<SEC-DOCUMENT>0001096906-19-000154.txt : 20190425
<SEC-HEADER>0001096906-19-000154.hdr.sgml : 20190425
<ACCEPTANCE-DATETIME>20190425120148
ACCESSION NUMBER:		0001096906-19-000154
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190425
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190425
DATE AS OF CHANGE:		20190425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UTAH MEDICAL PRODUCTS INC
		CENTRAL INDEX KEY:			0000706698
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				870342734
		STATE OF INCORPORATION:			UT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12575
		FILM NUMBER:		19766469

	BUSINESS ADDRESS:	
		STREET 1:		7043 S 300 WEST
		CITY:			MIDVALE
		STATE:			UT
		ZIP:			84047
		BUSINESS PHONE:		8015661200
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>utah.htm
<DESCRIPTION>8K
<TEXT>
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    <div style="text-align: center; line-height: 1.25; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; line-height: 1.25; font-size: 14pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
    <div style="text-align: center; line-height: 1.25;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Washington, D.C.&#160; 20549</font></div>
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    </div>
    <div style="text-align: center; line-height: 1.25; font-size: 14pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">FORM 8-K</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CURRENT REPORT</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
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    <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date of Report (date of earliest event reported):&#160; <font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; font-weight: bold;">April 25,</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2019</font></font></div>
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            <div style="text-align: center; line-height: 1.25;"><u><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">UTAH MEDICAL PRODUCTS, INC.</font></u></div>
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            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Exact name of registrant as specified in its charter)</font></div>
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            <div style="text-align: center; line-height: 1.25;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Utah</font></u></div>
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            <div style="text-align: center; line-height: 1.25;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">000-12575</font></u></div>
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            <div style="text-align: center; line-height: 1.25;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">87-0342734</font></u></div>
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            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(State or other jurisdiction of</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">
                incorporation or organization)</font></div>
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            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Commission File Number)</font></div>
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                No.)</font></div>
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            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7043 South 300 West</font></div>
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            <div style="text-align: center; line-height: 1.25;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Midvale, Utah</font></u></div>
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            <div style="text-align: center; line-height: 1.25;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">84047</font></u></div>
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            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Address of principal executive offices)</font></div>
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            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Zip code)</font></div>
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            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Registrant&#8217;s telephone number, including area code:</font></div>
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            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Phone: <u>(801) 566-1200</u></font></div>
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            <div style="text-align: center; line-height: 1.25;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">n/a</font></u></div>
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            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Former name or former address, if changed since last report)</font></div>
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    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
        registrant under any of the following provisions:</font></div>
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            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#160;&#160;]</font></div>
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            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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          <td style="width: 94.17%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#160;&#160;]</font></div>
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          <td style="width: 94.17%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#160;&#160;]</font></div>
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          <td style="width: 94.17%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
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          <td style="width: 94.17%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the
                Securities Act of 1933 (Section 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).</font></div>
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            <div style="text-align: right; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Emerging growth company [&#160;&#160;]</font></div>
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            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
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    <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2.02&#8212;RESULTS
          OF OPERATIONS AND FINANCIAL CONDITION</font></font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;">Attached hereto as Exhibit 99.1 and incorporated by reference herein is financial information for Utah Medical Products, Inc.
