-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NHJ+XrvG2onnIKFb2NYm9xr9OH2H1XmTiim34QrLGNI9N8lRdVuk7V/NRzk02dkJ yPLhu7GXrDHwBO+cGH8OwA== 0000947871-02-000901.txt : 20020515 0000947871-02-000901.hdr.sgml : 20020515 20020515145549 ACCESSION NUMBER: 0000947871-02-000901 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020430 FILED AS OF DATE: 20020515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ORTHOFIX INTERNATIONAL N V CENTRAL INDEX KEY: 0000884624 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19961 FILM NUMBER: 02651305 BUSINESS ADDRESS: STREET 1: 7 ABRAHAM DE VEERSTRAAT STREET 2: CURACAO CITY: NETHERLANDS ANTILLES STATE: P8 ZIP: 00000 6-K 1 f6k_051002.txt FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of April 2002 Orthofix International, N.V. (Translation of registrant's name into English) 7 Abraham de Veerstraat Curacao Netherlands Antilles (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F X Form 40-F --------- --------- Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: Yes No X ----- ------ If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Orthofix announces results for the first quarter ending March 31, 2002 HUNTERSVILLE, N.C., April 25, 2002-- Orthofix International N.V. (NASDAQ: OFIX) announced results for the first quarter ending March 31, 2002 (unaudited). ORTHOFIX INTERNATIONAL N.V. CONSOLIDATED INCOME STATEMENTS In thousands, except per share and share data For the three months -------------------------------- ended March 31 -------------------------------- 2002 2001 ------------- ------------- (Unaudited) (Unaudited) Net sales $ 41,595 38,470 Cost of sales 9,911 10,086 ------------- ------------- Gross profit 31,684 28,384 ------------- ------------- Operating expenses Sales and marketing 15,084 14,084 General and administrative 4,145 3,888 Research and development 2,132 1,812 Amortization 165 1,018 ------------- ------------- 21,526 20,802 ------------- ------------- Operating income 10,158 7,582 Other income (275) 168 ------------- ------------- Net income before income tax 9,883 7,750 and minority interests Income tax expense (2,905) (2,304) ------------- ------------- Net income before minority interests 6,978 5,446 Minority interests (388) (515) ------------- ------------- Net income $ 6,590 $ 4,931 ------------- ------------- Net income per common share - diluted $ 0.44 $ 0.34 Weighted average number of common shares outstanding - diluted 15,000,213 14,424,926 ORTHOFIX INTERNATIONAL N.V. CONSOLIDATED BALANCE SHEETS In thousands As of As of ------------- ------------- March 31, December 31, ------------- ------------- 2002 2001 ------------- ------------- (Unaudited) (Unaudited) Assets Current assets: Cash and cash equivalents $ 31,589 $ 34,273 Trade accounts receivable 47,435 46,111 Inventory 20,171 19,249 Deferred income taxes 4,049 4,049 Other current assets 8,911 8,729 ------------- ------------- Total current assets 112,155 112,411 Securities and other investments 5,478 2,846 Property, plant and equipment, net 12,458 12,580 Intangible assets, net 60,204 60,824 Long-term deferred income taxes 454 253 ------------- ------------- Total assets $ 190,749 $ 188,914 ============= ============= Liabilities and shareholders' equity Current liabilities: Bank borrowings $ 3,197 $ 3,980 Current portion of long-term debt 573 740 Trade accounts payable 7,365 7,872 Other current liabilities 24,825 25,460 ------------- ------------- Total current liabilities 35,960 38,052 Long-term debt 471 840 Deferred income taxes 1,312 1,236 Deferred income 2,500 2,500 Other long-term liabilities 186 177 Deferred compensation 707 680 ------------- ------------- Total liabilities 41,136 43,485 ------------- ------------- Minority interests 7,518 7,327 Shareholders' equity Common shares 1,391 1,384 Additional paid-in capital 69,325 68,466 Less: Treasury shares, at cost (25,368) (22,297) ------------- ------------- 45,348 47,553 Retained earnings 103,871 97,281 Accumulated other comprehensive income (7,124) (6,732) ------------- ------------- Total shareholders' equity 142,095 138,102 ------------- ------------- Total liabilities, minority interests and shareholders' equity $ 190,749 $ 188,914 ============= ============= ORTHOFIX INTERNATIONAL N.V. CONSOLIDATED STATEMENTS OF CASH FLOWS In thousands For the three months ended March 31, -------------------------------- 2002 2001 ------------- ------------- (Unaudited) (Unaudited) ------------- ------------- Net cash provided by operating activities $ 4,936 $ 1,734 ------------- ------------- Cash flows from investing activities: Investment in subsidiaries and affiliates (2,041) 0 Capital expenditure (1,799) (2,187) ------------- ------------- Net cash used in investing activities (3,840) (2,187) ------------- ------------- Cash flows from financing activities: Net repayment of loans and borrowings (1,239) (4,181) Proceeds from issuance of common stock 864 133 Acquisition of treasury shares (3,069) (2,055) ------------- ------------- Net cash used in financing activities (3,444) (6,103) ------------- ------------- Effect of exchange rate changes on cash (336) (259) ------------- ------------- Net (decrease) increase in cash and cash equivalents (2,684) (6,815) Cash and cash equivalents at the beginning of the period 34,273 50,458 ------------- ------------- Cash and cash equivalents at the end of the period $ 31,589 $ 43,643 ------------- ------------- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ORTHOFIX INTERNATIONAL, N.V. Dated: May 9, 2002 By: /s/ Charles W. Federico ---------------------------------- Name: Charles W. Federico Title: Group President & CEO -----END PRIVACY-ENHANCED MESSAGE-----