Atrion Reports Second Quarter Results

Marketwired

ALLEN, TX--(Marketwired - Jul 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
June 30,
    Six Months Ended
June 30,
 
    2013     2012     2013     2012  
Revenues   $ 32,605     $ 30,689     $ 66,097     $ 59,929  
Cost of goods sold     16,971       16,016       34,754       31,427  
  Gross profit     15,634       14,673       31,343       28,502  
Operating expenses     6,139       5,706       12,448       11,592  
  Operating income     9,495       8,967       18,895       16,910  
                                 
Interest income     346       359       695       649  
Other income     --       --       --       2  
Income before income taxes     9,841       9,326       19,590       17,561  
Income tax provision     (3,335 )     (3,227 )     (6,450 )     (6,085 )
  Net income   $ 6,506     $ 6,099     $ 13,140     $ 11,476  
                                 
Income per basic share   $ 3.23     $ 3.03     $ 6.51     $ 5.70  
                                 
Weighted average basic shares outstanding     2,015       2,016       2,017       2,015  
                                 
                                 
Income per diluted share   $ 3.22     $ 3.02     $ 6.50     $ 5.67  
                                 
Weighted average diluted shares outstanding     2,019       2,019       2,021       2,023  
                                 
                                 
 
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
    June 30,   Dec. 31,
ASSETS   2013   2012
    (Unaudited)    
Current assets:        
  Cash and cash equivalents   $ 20,269   $ 7,999
  Short-term investments     12,574     8,182
    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
    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
             
    $ 167,341   $ 155,810
             
             
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
             
    $ 167,341   $ 155,810
             
             
Contact:

Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800

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