Biomet Inc. announced Thursday it has recorded an additional pretax charge of $9 million and has restated its previously announced results of operations for the quarter that ended Nov. 30, 1999, as a result of the final resolution of outstanding matters in the Orthofix litigation.

Previously, Biomet reported a special charge of $55 million in its fiscal 1999 consolidated financial statements as a result of the June 30, 1999, decision by the U.S. Court of Appeals for the Third Circuit. The decision eliminated all but $1 million of the punitive damage award but upheld the compensatory damages awarded to Orthofix by the trial court.

The U.S. Supreme Court declined to review the Third Court's decision, leaving its damage award standing. The additional charge recorded in the second quarter reflects the final determination of the interest element of the judgment.

Biomet's investments, as of Nov. 30, as set forth on its consolidated balance sheet, included $108 million of investment securities that were delivered to an escrow agent pursuant to the order of the trial court. The final amount of the damages and interest payable to Orthofix will be approximately $64 million.

The payment is anticipated to be made before Jan. 31, at which time the matter will be finally resolved and the escrow account closed.

Headquartered in Warsaw, Biomet and its subsidiaries currently distribute products in more than 100 countries. [[In-content Ad]]