SOURCE: Atrion Corporation

Atrion Corporation

October 29, 2013 16:30 ET

Atrion Reports Third Quarter Results

ALLEN, TX--(Marketwired - Oct 29, 2013) -  Atrion Corporation (NASDAQ: ATRI) today announced that for the third quarter of 2013 revenues and operating income were up 11% and diluted earnings per share were up 6% compared to the results for the third quarter of 2012. 

Atrion's revenues for the quarter ended September 30, 2013 totaled $34.0 million compared with $30.6 million for the same period in 2012. Operating income for the just ended quarter was $10.7 million compared to $9.7 million in the same period of 2012. On a diluted per share basis, earnings for the period increased to $3.81 as compared to $3.59 for the same quarter of last year. Net income for the third quarter totaled $7.7 million compared to $7.3 million in last year's third quarter.

Commenting on the results of the third quarter compared to the same period of 2012, David Battat, President and CEO, said, "We are very pleased with our results this quarter with revenues and operating income each showing double-digit increases over the prior year period. The comparative financial results for net income and earnings per share understate the current period's growth due to a significant one-time R&D tax benefit recorded in last year's third quarter. This tax benefit resulted from an IRS arbitration panel's decision awarding us 100% of previously disallowed credits for the 2006-2008 calendar years." Mr. Battat added, "We saw robust increases in revenues for products sold to the cardiovascular and ophthalmic markets, which increased 23% and 30%, respectively, compared to a weak period in the prior year. Together, those product lines accounted for most of the increase in overall revenues for the quarter, with sales in the remaining product areas slightly above the prior year period. Once again, the value of our product diversification can be clearly seen." Mr. Battat concluded, "During the quarter we increased spending on R&D by 52% aimed at product development in all areas but with a special emphasis on cardiovascular. We also repurchased 4,775 shares of our common stock at an average cost of $245.80 per share, while increasing our balance of cash and investments by $6.3 million to $59.3 million."

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
September 30,
    Nine Months Ended
September 30,
 
    2013     2012     2013     2012  
Revenues   $ 34,044     $ 30,637     $ 100,142     $ 90,565  
Cost of goods sold     17,003       15,742       51,757       47,168  
    Gross profit     17,041       14,895       48,385       43,397  
Operating expenses     6,328       5,218       18,777       16,810  
    Operating income     10,713       9,677       29,608       26,587  
                                 
Interest income     310       411       1,005       1,060  
Other income     -       -       -       2  
Income before income taxes     11,023       10,088       30,613       27,649  
Income tax provision     (3,350 )     (2,829 )     (9,800 )     (8,914 )
    Net income   $ 7,673     $ 7,259     $ 20,813     $ 18,735  
                                 
Income per basic share   $ 3.82     $ 3.60     $ 10.33     $ 9.30  
                                 
Weighted average basic shares outstanding     2,007       2,014       2,014       2,015  
                                 
                                 
Income per diluted share   $ 3.81     $ 3.59     $ 10.31     $ 9.24  
                                 
Weighted average diluted shares outstanding     2,016       2,022       2,019       2,028  
                                 
                                 
                                 
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
         
    Sept. 30,   Dec. 31,
ASSETS   2013   2012
    (Unaudited)    
Current assets:            
  Cash and cash equivalents   $ 30,724   $ 7,999
  Short-term investments     8,448     8,182
    Total cash and short-term investments     39,172     16,181
  Accounts receivable     16,183     13,054
  Inventories     26,488     23,779
  Prepaid expenses and other     1,592     3,110
  Deferred income taxes     623     623
      Total current assets     84,058     56,747
                   
Long-term investments     20,104     28,433
             
Property, plant and equipment, net     57,688     59,268
Other assets     11,258     11,362
             
    $ 173,108   $ 155,810
             
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
             
  Current liabilities     10,904     7,208
  Line of credit     --     --
  Other non-current liabilities     12,968     13,774
  Stockholders' equity     149,236     134,828
             
    $ 173,108   $ 155,810
             

Contact Information

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