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UTMD > SEC Filings for UTMD > Form 10-Q on 8-Aug-2013All Recent SEC Filings

Show all filings for UTAH MEDICAL PRODUCTS INC

Form 10-Q for UTAH MEDICAL PRODUCTS INC


8-Aug-2013

Quarterly Report


Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

General

UTMD manufactures and markets a well-established range of specialty medical devices. The Company's Form 10-K Annual Report for the year ended December 31, 2012 provides a detailed description of products, technologies, markets, regulatory issues, business initiatives, resources and business risks, among other details, and should be read in conjunction with this report. Because of the relatively short span of time, results for any given three month period in comparison with a previous three month period may not be indicative of comparative results for the year as a whole. Currency amounts in the report are in thousands, except per-share amounts or where otherwise noted.

Analysis of Results of Operations

a)   Overview

  In the second calendar quarter (2Q) and first half (1H) of 2013, gross profit
margins were consistent with the same periods in the prior year while operating
income, income before taxes and net income margins all improved, as follows:

                                         2Q 2013       2Q 2012        1H 2013       1H 2012

  Gross Profit Margin (gross profit/
  sales):                                   60.5 %        60.6 %         60.5 %        60.3 %
  Operating Income Margin (operating
  profit/ sales):                           37.1 %        35.4 %         37.3 %        36.1 %
  EBT Margin (profit before income
  taxes/ sales):                            36.3 %        34.2 %         36.4 %        34.7 %
  Net Income Margin (profit after
  taxes/ sales):                            26.3 %        24.0 %         26.3 %        24.4 %

UTMD's operating income margin (OPM) improved despite the new Medical Device Excise Tax (MDET), imposed as a component of the Patient Protection and Affordable Care Act (Obamacare). The MDET, levied as 2.3% of domestic sales of medical devices, is included in sales and marketing expenses.

In 2Q 2013, revenues and gross profits were consistent with those in 2Q 2012, while in 1H 2013, they were lower as a result of the previously reported distributor overstocking in 1Q 2012. Nevertheless, UTMD was able to improve its income before tax, net income and earnings per share in both 2Q 2013 and 1H 2013 periods compared to the same periods in 2012, as follows:

                         2Q 2013       2Q 2012      change         1H 2013       1H 2012      change
 Net Sales             $  10,002     $  10,025        (0.2 %)    $  20,376     $  21,230        (4.0 %)
 Gross Profit              6,048         6,071        (0.4 %)       12,329        12,809        (3.7 %)
 Operating Income          3,715         3,552         4.6 %         7,605         7,667        (0.8 %)
 Income Before Tax         3,627         3,430         5.7 %         7,414         7,367         0.6 %
 Net Income                2,632         2,401         9.6 %         5,368         5,190         3.4 %
 Earnings per
 Diluted Share              .698          .647         7.9 %         1.426         1.405         1.5 %

Operating expenses were $2,333 (23.3% of sales) in 2Q 2013 compared to $2,519 (25.1% of sales) in 2Q 2012, and $4,725 (23.2% of sales) in 1H 2013 compared to $5,143 (24.2% of sales) in 1H 2012. Average quarterly operating expenses were $2,528 (24.3% of sales) in the full year of 2012.

Income before taxes (EBT) was $3,627 (36.3% of sales) in 2Q 2013 compared to $3,430 (34.2% of sales) in 2Q 2012, and was $7,414 (36.4% of sales) in 1H 2013 compared to $7,367 (34.7% of sales) in 1H 2012. Average quarterly EBT was $3,634 (35.0% of sales) in the full year of 2012. In addition to the improvement in OPM, 2Q and 1H 2013 EBT benefited from lower interest expense on lower loan principal balances.

Net Income (NP) was $2,632 (26.3% of sales) in 2Q 2013 compared to $2,401 (24.0% of sales) in 2Q 2012, and $5,368 (26.3% of sales) in 1H 2013 compared to $5,190 (24.4% of sales) in 1H 2012. Average quarterly NP was $2,542 (24.5% of sales) in the full year of 2012. The improvement in UTMD's Net Income margin was leveraged by a lower consolidated income tax provision. The income tax provision rate was 27.4% in 2Q 2013 compared to 30.0% in 2Q 2012, and 27.6% in 1H 2013 compared to 29.6% in 1H 2012.


