|By Marketwired .||
|May 5, 2014 04:30 PM EDT||
ALLEN, TX -- (Marketwired) -- 05/05/14 -- Atrion Corporation (NASDAQ: ATRI) today announced diluted earnings per share for the first quarter of 2014 were up 10% to $3.61 as compared to $3.28 in the first quarter of 2013.
Atrion's revenues for the quarter ended March 31, 2014 were $36,419,000 compared with $33,493,000 in the same period in 2013. Net income in the current-year quarter totaled $7,201,000 compared to $6,635,000 in last year's first quarter.
Commenting on the Company's results for the first quarter of 2014 compared to the same period last year, David A. Battat, President & CEO, said, "We are pleased with the significant increase in revenues, with solid growth in our cardiovascular and fluid delivery product lines. Overall, compared to the same quarter last year, revenues were up 9%, operating income was up 14%, and diluted EPS increased 10%. The EPS comparisons are skewed due to Congress's persistently inconsistent timing in extending R&D tax credits. Five quarters worth of R&D tax credits had to be recorded in the first quarter of 2013, while no credits could be booked in the just finished quarter." Mr. Battat added, "During the quarter we invested $4.7 million to purchase 15,142 shares of our common stock, while continuing to be debt free as well as having $55.0 million in cash and short and long term investments at the end of the quarter."
Atrion Corporation develops and manufactures products primarily for medical applications. The Company's website is www.atrioncorp.com.
ATRION CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2014 2013 ----------- ----------- Revenues $ 36,419 $ 33,493 Cost of goods sold 19,031 17,784 ----------- ----------- Gross profit 17,388 15,709 Operating expenses 6,688 6,309 ----------- ----------- Operating income 10,700 9,400 Interest income 300 350 Other income (expense), net 1 -- ----------- ----------- Income before income taxes 11,001 9,750 Income tax provision (3,800) (3,115) ----------- ----------- Net income 7,201 6,635 =========== =========== Income per basic share $ 3.63 $ 3.28 =========== =========== Weighted average basic shares outstanding 1,982 2,020 =========== =========== Income per diluted share $ 3.61 $ 3.28 =========== =========== Weighted average diluted shares outstanding 1,997 2,024 =========== =========== ATRION CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) Mar. 31, Dec. 31, ASSETS 2014 2013 ----------- ----------- (Unaudited) Current assets: Cash and cash equivalents $ 17,196 $ 28,559 Short-term investments 25,417 18,351 ----------- ----------- Total cash and short-term investments 42,613 46,910 Accounts receivable 18,642 14,164 Inventories 26,326 26,266 Prepaid expenses and other 1,008 1,603 Deferred income taxes 1,376 1,376 ----------- ----------- Total current assets 89,965 90,319 Long-term investments 12,375 10,069 Property, plant and equipment, net 59,580 58,328 Other assets 13,280 13,350 ----------- ----------- $ 175,200 $ 172,066 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities 11,636 9,364 Line of credit -- -- Other non-current liabilities 12,934 13,708 Stockholders' equity 150,630 148,994 ----------- ----------- $ 175,200 $ 172,066 =========== ===========
Vice President and Chief Financial Officer
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