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ATRION Corp. Reports Operating Results (10-Q)

November 04, 2010 | About:

10qk

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ATRION Corp. (ATRI) filed Quarterly Report for the period ended 2010-09-30.

Atrion Corp. has a market cap of $328 million; its shares were traded at around $163.5 with a P/E ratio of 18.1 and P/S ratio of 3.2. The dividend yield of Atrion Corp. stocks is 1%. Atrion Corp. had an annual average earning growth of 22.7% over the past 10 years. GuruFocus rated Atrion Corp. the business predictability rank of 4-star.ATRI is in the portfolios of Chuck Royce of Royce& Associates.

Highlight of Business Operations:

For the three months ended September 30, 2010, we reported revenues of $27.2 million, operating income of $8.0 million and net income of $5.4 million, up 8 percent, 22 percent and 21 percent, respectively, from the three months ended September 30, 2009. For the nine months ended September 30, 2010, we reported revenues of $81.9 million, operating income of $23.2 million and net income of $15.5 million, up 7 percent, 18 percent and 17 percent, respectively, from the nine months ended September 30, 2009.

Consolidated net income totaled $5.4 million, or $2.68 per basic and $2.66 per diluted share, in the third quarter of 2010. This is compared with consolidated net income of $4.5 million, or $2.25 per basic and $2.20 per diluted share, in the third quarter of 2009. The income per basic share computations are based on weighted average basic shares outstanding of 2,017,000 in the 2010 period and 1,980,000 in the 2009 period. The income per diluted share computations are based on weighted average diluted shares outstanding of 2,029,000 in the 2010 period and 2,028,000 in the 2009 period.

Consolidated net income totaled $15.5 million, or $7.69 per basic and $7.65 per diluted share, in the first nine months of 2010. This is compared with consolidated net income of $13.3 million, or $6.70 per basic and $6.57 per diluted share, in the first nine months of 2009. The income per basic share computations are based on weighted average basic shares outstanding of 2,019,000 in the 2010 period and 1,978,000 in the 2009 period. The income per diluted share computations are based on weighted average diluted shares outstanding of 2,031,000 in the 2010 period and 2,017,000 in the 2009 period.

At September 30, 2010, we had $41.0 million in cash and cash equivalents, short-term and long-term investments, an increase of $4.6 million from December 31, 2009. The principal contributor to this increase was cash of $22.0 million generated by operating activities during the nine months ended September 30, 2010 partially offset by dividends of $14.4 million paid during that period. Included in the $14.4 million paid for dividends was $12.1 million in special cash dividends paid in January 2010.

As of September 30, 2010, we had working capital of $40.5 million, including $9.9 million in cash and cash equivalents. The $9.1 million decrease in working capital during the first nine months of 2010 was primarily related to a decrease in cash and an increase in accounts payable and accrued liabilities and income and other taxes partially offset by an increase in short-term investments and accounts receivable. The decrease in cash was primarily related to the funding of $14.4 million of dividends, including the $12.1 million special cash dividend paid during the first quarter of 2010, the $2.4 million increase in short-term investments and the $13.0 million increase in long-term investments partially offset by cash generated from operations. The increase in accounts receivable was primarily related to the increase in revenues for the third quarter of 2010 as compared with the fourth quarter of 2009.

Cash flows from operating activities generated $22.0 million for the nine months ended September 30, 2010 as compared to $20.9 million for the nine months ended September 30, 2009. The increase in the 2010 period was primarily attributable to increased operational results as compared to the 2009 period. During the first nine months of 2010, we expended $2.5 million for the addition of property and equipment. Maturities of investments generated $4.0 million during the first nine months of 2010. We expended $19.2 million for the purchase of investments during this period. We repurchased 9,995 shares of our common stock for approximately $1.4 million during the first nine months of 2010. Stock option activities in the first nine months of 2010 generated $938,000 of cash, and we paid dividends of $14.4 million during that period. Included in the $14.4 million paid for dividends was $12.1 million in special cash dividends paid in January 2010.

Read the The complete Report

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