Atrion Reports Second Quarter ResultsALLEN, TX -- (Marketwired - July 31, 2013) - Atrion Corporation (NASDAQ: ATRI) today announced that for the second quarter of 2013 diluted earnings per share were up 7% and revenues were up 6% compared to the results for the second quarter of 2012.
Atrion's revenues for the quarter ended June 30, 2013 totaled $32.6 million compared with $30.7 million in the same period in 2012. On a diluted per share basis, earnings for the period increased to $3.22 as compared to $3.02 in the same period of last year. Net income for the second quarter totaled $6.5 million compared to $6.1 million in last year's second quarter.
Commenting on the Company's performance for the 2013 second quarter compared with the same period last year, David A. Battat, President and CEO, said, "As anticipated, sales of ophthalmic products showed a substantial increase in the quarter, with operations returning to full capacity as our customer's inventory adjustment cycle is now fully behind us. Cardiovascular products, and our "other" products category, primarily non-medical valves for the aviation and marine industries, both performed well with each showing a 7% increase in sales. Fluid delivery products were slightly below last year's level reflecting weak markets outside North America where a large share of this business originates." Mr. Battat added, "During the quarter we increased our cash and long and short term investments by $4.2 million after repurchasing 8,762 shares of stock at a cost of $1.9 million." Mr. Battat concluded, "Our commitment to organic growth is reflected in continued increases in spending on Research and Development, and higher depreciation charges for the expanding base of capital equipment needed to support future product introductions. Despite these ongoing increases, we expect double-digit growth in EPS for 2013."
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 ongoing increases in spending on Research and Development and in depreciation charges and growth in EPS for 2013. 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.
ATRION CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
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2013 2012 2013 2012
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Revenues $ 32,605 $ 30,689 $ 66,097 $ 59,929
Cost of goods sold 16,971 16,016 34,754 31,427
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Gross profit 15,634 14,673 31,343 28,502
Operating expenses 6,139 5,706 12,448 11,592
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Operating income 9,495 8,967 18,895 16,910
Interest income 346 359 695 649
Other income -- -- -- 2
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Income before income taxes 9,841 9,326 19,590 17,561
Income tax provision (3,335) (3,227) (6,450) (6,085)
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Net income $ 6,506 $ 6,099 $ 13,140 $ 11,476
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Income per basic share $ 3.23 $ 3.03 $ 6.51 $ 5.70
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Weighted average basic
shares outstanding 2,015 2,016 2,017 2,015
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Income per diluted share $ 3.22 $ 3.02 $ 6.50 $ 5.67
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Weighted average diluted
shares outstanding 2,019 2,019 2,021 2,023
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ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, Dec. 31,
ASSETS 2013 2012
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(Unaudited)
Current assets:
Cash and cash equivalents $ 20,269 $ 7,999
Short-term investments 12,574 8,182
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Total cash and short-term investments 32,843 16,181
Accounts receivable 17,126 13,054
Inventories 25,183 23,779
Prepaid expenses and other 2,300 3,110
Deferred income taxes 623 623
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Total current assets 78,075 56,747
Long-term investments 20,124 28,433
Property, plant and equipment, net 57,787 59,268
Other assets 11,355 11,362
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$ 167,341 $ 155,810
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 10,362 7,208
Line of credit -- --
Other non-current liabilities 13,331 13,774
Stockholders' equity 143,648 134,828
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$ 167,341 $ 155,810
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Contact:
Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800
