SOURCE: Atrion Corporation

Atrion Corporation

May 05, 2014 16:30 ET

Atrion Reports First Quarter Results

ALLEN, TX--(Marketwired - May 5, 2014) - Atrion Corporation (NASDAQ: ATRI) today announced diluted earnings per share for the first quarter of 2014 were up 10% to $3.61 as compared to $3.28 in the first quarter of 2013.

Atrion's revenues for the quarter ended March 31, 2014 were $36,419,000 compared with $33,493,000 in the same period in 2013. Net income in the current-year quarter totaled $7,201,000 compared to $6,635,000 in last year's first quarter. 

Commenting on the Company's results for the first quarter of 2014 compared to the same period last year, David A. Battat, President & CEO, said, "We are pleased with the significant increase in revenues, with solid growth in our cardiovascular and fluid delivery product lines. Overall, compared to the same quarter last year, revenues were up 9%, operating income was up 14%, and diluted EPS increased 10%. The EPS comparisons are skewed due to Congress's persistently inconsistent timing in extending R&D tax credits. Five quarters worth of R&D tax credits had to be recorded in the first quarter of 2013, while no credits could be booked in the just finished quarter." Mr. Battat added, "During the quarter we invested $4.7 million to purchase 15,142 shares of our common stock, while continuing to be debt free as well as having $55.0 million in cash and short and long term investments at the end of the quarter." 

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

   
ATRION CORPORATION  
CONSOLIDATED STATEMENTS OF INCOME  
(In thousands, except per share data)  
(Unaudited)  
   
    Three Months Ended
March 31,
 
    2014     2013  
Revenues   $ 36,419     $ 33,493  
Cost of goods sold     19,031       17,784  
  Gross profit     17,388       15,709  
Operating expenses     6,688       6,309  
  Operating income     10,700       9,400  
                 
Interest income     300       350  
Other income (expense), net     1       --  
  Income before income taxes     11,001       9,750  
Income tax provision     (3,800 )     (3,115 )
  Net income     7,201       6,635  
                 
                 
Income per basic share   $ 3.63     $ 3.28  
                 
Weighted average basic shares outstanding     1,982       2,020  
                 
                 
Income per diluted share   $ 3.61     $ 3.28  
                 
Weighted average diluted shares outstanding     1,997       2,024  
                 
 
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
    Mar. 31,   Dec. 31,
ASSETS   2014   2013
    (Unaudited)    
Current assets:            
  Cash and cash equivalents   $ 17,196   $ 28,559
  Short-term investments     25,417     18,351
    Total cash and short-term investments     42,613     46,910
  Accounts receivable     18,642     14,164
  Inventories     26,326     26,266
  Prepaid expenses and other     1,008     1,603
  Deferred income taxes     1,376     1,376
      Total current assets     89,965     90,319
             
Long-term investments     12,375     10,069
             
Property, plant and equipment, net     59,580     58,328
Other assets     13,280     13,350
             
    $ 175,200   $ 172,066
             
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
             
  Current liabilities     11,636     9,364
  Line of credit     --     --
  Other non-current liabilities     12,934     13,708
  Stockholders' equity     150,630     148,994
             
    $ 175,200   $ 172,066
             

Contact Information

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