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Atrion Reports Second Quarter Results

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ALLEN, Texas, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ:ATRI) today announced that for the second quarter ended June 30, 2020, revenues totaled $38.0 million compared with $40.1 million for the same period in 2019. Net income for the second quarter of 2020 totaled $8.6 million as compared to $9.7 million for the same period in 2019, with diluted earnings per share for the second quarter of 2020 at $4.68 compared to $5.18 for the second quarter of 2019.

Commenting on the Company's quarterly results for the second quarter of 2020 compared to the same period last year, David A. Battat, President & CEO, stated, "The impact of the pandemic was felt in the second quarter with revenues and operating income lower by 5% and 8%, respectively, essentially the reverse image of the first quarter when revenues were up 5% and operating income was up 6%." Mr. Battat explained, "The current year second quarter saw hospitals suspend elective surgeries to preserve ICU beds and other resources to deal with the anticipated deluge of Covid-19 patients. As a result, sales of our products used in elective procedures were lower by $3.7 million." Mr. Battat added, "The net impact on overall sales was limited to $2.1 million thanks to our diversified product portfolio and the tireless efforts of my co-workers who kept our operations running throughout this period." 

Mr. Battat continued "With an effective tax rate 15% higher in this year's quarter than the prior year's second quarter, diluted EPS and net income were lower by 10% and 11%, respectively. During the quarter we purchased 12,158 shares of our common stock at an average cost of $641 per share. As of June 30, 2020, we continue to be debt free while holding $87.5 million in cash and short and long term investments."

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


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

  Three Months Ended
June 30,
  Six Months Ended
June 30,
    2020       2019       2020       2019  
Revenues $   37,968     $   40,103     $   81,563     $   81,717  
Cost of goods sold     20,499         21,511         44,226         44,422  
  Gross profit     17,469         18,592         37,337         37,295  
Operating expenses     7,423         7,626         15,577         15,291  
  Operating income     10,046         10,966         21,760         22,004  
               
Interest and dividend income     367         581           858           1,163  
Other investment income (loss)       354           161           (673 )         372  
Income before income taxes     10,767         11,708         21,945         23,539  
Income tax provision     (2,162 )       (2,044 )       (4,443 )       (4,437 )
  Net income $     8,605     $     9,664     $ 17,502     $ 19,102  
               
Income per basic share $     4.69     $     5.21     $     9.49     $     10.30  
               
Weighted average basic shares   outstanding     1,835         1,854         1,844         1,854  
               
               
Income per diluted share $     4.68     $     5.18     $     9.47     $     10.25  
               
Weighted average diluted shares   outstanding     1,839         1,864         1,849         1,863  

                   


ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)

  June 30,   Dec. 31,
ASSETS  2020    2019
  (Unaudited)    
Current assets:      
  Cash and cash equivalents $   24,099   $   45,048
  Short-term investments     6,574       23,766
    Total cash and short-term investments     30,673       68,814
  Accounts receivable     22,441       18,886
  Inventories     45,805       42,093
  Prepaid expenses and other     3,226       2,545
    Total current assets     102,145       132,338
 

Long-term investments
    56,871       31,772
 

Property, plant and equipment, net
    87,867       84,606
Other assets     13,467       13,315
       
  $   260,350   $   262,031
       
       
LIABILITIES AND STOCKHOLDERS' EQUITY      
       
Current liabilities     15,443       11,274
Line of credit     --       --
Other non-current liabilities     11,380       12,887
Stockholders' equity     233,527       237,870
       
  $   260,350   $   262,031

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

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