Market Overview

Atrion Reports Second Quarter Results

Share:

ALLEN, Texas, Aug. 08, 2017 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ:ATRI) today announced that for the second quarter ended June 30, 2017 revenues totaled $36.2 million compared with $36.1 million in the same period in 2016. On a diluted per share basis, earnings for the period increased to $5.40 as compared to $4.02 in the same period of last year. Net income for the second quarter totaled $10.0 million in 2017 as compared to $7.5 million in the same period in 2016.

Commenting on the Company's results for the second quarter of 2017 compared to the same period last year, David A. Battat, President & CEO, said, "Overall sales were essentially flat, impacted by a $700,000 interruption in orders from a customer that was rebalancing its inventory levels. This interruption masked solid performance in Fluid Delivery and our Other product areas." Mr. Battat added, "Operating income was up 1.0% while net income and diluted earnings per share increased by 35% and 34%, respectively, due to significant tax benefits from employee stock-based compensation that were recognized in the just ended quarter."

Mr. Battat added, "As of June 30, we continued to be debt-free, while holding cash, cash equivalents, and short and long term investments of $57.3 million." Mr. Battat concluded, "During the quarter, we purchased a large tract of land adjacent to our manufacturing facility in Alabama that we plan to expand to meet anticipated sales growth. Construction is likely to begin in 2018. For the remainder of the year we expect our operating results to reflect uneven quarters, while our tax rates revert to the levels we have typically experienced."

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

Statements in this press release that are forward looking are based upon current expectations and actual results or future events may differ materially.  Such statements include, but are not limited to, Atrion's expectations regarding the expansion of one of the Company's manufacturing facilities, operating results for the remainder of 2017 and future tax rates.  Words such as "expects," "believes," "anticipates," "intends," "should", "plans," "will" and variations of such words and similar expressions are intended to identify such forward-looking statements.  Forward-looking statements involve risks and uncertainties.  The following are some of the factors that could cause actual results or future events to differ materially from those expressed in or underlying our forward-looking statements: changing economic, market and business conditions; acts of war or terrorism; the effects of governmental regulation; competition and new technologies; slower-than-anticipated introduction of new products or implementation of marketing strategies; the Company's ability to protect its intellectual property; changes in the prices of raw materials; changes in product mix; and intellectual property and product liability claims and product recalls.  The foregoing list of factors is not exclusive, and other factors are set forth in the Company's filings with the Securities and Exchange Commission.

 
ATRION CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
 
  Three Months Ended
June 30,
  Six Months Ended
June 30,
  2017   2016   2017   2016
Revenues $   36,164     $   36,143     $   74,669     $   72,358  
Cost of goods sold     18,470         18,928         38,344         37,578  
  Gross profit     17,694         17,215         36,325         34,780  
Operating expenses     7,519         7,141         14,823         14,241  
  Operating income     10,175         10,074         21,502         20,539  
               
Interest income     370         85            519            208  
Other income (expense), net     --         36            1           (309 )
Income before income taxes     10,545         10,195         22,022         20,438  
Income tax provision       (519 )         (2,745 )       (2,046 )       (6,042 )
  Net income $   10,026     $     7,450     $ 19,976     $ 14,396  
               
Income per basic share $     5.44     $     4.09     $     10.86     $     7.90  
               
Weighted average basic shares outstanding     1,844         1,822         1,839         1,823  
               
               
Income per diluted share $     5.40     $     4.02     $     10.76     $     7.76  
               
Weighted average diluted shares outstanding       1,858           1,853         1,856         1,855  


ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
       
  June 30,   Dec. 31,
ASSETS 2016   2016
  (Unaudited)    
Current assets:      
Cash and cash equivalents $   20,223   $   20,022
Short-term investments     27,073       24,080
Total cash and short-term investments     47,296       44,102
Accounts receivable     19,690       17,166
Inventories     29,965       29,015
Prepaid expenses and other     6,022       3,181
Total current assets     102,973       93,464
           
Long-term investments     10,046       9,945
           
Property, plant and equipment, net     66,556       65,265
Other assets     13,096       13,268
       
  $   192,671   $   181,942
       
       
LIABILITIES AND STOCKHOLDERS' EQUITY      
       
Current liabilities     9,383       9,073
Line of credit     --       --
Other non-current liabilities     10,965       9,881
Stockholders' equity     172,323       162,988
       
  $   192,671   $   181,942

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

Primary Logo

View Comments and Join the Discussion!