      for the three months ended March 31, 2019 and forward-looking statements relating to 2019 and beyond as presented in a press release dated April 25, 2019.&#160; The information in this report shall be deemed incorporated by reference into any registration
      statement heretofore or hereafter filed under the Securities Act of 1933, as amended, except to the extent that such information is superseded by information as of a subsequent date that is included in or incorporated by reference into such
      registration statement. The information in this report shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.</div>
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    <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 9.01&#8212;FINANCIAL STATEMENTS AND EXHIBITS</font></div>
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    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following is filed as an exhibit to this report:</font></div>
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            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibit</font></div>
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Number*</font></div>
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            <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Title of Document</font></div>
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            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Location</font></div>
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            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">99.1</font></font></div>
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          <td style="width: 2.63%; vertical-align: top;">&#160;</td>
          <td style="width: 69.22%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial information for Utah Medical Products, Inc. for the three months ended March 31, 2019 and
                forward-looking statements relating to 2019 and beyond as presented in a press release dated April 25, 2019.</font></div>
          </td>
          <td style="width: 2.63%; vertical-align: top;">&#160;</td>
          <td style="width: 12.97%; vertical-align: top;">&#160;
            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This filing</font></div>
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    <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">_______________________________________</font></div>
    <div style="line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">
      <div>
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              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">*</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All exhibits are numbered with the number preceding the decimal indicating the applicable SEC reference number in Item 601 and the number following the
                    decimal indicating the sequence of the particular document.</font></div>
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    <div style="line-height: 1.25;">&#160;</div>
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    <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SIGNATURES</font></div>
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    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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 hereunto duly authorized.</font></div>
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            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">UTAH MEDICAL PRODUCTS, INC.</font></div>
          </td>
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          <td style="width: 48.88%; vertical-align: top;">&#160;</td>
          <td style="width: 51.12%; vertical-align: top;" colspan="2">&#160;</td>
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            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated: <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">April 25,</font>
                  2019</font></div>
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          <td style="width: 5.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
          </td>
          <td style="width: 45.54%; vertical-align: top;"><u>&#160;/s/<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Kevin L. Cornwell</font></u></td>
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          <td style="width: 48.88%; vertical-align: top;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">&#160;</td>
          <td style="width: 45.54%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Kevin L. Cornwell, Chief Executive Officer</font></div>
          </td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh99_1.htm
<DESCRIPTION>FINANCIAL INFORMATION FOR UTAH MEDICAL PRODUCTS, INC. FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND FORWARD-LOOKING STATEMENTS RELATING TO 2019 AND BEYOND AS PRESENTED IN A PRESS RELEASE DATED APRIL 25, 2019.
<TEXT>
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    <div style="text-align: right; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">EXHIBIT 99.1<br>
      </font>
      <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"><font style="font-size: 10pt;
        font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><br>
      </font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Utah Medical Products, Inc. Reports Financial Performance for First Quarter 2019</font></div>
    <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td style="width: 70.16%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Contact: Crystal Rios (801) 566-1200</font></div>
          </td>
          <td style="width: 29.84%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">April 25, 2019</font></div>
          </td>
        </tr>

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    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Salt Lake City, Utah &#8211; In the first calendar quarter (1Q) of 2019, Utah Medical Products, Inc. (Nasdaq: UTMD)
