☒ | Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended March 31, 2020 |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Transition Period from to |
Atrion Corporation | ||
(Exact Name of Registrant as Specified in its Charter) |
Delaware | 63-0821819 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
One Allentown Parkway, Allen, Texas 75002 | ||
(Address of Principal Executive Offices) (Zip Code) | ||
(972) 390-9800 | ||
(Registrant’s Telephone Number, Including Area Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Common stock, Par Value $0.10 per share | ATRI | The Nasdaq Stock Market LLC |
Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | |
Smaller reporting company ☐ | Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act Act. ☐
Title of Each Class | Number of Shares Outstanding at April 28, 2020 | |
Common stock, Par Value $0.10 per share |
7 | ||||
19 | ||||
20 | ||||
21 | ||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
(in thousands, except per share amounts) | ||||||||
Revenues | $ | 43,594 | $ | 41,614 | ||||
Cost of goods sold | 23,726 | 22,911 | ||||||
Gross profit | 19,868 | 18,703 | ||||||
Operating expenses: | ||||||||
Selling | 2,070 | 2,384 | ||||||
General and administrative | 4,400 | 4,187 | ||||||
Research and development | 1,684 | 1,095 | ||||||
8,154 | 7,666 | |||||||
Operating income | 11,714 | 11,037 | ||||||
Interest and dividend income | 462 | 582 | ||||||
Other investment income/(losses) | (997 | ) | 211 | |||||
(535 | ) | 793 | ||||||
Income before provision for income taxes | 11,179 | 11,830 | ||||||
Provision for income taxes | (2,281 | ) | (2,392 | ) | ||||
Net income | $ | 8,898 | $ | 9,438 | ||||
Net income per basic share | $ | 4.80 | $ | 5.09 | ||||
Weighted average basic shares outstanding | 1,853 | 1,853 | ||||||
Net income per diluted share | $ | 4.79 | $ | 5.07 | ||||
Weighted average diluted shares outstanding | 1,859 | 1,862 | ||||||
Dividends per common share | $ | 1.55 | $ | 1.35 | ||||
Three Months EndedJune 30, | Six Months EndedJune 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
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: | ||||||||||||||||
Selling | 2,098 | 2,045 | 4,482 | 4,064 | ||||||||||||
General and administrative | 4,304 | 4,309 | 8,490 | 8,537 | ||||||||||||
Research and development | 1,224 | 1,603 | 2,319 | 2,941 | ||||||||||||
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 (losses) | 354 | (408 | ) | 681 | (1,197 | ) | ||||||||||
742 | 3 | 1,535 | ( 455 | ) | ||||||||||||
Income before provision for income taxes | 11,708 | 11,269 | 23,539 | 22,177 | ||||||||||||
Provision for income taxes | (2,044 | ) | ( 2,472 | ) | (4,437 | ) | (4,892 | ) | ||||||||
Net income | $ | 9,664 | $ | 8,797 | $ | 19,102 | $ | 17,285 | ||||||||
Net 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 | ||||||||||||
Net 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 | ||||||||||||
Dividends per common share | $ | 1.35 | $ | 1.20 | $ | 2.70 | $ | 2.40 |
Assets | March 31, 2020 | December 31, 2019 | ||||||
(in thousands) | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 44,080 | $ | 45,048 | ||||
Short-term investments | 18,568 | 23,766 | ||||||
Accounts receivable | 22,813 | 18,886 | ||||||
Inventories | 41,252 | 42,093 | ||||||
Prepaid expenses and other current assets | 1,367 | 2,545 | ||||||
128,080 | 132,338 | |||||||
Long-term investments | 33,718 | 31,772 | ||||||
Property, plant and equipment | 204,280 | 200,990 | ||||||
