ALLEN, TX--(Marketwire - August 04, 2010) - Atrion Corporation (NASDAQ: ATRI) today announced that for the second quarter of 2010 diluted earnings per share were up 16% and revenues were up 7% compared to the results for the second quarter of 2009.
Atrion's revenues for the quarter ended June 30, 2010 totaled $27,881,000 compared with $26,001,000 in the same period in 2009. On a diluted per share basis, earnings for the period increased to $2.67 as compared to $2.30 in the same quarter of last year. Net income for the second quarter totaled $5,431,000 compared to $4,657,000 in last year's second quarter.
Commenting on the Company's performance for the second quarter compared with the same period last year, Emile A. Battat, Chairman and CEO, said, "We are very pleased with the growth in revenues and earnings in the current-year period. Revenues were higher in all major product categories, except for ophthalmic products which showed a substantial decline compared to the record level achieved in last year's second quarter." Mr. Battat continued, "Sales to the Marine and Airline markets increased sharply in this year's second quarter as those sectors of the economy showed some recovery from the deep downturn suffered during the recession." Mr. Battat added, "Cash flow in this year's second quarter was exceptionally strong, with cash and investments reaching $37 million at the end of June 2010, an increase of $7.6 million during the quarter."
Revenues for the first six months of 2010 of $54,782,000 were 7% higher than revenues of $51,048,000 in the first half of 2009. Diluted earnings per share for the first half of 2010 increased 14% to $4.98 from $4.37 in the first six months of 2009.
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 Six Months
Ended June 30, Ended June 30,
------------------ ------------------
2010 2009 2010 2009
-------- -------- -------- --------
Revenues $ 27,881 $ 26,001 $ 54,782 $ 51,048
Cost of goods sold 14,851 13,970 29,727 27,929
-------- -------- -------- --------
Gross profit 13,030 12,031 25,055 23,119
Operating expenses 4,850 4,994 9,837 9,974
-------- -------- -------- --------
Operating income 8,180 7,037 15,218 13,145
Interest income 213 127 374 229
Other income -- -- 1 1
-------- -------- -------- --------
Income before income taxes 8,393 7,164 15,593 13,375
Income tax provision (2,962) (2,507) (5,464) (4,584)
-------- -------- -------- --------
Net income $ 5,431 $ 4,657 $ 10,129 $ 8,791
======== ======== ======== ========
Income per basic share $ 2.69 $ 2.35 $ 5.01 $ 4.45
======== ======== ======== ========
Weighted average basic shares
outstanding 2,022 1,980 2,020 1,977
======== ======== ======== ========
Income per diluted share $ 2.67 $ 2.30 $ 4.98 $ 4.37
======== ======== ======== ========
Weighted average diluted shares
outstanding 2,033 2,021 2,032 2,012
======== ======== ======== ========
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, Dec. 31,
ASSETS 2010 2009
----------- -----------
(Unaudited)
Current assets:
Cash and cash equivalents $ 4,786 $ 20,694
Short-term investments 3,844 4,230
----------- -----------
Total cash and short-term investments 8,630 24,924
Accounts receivable 11,804 11,026
Inventories 18,168 18,675
Prepaid expenses and other 1,416 981
Deferred income taxes 596 596
----------- -----------
Total current assets 40,614 56,202
Long-term investments 28,365 11,477
Property, plant and equipment, net 51,198 53,141
Other assets 11,954 11,929
----------- -----------
$ 132,131 $ 132,749
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 8,481 6,682
Line of credit -- --
Other non-current liabilities 9,149 9,336
Stockholders' equity 114,501 116,731
----------- -----------
$ 132,131 $ 132,749
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Contact:
Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800