        attained results consistent with achieving its financial goals for year 2019 despite a negative comparison with 1Q 2018 results.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Summary of results</u></font>.</font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following is a summary comparison of 1Q 2019 with 1Q 2018 income statement measures:</font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
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          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenues (Sales):</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">( 1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gross Profit (GP):</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">( 2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating Income (OI):</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(17</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net Income (NI):</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(23</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Earnings Per Share (EPS):</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(23</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
          </td>
        </tr>

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    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Financial results in 1Q 2019 were hampered on the top line by a stronger USD, on the operating income line by new
        intangible asset amortization expense, and on the bottom line by a higher consolidated income tax provision rate than in 1Q 2018. Profit margins in 1Q 2019 compared to 1Q 2018 follow:</font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" align="center" id="zdfcf723384fe4b509efde4fa377a436f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 80%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1Q 2019</font></div>
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(JAN &#8211; MAR)</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1Q 2018</font></div>
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(JAN &#8211; MAR)</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gross Profit Margin (gross profits/ sales):</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">63.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">63.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating Income Margin (operating income/ sales):</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">38.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">45.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">EBT Margin (profits before income taxes/ sales):</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">38.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">46.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net Income Margin (profit after taxes/ sales):</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Currencies in this release are denoted as $ or USD = U.S. Dollars; AUD = Australia Dollars; &#163; or GBP = UK Pound
        Sterling; C$ or CAD = Canadian Dollars; and &#8364; or EUR = Euros. Currency amounts throughout this report are in thousands, except per share amounts and where noted.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Because 30% of consolidated sales and 39% of consolidated operating expenses are in foreign currencies, the change
        in foreign currency exchange (FX) rates for sales and expenses outside the U.S. (OUS) had an impact on period-to-period relative financial results. FX rates for income statement purposes are transaction-weighted averages. The average FX rates from
        the applicable foreign currency to USD during 1Q 2019 and 1Q 2018 follow:</font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" align="center" id="za861d8f122d345be8515c0c245e693ee" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 80%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> 1Q 2019</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1Q 2018</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
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          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">EUR</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">AUD</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CAD</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.753</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.791</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4.8</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
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    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The weighted average negative impact on all foreign currency sales was 7.2%, reducing reported USD sales by $237
        relative to the same foreign currency sales in 1Q 2018.&#160; In constant currency terms, i.e. using the same FX rates as in 1Q 2018, total consolidated 1Q 2019 sales were up $83 (+1%).</font></div>
    <div style="text-align: left; line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Other significant revenue changes in 1Q 2019 compared to 1Q 2018 had to do with the change in distribution of the
        Filshie Clip System in the U.S., which is described later in this report, a 54% increase in U.S. OEM sales and a pause in U.S. neonatal device exports due to regulatory re-registrations by UTMD&#8217;s distributors in Brazil and China.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">UTMD&#8217;s 1Q 2019 Gross Profit Margin did not benefit from the mid-quarter acquisition of distribution rights of its
        Filshie Clip System (Filshie) in the U.S. from CooperSurgical Inc (CSI), because UTMD&#160; sold remaining CSI Filshie inventory which it had acquired at the same price CSI had paid Femcare for it.&#160; In other words, GP resulting from CSI&#8217;s price minus
        the cost of manufacturing had been realized in prior periods. About half of the lower GPM was due to an unfavorable quarter for expenses under UTMD&#8217;s Health Care Plan for its U.S. employees, under which UTMD self-insures.&#160; The remaining small