Less accumulated depreciation and amortization | 118,834 | 116,384 | ||||||
85,446 | 84,606 | |||||||
Other assets and deferred charges: | ||||||||
Patents | 1,510 | 1,539 | ||||||
Goodwill | 9,730 | 9,730 | ||||||
Other | 1,946 | 2,046 | ||||||
13,186 | 13,315 | |||||||
Total assets | $ | 260,430 | $ | 262,031 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 10,325 | $ | 10,855 | ||||
Accrued income and other taxes | 2,636 | 419 | ||||||
12,961 | 11,274 | |||||||
Line of credit | -- | -- | ||||||
Other non-current liabilities | 12,472 | 12,887 | ||||||
Stockholders’ equity: | ||||||||
Common stock, par value $0.10 per share; authorized 10,000 shares, issued 3,420 shares | 342 | 342 | ||||||
Paid-in capital | 52,422 | 52,043 | ||||||
Retained earnings | 323,733 | 317,745 | ||||||
Treasury shares,1,580 at March 31, 2020 and 1,565 at December 31, 2019, at cost | (141,500 | ) | (132,260 | ) | ||||
Total stockholders’ equity | 234,997 | 237,870 | ||||||
Total liabilities and stockholders’ equity | $ | 260,430 | $ | 262,031 |
Assets | June 30,2019 | December 31,2018 | ||||||
(in thousands) | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 49,602 | $ | 58,753 | ||||
Short-term investments | 25,595 | 9,684 | ||||||
Accounts receivable | 20,368 | 17,014 | ||||||
Inventories | 34,590 | 33,572 | ||||||
Prepaid expenses and other current assets | 2,931 | 3,242 | ||||||
133,086 | 122,265 | |||||||
Long-term investments | 23,051 | 21,048 | ||||||
Property, plant and equipment | 191,045 | 181,582 | ||||||
Less accumulated depreciation and amortization | 111,324 | 106,689 | ||||||
79,721 | 74,893 | |||||||
Other assets and deferred charges: | ||||||||
Patents | 1,599 | 1,659 | ||||||
Goodwill | 9,730 | 9,730 | ||||||
Other | 1,564 | 1,621 | ||||||
12,893 | 13,010 | |||||||
Total assets | $ | 248,751 | $ | 231,216 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 10,143 | $ | 9,601 | ||||
Accrued income and other taxes | 799 | 619 | ||||||
10,942 | 10,220 | |||||||
Line of credit | — | — | ||||||
Other non-current liabilities | 12,549 | 10,229 | ||||||
Stockholders’ equity: | ||||||||
Common stock, par value $0.10 per share; authorized 10,000 shares, issued 3,420 shares | 342 | 342 | ||||||
Paid-in capital | 51,332 | 50,391 | ||||||
Retained earnings | 305,846 | 291,761 | ||||||
Treasury shares,1,565 at June 30, 2019 and 1,567 at December 31, 2018, at cost | (132,260 | ) | (131,727 | ) | ||||
Total stockholders’ equity | 225,260 | 210,767 | ||||||
Total liabilities and stockholders’ equity | $ | 248,751 | $ | 231,216 |
(In thousands) | Three Months Ended March 31, | |||||||
2020 | 2019 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 8,898 | $ | 9,438 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 2,763 | 2,546 | ||||||
Deferred income taxes | (500 | ) | 627 | |||||
Stock-based compensation | 378 | 380 | ||||||
Net change in unrealized gains and losses on investments | 1,287 | (147 | ) | |||||
Net change in accrued interest, premiums, and discounts on investments | 77 | 184 | ||||||
12,903 | 13,028 | |||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (3,931 | ) | (4,226 | ) | ||||
Inventories | 841 | 771 | ||||||
Prepaid expenses | 1,178 | 1,439 | ||||||
Other non-current assets | 58 | 34 | ||||||
Accounts payable and accrued liabilities | (530 | ) | 316 | |||||
Accrued income and other taxes | 2,217 | 477 | ||||||
Other non-current liabilities | 95 | 1,066 | ||||||
12,831 | 12,905 | |||||||
