ALLEN, TX -- (Marketwired) -- 10/29/13 -- Atrion Corporation (NASDAQ: ATRI) today announced that for the third quarter of 2013 revenues and operating income were up 11% and diluted earnings per share were up 6% compared to the results for the third quarter of 2012.
Atrion's revenues for the quarter ended September 30, 2013 totaled $34.0 million compared with $30.6 million for the same period in 2012. Operating income for the just ended quarter was $10.7 million compared to $9.7 million in the same period of 2012. On a diluted per share basis, earnings for the period increased to $3.81 as compared to $3.59 for the same quarter of last year. Net income for the third quarter totaled $7.7 million compared to $7.3 million in last year's third quarter.
Commenting on the results of the third quarter compared to the same period of 2012, David Battat, President and CEO, said, "We are very pleased with our results this quarter with revenues and operating income each showing double-digit increases over the prior year period. The comparative financial results for net income and earnings per share understate the current period's growth due to a significant one-time R&D tax benefit recorded in last year's third quarter. This tax benefit resulted from an IRS arbitration panel's decision awarding us 100% of previously disallowed credits for the 2006-2008 calendar years." Mr. Battat added, "We saw robust increases in revenues for products sold to the cardiovascular and ophthalmic markets, which increased 23% and 30%, respectively, compared to a weak period in the prior year. Together, those product lines accounted for most of the increase in overall revenues for the quarter, with sales in the remaining product areas slightly above the prior year period. Once again, the value of our product diversification can be clearly seen." Mr. Battat concluded, "During the quarter we increased spending on R&D by 52% aimed at product development in all areas but with a special emphasis on cardiovascular. We also repurchased 4,775 shares of our common stock at an average cost of $245.80 per share, while increasing our balance of cash and investments by $6.3 million to $59.3 million."
Atrion Corporation develops and manufactures products primarily for medical applications. The Company's website is www.atrioncorp.com.
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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2013 2012 2013 2012
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Revenues $ 34,044 $ 30,637 $ 100,142 $ 90,565
Cost of goods sold 17,003 15,742 51,757 47,168
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Gross profit 17,041 14,895 48,385 43,397
Operating expenses 6,328 5,218 18,777 16,810
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Operating income 10,713 9,677 29,608 26,587
Interest income 310 411 1,005 1,060
Other income - - - 2
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Income before income
taxes 11,023 10,088 30,613 27,649
Income tax provision (3,350) (2,829) (9,800) (8,914)
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Net income $ 7,673 $ 7,259 $ 20,813 $ 18,735
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Income per basic share $ 3.82 $ 3.60 $ 10.33 $ 9.30
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Weighted average basic
shares outstanding 2,007 2,014 2,014 2,015
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Income per diluted share $ 3.81 $ 3.59 $ 10.31 $ 9.24
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Weighted average diluted
shares outstanding 2,016 2,022 2,019 2,028
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ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
Sept. 30, Dec. 31,
ASSETS 2013 2012
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(Unaudited)
Current assets:
Cash and cash equivalents $ 30,724 $ 7,999
Short-term investments 8,448 8,182
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Total cash and short-term investments 39,172 16,181
Accounts receivable 16,183 13,054
Inventories 26,488 23,779
Prepaid expenses and other 1,592 3,110
Deferred income taxes 623 623
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Total current assets 84,058 56,747
Long-term investments 20,104 28,433
Property, plant and equipment, net 57,688 59,268
Other assets 11,258 11,362
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$ 173,108 $ 155,810
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 10,904 7,208
Line of credit -- --
Other non-current liabilities 12,968 13,774
Stockholders' equity 149,236 134,828
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$ 173,108 $ 155,810
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Contact:
Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800