SOURCE: Atrion Corporation

Atrion Corporation

August 04, 2015 16:45 ET

Atrion Reports Second Quarter Results

ALLEN, TX--(Marketwired - Aug 4, 2015) - Atrion Corporation (NASDAQ: ATRI) today announced that for the second quarter ended June 30, 2015 revenues totaled $37.7 million compared with $35.0 million in the same period in 2014. On a diluted per share basis, earnings for the period increased to $3.99 as compared to $3.48 in the same period of last year. Net income for the second quarter totaled $7.5 million compared to $6.9 million in last year's second quarter.

Commenting on the Company's results for the second quarter of 2015 compared to the same period last year, David A. Battat, President & CEO, said, "We are pleased with the 8% increase in revenues achieved despite flat sales of our ophthalmic products." Mr. Battat added, "Operating income was up 8%, or approximately $863,000, while simultaneously investing an additional $519,000 in R&D compared to the same quarter in 2014 as we continue to place emphasis on expanding our product pipeline." Mr. Battat continued, "Thanks to a 9% increase in net income and the progressive reduction in our share count during the past year, our earnings per diluted share in this quarter were higher by 15% over those of the 2014 period." Mr. Battat added, "During the quarter, we returned to our stockholders $8.2 million through the repurchase of 24,897 shares of our common stock at an average price of $331 per share. At the end of the quarter our cash and short and long term investments stood at $31.6 million, down $1.0 million from the balance we held on March 31, 2015." Mr. Battat concluded, "Exports account for 42% of our sales. To date, the effect of the strong U.S. dollar has been modest. Going forward, we anticipate a larger impact on our results. The Company's top and bottom lines will continue to grow, but quarter-over-quarter comparisons will be more moderate over the next year. Confident of our continued strength, the Board of Directors has announced a dividend increase of 20% payable on September 30, 2015 to stockholders of record September 15, 2015." 

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 impact of the strong U.S. dollar on sales, top and bottom line growth and the Company's continued strength. 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  
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME  
(In thousands, except per share data)  
   
  Three Months Ended
June 30,
    Six Months Ended
June 30,
 
  2015     2014     2015     2014  
Revenues $ 37,655     $ 35,025     $ 75,979     $ 71,444  
Cost of goods sold   18,871       17,616       38,671       36,647  
  Gross profit   18,784       17,409       37,308       34,797  
Operating expenses   7,664       7,152       14,702       13,840  
  Operating income   11,120       10,257       22,606       20,957  
                               
Interest income   328       364       505       664  
Income before income taxes   11,448       10,621       23,111       21,621  
Income tax provision   (3,974 )     (3,739 )     (8,036 )     (7,539 )
  Net income $ 7,474     $ 6,882     $ 15,075     $ 14,082  
                               
Income per basic share $ 4.04     $ 3.51     $ 8.10     $ 7.14  
                               
Weighted average basic shares outstanding   1,850       1,960       1,862       1,971  
                               
                               
Income per diluted share $ 3.99     $ 3.48     $ 8.00     $ 7.09  
                               
Weighted average diluted shares outstanding   1,872       1,977       1,884       1,987  
                               
                               
                               
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
  June 30,   Dec. 31,
ASSETS 2015   2014
  (Unaudited)    
Current assets:          
  Cash and cash equivalents $ 19,580   $ 20,775
  Short-term investments   44     3,084
    Total cash and short-term investments   19,624     23,859
  Accounts receivable   21,248     16,962
  Inventories   27,453     28,022
  Prepaid expenses and other   2,954     4,720
  Deferred income taxes   573     573
      Total current assets   71,852     74,136
Long-term investments   11,974     21,760
Property, plant and equipment, net   62,874     62,516
Other assets   12,977     13,102
           
  $ 159,677   $ 171,514
           
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
Current liabilities   8,728     9,936
Line of credit   --     --
Other non-current liabilities   12,775     12,008
Stockholders' equity   138,174     149,570
           
  $ 159,677   $ 171,514
           

Contact Information

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