Cash flows from investing activities: | ||||||||
Property, plant and equipment additions | (3,574 | ) | (3,563 | ) | ||||
Purchase of investments | (12,392 | ) | (28,218 | ) | ||||
Proceeds from sale of investments | 329 | — | ||||||
Proceeds from maturities of investments | 13,951 | 6,667 | ||||||
(1,686 | ) | (25,114 | ) | |||||
Cash flows from financing activities: | ||||||||
Purchase of treasury stock | (9,245 | ) | — | |||||
Dividends paid | (2,868 | ) | (2,501 | ) | ||||
(12,113 | ) | (2,501 | ) | |||||
Net change in cash and cash equivalents | (968 | ) | (14,710 | ) | ||||
Cash and cash equivalents at beginning of period | 45,048 | 58,753 | ||||||
Cash and cash equivalents at end of period | $ | 44,080 | $ | 44,043 | ||||
Cash paid for: | ||||||||
Income taxes | $ | 54 | $ | 56 |
Six Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
(in thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 19,102 | $ | 17,285 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 5,209 | 4,455 | ||||||
Deferred income taxes | 1,408 | (235 | ) | |||||
Stock-based compensation | 980 | 917 | ||||||
Net change in unrealized gains and losses on investments | (364 | ) | 1,197 | |||||
Net change in accrued interest, premiums, and discounts on investments | 173 | (125 | ) | |||||
Other | (6 | ) | 3 | |||||
26,502 | 23,497 | |||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (3,354 | ) | (1,193 | ) | ||||
Inventories | (1,018 | ) | (3,149 | ) | ||||
Prepaid expenses | 311 | 280 | ||||||
Other non-current assets | 57 | (90 | ) | |||||
Accounts payable and accrued liabilities | 542 | 862 | ||||||
Accrued income and other taxes | 180 | (153 | ) | |||||
Other non-current liabilities | 912 | 859 | ||||||
24,132 | 20,913 | |||||||
Cash flows from investing activities: | ||||||||
Property, plant and equipment additions | (9,977 | ) | (7,598 | ) | ||||
Purchase of investments | (45,843 | ) | (26,887 | ) | ||||
Proceeds from maturities of investments | 28,121 | 24,035 | ||||||
(27,699 | ) | (10,450 | ) | |||||
Cash flows from financing activities: | ||||||||
Shares tendered for employees’ withholding taxes on stock-based compensation | (579 | ) | (90 | ) | ||||
Dividends paid | (5,005 | ) | (4,446 | ) | ||||
(5,584 | ) | (4,536 | ) | |||||
Net change in cash and cash equivalents | (9,151 | ) | 5,927 | |||||
Cash and cash equivalents at beginning of period | 58,753 | 30,136 | ||||||
Cash and cash equivalents at end of period | $ | 49,602 | $ | 36,063 | ||||
Cash paid for: | ||||||||
Income taxes | $ | 2,104 | $ | 5,592 |
For the Three Months ended June 30, 2019 and 2018 | ||||||||||||||||||||||||||||
Common Stock | Treasury Stock | |||||||||||||||||||||||||||
Shares Outstanding | Amount | Shares | Amount | Additional Paid-in Capital | Retained Earnings | Total | ||||||||||||||||||||||
Balances, April 1, 2018 | 1,852 | $ | 342 | 1,568 | $ | (131,658 | ) | $ | 49,044 | $ | 273,240 | $ | 190,968 | |||||||||||||||
Net income | 8,798 | 8,798 | ||||||||||||||||||||||||||
Stock-based compensation transactions | 1 | (1 | ) | 21 | 591 | 612 | ||||||||||||||||||||||
Shares surrendered in stock transactions | (90 | ) | (90 | ) | ||||||||||||||||||||||||
Dividends | (2,231 | ) | (2,231 | ) | ||||||||||||||||||||||||
Balances, June 30, 2018 | 1,853 | $ | 342 | 1,567 | $ | (131,727 | ) | $ | 49,635 | $ | 279,807 | $ | 198,057 | |||||||||||||||
Balances, April 1, 2019 | 1,853 | $ | 342 | 1,567 | $ | (131,721 | ) | $ | 50,772 | $ | 298,690 | $ | 218,083 | |||||||||||||||
