ALLEN, Texas, May 10, 2017 (GLOBE NEWSWIRE) -- Atrion Corporation ATRI today announced diluted earnings per share for the first quarter of 2017 were $5.36 as compared to $3.74 in the first quarter of 2016. Revenues for the quarter ended March 31, 2017 were $38.5 million compared with $36.2 million in the same period in 2016. Net income in the current-year quarter totaled $10.0 million compared to $6.9 million in last year's first quarter.
Commenting on the Company's results for the first quarter of 2017 compared to the same period last year, David A. Battat, President & CEO, said, "Sales were up 6%, with Ophthalmology and Fluid Delivery showing growth and aided by relatively stable foreign exchange rates. With improved scale in manufacturing, operating income increased by 8%." Mr. Battat added, "Diluted earnings per share were up 43% from last year's $3.74, reflecting, in part, a tax benefit related to employee stock compensation that lowered our tax rate to 13% compared to 32% in the first quarter of 2016. Excluding the tax benefit, diluted EPS for the quarter increased 11%, generally in line with the increase in our operating income." Mr. Battat concluded, "Cash and short and long term investments increased by $2.0 million to a total of $56.0 million as of March 31, 2017."
Atrion Corporation develops and manufactures products primarily for medical applications. The Company's website is www.atrioncorp.com.
ATRION CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Revenues | $ | 38,504 | $ | 36,215 | ||||
Cost of goods sold | 19,873 | 18,650 | ||||||
Gross profit | 18,631 | 17,565 | ||||||
Operating expenses | 7,304 | 7,100 | ||||||
Operating income | 11,327 | 10,465 | ||||||
Interest income | 149 | 123 | ||||||
Other income (expense), net | -- | (345 | ) | |||||
Income before income taxes | 11,476 | 10,243 | ||||||
Income tax provision | (1,526 | ) | (3,298 | ) | ||||
Net income | 9,950 | 6,945 | ||||||
Income per basic share | $ | 5.42 | $ | 3.81 | ||||
Weighted average basic shares outstanding | 1,835 | 1,823 | ||||||
Income per diluted share | $ | 5.36 | $ | 3.74 | ||||
Weighted average diluted shares outstanding | 1,855 | 1,857 |
ATRION CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) | |||||
Mar. 31, | Dec. 31, | ||||
ASSETS | 2017 | 2016 | |||
(Unaudited) | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 17,529 | $ | 20,022 | |
Short-term investments | 29,019 | 24,080 | |||
Total cash and short-term investments | 46,548 | 44,102 | |||
Accounts receivable | 20,679 | 17,166 | |||
Inventories | 30,354 | 29,015 | |||
Prepaid expenses and other | 2,003 | 3,181 | |||
Total current assets | 99,584 | 93,464 | |||
Long-term investments | 9,463 | 9,945 | |||
Property, plant and equipment, net | 65,601 | 65,265 | |||
Other assets | 13,141 | 13,268 | |||
$ | 187,789 | $ | 181,942 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current liabilities | 10,124 | 9,073 | |||
Line of credit | -- | -- | |||
Other non-current liabilities | 9,969 | 9,881 | |||
Stockholders' equity | 167,696 | 162,988 | |||
$ | 187,789 | $ | 181,942 |
NON-GAAP FINANCIAL MEASURE RECONCILIATION
(In thousands, except per share data)
Included in our news release is a non-GAAP financial measure that is calculated by excluding certain tax benefits that are included in financial measures determined in accordance with GAAP. We have provided this non-GAAP measure as an additional tool for investors to better understand our operating results and to facilitate a comparison of the periods shown. This measure should be considered in addition to, rather than as a substitute for, GAAP measures of the Company's performance. The table below provides a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure.
Three Months Ended March 31, | % | ||||||||||||
2017 | 2016 | Increase | |||||||||||
GAAP net income | $ | 9,950 | $ | 6,945 | |||||||||
Minus tax benefit related to employee stock compensation | 2,270 | -- | |||||||||||
Adjusted net income (non-GAAP) | $ | 7,680 | $ | 6,945 | |||||||||
Weighted average diluted shares outstanding | 1,855 | 1,857 | |||||||||||
Adjusted income per diluted share (non-GAAP) | $ | 4.14 | $ | 3.74 | 11 | % | |||||||
GAAP income per diluted share | $ | 5.36 | $ | 3.74 | 43 | % |
Jeffery Strickland Vice President and Chief Financial Officer (972) 390-9800
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