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Atrion Reports Third Quarter Results

ALLEN, Texas, Nov. 08, 2017 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ:ATRI) today announced that for the third quarter of 2017 revenues totaled $37.9 million compared with $37.8 million for the same period in 2016. Operating income for the just-ended quarter was $11.5 million compared to $11.0 million in the same period of 2016. Net income for the third quarter was $8.0 million as compared to $7.6 million in last year’s third quarter. On a diluted per share basis, earnings for the period increased to $4.29 as compared to $4.10 for the same quarter of last year.

Commenting on the results for the third quarter compared to the same period of 2016, David Battat, President and CEO, said, “We are very pleased with our Cardiovascular revenues, which were up 13% or $1.4 million. Our overall sales were essentially flat due to lower sales in other product areas, most notably in Ophthalmology which continued to show the impact of a previously disclosed interruption in orders from a customer which has withdrawn its product from the market pending resolution of a quality issue unrelated to the component we supply.” Mr. Battat continued, “Operational improvements contributed to an increase in gross profit margins to 49% compared to 47% in the same quarter in 2016. Operating income, net income and diluted earnings per share all increased by 5% compared to last year’s quarter.” Mr. Battat added, “During the quarter our cash and short and long term investments increased by $12.8 million to a total of $70.1 million as of September 30, 2017.”

Atrion Corporation develops and manufactures products primarily for medical applications. The Company’s website is www.atrioncorp.com.

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,
2017 2016 2017 2016
Revenues$ 37,903 $ 37,835 $ 112,571 $ 110,193
Cost of goods sold 19,498 20,211 57,841 57,789
Gross profit 18,405 17,624 54,730 52,404
Operating expenses 6,926 6,648 21,749 20,889
Operating income 11,479 10,976 32,981 31,515
Interest and dividend income 287 106 806 315
Other income -- 1 1 (309)
Income before income taxes 11,766 11,083 33,788 31,521
Income tax provision (3,795) (3,469) (5,841) (9,511)
Net income $ 7,971 $ 7,614 $ 27,947 $ 22,010
Income per basic share$ 4.30 $ 4.17 $ 15.16 $ 12.07
Weighted average basic shares outstanding 1,852 1,825 1,844 1,823
Income per diluted share$ 4.29 $ 4.10 $ 15.06 $ 11.86
Weighted average diluted shares outstanding 1,857 1,858 1,856 1,856


ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)

Sept. 30, Dec. 31,
ASSETS 2017 2016
(Unaudited)
Current assets:
Cash and cash equivalents$ 20,995 $ 20,022
Short-term investments 38,959 24,080
Total cash and short-term investments 59,954 44,102
Accounts receivable 19,585 17,166
Inventories 29,924 29,015
Prepaid expenses and other 3,001 3,181
Total current assets 112,464 93,464
Long-term investments 10,112 9,945
Property, plant and equipment, net 66,518 65,265
Other assets 13,032 13,268
$ 202,126 $ 181,942
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities 12,694 9,073
Line of credit -- --
Other non-current liabilities 10,981 9,881
Stockholders’ equity 178,451 162,988
$ 202,126 $ 181,942


Source:Atrion Corporation