Net income | 9,664 | 9,664 | ||||||||||||||||||||||||||
Stock-based compensation transactions | 3 | (3 | ) | 40 | 560 | 600 | ||||||||||||||||||||||
Shares surrendered in stock transactions | (1 | ) | 1 | (579 | ) | (579 | ) | |||||||||||||||||||||
Dividends | (2,508 | ) | (2,508 | ) | ||||||||||||||||||||||||
Balances, June 30, 2019 | 1,855 | $ | 342 | 1,565 | $ | (132,260 | ) | $ | 51,332 | $ | 305,846 | $ | 225,260 |
For the Three Months ended March 31, 2020 and 2019 | ||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Total | ||||||||||||||||||||||||
Shares Outstanding | Amount | Shares | Amount | |||||||||||||||||||||||||
Balances, January 1, 2019 | 1,853 | $ | 342 | 1,567 | $ | (131,727 | ) | $ | 50,391 | $ | 291,761 | $ | 210,767 | |||||||||||||||
Net income | 9,438 | 9,438 | ||||||||||||||||||||||||||
Stock-based compensation transactions | 6 | 381 | 387 | |||||||||||||||||||||||||
Dividends | (2,509 | ) | (2,509 | ) | ||||||||||||||||||||||||
Balances, March 31, 2019 | 1,853 | $ | 342 | 1,567 | $ | (131,721 | ) | $ | 50,772 | $ | 298,690 | $ | 218,083 | |||||||||||||||
Balances, December 31, 2019 | 1,855 | $ | 342 | 1,565 | $ | (132,260 | ) | $ | 52,043 | $ | 317,745 | $ | 237,870 | |||||||||||||||
Cumulative change in accounting principle | (36 | ) | (36 | ) | ||||||||||||||||||||||||
Balances, January 1, 2020 | 1,855 | 342 | 1,565 | (132,260 | ) | 52,043 | 317,709 | 237,834 | ||||||||||||||||||||
Net income | 8,898 | 8,898 | ||||||||||||||||||||||||||
Stock-based compensation transactions | 5 | 379 | 384 | |||||||||||||||||||||||||
Purchase of treasury stock | (15 | ) | 15 | (9,245 | ) | (9,245 | ) | |||||||||||||||||||||
Dividends | (2,874 | ) | (2,874 | ) | ||||||||||||||||||||||||
Balances, March 31, 2020 | 1,840 | $ | 342 | 1,580 | $ | (141,500 | ) | $ | 52,422 | $ | 323,733 | $ | 234,997 |
For the Six Months ended June 30, 2019 and 2018 | ||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||
Shares Outstanding | Amount | Shares | Amount | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | |||||||||||||||||||||||||
Balances, January 1, 2018 | 1,852 | $ | 342 | 1,568 | $ | (131,663 | ) | $ | 48,730 | $ | (1,215 | ) | $ | 268,194 | $ | 184,388 | ||||||||||||||||
Net income | 17,285 | 17,285 | ||||||||||||||||||||||||||||||
Reclass from adopting ASO 2016-01 | 1,215 | (1,215 | ) | -- | ||||||||||||||||||||||||||||
Stock-based compensation transactions | 1 | (1 | ) | 26 | 905 | 931 | ||||||||||||||||||||||||||
Shares surrendered in stock transactions | (90 | ) | (90 | ) | ||||||||||||||||||||||||||||
Dividends | (4,457 | ) | (4,457 | ) | ||||||||||||||||||||||||||||
Balances, June 30, 2018 | 1,853 | $ | 342 | 1,567 | $ | (131,727 | ) | $ | 49,635 | $ | -- | $ | 279,807 | $ | 198,057 | |||||||||||||||||
Balances, January 1, 2019 | 1,853 | $ | 342 | 1,567 | $ | (131,727 | ) | $ | 50,391 | $ | -- | $ | 291,761 | $ | 210,767 | |||||||||||||||||
Net income | 19,102 | 19,102 | ||||||||||||||||||||||||||||||
Stock-based compensation transactions | 3 | (3 | ) | 46 | 941 | 987 | ||||||||||||||||||||||||||
Shares surrendered in stock transactions | (1 | ) | 1 | (579 | ) | (579 | ) | |||||||||||||||||||||||||
Dividends | (5,017 | ) | (5,017 | ) | ||||||||||||||||||||||||||||
Balances, June 30, 2019 | 1,855 | $ | 342 | 1,565 | $ | (132,260 | ) | $ | 51,332 | $ | -- | $ | 305,846 | $ | 225,260 |
Inventories are stated at the lower of cost or net realizable value. Cost is determined by using the first-in, first-out method.
