SOURCE: Atrion Corporation

Atrion Corporation

November 03, 2016 16:30 ET

Atrion Reports Third Quarter Results

ALLEN, TX--(Marketwired - November 03, 2016) - Atrion Corporation (NASDAQ: ATRI) today announced that for the third quarter of 2016 revenues totaled $37.8 million compared with $37.4 million for the same period in 2015. Operating income for the just-ended quarter was $11.0 million compared to $11.6 million in the same period of 2015. Net income for the third quarter was $7.6 million as compared to $7.8 million in last year's third quarter. On a diluted per share basis, earnings for the period decreased to $4.10 as compared to $4.19 for the same quarter of last year.

Commenting on the results for the third quarter compared to the same period of 2015, David Battat, President and CEO, said, "Despite continued international pricing pressures and the expiration of certain ophthalmic patents, revenues were up 1% compared to the same period last year. Fluid delivery and Ophthalmology both showed comparative gains of 5%, while Cardiovascular sales were down 5% compared to a particularly strong period in 2015 when they were up 14%." Mr. Battat continued, "Lower prices led to a 5% decline in operating income. However, net income and diluted earnings per share were each down 2%, due to a tax rate that was two percentage points lower than in the comparable 2015 quarter." Mr. Battat added, "With no repurchases of stock in the latest period, our cash and short and long term investments increased by $7.2 million to a total of $48.6 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,
 
  2016   2015   2016   2015  
Revenues $37,835   $37,381   $110,193   $113,361  
Cost of goods sold  20,211    18,997    57,789    57,668  
  Gross profit  17,624    18,384    52,404    55,693  
Operating expenses  6,648    6,811    20,889    21,513  
  Operating income  10,976    11,573    31,515    34,180  
                     
Interest income  106    131    315    636  
Other income  1    --    (309 )  --  
Income before income taxes  11,083    11,704    31,521    34,816  
Income tax provision  (3,469 )  (3,905 )  (9,511 )  (11,941 )
  Net income $7,614   $7,799   $22,010   $22,875  
                     
Income per basic share $4.17   $4.25   $12.07   $12.34  
                     
Weighted average basic shares outstanding  1,825    1,836    1,823    1,853  
                     
                     
Income per diluted share $4.10   $4.19   $11.86   $12.19  
                     
Weighted average diluted shares outstanding  1,858    1,860    1,856    1,876  
                
                
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
   Sept. 30,  Dec. 31,
ASSETS  2016  2015
   (Unaudited)   
Current assets:        
  Cash and cash equivalents  $23,747  $28,346
  Short-term investments   15,049   44
   Total cash and short-term investments   38,796   28,390
  Accounts receivable   20,124   16,620
  Inventories   30,056   29,771
  Prepaid expenses and other   2,180   2,934
  Deferred income taxes   580   580
   Total current assets   91,736   78,295
Long-term investments   9,838   9,866
Property, plant and equipment, net   65,683   63,314
Other assets   13,306   12,861
         
   $180,563  $164,336
         
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
         
Current liabilities   10,986   9,316
Line of credit   --   --
Other non-current liabilities   10,556   10,922
Stockholders' equity   159,021   144,098
         
   $180,563  $164,336

Contact Information

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