Earnings per share (EPS) were $.698 in 2Q 2013 compared to $.647 in 2Q 2012, and $1.426 in 1H 2013 compared to $1.405 in 1H 2012. Earnings per share averaged $.685 per quarter for the full year of 2012. Diluted shares used to calculate EPS increased to 3,769,600 in 2Q 2013 from 3,710,800 in 2Q 2012, and to 3,763,800 in 1H 2013 from 3,693,600 in 1H 2012. The increases were due to the exercise of employee options and the higher dilution factor applied to unexercised options as a result of a much higher average market price of UTMD stock. The number of shares added as a dilution factor in 2Q 2013 was 44,500 compared to 32,800 in 2Q 2012, and 45,600 in 1H 2013 compared to 30,100 in 1H 2012.

The changes in UTMD's Balance Sheet at June 30, 2013 from December 31, 2012 resulted primarily from continued excellent cash generation from operations, reduction in debt, a stronger U.S. Dollar (USD) which resulted in lower USD value of foreign subsidiary assets, and the early payment of the 4Q 2012 cash dividend to shareholders in December 2012 instead of January 2013, in contrast to other quarters in which the dividend is paid early in the following quarter.

b) Revenues

The Company believes that revenue should be recognized at the time of shipment as title generally passes to the customer at the time of shipment, or completion of services performed under contract. Revenue recognized by UTMD is based upon documented arrangements and fixed contracts in which the selling price is fixed prior to acceptance and completion of an order. Revenue from product or service sales is generally recognized at the time the product is shipped or service completed and invoiced, and collectibility is reasonably assured. There are no post-shipment obligations which have been or are expected to be material to financial results.

There are circumstances under which revenue may be recognized when product is not shipped, which meet the criteria of SAB 104: the Company provides engineering services, for example, design and production of manufacturing tooling that may be used in subsequent UTMD manufacturing of custom components for other companies. This revenue is recognized when UTMD's service has been completed according to a fixed contractual agreement.

Terms of sale are established in advance of UTMD's acceptance of customer orders. In the U.S., Ireland, UK and Australia, UTMD generally accepts orders directly from and ships directly to end user clinical facilities, as well as third party med/surg distributors, under UTMD's Standard Terms and Conditions (T&C) of Sale. About 15% of UTMD's domestic end user sales go through third party med/surg distributors which contract separately with clinical facilities to provide purchasing, storage and scheduled delivery functions for the applicable facility. UTMD's T&C of Sale are substantially the same in the U.S., Ireland, UK and Australia.

UTMD may have separate discounted pricing agreements with a clinical facility or group of affiliated facilities based on volume of purchases. Pricing agreements with clinical facilities, or groups of affiliated facilities, if applicable, are established in advance of orders accepted or shipments made. For existing customers, past actual shipment volumes determine the fixed price by part number for the next agreement period of one or two years. For new customers, the customer's best estimate of volume is accepted by UTMD for determining the ensuing fixed prices for the agreement period. New customers typically have one-year agreements. Prices are not adjusted after an order is accepted. For the sake of clarity, the separate pricing agreements with clinical facilities based on volume of purchases disclosure is not inconsistent with UTMD's disclosure above that the selling price is fixed prior to the acceptance of a specific customer order.

Total consolidated 2Q 2013 sales were $23 (0%) lower, and 1H 2013 sales were $854 (4%) lower than in the same periods of 2012. The global consolidated sales comparisons of 2Q 2013 to 2Q 2012, and 1H 2013 to 1H 2012, were negatively affected by the currency exchange impact of a stronger U.S. Dollar (USD or $) relative to the British Pound (GBP) and the Australian Dollar (AUD). The GBP was about 3% weaker in the 2Q and about 2% weaker for the 1H. The AUD was about 1% weaker in the 2Q and about 2% weaker for the 1H. In contrast, the Euro was about 2% stronger in the 2Q and about the same for the 1H. If currency exchange rates in 2013 had been the same as in 2012, consolidated sales would have been about $44 higher in 2Q 2013, and about $103 higher in 1H 2013.


U.S. domestic sales were $100 (2%) higher in 2Q 2013 than in 2Q 2012, and $518 (5%) lower in 1H 2013 than in 1H 2012. Sales of Femcare's Filshie Clip System devices to Cooper Surgical Inc. for distribution in the U.S. were 97% higher in 2Q 2013 compared to 2Q 2012, and 6% lower in 1H 2013 compared to 1H 2012. Filshie Clip System sales to Cooper were 22% of total domestic sales in 2Q 2013 compared to 11% in 2Q 2012. Filshie Clip System sales to Cooper were 22% of total domestic sales in both 1H 2013 and 1H 2012.

