ATRION Corp. (ATRI, Financial) filed Quarterly Report for the period ended 2009-06-30.
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 $265.2 million; its shares were traded at around $134 with a P/E ratio of 16.7 and P/S ratio of 2.7. The dividend yield of ATRION Corp. stocks is 0.9%. ATRION Corp. had an annual average earning growth of 24.6% over the past 5 years.
Consolidated net income totaled $4.7 million, or $2.35 per basic and $2.30 per diluted share, in the second quarter of 2009. This is compared with consolidated net income of $4.1 million, or $2.10 per basic and $2.06 per diluted share, in the second quarter of 2008. The income per basic share computations are based on weighted average basic shares outstanding of 1,979,797 in the 2009 period and 1,964,700 in the 2008 period. The income per diluted share computations are based on weighted average diluted shares outstanding of 2,021,473 in the 2009 period and 2,004,924 in the 2008 period.
The Company s second quarter 2009 operating expenses of $5.0 million were $20,000 higher than the operating expenses for the second quarter of 2008. This increase was comprised of a $212,000 increase in General and Administrative (G&A) expenses, largely offset by a $130,000 decrease in selling (Selling) expenses and a $62,000 decrease in Research and Development (R&D) expenses. The increase in G&A expenses for the second quarter of 2009 was principally attributable to increased compensation partially offset by reduced travel and outside services. The decrease in Selling expenses for the second quarter of 2009 was primarily related to decreased compensation, promotion, and travel-related expenses partially offset by an increase in bad debt expense. The decrease in R&D costs was primarily related to reduced new product testing costs for new products which are currently under development and evaluation. Operating income in the second quarter of 2009 increased $906,000, to $7.0 million, a 15 percent increase over operating income in the quarter ended June 30, 2008. Operating income was 27 percent of revenues in the second quarter of 2009 compared to 25 percent of revenues in the second quarter of 2008. The major contributors to the operating income improvement in the second quarter of 2009 were the previously mentioned increase in gross profit partially offset by the slight increase in operating expenses.
Consolidated net income totaled $8.8 million, or $4.45 per basic and $4.37 per diluted share, in the first six months of 2009. This is compared with consolidated net income of $7.8 million, or $3.99 per basic and $3.89 per diluted share, in the first six months of 2008. The income per basic share computations are based on weighted average basic shares outstanding of 1,976,860 in the 2009 period and 1,954,050 in the 2008 period. The income per diluted share computations are based on weighted average diluted shares outstanding of 2,012,179 in the 2009 period and 2,004,006 in the 2008 period.
The Company s first six months 2009 operating expenses of $10.0 million were $226,000 lower than the operating expenses for the first six months of 2008. This decrease was comprised of a $336,000 decrease in Selling expenses and a $79,000 decrease in R&D expenses partially offset by a $189,000 increase in G&A expenses. The decrease in Selling expenses for the first six months of 2009 was primarily related to decreased compensation, promotion, outside services, and travel-related expenses partially offset by an increase in bad debt expense. The decrease in R&D costs was primarily related to reduced prototype expenses. The increase in G&A expenses for the first six months of 2009 was principally attributable to increased compensation partially offset by decreased travel-related expenses. Operating income in the first six months of 2009 increased $1.6 million, to $13.1 million, a 13 percent increase over operating income in the six months ended June 30, 2008. Operating income was 26 percent of revenues in the first six months of 2009 compared to 24 percent of revenues in the first six months 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 six months of 2009.
Cash flows from operating activities generated $13.4 million for the six months ended June 30, 2009 as compared to $7.6 million for the six months ended June 30, 2008. The 2009 increase was primarily attributable to increased operational results, and more favorable cash requirements for working capital related to inventories and accounts receivables, as compared to the 2008 period. During the first six months of 2009, the Company expended $3.2 million for the addition of property and equipment and $7.5 million for short-term and long-term investments. During the first six months of 2009, stock option activities generated $448,000 of cash and the Company paid dividends of $1.2 million.
