Atrion Reports Results for Fourth Quarter and Full Year 2019
February 26 2020 - 4:30PM
Atrion Corporation (NASDAQ: ATRI) announced today that for the
fourth quarter of 2019 revenues were $34.5 million compared to
$34.9 million in the same period of 2018, net income was $8.1
million compared to $7.7 million in the prior year period, and
diluted earnings per share were $4.33 compared to $4.17 in the
prior-year period. For the full year 2019 compared to 2018, Atrion
increased revenues to $155.1 million from $152.4 million, net
income was $36.8 million compared to $34.3 million, and diluted
earnings per share were $19.73 compared to $18.44.
David Battat, President & CEO, commenting on
the results for the fourth quarter and the full year 2019 as
compared to the prior year periods, said, “Revenues were up 2% for
the year, but down 1% for the quarter partly due to a critical
nationwide shortage of sterilization capacity. We have contracted
for additional sterilization capacity, enabling us to fully meet
our current requirements.” Mr. Battat continued, “While operating
income continued to reflect an enviable ratio of 26% to sales, it
was down 3% in the quarter and for the full year.” Mr. Battat
added, “With the benefit of a lower tax rate and an increase in the
value of our investment portfolio, net income and diluted earnings
per share were both up 4% for the quarter and 7% for the full
year.”
Mr. Battat added, “During the year we increased
our dividend payout by 15%, while adding $11.1 million to our cash
and short and long term investments bringing that total to $100.6
million as of December 31, 2019.”
Mr. Battat concluded, “For the first quarter of
2020, sales and operating income are forecasted to be slightly
below the prior year period. We expect each subsequent quarter in
2020 to show progressively higher positive comparisons in both
measures, with the full year reflecting high single digit growth in
sales and low double digit growth in operating income.”
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
sales and operating income for each quarter and full year 2020.
Words such as “expects,” “believes,” “anticipates,” “forecasts,”
“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. 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
Strickland |
|
Vice President and Chief Financial Officer |
|
(972) 390-9800 |
ATRION
CORPORATIONCONSOLIDATED STATEMENTS OF
INCOME(In thousands, except per share
data)
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2019(unaudited) |
|
2018(unaudited) |
|
2019(unaudited) |
|
2018(unaudited) |
Revenues |
$ |
34,466 |
|
|
$ |
34,926 |
|
|
$ |
155,066 |
|
|
$ |
152,448 |
|
Cost of goods
sold |
|
18,964 |
|
|
|
19,321 |
|
|
|
84,378 |
|
|
|
80,670 |
|
Gross profit |
|
15,502 |
|
|
|
15,605 |
|
|
|
70,688 |
|
|
|
71,778 |
|
Operating
expenses |
|
7,427 |
|
|
|
7,287 |
|
|
|
30,159 |
|
|
|
30,071 |
|
Operating income |
|
8,075 |
|
|
|
8,318 |
|
|
|
40,529 |
|
|
|
41,707 |
|
|
|
|
|
|
|
|
|
Interest and dividend
income |
|
591 |
|
|
|
473 |
|
|
|
2,487 |
|
|
|
1,667 |
|
Other investment
income (loss) |
|
(113) |
|
|
|
(190) |
|
|
|
152 |
|
|
|
(1,380) |
|
Other
income |
|
-- |
|
|
|
22 |
|
|
|
-- |
|
|
|
42 |
|
Income before income
taxes |
|
8,553 |
|
|
|
8,623 |
|
|
|
43,168 |
|
|
|
42,036 |
|
Income tax benefit
(provision) |
|
(489) |
|
|
|
(874) |
|
|
|
(6,407) |
|
|
|
(7,781) |
|
Net income |
$ |
8,064 |
|
|
$ |
7,749 |
|
|
$ |
36,761 |
|
|
$ |
34,255 |
|
|
|
|
|
|
|
|
|
Income per basic
share |
$ |
4.35 |
|
|
$ |
4.18 |
|
|
$ |
19.82 |
|
|
$ |
18.49 |
|
|
|
|
|
|
|
|
|
Weighted average basic
shares outstanding |
|
1,855 |
|
|
|
1,853 |
|
|
|
1,855 |
|
|
|
1,853 |
|
|
|
|
|
|
|
|
|
Income per diluted
share |
$ |
4.33 |
|
|
$ |
4.17 |
|
|
$ |
19.73 |
|
|
$ |
18.44 |
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding |
|
1,862 |
|
|
|
1,860 |
|
|
|
1,863 |
|
|
|
1,858 |
|
|
ATRION
CORPORATIONCONSOLIDATED BALANCE
SHEETS(In thousands)
|
Dec. 31, |
|
Dec. 31, |
ASSETS |
2019 |
|
2018 |
|
(unaudited) |
|
(unaudited) |
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
45,048 |
|
$ |
58,753 |
Short-term investments |
|
23,766 |
|
|
9,684 |
Total cash and short-term investments |
|
68,814 |
|
|
68,437 |
Accounts receivable |
|
18,886 |
|
|
17,014 |
Inventories |
|
42,093 |
|
|
33,572 |
Prepaid expenses and other |
|
2,545 |
|
|
3,242 |
Total current assets |
|
132,338 |
|
|
122,265 |
Long-term investments |
|
31,772 |
|
|
21,048 |
Property, plant and
equipment, net |
|
84,606 |
|
|
74,893 |
Other assets |
|
13,315 |
|
|
13,010 |
|
|
|
|
|
$ |
262,031 |
|
$ |
231,216 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities |
|
11,274 |
|
|
10,220 |
Line of credit |
|
-- |
|
|
-- |
Other non-current liabilities |
|
12,887 |
|
|
10,229 |
Stockholders’ equity |
|
237,870 |
|
|
210,767 |
|
|
|
|
|
$ |
262,031 |
|
$ |
231,216 |
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