SOURCE: Atrion Corporation

Atrion

November 05, 2015 17:19 ET

Atrion Reports Third Quarter Results

ALLEN, TX--(Marketwired - November 05, 2015) - Atrion Corporation (NASDAQ: ATRI) today announced that for the third quarter of 2015 revenues totaled $37.4 million compared with $36.6 million for the same period in 2014. Operating income for the just-ended quarter was $11.6 million compared to $11.2 million in the same period of 2014. On a diluted per share basis, earnings for the period increased to $4.19 as compared to $3.91 for the same quarter of last year. Net income for the third quarter was $7.8 million as compared to $7.7 million in last year's third quarter.

Commenting on the results for the third quarter compared to the same period of 2014, David Battat, President and CEO, said, "We are pleased with the continuing growth of our Fluid Delivery and Cardiovascular products. Their combined revenues were up 10% and together they now account for 74% of our overall sales. Total revenue growth, however, was 2%, reflecting significant declines for the quarter in our two smallest product groups. For the next three quarters, we believe comparisons with the prior year results will continue to be skewed due to projected weakness in our Ophthalmology product line. We expect comparisons to improve by the third quarter of 2016." Mr. Battat added, "Operating income for the quarter was up 3%. Earnings per diluted share were up 7%. R&D investment was up 28% compared to the same period last year." Mr. Battat continued, "During the quarter, we continued to return excess cash to stockholders through repurchases of 14,808 shares at a cost of $5.6 million while also increasing our cash and short- and long-term investments by $4.1 million." Mr. Battat concluded, "With exports representing over 40% of our sales, we anticipate that our future growth in revenues and income will be modest so long as the international economic outlook remains weak and the U.S. dollar is strong."

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 comparisons with prior year results through the third quarter of 2016, weakness in the Company's Ophthalmology product line and future growth in revenues and income. 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
September 30,
  Nine Months Ended
September 30,
  2015   2014   2015   2014
Revenues $37,381   $36,625   $113,361   $108,069
Cost of goods sold  18,997    18,587    57,668    55,234
  Gross profit  18,384    18,038    55,693    52,835
Operating expenses  6,811    6,812    21,513    20,652
  Operating income  11,573    11,226    34,180    32,183
                   
Interest income  131    240    636    904
Other income  --    12    --    13
Income before income taxes  11,704    11,478    34,816    33,100
Income tax provision  (3,905)    (3,793)    (11,941)    (11,332)
  Net income $7,799   $7,685   $22,875   $21,768
                   
Income per basic share $4.25   $3.94   $12.34   $11.08
                   
Weighted average basic shares outstanding  1,836    1,949    1,853    1,964
                   
                   
Income per diluted share $4.19   $3.91   $12.19   $10.99
                   
Weighted average diluted shares outstanding  1,860    1,966    1,876    1,980
            
 
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
   Sept. 30,    Dec. 31,
ASSETS  2015    2014
   (Unaudited)     
Current assets:          
 Cash and cash equivalents  $23,405    $20,775
 Short-term investments   114     3,084
  Total cash and short-term investments   23,519     23,859
 Accounts receivable   19,604     16,962
 Inventories   29,202     28,022
 Prepaid expenses and other   2,788     4,720
 Deferred income taxes   573     573
  Total current assets   75,686     74,136
          
Long-term investments   12,145     21,760
         
Property, plant and equipment, net   62,242     62,516
Other assets   12,863     13,102
           
   $162,936    $171,514
           
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
 Current liabilities   10,668     9,936
 Line of credit   --     --
 Other non-current liabilities   13,057     12,008
 Stockholders' equity   139,211     149,570
           
   $162,936    $171,514
        

Contact Information

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