May 06, 2015 |
Atrion Reports First Quarter Results |
ALLEN, TX--(Marketwired - May 6, 2015) - Atrion Corporation (NASDAQ: ATRI) today announced diluted earnings per share for the first quarter of 2015 were $4.01 as compared to $3.61 in the first quarter of 2014. Revenues for the quarter ended March 31, 2015 were $38.3 million compared with $36.4 million in the same period in 2014. Net income in the current-year quarter totaled $7.6 million compared to $7.2 million in last year's first quarter.
Commenting on the Company's results for the first quarter of 2015 compared to the same period last year, David A. Battat, President & CEO, said, "We are pleased with the increased revenues in our cardiovascular and fluid delivery products that resulted in an overall sales increase of 5% despite flat results in the ophthalmic area. As we continue to expand our new product pipeline, investments in R&D in the current-year quarter increased $385,000 over those for the same period of 2014. Nevertheless, operating income for the quarter was up 7%. If R&D expenses had been the same as in the prior-year period, our operating income would have been 11% higher." Mr. Battat continued, "In prior years, tax rate comparisons have fluctuated widely due to the inconsistent timing of R&D tax credit extensions. Tax rates in the first quarters of 2014 and 2015 were essentially similar, as Congress did not extend these credits in either period. Benefiting from both stable tax rates and stock repurchases over the past twelve months, diluted earnings per share were up 11% over those of the 2014 period." Mr. Battat added, "During the quarter we invested $17.0 million to repurchase 50,157 shares of our common stock, while continuing to hold cash and short and long term investments of $32.6 million as of March 31, 2015."
Atrion Corporation develops and manufactures products primarily for medical applications. The Company's website is www.atrioncorp.com.
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ATRION CORPORATION |
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CONSOLIDATED STATEMENTS OF INCOME |
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(In thousands, except per share data) |
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(Unaudited) |
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Three Months Ended
March 31, |
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2015 |
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2014 |
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Revenues |
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$ |
38,324 |
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$ |
36,419 |
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Cost of goods sold |
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19,800 |
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|
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19,031 |
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Gross profit |
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18,524 |
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17,388 |
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Operating expenses |
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7,038 |
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6,688 |
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Operating income |
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11,486 |
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10,700 |
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Interest income |
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177 |
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|
300 |
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Other income (expense), net |
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| -- |
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1 |
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Income before income taxes |
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11,663 |
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11,001 |
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Income tax provision |
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(4,061 |
) |
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(3,800 |
) |
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Net income |
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7,602 |
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7,201 |
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Income per basic share |
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$ |
4.05 |
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$ |
3.63 |
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Weighted average basic shares outstanding |
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1,875 |
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1,982 |
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Income per diluted share |
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$ |
4.01 |
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$ |
3.61 |
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Weighted average diluted shares outstanding |
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|
1,895 |
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|
1,997 |
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ATRION CORPORATION |
CONSOLIDATED BALANCE SHEETS |
(In thousands) |
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Mar. 31, |
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Dec. 31, |
ASSETS |
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2015 |
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2014 |
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(Unaudited) |
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Current assets: |
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Cash and cash equivalents |
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$ |
15,871 |
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$ |
20,775 |
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Short-term investments |
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3,189 |
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3,084 |
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Total cash and short-term investments |
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19,060 |
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23,859 |
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Accounts receivable |
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21,407 |
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16,962 |
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Inventories |
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26,747 |
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28,022 |
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Prepaid expenses and other |
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1,400 |
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4,720 |
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Deferred income taxes |
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|
573 |
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573 |
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| Total current assets |
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69,187 |
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74,136 |
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Long-term investments |
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13,529 |
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21,760 |
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Property, plant and equipment, net |
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63,074 |
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62,516 |
Other assets |
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13,200 |
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13,102 |
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$ |
158,990 |
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$ |
171,514 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities |
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7,110 |
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9,936 |
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Line of credit |
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-- |
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-- |
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Other non-current liabilities |
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12,577 |
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|
12,008 |
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Stockholders' equity |
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139,303 |
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| |
149,570 |
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$ |
158,990 |
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$ |
171,514 |
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NON-GAAP FINANCIAL MEASURE RECONCILIATION |
(In thousands) |
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Included in our news release is a non-GAAP financial measure that is calculated by excluding certain expenses that are included in financial measures determined in accordance with GAAP. We have provided this non-GAAP measure as an additional tool for investors to better understand our operating results and to facilitate a comparison of the periods shown. This measure should be considered in addition to, rather than as a substitute for, GAAP measures of the Company's performance. The table below provides a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure.
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Three Months Ended
March 31, |
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% |
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2015 |
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2014 |
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Increase |
GAAP operating income |
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$11,486 |
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$10,700 |
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7% |
Adjustment for increase in R&D expenses |
|
385 |
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Adjusted non-GAAP operating income |
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$11,871 |
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$10,700 |
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11% |
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