Atrion Reports Second Quarter Results
August 07 2019 - 4:30PM
Atrion Corporation (NASDAQ: ATRI) today announced that for the
second quarter ended June 30, 2019 revenues totaled $40.1 million
compared with $38.8 million for the same period in 2018. Net income
for the second quarter of 2019 totaled $9.7 million as compared to
$8.8 million for the same period in 2018, with diluted earnings per
share for the second quarter of 2019 at $5.18 compared to $4.74 in
the second quarter of 2018.
Commenting on the Company’s results for the second quarter of
2019 compared to the same period last year, David A. Battat,
President & CEO, stated, “We are pleased with the 3% increase
in revenues, and the 4% increase in pretax income. Diluted earnings
per share were up 9%. These results were achieved despite a less
favorable product mix and higher manufacturing costs, while
benefiting from a higher mark-to-market valuation of our investment
portfolio as well as a more favorable effective tax rate.” Mr.
Battat continued, “We expect a gradual ramp-up in growth as new
cardiovascular and inflation products are launched in the coming 12
months.” Mr. Battat concluded, “We continue to be debt-free while
holding cash and short and long investments totaling $98.2 million
as of June 30, 2019.”
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 growth over the next 12 months. 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 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, |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Revenues |
$ |
40,103 |
|
|
$ |
38,847 |
|
|
$ |
81,717 |
|
|
$ |
78,248 |
|
Cost of goods
sold |
|
21,511 |
|
|
|
19,624 |
|
|
|
44,422 |
|
|
|
40,074 |
|
Gross
profit |
|
18,592 |
|
|
|
19,223 |
|
|
|
37,295 |
|
|
|
38,174 |
|
Operating
expenses |
|
7,626 |
|
|
|
7,957 |
|
|
|
15,291 |
|
|
|
15,542 |
|
Operating
income |
|
10,966 |
|
|
|
11,266 |
|
|
|
22,004 |
|
|
|
22,632 |
|
|
|
|
|
|
|
|
|
Interest and dividend
income |
|
388 |
|
|
|
411 |
|
|
|
854 |
|
|
|
742 |
|
Other investment income
(loss) |
|
354 |
|
|
|
(408 |
) |
|
|
681 |
|
|
|
(1,197 |
) |
Income before income
taxes |
|
11,708 |
|
|
|
11,269 |
|
|
|
23,539 |
|
|
|
22,177 |
|
Income tax
provision |
|
(2,044 |
) |
|
|
(2,472 |
) |
|
|
(4,437 |
) |
|
|
(4,892 |
) |
Net
income |
$ |
9,664 |
|
|
$ |
8,797 |
|
|
$ |
19,102 |
|
|
$ |
17,285 |
|
|
|
|
|
|
|
|
|
Income per basic
share |
$ |
5.21 |
|
|
$ |
4.75 |
|
|
$ |
10.30 |
|
|
$ |
9.33 |
|
|
|
|
|
|
|
|
|
Weighted average basic
shares outstanding |
|
1,854 |
|
|
|
1,852 |
|
|
|
1,854 |
|
|
|
1,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per diluted
share |
$ |
5.18 |
|
|
$ |
4.74 |
|
|
$ |
10.25 |
|
|
$ |
9.31 |
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
1,864 |
|
|
|
1,857 |
|
|
|
1,863 |
|
|
|
1,856 |
|
ATRION
CORPORATIONCONSOLIDATED BALANCE
SHEETS(In thousands)
|
June 30, |
|
Dec. 31, |
ASSETS |
|
2019 |
|
|
2018 |
|
(Unaudited) |
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
49,602 |
|
$ |
58,753 |
Short-term investments |
|
25,595 |
|
|
9,684 |
Total cash and short-term investments |
|
75,197 |
|
|
68,437 |
Accounts receivable |
|
20,368 |
|
|
17,014 |
Inventories |
|
34,590 |
|
|
33,572 |
Prepaid expenses and other |
|
2,931 |
|
|
3,242 |
Total current assets |
|
133,086 |
|
|
122,265 |
Long-term
investments |
|
23,051 |
|
|
21,048 |
Property, plant and equipment,
net |
|
79,721 |
|
|
74,893 |
Other assets |
|
12,893 |
|
|
13,010 |
|
|
|
|
|
$ |
248,751 |
|
$ |
231,216 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities |
|
10,942 |
|
|
10,220 |
Line of credit |
|
-- |
|
|
-- |
Other non-current liabilities |
|
12,549 |
|
|
10,229 |
Stockholders’ equity |
|
225,260 |
|
|
210,767 |
|
|
|
|
|
$ |
248,751 |
|
$ |
231,216 |
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