International sales were $123 (2%) lower in 2Q 2013 than in 2Q 2012, and were $336 (3%) lower in 1H 2013 than in 1H 2012. About 36% of the 2Q decline and 31% of the 1H decline was due to currency exchange. In USD terms, international sales were 51% of total consolidated 2Q 2013 sales compared to 53% in 2Q 2012, and 52% of total consolidated sales in 1H 2013 compared to 51% in 1H 2012.

UTMD's Ireland subsidiary's 2Q 2013 trade shipments (excludes intercompany sales), which are all in the "international sales" category, were $219 (26%) higher - 22% higher in EURO terms - compared to 2Q 2012, and in 1H 2013 were $288 (15%) higher - 14% higher in EURO terms - compared to 1H 2012.

UTMD's Femcare UK subsidiary's 2Q 2013 trade shipments (excludes intercompany sales), some of which are included in the "domestic sales" category, i.e. sales of the Filshie Clip System to COO, and the rest of which are included in the "international sales" category, were $159 (5%) higher - 8% higher in Great Britain Pounds (GBP) terms - compared to 2Q 2012, and in 1H 2013 were $695 (10%) lower - 8% lower in GBP terms - compared to 1H 2012.

UTMD's Femcare Australia subsidiary's 2Q 2013 trade shipments, which are in the "international sales" category, $2 (0%) higher - 2% higher in Australia Dollar (AUD) terms - compared to 2Q 2012, and for 1H 2013 were $131 (8%) lower - 6% lower in AUD terms - compared to 1H 2012.

The following table provides USD sales amounts divided into general product categories for total sales and the subset of international sales:

Global revenues by product category:

                                    2Q 2013       2Q 2012        1H 2013       1H 2012

       Obstetrics                 $   1,192     $   1,259      $   2,406     $   2,542
       Gynecology/
       Electrosurgery/ Urology        5,762         5,411         11,638        12,066
       Neonatal                       1,319         1,647          2,861         3,248
       Blood Pressure
       Monitoring and
       Accessories*                   1,729         1,708          3,471         3,374
       Total:                     $  10,002     $  10,025      $  20,376     $  21,230

*includes molded components sold to OEM customers.

International revenues by product category:

                                    2Q 2013       2Q 2012        1H 2013       1H 2012

       Obstetrics                 $     128     $     127      $     258     $     293
       Gynecology/
       Electrosurgery/ Urology        3,623         3,813          7,331         7,737
       Neonatal                         277           317            659           587
       Blood Pressure
       Monitoring and
       Accessories*                   1,113         1,008          2,255         2,222
       Total:                     $   5,141     $   5,265      $  10,503     $  10,839

*includes molded components sold to OEM customers.

c) Gross Profit

Gross profits (GP) result from subtracting the cost of manufacturing products (direct materials, direct labor and manufacturing overhead), or the purchase price of finished products which are resold, from revenues. UTMD's gross profit margin (GPM) is gross profit as a percentage of revenues. In 2Q 2013, GP were $6,048 (60.5% GPM) compared to $6,071 (60.6% GPM) in 2Q 2012. In 1H 2013, GP were $12,329 (60.5% GPM) compared to $12,809 (60.3% GPM) in 1H 2012. The small changes in GPM in the various periods were due essentially to product mix differences.


d) Operating Income

Operating income is the profit remaining after subtracting operating expenses from GP. UTMD's operating profit margin (OPM) is its operating income divided by revenues. Operating income in 2Q 2013 was $3,715 (37.1% OPM) compared to $3,552
(35.4% OPM) in 2Q 2012. In 1H 2013, operating income was $7,605 (37.3% OPM)
compared to $7,667 (36.1% OPM) in 1H 2012. A higher OPM with lower sales represents strong operational performance.

Operating expenses include sales and marketing (S&M) expenses, product development (R&D) expenses and general and administrative (G&A) expenses. Consolidated operating expenses were $186 lower in 2Q 2013 and $418 lower in 1H 2013 compared to the same periods of 2012, despite $71 added to 2Q 2013, and $146 to 1H 2013, operating expenses for the Obamacare MDET that weren't part of 2012 operating expenses. A stronger USD helped reduce operating expenses when consolidating the operating expenses of foreign subsidiaries into USD terms.

