Full Press Release Details
Atrion Reports Fourth Quarter and
Full Year 2005 Results; Diluted EPS were up 12% for the Quarter and
ALLEN, Texas--(BUSINESS WIRE)--Feb. 15, 2006--Atrion Corporation
(Nasdaq:ATRI) announced today higher revenues and earnings per share
for the fourth quarter and the full year 2005. Revenues for the fourth
quarter of 2005 were $17,003,000 compared to $16,171,000 in the same
period of 2004, representing a 5% increase. On a diluted per share
basis, net income for the quarter increased 12% to $1.10 from $.98 in
the fourth quarter of 2004. Atrion's revenues for the full year of
2005 increased 9% to $72,089,000 from $66,081,000 in 2004. Net income
per diluted share of $4.66 in 2005 was 33% higher than 2004's net
income of $3.50 per diluted share.
Commenting on the fourth quarter results, Emile A. Battat,
Chairman and CEO said "The fourth quarter saw a small increase in
sales of 5% and a 12% increase in diluted earnings per share. Two
customers in our ophthalmic and related kitting business had their own
temporary production issues, creating an interruption in their
Mr. Battat also spoke to the overall results for 2005, remarking,
"For the year as a whole, we are very pleased with our performance and
the resulting 9% rise in sales and 33% increase in earnings per
diluted share. These results reflect a very strong growth in sales of
our Fluid Delivery and Cardiovascular products. It is noteworthy that
in 2005, per share earnings from operations grew at a double-digit
rate for the seventh consecutive year."
Mr. Battat added, "Looking at 2006, we are hopeful that earnings
for the full year will again show double-digit growth. However, we
expect to face challenges as we transition to a new manufacturing
facility in Florida during the second half of the year. Although we
are diligently planning for the move, we are mindful of the potential
for disruptions. Our results may show variability in quarterly
earnings as we incur moving costs and as we continue to reflect the
impact of the build-up in inventories prior to the move and inventory
reductions in the months following the move. In addition, our results
for the first quarter will be compared to an exceptionally strong
first quarter of 2005 when earnings per share shot up by 76% over the
prior-year's comparable quarter. Accordingly, the quarter-to-quarter
comparison for the first quarter of 2006 may not be indicative of our
growth for all of 2006."
Atrion Corporation designs, develops, manufactures, sells and
distributes products and components primarily to medical markets
The 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 variability in quarterly earnings
and future earnings growth. Words such as "expects," "believes,"
"anticipates," "intends," "will," and "should" and variations of such
words and similar expressions are intended to identify such
forward-looking statements. These 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 SEC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------- -------------------
---------- -------- ---------- --------
Revenues $17,003 $16,171 $72,089 $66,081
Cost of goods sold 9,822 9,113 43,119 40,804
---------- -------- ---------- --------
Gross profit 7,181 7,058 28,970 25,277
Operating expenses 4,144 4,644 16,272 16,681
---------- -------- ---------- --------
Operating income 3,037 2,414 12,698 8,596
Interest income (expense), net 5 (15) (24) (48)
Other income, net -- 1 10 46
---------- -------- ---------- --------
Income from continuing
operations before provision
for income taxes 3,042 2,400 12,684 8,594
Income tax provision (893) (581) (3,891) (2,289)
---------- -------- ---------- --------
Income from continuing
operations 2,149 1,819 8,793 6,305
discontinued operations -- -- 165 165
---------- -------- ---------- --------
Net income $2,149 $1,819 $8,958 $6,470
========== ======== ========== ========
Income per basic share:
Income from continuing
operations $1.17 $1.06 $4.90 $3.68
discontinued operations -- -- .09 .10
---------- -------- ---------- --------
Net income per basic
share $1.17 $1.06 $4.99 $3.78
========== ======== ========== ========
Weighted average basic shares
outstanding 1,833 1,717 1,794 1,711
========== ======== ========== ========
Income per diluted share:
Income from continuing