SOURCE: Atrion Corporation

Atrion Corporation

May 04, 2016 17:46 ET

Atrion Reports First Quarter Results

ALLEN, TX--(Marketwired - May 04, 2016) - Atrion Corporation (NASDAQ: ATRI) today announced diluted earnings per share for the first quarter of 2016 were $3.76 as compared to $4.01 in the first quarter of 2015. Revenues for the quarter ended March 31, 2016 were $36.2 million compared with $38.3 million in the same period in 2015. Net income in the current-year quarter totaled $6.9 million compared to $7.6 million in last year's first quarter.

Commenting on the Company's results for the first quarter of 2016 compared to the same period last year, David A. Battat, President & CEO, said, "The first quarter of this year saw a 6% decline in sales and earnings per diluted share. As discussed in prior releases, the strong U.S. dollar, coupled with the commoditization of one of our Ophthalmic products, will cause some quarters to compare unfavorably to their 2015 counterparts. Full year results should be comparable to the prior year." Mr. Battat continued, "While the macroeconomic environment remains challenging, we remain confident in our medium and long-term growth prospects. The timing of customer validations of current and future products should lead to solid growth in revenues and operating income in 2017 and beyond. To position ourselves for this growth, we are currently in the planning stage of a substantial expansion of our manufacturing footprint and capabilities." Mr. Battat concluded, "During the quarter, we purchased 3,427 shares of our common stock at an average price of $372 per share in keeping with our disciplined practice of returning excess capital to stockholders through repurchases if, and only if, shares are available at favorable values."

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

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 comparisons of results for quarters in 2016 with 2015 quarters, results for full year 2016 compared to full year 2015, medium and long-term growth prospects and the Company's growth in revenues and operating income in 2017 and beyond. 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.

(In thousands, except per share data)  
    Three Months Ended March 31,  
    2016     2015  
Revenues   $ 36,215     $ 38,324  
Cost of goods sold     18,650       19,800  
  Gross profit     17,565       18,524  
Operating expenses     7,100       7,038  
  Operating income     10,465       11,486  
Interest income     123       177  
Other income (expense), net     (345 )     --  
  Income before income taxes     10,243       11,663  
Income tax provision     (3,298 )     (4,061 )
  Net income     6,945       7,602  
Income per basic share   $ 3.81     $ 4.05  
Weighted average basic shares outstanding     1,823       1,875  
Income per diluted share   $ 3.76     $ 4.01  
Weighted average diluted shares outstanding     1,849       1,895  
(In thousands)
    Mar. 31,   Dec. 31,
ASSETS   2016   2015
Current assets:            
  Cash and cash equivalents   $ 27,947   $ 28,346
  Short-term investments     39     44
    Total cash and short-term investments     27,986     28,390
  Accounts receivable     21,717     16,620
  Inventories     30,468     29,771
  Prepaid expenses and other     1,372     2,934
  Deferred income taxes     580     580
      Total current assets     82,123     78,295
Long-term investments     11,092     9,866
Property, plant and equipment, net     64,112     63,314
Other assets     12,860     12,861
    $ 170,187   $ 164,336
  Current liabilities     11,038     9,316
  Line of credit     --     --
  Other non-current liabilities     10,597     10,922
  Stockholders' equity     148,552     144,098
    $ 170,187   $ 164,336

Contact Information

  • Contact:
    Jeffery Strickland

    Vice President and Chief Financial Officer
    (972) 390-9800