Consolidated S&M expenses in 2Q 2013 were $677 (6.8% of sales) compared to $703 (7.0% of sales) in 2Q 2012, and were $1,346 (6.6% of sales) in 1H 2013 compared to $1,354 (6.4% of sales) in 1H 2012. 2Q and 1H 2013 S&M expenses included the MDET. (In financial projections for 2013 included in UTMD's 2012 SEC Form 10-K, management included the MDET in non-operating expenses. The change in classification from non-operating to operating expenses, more specifically S&M expenses, was the result of a recommendation by UTMD's independent accounting firm.) S&M expenses include all customer support costs including training. In general, training is not required for UTMD's products since they are well-established and have been clinically widely used. Written "Instructions For Use" are packaged with all finished devices. Although UTMD does not have any explicit contracts with customers to provide training, it does have third party group purchasing organization agreements in the U.S. and UK under which it agrees to provide hospital members inservice and clinical training as required and reasonably requested.

UTMD promises prospective customers that it will provide, at no charge in reasonable quantities, copies of videotapes and other instruction materials developed for the use of its products. UTMD provides customer support from offices in the U.S., UK, Ireland and Australia by telephone, and employed representatives on a geographically dispersed basis, to answer user questions and help troubleshoot any user issues. Occasionally, on a case-by-case basis, UTMD may utilize the services of an independent practitioner to provide educational assistance to clinicians. All inservice and training expenses are routinely expensed as they occur. Except for the consulting services of independent practitioners, all of these services are allocated from fixed S&M overhead costs included in Operating Expenses. Historically, marginal consulting costs have been immaterial to financial results.

R&D expenses in 2Q 2013 were $120 (1.2% of sales) compared to $147 (1.5% of sales) in 2Q 2012, and were $243 (1.2% of sales) in 1H 2013 compared to $293 (1.4% of sales) in 1H 2012. The differences were due to normal period to period fluctuations in project costs.

Consolidated G&A expenses in 2Q 2013 were $1,536 (15.4% of sales) compared to $1,670 (16.7% of sales) in 2Q 2012, and were $3,136 (15.4% of sales) in 1H 2013 compared to $3,496 (16.5% of sales) in 1H 2012. The G&A expenses included $621 (6.2% of sales) in 2Q 2013 and $1,246 (6.1% of sales) in 1H 2013 of non-cash expense from the amortization of identifiable intangible assets (IIA) resulting from the Femcare acquisition, which were $639 (6.4% of sales) in 2Q 2012 and $1,274 (6.0% of sales) in 1H 2012. The differences were due to currency exchange, as the amortization of IIA of the Femcare acquisition is in constant GBP. In addition to the reduction in foreign operating expense due to a stronger USD, lower G&A expenses were primarily the result of 1) lower litigation expense in the U.S.; 2) lower UK expense from lower leases and rents compared to the prior year, and a foreign currency exchange gain on UK accounts receivable; and
3) lower variable expenses in Australia related to lower sales activity, lower fees negotiated in a service agreement and a reclassification of Australia freight expense included in G&A in 2012 to S&M expense in 2013.


In addition to litigation costs, G&A expenses include the cost of outside financial auditors and corporate governance activities relating to the implementation of SEC rules resulting from the Sarbanes-Oxley Act of 2002, as well as estimated stock-based compensation cost, a noncash expense. Option compensation expense included in G&A expenses was $7 in 2Q 2013 compared to $18 in 2Q 2012, and $14 in 1H 2013 compared to $38 in 1H 2012.

Operating expense summary:

                                     2Q 2013       2Q 2012       1H 2013       1H 2012

       S&M Expense                 $     677     $     702     $   1,346     $   1,354
       R&D Expense                       120           147           243           293
       G&A Expense                     1,536         1,670         3,136         3,496
       Total Operating Expenses:   $   2,333     $   2,519     $   4,725     $   5,143

e) Non-operating income/ expense

Non-operating income (NOI) includes income from rent of underutilized property, investment income and royalties received from licensing the Company's technology. Non-operating expense (NOE) includes loan interest and bank fees. UTMD's reported NOE is the net of its NOE and NOI. The net is a NOE because the amount of interest that UTMD has been paying on bank loans since the 2011 Femcare acquisition exceeds the sum of all of its NOI. (Net) NOE in 2Q 2013 was $89 compared to $122 in 2Q 2012, and was $191 in 1H 2013 compared to $300 in 1H 2012. The decreases were primarily due to lower interest expense on bank loans. In the absence of adding debt to help fund additional acquisitions that improve shareholder value, NOE will continue to decline as UTMD repays its current bank loans.