        reduction in GPM was due to tariffs and higher raw material costs including tariffs promulgated by Trump economic policies. The productivity of UTMD&#8217;s direct labor and manufacturing overhead expenses, despite recent cost of living increases, were
        consistent with the prior year.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">UTMD&#8217;s Operating Income Margin (OIM) was substantially reduced by a $737 expense from amortization of the $21,000
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        Because the IIA amortization is on a straight-line basis over 4.75 years, and the improved GP expected from the acquisition will ramp up after the CSI inventory has been consumed, management believes that the negative comparison of UTMD&#8217;s OIM
        relative to prior periods was at its maximum in 1Q 2019. IIA amortization expense in total, including that remaining from the 2011 Femcare acquisition, which comprise a significant portion of General &amp; Administrative (G&amp;A) operating
        expenses, was 11.7% of consolidated sales.&#160; In other words, UTMD&#8217;s OIM excluding IIA expense was about 50% in 1Q 2019.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">A comparison of 1Q period-to-period Income Before Tax (EBT) was consistent with the OI comparison as 1Q 2019
        non-operating income (NOI) was $36 compared to $37 NOI in 1Q 2018. UTMD&#8217;s Net Income Margin (NIM) in 1Q 2019 was substantially lower than in 1Q 2018 not only because of the impact of new IIA amortization expense, but also due to a combined income
        tax provision rate in 1Q 2019 that was 24.1% compared to only 18.3% of EBT in 1Q 2018. The reasons for the higher provision rate were three: 1) a redistribution mix of subsidiary EBT, 2) a higher U.S. income tax provision rate, as a result of the
        GILTI tax slipped into the U.S. Tax Cuts and Jobs Act (TCJA), enacted in December 2017, and 3) substantial tax deductions in 1Q 2018 that did not recur in 1Q 2019 for Ireland and the UK as a result of native currency translation losses in ending
        USD cash balances. USD translation losses or gains in Ireland and the UK do not affect UTMD&#8217;s consolidated income statement except in accrued taxes.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">UTMD&#8217;s March 31, 2019 Balance Sheet, in the absence of debt, remained strong.&#160; Ending Cash and Investments were
        $32.7 million on March 31, 2019 compared to $51.1 million on December 31, 2018, after investing $23.1 million acquiring CSI&#8217;s Filshie distribution rights and remaining inventory, and paying $1.0 million in cash dividends to stockholders, during 1Q
        2019. Stockholders&#8217; Equity was up $3.2 million in the three month period from December 31, 2018.&#160; FX rates for Balance Sheet purposes are the applicable rates at the end of each reporting period. The FX rates from the applicable foreign currency to
        USD for assets and liabilities at the end of 1Q 2019 and the end of 1Q 2018 follow:</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" align="center" id="zeded76b089564ff6b42a55238043990b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 80%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3-31-19</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3-31-18</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Change</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">GBP</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.303</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.402</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">EUR</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.232</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">AUD</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.710</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.769</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(7.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CAD</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.749</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.775</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u> <br>
          </u></font></font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Sales</u></font>.</font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Total consolidated 1Q 2019 UTMD sales were $154 (1.4%) lower than in 1Q 2018. Constant currency sales were $83
        (+0.8%) higher. U.S. domestic sales were 10% higher and outside the U.S. (OUS) sales were 12% lower. Because of the relatively short span of time, results for any given three month period in comparison with a previous three month period may not be
        indicative of comparative results for the year as a whole.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Domestic sales in 1Q 2019 were $5,794 compared to $5,254 in 1Q 2018.&#160; The components of domestic sales include 1)
        &#8220;direct sales&#8221; of UTMD&#8217;s medical devices to user facilities (and med/surg stocking distributors for hospitals), excluding Filshie sales,&#160; 2) &#8220;OEM sales&#8221; of components and other products manufactured by UTMD for other medical device and non-medical
        device companies, and&#160; 3) &#8220;Filshie sales&#8221;, which in 1Q 2018 were by UTMD&#8217;s UK subsidiary, Femcare Ltd (Femcare), to CSI for distribution in the U.S., and in 1Q 2019 were by UTMD direct to U.S. clinical users after February 1.&#160; Direct sales,
        representing 60% of total domestic sales, were $260 (+8%) higher in 1Q 2019 than in 1Q 2018.&#160; OEM sales, representing 24% of total domestic sales, were $484 (+54%) higher. However, Filshie sales were $204 (18%) lower in 1Q 2019 compared to 1Q
        2018.&#160; Filshie sales by Femcare to CSI in 1Q 2018 represented over 4 months&#8217; worth of 2018 Filshie sales at a &#8220;wholesale&#8221; distributor price, whereas Filshie sales by UTMD in 1Q 2019 represented less than six weeks of demand at a &#8220;retail&#8221; end-user
