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Atrion Reports Second Quarter Results

ALLEN, Texas, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Atrion Corporation (ATRI) today announced that for the second quarter ended June 30, 2019 revenues totaled $40.1 million compared with $38.8 million for the same period in 2018. Net income for the second quarter of 2019 totaled $9.7 million as compared to $8.8 million for the same period in 2018, with diluted earnings per share for the second quarter of 2019 at $5.18 compared to $4.74 in the second quarter of 2018.

Commenting on the Company’s results for the second quarter of 2019 compared to the same period last year, David A. Battat, President & CEO, stated, “We are pleased with the 3% increase in revenues, and the 4% increase in pretax income. Diluted earnings per share were up 9%. These results were achieved despite a less favorable product mix and higher manufacturing costs, while benefiting from a higher mark-to-market valuation of our investment portfolio as well as a more favorable effective tax rate.” Mr. Battat continued, “We expect a gradual ramp-up in growth as new cardiovascular and inflation products are launched in the coming 12 months.” Mr. Battat concluded, “We continue to be debt-free while holding cash and short and long investments totaling $98.2 million as of June 30, 2019.”

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 growth over the next 12 months.  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; intellectual property and product liability claims and product recalls; and the loss of, or any material reduction in sales to, any significant customers..  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. The forward-looking statements in this press release are made as of the date hereof, and we do not undertake any obligation, and disclaim any duty, to supplement, update or revise such statements, whether as a result of subsequent events, changed expectations or otherwise, except as required by applicable law.

       

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,
    2019       2018       2019       2018  
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     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 (loss)       354           (408 )         681           (1,197 )
Income before income taxes     11,708         11,269         23,539         22,177  
Income tax provision     (2,044 )       (2,472 )       (4,437 )       (4,892 )
  Net income $     9,664     $     8,797     $ 19,102     $ 17,285  
               
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  
               
               
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  

                   


ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)

  June 30,   Dec. 31,
ASSETS   2019     2018
  (Unaudited)    
Current assets:      
  Cash and cash equivalents $   49,602   $   58,753
  Short-term investments     25,595       9,684
  Total cash and short-term investments     75,197       68,437
  Accounts receivable     20,368       17,014
  Inventories     34,590       33,572
  Prepaid expenses and other     2,931       3,242
  Total current assets     133,086       122,265
 

Long-term investments
    23,051       21,048
 

Property, plant and equipment, net
    79,721       74,893
Other assets     12,893       13,010
       
  $   248,751   $   231,216
       
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
       
Current liabilities     10,942       10,220
Line of credit     --       --
Other non-current liabilities     12,549       10,229
Stockholders’ equity     225,260       210,767
       
  $   248,751   $   231,216