f) Income Before Income Taxes

Income before taxes (EBT) results from subtracting NOE from operating income. EBT Margin (EBTM) is EBT divided by revenues. 2Q 2013 consolidated EBT was $3,627 (36.3% EBTM) compared to $3,430 (34.2% EBTM) in 2Q 2012. 1H 2013 consolidated EBT was $7,414 (36.4% EBTM) compared to $7,367 (34.7% EBTM) in 1H 2012. The EBT of UTMD Ltd. (Ireland) was 225 (27.0% EBTM) in 2Q 2013 compared to 157 (23.1% EBTM) in 2Q 2012, and was 452 (25.6% EBTM) in 1H 2013 compared to 279 (18.2% EBTM) in 1H 2012. The EBT of Femcare (Femcare-Nikomed, Ltd., UK and Femcare Australia) was 1,028 (39.5% EBTM) in 2Q 2013 compared to 722 (30.0% EBTM) in 2Q 2012, and was 2,058 (39.2% EBTM) in 1H 2013 compared to 1,999 (35.3% EBTM) in 1H 2012.

Excluding the noncash effects of depreciation, amortization of intangible assets, write-off of impaired assets and stock option expense, 2Q 2013 and 1H 2013 consolidated EBT plus interest expense were $4,535 and $9,245, respectively. Excluding the noncash effects of depreciation, amortization of intangible assets, write-off of impaired assets and stock option expense, the last twelve months' consolidated EBT plus interest expense were $18,544.

g) Net Income

Net Income results from subtracting UTMD's accrued income tax provision from EBT. Net income divided by revenues is UTMD's net income margin (NPM). Consolidated net income was $2,632 (26.3% NPM) in 2Q 2013 compared to $2,401 (24.0% of sales) in 2Q 2012, and was $5,368 (26.3% NPM) in 1H 2013 compared to $5,190 (24.4% of sales) in 1H 2012. The improvement in 2013 NPMs compared to 2012 was due to the improvement in OPM and EBTM described above, plus a greater portion of total EBT achieved in Ireland, the lowest taxed sovereignty, and a lower corporate income tax rate in the UK. The consolidated income tax provision rate was 27.4% in 2Q 2013 compared to 30.0% in 2Q 2012, and 27.6% in 1H 2013 compared to 29.6% in 1H 2012.

h) Earnings Per Share

Earnings per share (EPS) are Net Income divided by the number of shares of stock outstanding (diluted to take into consideration stock option awards which are "in the money," i.e., have exercise prices below the applicable period's weighted average market value). Diluted EPS were $0.698 in 2Q 2013 compared to $0.647 in 2Q 2012, and $1.426 in 1H 2013 compared to $1.405 in 1H 2012. EPS for the most recent twelve months were $2.76.

2Q 2013 EPS increased 5.1 cents (8%) compared to 2Q 2012 as a result of improved profit margins and lower corporate income tax rate in the UK. For 1H 2013, EPS increased 2.1 cents (1%) compared to 1H 2012.


2Q 2013 weighted average number of diluted common shares (the number used to calculate diluted EPS) were 3,769,600 compared to 3,710,800 shares in 2Q 2012, and 3,763,800 in 1H 2013 compared to 3,693,600 in 1H 2012. Employees exercised options for 6,400 shares in 2Q 2013 and for 38,440 shares in 1H 2013. Options outstanding at June 30, 2013 were 109,400 shares at an average exercise price of $27.01 per share, including shares awarded but not vested. This compares to 183,500 unexercised option shares outstanding at June 30, 2012.

