Atrion Reports Third Quarter Results - Atrion (NASDAQ:ATRI)

ALLEN, Texas, Nov. 08, 2017 (GLOBE NEWSWIRE) -- Atrion Corporation ATRI today announced that for the third quarter of 2017 revenues totaled $37.9 million compared with $37.8 million for the same period in 2016. Operating income for the just-ended quarter was $11.5 million compared to $11.0 million in the same period of 2016. Net income for the third quarter was $8.0 million as compared to $7.6 million in last year's third quarter. On a diluted per share basis, earnings for the period increased to $4.29 as compared to $4.10 for the same quarter of last year.

Commenting on the results for the third quarter compared to the same period of 2016, David Battat, President and CEO, said, "We are very pleased with our Cardiovascular revenues, which were up 13% or $1.4 million. Our overall sales were essentially flat due to lower sales in other product areas, most notably in Ophthalmology which continued to show the impact of a previously disclosed interruption in orders from a customer which has withdrawn its product from the market pending resolution of a quality issue unrelated to the component we supply." Mr. Battat continued, "Operational improvements contributed to an increase in gross profit margins to 49% compared to 47% in the same quarter in 2016. Operating income, net income and diluted earnings per share all increased by 5% compared to last year's quarter." Mr. Battat added, "During the quarter our cash and short and long term investments increased by $12.8 million to a total of $70.1 million as of September 30, 2017."

Atrion Corporation develops and manufactures products primarily for medical applications. The Company's website is www.atrioncorp.com.

Contact:
Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800

ATRION CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2017			2016			2017			2016
Revenues	$	37,903		$	37,835		$	112,571		$	110,193
Cost of goods sold		19,498			20,211			57,841			57,789
Gross profit		18,405			17,624			54,730			52,404
Operating expenses		6,926			6,648			21,749			20,889
Operating income		11,479			10,976			32,981			31,515

Interest and dividend income		287			106			806			315
Other income		--			1			1			(309	)
Income before income taxes		11,766			11,083			33,788			31,521
Income tax provision		(3,795	)		(3,469	)		(5,841	)		(9,511	)
Net income	$	7,971		$	7,614		$	27,947		$	22,010

Income per basic share	$	4.30		$	4.17		$	15.16		$	12.07

Weighted average basic shares outstanding		1,852			1,825			1,844			1,823


Income per diluted share	$	4.29		$	4.10		$	15.06		$	11.86

Weighted average diluted shares outstanding		1,857			1,858			1,856			1,856

ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)

	Sept. 30,		Dec. 31,
ASSETS	2017		2016
	(Unaudited)
Current assets:
Cash and cash equivalents	$	20,995	$	20,022
Short-term investments		38,959		24,080
Total cash and short-term investments		59,954		44,102
Accounts receivable		19,585		17,166
Inventories		29,924		29,015
Prepaid expenses and other		3,001		3,181
Total current assets		112,464		93,464
Long-term investments		10,112		9,945
Property, plant and equipment, net		66,518		65,265
Other assets		13,032		13,268

	$	202,126	$	181,942


LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities		12,694		9,073
Line of credit		--		--
Other non-current liabilities		10,981		9,881
Stockholders' equity		178,451		162,988

	$	202,126	$	181,942

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