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): October 31, 2000
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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Nasdaq Stock Market Marketplace Rule 4450(a)(3) requires each issuer to
maintain net tangible assets of at least $4 million. Net tangible assets is
defined as total assets (including the values of patents, copyrights and
trademarks, but excluding the value of goodwill) less total liabilities.
Utah Medical Products, Inc. (UTMD) has reported its intangible assets
inclusive of values of patents, copyrights and trademarks and the value of
goodwill which resulted from using the purchase method of accounting in making
the 1997 Columbia Medical, Inc. and the 1998 Bard/ Gesco neonatal product
acquisitions. In order to allow shareholders to calculate "net tangible assets"
as defined above, UTMD now reports its intangible assets divided into the two
portions.
Furthermore, UTMD completed a self tender offer on September 15, 2000 in
which it repurchased about 1.12 million shares of its outstanding stock at a
cost of $9.2 million. The transaction reduced retained earnings by the $9.2
million value of the repurchased shares. In addition, because the Company used
its bank line of credit to finance the offer, liabilities increased by $9.2
million on the offer closing date. As a result, UTMD's net tangible assets as
defined above on the most recent September 30, 2000 reporting date slipped
briefly below the $4 million threshold.
UTMD is now reporting its October 31, 2000 balance sheet to demonstrate
it remains in compliance with the Nasdaq Rule. Nasdaq Stock Market has reviewed
UTMD's case and determined it will not issue a non-compliance letter in this
situation.
[in thousands] October 31, September 30, June 30, December 31,
2000 2000 2000 1999
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Net Tangible Assets $ 4,271 $ 3,917 $ 13,050 $ 11,406
(excluding value of
goodwill)
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ITEM 7. FINANCIAL STATEMENTS
UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
(unaudited) (unaudited) (unaudited) (audited)
ASSETS OCT 31, 2000 SEP 30, 2000 JUN 30, 2000 DEC 31, 1999
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<S> <C> <C> <C> <C>
CURRENT ASSETS:
Cash $ 492 $ 749 $ 858 $ 647
Accounts receivable - net 3,486 3,685 3,994 4,077
Inventories 3,389 3,234 3,474 3,190
Other current assets 656 706 703 624
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Total current assets 8,024 8,374 9,029 8,538
Property and equipment - net 9,613 9,775 10,309 11,013
Goodwill - net 6,909 6,956 7,099 7,383
Other intangible assets - net 808 834 769 822
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TOTAL $ 25,354 $ 25,939 $ 27,206 $ 27,756
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LIABILITIES and STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES:
Accounts payable $ 884 $ 693 $ 701 $ 544
Accrued expenses 2,016 1,849 1,802 2,117
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Total current liabilities 2,899 2,542 2,503 2,661
NOTES PAYABLE 10,850 12,100 4,199 5,934
DEFERRED INCOME TAXES 424 424 355 372
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Total liabilities 14,174 15,066 7,057 8,967
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STOCKHOLDERS' EQUITY:
Preferred stock - $.01 par value; authorized - 5,000
shares; no shares issued or outstanding
Common stock - $.01 par value; authorized - 50,000
shares; issued - October 31, 2000, 5,027 shares;
September 30, 2000, 5,027 shares; June 30, 2000,
6,311 shares; December 31, 1999, 6,453 shares 50 50 63 64
Cumulative foreign currency translation adjustment (2,003) (1,840) (1,502) (1,250)
Retained earnings 13,133 12,663 21,588 19,975
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Total stockholders' equity 11,180 10,873 20,149 18,789
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TOTAL $ 25,354 $ 25,939 $ 27,206 $ 27,756
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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: 11/17/00 By: \s\ Kevin L. Cornwell
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Kevin L. Cornwell
CEO and CFO
