Atrion Reports Second Quarter Results
August 07 2018 - 4:45PM
Atrion Corporation (NASDAQ: ATRI) today announced that for the
second quarter ended June 30, 2018 revenues totaled $38.8 million
compared with $36.2 million for the same period in 2017. Net income
for the second quarter of 2018 totaled $8.8 million as compared to
$10.0 million for the same period in 2017, with diluted earnings
per share for the second quarter of 2018 at $4.74 compared to $5.40
in the second quarter of 2017.
Commenting on the Company’s results for the
second quarter of 2018 compared to the same period last year, David
A. Battat, President & CEO, said, “Revenues were up 7% with
most major products contributing to this solid performance, and
operating income increased 11%.” Mr. Battat continued, “Our
effective tax rate in the second quarter of 2018 was 22% compared
to 5% in the comparable 2017 period largely due to significantly
lower tax benefits from stock compensation. If we excluded
those benefits in both periods, our income per diluted share in the
2018 period would have been $4.70 compared to $3.79 in the 2017
quarter." Mr. Battat concluded, “Manufacturing efficiencies
and disciplined cost control resulted in operating income
constituting 29% of revenues in the current year quarter compared
to 28% in the second quarter of 2017. During the quarter, we added
$3.5 million to our cash and short and long term investments
bringing the total to $82.4 million as of June 30, 2018. We
continue to be debt free.”
Atrion Corporation develops and manufactures
products primarily for medical applications. The Company’s
website is www.atrioncorp.com.
Contact: Jeffery
Strickland
Vice President and Chief
Financial Officer
(972) 390-9800
ATRION
CORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF
INCOME(In thousands, except per share
data)
|
Three Months EndedJune
30, |
|
Six Months EndedJune
30, |
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Revenues |
$ |
38,847 |
|
|
$ |
36,164 |
|
|
$ |
78,248 |
|
|
$ |
74,669 |
|
Cost of goods sold |
|
19,624 |
|
|
|
18,470 |
|
|
|
40,074 |
|
|
|
38,344 |
|
Gross
profit |
|
19,223 |
|
|
|
17,694 |
|
|
|
38,174 |
|
|
|
36,325 |
|
Operating expenses |
|
7,957 |
|
|
|
7,519 |
|
|
|
15,542 |
|
|
|
14,823 |
|
Operating
income |
|
11,266 |
|
|
|
10,175 |
|
|
|
22,632 |
|
|
|
21,502 |
|
|
|
|
|
|
|
|
|
Interest and dividend
income |
|
411 |
|
|
|
370 |
|
|
|
742 |
|
|
|
519 |
|
Other investment income
(loss) |
|
(408 |
) |
|
|
-- |
|
|
|
(1,197 |
) |
|
|
1 |
|
Income before income
taxes |
|
11,269 |
|
|
|
10,545 |
|
|
|
22,177 |
|
|
|
22,022 |
|
Income tax
provision |
|
(2,472 |
) |
|
|
(519 |
) |
|
|
(4,892 |
) |
|
|
(2,046 |
) |
Net income |
$ |
8,797 |
|
|
$ |
10,026 |
|
|
$ |
17,285 |
|
|
$ |
19,976 |
|
|
|
|
|
|
|
|
|
Income per basic
share |
$ |
4.75 |
|
|
$ |
5.44 |
|
|
$ |
9.33 |
|
|
$ |
10.86 |
|
|
|
|
|
|
|
|
|
Weighted average basic
shares outstanding |
|
1,852 |
|
|
|
1,844 |
|
|
|
1,853 |
|
|
|
1,839 |
|
|
|
|
|
|
|
|
|
Income per diluted
share |
$ |
4.74 |
|
|
$ |
5.40 |
|
|
$ |
9.31 |
|
|
$ |
10.76 |
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding |
|
1,857 |
|
|
|
1,858 |
|
|
|
1,856 |
|
|
|
1,856 |
|
ATRION
CORPORATIONCONSOLIDATED BALANCE
SHEETS(In thousands)
|
June 30, |
|
Dec. 31, |
ASSETS |
2018 |
|
2017 |
|
(Unaudited) |
|
|
Current assets: |
|
|
|
Cash and cash
equivalents |
$ |
36,063 |
|
$ |
30,136 |
Short-term
investments |
|
24,176 |
|
|
35,468 |
Total cash and
short-term investments |
|
60,239 |
|
|
65,604 |
Accounts
receivable |
|
18,269 |
|
|
17,076 |
Inventories |
|
32,503 |
|
|
29,354 |
Prepaid expenses
and other |
|
2,919 |
|
|
3,199 |
Total current
assets |
|
113,930 |
|
|
115,233 |
|
|
|
|
|
|
Long-term
investments |
|
22,208 |
|
|
9,136 |
|
|
|
|
|
|
Property, plant and
equipment, net |
|
69,572 |
|
|
66,369 |
Other assets |
|
13,072 |
|
|
13,042 |
|
|
|
|
|
$ |
218,782 |
|
$ |
203,780 |
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current
liabilities |
|
10,331 |
|
|
9,622 |
Line of credit |
|
-- |
|
|
-- |
Other non-current
liabilities |
|
10,394 |
|
|
9,770 |
Stockholders’
equity |
|
198,057 |
|
|
184,388 |
|
|
|
|
|
$ |
218,782 |
|
$ |
203,780 |
NON-GAAP FINANCIAL MEASURE
RECONCILIATION(In thousands, except per share
data)
Included in our news release is a non-GAAP
financial measure that is calculated by excluding certain tax
benefits that are included in financial measures determined in
accordance with GAAP. We have provided this non-GAAP measure
as an additional tool for investors to better understand our
operating results and to facilitate a comparison of the periods
shown. This measure should be considered in addition to,
rather than as a substitute for, GAAP measures of the Company's
performance. The table below provides a reconciliation of
this non-GAAP financial measure with the most directly comparable
GAAP financial measure.
|
|
|
|
|
|
Three Months EndedJune 30, |
Six Months EndedJune 30, |
|
2018 |
|
2017 |
|
|
2018 |
|
2017 |
GAAP net income |
$ |
8,797 |
|
$ |
10,026 |
|
|
$ |
17,285 |
|
$ |
19,976 |
Tax benefit
related to employee stock compensation |
|
67 |
|
|
2,983 |
|
|
|
90 |
|
|
5,253 |
Adjusted
non-GAAP net income |
$ |
8,730 |
|
$ |
7,043 |
|
|
$ |
17,195 |
|
$ |
14,723 |
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares outstanding |
|
1,857 |
|
|
1,858 |
|
|
|
1,856 |
|
|
1,856 |
|
|
|
|
|
|
|
|
|
Adjusted
non-GAAP income per diluted share |
$ |
4.70 |
|
$ |
3.79 |
|
|
$ |
9.27 |
|
$ |
7.93 |
|
|
|
|
|
|
|
|
|
GAAP income
per diluted share |
$ |
4.74 |
|
$ |
5.40 |
|
|
$ |
9.31 |
|
$ |
10.76 |
|
|
|
|
|
|
|
|
|
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