Feb 25, 2002 |
ATRION REPORTS FOURTH QUARTER AND FULL YEAR RESULTS
EPS up 4.5% for the quarter and 50% for the year
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ALLEN, Texas (February 25, 2002) — Atrion Corporation (Nasdaq/NM – ATRI) today announced higher revenues and significantly higher earnings per share from continuing operations for the year ended December 31, 2001. Revenues for the full year of 2001 increased 12% to $57,605,000 from $51,447,000 in 2000. Income from continuing operations in 2001 was $1.88 per diluted share versus $1.25 per diluted share in 2000. Net income in 2001 totaled $4.30 per diluted share versus $1.31 per diluted share in 2000. Both years included gains from discontinued operations.
Commenting on the Company’s results, Emile A. Battat, Chairman, said “For the year, I am very pleased that we met or exceeded all of our financial objectives, with sales rising 12% and diluted earnings per share from continuing operations increasing by more than 50% for the third year in a row. From the current level we believe that we can grow our earnings per share from continuing operations by more than 15% per year over the next three years.”
Atrion’s revenues for the fourth quarter decreased 3% to $12,607,000 compared with $12,960,000 in the same period in 2000. On a diluted per share basis, net income for the period increased 4.5% compared to the fourth quarter of 2000. Due to rounding, diluted earnings per share are reported as $.39 for the fourth quarter of 2001compared to $.38 in the prior-year period.
With respect to the fourth quarter, Mr. Battat said, “The decrease in sales, while disappointing, reflected the challenging economic environment where some customers adjusted inventories to reflect current demand levels. In addition, following the tragic events of September 11, sales of valves and other components to manufacturers of aviation life jackets declined significantly. The sales decline also came after an unusually strong third quarter for the Company, when sales rose 24% compared to the same period in the prior year. Improved manufacturing efficiencies, lower operating costs, and higher tax benefits on export sales, helped increase our net income for the quarter by 15% compared to the same period last year.”
Atrion Corporation designs, develops, manufactures, sells and distributes products and components primarily to medical markets worldwide.
Contact:
Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800
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