        price due to a start-up conversion of customers to UTMD and CSI dumping of inventory in January.&#160; UTMD expects this comparison will flip in the other direction for the remaining three quarters in 2019, with total 2019 domestic Filshie sales more
        than double 2018 domestic Filshie sales.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">OUS sales in 1Q 2019 were $4,938 compared to $5,633 in 1Q 2018. OUS sales invoiced in GBP, EUR, AUD and CAD
        currencies were $237 lower as a result of changes in FX rates.&#160; In other words, 34% of the lower OUS sales was due to a stronger USD. The foreign currency OUS sales in 1Q 2019 were $3,206, which was 65% of all OUS sales and 30% of total
        consolidated sales.&#160; Foreign currency OUS sales in 1Q 2018 were $3,614, which was 64% of all OUS sales and 33% of total consolidated sales.&#160; U.S. export sales in USD of neonatal devices (not affected by FX rates) were $418 lower in 1Q 2019 compared
        to 1Q 2018 as a result of a pause in orders from UTMD&#8217;s distributors in China and Brazil while obtaining regulatory device re-registrations.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Gross Profit (GP)</u></font>.</font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GP results from subtracting the costs of manufacturing and shipping products to customers. UTMD&#8217;s GP was $149
        (2.2%) lower in 1Q 2019 than in 1Q 2018, consistent with the decrease in revenues. UTMD did not get a GPM benefit from the mid-quarter beginning of Filshie sales direct to U.S. end-users because of selling remaining CSI inventory which it acquired
        at the same price CSI had previously paid Femcare. GP resulting from CSI&#8217;s price minus the Femcare cost of manufacturing had been realized in prior periods. In other words, UTMD&#8217;s GP from U.S. Filshie sales in 1Q 2019 was limited to the CSI
        distributor margin. In addition, Femcare Ltd (UK subsidiary) did not make a GP contribution in 1Q 2019 from sales of Filshie devices to CSI which it had made in 1Q 2018. Because UTMD estimates that the remaining CSI inventory may not be depleted
        until the end of 3Q 2019, it does not expect a significant improvement in GPM until 4Q 2019. In addition, about half of the half percentage point lower GPM in 1Q 2019 was due to an unfavorable experience in U.S. employee medical costs, for which
        UTMD self-insures. Otherwise, the Company maintained the productivity of its direct labor and manufacturing overhead costs consistent with the prior 1Q 2018 period.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Operating Income (OI)</u></font>.</font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">OI results from subtracting Operating Expenses (OE) from GP. OE, comprised of G&amp;A expenses, S&amp;M expenses
        and product development (R&amp;D) expenses, were $2,671 in 1Q 2019 (24.9% of sales) compared to $1,952 in 1Q 2018 (17.9% of sales). Ignoring the new CSI (USD) IIA amortization expense which was not present in 2018, 1Q 2019 OE expenses were $1,935
        (18.0% of sales).&#160; A stronger USD in this instance helped OI performance by reducing OUS OE in USD terms by $75, reducing IIA amortization expense by $35 and all other OUS OE by $40.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Consolidated G&amp;A expenses were $2,140 (19.9% of sales) in 1Q 2019 compared to $1,429 (13.1% of sales) in 1Q
        2018. The G&amp;A expenses in 1Q 2019 included $520 (4.8% of sales) of non-cash expense from the amortization of IIA resulting from the 2011 Femcare acquisition, which were $555 (5.1% of sales) in 1Q 2018.&#160; The lower USD amortization expense was
        the result of the stronger USD, as the Femcare amortization expense in GBP was &#163;399 in both periods. In addition, 1Q 2019 G&amp;A expenses included a new $737 (6.9% of sales) IIA amortization expense resulting from the purchase of the CSI remaining
        U.S. exclusive Filshie distribution rights.&#160; Excluding the non-cash IIA amortization expenses, G&amp;A expenses were $883 (8.2% of sales) in 1Q 2019 compared to $874 (8.0% of sales) in 1Q 2018.&#160; The change in FX rates reduced 1Q 2019 OUS G&amp;A
        expenses excluding IIA amortization expense by $31. The higher 1Q 2019 constant currency G&amp;A expenses were due to TGA regulatory expenses in Australia.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">S&amp;M expenses were $417 (3.9% of sales) in 1Q 2019 compared to $409 (3.8% of sales) in 1Q 2018.&#160; The change in
        FX rates reduced 1Q 2019 OUS S&amp;M expenses by $9. The higher constant currency 1Q 2019 S&amp;M expenses were due to incremental marketing expenses associated with beginning to market Filshie directly in the U.S.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">R&amp;D expenses in 1Q 2019 were $115 (1.1% of sales) compared to $113 (1.0% of sales) in 1Q 2018. Since almost
        all R&amp;D is being carried out in the U.S., there was negligible FX impact.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">In summary, OI in 1Q 2019 was $4,102 (38.2% of sales) compared to $4,971 (45.7% of sales) in 1Q 2018.&#160; The new
        $737 IIA amortization accounted for 85% of the lower OI. The remaining decline was the result of a half percent lower GPM on slightly lower sales.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Income Before Tax</u></font>.</font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Income before income taxes (EBT) results from subtracting net non&#8209;operating expense (NOE) or adding NOI from or
        to, as applicable, OI.&#160; Consolidated 1Q 2019 EBT was $4,137 (38.5% of sales) compared to $5,008 (46.0% of sales) in 1Q 2018.&#160; The $871 (17.4%) lower 1Q 2019 EBT compared to 1Q 2018 was consistent with the lower OI.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">NOE/NOI includes the combination of 1) expenses from loan interest and bank fees; 2) expenses or income from
