SOURCE: Atrion Corporation

Atrion Corporation

August 07, 2012 16:30 ET

Atrion Reports Second Quarter Results

ALLEN, TX--(Marketwire - Aug 7, 2012) - Atrion Corporation (NASDAQ: ATRI) today announced that for the second quarter of 2012 diluted earnings per share were down 13% and revenues were down 1% compared to the results for the second quarter of 2011.

Atrion's revenues for the quarter ended June 30, 2012 totaled $30.7 million compared with $31.1 million in the same period in 2011. On a diluted per share basis, earnings for the period decreased to $3.02 as compared to $3.46 in the same period of last year. Net income for the second quarter totaled $6.1 million compared to $7.0 million in last year's second quarter.

Commenting on the Company's performance for the 2012 second quarter compared with the same period last year, David A. Battat, President and CEO, said, "We are very pleased with the substantial increase in revenues of our cardiovascular products which were up 16% reflecting record quarterly shipments of MPS equipment and disposables used in cardiac surgery. We also continued to experience a healthy increase in our fluid delivery products. The solid growth in the two largest areas of our business was masked by the anticipated decline in shipments of ophthalmic products due to a customer's inventory adjustment described in detail in our year-end and first quarter press releases, and a substantial reduction in sales of non-medical valves used in military and recreational boating applications." Mr. Battat added, "Cash and short and long term investments decreased by $1.0 million in the quarter, after spending $2.9 million for capital additions and $2.7 million for the purchase of 13,572 shares of our stock at an average cost of $201 per share."

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

 
ATRION CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
 
             
    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2012     2011     2012     2011  
Revenues   $ 30,689     $ 31,139     $ 59,929     $ 61,728  
Cost of goods sold     16,016       14,684       31,427       29,721  
  Gross profit     14,673       16,455       28,502       32,007  
Operating expenses     5,706       6,018       11,592       11,474  
  Operating income     8,967       10,437       16,910       20,533  
                                 
Interest income     359       342       649       668  
Other income     --       --       2       2  
Income before income taxes     9,326       10,779       17,561       21,203  
Income tax provision     (3,227 )     (3,760 )     (6,085 )     (7,326 )
  Net income   $ 6,099     $ 7,019     $ 11,476     $ 13,877  
                                 
Income per basic share   $ 3.03     $ 3.48     $ 5.70     $ 6.88  
                                 
Weighted average basic shares outstanding     2,016       2,019       2,015       2,018  
                                 
                                 
Income per diluted share   $ 3.02     $ 3.46     $ 5.67     $ 6.84  
                                 
Weighted average diluted shares outstanding     2,019       2,030       2,023       2,030  
                                 
                                 
 
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
         
    June 30,   Dec. 31,
ASSETS   2012   2011
    (Unaudited)    
Current assets:            
  Cash and cash equivalents   $ 8,395   $ 24,590
  Short-term investments     17,377     20,279
    Total cash and short-term investments     25,772     44,869
  Accounts receivable     14,921     11,223
  Inventories     24,899     24,582
  Prepaid expenses and other     2,218     2,313
  Deferred income taxes     755     755
      Total current assets     68,565     83,742
             
Long-term investments     27,665     10,336
             
Property, plant and equipment, net     58,469     56,370
Other assets     11,447     11,447
             
    $ 166,146   $ 161,895
             
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
             
Current liabilities     8,476     10,043
Line of credit     --     --
Other non-current liabilities     13,667     13,338
Stockholders' equity     144,004     138,514
             
    $ 166,146   $ 161,895
             

Contact Information

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