---- ---- ---- ----
Net income as reported (in thousands) $201,577 $151,632 $101,278 $ 91,199
Deduct: Total stock-based employee
compensation expense determined
under the fair value method for
all awards net of related tax
effects (in thousands) 4,450 3,034 2,301 1,501
------- ------- ------- -------
Pro forma net income (in thousands) $197,127 $148,598 $ 98,977 $ 89,698
======= ======= ======= =======
Earning per share:
Basic, as reported $0.81 $0.60 $0.41 $0.36
==== ==== ==== ====
Basic, pro forma $0.79 $0.59 $0.40 $0.35
==== ==== ==== ====
Diluted, as reported $0.81 $0.59 $0.41 $0.36
==== ==== ==== ====
Diluted, pro forma $0.79 $0.58 $0.40 $0.35
==== ==== ==== ====
In December 2004, the FASB issued SFAS No. 123(R), "Share-Based Payment", which
is a revision to SFAS No. 123, "Accounting for Stock Based Compensation". SFAS
123(R) requires all share-based payments to employees, including stock options,
to be expensed based on their fair values over the required award service
period. Although it is difficult to predict the exact impact the adoption of
SFAS 123(R) will have on the Company's consolidated earnings due to the number
of variables involved, we believe the above pro forma disclosures provide an
appropriate indicator of the level of expense that may be recognized upon
adoption of the statement. The SEC has amended the compliance dates of SFAS
123(R) requiring adoption in the first fiscal year beginning after June 15,
2005. The Company intends to adopt SFAS 123(R) on June 1, 2006.
NOTE 2: COMPREHENSIVE INCOME.
Other comprehensive income includes foreign currency translation adjustments
and unrealized appreciation of available-for-sale securities, net of taxes.
Other comprehensive income for the three months ended November 30, 2005
and 2004 was $(3,620,000) and $17,069,000, respectively. Other comprehensive
income for the six months ended November 30, 2005 and 2004 was $(28,924,000
and $18,531,000, respectively. Total comprehensive income combines reported
net income and other comprehensive income. Total comprehensive income for the
three months ended November 30, 2005 and 2004 was $97,658,000 and $108,268,000,
respectively. Total comprehensive income for the six months ended November 30,
2005 and 2004 was $172,653,000 and $170,163,000, respectively.
NOTE 3: INVENTORIES.
Inventories at November 30, 2005 and May 31, 2005 are as follows:
November 30, May 31,
2005 2005
------------ -------
(in thousands)
Raw materials $ 56,005 $ 50,676
Work-in-process 57,411 56,610
Finished goods 216,708 200,041
Consigned distributor 165,500 162,464
------- -------
$495,624 $469,791
======= =======
NOTE 4: COMMON SHARES.
During the six months ended November 30, 2005, the Company issued 421,441
Common Shares upon the exercise of outstanding stock options for proceeds
aggregating $7,718,000. Purchases of Common Shares pursuant to the Common
Share Repurchase Programs aggregated 2,774,600 shares for $97,929,000 during
the six months ended November 30, 2005.
NOTE 5: EARNINGS PER SHARE.
Earnings per common share amounts ("basic EPS") are computed by dividing net
income by the weighted average number of common shares outstanding and excludes
any potential dilution. Earnings per common share amounts assuming dilution
("diluted EPS") are computed by reflecting potential dilution from the
exercise of stock options.
NOTE 6: INCOME TAXES.
The difference between the reported provision for income taxes and a provision
computed by applying the federal statutory rate to pre-tax accounting income is
primarily attributable to state income taxes, tax benefits relating to
operations in Puerto Rico, tax-exempt income, tax credits and the write-off of
in-process research and development which is not tax affected.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION AS OF November 30, 2005
The Company's cash and investments decreased $9,547,000 to $167,527,000 at
November 30, 2005. This decrease resulted from the $62,473,000 dividend
payment made during the first quarter and the $97,929,000 used to purchase
shares during the first six months pursuant to the Company's share
repurchase programs, offset by positive cash flow from operations. On
December 21, 2005, the Company announced an expansion to its discretionary
share repurchase program to add an additional $100 million.
