SOURCE: Atrion Corporation

Atrion Corporation

February 22, 2016 17:56 ET

Atrion Reports Fourth Quarter and Full Year 2015 Results

ALLEN, TX--(Marketwired - February 22, 2016) -  Atrion Corporation (NASDAQ: ATRI) announced today that for the fourth quarter of 2015 revenues were $32.4 million compared to $32.7 million in the same period of 2014, net income increased to $6.1 million from $6.0 million, and diluted earnings per share were up to $3.27 from $3.08 in the prior-year period. For the full year 2015, Atrion's revenues increased to $145.7 million from $140.8 million in 2014, net income was up to $28.9 million from $27.8 million, while diluted earnings per share increased to $15.47 from $14.08 in 2014.

Commenting on the Company's results for the fourth quarter compared to the same period in 2014, David A. Battat, President & CEO, said, "In the final quarter of 2015, we experienced weak demand and currency headwinds leading to some $300,000 in lower revenues and the same dollar impact on our operating income. Net income was slightly above the prior-year's comparable quarter but included two unusual items in this year's quarter: the recognition of an impairment loss of $2.4 million in our bond portfolio, and a reduction in our tax expense primarily related to R&D tax credits. Diluted EPS for the quarter increased 6%."

Mr. Battat observed, "For the year as whole, Fluid Delivery and Cardiovascular, our key areas that account for almost three-quarters of our sales, did well and revenues were up a combined 6%. Revenues from Ophthalmology, our smallest field accounting for less than 13% of sales, were down over $1.0 million." Mr. Battat added, "Diluted earnings per share were up 10% for the year compared with the full year of 2014." Mr. Battat stated, "In 2015, we continued our practice of returning capital to our stockholders through higher dividends and significant stock repurchases. While we did not acquire any shares in the fourth quarter, during the year we purchased a total of 89,862 shares at a cost of $30.9 million, averaging $343 per share. We again ended the year with no debt, while holding a healthy balance of $38.3 million in cash and short and long-term investments." Mr. Battat concluded, "For the full year of 2016, we continue to caution that our growth is likely to be modest with uneven quarterly comparisons reflecting not only volatility in ophthalmic sales but also the significant impact of the strong U.S. dollar on the more than one third of our sales to international markets."

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 growth in 2016. 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,  
    2015     2014     2015     2014  
Revenues   $ 32,372     $ 32,693     $ 145,733     $ 140,762  
Cost of goods sold     17,084       17,011       74,752       72,244  
  Gross profit     15,288       15,682       70,981       68,518  
Operating expenses     6,958       7,050       28,471       27,701  
  Operating income     8,330       8,632       42,510       40,817  
                                 
Interest income     135       288       771       1,191  
Other income (expense)     (2,411 )     --       (2,411 )     13  
Income before income taxes     6,054       8,920       40,870       42,021  
Income tax provision     (4 )     (2,880 )     (11,945 )     (14,213 )
  Net income   $ 6,050     $ 6,040     $ 28,925     $ 27,808  
                                 
Income per basic share   $ 3.32     $ 3.11     $ 15.67     $ 14.20  
                                 
Weighted average basic shares outstanding     1,824       1,941       1,846       1,958  
                                 
    $ 3.27     $ 3.08     $ 15.47     $ 14.08  
Income per diluted share                                
Weighted average diluted shares outstanding     1,849       1,959       1,870       1,975  
                                 
 
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
    Dec. 31,   Dec. 31,
ASSETS   2015   2014
    (Unaudited)   (Unaudited)
Current assets:            
  Cash and cash equivalents   $ 28,346   $ 20,775
  Short-term investments     44     3,084
    Total cash and short-term investments     28,390     23,859
  Accounts receivable     16,620     16,962
  Inventories     29,771     28,022
  Prepaid expenses and other     2,934     4,720
  Deferred income taxes     580     573
    Total current assets     78,295     74,136
             
Long-term investments     9,866     21,760
             
Property, plant and equipment, net     63,314     62,516
Other assets     12,861     13,102
             
    $ 164,336   $ 171,514
             
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
             
  Current liabilities     9,316     9,936
  Line of credit     --     --
  Other non-current liabilities     10,922     12,008
  Stockholders' equity     144,098     149,570
             
    $ 164,336   $ 171,514
             

Contact Information

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