The following table details the major components of inventories (in thousands):
|
| March 31, |
|
| December 31, |
| ||
|
| 2020 |
|
| 2019 |
| ||
Raw materials |
| $ | 17,416 |
|
| $ | 18,157 |
|
Work in process |
|
| 9,563 |
|
|
| 8,525 |
|
Finished goods |
|
| 14,273 |
|
|
| 15,411 |
|
Total inventories |
| $ | 41,252 |
|
| $ | 42,093 |
June 30, | December 31, | |||||||
2019 | 2018 | |||||||
Raw materials | $ | 15,565 | $ | 14,994 | ||||
Work in process | 8,611 | 7,214 | ||||||
Finished goods | 10,414 | 11,364 | ||||||
Total inventories | $ | 34,590 | $ | 33,572 |
(3) | Income per share |
Three months Ended March 31, | ||||||||
2020 | 2019 | |||||||
(in thousands, except per share amounts) | ||||||||
Net income | $ | 8,898 | $ | 9,438 | ||||
Weighted average basic shares outstanding | 1,853 | 1,853 | ||||||
Add: Effect of dilutive securities | 6 | 9 | ||||||
Weighted average diluted shares outstanding | 1,859 | 1,862 | ||||||
Earnings per share: | ||||||||
Basic | $ | 4.80 | $ | 5.09 | ||||
Diluted | $ | 4.79 | $ | 5.07 |
Three Months EndedJune 30, | Six Months EndedJune 30, | |||||||||||||||
(1) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Net income | $ | 9,664 | $ | 8,797 | $ | 19,102 | $ | 17,285 | ||||||||
Weighted average basic shares outstanding | 1,854 | 1,852 | 1,854 | 1,853 | ||||||||||||
Add: Effect of dilutive securities | 10 | 5 | 9 | 3 | ||||||||||||
Weighted average diluted shares outstanding | 1,864 | 1,857 | 1,863 | 1,856 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 5.21 | $ | 4.75 | $ | 10.30 | $ | 9.33 | ||||||||
Diluted | $ | 5.18 | $ | 4.74 | $ | 10.25 | $ | 9.31 |
March 31, 2020 | December 31, 2019 | |||||||
Cash and cash equivalents: | ||||||||
Cash deposits | $ | 25,014 | $ | 38,942 | ||||
Money market funds | 13,131 | 3,460 | ||||||
Commercial paper | 5,935 | 2,646 | ||||||
Total cash and cash equivalents | $ | 44,080 | $ | 45,048 | ||||
Short-term investments: | ||||||||
Commercial paper (held-to-maturity) | $ | 6,490 | $ | 6,778 | ||||
Bonds (held-to-maturity) | 12,097 | 16,988 | ||||||
Allowance for credit losses | (19 | ) | - | |||||
Total short-term investments | $ | 18,568 | $ | 23,766 | ||||
Long-term investments: | ||||||||
Mutual funds (available for sale) | $ | 944 | $ | 1,105 | ||||
Bonds (held-to-maturity) | 30,992 | 27,845 | ||||||
Allowance for credit losses | (52 | ) | - | |||||
Equity securities (available for sale) | 1,834 | 2,822 | ||||||
Total long-term investments | $ | 33,718 | $ | 31,772 | ||||
Total cash, cash equivalents and short and long-term investments | $ | 96,366 | $ | 100,586 |
Held-to-Maturity Bonds | ||||||||||||||||||||
Credit Quality Indicators | Asset Backed Bonds | Fed Govt Bonds/Notes | Municipal Bonds | Corporate Bonds | Totals | |||||||||||||||
AAA/AA/A | $ | 2,706 | $ | 3,381 | $ | 761 | $ | 20,325 | $ | 27,173 | ||||||||||
BBB/BB | - | - | - | 15,916 | 15,916 | |||||||||||||||
TOTAL | $ | 2,706 | $ | 3,381 | $ | 761 | $ | 36,241 | $ | 43,089 |
Short- Term Securities | Long- Term Securities | Total | ||||||||||
Beginning balance, December 31, 2019 | $ | - | $ | - | $ | - | ||||||
Allowance recognized upon adoption of Topic 326 | 9 | 33 | 42 | |||||||||
Provision for credit loss expense | 10 | 19 | 29 | |||||||||
