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
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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 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.
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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: 1/30/02 By: \s\ Kevin L. Cornwell
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Kevin L. Cornwell
CEO
UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands - audited)
ASSETS DECEMBER 31, 2001 DECEMBER 31, 2000
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CURRENT ASSETS:
Cash $ 370 $ 414
Accounts receivable - net 3,585 3,979
Inventories 3,247 3,005
Other current assets 672 666
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Total current assets 7,874 8,064
PROPERTY AND EQUIPMENT - NET 8,876 9,789
INTANGIBLE ASSETS - NET 6,822 7,570
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TOTAL $ 23,572 $ 25,423
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 457 $ 683
Accrued expenses 2,017 1,963
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Total current liabilities 2,474 2,646
NOTES PAYABLE 2,501 10,000
DEFERRED INCOME TAXES 390 430
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Total liabilities 5,365 13,076
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STOCKHOLDERS' EQUITY:
Common stock 50 50
Cumulative foreign currency translation adjustment (1,816) (1,559)
Retained earnings 19,973 13,856
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Total stockholders' equity 18,207 12,347
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TOTAL $ 23,572 $ 25,423
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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
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NET SALES $ 26,954 $ 27,193
COST OF SALES 11,561 12,068
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GROSS MARGIN 15,393 15,125
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EXPENSES:
Selling, general and administrative 5,751 6,190
Research & development 364 568
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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
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INCOME BEFORE INCOME TAX EXPENSE 9,479 8,420
INCOME TAX EXPENSE (3,545) (3,047)
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NET INCOME $ 5,934 $ 5,373
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BASIC EARNINGS PER SHARE $ 1.18 $ 0.90
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DILUTED EARNINGS PER SHARE $ 1.14 $ 0.90
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SHARES OUTSTANDING - BASIC 5,019 5,954
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SHARES OUTSTANDING - DILUTED 5,210 5,978
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UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(in thousands - audited)
Years ended December 31,
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2001 2000
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 5,934 $ 5,373
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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)
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Net cash provided by operating activities 7,860 7,825
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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
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Net cash used in investing activities (524) (600)
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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)
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Net cash used in financing activities (7,376) (7,447)
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Effect of exchange rate changes on cash (4) (11)
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NET INCREASE (DECREASE) IN CASH (44) (233)
CASH AT BEGINNING OF PERIOD 414 647
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CASH AT END OF PERIOD $ 370 $ 414
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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
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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%