ATRION Corp. (ATRI, Financial) filed Quarterly Report for the period ended 2009-03-31.
ATRION CORP. AlaTenn is a diversified holding co. w/2 lines of business: energy - natural gas transmission and marketing primarily through the provision of natural gas service in the lower Tennessee Valley area and the manufacture of products for the health care industry. ATRION Corp. has a market cap of $170.4 million; its shares were traded at around $86.49 with a P/E ratio of 11 and P/S ratio of 1.9. The dividend yield of ATRION Corp. stocks is 1.4%. ATRION Corp. had an annual average earning growth of 24.6% over the past 5 years.
Consolidated net income totaled $4.1 million, or $2.09 per basic and $2.06 per diluted share, in the first quarter of 2009. This is compared with consolidated net income of $3.7 million, or $1.88 per basic and $1.83 per diluted share, in the first quarter of 2008. The income per basic share computations are based on weighted average basic shares outstanding of 1,973,888 in the 2009 period and 1,943,387 in the 2008 period. The income per diluted share computations are based on weighted average diluted shares outstanding of 2,002,885 in the 2009 period and 2,002,989 in the 2008 period.
The Company s first quarter 2009 operating expenses of $5.0 million were $246,000 lower than the operating expenses for the first quarter of 2008. This decrease was comprised of a $206,000 decrease in selling (Selling) expenses, a $23,000 decrease in General and Administrative (G&A) expenses and a $17,000 decrease in Research and Development (R&D) expenses. The decrease in Selling expenses for the first quarter of 2009 was primarily related to decreased compensation, promotion, outside services and travel-related expenses. The decrease in G&A expenses for the first quarter of 2009 was principally attributable to decreased outside services. The decrease in R&D costs was primarily related to decreased supplies expense partially offset by increased outside services expenses. Operating income in the first quarter of 2009 increased $655,000, to $6.1 million, a 12 percent increase over operating income in the quarter ended March 31, 2008. Operating income was 24 percent of revenues in the first quarter of 2009 compared to 22 percent of revenues in the first quarter of 2008. The previously mentioned increase in gross profit coupled with the decrease in operating expenses were the major contributors to the operating income improvement in the first quarter of 2009.
At March 31, 2009, the Company had cash and cash equivalents of $16.7 million compared with $12.1 million at December 31, 2008. The Company had short-term investments of $4.7 million at March 31, 2009 compared with $4.7 million at December 31, 2008.
As of March 31, 2009, the Company had working capital of $47.7 million, including $16.7 million in cash and cash equivalents. The $4.8 million increase in working capital during the first three months of 2009 was primarily related to increases in cash and accounts receivable partially offset by decreases to inventories and an increase in accrued income and other taxes. The increase in accounts receivable during the first three months of 2009 was primarily related to the increase in revenues for the first quarter of 2009 as compared to the fourth quarter of 2008. The increase in accrued income and other taxes was primarily related to income taxes on the operational results of the first quarter of 2009 and the timing of income tax payments. The decrease in inventories was primarily related to the Company s consumption of raw materials purchased in 2008 under a program to hedge against future price increases.
Cash flows from operating activities generated $6.0 million for the three months ended March 31, 2009 as compared to $3.5 million for the three months ended March 31, 2008. The 2009 increase was primarily attributable to increased operational results, and more favorable cash requirements for working capital related to inventories, accounts payable and accrued liabilities, and accrued income and other taxes, as compared to the 2008 period. During the first three months of 2009, the Company expended $1.2 million for the addition of property and equipment. During the first three months of 2009, stock option activities generated $455,000 of cash and the Company paid dividends of $594,000.
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ATRION CORP. AlaTenn is a diversified holding co. w/2 lines of business: energy - natural gas transmission and marketing primarily through the provision of natural gas service in the lower Tennessee Valley area and the manufacture of products for the health care industry. ATRION Corp. has a market cap of $170.4 million; its shares were traded at around $86.49 with a P/E ratio of 11 and P/S ratio of 1.9. The dividend yield of ATRION Corp. stocks is 1.4%. ATRION Corp. had an annual average earning growth of 24.6% over the past 5 years.
Highlight of Business Operations:
For the three months ended March 31, 2009, the Company reported revenues of $25.0 million, operating income of $6.1 million and net income of $4.1 million, up 2 percent, 12 percent and 13 percent, respectively, from the three months ended March 31, 2008.Consolidated net income totaled $4.1 million, or $2.09 per basic and $2.06 per diluted share, in the first quarter of 2009. This is compared with consolidated net income of $3.7 million, or $1.88 per basic and $1.83 per diluted share, in the first quarter of 2008. The income per basic share computations are based on weighted average basic shares outstanding of 1,973,888 in the 2009 period and 1,943,387 in the 2008 period. The income per diluted share computations are based on weighted average diluted shares outstanding of 2,002,885 in the 2009 period and 2,002,989 in the 2008 period.
The Company s first quarter 2009 operating expenses of $5.0 million were $246,000 lower than the operating expenses for the first quarter of 2008. This decrease was comprised of a $206,000 decrease in selling (Selling) expenses, a $23,000 decrease in General and Administrative (G&A) expenses and a $17,000 decrease in Research and Development (R&D) expenses. The decrease in Selling expenses for the first quarter of 2009 was primarily related to decreased compensation, promotion, outside services and travel-related expenses. The decrease in G&A expenses for the first quarter of 2009 was principally attributable to decreased outside services. The decrease in R&D costs was primarily related to decreased supplies expense partially offset by increased outside services expenses. Operating income in the first quarter of 2009 increased $655,000, to $6.1 million, a 12 percent increase over operating income in the quarter ended March 31, 2008. Operating income was 24 percent of revenues in the first quarter of 2009 compared to 22 percent of revenues in the first quarter of 2008. The previously mentioned increase in gross profit coupled with the decrease in operating expenses were the major contributors to the operating income improvement in the first quarter of 2009.
At March 31, 2009, the Company had cash and cash equivalents of $16.7 million compared with $12.1 million at December 31, 2008. The Company had short-term investments of $4.7 million at March 31, 2009 compared with $4.7 million at December 31, 2008.
As of March 31, 2009, the Company had working capital of $47.7 million, including $16.7 million in cash and cash equivalents. The $4.8 million increase in working capital during the first three months of 2009 was primarily related to increases in cash and accounts receivable partially offset by decreases to inventories and an increase in accrued income and other taxes. The increase in accounts receivable during the first three months of 2009 was primarily related to the increase in revenues for the first quarter of 2009 as compared to the fourth quarter of 2008. The increase in accrued income and other taxes was primarily related to income taxes on the operational results of the first quarter of 2009 and the timing of income tax payments. The decrease in inventories was primarily related to the Company s consumption of raw materials purchased in 2008 under a program to hedge against future price increases.
Cash flows from operating activities generated $6.0 million for the three months ended March 31, 2009 as compared to $3.5 million for the three months ended March 31, 2008. The 2009 increase was primarily attributable to increased operational results, and more favorable cash requirements for working capital related to inventories, accounts payable and accrued liabilities, and accrued income and other taxes, as compared to the 2008 period. During the first three months of 2009, the Company expended $1.2 million for the addition of property and equipment. During the first three months of 2009, stock option activities generated $455,000 of cash and the Company paid dividends of $594,000.
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