-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JGbefdrZNhLGxNcsgbXWqehVFDIUFsvXOZZX7Cvh1ZTJzF1R5w0K1fcpP2WSzEi4 vVQvAtu4kApfhHVEa7vAMQ== 0001096906-01-000027.txt : 20010131 0001096906-01-000027.hdr.sgml : 20010131 ACCESSION NUMBER: 0001096906-01-000027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010123 ITEM INFORMATION: FILED AS OF DATE: 20010130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UTAH MEDICAL PRODUCTS INC CENTRAL INDEX KEY: 0000706698 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 870342734 STATE OF INCORPORATION: UT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-12575 FILM NUMBER: 1518378 BUSINESS ADDRESS: STREET 1: 7043 S 300 WEST CITY: MIDVALE STATE: UT ZIP: 84047 BUSINESS PHONE: 8015661200 8-K 1 0001.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (date of earliest event reported): January 23, 2001 Commission File No. 0-11178 ------- UTAH MEDICAL PRODUCTS, INC. --------------------------- (Exact name of Registrant as specified in its charter) UTAH 87-0342734 ------------------------------- ------------------ (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 7043 South 300 West Midvale, Utah 84047 --------------------- Address of principal executive offices Registrant's telephone number: (801) 566-1200 -------------- - -------------------------------------------------------------------------------- ITEM 5. OTHER EVENTS - -------------------------------------------------------------------------------- On January 23, 2001 the Company announced, by press release, its audited income statement results for 2000. Because the 10-K for 2000 will not be filed until late March 2001, the Company is providing additional financial information.
UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES -------------------------------------------- CONSOLIDATED CONDENSED BALANCE SHEETS ------------------------------------- (in thousands - audited) ASSETS DECEMBER 31, 2000 DECEMBER 31, 1999 - ------ ----------------- ----------------- CURRENT ASSETS: Cash $ 414 $ 647 Accounts receivable - net 3,979 4,077 Inventories 3,005 3,190 Other current assets 666 624 --------- --------- Total current assets 8,064 8,538 PROPERTY AND EQUIPMENT - NET 9,789 11,013 INTANGIBLE ASSETS - NET 7,570 8,205 --------- --------- TOTAL $ 25,423 $ 27,756 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ CURRENT LIABILITIES: Accounts payable $ 683 $ 544 Accrued expenses 1,963 2,117 --------- --------- Total current liabilities 2,646 2,661 NOTES PAYABLE 10,000 5,934 DEFERRED INCOME TAXES 430 372 --------- --------- Total liabilities 13,076 8,967 --------- --------- STOCKHOLDERS' EQUITY: Common stock 50 64 Cumulative foreign currency translation adjustment (1,559) (1,250) Retained earnings 13,856 19,975 --------- --------- Total stockholders' equity 12,347 18,789 --------- --------- TOTAL $ 25,423 $ 27,756 ========= =========
UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES -------------------------------------------- CONSOLIDATED CONDENSED STATEMENTS OF INCOME ------------------------------------------- YEARS ENDED DECEMBER 31, 2000 AND DECMBER 31, 1999 -------------------------------------------------- (in thousands, except per share data - audited) 2000 1999 ---------- ---------- NET SALES $ 27,193 $ 29,444 COST OF SALES 12,068 13,648 -------- -------- GROSS MARGIN 15,125 15,796 -------- -------- EXPENSES: Selling, general and administrative 6,191 6,795 Research & development 568 719 -------- -------- INCOME FROM OPERATIONS 8,366 8,282 Dividend and interest income 39 34 Royalty income 452 529 Interest expense (496) (296) Other, net 58 (4) -------- -------- INCOME BEFORE INCOME TAX EXPENSE 8,419 8,545 INCOME TAX EXPENSE 3,046 3,077 -------- -------- NET INCOME $ 5,373 $ 5,468 ======== ======== BASIC EARNINGS PER SHARE $ 0.90 $ 0.76 ======== ======== DILUTED EARNINGS PER SHARE $ 0.90 $ 0.76 ======== ======== SHARES OUTSTANDING - BASIC 5,954 7,187 ======== ======== SHARES OUTSTANDING - DILUTED 5,978 7,197 ======== ======== UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES -------------------------------------------- CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS ----------------------------------------------- (in thousands - audited) Years ended December 31, ------------------------ 2000 1999 ---------- ---------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 5,373 $ 5,468 ---------- ---------- Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,191 2,192 Other adjustments, net 22 (93) Changes in operating assets and liabilities: Accounts receivable - trade 56 1 Accrued interest and other receivables (11) 404 Inventories 165 903 Prepaid expenses 27 (14) Accounts payable 149 21 Accrued expenses (147) 221 Deferred revenue 0 (2) ---------- ---------- Net cash provided by operating activities 7,825 9,101 ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures for: Property and equipment (361) (684) Intangible assets (250) (2) Proceeds from sale of property and equipment 11 1 ---------- ---------- Net cash used in investing activities (600) (685) ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock 85 98 Common stock purchased and retired (11,598) (12,058) Increase in note payable 4,066 2,840 ---------- ---------- Net cash used in financing activities (7,447) (9,120) ---------- ---------- Effect of exchange rate changes on cash (11) (16) ---------- ---------- NET INCREASE (DECREASE) IN CASH (233) (720) CASH AT BEGINNING OF PERIOD 647 1,367 ---------- ---------- CASH AT END OF PERIOD $ 414 $ 647 ========== ========== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for income taxes $ 3,308 $ 2,972 Interest $ 496 $ 296
UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES -------------------------------------------- SELECTED FINANCIAL RATIOS AND OTHER COMPARISONS ----------------------------------------------- 2000 1999 ----------- ---------- Gross Profit Margin (% of sales) 55.6% 53.6% Operating Profit Margin (% of sales) 30.8% 28.1% Net Profit Margin (% of sales) 19.8% 18.6% EBITDA (million $) 11.1 11.0 Current Ratio 3.0 3.2 Accounts Receivable balance (based on latest 90 days sales) 53.6 49.1 Accounts Receivable - portion over 90 days since invoice 5.6% 2.6% Inventory Turns (based on latest 90 days sales) 3.8 4.2 Return on Equity 34.5% 24.4% Return on Assets 20.2% 18.3% End-of-Year Shares Outstanding 5,002,803 6,453,311 Growth or (Decline) from Prior Year Sales (7.6%) 6.4% Gross Profit (4.3%) 11.4% Operating Profit 1.0% 25.4% Net Profit (1.7%) 12.6% Earnings Per Share 18.3% 29.4%
- -------------------------------------------------------------------------------- SIGNATURES - -------------------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchanges Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. UTAH MEDICAL PRODUCTS, INC. --------------------------- REGISTRANT Date: 1/29/01 By: \s\ Kevin L. Cornwell ------------- ------------------------- Kevin L. Cornwell CEO -----END PRIVACY-ENHANCED MESSAGE-----