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Atrion Reports Third Quarter Results

ALLEN, Texas, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ: ATRI) today announced that for the third quarter ended September 30, 2018 revenues totaled $39.3 million, up from $37.9 million for the same period in 2017. Net income for the third quarter of 2018 totaled $9.2 million compared to $8.0 million for the third quarter of 2017, with diluted earnings per share for the third quarter of 2018 at $4.96 compared to $4.29 for the same period in 2017.

Commenting on the Company’s results for the third quarter of 2018 compared to the same period last year, David A. Battat, President & CEO, said, “Aggregate revenue growth in all product lines excluding Ophthalmology was up 6%. The overall revenue growth of 4% was achieved despite a 23% decline in Ophthalmology as we are winding down certain products with contract and intellectual property expirations. This headwind will continue to impact our comparisons until the end of the first quarter of 2019. Net income and diluted EPS were both up 16% compared to last year’s third quarter.” Mr. Battat concluded, “During the quarter we added $4.3 million to our cash and short and long term investments bringing the total to $87 million as of September 30, 2018. We continue to be debt free.”

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 headwind from Ophthalmology sales until the end of the first quarter of 2019. 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. 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
September 30,
 Nine Months Ended
September 30,
  2018   2017   2018   2017 
Revenues$39,274  $37,903  $117,522  $112,571 
Cost of goods sold 21,275   19,498   61,349   57,841 
Gross profit 17,999   18,405   56,173   54,730 
Operating expenses 7,242   6,926   22,784   21,749 
Operating income 10,757   11,479   33,389   32,981 
        
Interest and dividend income 439   287   1,157   806 
Other investment income (loss) 21   --   (1,153)  -- 
Other income 20   --   20   1 
Income before income taxes 11,237   11,766   33,413   33,788 
Income tax provision (2,016)  (3,795)  (6,907)  (5,841)
Net income$9,221  $7,971  $26,506  $27,947 
        
Income per basic share$4.98  $4.30  $14.30  $15.16 
        
Weighted average basic shares outstanding 1,853   1,852   1,853   1,844 
        
Income per diluted share$4.96  $4.29  $14.27  $15.06 
        
Weighted average diluted shares outstanding 1,858   1,857   1,857   1,856 
                


    
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
    
 Sep 30, Dec. 31,
ASSETS2018 2017
 (Unaudited)  
Current assets:   
Cash and cash equivalents$50,031 $30,136
Short-term investments 15,465  35,468
Total cash and short-term investments 65,496  65,604
Accounts receivable 20,766  17,076
Inventories 32,172  29,354
Prepaid expenses and other 2,599  3,199
Total current assets 121,033  115,233
      
Long-term investments 21,166  9,136
      
Property, plant and equipment, net 72,447  66,369
Other assets 13,097  13,042
    
 $227,743 $203,780
    
LIABILITIES AND STOCKHOLDERS’ EQUITY   
    
Current liabilities 11,987  9,622
Line of credit --  --
Other non-current liabilities 10,599  9,770
Stockholders’ equity 205,157  184,388
    
 $227,743 $203,780

 

Friday, November 9, 2018 - 16:30