ALLEN, TX--(Marketwire - November 04, 2009) - Atrion Corporation (NASDAQ: ATRI) today announced that for the third quarter of 2009 diluted earnings per share were up 11% and revenues were up 7% compared to the results for the third quarter of 2008.
Atrion's revenues for the quarter ended September 30, 2009 totaled $25,192,000 compared with $23,461,000 in the same period in 2008. On a diluted per share basis, earnings for the current-year period increased to $2.20 as compared to $1.99 in the same quarter of last year. Net income for the third quarter totaled $4,460,000 compared to $3,992,000 in last year's third quarter.
Commenting on the results of third quarter of 2009 compared to the same period of 2008, Mr. Battat, Chairman & CEO, said, "I am very pleased that we continued to grow despite the ongoing economic turmoil. Revenues were up 7% thanks primarily to a strong demand for our Fluid Delivery products." Mr. Battat further stated, "Sales of non-medical valves to the marine and airline markets were again significantly below those of the same period last year. In addition, restrained availability of capital caused some hospitals to defer the purchase of equipment, negatively impacting our sales to the cardiovascular market. Overall, the increase in net revenues proves once again the benefit of our diversified portfolio of products. As a result, our pretax income was up 15%, but due to higher tax rates in this year's quarter, the increase in net income was limited to 12%, and our diluted earnings per share were up 11%. The strong cash generation in the quarter added $4.5 million to our cash, short and long term investments, bringing that total to $30.7 million as of September 30, 2009."
Revenues for the first nine months of 2009 of $76,240,000 were 5% higher than revenues of $72,305,000 in the first nine months of 2008. Diluted earnings per share for the nine months ended September 30, 2009 increased 12% to $6.57 from $5.88 in the comparable 2008 period.
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. Words such as "expects," "believes," "anticipates," "intends," 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 Nine Months Ended
September 30, September 30,
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2009 2008 2009 2008
--------- --------- --------- ---------
Revenues $ 25,192 $ 23,461 $ 76,240 $ 72,305
Cost of goods sold 13,973 13,221 41,902 40,279
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Gross profit 11,219 10,240 34,338 32,026
Operating expenses 4,653 4,460 14,627 14,662
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Operating income 6,566 5,780 19,711 17,364
Interest income (expense), net 162 78 391 164
Other income -- -- 1 1
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Income before income taxes 6,728 5,858 20,103 17,529
Income tax provision (2,268) (1,866) (6,852) (5,746)
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Net income $ 4,460 $ 3,992 $ 13,251 $ 11,783
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Income per basic share $ 2.25 $ 2.03 $ 6.70 $ 6.02
========= ========= ========= =========
Weighted average basic shares
outstanding 1,980 1,968 1,978 1,958
========= ========= ========= =========
Income per diluted share $ 2.20 $ 1.99 $ 6.57 $ 5.88
========= ========= ========= =========
Weighted average diluted shares
outstanding 2,028 2,005 2,017 2,005
========= ========= ========= =========
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
September
30, Dec. 31,
ASSETS 2009 2008
----------- -----------
(Unaudited)
Current assets:
Cash and cash equivalents $ 14,313 $ 12,056
Short-term investments 4,860 4,692
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Total cash and short-term investments 19,173 16,748
Accounts receivable 11,663 10,875
Inventories 18,866 20,169
Prepaid expenses and other 1,094 719
Deferred income taxes 596 596
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Total current assets 51,392 49,107
Long-term investments 11,537 --
Property, plant and equipment, net 53,893 53,370
Other assets 12,471 12,876
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$ 129,293 $ 115,353
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LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities 7,123 6,213
Line of credit -- --
Other non-current liabilities 9,038 8,298
Stockholders’ equity 113,132 100,842
----------- -----------
$ 129,293 $ 115,353
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Contact:
Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800
