Utah Medical Products, Inc. Reports Financial Performance For Fourth Quarter And Year 2010
SALT LAKE CITY, Jan. 27, 2011 (GLOBE NEWSWIRE) -- In the fourth calendar quarter (4Q) 2010 and year of 2010, Utah Medical Products, Inc.'s (Nasdaq:UTMD) changes in financial results compared to the same time period in the prior calendar year were as follows:
|4Q (October – December)||Year (January – December)|
|Sales:||( 4%)||( 3%)|
|Gross Profit:||( 5%)||( 4%)|
|Operating Income:||( 8%)||( 5%)|
|Net Income:||( 2%)||( 4%)|
|Earnings Per Share:||( 2%)||( 4%)|
Profitability measures compared to the same time periods in the prior calendar year were as follows:
|Gross Profit Margin (GPM):||52.9%||53.2%||52.6%||53.2%|
|Operating Profit Margin (OPM):||35.1%||36.6%||35.5%||36.4%|
|Net Profit Margin (NPM):||24.3%||23.8%||23.9%||24.1%|
According to CEO Kevin Cornwell,"Despite the decline of sales and eps in 2010, UTMD's profitability demonstrated continued excellent overall performance. Domestic sales declined as U.S. hospitals have reduced utilization of physician-preference specialty devices. UTMD's sales growth came in areas where it has its lowest profit margins, primarily internationally where UTMD sells through third party distributors. The expansion of facilities in Utah and the consolidation of Oregon operations into Utah were completed in 2010. The full benefit of the consolidation will not be realized until 2011.
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