Atrion Reports Third Quarter Results
November 09 2018 - 4:30PM
Atrion Corporation (NASDAQ: ATRI) today announced that for the
third quarter ended September 30, 2018 revenues totaled $39.3
million, up from $37.9 million for the same period in 2017. Net
income for the third quarter of 2018 totaled $9.2 million compared
to $8.0 million for the third quarter of 2017, with diluted
earnings per share for the third quarter of 2018 at $4.96 compared
to $4.29 for the same period in 2017.
Commenting on the Company’s results for the
third quarter of 2018 compared to the same period last year, David
A. Battat, President & CEO, said, “Aggregate revenue growth in
all product lines excluding Ophthalmology was up 6%. The overall
revenue growth of 4% was achieved despite a 23% decline in
Ophthalmology as we are winding down certain products with contract
and intellectual property expirations. This headwind will continue
to impact our comparisons until the end of the first quarter of
2019. Net income and diluted EPS were both up 16% compared to last
year’s third quarter.” Mr. Battat concluded, “During the quarter we
added $4.3 million to our cash and short and long term investments
bringing the total to $87 million as of September 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.
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 the headwind from Ophthalmology sales until the end of
the first quarter of 2019. 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; 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
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, |
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Revenues |
$ |
39,274 |
|
|
$ |
37,903 |
|
|
$ |
117,522 |
|
|
$ |
112,571 |
|
Cost of goods sold |
|
21,275 |
|
|
|
19,498 |
|
|
|
61,349 |
|
|
|
57,841 |
|
Gross
profit |
|
17,999 |
|
|
|
18,405 |
|
|
|
56,173 |
|
|
|
54,730 |
|
Operating expenses |
|
7,242 |
|
|
|
6,926 |
|
|
|
22,784 |
|
|
|
21,749 |
|
Operating
income |
|
10,757 |
|
|
|
11,479 |
|
|
|
33,389 |
|
|
|
32,981 |
|
|
|
|
|
|
|
|
|
Interest and dividend
income |
|
439 |
|
|
|
287 |
|
|
|
1,157 |
|
|
|
806 |
|
Other investment income
(loss) |
|
21 |
|
|
|
-- |
|
|
|
(1,153 |
) |
|
|
-- |
|
Other income |
|
20 |
|
|
|
-- |
|
|
|
20 |
|
|
|
1 |
|
Income before income
taxes |
|
11,237 |
|
|
|
11,766 |
|
|
|
33,413 |
|
|
|
33,788 |
|
Income tax
provision |
|
(2,016 |
) |
|
|
(3,795 |
) |
|
|
(6,907 |
) |
|
|
(5,841 |
) |
Net
income |
$ |
9,221 |
|
|
$ |
7,971 |
|
|
$ |
26,506 |
|
|
$ |
27,947 |
|
|
|
|
|
|
|
|
|
Income per basic
share |
$ |
4.98 |
|
|
$ |
4.30 |
|
|
$ |
14.30 |
|
|
$ |
15.16 |
|
|
|
|
|
|
|
|
|
Weighted average basic
shares outstanding |
|
1,853 |
|
|
|
1,852 |
|
|
|
1,853 |
|
|
|
1,844 |
|
|
|
|
|
|
|
|
|
Income per diluted
share |
$ |
4.96 |
|
|
$ |
4.29 |
|
|
$ |
14.27 |
|
|
$ |
15.06 |
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding |
|
1,858 |
|
|
|
1,857 |
|
|
|
1,857 |
|
|
|
1,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATRION CORPORATIONCONSOLIDATED
BALANCE SHEETS(In thousands) |
|
|
|
|
|
Sep 30, |
|
Dec. 31, |
ASSETS |
2018 |
|
2017 |
|
(Unaudited) |
|
|
Current assets: |
|
|
|
Cash and cash
equivalents |
$ |
50,031 |
|
$ |
30,136 |
Short-term investments |
|
15,465 |
|
|
35,468 |
Total
cash and short-term investments |
|
65,496 |
|
|
65,604 |
Accounts
receivable |
|
20,766 |
|
|
17,076 |
Inventories |
|
32,172 |
|
|
29,354 |
Prepaid
expenses and other |
|
2,599 |
|
|
3,199 |
Total
current assets |
|
121,033 |
|
|
115,233 |
|
|
|
|
|
|
Long-term
investments |
|
21,166 |
|
|
9,136 |
|
|
|
|
|
|
Property, plant and
equipment, net |
|
72,447 |
|
|
66,369 |
Other assets |
|
13,097 |
|
|
13,042 |
|
|
|
|
|
$ |
227,743 |
|
$ |
203,780 |
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current
liabilities |
|
11,987 |
|
|
9,622 |
Line of credit |
|
-- |
|
|
-- |
Other non-current
liabilities |
|
10,599 |
|
|
9,770 |
Stockholders’
equity |
|
205,157 |
|
|
184,388 |
|
|
|
|
|
$ |
227,743 |
|
$ |
203,780 |
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