Ending balance, March 31, 2020 | $ | 19 | $ | 52 | $ | 71 |
Gross Unrealized | ||||||||||||||||||||
Level | Cost | Gains | Losses | Fair Value | ||||||||||||||||
As of June 30, 2019: | ||||||||||||||||||||
Money market | 1 | 23,240 | $ | — | $ | — | $ | 23,240 | ||||||||||||
Commercial paper | 2 | 14,467 | $ | 2 | $ | — | $ | 14,469 | ||||||||||||
Bonds | 2 | 36,321 | $ | 203 | $ | — | $ | 36,524 | ||||||||||||
Mutual funds | 1 | 936 | $ | 38 | $ | — | $ | 974 | ||||||||||||
Equity investments | 2 | 5,675 | $ | — | $ | (2,609 | ) | $ | 3,066 | |||||||||||
As of December 31, 2018: | ||||||||||||||||||||
Money market | 1 | 12,319 | $ | — | $ | — | $ | 12,319 | ||||||||||||
Commercial paper | 2 | 4,393 | $ | — | $ | — | $ | 4,393 | ||||||||||||
Bonds | 2 | 25,922 | $ | — | $ | (211 | ) | $ | 25,711 | |||||||||||
Mutual funds | 1 | 795 | $ | — | $ | (121 | ) | $ | 674 | |||||||||||
Equity investments | 2 | 5,675 | $ | — | $ | (2,814 | ) | $ | 2,861 |
Gross Unrealized | ||||||||||||||||||||
Level | Cost | Gains | Losses | Fair Value | ||||||||||||||||
As of March 31, 2020: | ||||||||||||||||||||
Money market | 1 | 13,131 | $ | -- | $ | -- | $ | 13,131 | ||||||||||||
Commercial paper | 2 | 12,425 | $ | 19 | $ | -- | $ | 12,444 | ||||||||||||
Bonds | 2 | 43,089 | $ | -- | $ | (1,233 | ) | $ | 41,856 | |||||||||||
Mutual funds | 1 | 1,118 | $ | -- | $ | (174 | ) | $ | 944 | |||||||||||
Equity investments | 2 | 5,675 | $ | -- | $ | (3,841 | ) | $ | 1,834 | |||||||||||
As of December 31, 2019: | ||||||||||||||||||||
Money Market | 1 | 3,460 | $ | -- | $ | -- | $ | 3,460 | ||||||||||||
Commercial paper | 2 | 9,424 | $ | 2 | $ | -- | $ | 9,426 | ||||||||||||
Bonds | 2 | 44,833 | $ | 138 | $ | (19 | ) | $ | 44,952 | |||||||||||
Mutual funds | 1 | 1,052 | $ | 53 | $ | -- | $ | 1,105 | ||||||||||||
Equity investments | 2 | 5,675 | $ | -- | $ | (2,853 | ) | $ | 2,822 |
June 30, 2019 | December 31, 2018 | ||||||||||||||||||||||
Weighted Average Original Life (years) | GrossCarryingAmount | AccumulatedAmortization | Weighted Average Original Life (years) | GrossCarryingAmount | AccumulatedAmortization | ||||||||||||||||||
15.67 | $ | 13,840 | $ | 12,241 | 15.67 | $ | 13,840 | $ | 12,181 |
March 31, 2020 | December 31, 2019 | |||||||||||||||||||||
Weighted Average Original Life (years) | Gross Carrying Amount | Accumulated Amortization | Weighted Average Original Life (years) | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||
15.67 | $ | 13,840 | $ | 12,330 | 15.67 | $ | 13,840 | $ | 12,301 |
2020 | $ | 119 | |||
2021 | $ | 119 | $119 | ||
2022 | $ | 117 | $117 | ||
2023 | $ | 113 | $113 | ||
2024 | $ | 113 | $113 | ||
2025 | $112 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
United States | $ | 25,006 | $ | 24,833 | $ | 51,995 | $ | 49,440 | ||||||||
Germany | 2,095 | 2,291 | 4,259 | 4,962 | ||||||||||||
Other countries less than 5% of revenues | 13,002 | 11,723 | 25,463 | 23,846 | ||||||||||||
Total | $ | 40,103 | $ | 38,847 | $ | 81,717 | $ | 78,248 |
2020 | 2019 | |||||||
United States | $ | 26,192 | $ | 26,989 | ||||
Germany | 3,237 | 2,164 | ||||||
Other countries less than 5% of revenues | 14,165 | 12,461 | ||||||
Total | $ | 43,594 | $ | 41,614 |
2020 | 2019 | |||||||
Fluid Delivery | $ | 22,348 | $ | 18,161 | ||||
Cardiovascular | 14,824 | 15,420 | ||||||