Cash flows provided by operating activities were $178,902,000 for the first
six months of fiscal 2006 compared to $179,183,000 in 2005. The primary
sources of fiscal year 2006 cash flows from operating activities were net
income and depreciation. The primary uses were increase in accounts receivable
and inventory. The Company's major cash collection day is Monday, and as the
Company's quarter end moves further away from a Monday, accounts receivable
ending balances increase. Inventories increased from new product introductions,
specifically new knee systems introduced in the US and Europe. In addition, the
Company is building inventory for the launch of its new bone cements, while
maintaining adequate supplies of its previous products. Accounts and notes
receivable and inventory balances were decreased during the six month period by
$13.7 million and $15.8 million, respectively, due to currency exchange rates.
Cash flows used in investing activities were $46,755,000 for the first six
months of fiscal 2006 compared to $310,463,000 in 2005. The primary use of
cash flows from investing activities in fiscal 2006 has been for capital
expenditures. The Company continues to upgrade its instruments used in various
international markets and to support the new implant systems being launched.
In addition, 3i is currently expanding its manufacturing facilities in Florida.
Cash flows used in financing activities were $141,566,000 for the first six
months of fiscal 2006 compared to a source of $67,289,000 in 2005. The primary
uses of cash flows in financing activities were the cash dividend paid and the
share repurchase programs. In July 2005, the Company's Board of Directors
declared a cash dividend of twenty five cents ($0.25) per share payable to
shareholders of record at the close of business on July 16, 2005. Over the last
twelve quarters, the Company has used $939,500,000 to purchase its common stock.
Currently available funds, together with anticipated cash flows generated from
future operations are believed to be adequate to cover the Company's anticipated
cash requirements, including capital expenditures, research and development
costs and share repurchases.
RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED NOVEMBER 30, 2005
AS COMPARED TO THE SIX MONTHS ENDED NOVEMBER 30, 2004
Net sales increased 9% to $979,593,000 for the six months ended November 30,
2005, from $894,834,000 for the same period last year. This sales growth
includes a minimal impact from foreign currency. The Company's sales were
impacted by the hurricane activity in the gulf coast and Florida, resulting
in an estimated revenue loss of approximately $4.5 million. The Company's
U.S.-based revenue increased 6% to $642,927,000 during the first six months
of fiscal 2006, while foreign sales increased 16% (15% currency adjusted) to
$336,666,000. The Company's worldwide sales of reconstructive products during
the first six months of fiscal 2006 were $660,154,000, representing a 13%
increase compared to the first six months of last year. Sales of fixation
products were $124,854,000 for the first six months of fiscal 2006,
representing a 1% increase as compared to the same period in 2005. Sales of
spinal products were $110,353,000 for the first six months of fiscal 2006,
representing a 4% increase as compared to the same period in 2005. Fixation
and spinal product sales have been negatively impacted by the combination of
the Interpore and EBI sales forces, and at the same time the integration of
Biomet's internal fixation sales force into EBI's fixation sales force.
During the fourth quarter of last year and the first quarter of this year,
EBI has introduced several new products in both the internal fixation and
spinal implant markets that we believe will have a positive impact on sales
in the future. In addition, during the first quarter, the Company announced
the appointment of Bart Doedens, M.D., as the new president of EBI's
operations following the resignation of James R. Pastena. EBI's fixation,
spinal stimulation and softgoods and bracing products have continued to
underperform management's expectations and it is hoped that Dr. Doedens will
provide the leadership necessary to improve EBI's performance in these markets.
The Company's sales of other products totaled $84,232,000, representing a 3%
increase over the first six months of fiscal year 2005.
Cost of sales decreased as a percentage of net sales to 28.0% for the first
six months of fiscal 2006 from 28.7% for the same period last year. The
components of this change are a decrease of 1.6% relating to the impact of
inventory step-up from acquisitions on last year's cost of goods sold, offset
by an increase of 0.5% due to an unanticipated, retroactive price increase
from the supplier of Biomet's antibiotic delivery system in Europe and 0.4%
from higher growth rates in foreign sales, where gross margins are lower,
versus domestic sales. Selling, general and administrative expenses, as a
percentage of net sales, increased to 36.7% compared to 36.5% for the first
six months last year. This increase is mainly attributable to the national
branding campaign commenced during the first quarter. Research and
development expenditures increased 10.6% during the first six months to
$42,119,000 reflecting the Company's continued emphasis on new product
introductions. In-process research and development expense relates to the
acquired in-process research and development related to the Interpore
acquisition completed last year, which was written off at the acquisition
date. Operating income increased 23% from $246,880,000 for the first six
months of fiscal 2005, to $303,733,000 for the first six months of fiscal
2006. After adjusting operating income for acquisition related expenses
in fiscal 2005, operating income increased 6%. Other income increased from
$(484,000) last year to $313,000 this year. Other income has been positively
impacted by higher daily balances of investments during the first quarter and
an increase in interest rates. The effective income tax rate decreased to
33.7% for the first six months of fiscal year 2006 from 38.5% last year
primarily as a result of the write-off of in-process research and development
last year not being tax affected.
These factors resulted in a 33% increase in net income from $151,632,000 to
$201,577,000, a 35% increase in basic earnings per share from $0.60 to $0.81
and a 37% increase in diluted earnings per share from $0.59 to $0.81 for the
periods presented. Before acquisition related expenses last year, net income
increased by 8%, basic earnings per share increased 9% and diluted earnings
per share increased 11% for the periods presented.
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED NOVEMBER 30, 2005
AS COMPARED TO THE THREE MONTHS ENDED NOVEMBER 30, 2004
Net sales increased 8% to $494,690,000 for the second quarter ended November 30,
2005, from $456,674,000 for the same period last year. This sales growth
includes a minimal impact from foreign currency. The Company's sales were
impacted by the hurricane activity in the gulf coast and Florida, resulting in
an estimated revenue loss of approximately $4.5 million. The Company's
U.S.-based revenue increased 5% to $325,602,000 during the second quarter of
fiscal 2006, while foreign sales increased 15% to $169,088,000. Excluding the
positive foreign exchange adjustment, foreign revenue increased 14%. The
Company's worldwide sales of reconstructive products during the second quarter
of fiscal 2006 were $336,339,000, representing a 12% increase compared to the
second quarter of last year. Sales of fixation products were $60,675,000 for
the second quarter fiscal 2006, representing a slight increase as compared to
the same period in 2005. Sales of spinal products were $55,027,000 for the
second quarter of fiscal 2006, representing a 3% increase as compared to the
same period in 2005. Fixation and spinal product sales have been negatively
impacted by the combination of the Interpore and EBI sales forces, and at the
same time the integration of Biomet's internal fixation sales force into EBI's
fixation sales force. The Company expects this negative impact to continue
during the next quarter. The Company's sales of other products totaled
$42,649,000, representing a 2% increase over the second quarter of fiscal
year 2005.
Cost of sales decreased as a percentage of net sales to 28.2% for the second
quarter of fiscal 2006 from 28.7% for the same period last year. The components
of this change are a decrease of 1.7% relating to the impact of inventory
step-up from acquisitions on last year's cost of goods sold, offset by an
increase of 0.6% due to an unanticipated, retroactive price increase from the
supplier of Biomet's antibiotic delivery system in Europe and 0.6% from higher
growth rates in foreign sales, where gross margins are lower, versus domestic
sales. Selling, general and administrative expenses, as a percentage of net
sales, increased to 36.7% compared to 36.4% for the second quarter last year.
This increase is mainly attributable to the national branding campaign
commenced during the first quarter. Research and development expenditures
increased 9% during the second quarter to $21,303,000 reflecting the Company's
continued emphasis on new product introductions. Operating income increased 9%
from $139,648,000 for the second quarter of fiscal 2005, to $152,323,000 for
the second quarter of fiscal 2006. After adjusting operating income for
acquisition related expenses in fiscal 2005, operating income increased 4%.
Other income decreased from $244,000 last year to $(245,000) this year. Other
income has been negatively impacted by a reduction in cash available for
investments due to the large amount of shares repurchased during the second
quarter. The effective income tax rate decreased to 33.4% for the quarter
from 34.8% last year.
These factors resulted in a 11% increase in net income to $101,278,000 for the
second quarter of fiscal 2006 as compared to $91,199,000 for the same period
in fiscal 2005, while basic and diluted earnings per share increased 14%, from
$0.36 to $0.41 for the periods presented. Before acquisition related expenses
last year, net income increased by 5%, while basic and diluted earnings per
share increased 8% for the periods presented.
Item 3. Quantitative and Qualitative Disclosures about Market Risks.
There have been no material changes from the information provided in the
Company's Annual Report on Form 10-K for the year ended May 31, 2005.
Item 4. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures. As of the end of the
period covered by this report, the Company carried out an evaluation, under
the supervision and with the participation of its management, including the
Company's Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the Company's disclosure controls and procedures (as defined
in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934).
Based on this evaluation, the Company's Chief Executive Officer and Chief
Financial Officer have concluded that the Company's disclosure controls and
procedures are effective in timely notification to them of information the
Company is required to disclose in its periodic SEC filings and in ensuring
that this information is recorded, processed summarized and reported within
the time periods specified in the SEC's rules and regulations.
(b) Changes in Internal Control. During the second quarter of fiscal 2006
covered by this report, there have been no changes in internal control over
financial reporting that have materially affected, or are reasonably likely
to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
(c) Stock Repurchases
As of November 30, 2005, the Company had two publicly-announced share repurchase
programs outstanding. The first, announced March 22, 2005, approved the
purchase of shares up to $100 million in open market or privately negotiated
transactions expiring March 21, 2006. The second, announced June 30, 2005,
approved the purchase of 2,500,000 shares to be automatically purchased in equal
installments over a twelve-month period expiring June 29, 2006. Information on
shares repurchased in the most recently completed quarter is as follows:
Total Number Maximum Number of
of Shares Shares (or Approximate
Total Number Average Purchased as Dollar Value) that May
of shares Price Paid Part of Publicly Yet be Purchased
Period Purchased Per Share Announced Plans Under the Plans
------ ------------ ---------- ---------------- ----------------------
September 1-30 210,000 $36.57 210,000 1,870,000 shares and
$58,049,629
October 1-31 1,397,200 33.76 1,397,200 1,660,000 shares and
$18,017,406
November 1-30 210,000 36.33 210,000 1,450,000 shares and
$18,017,406
--------- ----- --------- --------------------
Total 1,817,200 34.38 1,817,200 1,450,000 shares and
$18,017,406
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits. See Index to Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BIOMET, INC.
------------
DATE: 1/09/2006 BY: /s/ Gregory D. Hartman
----------- -----------------------
Gregory D. Hartman
Senior Vice President - Finance
(Principal Financial Officer)
(Signing on behalf of the registrant
and as principal financial officer)
BIOMET, INC.
FORM 10-Q
INDEX TO EXHIBITS
Exhibits. Descriptions.
31.1 Certification of Chief Exectuive Officer pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 Certification of Chief Financial Officer pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 Written Statement of Chief Executive Officer and
Chief Financial Officer Pursuant to Sections 906
of the Sarbanes-Oxley Act of 2002.