Salt Lake City,
Utah - Utah Medical Products, Inc. (Nasdaq: UTMD)
will release its financial results for the first quarter ending March 31,
2005 (1Q 2005) near the stock market opening on Thursday, April 21, 2005,
the 27th birthday of the Company.
According to CEO Kevin Cornwell, “UTMD’s steady performance in 1Q 2005
supports achieving management’s goal of $1.80 in earnings per share for the
year of 2005. This projection includes a lower income tax provision as a
result of The American Jobs Creation Act of 2004 (the Act) enacted in
October 2004 which allows a temporary tax deduction on repatriated foreign
earnings, which must be accomplished in 2005.”
Because of the unusual tax consequences of repatriating foreign earnings in
2005, and the extraordinary events in prior periods of 2004, to which 2005
performance from continuing operations will be compared, UTMD will hold an
investor conference call on the same day (Thursday, April 21, 2005) to
answer investor questions and explain the differences between Generally
Accepted Accounting Principles (GAAP) and the non-GAAP measures of
performance which UTMD also provides, and why the Company believes the non-GAAP
measures are important to investors’ “apples to apples” comparisons of
UTMD’s performance with prior periods.
The conference call is scheduled for 4:15 p.m. Eastern (2:15 p.m. Mountain)
time on Thursday, April 21. The telephone number to call is 1-800-579-2557.
Please call in a few minutes prior to the scheduled start of the call, using
Investors are cautioned that this press release contains forward looking
statements and that actual events may differ from those projected. Risk
factors that could cause results to differ materially from those projected
include a delay in adjudication of UTMD’s current lawsuit with the Food &
Drug Administration (FDA) beyond the middle of 2005, an unfavorable outcome
of the lawsuit with the FDA, and a change in the guidance provided by FASB
Staff Position No. FAS 109-2 regarding accounting for the tax consequences
of repatriating foreign earnings in 2005, among other factors that have been
outlined in UTMD's public disclosure filings with the SEC.
Utah Medical Products, Inc., with particular interest in health care for
women and their babies, develops, manufactures, assembles and markets a
broad range of high quality disposable and reusable specialty medical
devices designed for better health outcomes for patients and their
care-providers. For more information about Utah Medical Products, Inc.,
visit UTMD's website at www.utahmed.com.