Utah Medical Products Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013
January 30, 2014 at 07:30 pm IST
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Utah Medical Products Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported net income of $3,468,000 or $0.917 per share on net sales of $10,085,000 compared to net income of $2,259,000 or $0.606 per share on net sales of $9,832,000 a year ago. Operating income was $3,559,000 compared to $3,570,000 a year ago. Income before tax was $3,485,000 compared to $3,322,000 a year ago.
For the year, the company reported net income of $11,406,000 or $3.022 per share on net sales of $40,493,000 compared to net income of $10,169,000 or $2.740 per share on net sales of $41,552,000 a year ago. Operating income was $14,828,000 compared to $15,196,000 a year ago. Income before tax was $14,476,000 compared to $14,537,000 a year ago. Excluding the noncash effects of depreciation, amortization of intangible assets and non-cash stock option expense and asset impairment expense, 2013 consolidated earnings before taxes plus interest expense were $18,136,000 compared to $18,703,000 in 2012. Non-U.S. GAAP earnings per share (EPS) in 2013 without the $976 tax provision adjustment were $2.76. The non-U.S. GAAP net profit (before applying the $976,000 tax reduction to the provision due to the reduction in the DTL) was $10,430,000 (25.8% of sales) compared to $10,169,000 in 2012.
Utah Medical Products, Inc. is engaged in the business of producing medical services. The Company markets a range of medical devices used in critical care areas, especially the neonatal intensive care unit (NICU), the labor and delivery (L&D) department and the women's health center in hospitals, as well as medical devices sold to outpatient clinics and physician's offices. Its products include BT-CATH, CVX-RIPE, AROM-COT, MUC-X, CORDGUARD, DISPOSA-HOOD, DELTRAN PLUS, GESCO, PICC-NATE, LETZ System, Filshie Clip System, PATHFINDER PLUS, SUPRAPUBIC CATHETERIZATION, LIBERTY System, ENDOCURETTE, LUMIN, and BioPharm HP-PRT, among others. BT-CATH is a uterine balloon tamponade catheter for controlling severe postpartum hemorrhage. MUC-X is an aspiration device used immediately after birth to clear neonatal respiratory passages and reduce exposure to potential infections. AROM-CO is a finger cover with a prong designed to rupture maternal membranes with less patient pain and anxiety.