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
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UTAH MEDICAL PRODUCTS, INC.
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(Exact name of Registrant as specified in its charter)
UTAH 87-0342734
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
7043 South 300 West
Midvale, Utah 84047
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Address of principal executive offices
Registrant's telephone number: (801) 566-1200
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ITEM 5. OTHER EVENTS
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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
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CONSOLIDATED CONDENSED BALANCE SHEETS
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(in thousands - audited)
ASSETS DECEMBER 31, 2000 DECEMBER 31, 1999
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CURRENT ASSETS:
Cash $ 414 $ 647
Accounts receivable - net 3,979 4,077
Inventories 3,005 3,190
Other current assets 666 624
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Total current assets 8,064 8,538
PROPERTY AND EQUIPMENT - NET 9,789 11,013
INTANGIBLE ASSETS - NET 7,570 8,205
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TOTAL $ 25,423 $ 27,756
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LIABILITIES AND STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES:
Accounts payable $ 683 $ 544
Accrued expenses 1,963 2,117
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Total current liabilities 2,646 2,661
NOTES PAYABLE 10,000 5,934
DEFERRED INCOME TAXES 430 372
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Total liabilities 13,076 8,967
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STOCKHOLDERS' EQUITY:
Common stock 50 64
Cumulative foreign currency translation adjustment (1,559) (1,250)
Retained earnings 13,856 19,975
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Total stockholders' equity 12,347 18,789
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TOTAL $ 25,423 $ 27,756
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UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
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CONSOLIDATED CONDENSED STATEMENTS OF INCOME
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YEARS ENDED DECEMBER 31, 2000 AND DECMBER 31, 1999
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(in thousands, except per share data - audited)
2000 1999
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NET SALES $ 27,193 $ 29,444
COST OF SALES 12,068 13,648
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GROSS MARGIN 15,125 15,796
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EXPENSES:
Selling, general and administrative 6,191 6,795
Research & development 568 719
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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)
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INCOME BEFORE INCOME TAX EXPENSE 8,419 8,545
INCOME TAX EXPENSE 3,046 3,077
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NET INCOME $ 5,373 $ 5,468
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BASIC EARNINGS PER SHARE $ 0.90 $ 0.76
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DILUTED EARNINGS PER SHARE $ 0.90 $ 0.76
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SHARES OUTSTANDING - BASIC 5,954 7,187
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SHARES OUTSTANDING - DILUTED 5,978 7,197
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UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
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(in thousands - audited)
Years ended December 31,
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2000 1999
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 5,373 $ 5,468
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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)
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Net cash provided by operating activities 7,825 9,101
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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
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Net cash used in investing activities (600) (685)
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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
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Net cash used in financing activities (7,447) (9,120)
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Effect of exchange rate changes on cash (11) (16)
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NET INCREASE (DECREASE) IN CASH (233) (720)
CASH AT BEGINNING OF PERIOD 647 1,367
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CASH AT END OF PERIOD $ 414 $ 647
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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
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SELECTED FINANCIAL RATIOS AND OTHER COMPARISONS
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2000 1999
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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%
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SIGNATURES
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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.
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REGISTRANT
Date: 1/29/01 By: \s\ Kevin L. Cornwell
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Kevin L. Cornwell
CEO