ALLEN, Texas, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ: ATRI) today announced that for the third quarter ended September 30, 2018 revenues totaled $39.3 million, up from $37.9 million for the same period in 2017. Net income for the third quarter of 2018 totaled $9.2 million compared to $8.0 million for the third quarter of 2017, with diluted earnings per share for the third quarter of 2018 at $4.96 compared to $4.29 for the same period in 2017.
Commenting on the Company's results for the third quarter of 2018 compared to the same period last year, David A. Battat, President & CEO, said, "Aggregate revenue growth in all product lines excluding Ophthalmology was up 6%. The overall revenue growth of 4% was achieved despite a 23% decline in Ophthalmology as we are winding down certain products with contract and intellectual property expirations. This headwind will continue to impact our comparisons until the end of the first quarter of 2019. Net income and diluted EPS were both up 16% compared to last year's third quarter." Mr. Battat concluded, "During the quarter we added $4.3 million to our cash and short and long term investments bringing the total to $87 million as of September 30, 2018. We continue to be debt free."
Atrion Corporation develops and manufactures products primarily for medical applications. The Company's website is www.atrioncorp.com.
Statements in this press release that are forward looking are based upon current expectations and actual results or future events may differ materially. Such statements include, but are not limited to, Atrion's expectations regarding the headwind from Ophthalmology sales until the end of the first quarter of 2019. Words such as "expects," "believes," "anticipates," "intends," "should", "plans," "will" and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements involve risks and uncertainties. The following are some of the factors that could cause actual results or future events 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 intellectual property 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 Securities and Exchange Commission. The forward-looking statements in this press release are made as of the date hereof, and we do not undertake any obligation, and disclaim any duty, to supplement, update or revise such statements, whether as a result of subsequent events, changed expectations or otherwise, except as required by applicable law.
Contact: Jeffery Strickland Vice President and Chief Financial Officer (972) 390-9800
ATRION CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2018
2017
2018
2017
Revenues
$
39,274
$
37,903
$
117,522
$
112,571
Cost of goods sold
21,275
19,498
61,349
57,841
Gross profit
17,999
18,405
56,173
54,730
Operating expenses
7,242
6,926
22,784
21,749
Operating income
10,757
11,479
33,389
32,981
Interest and dividend income
439
287
1,157
806
Other investment income (loss)
21
--
(1,153
)
--
Other income
20
--
20
1
Income before income taxes
11,237
11,766
33,413
33,788
Income tax provision
(2,016
)
(3,795
)
(6,907
)
(5,841
)
Net income
$
9,221
$
7,971
$
26,506
$
27,947
Income per basic share
$
4.98
$
4.30
$
14.30
$
15.16
Weighted average basic shares outstanding
1,853
1,852
1,853
1,844
Income per diluted share
$
4.96
$
4.29
$
14.27
$
15.06
Weighted average diluted shares outstanding
1,858
1,857
1,857
1,856
ATRION CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands)