Feb 27, 2003 |
ATRION ANNOUNCES PLANS FOR ISSUER TENDER OFFER
AND REPORTS FOURTH QUARTER AND FULL YEAR
RESULTS FROM CONTINUING OPERATIONS
Diluted EPS from continuing operations up 46% for the
quarter and 16% for the year
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ALLEN, Texas (February 27, 2003) - Atrion Corporation (Nasdaq/NM-ATRI) announced today that its Board of Directors has approved an issuer tender offer to purchase for cash up to 350,000 shares of its issued and outstanding common stock, par value $.10 per share, at a price of $23.00 per share. The Company plans to commence the tender offer promptly after filing its Form 10-K for the year ended December 31, 2002, which filing is expected to occur on or about March 17.
The Company today announced higher revenues and earnings per share from continuing operations for the year ended December 31, 2002. Revenues for the full year of 2002 increased 3% to $59,533,000 from $57,605,000 in 2001. Income from continuing operations in 2002 of $2.18 per diluted share was 16% higher than the 2001 results of $1.88 per diluted share. The 2002 results are subject to completion of the Company’s audit by its independent auditors.
Commenting on the Company’s results, Emile A. Battat, Chairman, said “For the year, I am pleased that we more than met our financial objective of a 15% growth in diluted earnings per share from continuing operations despite the small increase in revenue. In fact, this measure of growth would increase to 24% over the prior year if 2001’s gain from the sale of a patent were excluded. Most of our major product lines experienced meaningful growth in 2002. However, a decline in sales of our contact lens disinfection cases in the second and third quarters materially offset the sales growth in our other product lines. Cost control, elimination of goodwill amortization and a smaller number of outstanding shares for the year contributed significantly to our achieving our earnings per share from continuing operations growth objective.”
Atrion’s revenues for the fourth quarter increased 21% to $15,271,000 compared with $12,607,000 in the same period in 2001. On a diluted per share basis, income from continuing operations for the 2002 period increased 46% to $.57 from $.39 in the fourth quarter of 2001.
Additionally, Mr. Battat said, “Sales in the last quarter of 2002 were the highest for any reporting period for the year. This reflected improvements in most of our major product lines including the sales of our contact lens disinfection cases. Changes from the same quarter in 2001 are accentuated by the fact that the 2001 period was the weakest quarter of that year, following the events of September 11, 2001.”
Atrion Corporation designs, develops, manufactures, sells and distributes products and components primarily to medical markets worldwide.
This press release is neither an offer to purchase nor a solicitation of an offer to sell any shares of the Company’s common stock. At the time the tender offer is commenced, the Company will file a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission. The Tender Offer Statement (including an offering circular, a related letter of transmittal and other offer documents) will contain important information that should be read carefully before any decision is made with respect to the offer. The offer to purchase and related materials will be sent to stockholders of the Company at no expense to them. The Tender Offer Statement (including the offering circular, the related letter of transmittal and all other offer documents filed with the Securities and Exchange Commission) will also be available at no charge at the Securities and Exchange Commission’s website at http://www.sec.gov.
Contact:Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800
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