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Press Release

Atrion Reports Third Quarter Results


Posted on: 09 Nov 17

ALLEN, Texas, Nov. 08, 2017 (GLOBE NEWSWIRE) -- 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which continued to show the impact of a previously disclosed interruption in orders from a customer which has withdrawn its product from the market pending resolution of a quality issue unrelated to the component we supply.”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 Strickland
Vice President and Chief Financial Officer
(972) 390-9800


ATRION CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)

 Three Months Ended
September 30,
 Nine Months Ended
September 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 CORPORATION
CONSOLIDATED 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

 

GlobeNewswire
globenewswire.com

Last updated on: 09/11/2017

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