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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 $265.2 million; its shares were traded at around $134 with a P/E ratio of 16.7 and P/S ratio of 2.7. The dividend yield of ATRION Corp. stocks is 0.9%. 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 June 30, 2009, the Company reported revenues of $26.0 million, operating income of $7.0 million and net income of $4.7 million, up 7 percent, 15 percent and 13 percent, respectively, from the three months ended June 30, 2008. For the six months ended June 30, 2009, the Company reported revenues of $51.0 million, operating income of $13.1 million and net income of $8.8 million, up 5 percent, 13 percent and 13 percent, respectively, from the six months ended June 30, 2008.Consolidated net income totaled $4.7 million, or $2.35 per basic and $2.30 per diluted share, in the second quarter of 2009. This is compared with consolidated net income of $4.1 million, or $2.10 per basic and $2.06 per diluted share, in the second quarter of 2008. The income per basic share computations are based on weighted average basic shares outstanding of 1,979,797 in the 2009 period and 1,964,700 in the 2008 period. The income per diluted share computations are based on weighted average diluted shares outstanding of 2,021,473 in the 2009 period and 2,004,924 in the 2008 period.
The Company s second quarter 2009 operating expenses of $5.0 million were $20,000 higher than the operating expenses for the second quarter of 2008. This increase was comprised of a $212,000 increase in General and Administrative (G&A) expenses, largely offset by a $130,000 decrease in selling (Selling) expenses and a $62,000 decrease in Research and Development (R&D) expenses. The increase in G&A expenses for the second quarter of 2009 was principally attributable to increased compensation partially offset by reduced travel and outside services. The decrease in Selling expenses for the second quarter of 2009 was primarily related to decreased compensation, promotion, and travel-related expenses partially offset by an increase in bad debt expense. The decrease in R&D costs was primarily related to reduced new product testing costs for new products which are currently under development and evaluation. Operating income in the second quarter of 2009 increased $906,000, to $7.0 million, a 15 percent increase over operating income in the quarter ended June 30, 2008. Operating income was 27 percent of revenues in the second quarter of 2009 compared to 25 percent of revenues in the second quarter of 2008. The major contributors to the operating income improvement in the second quarter of 2009 were the previously mentioned increase in gross profit partially offset by the slight increase in operating expenses.
Consolidated net income totaled $8.8 million, or $4.45 per basic and $4.37 per diluted share, in the first six months of 2009. This is compared with consolidated net income of $7.8 million, or $3.99 per basic and $3.89 per diluted share, in the first six months of 2008. The income per basic share computations are based on weighted average basic shares outstanding of 1,976,860 in the 2009 period and 1,954,050 in the 2008 period. The income per diluted share computations are based on weighted average diluted shares outstanding of 2,012,179 in the 2009 period and 2,004,006 in the 2008 period.
The Company s first six months 2009 operating expenses of $10.0 million were $226,000 lower than the operating expenses for the first six months of 2008. This decrease was comprised of a $336,000 decrease in Selling expenses and a $79,000 decrease in R&D expenses partially offset by a $189,000 increase in G&A expenses. The decrease in Selling expenses for the first six months of 2009 was primarily related to decreased compensation, promotion, outside services, and travel-related expenses partially offset by an increase in bad debt expense. The decrease in R&D costs was primarily related to reduced prototype expenses. The increase in G&A expenses for the first six months of 2009 was principally attributable to increased compensation partially offset by decreased travel-related expenses. Operating income in the first six months of 2009 increased $1.6 million, to $13.1 million, a 13 percent increase over operating income in the six months ended June 30, 2008. Operating income was 26 percent of revenues in the first six months of 2009 compared to 24 percent of revenues in the first six months 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 six months of 2009.
Cash flows from operating activities generated $13.4 million for the six months ended June 30, 2009 as compared to $7.6 million for the six months ended June 30, 2008. The 2009 increase was primarily attributable to increased operational results, and more favorable cash requirements for working capital related to inventories and accounts receivables, as compared to the 2008 period. During the first six months of 2009, the Company expended $3.2 million for the addition of property and equipment and $7.5 million for short-term and long-term investments. During the first six months of 2009, stock option activities generated $448,000 of cash and the Company paid dividends of $1.2 million.
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