        losses or gains from remeasuring the value of EUR cash bank balances in the UK, and GBP cash balances in Ireland, in USD terms; and 3) income from rent of underutilized property, investment income and royalties received from licensing the Company&#8217;s
        technology. Negative NOE is NOI.&#160; Net NOI in 1Q 2019 was $36 compared to $37 NOI in 1Q 2018.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The EBT of Utah Medical Products, Inc. in the U.S. was $2,628 in 1Q 2019 compared to $2,252 in 1Q 2018. The EBT of
        Utah Medical Products, Ltd (Ireland) was EUR 814 in 1Q 2019 compared to EUR 797 in 1Q 2018. The EBT of Femcare Group Ltd (Femcare Ltd., UK and Femcare Australia Pty Ltd) was GBP 585 in 1Q 2019 compared to GBP 1,063 in 1Q 2018. The 1Q 2019 EBT of
        Utah Medical Products Canada, Inc. (dba Femcare Canada) was CAD 355 in 1Q 2019 compared to CAD 471 in 1Q 2018.&#160; The lower Femcare Group EBT was primarily the result of no UK shipments of Filshie devices to CSI in 1Q 2019, compared to $1,129 in 1Q
        2018 shipments. The lower Femcare Canada EBT was due to lower sales activity.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Excluding the noncash effects of depreciation, amortization of intangible assets and stock option expense, 1Q 2019
        consolidated EBT excluding the remeasured bank balance currency gain or loss and interest expense (&#8220;adjusted consolidated EBITDA&#8221;) were $5,665 compared to $5,810 in 1Q 2018. Management believes that the 1Q 2019 operating performance provides a
        start that is consistent with achieving its financial objectives for the year 2019, as previously provided in its 2018 SEC 10-K Report.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Net Income (NI)</u></font>.</font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">NI in 1Q 2019 of $3,139 was 23.3% lower than the NI of $4,092 in 1Q 2018. UTMD&#8217;s NIM, NI divided by consolidated
        sales, was 29.2% in 1Q 2019 and 37.6% in 1Q 2018. The average consolidated income tax provisions (as a % of EBT) in 1Q 2019 and 1Q 2018 were 24.1% and 18.3%, respectively. The income tax provision for 1Q 2019 was higher by $241 than it would have
        been with the 1Q 2018 rate. The higher provision resulted from</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td colspan="1" style="width: 6%; vertical-align: top; text-align: center;">1)<br>
          </td>
          <td style="width: 94%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: justify;">An ongoing GILTI tax on foreign earnings was (speciously) included by Congress in the December 2017 TCJA,
            which purportedly levied a one-time repatriation tax on cumulative foreign earnings that would be followed by no more income taxes on foreign subsidiary earnings. Ironically, because the state of Utah does not allow foreign tax credits, the
            Utah State GILTI tax is so large that its deduction from federal taxable income completely negates what GILTI tax the U.S. Treasury receives, i.e. the entire benefit of the GILTI tax enactment accrues to the State of Utah, not the Federal
            government. Because all of the provisions of the TCJA were not understood at the time, there was no GILTI tax accrual by UTMD in 1Q 2018.&#160; The GILTI tax accrual in 1Q 2019 was $45.</td>
        </tr>
        <tr>
          <td colspan="1" rowspan="1" style="width: 6%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 94%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 6%; vertical-align: top; text-align: center;">2)<br>
          </td>
          <td style="width: 94%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: justify;">In 1Q 2018, lower valued USD cash balances in the UK and Ireland, when expressed in their native currencies,
            caused a tax deduction in those sovereignties which did not recur in 1Q 2019 because of the stronger USD. The tax provision combined difference due to USD currency balance translation was about $128.</td>
        </tr>
        <tr>
          <td colspan="1" rowspan="1" style="width: 6%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 94%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 6%; vertical-align: top; text-align: center;">3)<br>
          </td>
          <td style="width: 94%; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: justify;">The remaining $68 tax difference resulted from a shift of U.S. Filshie-related EBT from the UK to the U.S.
            taxed at a 6.95% higher tax rate.&#160; UK Filshie sales to the U.S. were $691 lower in 1Q 2019 compared to 1Q 2018 because of the CSI inventory, and Filshie sales by UTMD in the U.S. were $925 higher in 1Q 2019 compared to 1Q 2018.</td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Looking forward, after the consumption of the CSI inventory, the U.S. Filshie-related EBT in the UK will be
        restored, and Filshie-related EBT in the U.S. is expected to be more than twice as high as in 1Q 2019.&#160; The end result is expected to be a weighted average income tax provision rate continuing to be closer to the 24% in 1Q 2019 than the 18% in 1Q
        2018.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Earnings per share (EPS)</u></font>.</font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">EPS in 1Q 2019 were 23.1% lower than in 1Q 2018, consistent with the change in NI because diluted shares used to
        calculate EPS were only slightly lower.&#160; Diluted shares were 3,738,373 in 1Q 2019 compared to 3,747,780 in 1Q 2018.&#160; The lower diluted shares in 1Q 2019 were the combined result of 15,000 shares repurchased in 4Q 2018, employee option exercises, a
        new option award in December 2018 and a lower dilution factor for unexercised options due to a lower share price.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Outstanding shares at the end of 1Q 2019 were 3,722,700 compared to 3,719,700 at the end of calendar year 2018.
