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SOURCE: Atrion Corporation
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May 05, 2010 17:00 ET
Atrion Reports First Quarter Results
Diluted EPS Increased by 12%
ALLEN, TX--(Marketwire - May 5, 2010) - Atrion Corporation (NASDAQ: ATRI) today announced
that for the first quarter of 2010 diluted earnings per share were 12%
higher than in the first quarter of 2009, and revenues for the quarter were
up 7% compared to the first quarter of 2009.
Commenting on the Company's results for the first quarter of 2010 compared
with the same period last year, Emile A. Battat, Chairman & CEO, said: "We
are very pleased with the higher earnings and increased sales in the
current-year period. Revenues in all of our major product categories
experienced an increase of 10-14% except for our ophthalmic products
revenues which declined by 10% from the high level experienced in last
year's first quarter. With operating costs virtually unchanged from last
year's first quarter level, operating income was up 15%. Our tax rate
increased from 33.4% in last year's first quarter to 34.8% this quarter.
Had the rate remained unchanged our EPS for this year's first quarter would
have shown an increase of 15% rather than the reported 12% figure." Mr.
Battat added "Reflecting our continued strong cash generation, cash and
investments reached $29.4 million by the end of this year's first quarter,
constituting a $5 million increase from the December 31, 2009 level if the
year-end level were adjusted downward by the $12 million we paid out to our
stockholders in January 2010 as a special cash dividend." Mr. Battat
concluded, "We continue to be encouraged by our business prospects for the
remainder of this year."
Atrion's revenues for the quarter ended March 31, 2010 were $26,902,000
compared with $25,047,000 in the same period in 2009. Net income in the
current year quarter totaled $4,697,000 compared to $4,134,000 in last
year's first quarter. On a diluted per share basis, earnings for the
period increased to $2.31 as compared to $2.06 in the first quarter of last
year.
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 its business prospects for the remainder of 2010.
Words such as "expects," "believes," "anticipates," "intends," "should,"
"plans", 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
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
2010 2009
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Revenues $ 26,902 $ 25,047
Cost of goods sold 14,877 13,958
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Gross profit 12,025 11,089
Operating expenses 4,987 4,980
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Operating income 7,038 6,109
Interest income (expense), net 161 102
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Income before income taxes 7,199 6,211
Income tax provision (2,502) (2,077)
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Net income 4,697 4,134
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Income per basic share $ 2.33 $ 2.09
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Weighted average basic shares outstanding 2,018 1,974
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Income per diluted share $ 2.31 $ 2.06
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Weighted average diluted shares outstanding 2,030 2,003
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ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
Mar. 31, Dec. 31,
ASSETS 2010 2009
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(Unaudited)
Current assets:
Cash and cash equivalents $ 16,709 $ 20,694
Short-term investments 1,224 4,230
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Total cash and short-term investments 17,933 24,924
Accounts receivable 12,889 11,026
Inventories 18,149 18,675
Prepaid expenses and other 743 981
Deferred income taxes 596 596
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Total current assets 50,310 56,202
Long-term investments 11,418 11,477
Property, plant and equipment, net 52,062 53,141
Other assets 11,912 11,929
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$ 125,702 $ 132,749
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 6,769 6,682
Line of credit -- --
Other non-current liabilities 9,301 9,336
Stockholders' equity 109,632 116,731
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$ 125,702 $ 132,749
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