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
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(Commission File Number)
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(IRS Employer
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incorporation or organization)
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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 twelve months ended December 31, 2019 and
forward-looking statements relating to 2019 and beyond as presented in a press release dated January 30, 2020.
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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: January 30, 2020
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By:
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/s/ Kevin L. Cornwell |
Kevin L. Cornwell, Chief Executive Officer
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Contact: Crystal Rios
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January 30, 2020
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(801) 566-1200
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4Q
(October – December)
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Year
(January – December)
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Revenues:
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+ 21%
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+12%
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Gross Profit:
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+ 28%
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+12%
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Operating Income:
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+ 10%
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( 6%)
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Net Income:
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+ 28%
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(21%)
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Earnings Per Share (EPS):
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+ 29%
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(20%)
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4Q
(October – December)
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Year
(January – December)
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Net Income (non-US GAAP):
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+ 7%
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(9%)
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EPS (non-US GAAP):
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+ 7%
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(9%)
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4Q19
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4Q18
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2019
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2018
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Gross Profit Margin (GPM):
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66.00%
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62.60%
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62.80%
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62.60%
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Operating Income Margin:
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39.50%
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43.80%
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37.60%
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44.50%
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Earnings Before Tax Margin:
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40.00%
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45.20%
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38.10%
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46.30%
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Net Income Margin:
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36.80%
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34.80%
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31.40%
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44.20%
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Net Income Margin (non-US GAAP):
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31.90%
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36.10%
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30.20%
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36.90%
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4Q 19
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4Q 18
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Change
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2019
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2018
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Change
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GBP
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1.288
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1.287
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+0.1%
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1.277
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1.334
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(4.3%)
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EUR
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1.108
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1.141
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(2.9)%
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1.119
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1.180
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(5.1%)
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AUD
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0.684
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0.717
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(4.5)%
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0.696
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0.747
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(6.9%)
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CAD
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0.757
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0.759
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(0.2)%
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0.754
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0.773
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(2.5%)
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Sales Weighted Average Change
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(1.7)%
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(4.7%)
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1)
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Cash and investment balances were only $8.3 million lower at the end of 2019 compared to the end of 2018 despite using $23.1 million to repurchase the CSI U.S. Filshie Clip System
distribution rights and inventory, paying $4.1 million in cash dividends to stockholders and repurchasing $0.4 million in UTMD stock in the open market.
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2)
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Despite the $8.3 million decline in cash, working capital declined only $4.2 million due to increases in accounts receivable and inventory needed to support direct U.S. sales of the
Filshie Clip System devices. UTMD’s current ratio improved to 15.9 at year-end 2019 from 11.6 at year-end 2018.
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3)
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Excluding a $0.4 million lease liability which is now recorded per U.S. GAAP but was not on the balance sheet at the end of 2018, total liabilities declined by $2.1 million.
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4)
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The net book value of Intangible Assets increased to 40% of total assets at December 31, 2019 from 29% at the end of 2018, despite amortization expense of $6.1 million during 2019, due to
the purchase of CSI exclusive U.S.distribution rights for the Filshie Clip System.
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INCOME STATEMENT, Fourth Quarter (3 months ended December 31) | ||||||||||||
(in thousands except earnings per share) | ||||||||||||
4Q 2019
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4Q 2018
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Percent Change
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||||||||||
Net Sales
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$
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11,831
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$
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9,756
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21.30
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%
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Gross Profit
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7,814
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6,106
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28.00
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%
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Operating Income
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4,679
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4,269
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9.60
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%
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Income Before Tax
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4,735
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4,413
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7.30
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%
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NI B4 REPAT/FDII Tax Adjustment
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3,777
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3,522
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7.20
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%
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Net Income (GAAP)
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4,359
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3,393
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28.50
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%
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EPS B4 REPAT/FDII Tax Adjustment
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$
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1.01
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$
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0.94
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7.40
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%
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Earnings Per Share
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$
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1.17
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$
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0.91
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28.70
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%
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Shares Outstanding (diluted)
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3,740
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3,747
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INCOME STATEMENT, Year (12 months ended December 31)
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2019
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2018
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Percent Change
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||||||||||
Net Sales
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$
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46,904
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$
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41,998
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11.70
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%
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Gross Profit
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29,466
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26,306
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12.00
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%
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Operating Income
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17,633
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18,697
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-5.70
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%
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Income Before Tax
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17,884
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19,458
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-8.10
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%
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NI B4 REPAT/FDII Tax Adjustment
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14,145
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15,504
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-8.80
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%
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Net Income (GAAP)
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14,727
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18,555
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-20.60
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%
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EPS B4 REPAT/FDII Tax Adjustment
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$
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3.78
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$
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4.14
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-8.50
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%
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EPS (GAAP)
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$
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3.94
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$
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4.95
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-20.40
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%
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Shares Outstanding (diluted)
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3,739
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3,749
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BALANCE SHEET (in thousands)
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(audited)
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(unaudited)
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(audited)
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Assets
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31-Dec-19
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30-Sep-19
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31-Dec-18
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Cash & Investments
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$
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42,787
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$
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37,393
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$
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51,112
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Accounts & Other Receivables, Net
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4,742
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5,067
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3,955
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Inventories
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6,913
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6,711
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5,413
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Other Current Assets
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443
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342
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423
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Total Current Assets
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54,885
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49,513
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60,903
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Property & Equipment, Net
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10,729
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10,266
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10,359
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Intangible Assets, Net
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44,173
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44,315
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28,506
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Total Assets
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$
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109,787
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$
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104,094
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$
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99,768
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Liabilities & Stockholders’ Equity
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Accounts Payable
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1,098
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786
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975
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REPAT Tax Payable
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101
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85
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-0-
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Other Accrued Liabilities
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2,249
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2,815
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4,285
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Total Current Liabilities
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3,448
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3,686
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5,260
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Deferred Tax Liability – Intangible Assets
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2,240
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2,170
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2,540
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Long Term Lease Liability
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376
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385
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0
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Long Term REPAT Tax Payable
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2,110
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2,441
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2,441
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Deferred Income Taxes
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521
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426
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535
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Stockholders’ Equity
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101,092
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94,986
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88,992
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Total Liabilities & Stockholders’ Equity
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$
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109,787
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$
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104,094
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$
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99,768
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