Atrion Reports Third Quarter Results
ALLEN, TX--(Marketwired - Oct 29, 2013) - Atrion Corporation (NASDAQ: ATRI) today announced that for the third quarter of 2013 revenues and operating income were up 11% and diluted earnings per share were up 6% compared to the results for the third quarter of 2012.
Atrion's revenues for the quarter ended September 30, 2013 totaled $34.0 million compared with $30.6 million for the same period in 2012. Operating income for the just ended quarter was $10.7 million compared to $9.7 million in the same period of 2012. On a diluted per share basis, earnings for the period increased to $3.81 as compared to $3.59 for the same quarter of last year. Net income for the third quarter totaled $7.7 million compared to $7.3 million in last year's third quarter.
Commenting on the results of the third quarter compared to the same period of 2012, David Battat, President and CEO, said, "We are very pleased with our results this quarter with revenues and operating income each showing double-digit increases over the prior year period. The comparative financial results for net income and earnings per share understate the current period's growth due to a significant one-time R&D tax benefit recorded in last year's third quarter. This tax benefit resulted from an IRS arbitration panel's decision awarding us 100% of previously disallowed credits for the 2006-2008 calendar years." Mr. Battat added, "We saw robust increases in revenues for products sold to the cardiovascular and ophthalmic markets, which increased 23% and 30%, respectively, compared to a weak period in the prior year. Together, those product lines accounted for most of the increase in overall revenues for the quarter, with sales in the remaining product areas slightly above the prior year period. Once again, the value of our product diversification can be clearly seen." Mr. Battat concluded, "During the quarter we increased spending on R&D by 52% aimed at product development in all areas but with a special emphasis on cardiovascular. We also repurchased 4,775 shares of our common stock at an average cost of $245.80 per share, while increasing our balance of cash and investments by $6.3 million to $59.3 million."
Atrion Corporation develops and manufactures products primarily for medical applications. The Company's website is www.atrioncorp.com.
ATRION CORPORATION | ||||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Revenues | $ | 34,044 | $ | 30,637 | $ | 100,142 | $ | 90,565 | ||||||||||
Cost of goods sold | 17,003 | 15,742 | 51,757 | 47,168 | ||||||||||||||
Gross profit | 17,041 | 14,895 | 48,385 | 43,397 | ||||||||||||||
Operating expenses | 6,328 | 5,218 | 18,777 | 16,810 | ||||||||||||||
Operating income | 10,713 | 9,677 | 29,608 | 26,587 | ||||||||||||||
Interest income | 310 | 411 | 1,005 | 1,060 | ||||||||||||||
Other income | - | - | - | 2 | ||||||||||||||
Income before income taxes | 11,023 | 10,088 | 30,613 | 27,649 | ||||||||||||||
Income tax provision | (3,350 | ) | (2,829 | ) | (9,800 | ) | (8,914 | ) | ||||||||||
Net income | $ | 7,673 | $ | 7,259 | $ | 20,813 | $ | 18,735 | ||||||||||
Income per basic share | $ | 3.82 | $ | 3.60 | $ | 10.33 | $ | 9.30 | ||||||||||
Weighted average basic shares outstanding | 2,007 | 2,014 | 2,014 | 2,015 | ||||||||||||||
Income per diluted share | $ | 3.81 | $ | 3.59 | $ | 10.31 | $ | 9.24 | ||||||||||
Weighted average diluted shares outstanding | 2,016 | 2,022 | 2,019 | 2,028 | ||||||||||||||
ATRION CORPORATION | |||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||
(In thousands) | |||||||||
Sept. 30, | Dec. 31, | ||||||||
ASSETS | 2013 | 2012 | |||||||
(Unaudited) | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 30,724 | $ | 7,999 | |||||
Short-term investments | 8,448 | 8,182 | |||||||
Total cash and short-term investments | 39,172 | 16,181 | |||||||
Accounts receivable | 16,183 | 13,054 | |||||||
Inventories | 26,488 | 23,779 | |||||||
Prepaid expenses and other | 1,592 | 3,110 | |||||||
Deferred income taxes | 623 | 623 | |||||||
Total current assets | 84,058 | 56,747 | |||||||
Long-term investments | 20,104 | 28,433 | |||||||
Property, plant and equipment, net | 57,688 | 59,268 | |||||||
Other assets | 11,258 | 11,362 | |||||||
$ | 173,108 | $ | 155,810 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Current liabilities | 10,904 | 7,208 | |||||||
Line of credit | -- | -- | |||||||
Other non-current liabilities | 12,968 | 13,774 | |||||||
Stockholders' equity | 149,236 | 134,828 | |||||||
$ | 173,108 | $ | 155,810 | ||||||
