ALLEN, Texas, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ: ATRI) today announced that for the second quarter ended June 30, 2019 revenues totaled $40.1 million compared with $38.8 million for the same period in 2018. Net income for the second quarter of 2019 totaled $9.7 million as compared to $8.8 million for the same period in 2018, with diluted earnings per share for the second quarter of 2019 at $5.18 compared to $4.74 in the second quarter of 2018.
Commenting on the Company’s results for the second quarter of 2019 compared to the same period last year, David A. Battat, President & CEO, stated, “We are pleased with the 3% increase in revenues, and the 4% increase in pretax income. Diluted earnings per share were up 9%. These results were achieved despite a less favorable product mix and higher manufacturing costs, while benefiting from a higher mark-to-market valuation of our investment portfolio as well as a more favorable effective tax rate.” Mr. Battat continued, “We expect a gradual ramp-up in growth as new cardiovascular and inflation products are launched in the coming 12 months.” Mr. Battat concluded, “We continue to be debt-free while holding cash and short and long investments totaling $98.2 million as of June 30, 2019.”
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 growth over the next 12 months. 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; intellectual property and product liability claims and product recalls; and the loss of, or any material reduction in sales to, any significant customers.. 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. The forward-looking statements in this press release are made as of the date hereof, and we do not undertake any obligation, and disclaim any duty, to supplement, update or revise such statements, whether as a result of subsequent events, changed expectations or otherwise, except as required by applicable law.
| Contact: | Jeffery Strickland |
| Vice President and Chief Financial Officer | |
| (972) 390-9800 |
ATRION CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||
| Revenues | $ | 40,103 | $ | 38,847 | $ | 81,717 | $ | 78,248 | |||||||
| Cost of goods sold | 21,511 | 19,624 | 44,422 | 40,074 | |||||||||||
| Gross profit | 18,592 | 19,223 | 37,295 | 38,174 | |||||||||||
| Operating expenses | 7,626 | 7,957 | 15,291 | 15,542 | |||||||||||
| Operating income | 10,966 | 11,266 | 22,004 | 22,632 | |||||||||||
| Interest and dividend income | 388 | 411 | 854 | 742 | |||||||||||
| Other investment income (loss) | 354 | (408 | ) | 681 | (1,197 | ) | |||||||||
| Income before income taxes | 11,708 | 11,269 | 23,539 | 22,177 | |||||||||||
| Income tax provision | (2,044 | ) | (2,472 | ) | (4,437 | ) | (4,892 | ) | |||||||
| Net income | $ | 9,664 | $ | 8,797 | $ | 19,102 | $ | 17,285 | |||||||
| Income per basic share | $ | 5.21 | $ | 4.75 | $ | 10.30 | $ | 9.33 | |||||||
| Weighted average basic shares outstanding | 1,854 | 1,852 | 1,854 | 1,853 | |||||||||||
| Income per diluted share | $ | 5.18 | $ | 4.74 | $ | 10.25 | $ | 9.31 | |||||||
| Weighted average diluted shares outstanding | 1,864 | 1,857 | 1,863 | 1,856 | |||||||||||
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
| June 30, | Dec. 31, | ||||
| ASSETS | 2019 | 2018 | |||
| (Unaudited) | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 49,602 | $ | 58,753 | |
| Short-term investments | 25,595 | 9,684 | |||
| Total cash and short-term investments | 75,197 | 68,437 | |||
| Accounts receivable | 20,368 | 17,014 | |||
| Inventories | 34,590 | 33,572 | |||
| Prepaid expenses and other | 2,931 | 3,242 | |||
| Total current assets | 133,086 | 122,265 | |||
| Long-term investments | 23,051 | 21,048 | |||
| Property, plant and equipment, net | 79,721 | 74,893 | |||
| Other assets | 12,893 | 13,010 | |||
| $ | 248,751 | $ | 231,216 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current liabilities | 10,942 | 10,220 | |||
| Line of credit | -- | -- | |||
| Other non-current liabilities | 12,549 | 10,229 | |||
| Stockholders’ equity | 225,260 | 210,767 | |||
| $ | 248,751 | $ | 231,216 | ||