Atrion Reports Second Quarter Results
August 08 2017 - 3:30PM
Atrion Corporation (NASDAQ:ATRI) today announced that for the
second quarter ended June 30, 2017 revenues totaled $36.2 million
compared with $36.1 million in the same period in 2016. On a
diluted per share basis, earnings for the period increased to $5.40
as compared to $4.02 in the same period of last year. Net income
for the second quarter totaled $10.0 million in 2017 as compared to
$7.5 million in the same period in 2016.
Commenting on the Company’s results for the
second quarter of 2017 compared to the same period last year, David
A. Battat, President & CEO, said, “Overall sales were
essentially flat, impacted by a $700,000 interruption in orders
from a customer that was rebalancing its inventory levels. This
interruption masked solid performance in Fluid Delivery and our
Other product areas." Mr. Battat added, "Operating income was up
1.0% while net income and diluted earnings per share increased by
35% and 34%, respectively, due to significant tax benefits from
employee stock-based compensation that were recognized in the just
ended quarter."
Mr. Battat added, “As of June 30, we continued
to be debt-free, while holding cash, cash equivalents, and short
and long term investments of $57.3 million.” Mr. Battat concluded,
“During the quarter, we purchased a large tract of land adjacent to
our manufacturing facility in Alabama that we plan to expand to
meet anticipated sales growth. Construction is likely to begin in
2018. For the remainder of the year we expect our operating results
to reflect uneven quarters, while our tax rates revert to the
levels we have typically experienced.”
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 the expansion of one of the Company’s manufacturing
facilities, operating results for the remainder of 2017 and future
tax rates. 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 EndedJune
30, |
|
Six Months EndedJune
30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenues |
$ |
36,164 |
|
|
$ |
36,143 |
|
|
$ |
74,669 |
|
|
$ |
72,358 |
|
Cost of goods
sold |
|
18,470 |
|
|
|
18,928 |
|
|
|
38,344 |
|
|
|
37,578 |
|
Gross
profit |
|
17,694 |
|
|
|
17,215 |
|
|
|
36,325 |
|
|
|
34,780 |
|
Operating
expenses |
|
7,519 |
|
|
|
7,141 |
|
|
|
14,823 |
|
|
|
14,241 |
|
Operating income |
|
10,175 |
|
|
|
10,074 |
|
|
|
21,502 |
|
|
|
20,539 |
|
|
|
|
|
|
|
|
|
Interest
income |
|
370 |
|
|
|
85 |
|
|
|
519 |
|
|
|
208 |
|
Other income
(expense), net |
|
-- |
|
|
|
36 |
|
|
|
1 |
|
|
|
(309 |
) |
Income before
income taxes |
|
10,545 |
|
|
|
10,195 |
|
|
|
22,022 |
|
|
|
20,438 |
|
Income tax
provision |
|
(519 |
) |
|
|
(2,745 |
) |
|
|
(2,046 |
) |
|
|
(6,042 |
) |
Net
income |
$ |
10,026 |
|
|
$ |
7,450 |
|
|
$ |
19,976 |
|
|
$ |
14,396 |
|
|
|
|
|
|
|
|
|
Income per
basic share |
$ |
5.44 |
|
|
$ |
4.09 |
|
|
$ |
10.86 |
|
|
$ |
7.90 |
|
|
|
|
|
|
|
|
|
Weighted
average basic shares outstanding |
|
1,844 |
|
|
|
1,822 |
|
|
|
1,839 |
|
|
|
1,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per
diluted share |
$ |
5.40 |
|
|
$ |
4.02 |
|
|
$ |
10.76 |
|
|
$ |
7.76 |
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares outstanding |
|
1,858 |
|
|
|
1,853 |
|
|
|
1,856 |
|
|
|
1,855 |
|
ATRION CORPORATION |
CONSOLIDATED BALANCE SHEETS |
(In thousands) |
|
|
|
|
|
June 30, |
|
Dec. 31, |
ASSETS |
2016 |
|
2016 |
|
(Unaudited) |
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
20,223 |
|
$ |
20,022 |
Short-term investments |
|
27,073 |
|
|
24,080 |
Total cash and short-term investments |
|
47,296 |
|
|
44,102 |
Accounts receivable |
|
19,690 |
|
|
17,166 |
Inventories |
|
29,965 |
|
|
29,015 |
Prepaid expenses and other |
|
6,022 |
|
|
3,181 |
Total current assets |
|
102,973 |
|
|
93,464 |
|
|
|
|
|
|
Long-term
investments |
|
10,046 |
|
|
9,945 |
|
|
|
|
|
|
Property, plant
and equipment, net |
|
66,556 |
|
|
65,265 |
Other
assets |
|
13,096 |
|
|
13,268 |
|
|
|
|
|
$ |
192,671 |
|
$ |
181,942 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current
liabilities |
|
9,383 |
|
|
9,073 |
Line of
credit |
|
-- |
|
|
-- |
Other
non-current liabilities |
|
10,965 |
|
|
9,881 |
Stockholders’
equity |
|
172,323 |
|
|
162,988 |
|
|
|
|
|
$ |
192,671 |
|
$ |
181,942 |
Contact:
Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800
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