SOURCE: Atrion Corporation

Atrion Corporation

February 24, 2014 16:30 ET

Atrion Reports Fourth Quarter and Full Year 2013 Results

Diluted EPS Up 19% for Quarter & 13% for the Year

ALLEN, TX--(Marketwired - Feb 24, 2014) -  Atrion Corporation (NASDAQ: ATRI) announced today that for the fourth quarter of 2013 revenues were $31.9 million compared to $28.5 million in the same period of 2012, net income increased to $5.8 million from $4.9 million in last year's quarter, and diluted earnings per share were up to $2.87 from $2.42. For the full year 2013, Atrion's revenues increased to $132.0 million from $119.1 million in 2012, net income was up to $26.6 million from $23.6 million, while diluted earnings per share increased to $13.18 from $11.66 in 2012.

Commenting on the Company's performance, David A. Battat, President & CEO, said, "I am pleased that all our major product categories exhibited higher revenues in the recently concluded quarter as well as the full year compared to the 2012 periods, resulting in an overall increase in revenues of 12% for the quarter and 11% for the full year. The impact on operating income was even more significant, with the quarter's results up 18% while the full year was up 13%."

Mr. Battat added, "During 2013 we increased spending over the prior year by $2.7 million on research and development and the acquisition of third-party patents. This effort was aimed at new product development and should continue at elevated levels for the next 3 years as we extend and enhance our product pipeline. We will support these developments with additional capital for tooling and automation when these new products are ready for the market." Mr. Battat continued "During the year we purchased 36,666 shares of common stock at an average price of $251 per share. Our year-end balance of cash and long and short term securities of $57.0 million compares favorably with the prior year-end total of $44.6 million." 

Mr. Battat concluded, "In 2014, despite increasing outlays for our product development, and the muddled economic outlook in international markets where 42% of our sales are destined, we expect to continue to show growth in revenues and diluted earnings per share."

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 the Company's spending over the next 3 years for research and development and the acquisition of third-party patents, additional capital to be spent for tooling and automation and growth in revenues and diluted earnings per share in 2014. 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     Twelve Months Ended  
    December 31,     December 31,  
    2013     2012     2013     2012  
Revenues   $ 31,851     $ 28,497     $ 131,993     $ 119,062  
Cost of goods sold     17,174       15,754       68,931       62,922  
    Gross profit     14,677       12,743       63,062       56,140  
Operating expenses     6,341       5,704       25,118       22,514  
    Operating income     8,336       7,039       37,944       33,626  
                                 
Interest income     315       387       1,313       1,447  
Other income     --       --       8       2  
Income before income taxes     8,651       7,426       39,265       35,075  
Income tax provision     (2,883 )     (2,532 )     (12,683 )     (11,446 )
    Net income   $ 5,768     $ 4,894     $ 26,582     $ 23,629  
                                 
Income per basic share   $ 2.88     $ 2.42     $ 13.22     $ 11.72  
                                 
Weighted average basic shares outstanding     2,000       2,019       2,010       2,016  
                                 
    $ 2.87     $ 2.42     $ 13.18     $ 11.66  
Income per diluted share                                
Weighted average diluted shares outstanding     2,011       2,022       2,017       2,027  
                                 
                                 
                                 
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
    Dec. 31,   Dec. 31,
ASSETS   2013   2012
    (Unaudited)   (Unaudited)
Current assets:            
  Cash and cash equivalents   $ 28,559   $ 7,999
  Short-term investments     18,351     8,182
    Total cash and short-term investments     46,910     16,181
  Accounts receivable     14,164     13,054
  Inventories     26,266     23,779
  Prepaid expenses and other     1,603     3,110
  Deferred income taxes     1,376     623
      Total current assets     90,319     56,747
                   
Long-term investments     10,069     28,433
             
Property, plant and equipment, net     58,328     59,268
Other assets     13,350     11,362
             
    $ 172,066   $ 155,810
             
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
             
  Current liabilities     9,364     7,208
  Line of credit     --     --
  Other non-current liabilities     13,708     13,774
  Stockholders' equity     148,994     134,828
             
    $ 172,066   $ 155,810
             

Contact Information

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