ALLEN, Texas, May 10, 2017 (GLOBE NEWSWIRE) -- Atrion Corporation (Nasdaq:ATRI) today announced diluted earnings per share for the first quarter of 2017 were $5.36 as compared to $3.74 in the first quarter of 2016. Revenues for the quarter ended March 31, 2017 were $38.5 million compared with $36.2 million in the same period in 2016. Net income in the current-year quarter totaled $10.0 million compared to $6.9 million in last year’s first quarter.
Commenting on the Company’s results for the first quarter of 2017 compared to the same period last year, David A. Battat, President & CEO, said, “Sales were up 6%, with Ophthalmology and Fluid Delivery showing growth and aided by relatively stable foreign exchange rates. With improved scale in manufacturing, operating income increased by 8%." Mr. Battat added, “Diluted earnings per share were up 43% from last year's $3.74, reflecting, in part, a tax benefit related to employee stock compensation that lowered our tax rate to 13% compared to 32% in the first quarter of 2016. Excluding the tax benefit, diluted EPS for the quarter increased 11%, generally in line with the increase in our operating income.” Mr. Battat concluded, “Cash and short and long term investments increased by $2.0 million to a total of $56.0 million as of March 31, 2017.”
Atrion Corporation develops and manufactures products primarily for medical applications. The Company’s website is www.atrioncorp.com.
| ATRION CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2017 | 2016 | |||||||
| Revenues | $ | 38,504 | $ | 36,215 | ||||
| Cost of goods sold | 19,873 | 18,650 | ||||||
| Gross profit | 18,631 | 17,565 | ||||||
| Operating expenses | 7,304 | 7,100 | ||||||
| Operating income | 11,327 | 10,465 | ||||||
| Interest income | 149 | 123 | ||||||
| Other income (expense), net | -- | (345 | ) | |||||
| Income before income taxes | 11,476 | 10,243 | ||||||
| Income tax provision | (1,526 | ) | (3,298 | ) | ||||
| Net income | 9,950 | 6,945 | ||||||
| Income per basic share | $ | 5.42 | $ | 3.81 | ||||
| Weighted average basic shares outstanding | 1,835 | 1,823 | ||||||
| Income per diluted share | $ | 5.36 | $ | 3.74 | ||||
| Weighted average diluted shares outstanding | 1,855 | 1,857 | ||||||
| ATRION CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) | |||||
| Mar. 31, | Dec. 31, | ||||
| ASSETS | 2017 | 2016 | |||
| (Unaudited) | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 17,529 | $ | 20,022 | |
| Short-term investments | 29,019 | 24,080 | |||
| Total cash and short-term investments | 46,548 | 44,102 | |||
| Accounts receivable | 20,679 | 17,166 | |||
| Inventories | 30,354 | 29,015 | |||
| Prepaid expenses and other | 2,003 | 3,181 | |||
| Total current assets | 99,584 | 93,464 | |||
| Long-term investments | 9,463 | 9,945 | |||
| Property, plant and equipment, net | 65,601 | 65,265 | |||
| Other assets | 13,141 | 13,268 | |||
| $ | 187,789 | $ | 181,942 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current liabilities | 10,124 | 9,073 | |||
| Line of credit | -- | -- | |||
| Other non-current liabilities | 9,969 | 9,881 | |||
| Stockholders’ equity | 167,696 | 162,988 | |||
| $ | 187,789 | $ | 181,942 | ||
NON-GAAP FINANCIAL MEASURE RECONCILIATION
(In thousands, except per share data)
Included in our news release is a non-GAAP financial measure that is calculated by excluding certain tax benefits that are included in financial measures determined in accordance with GAAP. We have provided this non-GAAP measure as an additional tool for investors to better understand our operating results and to facilitate a comparison of the periods shown. This measure should be considered in addition to, rather than as a substitute for, GAAP measures of the Company's performance. The table below provides a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure.
| Three Months Ended March 31, | % | ||||||||||||
| 2017 | 2016 | Increase | |||||||||||
| GAAP net income | $ | 9,950 | $ | 6,945 | |||||||||
| Minus tax benefit related to employee stock compensation | 2,270 | -- | |||||||||||
| Adjusted net income (non-GAAP) | $ | 7,680 | $ | 6,945 | |||||||||
| Weighted average diluted shares outstanding | 1,855 | 1,857 | |||||||||||
| Adjusted income per diluted share (non-GAAP) | $ | 4.14 | $ | 3.74 | 11 | % | |||||||
| GAAP income per diluted share | $ | 5.36 | $ | 3.74 | 43 | % | |||||||