ALLEN, Texas, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ: ATRI) today announced that for the second quarter
ended June 30, 2018 revenues totaled $38.8 million compared with $36.2 million for the same period in 2017. Net income for the
second quarter of 2018 totaled $8.8 million as compared to $10.0 million for the same period in 2017, with diluted earnings per
share for the second quarter of 2018 at $4.74 compared to $5.40 in the second quarter of 2017.
Commenting on the Company’s results for the second quarter of 2018 compared to the same period last year, David
A. Battat, President & CEO, said, “Revenues were up 7% with most major products contributing to this solid performance, and
operating income increased 11%.” Mr. Battat continued, “Our effective tax rate in the second quarter of 2018 was 22% compared to 5%
in the comparable 2017 period largely due to significantly lower tax benefits from stock compensation. If we excluded those
benefits in both periods, our income per diluted share in the 2018 period would have been $4.70 compared to $3.79 in the 2017
quarter." Mr. Battat concluded, “Manufacturing efficiencies and disciplined cost control resulted in operating income
constituting 29% of revenues in the current year quarter compared to 28% in the second quarter of 2017. During the quarter, we
added $3.5 million to our cash and short and long term investments bringing the total to $82.4 million as of June 30, 2018. We
continue to be debt free.”
Atrion Corporation develops and manufactures products primarily for medical applications. The Company’s
website is www.atrioncorp.com.
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, |
| |
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
| Revenues |
$ |
38,847 |
|
|
$ |
36,164 |
|
|
$ |
78,248 |
|
|
$ |
74,669 |
|
| Cost of goods sold |
|
19,624 |
|
|
|
18,470 |
|
|
|
40,074 |
|
|
|
38,344 |
|
| Gross profit |
|
19,223 |
|
|
|
17,694 |
|
|
|
38,174 |
|
|
|
36,325 |
|
| Operating expenses |
|
7,957 |
|
|
|
7,519 |
|
|
|
15,542 |
|
|
|
14,823 |
|
| Operating income |
|
11,266 |
|
|
|
10,175 |
|
|
|
22,632 |
|
|
|
21,502 |
|
| |
|
|
|
|
|
|
|
| Interest and dividend income |
|
411 |
|
|
|
370 |
|
|
|
742 |
|
|
|
519 |
|
| Other investment income (loss) |
|
(408 |
) |
|
|
-- |
|
|
|
(1,197 |
) |
|
|
1 |
|
| Income before income taxes |
|
11,269 |
|
|
|
10,545 |
|
|
|
22,177 |
|
|
|
22,022 |
|
| Income tax provision |
|
(2,472 |
) |
|
|
(519 |
) |
|
|
(4,892 |
) |
|
|
(2,046 |
) |
| Net income |
$ |
8,797 |
|
|
$ |
10,026 |
|
|
$ |
17,285 |
|
|
$ |
19,976 |
|
| |
|
|
|
|
|
|
|
| Income per basic share |
$ |
4.75 |
|
|
$ |
5.44 |
|
|
$ |
9.33 |
|
|
$ |
10.86 |
|
| |
|
|
|
|
|
|
|
| Weighted average basic shares outstanding |
|
1,852 |
|
|
|
1,844 |
|
|
|
1,853 |
|
|
|
1,839 |
|
| |
|
|
|
|
|
|
|
| Income per diluted share |
$ |
4.74 |
|
|
$ |
5.40 |
|
|
$ |
9.31 |
|
|
$ |
10.76 |
|
| |
|
|
|
|
|
|
|
| Weighted average diluted shares outstanding |
|
1,857 |
|
|
|
1,858 |
|
|
|
1,856 |
|
|
|
1,856 |
|
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
| |
June 30, |
|
Dec. 31, |
| ASSETS |
2018 |
|
2017 |
| |
(Unaudited) |
|
|
| Current assets: |
|
|
|
| Cash and cash equivalents |
$ |
36,063 |
|
$ |
30,136 |
| Short-term investments |
|
24,176 |
|
|
35,468 |
| Total cash and short-term investments |
|
60,239 |
|
|
65,604 |
| Accounts receivable |
|
18,269 |
|
|
17,076 |
| Inventories |
|
32,503 |
|
|
29,354 |
| Prepaid expenses and other |
|
2,919 |
|
|
3,199 |
| Total current assets |
|
113,930 |
|
|
115,233 |
| |
|
|
|
|
|
| Long-term investments |
|
22,208 |
|
|
9,136 |
| |
|
|
|
|
|
| Property, plant and equipment, net |
|
69,572 |
|
|
66,369 |
| Other assets |
|
13,072 |
|
|
13,042 |
| |
|
|
|
| |
$ |
218,782 |
|
$ |
203,780 |
| |
|
|
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
| |
|
|
|
| Current liabilities |
|
10,331 |
|
|
9,622 |
| Line of credit |
|
-- |
|
|
-- |
| Other non-current liabilities |
|
10,394 |
|
|
9,770 |
| Stockholders’ equity |
|
198,057 |
|
|
184,388 |
| |
|
|
|
| |
$ |
218,782 |
|
$ |
203,780 |
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
June 30, |
Six Months Ended
June 30, |
| |
2018 |
|
2017 |
|
|
2018 |
|
2017 |
| GAAP net income |
$ |
8,797 |
|
$ |
10,026 |
|
|
$ |
17,285 |
|
$ |
19,976 |
| Tax benefit related to employee stock compensation |
|
67 |
|
|
2,983 |
|
|
|
90 |
|
|
5,253 |
| Adjusted non-GAAP net income |
$ |
8,730 |
|
$ |
7,043 |
|
|
$ |
17,195 |
|
$ |
14,723 |
| |
|
|
|
|
|
|
|
|
| Weighted average diluted shares outstanding |
|
1,857 |
|
|
1,858 |
|
|
|
1,856 |
|
|
1,856 |
| |
|
|
|
|
|
|
|
|
| Adjusted non-GAAP income per diluted share |
$ |
4.70 |
|
$ |
3.79 |
|
|
$ |
9.27 |
|
$ |
7.93 |
| |
|
|
|
|
|
|
|
|
| GAAP income per diluted share |
$ |
4.74 |
|
$ |
5.40 |
|
|
$ |
9.31 |
|
$ |
10.76 |
| |
|
|
|
|
|
|
|
|
