Jul 29, 2004 |
ATRION REPORTS SECOND QUARTER RESULTS
Diluted EPS Increases by 21%
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ALLEN, Texas (July 29, 2004) – Atrion Corporation (Nasdaq/NM - ATRI) today announced that for the second quarter of 2004 revenues were up 1% and diluted earnings per share were up 21% compared to the results of the second quarter of 2003.
Commenting on the Company's results, Emile A. Battat, Chairman and CEO, said, "Sales in three of our major product areas, cardiovascular, fluid delivery, and other products, were significantly higher during the quarter than in the second quarter of 2003. However this growth was masked by lower sales in our remaining product area, ophthalmology, which declined significantly following the fulfillment of a customer's requirements in late 2003, as discussed in our financial report for the first quarter. Sales comparisons for the remainder of the year will be similarly affected by the completion of that order. We are pleased, however, that the growth in our other product lines has enabled us to deliver a solid 21% increase in operating income and diluted earnings per share compared to the results reported for the same quarter of 2003. In both periods we received residual income from operations discontinued in 1997."
Atrion's revenues for the quarter ended June 30, 2004 totaled $16,417,000 compared with $16,175,000 in the same period in 2003. On a diluted per share basis, earnings for the period increased to $.87 as compared to $.72 in the same quarter of last year. Both periods included residual earnings of $.09 per share from operations that were discontinued in 1997. Operating income for the current year period totaled $2,064,000 compared to $1,705,000 in last year's second quarter.
Revenues for the first six months of 2004 of $33,206,000 were 4% higher than revenues of $31,896,000 in the first half of 2003. Diluted earnings per share for the first half of 2004 were $1.57 per diluted share versus $1.34 in 2003. Both periods included $.09 per share from discontinued operations.
Atrion Corporation designs, develops, manufactures, sells and distributes products and components primarily to medical markets worldwide.
The statements in this press release that are forward looking are based upon current expectations and actual results may differ materially. Such statements include, but are not limited to, Atrion's expectations regarding sales comparisons for the remainder of 2004. Words such as "expects," "believes," "anticipates," "intends," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties. The following are some of the factors that could cause actual results 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 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 SEC.
Contact: Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800
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