SOURCE: Atrion Corporation

Atrion Corporation

May 09, 2013 16:30 ET

Atrion Reports First Quarter Results

ALLEN, TX--(Marketwired - May 9, 2013) - Atrion Corporation (NASDAQ: ATRI) today announced diluted earnings per share for the first quarter of 2013 were up 24% to $3.28 compared to the first quarter of 2012.

Commenting on the Company's results for the first quarter of 2013 compared to the same period last year, David A. Battat, President & CEO, said, "We are very pleased with the significantly higher sales of our ophthalmic, fluid delivery, and cardiovascular products, resulting in a 15% increase in revenues." Mr. Battat added, "Despite increased spending on research and development and higher charges for depreciation, operating income, one of the best measures of performance, was up 18%. Net income increased 23%, benefiting from the late congressional passage of 2012 and 2013 R&D tax credit legislation; although no credits could be booked in 2012, in the first quarter of this year we were finally able to book those credits earned over five quarters. For the remainder of 2013, the favorable impact of R&D tax credits should return to normal levels, while charges for depreciation and spending on R&D are expected to progressively increase each quarter." Mr. Battat continued, "During the quarter we repurchased 5,030 shares of our stock at an average cost of $200 per share, while cash and short and long term investments increased by $4.2 million in the same period to $48.8 million."

Atrion's revenues for the quarter ended March 31, 2013 were $33,493,000 compared with $29,239,000 in the same period in 2012. Net income in the current year quarter totaled $6,635,000 compared to $5,377,000 in last year's first quarter. On a diluted per share basis, earnings for the period increased to $3.28 as compared to $2.65 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 R&D tax credits, charges for depreciation and spending on R&D for the remainder of 2013. 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
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
 
       
    Three Months Ended
March 31,
 
    2013     2012  
Revenues   $ 33,493     $ 29,239  
Cost of goods sold     17,784       15,410  
  Gross profit     15,709       13,829  
Operating expenses     6,309       5,886  
  Operating income     9,400       7,943  
                 
Interest income     350       290  
Other income (expense), net     --       2  
  Income before income taxes     9,750       8,235  
Income tax provision     (3,115 )     (2,858 )
  Net income     6,635       5,377  
                 
                 
Income per basic share   $ 3.28     $ 2.67  
                 
Weighted average basic shares outstanding     2,020       2,015  
                 
                 
Income per diluted share   $ 3.28     $ 2.65  
                 
Weighted average diluted shares outstanding     2,024       2,026  
                 
                 
 
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
         
    Mar. 31,   Dec. 31,
ASSETS   2013   2012
    (Unaudited)    
Current assets:            
  Cash and cash equivalents   $ 16,012   $ 7,999
  Short-term investments     4,415     8,182
    Total cash and short-term investments     20,427     16,181
  Accounts receivable     17,384     13,054
  Inventories     24,047     23,779
  Prepaid expenses and other     909     3,110
  Deferred income taxes     623     623
    Total current assets     63,390     56,747
             
Long-term investments     28,365     28,433
             
Property, plant and equipment, net     58,715     59,268
Other assets     11,431     11,362
             
    $ 161,901   $ 155,810
             
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
             
  Current liabilities     8,767     7,208
  Line of credit     --     --
  Other non-current liabilities     13,453     13,774
  Stockholders' equity     139,681     134,828
             
    $ 161,901   $ 155,810
             

Contact Information

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