UTAH MEDICAL PRODUCTS, INC.
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(Exact name of registrant as specified in its charter)
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Utah
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000-12575
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87-0342734
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(State or other jurisdiction of incorporation or organization)
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(Commission File Number)
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(IRS Employer Identification No.)
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7043 South 300 West
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Midvale, Utah
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84047
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(Address of principal executive offices)
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(Zip code)
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Registrant’s telephone number, including area code:
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Phone: (801) 566-1200
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n/a
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(Former name or former address, if changed since last report)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (Section 230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).
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Emerging growth company [ ]
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. [ ]
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Exhibit
Number*
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Title of Document
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Location
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Item 99.1
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Financial information for Utah Medical Products, Inc. for the three and six months ended June 30, 2019 and forward-looking statements relating to 2019 and beyond as presented
in a press release dated July 30, 2019.
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This filing
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* |
All exhibits are numbered with the number preceding the decimal indicating the applicable SEC reference number in Item 601 and the number following the decimal indicating the sequence of the particular document.
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UTAH MEDICAL PRODUCTS, INC.
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Dated: July 30, 2019
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By:
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/s/Kevin L. Cornwell |
Kevin L. Cornwell, Chief Executive Officer
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2Q
(April – June)
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1H
(January – June)
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|||||||
Sales:
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+ 8
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%
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+ 3
|
%
|
||||
Gross Profit:
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+ 7
|
%
|
+ 3
|
%
|
||||
Operating Income:
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(11
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%)
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(14
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%)
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||||
Net Income:
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(18
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%)
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(21
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%)
|
||||
Earnings Per Share:
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(18
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%)
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(20
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%)
|
2Q 19
|
2Q 18
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Change
|
1H 19
|
1H 18
|
Change
|
|||||||||||||||||||
GBP
|
1.285
|
1.359
|
(5.4
|
%)
|
1.295
|
1.375
|
(5.9
|
%)
|
||||||||||||||||
EUR
|
1.125
|
1.192
|
(5.6
|
%)
|
1.129
|
1.209
|
(6.6
|
%)
|
||||||||||||||||
AUD
|
0.701
|
0.756
|
(7.3
|
%)
|
0.707
|
0.771
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(8.4
|
%)
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||||||||||||||||
CAD
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0.748
|
0.775
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(3.5
|
%)
|
0.750
|
0.783
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(4.1
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%)
|
2Q 2019
(Apr – Jun)
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2Q 2018
(Apr – Jun)
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1H 2019
(Jan – Jun)
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1H 2018
(Jan – Jun)
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|||||||||||||
Gross Profit Margin (gross profits/ sales):
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63.3
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%
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63.7
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%
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63.2
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%
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63.6
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%
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||||||||
Operating Income Margin (operating profits/ sales):
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37.8
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%
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46.1
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%
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38.0
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%
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45.9
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%
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||||||||
Net Income Margin (profit after taxes/ sales):
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29.8
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%
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39.3
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%
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29.5
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%
|
38.4
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%
|
|
June 30,
2019
|
June 30,
2018
|
Change
|
|||||||||
GBP
|
1.271
|
1.320
|
( 3.7
|
%)
|
||||||||
EUR
|
1.138
|
1.168
|
( 2.5
|
%)
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||||||||
AUD
|
0.701
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0.740
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( 5.2
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%)
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||||||||
CAD
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0.765
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0.761
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+0.5
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%
|
1) |
Current Ratio = 12.1
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2) |
Days in Trade Receivables (based on 2Q 2019 sales activity) = 40
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3) |
Average Inventory Turns (based on 2Q 2019 CGS and average inventories) = 2.3
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4) |
2019 YTD ROE (before dividends) = 15%
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2Q 2019
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2Q 2018
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Percent Change
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||||||||||
Net Sales
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$
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11,846
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$
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10,965
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+8.0
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%
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||||||
Gross Profit
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7,500
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6,984
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+7.4
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%
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||||||||
Operating Income
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4,481
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5,056
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(11.4
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%)
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||||||||
Income Before Tax
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4,565
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5,556
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(17.8
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%)
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||||||||
Net Income
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3,525
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4,308
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(18.2
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%)
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||||||||
Earnings Per Share
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$
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.944
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$
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1.148
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(17.8
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%)
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||||||
Shares Outstanding (diluted)
|
3,735
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3,754
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1H 2019
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1H 2018
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Percent Change
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||||||||||
Net Sales
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$
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22,578
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$
|
21,852
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+3.3
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%
|
||||||
Gross Profit
|
14,273
|
13,906
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+2.6
|
%
|
||||||||
Operating Income
|
8,582
|
10,027
|
(14.4
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%)
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||||||||
Income Before Tax
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8,702
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10,565
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(17.6
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%)
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||||||||
Net Income
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6,664
|
8,400
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(20.7
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%)
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||||||||
Earnings Per Share
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$
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1.783
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$
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2.239
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(20.4
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%)
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||||||
Shares Outstanding (diluted)
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3,737
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3,751
|
|
(unaudited)
JUN 30, 2019
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(unaudited)
MAR 31, 2019
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(audited)
DEC 31, 2018
|
(unaudited)
JUN 30, 2018
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||||||||||||
Assets
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||||||||||||||||
Cash & Investments
|
$
|
32,880
|
$
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32,665
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$
|
51,112
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$
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45,873
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||||||||
Accounts & Other Receivables, Net
|
5,235
|
4,910
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3,955
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4,532
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||||||||||||
Inventories
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7,712
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7,648
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5,413
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5,228
|
||||||||||||
Other Current Assets
|
398
|
446
|
423
|
363
|
||||||||||||
Total Current Assets
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46,225
|
45,669
|
60,903
|
55,996
|
||||||||||||
Property & Equipment, Net
|
10,567
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10,679
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10,359
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10,770
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||||||||||||
Intangible Assets, Net
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46,569
|
48,703
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28,506
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30,279
|
||||||||||||
Total Assets
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$
|
103,361
|
$
|
105,051
|
$
|
99,768
|
$
|
97,045
|
||||||||
Liabilities & Stockholders’ Equity
|
||||||||||||||||
Accounts Payable
|
853
|
2,847
|
975
|
979
|
||||||||||||
REPAT Tax Payable
|
85
|
85
|
85
|
617
|
||||||||||||
Other Accrued Liabilities
|
2,882
|
4,111
|
4,200
|
3,652
|
||||||||||||
Total Current Liabilities
|
$
|
3,820
|
$
|
7,043
|
$
|
5,260
|
$
|
5,248
|
||||||||
Deferred Tax Liability – Intangible Assets
|
2,339
|
2,496
|
2,540
|
2,828
|
||||||||||||
Long Term Lease Liability
Long Term REPAT Tax Payable
|
395
2,441
|
405
2,441
|
0
2,441
|
0
5,168
|
||||||||||||
Deferred Revenue and Income Taxes
|
453
|
491
|
535
|
439
|
||||||||||||
Stockholders’ Equity
|
93,913
|
92,175
|
88,992
|
83,362
|
||||||||||||
Total Liabilities & Stockholders’ Equity
|
$
|
103,361
|
$
|
105,051
|
$
|
99,768
|
$
|
97,045
|