Full Press Release Details
Atrion Reports Third Quarter Results
ALLEN, TX -- (Marketwired - November 03, 2016) - Atrion Corporation (NASDAQ: ATRI) today announced that for the third quarter of 2016 revenues totaled $37.8 million compared with $37.4 million for the same period in 2015. Operating income for the just-ended quarter was $11.0 million compared to $11.6 million in the same period of 2015. Net income for the third quarter was $7.6 million as compared to $7.8 million in last year's third quarter. On a diluted per share basis, earnings for the period decreased to $4.10 as compared to $4.19 for the same quarter of last year.
Commenting on the results for the third quarter compared to the same period of 2015, David Battat, President and CEO, said, "Despite continued international pricing pressures and the expiration of certain ophthalmic patents, revenues were up 1% compared to the same period last year. Fluid delivery and Ophthalmology both showed comparative gains of 5%, while Cardiovascular sales were down 5% compared to a particularly strong period in 2015 when they were up 14%." Mr. Battat continued, "Lower prices led to a 5% decline in operating income. However, net income and diluted earnings per share were each down 2%, due to a tax rate that was two percentage points lower than in the comparable 2015 quarter." Mr. Battat added, "With no repurchases of stock in the latest period, our cash and short and long term investments increased by $7.2 million to a total of $48.6 million."
Atrion Corporation develops and manufactures products primarily for medical applications. The Company's website is www.atrioncorp.com.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
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Revenues $ 37,835 $ 37,381 $ 110,193 $ 113,361
Cost of goods sold 20,211 18,997 57,789 57,668
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Gross profit 17,624 18,384 52,404 55,693
Operating expenses 6,648 6,811 20,889 21,513
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Operating income 10,976 11,573 31,515 34,180
Interest income 106 131 315 636
Other income 1 -- (309) --
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Income before income taxes 11,083 11,704 31,521 34,816
Income tax provision (3,469) (3,905) (9,511) (11,941)
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Net income $ 7,614 $ 7,799 $ 22,010 $ 22,875
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Income per basic share $ 4.17 $ 4.25 $ 12.07 $ 12.34
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Weighted average basic shares
outstanding 1,825 1,836 1,823 1,853
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Income per diluted share $ 4.10 $ 4.19 $ 11.86 $ 12.19
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Weighted average diluted shares
outstanding 1,858 1,860 1,856 1,876
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CONSOLIDATED BALANCE SHEETS
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Cash and cash equivalents $ 23,747 $ 28,346
Short-term investments 15,049 44
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Total cash and short-term investments 38,796 28,390
Accounts receivable 20,124 16,620
Inventories 30,056 29,771
Prepaid expenses and other 2,180 2,934
Deferred income taxes 580 580
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Total current assets 91,736 78,295
Long-term investments 9,838 9,866
Property, plant and equipment, net 65,683 63,314
Other assets 13,306 12,861
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 10,986 9,316
Line of credit -- --
Other non-current liabilities 10,556 10,922
Stockholders' equity 159,021 144,098
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Vice President and Chief Financial Officer