8-K 1 umed8k_jan242002.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 24, 2002 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 24, 2002 the Company announced, by press release, its audited income statement results for 2001. Because the 10-K for 2001 will not be filed until late March 2002, the Company is providing additional financial information. -------------------------------------------------------------------------------- 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: 1/30/02 By: \s\ Kevin L. Cornwell -------------- ---------------------------- Kevin L. Cornwell CEO
UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands - audited) ASSETS DECEMBER 31, 2001 DECEMBER 31, 2000 ------ ----------------- ----------------- CURRENT ASSETS: Cash $ 370 $ 414 Accounts receivable - net 3,585 3,979 Inventories 3,247 3,005 Other current assets 672 666 -------- -------- Total current assets 7,874 8,064 PROPERTY AND EQUIPMENT - NET 8,876 9,789 INTANGIBLE ASSETS - NET 6,822 7,570 -------- -------- TOTAL $ 23,572 $ 25,423 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 457 $ 683 Accrued expenses 2,017 1,963 -------- -------- Total current liabilities 2,474 2,646 NOTES PAYABLE 2,501 10,000 DEFERRED INCOME TAXES 390 430 -------- -------- Total liabilities 5,365 13,076 -------- -------- STOCKHOLDERS' EQUITY: Common stock 50 50 Cumulative foreign currency translation adjustment (1,816) (1,559) Retained earnings 19,973 13,856 -------- -------- Total stockholders' equity 18,207 12,347 -------- -------- TOTAL $ 23,572 $ 25,423 ======== ========
UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME YEARS ENDED DECEMBER 31, 2001 AND DECEMBER 31, 2000 (in thousands, except per share data - audited) 2001 2000 -------- -------- NET SALES $ 26,954 $ 27,193 COST OF SALES 11,561 12,068 -------- -------- GROSS MARGIN 15,393 15,125 -------- -------- EXPENSES: Selling, general and administrative 5,751 6,190 Research & development 364 568 -------- -------- INCOME FROM OPERATIONS 9,278 8,367 Dividend and interest income 10 39 Royalty income 450 452 Interest expense (370) (496) Other, net 111 58 -------- -------- INCOME BEFORE INCOME TAX EXPENSE 9,479 8,420 INCOME TAX EXPENSE (3,545) (3,047) -------- -------- NET INCOME $ 5,934 $ 5,373 ======== ======== BASIC EARNINGS PER SHARE $ 1.18 $ 0.90 ======== ======== DILUTED EARNINGS PER SHARE $ 1.14 $ 0.90 ======== ======== SHARES OUTSTANDING - BASIC 5,019 5,954 ======== ======== SHARES OUTSTANDING - DILUTED 5,210 5,978 ======== ======== UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (in thousands - audited) Years ended December 31, ---------------------- 2001 2000 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 5,934 $ 5,373 -------- -------- Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,933 2,191 Other adjustments, net 110 22 Changes in operating assets and liabilities: Accounts receivable - trade 164 57 Accrued interest and other receivables 121 (12) Inventories (239) 165 Prepaid expenses (20) 27 Accounts payable (208) 149 Accrued expenses 65 (147) -------- -------- Net cash provided by operating activities 7,860 7,825 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures for: Property and equipment (524) (361) Intangible assets 0 (250) Proceeds from sale of property and equipment 0 11 -------- -------- Net cash used in investing activities (524) (600) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock 316 85 Common stock purchased and retired (193) (11,598) Proceeds from note payable 0 8,950 Repayments of note payable (7,499) (4,884) -------- -------- Net cash used in financing activities (7,376) (7,447) -------- -------- Effect of exchange rate changes on cash (4) (11) -------- -------- NET INCREASE (DECREASE) IN CASH (44) (233) CASH AT BEGINNING OF PERIOD 414 647 -------- -------- CASH AT END OF PERIOD $ 370 $ 414 ======== ======== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for income taxes $ 3,399 $ 3,308 Interest $ 370 $ 496
UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES SELECTED FINANCIAL RATIOS AND OTHER COMPARISONS 2001 2000 ----------- ----------- Gross Profit Margin (% of sales) 57.1% 55.6% Operating Profit Margin (% of sales) 34.4% 30.8% Net Profit Margin (% of sales) 22.0% 19.8% EBITDA (million $) 11.8 11.1 Current Ratio 3.2 3.0 Accounts Receivable balance (based on latest 90 days sales) 49.1 53.6 Accounts Receivable - portion over 90 days since invoice 6.4% 5.6% Inventory Turns (based on latest 90 days sales) 3.6 3.8 Return on Equity 38.8% 34.5% Return on Assets 24.2% 20.2% End-of-Year Shares Outstanding 5,028,803 5,002,803 Growth or (Decline) from Prior Year Sales (0.9%) (7.6%) Gross Profit 1.8% (4.3%) Operating Profit 10.9% 1.0% Net Profit 10.4% (1.7%) Earnings Per Share 26.7% 18.3%