403 0 Kommentare Atrion Reports Second Quarter Results

ALLEN, TX--(Marketwired - Aug 6, 2014) - Atrion Corporation (NASDAQ: ATRI) today announced that for the second quarter ended June 30, 2014 revenues totaled $35.0 million compared with $32.6 million in the same period in 2013. On a diluted per share basis, earnings for the period increased to $3.48 as compared to $3.22 in the same period of last year. Net income for the second quarter totaled $6.9 million compared to $6.5 million in last year's second quarter.

Commenting on the Company's results, David A. Battat, President & CEO, stated "I am pleased with our performance in the second quarter. Compared to the same period of last year, operating income was up 8% while sales were up 7%, reflecting growth in our fluid delivery and cardiovascular products of 13% and 7%, respectively. Net income was up 6%, despite a tax rate 4% higher than in the comparable 2013 quarter largely due to government inaction on the renewal of R&D tax credits." Mr. Battat added "Our increased R&D expenditures reflect an ongoing effort to expand our product portfolio."

Mr. Battat added "During the quarter we devoted much effort and expense to travel and legal work related to potential acquisition or collaboration targets. Due to concerns about valuation, we did not conclude any transaction. We remain highly disciplined in our approach to all investments. Consistent with this approach, we intend to scale down acquisition efforts while we wait for valuations of privately held companies to reach levels that offer a more attractive return on capital." Mr. Battat concluded "In the second quarter, we spent $7.3 million to repurchase 23,512 shares of our stock. Compared to the first quarter of 2014, second quarter buybacks were higher by $2.6 million while payments for estimated taxes were up by $7.7 million. Despite these substantial increases in cash utilization, we ended the quarter with cash and marketable securities of $51.7 million."

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 our ongoing acquisition efforts. 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; 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 June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
Revenues		$	35,025		$	32,605		$	71,444		$	66,097
Cost of goods sold			17,616			16,971			36,647			34,754
	Gross profit		17,409			15,634			34,797			31,343
Operating expenses			7,152			6,139			13,840			12,448
	Operating income		10,257			9,495			20,957			18,895

Interest income			364			346			664			695
Income before income taxes			10,621			9,841			21,621			19,590
Income tax provision			(3,739	)		(3,335	)		(7,539	)		(6,450	)
	Net income	$	6,882		$	6,506		$	14,082		$	13,140

Income per basic share		$	3.51		$	3.23		$	7.14		$	6.51

Weighted average basic shares outstanding			1,960			2,015			1,971			2,017


Income per diluted share		$	3.48		$	3.22		$	7.09		$	6.50

Weighted average diluted shares outstanding			1,977			2,019			1,987			2,021


ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)

			June 30,		Dec. 31,
ASSETS			2014		2013
			(Unaudited)
Current assets:
	Cash and cash equivalents		$	23,521	$	28,559
	Short-term investments			18,146		18,351
		Total cash and short-term investments		41,667		46,910
	Accounts receivable			16,407		14,164
	Inventories			27,208		26,266
	Prepaid expenses and other			2,488		1,603
	Deferred income taxes			1,376		1,376
		Total current assets		89,146		90,319

Long-term investments				10,000		10,069

Property, plant and equipment, net				59,917		58,328
Other assets				13,267		13,350

			$	172,330	$	172,066


LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities				9,994		9,364
Line of credit				--		--
Other non-current liabilities				12,466		13,708
Stockholders' equity				149,870		148,994

			$	172,330	$	172,066