Increases and decreases in UTMD's stock price impact EPS as a result of the dilution calculation for unexercised options with exercise prices below the average stock market value during each period. The dilution calculation added 44,500 shares to actual weighted average shares outstanding in 2Q 2013 compared to 32,800 in 2Q 2012, and 45,600 shares to the 1H 2013 calculation compared to 30,100 in 1H 2012. Actual outstanding common shares as of the end of 2Q 2013 were 3,728,300 compared to 3,684,600 at the end of 2Q 2012. The Company did not repurchase any of its shares in the open market in 1H 2013 or in 1H 2012. Notwithstanding, UTMD retains its program for repurchasing shares when they seem undervalued.

i) Return on Equity

Return on equity (ROE) is the portion of net income retained by UTMD to internally finance its growth, divided by the average accumulated stockholder equity for the applicable time period. Annualized ROE (after payment of dividends) in 1H 2013 was 14% compared to 16% in 1H 2012. ROE prior to payment of dividends was 21% in 1H 2013 and 24% in 1H 2012. Even though net income was up 8% in 1H 2013, the lower ROE is due primarily to average total assets remaining about the same while debt declined by 38%. Even after payment of cash dividends (which reduce stockholders' equity), stockholders' equity as of June 30, 2013 is 16% higher than at June 30, 2012.

Liquidity and Capital Resources

j) Cash flows

Net cash provided by operating activities, including adjustments for depreciation and amortization and other non-cash expenses along with changes in working capital, totaled $5,042 in 1H 2013 compared to $6,537 in 1H 2012. The most significant differences in the two periods were use of cash of $1,074 from a larger increase in accounts receivable and $446 from a small decrease in accounts payable in 1H 2013 compared to a large increase in 1H 2012.

The Company's use of cash to pay down its bank loan principal balances was the most significant use of cash in either period. UTMD repaid $1,935 on its notes during 1H 2013, compared to $5,221 during 1H 2012. All of UTMD's notes are scheduled to be repaid by April 2016. UTMD made cash dividend payments of $911 in 1H 2013 compared to $878 in 1H 2012.

Capital expenditures for property and equipment (PP&E) were $111 in 1H 2013 compared to $133 in 1H 2012. In contrast, depreciation of PP&E was $308 in 1H 2013 and $334 in 1H 2012. Planned capital expenditures during 2013 are expected to be less than depreciation of PP&E.

In 1H 2013, UTMD received $490 and issued 25,205 shares of its stock upon the exercise of employee stock options, net of 13,235 shares retired upon employees trading those shares in payment of the stock option exercise price and related taxes. Option exercises in 1H 2013 were at an average price of $26.98 per share. In comparison, in 1H 2012, the Company received $978 from issuing 44,588 shares of stock on the exercise of employee and director stock options, net of 3,169 shares retired upon employees trading those shares in payment of the stock option exercise price.

Management believes that income from operations and effective management of working capital will provide the liquidity needed to finance its internal growth plans. In addition, the Company may use cash for marketing or product manufacturing rights to broaden the Company's product offerings; for dividends and continued share repurchases when the price of the stock is undervalued; and if available for a reasonable price, an acquisition that might strategically fit UTMD's business and be accretive to performance.


k) Assets and Liabilities

June 30, 2013 total assets decreased $507 (less than 1%) from December 31, 2012, essentially due to a strengthening of the USD compared to the GBP and EURO. UTMD's Ireland subsidiary assets were translated into USD at a rate 1.3% lower than the EURO to USD conversion rate at the end 2012. UTMD's Femcare UK subsidiary assets were translated into USD at a rate 6.9% lower than the GBP to USD conversion rate at the end of 2012. Femcare's June 30, 2013 intangible assets were $2,664 lower than they would have been at the December 31, 2012 GBP/USD exchange rate. Cash increased $2,514 during 1H 2013. Accounts and other receivables increased $1,332. Inventories increased $14 and other current assets decreased $116 during 1H 2013. Inventory and receivables balances were within management's productivity targets.

Working capital (current assets minus current liabilities) was $13,682 at June 30, 2013, compared to $10,712 at December 31, 2012. Current liabilities increased $784, including a $1,010 increase in accrued expenses. The accrued expenses increase was due to the 2Q 2013 quarterly dividend payment to shareholders of $913 accrued but not paid until after June 30, whereas the 4Q 2012 dividend payment was paid before the end of December 2012. UTMD believes that its working capital remains sufficient to meet normal operating needs, debt service requirements and cash dividend payments to shareholders.

Intangible assets (Goodwill plus Other intangible assets) decreased $3,988. As noted above, the decrease was due to a stronger USD relative to GBP at June 30, 2013 compared to December 31, 2012 and the amortization of identifiable intangible assets of $1,246 in 1H 2013. At June 30, 2013, net intangible assets . . .

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