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Press Release

Atrion Reports Second Quarter Results


Posted on: 07 Aug 18

ALLEN, Texas, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ: ATRI) today announced that for the second quarter ended June 30, 2018 revenues totaled $38.8 million compared with $36.2 million for the same period in 2017. Net income for the second quarter of 2018 totaled $8.8 million as compared to $10.0 million for the same period in 2017, with diluted earnings per share for the second quarter of 2018 at $4.74 compared to $5.40 in the second quarter of 2017.

Commenting on the Company’s results for the second quarter of 2018 compared to the same period last year, David A. Battat, President & CEO, said, “Revenues were up 7% with most major products contributing to this solid performance, and operating income increased 11%.” Mr. Battat continued, “Our effective tax rate in the second quarter of 2018 was 22% compared to 5% in the comparable 2017 period largely due to significantly lower tax benefits from stock compensation.  If we excluded those benefits in both periods, our income per diluted share in the 2018 period would have been $4.70 compared to $3.79 in the 2017 quarter."  Mr. Battat concluded, “Manufacturing efficiencies and disciplined cost control resulted in operating income constituting 29% of revenues in the current year quarter compared to 28% in the second quarter of 2017. During the quarter, we added $3.5 million to our cash and short and long term investments bringing the total to $82.4 million as of June 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.

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
June 30,
 Six Months Ended
June 30,
  2018   2017   2018   2017 
Revenues$  38,847  $  36,164  $  78,248  $  74,669 
Cost of goods sold   19,624     18,470     40,074     38,344 
  Gross profit   19,223     17,694     38,174     36,325 
Operating expenses   7,957     7,519     15,542     14,823 
  Operating income   11,266     10,175     22,632     21,502 
        
Interest and dividend income   411     370        742        519 
Other investment income (loss)     (408)    --       (1,197)     1 
Income before income taxes   11,269     10,545     22,177     22,022 
Income tax provision   (2,472)      (519)    (4,892)    (2,046)
  Net income $    8,797  $  10,026  $ 17,285  $ 19,976 
        
Income per basic share$    4.75  $    5.44  $    9.33  $    10.86 
        
Weighted average basic shares outstanding   1,852     1,844     1,853     1,839 
        
Income per diluted share$    4.74  $    5.40  $    9.31  $    10.76 
        
Weighted average diluted shares outstanding     1,857       1,858     1,856     1,856 

                   

ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)

 June 30, Dec. 31,
ASSETS 2018  2017
 (Unaudited)  
Current assets:   
  Cash and cash equivalents$  36,063 $  30,136
  Short-term investments   24,176    35,468
  Total cash and short-term investments   60,239    65,604
  Accounts receivable   18,269    17,076
  Inventories   32,503    29,354
  Prepaid expenses and other   2,919    3,199
  Total current assets   113,930    115,233
      
Long-term investments   22,208    9,136
      
Property, plant and equipment, net   69,572    66,369
Other assets   13,072    13,042
    
 $  218,782 $  203,780
    
LIABILITIES AND STOCKHOLDERS’ EQUITY   
    
Current liabilities   10,331    9,622
Line of credit   --    --
Other non-current liabilities   10,394    9,770
Stockholders’ equity   198,057     184,388
    
 $  218,782 $  203,780


NON-GAAP FINANCIAL MEASURE RECONCILIATION
(In thousands, except per share data)

Included in our news release is a non-GAAP financial measure that is calculated by excluding certain tax benefits that are included in financial measures determined in accordance with GAAP.  We have provided this non-GAAP measure as an additional tool for investors to better understand our operating results and to facilitate a comparison of the periods shown.  This measure should be considered in addition to, rather than as a substitute for, GAAP measures of the Company's performance.  The table below provides a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure.

    
  Three Months Ended
June 30,
Six Months Ended
June 30,
 2018 2017  2018 2017
GAAP net income$8,797 $10,026  $17,285 $19,976
Tax benefit related to employee stock compensation 67  2,983   90  5,253
Adjusted non-GAAP net income $8,730 $7,043  $17,195 $14,723
         
Weighted average diluted shares outstanding 1,857  1,858   1,856  1,856
         
Adjusted non-GAAP income per diluted share$4.70 $3.79  $9.27 $7.93
         
GAAP income per diluted share$4.74 $5.40  $9.31 $10.76
         

GlobeNewswire
globenewswire.com

Last updated on: 08/08/2018

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