Atrion Reports Third Quarter Results
November 08 2017 - 4:30PM
Atrion Corporation (NASDAQ:ATRI) today announced that for the third
quarter of 2017 revenues totaled $37.9 million compared with $37.8
million for the same period in 2016. Operating income for the
just-ended quarter was $11.5 million compared to $11.0 million in
the same period of 2016. Net income for the third quarter was $8.0
million as compared to $7.6 million in last year’s third quarter.
On a diluted per share basis, earnings for the period
increased to $4.29 as compared to $4.10 for the same quarter of
last year.
Commenting on the results for the third quarter
compared to the same period of 2016, David Battat, President and
CEO, said, “We are very pleased with our Cardiovascular revenues,
which were up 13% or $1.4 million. Our overall sales were
essentially flat due to lower sales in other product areas, most
notably in Ophthalmology which continued to show the impact of a
previously disclosed interruption in orders from a customer which
has withdrawn its product from the market pending resolution of a
quality issue unrelated to the component we supply.” Mr. Battat
continued, “Operational improvements contributed to an increase in
gross profit margins to 49% compared to 47% in the same quarter in
2016. Operating income, net income and diluted earnings per share
all increased by 5% compared to last year’s quarter.” Mr.
Battat added, “During the quarter our cash and short and long term
investments increased by $12.8 million to a total of $70.1 million
as of September 30, 2017.”
Atrion Corporation develops and manufactures
products primarily for medical applications. The Company’s
website is www.atrioncorp.com.
Contact:Jeffery StricklandVice President and
Chief Financial Officer(972) 390-9800
ATRION
CORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF
INCOME(In thousands, except per share
data)
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Revenues |
$ |
37,903 |
|
|
$ |
37,835 |
|
|
$ |
112,571 |
|
|
$ |
110,193 |
|
Cost of goods sold |
|
19,498 |
|
|
|
20,211 |
|
|
|
57,841 |
|
|
|
57,789 |
|
Gross
profit |
|
18,405 |
|
|
|
17,624 |
|
|
|
54,730 |
|
|
|
52,404 |
|
Operating expenses |
|
6,926 |
|
|
|
6,648 |
|
|
|
21,749 |
|
|
|
20,889 |
|
Operating
income |
|
11,479 |
|
|
|
10,976 |
|
|
|
32,981 |
|
|
|
31,515 |
|
|
|
|
|
|
|
|
|
Interest and dividend
income |
|
287 |
|
|
|
106 |
|
|
|
806 |
|
|
|
315 |
|
Other income |
|
-- |
|
|
|
1 |
|
|
|
1 |
|
|
|
(309 |
) |
Income before income
taxes |
|
11,766 |
|
|
|
11,083 |
|
|
|
33,788 |
|
|
|
31,521 |
|
Income tax
provision |
|
(3,795 |
) |
|
|
(3,469 |
) |
|
|
(5,841 |
) |
|
|
(9,511 |
) |
Net income |
$ |
7,971 |
|
|
$ |
7,614 |
|
|
$ |
27,947 |
|
|
$ |
22,010 |
|
|
|
|
|
|
|
|
|
Income per basic
share |
$ |
4.30 |
|
|
$ |
4.17 |
|
|
$ |
15.16 |
|
|
$ |
12.07 |
|
|
|
|
|
|
|
|
|
Weighted average basic
shares outstanding |
|
1,852 |
|
|
|
1,825 |
|
|
|
1,844 |
|
|
|
1,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per diluted
share |
$ |
4.29 |
|
|
$ |
4.10 |
|
|
$ |
15.06 |
|
|
$ |
11.86 |
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding |
|
1,857 |
|
|
|
1,858 |
|
|
|
1,856 |
|
|
|
1,856 |
|
ATRION
CORPORATIONCONSOLIDATED BALANCE
SHEETS(In thousands)
|
Sept. 30, |
|
Dec. 31, |
ASSETS |
2017 |
|
2016 |
|
(Unaudited) |
|
|
Current assets: |
|
|
|
Cash and cash
equivalents |
$ |
20,995 |
|
$ |
20,022 |
Short-term
investments |
|
38,959 |
|
|
24,080 |
Total
cash and short-term investments |
|
59,954 |
|
|
44,102 |
Accounts
receivable |
|
19,585 |
|
|
17,166 |
Inventories |
|
29,924 |
|
|
29,015 |
Prepaid expenses
and other |
|
3,001 |
|
|
3,181 |
Total current assets |
|
112,464 |
|
|
93,464 |
Long-term
investments |
|
10,112 |
|
|
9,945 |
Property, plant and
equipment, net |
|
66,518 |
|
|
65,265 |
Other assets |
|
13,032 |
|
|
13,268 |
|
|
|
|
|
$ |
202,126 |
|
$ |
181,942 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current
liabilities |
|
12,694 |
|
|
9,073 |
Line of
credit |
|
-- |
|
|
-- |
Other
non-current liabilities |
|
10,981 |
|
|
9,881 |
Stockholders’
equity |
|
178,451 |
|
|
162,988 |
|
|
|
|
|
$ |
202,126 |
|
$ |
181,942 |
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