ALLEN, Texas, Aug. 08, 2017 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ:ATRI) today announced that for the second quarter ended June 30, 2017 revenues totaled $36.2 million compared with $36.1 million in the same period in 2016. On a diluted per share basis, earnings for the period increased to $5.40 as compared to $4.02 in the same period of last year. Net income for the second quarter totaled $10.0 million in 2017 as compared to $7.5 million in the same period in 2016.
Commenting on the Company’s results for the second quarter of 2017 compared to the same period last year, David A. Battat, President & CEO, said, “Overall sales were essentially flat, impacted by a $700,000 interruption in orders from a customer that was rebalancing its inventory levels. This interruption masked solid performance in Fluid Delivery and our Other product areas." Mr. Battat added, "Operating income was up 1.0% while net income and diluted earnings per share increased by 35% and 34%, respectively, due to significant tax benefits from employee stock-based compensation that were recognized in the just ended quarter."
Mr. Battat added, “As of June 30, we continued to be debt-free, while holding cash, cash equivalents, and short and long term investments of $57.3 million.” Mr. Battat concluded, “During the quarter, we purchased a large tract of land adjacent to our manufacturing facility in Alabama that we plan to expand to meet anticipated sales growth. Construction is likely to begin in 2018. For the remainder of the year we expect our operating results to reflect uneven quarters, while our tax rates revert to the levels we have typically experienced.”
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 expansion of one of the Company’s manufacturing facilities, operating results for the remainder of 2017 and future tax rates. 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.
| ATRION CORPORATION | |||||||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| (In thousands, except per share data) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||
| Revenues | $ | 36,164 | $ | 36,143 | $ | 74,669 | $ | 72,358 | |||||||
| Cost of goods sold | 18,470 | 18,928 | 38,344 | 37,578 | |||||||||||
| Gross profit | 17,694 | 17,215 | 36,325 | 34,780 | |||||||||||
| Operating expenses | 7,519 | 7,141 | 14,823 | 14,241 | |||||||||||
| Operating income | 10,175 | 10,074 | 21,502 | 20,539 | |||||||||||
| Interest income | 370 | 85 | 519 | 208 | |||||||||||
| Other income (expense), net | -- | 36 | 1 | (309 | ) | ||||||||||
| Income before income taxes | 10,545 | 10,195 | 22,022 | 20,438 | |||||||||||
| Income tax provision | (519 | ) | (2,745 | ) | (2,046 | ) | (6,042 | ) | |||||||
| Net income | $ | 10,026 | $ | 7,450 | $ | 19,976 | $ | 14,396 | |||||||
| Income per basic share | $ | 5.44 | $ | 4.09 | $ | 10.86 | $ | 7.90 | |||||||
| Weighted average basic shares outstanding | 1,844 | 1,822 | 1,839 | 1,823 | |||||||||||
| Income per diluted share | $ | 5.40 | $ | 4.02 | $ | 10.76 | $ | 7.76 | |||||||
| Weighted average diluted shares outstanding | 1,858 | 1,853 | 1,856 | 1,855 | |||||||||||
| ATRION CORPORATION | |||||
| CONSOLIDATED BALANCE SHEETS | |||||
| (In thousands) | |||||
| June 30, | Dec. 31, | ||||
| ASSETS | 2016 | 2016 | |||
| (Unaudited) | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 20,223 | $ | 20,022 | |
| Short-term investments | 27,073 | 24,080 | |||
| Total cash and short-term investments | 47,296 | 44,102 | |||
| Accounts receivable | 19,690 | 17,166 | |||
| Inventories | 29,965 | 29,015 | |||
| Prepaid expenses and other | 6,022 | 3,181 | |||
| Total current assets | 102,973 | 93,464 | |||
| Long-term investments | 10,046 | 9,945 | |||
| Property, plant and equipment, net | 66,556 | 65,265 | |||
| Other assets | 13,096 | 13,268 | |||
| $ | 192,671 | $ | 181,942 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current liabilities | 9,383 | 9,073 | |||
| Line of credit | -- | -- | |||
| Other non-current liabilities | 10,965 | 9,881 | |||
| Stockholders’ equity | 172,323 | 162,988 | |||
| $ | 192,671 | $ | 181,942 | ||