Atrion Reports First Quarter Results
May 08 2019 - 04:30PM
Atrion Corporation (Nasdaq - ATRI) today announced revenues for the
quarter ended March 31, 2019 were $41.6 million compared with $39.4
million in the same period in 2018. Net income in the current-year
quarter totaled $9.4 million compared to $8.5 million in last
year’s first quarter, with diluted earnings per share for the first
quarter of 2019 at $5.07 compared to $4.57 in the first quarter of
2018.
Commenting on the Company’s results for the
first quarter of 2019 compared to the same period last year, David
A. Battat, President & CEO, said, “We are pleased with the 6%
increase in revenues and the 11% increase in both net income and
diluted earnings per share. These results were achieved despite an
18% decline in Ophthalmology revenues. The discontinuation of one
Ophthalmology product resulted in a decline of over $500,000 in
operating income from the prior-year quarter.” Mr. Battat
continued, “Net income and diluted EPS were favorably impacted by
the increase in revenues, as well as the appreciation in the
mark-to-market valuation of our investment portfolio and tax
credits for our international business, which accounted for 35% of
our revenues for the quarter.” Mr. Battat added, “In the just-ended
quarter, we continued to generate significant free cash flow,
adding $6.8 million to our cash and short and long term investments
and bringing that total to $96.3 million as of March 31, 2019.” Mr.
Battat stated, “To support our longer term growth, we will be
investing in additional manufacturing space for our Florida and
Alabama facilities. The $40 million anticipated cost of these
expansions, to be incurred over the next few years, will be in
addition to our annual investments in machinery and tooling.
Completion of these projects will significantly enhance our
efficiency and add about 50% more manufacturing
capacity.”
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 investments in additional manufacturing space, including
the cost and the benefits to be derived therefrom. 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; intellectual property and
product liability claims and product recalls; and the loss of, or
any material reduction in sales to, any significant
customers.. 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. The forward-looking statements
in this press release are made as of the date hereof, and we do not
undertake any obligation, and disclaim any duty, to supplement,
update or revise such statements, whether as a result of subsequent
events, changed expectations or otherwise, except as required by
applicable law.
Contact:
Jeffery StricklandVice President and Chief
Financial Officer(972) 390-9800
|
|
|
ATRION CORPORATIONCONSOLIDATED STATEMENTS
OF INCOME(In thousands, except per share
data)(Unaudited) |
|
|
|
|
Three Months EndedMarch
31, |
|
|
2019 |
|
|
2018 |
Revenues |
$ |
41,614 |
|
|
$ |
39,401 |
|
Cost of goods sold |
|
22,911 |
|
|
|
20,450 |
|
Gross profit |
|
18,703 |
|
|
|
18,951 |
|
Operating expenses |
|
7,666 |
|
|
|
7,585 |
|
Operating income |
|
11,037 |
|
|
|
11,366 |
|
|
|
|
|
Interest and dividend income |
|
582 |
|
|
|
313 |
|
Other investment income (loss) |
|
211 |
|
|
|
(772 |
) |
Income before income taxes |
|
11,830 |
|
|
|
10,907 |
|
Income tax provision |
|
(2,392 |
) |
|
|
(2,420 |
) |
Net income |
|
9,438 |
|
|
|
8,487 |
|
|
|
|
|
|
|
|
|
Income per basic share |
$ |
5.09 |
|
|
$ |
4.58 |
|
|
|
|
|
Weighted average basic shares
outstanding |
|
1,853 |
|
|
|
1,852 |
|
|
|
|
|
|
|
|
|
Income per diluted share |
$ |
5.07 |
|
|
$ |
4.57 |
|
|
|
|
|
Weighted average diluted shares
outstanding |
|
1,862 |
|
|
|
1,856 |
|
|
|
|
|
ATRION CORPORATIONCONSOLIDATED BALANCE
SHEETS(In thousands) |
|
|
|
|
|
Mar. 31, |
|
Dec. 31, |
ASSETS |
2019 |
|
2018 |
|
(Unaudited) |
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
44,043 |
|
$ |
58,753 |
Short-term investments |
|
24,779 |
|
|
9,684 |
Total cash and short-term investments |
|
68,822 |
|
|
68,437 |
Accounts receivable |
|
21,240 |
|
|
17,014 |
Inventories |
|
32,801 |
|
|
33,572 |
Prepaid expenses and other |
|
1,803 |
|
|
3,242 |
Total current assets |
|
124,666 |
|
|
122,265 |
|
|
|
|
|
|
Long-term investments |
|
27,466 |
|
|
21,048 |
|
|
|
|
|
|
Property, plant and equipment,
net |
|
75,940 |
|
|
74,893 |
Other assets |
|
12,946 |
|
|
13,010 |
|
|
|
|
|
$ |
241,018 |
|
$ |
231,216 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
|
Current liabilities |
|
11,013 |
|
|
10,220 |
Line of credit |
|
-- |
|
|
-- |
Other non-current liabilities |
|
11,922 |
|
|
10,229 |
Stockholders’ equity |
|
218,083 |
|
|
210,767 |
|
|
|
|
|
$ |
241,018 |
|
$ |
231,216 |
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