        The difference was due to employee option exercises during 1Q 2019. Outstanding shares were 3,727,600 at the end of 1Q 2018. The number of shares used for calculating EPS was higher than ending shares because of a time-weighted calculation of
        average outstanding shares plus dilution from unexercised employee and director options.&#160; The total number of outstanding unexercised employee and outside director options at March 31, 2019 was 57,350 at an average exercise price of $57.90,
        including shares awarded but not yet vested.&#160; This compares to 61,020 unexercised option shares at the end of 2018 at an average exercise price of $56.78/ share, including shares awarded but not vested.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The number of shares added as a dilution factor in 1Q 2019 was 16,330 compared to 22,840 in 1Q 2018. In December
        2018, 22,400 option shares were awarded to 45 employees at an exercise price of $74.64 per share. No other options were awarded in 2018, and no options were awarded in 1Q 2019.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">UTMD paid $1,027 ($0.275/share) in dividends to stockholders in 1Q 2019 compared to $1,005 ($0.270/ share) paid in
        1Q 2018. Dividends paid to stockholders during 1Q 2019 were 33% of NI.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Near the end of December 2018, UTMD repurchased 15,000 of its shares in the open market at $80.35/ share. During
        the rest of 2018 and during 1Q 2019, UTMD did not repurchase shares. The Company retains the strong desire and financial ability for repurchasing its shares at a price it believes is attractive for remaining stockholders. UTMD&#8217;s closing share price
        at the end of 1Q 2019 was $88.25, up 6% from the $83.08 closing price at the end of 2018.&#160; The closing share price at the end of 1Q 2018 was $98.85.</font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Balance Sheet</u></font>.</font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">At March 31, 2019 compared to three months earlier at the end of 2018, UTMD cash and investments declined $18.4
        million to $32.7 million as a result of $21.0 million use of cash to purchase the remaining 4.75 years&#8217; exclusive U.S Filshie Clip System distribution rights from CSI, and $1.0 million cash payment of a dividend to stockholders. At March 31, 2019,
        net Intangible Assets increased to 46.4% of total consolidated assets from 28.6% on December 31, 2018 because the CSI $21.0 million purchase price was recorded as an identifiable intangible asset. Primarily as a result of the 1Q 2019 receipt of
        CSI&#8217;s $2.1 million Filshie inventory, for which payment was made in April, March 31, 2019 inventories increased $2.2 million and accounts payable (A/P) increased $1.9 million from the end of 2018. Because of the reduction in cash and the fact that
        the increase in A/P was a larger portion of total current liabilities than the increase in inventories was of current assets, UTMD&#8217;s 11.6 current ratio at December 31, 2018 declined to 6.5 at March 31, 2019. Consolidated Accounts Receivable (net of
        allowances) increased $1.0 million at March 31, 2019 compared to December 31, 2018, essentially all in the U.S., because, with the help of domestic direct Filshie sales, 1Q 2019 U.S. trade sales were $1.2 million higher than in 4Q 2018. In
        addition, the aging of trade receivables was 5 days longer than at the end of 2018. The $2.1 million inventory purchase from CSI reduced average inventory turns from 2.8 in 4Q 2018 to 2.4 in 1Q 2019.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">In February 2016, the FASB issued ASC Update No. 2016-02,&#160;<font style="font-size: 10pt;
          font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">Leases</font>&#160;(Topic 842). The purpose of Update No. 2016-02 is to increase the transparency and comparability among organizations by recognizing lease assets and
        liabilities on the balance sheet, including those previously classified as operating leases under current U.S. GAAP, and disclosing key information about leasing arrangements.</font></div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);"> <br>
      </font></div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">UTMD adopted the new standard on January 1, 2019, resulting in a $405 addition to the balance
        sheet of right of use assets and corresponding lease liabilities. The right of use (leased) assets consist of a portion of UTMD&#8217;s parking lot at the Midvale facility and an automobile at the Company&#8217;s Ireland facility. Under the new standard,
        companies may elect to present prior periods under the previous guidance and UTMD has chosen this option.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">UTMD&#8217;s remaining $2.5 million Repatriation Tax Liability resulting from the TCJA remained the same on March 31,
        2019 as on December 31, 2018 because UTMD had paid more than required in the first year as a result of over-estimating the tax in early 2018. Stockholders&#8217; Equity increased $3.2 million despite reduction from the 1.0 million payment of a
        stockholder dividend.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial ratios as of March 31, 2019 which may be of interest to stockholders follow:</font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td style="width: 6.22%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1)</font></div>
          </td>
          <td style="width: 93.78%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Current Ratio = 6.5</font></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 6.22%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 93.78%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.22%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2)</font></div>
          </td>
          <td style="width: 93.78%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Days in Trade Receivables (based on 1Q 2019 sales activity) = 41</font></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 6.22%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 93.78%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.22%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3)</font></div>
          </td>
          <td style="width: 93.78%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Average Inventory Turns (based on 1Q 2019 CGS) = 2.4</font></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 6.22%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 93.78%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.22%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">4)</font></div>
          </td>
          <td style="width: 93.78%; vertical-align: top;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2019 YTD ROE (before dividends) = 17%</font></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Investors are cautioned that this press release contains forward looking statements and that actual events may
        differ from those projected.&#160; Risk factors that could cause results to differ materially from those projected include global economic conditions, market acceptance of products, regulatory approvals of products, regulatory intervention in current
        operations, government intervention in healthcare in general, tax reforms, the Company&#8217;s ability to efficiently manufacture, market and sell products, cybersecurity and foreign currency exchange rates, among other factors that have been and will be
        outlined in UTMD&#8217;s public disclosure filings with the SEC.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Utah Medical Products, Inc., with particular interest in health care for women and their babies, develops,
        manufactures and markets a broad range of disposable and reusable specialty medical devices recognized by clinicians in over one hundred countries around the world as the standard for obtaining optimal long term outcomes for their patients.&#160; For
        more information about Utah Medical Products, Inc., visit UTMD&#8217;s website at<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; font-style: italic;">&#160;</font><font style="font-size: 10pt;
