ALLEN, TX --(Marketwired - November 03, 2016) - Atrion Corporation (
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 .
| ATRION CORPORATION | |||||||||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2016 | 2015 | 2016 | 2015 | ||||||||||||||
| Revenues | $ | 37,835 | $ | 37,381 | $ | 110,193 | $ | 113,361 | |||||||||
| Cost of goods sold | 20,211 | 18,997 | 57,789 | 57,668 | |||||||||||||
| Gross profit | 17,624 | 18,384 | 52,404 | 55,693 | |||||||||||||
| Operating expenses | 6,648 | 6,811 | 20,889 | 21,513 | |||||||||||||
| Operating income | 10,976 | 11,573 | 31,515 | 34,180 | |||||||||||||
| Interest income | 106 | 131 | 315 | 636 | |||||||||||||
| Other income | 1 | -- | (309 | ) | -- | ||||||||||||
| Income before income taxes | 11,083 | 11,704 | 31,521 | 34,816 | |||||||||||||
| Income tax provision | (3,469 | ) | (3,905 | ) | (9,511 | ) | (11,941 | ) | |||||||||
| Net income | $ | 7,614 | $ | 7,799 | $ | 22,010 | $ | 22,875 | |||||||||
| Income per basic share | $ | 4.17 | $ | 4.25 | $ | 12.07 | $ | 12.34 | |||||||||
| Weighted average basic shares outstanding | 1,825 | 1,836 | 1,823 | 1,853 | |||||||||||||
| Income per diluted share | $ | 4.10 | $ | 4.19 | $ | 11.86 | $ | 12.19 | |||||||||
| Weighted average diluted shares outstanding | 1,858 | 1,860 | 1,856 | 1,876 | |||||||||||||
| ATRION CORPORATION | |||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||
| (In thousands) | |||||||||
| Sept. 30, | Dec. 31, | ||||||||
| ASSETS | 2016 | 2015 | |||||||
| (Unaudited) | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 23,747 | $ | 28,346 | |||||
| Short-term investments | 15,049 | 44 | |||||||
| 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 | |||||||
| 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 | |||||||
| $ | 180,563 | $ | 164,336 | ||||||
| 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 | |||||||
| $ | 180,563 | $ | 164,336 | ||||||
Contact: Jeffery Strickland Vice President and Chief Financial Officer (972) 390-9800
