-----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, G4CHhaXi2hx0ffHv939QDjRHkOThtjz5slWMnhXpW8KJ2W6wv5nSSadPYqpflKQy COM71X6Hid+D1n+4/D7IdQ== 0000947871-02-002070.txt : 20021030 0000947871-02-002070.hdr.sgml : 20021030 20021030162207 ACCESSION NUMBER: 0000947871-02-002070 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021030 FILED AS OF DATE: 20021030 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: 02803324 BUSINESS ADDRESS: STREET 1: 7 ABRAHAM DE VEERSTRAAT STREET 2: CURACAO CITY: NETHERLANDS ANTILLES STATE: P8 ZIP: 00000 6-K 1 f6k_103002.txt REPORT OF FOREIGN ISSUER 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 October 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 or Form 40-F: 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 third quarter ending September 30, 2002 HUNTERSVILLE, N.C., October 24, 2002 - Orthofix International N.V. (NASDAQ:OFIX) today announced results for the third quarter ended September 30, 2002 (unaudited). ORTHOFIX INTERNATIONAL N.V. CONSOLIDATED INCOME STATEMENTS In thousands,except per share and share data
For the three months For the nine months ------------------------------------------------------------------------- ended September 30 ended September 30 -------------------------------- --------------------------------- 2002 2001 2002 2001 -------------- --------------- -------------- ----------------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales $ 44,542 $ 40,158 $ 131,718 $ 119,361 Cost of sales 10,977 10,947 32,728 32,073 -------------- --------------- -------------- ----------------- Gross profit 33,565 29,211 98,990 87,288 -------------- --------------- -------------- ----------------- Operating expenses Sales and marketing 16,582 14,834 47,334 43,603 General and administrative 4,551 5,053 13,337 13,600 Research and development 1,749 1,608 5,851 5,245 Amortization 178 1,005 490 3,034 -------------- --------------- -------------- ----------------- 23,060 22,500 67,012 65,482 -------------- --------------- -------------- ----------------- Operating income 10,505 6,711 31,978 21,806 Other income (871) (25) (1,807) 339 -------------- --------------- -------------- ----------------- Net income before income tax 9,634 6,686 30,171 22,145 and minority interests Income tax expense (3,260) (1,335) (9,571) (5,809) -------------- --------------- -------------- ----------------- Net income before minority interests 6,374 5,351 20,600 16,336 Minority interests (400) (366) (1,261) (1,355) -------------- --------------- -------------- ----------------- Net income $ 5,974 $ 4,985 $ 19,339 $ 14,981 -------------- --------------- -------------- ----------------- Net income per common share - diluted $ 0.41 $ 0.34 $ 1.30 $ 1.02 Weighted average number of common shares outstanding - diluted 14,717,983 14,723,152 14,915,615 14,672,094
ORTHOFIX INTERNATIONAL N.V. CONSOLIDATED BALANCE SHEETS In thousands
As of As of ----------------- ---------------- September 30, December 31, -------------------------------------------- ----------------- ---------------- 2002 2001 ----------------- ---------------- (Unaudited) (Audited) Assets Current assets: Cash and cash equivalents $ 40,453 $ 34,273 Trade accounts receivable 52,297 46,111 Inventory 23,243 19,249 Deferred income taxes 4,049 4,049 Other current assets 8,860 8,729 ----------------- ---------------- Total current assets 128,902 112,411 Securities and other investments 4,340 2,846 Property, plant and equipment, net 13,576 12,580 Intangible assets, net 61,837 60,824 Long-term deferred income taxes 464 253 ----------------- ---------------- Total assets $ 209,119 $ 188,914 ----------------- ---------------- ----------------- ---------------- Liabilities and shareholders' equity Current liabilities: Bank borrowings $ 5,875 $ 3,980 Current portion of long-term debt 360 740 Trade accounts payable 8,239 7,872 Other current liabilities 21,839 25,460 ----------------- ---------------- Total current 36,313 38,052 liabilities Long-term debt 446 840 Deferred income taxes 1,288 1,236 Deferred income 2,500 2,500 Other long-term liabilities 28 177 Deferred compensation 819 680 ----------------- ---------------- Total liabilities 41,394 43,485 ----------------- ---------------- Minority interests 8,037 7,327 Shareholders' equity Common shares 1,495 1,384 Additional paid-in capital 82,688 68,466 Less: Treasury shares, at cost (38,897) (22,297) ----------------- ---------------- 45,286 47,553 Retained earnings 116,620 97,281 Accumulated other comprehensive income (2,218) (6,732) ----------------- ---------------- Total shareholders' equity 159,688 138,102 ----------------- ---------------- Total liabilities, minority interests and shareholders' $ 209,119 $ 188,914 equity ----------------- ---------------- ----------------- ----------------
ORTHOFIX INTERNATIONAL N.V. CONSOLIDATED STATEMENTS OF CASH FLOWS In thousands
For the nine months ended September 30, --------------------------------------------- 2002 2001 --------------- --------------- (Unaudited) (Unaudited) --------------------------------------------- Net cash provided by operating activities $ 19,314 $ 15,293 --------------- --------------- Cash flows from investing activities: Investment in subsidiaries and affiliates 0 (7,254) Capital expenditure (5,680) (5,573) --------------- --------------- Net cash used in investing activities (12,934) (5,573) --------------- --------------- Cash flows from financing activities: Net (repayment) proceeds of loans and borrowings 611 (4,624) Proceeds from issuance of common stock 14,333 745 Acquisition of treasury shares (16,600) (5,109) --------------- --------------- Net cash used in financing activities (1,656) (8,988) --------------- --------------- Effect of exchange rate changes on cash 1,456 (448) --------------- --------------- Net (decrease) increase in cash and cash equivalents 6,180 284 Cash and cash equivalents at the beginning of the period 34,273 50,458 --------------- --------------- --------------- --------------- Cash and cash equivalents at the end of the period $ 40,453 $ 50,742 --------------- ---------------
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: October 30, 2002 By: /s/ Thomas Hein -------------------------- Name: Thomas Hein Title: Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----