Ophthalmology | 863 | 2,283 | ||||||
Other | 5,559 | 5,750 | ||||||
Total | $ | 43,594 | $ | 41,614 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Fluid Delivery | $ | 18,285 | $ | 18,128 | $ | 36,446 | $ | 36,928 | ||||||||
Cardiovascular | 14,579 | 13,003 | 29,999 | 26,213 | ||||||||||||
Ophthalmology | 1,817 | 2,852 | 4,100 | 5,637 | ||||||||||||
Other | 5,422 | 4,864 | 11,172 | 9,470 | ||||||||||||
Total | $ | 40,103 | $ | 38,847 | $ | 81,717 | $ | 78,248 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
● | Focusing on customer needs; |
● | Expanding existing product lines and developing new products; |
● | Manufacturing products to exacting quality standards; and |
● | Preserving and fostering a collaborative, respectful and entrepreneurial culture. |
Three Months endedJune 30, | Three Months ended March 31, | |||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||
Fluid Delivery | $ | 18,285 | $ | 18,128 | $ | 22,348 | $ | 18,161 | ||||||||
Cardiovascular | 14,579 | 13,003 | 14,824 | 15,420 | ||||||||||||
Ophthalmology | 1,817 | 2,852 | 863 | 2,283 | ||||||||||||
Other | 5,422 | 4,864 | 5,559 | 5,750 | ||||||||||||
Total | $ | 40,103 | $ | 38,847 | $ | 43,594 | $ | 41,614 |
Six Months endedJune 30, | ||||||||
2019 | 2018 | |||||||
Fluid Delivery | $ | 36,446 | $ | 36,928 | ||||
Cardiovascular | 29,999 | 26,213 | ||||||
Ophthalmology | 4,100 | 5,637 | ||||||
Other | 11,172 | 9,470 | ||||||
Total | $ | 81,717 | $ | 78,248 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) | |||||||||||
1/1/2020 through 1/31/2020 | — | — | — | 231,765 | |||||||||||
2/1/2020 through 2/29/2020 | — | — | — | 231,765 | |||||||||||
3/1/2020 through 3/31/2020 | 14,576 | $ | 634.27 | 14,576 | 217,189 | ||||||||||
Total | 14,576 | $ | 634.27 | 14,576 | 217,189 |
On May 21, 2015, our Board of Directors approved a stock repurchase program pursuant to which we can repurchase up to 250,000 shares of our common stock from time to time in open market or privately-negotiated transactions. At December 31, 2019, we had repurchased 18,235 shares of our common stock authorized under the program approved in May 2015. Our stock repurchase program has no expiration date but may be terminated by our Board of Directors at any time. |
Exhibit Number | Description | ||
31.1 | Sarbanes-Oxley Act Section 302 Certification of Chief Executive Officer | ||
31.2 | Sarbanes-Oxley Act Section 302 Certification of Chief Financial Officer | ||
32.1 | Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of The Sarbanes – Oxley Act Of 2002 | ||
32.2 | Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of The Sarbanes – Oxley Act Of 2002 | ||
101.INS | XBRL Instance Document | ||
101.SCH | XBRL Taxonomy Extension Schema Document | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
Atrion Corporation | ||||
(Registrant) | ||||
Date: May 7, 2020 | By: | |||
/s/ David A. Battat | ||||
David A. Battat | ||||
President and | ||||
Chief Executive Officer | ||||
Date: | By: | /s/ Jeffery Strickland | ||
Jeffery Strickland | ||||
Vice President and | ||||
Chief Financial Officer | ||||
Exhibit Number | Description | ||
101.INS | XBRL Instance Document | ||
101.SCH | XBRL Taxonomy Extension Schema Document | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |