ALLEN, Texas, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Atrion Corporation ( ATRI) announced today that for the fourth quarter of 2019 revenues were $34.5 million compared to $34.9 million in the same period of 2018, net income was $8.1 million compared to $7.7 million in the prior year period, and diluted earnings per share were $4.33 compared to $4.17 in the prior-year period. For the full year 2019 compared to 2018, Atrion increased revenues to $155.1 million from $152.4 million, net income was $36.8 million compared to $34.3 million, and diluted earnings per share were $19.73 compared to $18.44.
David Battat, President & CEO, commenting on the results for the fourth quarter and the full year 2019 as compared to the prior year periods, said, “Revenues were up 2% for the year, but down 1% for the quarter partly due to a critical nationwide shortage of sterilization capacity. We have contracted for additional sterilization capacity, enabling us to fully meet our current requirements.” Mr. Battat continued, “While operating income continued to reflect an enviable ratio of 26% to sales, it was down 3% in the quarter and for the full year.” Mr. Battat added, “With the benefit of a lower tax rate and an increase in the value of our investment portfolio, net income and diluted earnings per share were both up 4% for the quarter and 7% for the full year.”
Mr. Battat added, “During the year we increased our dividend payout by 15%, while adding $11.1 million to our cash and short and long term investments bringing that total to $100.6 million as of December 31, 2019.”
Mr. Battat concluded, “For the first quarter of 2020, sales and operating income are forecasted to be slightly below the prior year period. We expect each subsequent quarter in 2020 to show progressively higher positive comparisons in both measures, with the full year reflecting high single digit growth in sales and low double digit growth in operating income.”
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 sales and operating income for each quarter and full year 2020. Words such as “expects,” “believes,” “anticipates,” “forecasts,” “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
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2019 (unaudited) | 2018 (unaudited) | 2019 (unaudited) | 2018 (unaudited) | ||||||||||||
| Revenues | $ | 34,466 | $ | 34,926 | $ | 155,066 | $ | 152,448 | |||||||
| Cost of goods sold | 18,964 | 19,321 | 84,378 | 80,670 | |||||||||||
| Gross profit | 15,502 | 15,605 | 70,688 | 71,778 | |||||||||||
| Operating expenses | 7,427 | 7,287 | 30,159 | 30,071 | |||||||||||
| Operating income | 8,075 | 8,318 | 40,529 | 41,707 | |||||||||||
| Interest and dividend income | 591 | 473 | 2,487 | 1,667 | |||||||||||
| Other investment income (loss) | (113) | (190) | 152 | (1,380) | |||||||||||
| Other income | -- | 22 | -- | 42 | |||||||||||
| Income before income taxes | 8,553 | 8,623 | 43,168 | 42,036 | |||||||||||
| Income tax benefit (provision) | (489) | (874) | (6,407) | (7,781) | |||||||||||
| Net income | $ | 8,064 | $ | 7,749 | $ | 36,761 | $ | 34,255 | |||||||
| Income per basic share | $ | 4.35 | $ | 4.18 | $ | 19.82 | $ | 18.49 | |||||||
| Weighted average basic shares outstanding | 1,855 | 1,853 | 1,855 | 1,853 | |||||||||||
| Income per diluted share | $ | 4.33 | $ | 4.17 | $ | 19.73 | $ | 18.44 | |||||||
| Weighted average diluted shares outstanding | 1,862 | 1,860 | 1,863 | 1,858 | |||||||||||
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
| Dec. 31, | Dec. 31, | ||||
| ASSETS | 2019 | 2018 | |||
| (unaudited) | (unaudited) | ||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 45,048 | $ | 58,753 | |
| Short-term investments | 23,766 | 9,684 | |||
| Total cash and short-term investments | 68,814 | 68,437 | |||
| Accounts receivable | 18,886 | 17,014 | |||
| Inventories | 42,093 | 33,572 | |||
| Prepaid expenses and other | 2,545 | 3,242 | |||
| Total current assets | 132,338 | 122,265 | |||
| Long-term investments | 31,772 | 21,048 | |||
| Property, plant and equipment, net | 84,606 | 74,893 | |||
| Other assets | 13,315 | 13,010 | |||
| $ | 262,031 | $ | 231,216 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current liabilities | 11,274 | 10,220 | |||
| Line of credit | -- | -- | |||
| Other non-current liabilities | 12,887 | 10,229 | |||
| Stockholders’ equity | 237,870 | 210,767 | |||
| $ | 262,031 | $ | 231,216 | ||
