Atrion Reports Second Quarter Results
ALLEN, TX--(Marketwire - August 07, 2012) - Atrion Corporation (NASDAQ: ATRI) today announced that for the second quarter of 2012 diluted earnings per share were down 13% and revenues were down 1% compared to the results for the second quarter of 2011.
Atrion's revenues for the quarter ended June 30, 2012 totaled $30.7 million compared with $31.1 million in the same period in 2011. On a diluted per share basis, earnings for the period decreased to $3.02 as compared to $3.46 in the same period of last year. Net income for the second quarter totaled $6.1 million compared to $7.0 million in last year's second quarter.
Commenting on the Company's performance for the 2012 second quarter compared with the same period last year, David A. Battat, President and CEO, said, "We are very pleased with the substantial increase in revenues of our cardiovascular products which were up 16% reflecting record quarterly shipments of MPS equipment and disposables used in cardiac surgery. We also continued to experience a healthy increase in our fluid delivery products. The solid growth in the two largest areas of our business was masked by the anticipated decline in shipments of ophthalmic products due to a customer's inventory adjustment described in detail in our year-end and first quarter press releases, and a substantial reduction in sales of non-medical valves used in military and recreational boating applications." Mr. Battat added, "Cash and short and long term investments decreased by $1.0 million in the quarter, after spending $2.9 million for capital additions and $2.7 million for the purchase of 13,572 shares of our stock at an average cost of $201 per share."
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 Six Months Ended
June 30, June 30,
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2012 2011 2012 2011
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Revenues $ 30,689 $ 31,139 $ 59,929 $ 61,728
Cost of goods sold 16,016 14,684 31,427 29,721
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Gross profit 14,673 16,455 28,502 32,007
Operating expenses 5,706 6,018 11,592 11,474
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Operating income 8,967 10,437 16,910 20,533
Interest income 359 342 649 668
Other income -- -- 2 2
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Income before income taxes 9,326 10,779 17,561 21,203
Income tax provision (3,227) (3,760) (6,085) (7,326)
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Net income $ 6,099 $ 7,019 $ 11,476 $ 13,877
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Income per basic share $ 3.03 $ 3.48 $ 5.70 $ 6.88
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Weighted average basic shares
outstanding 2,016 2,019 2,015 2,018
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Income per diluted share $ 3.02 $ 3.46 $ 5.67 $ 6.84
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Weighted average diluted shares
outstanding 2,019 2,030 2,023 2,030
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ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, Dec. 31,
ASSETS 2012 2011
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(Unaudited)
Current assets:
Cash and cash equivalents $ 8,395 $ 24,590
Short-term investments 17,377 20,279
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Total cash and short-term investments 25,772 44,869
Accounts receivable 14,921 11,223
Inventories 24,899 24,582
Prepaid expenses and other 2,218 2,313
Deferred income taxes 755 755
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Total current assets 68,565 83,742
Long-term investments 27,665 10,336
Property, plant and equipment, net 58,469 56,370
Other assets 11,447 11,447
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$ 166,146 $ 161,895
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 8,476 10,043
Line of credit -- --
Other non-current liabilities 13,667 13,338
Stockholders' equity 144,004 138,514
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$ 166,146 $ 161,895
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Contact:
Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800