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Author: dboyer22 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 41  
Subject: Earnings Date: 7/18/2000 5:25 PM
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Taken from the Bonz website:

INTERPORE CROSS ACHIEVES RECORD SALES AND PRE-TAX EARNINGS FOR FIRST QUARTER ENDED MARCH 31, 2000

-- Company Posts Seventh Consecutive Quarterly Increase in Income before Taxes --

IRVINE, CA — April 11, 2000 — Interpore Cross International (Nasdaq NM: BONZ) today reported record operating results and revenues for the first quarter ended March 31, 2000.

Net sales for the first quarter of 2000 grew to a record $11.4 million, a 27% increase compared with net sales of $9.0 million for the same period last year. Sales of spinal implant products increased by 34% to a record $6.5 million in the first quarter of 2000 versus $4.8 million in the first quarter of 1999. Sales of orthobiologic products increased 19% to $4.9 million in the first quarter from $4.1 million in the same quarter last year.

Income before taxes increased by 75% to $1.9 million for the quarter ended March 31, 2000 versus $1.1 million in the same quarter of 1999. After recording an income tax provision of $739,000, net income for the first quarter of 2000 reflected an increase of 7% to approximately $1.2 million from $1.1 million in the first quarter of 1999, a period which included no income tax provision. Diluted earnings per share were $.08 in both the first quarter of 2000 and the first quarter of 1999.

Interpore Cross chairman and chief executive officer David C. Mercer said, “Following our breakout year of 1999, we're very excited to see the momentum continuing into the new year. Domestic spinal implant revenues were particularly strong, with 40% growth over the first quarter of 1999. Revenues from AGF™ related products were also very strong, continuing the pattern of consecutive quarterly growth and reaching approximately $1.4 million.”

Continuing, Mercer said, “Our strong revenue growth has had a favorable effect on our operating results. Pre-tax earnings increased for the seventh consecutive quarter, and our operating profit grew to 15% of sales. This reflects the company's substantial operating leverage, which allows a significant percentage of incremental sales dollars to fall to the bottom line.”

“Our continued revenue growth was achieved once again through increased sales of our existing spine and orthobiologics products, reflecting the strengthening of our distribution network, particularly in the U.S.”, Mercer added. “With the recent FDA clearances of our VLS™ Cap Nut and our Telescopic Plate Spacer™, and our strong research and development pipeline, we believe we're in an excellent position to continue our track record of sales and earnings growth.”

The company said it is conducting a conference call today at 11:15 am (EDT). There will be a live audio broadcast and a recorded audio playback, both available via the internet at www.streetfusion.com.

Interpore Cross International is a medical device company that designs, manufactures and markets spinal implant devices and synthetic bone and tissue products on a worldwide basis. The spinal products are used to treat degenerative conditions and deformities of the spine. The bone and tissue products are used in orthopedic, oral/maxillofacial and ophthalmic applications.

Certain statements in this release are forward-looking and may involve risks and uncertainties, including, but not limited to: uncertainties relating to the completion of the proposed stock offering; product demand and market acceptance risks; risks that future sales growth may decline; risks related to the development of future products; risk that the company will not receive additional regulatory approval of products; the risk of intellectual property litigation; and the impact of competitive products. Additional information on factors that could affect the company's financial results and growth prospects is disclosed in the company's reports filed from time to time with the Securities and Exchange Commission.


DB


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