          font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">www.utahmed.com</font>.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Utah Medical Products, Inc.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">INCOME STATEMENT, First Quarter ended March 31</font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(in thousands except Earnings Per Share)</font></div>
    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" align="center" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 80%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> 1Q 2019</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1Q 2018</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Percent </font></font></div>
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Change</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net Sales</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,732</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,887</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gross Profit</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,773</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,922</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating Income</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,102</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,971</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(17.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income Before Tax</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,137</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
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            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net Income</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,092</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
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          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.840</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.092</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%)</font></div>
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          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shares Outstanding (diluted)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,748</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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    <div style="text-align: left; text-indent: 4.5pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">BALANCE SHEET</font></div>
    <div style="text-align: center; text-indent: 4.5pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
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            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(in thousands)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
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            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MAR 31, 2019</font></font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;">&#160;</td>
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            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(audited)</font></div>
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">DEC 31, 2018</font></font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(unaudited)</font></div>
            <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MAR 31, 2018</font></font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <div style="text-align: left; line-height: 1.25;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Assets</font></font></u></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;Cash &amp; Investments</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32,665</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">51,112</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">42,925</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;Accounts &amp; Other Receivables, Net</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,910</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,955</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,209</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;Inventories</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,648</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,413</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,559</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;Other Current Assets</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">446</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">423</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">426</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;Total Current Assets</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Property &amp; Equipment, Net</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Intangible Assets, Net</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32,288</font></font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total Assets</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">105,051</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99,768</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">97,188</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; line-height: 1.25;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Liabilities &amp; Stockholders&#8217;
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><br>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><br>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><br>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td valign="bottom" rowspan="1" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accounts Payable</font></div>
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          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">2,847 <br>
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          <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">975 <br>
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          <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">1,084 <br>
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          <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" rowspan="1" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">REPAT Tax Payable</font></div>
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          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">85 <br>
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          <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">85 <br>
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          <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">503 <br>
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          <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" rowspan="1" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other Accrued Liabilities</font></div>
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          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">4,111 <br>
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          <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">4,200 <br>
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          <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">3,533 <br>
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          <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;Total Current Liabilities</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td valign="bottom" rowspan="1" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deferred Tax Liability &#8211; Intangibles</font></div>
          </td>
          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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          <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Long Term REPAT Tax Payable</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">491</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">486</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Stockholders&#8217; Equity</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">88,992</font></font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">82,686</font></font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total Liabilities &amp; Stockholders&#8217; Equity</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">105,051</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99,768</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">97,188</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 4px;">&#160;</td>
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