Jul 30, 2002 |
ATRION REPORTS SECOND QUARTER RESULTS
Diluted EPS from Continuing Operations Increases by 11% |
ALLEN, Texas (July 30, 2002) — Atrion Corporation (Nasdaq/NM - ATRI) today announced that for the second quarter of 2002 revenues were unchanged and diluted earnings per share from continuing operations were up 11% compared to the results of the second quarter of 2001, excluding a one-time gain in the prior period.
Commenting on the Company's results, Emile A. Battat, Chairman and CEO, said, “We continued to experience softness in the demand for products that our customers distribute through retail outlets, resulting in a decline in sales of those products equal to about 10% of total Company sales. Should this trend continue, the growth in our earnings per share this year may be somewhat short of the 15% rate we had targeted at the beginning of the year. We are pleased, however, that growth in sales of products used by hospitals and surgeons offset this decline in the second quarter, resulting in flat overall sales for the period. Savings realized from restructuring certain of our operations and the elimination of goodwill amortization helped offset increases in insurance, wages, and other costs. We are very gratified that our earnings per share from continuing operations (excluding the one-time gain) continued the trend of quarterly improvements compared to those of the prior year that our Company has enjoyed for over 3 years."
Atrion’s revenues for the quarter ended June 30, 2002 totaled $14,775,000 compared with $14,776,000 in the same period in 2001. On a diluted per share basis, earnings from continuing operations for the period increased to $.49 as compared to $.44 in the same quarter of last year, excluding a $.12 gain from a patent sale in 2001. Earnings per diluted share from discontinued operations for the second quarter totaled $.09 compared with $.07 in the prior-year period. Net income, which includes income from discontinued operations and the gain in the second quarter of 2001 from a patent sale, totaled $.58 per diluted share for the second quarter of 2002 versus $.63 per diluted share in the prior-year period. Atrion showed a slight improvement in cash flow per share measured by earnings from continuing operations plus depreciation and amortization. Cash flow for the quarter equaled $1.05 per diluted share compared with $1.03 per diluted share in the second quarter of 2001.
Revenues for the first six months of 2002 of $29,600,000 were essentially flat with revenues of $29,579,000 in the first half of 2001. Income from continuing operations for the first half of 2002 was $1.02 per diluted share versus $.97 per diluted share, including the $.12 gain from the patent sale, in the same period last year. Including gains in both periods from discontinued operations and a $.87 per share charge for goodwill impairment in the first quarter of 2002, net income for the first half of 2002 totaled $.24 per diluted share versus $1.04 per diluted share in 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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