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Utah Medical Products sees income rise, slight sales dip

SHARE Utah Medical Products sees income rise, slight sales dip

Salt Lake-based Utah Medical Products Inc. said Tuesday it had net income of $1.4 million, or 27 cents per share, for the quarter ended March 31. That compares with net income of $1.2 million, or 19 cents per share, for the same quarter a year ago.

Net sales in the quarter totaled $6.5 million, down from $6.6 million a year ago.

The company said earnings per share for the most recent four quarters totaled 98 cents, a company record for four consecutive quarters.

The company said the 1 percent year-over-year decline in quarterly sales was due to an 11 percent drop in international sales, but the company said the drop "will not be indicative of international sales results for the year as a whole."

Chief executive officer Kevin Cornwell said the first-quarter performance was a step toward meeting the company's goal of $1.10 earnings per share for the year. That figure would be a company record and a 22 percent growth over the 2000 figure.

Utah Medical Products develops, manufactures, assembles and markets disposable and reusable specialty medical devices.

The company's stock price was at $8.95 early Tuesday, unchanged from Monday's close. In the past year, it has ranged from $6 to $10.50.