6-K 1 f6k_073002.txt REPORT OF FOREIGN ISSUER SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of July 2002 Orthofix International, N.V. (Translation of registrant's name into English) 7 Abraham de Veerstraat Curacao Netherlands Antilles (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F X Form 40-F ----- ----- Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: Yes No X ----- ----- If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Orthofix announces results for the second quarter ending June 30, 2002 HUNTERSVILLE, N.C., July 25, 2002 - Orthofix International N.V. (NASDAQ:OFIX) today announced results for the second quarter ended June 30, 2002 (unaudited). ORTHOFIX INTERNATIONAL N.V. CONSOLIDATED INCOME STATEMENTS In thousands,except per share and share data

For the three months For the six months ended June 30 ended June 30 --------------------------- --------------------------- 2002 2001 2002 2001 ------------ ------------ ------------ ------------ (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales $ 45,580 $ 40,732 $ 87,175 $ 79,202 Cost of sales 11,840 11,040 21,751 21,126 ------------ ------------ ------------ ------------ Gross profit 33,740 29,692 65,424 58,076 ------------ ------------ ------------ ------------ Operating expenses Sales and marketing 15,666 14,715 30,752 28,799 General and administrative 4,640 4,630 8,784 8,518 Research and development 1,971 1,825 4,103 3,637 Amortization 147 1,011 312 2,029 ------------ ------------ ------------ ------------ 22,424 22,181 43,951 42,983 ------------ ------------ ------------ ------------ Operating income 11,316 7,511 21,473 15,093 Other income (loss) (661) 197 (936) 365 ------------ ------------ ------------ ------------ Net income before income tax 10,655 7,708 20,537 15,458 and minority interests Income tax expense (3,406) (2,170) (6,311) (4,474) ------------ ------------ ------------ ------------ Net income before minority interests 7,249 5,538 14,226 10,984 Minority interests (473) (474) (861) (989) ------------ ------------ ------------ ------------ Net income $ 6,776 $ 5,064 $ 13,365 $ 9,995 ------------ ------------ ------------ ------------ Net income per common $ .45 $ 0.34 $ 0.89 $ 0.68 share - diluted Weighted average number of common shares outstanding - diluted 15,080,655 14,718,181 15,031,153 14,596,025

ORTHOFIX INTERNATIONAL N.V. CONSOLIDATED BALANCE SHEETS In thousands

As of As of June 30, December 31, ------------ ------------ 2002 2001 (Unaudited) (Audited) Assets Current assets: Cash and cash equivalents $ 36,524 $ 34,273 Trade accounts receivable 51,810 46,111 Inventory 22,723 19,249 Deferred income taxes 4,049 4,049 Other current assets 7,876 8,729 ------------ ------------ Total current assets 122,982 112,411 Securities and other investments 4,984 2,846 Property, plant and equipment, net 12,845 12,580 Intangible assets, net 61,616 60,824 Long-term deferred income taxes 460 253 ------------ ------------ Total assets $ 202,887 $ 188,914 ------------ ------------ Liabilities and shareholders' equity Current liabilities: Bank borrowings $ 2,404 $ 3,980 Current portion of long-term debt 504 740 Trade accounts payable 8,724 7,872 Other current liabilities 20,304 25,460 ------------ ------------ Total current liabilities 31,936 38,052 Long-term debt 478 840 Deferred income taxes 1,300 1,236 Deferred income 2,500 2,500 Other long-term liabilities 28 177 Deferred compensation 813 680 ------------ ------------ Total liabilities 37,055 43,485 ------------ ------------ Minority interests 7,843 7,327 Shareholders' equity Common shares 1,490 1,384 Additional paid-in capital 81,628 68,466 Less: Treasury shares, at cost (32,632) (22,297) ------------ ------------ 50,486 47,553 Retained earnings 110,646 97,281 Accumulated other comprehensive income (3,143) (6,732) ------------ ------------ Total shareholders' equity 157,989 138,102 ------------ ------------ Total liabilities, minority interests and shareholders' equity $ 202,887 $ 188,914 ------------ ------------

ORTHOFIX INTERNATIONAL N.V. CONSOLIDATED STATEMENTS OF CASH FLOWS In thousands

For the six months ended June 30, --------------------------------- 2002 2001 ------------ ------------ (Unaudited) (Unaudited) Net cash provided by operating activities $ 11,144 $ 5,573 ------------ ------------ Cash flows from investing activities: Investment in subsidiaries and affiliates (7,254) 0 Capital expenditure (3,084) (3,298) ------------ ------------ Net cash used in investing activities (10,338) (3,298) ------------ ------------ Cash flows from financing activities: Net repayment of loans and borrowings (2,611) (3,418) Proceeds from issuance of common stock 13,268 307 Acquisition of treasury shares (10,335) (2,767) ------------ ------------ Net cash used in financing activities 322 (5,878) ------------ ------------ Effect of exchange rate changes on cash 1,123 (1,493) ------------ ------------ Net (decrease) increase in cash and cash equivalents 2,251 (5,096) Cash and cash equivalents at the beginning of the period 34,273 50,458 ------------ ------------ Cash and cash equivalents at the end of the period $ 36,524 $ 45,362 ------------ ------------

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ORTHOFIX INTERNATIONAL, N.V. Dated: August 16, 2002 By: /s/ Thomas Hein ------------------------------ Name: Thomas Hein Title: Chief Financial Officer