Welcome!

News Feed Item

Atrion Reports First Quarter Results

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
                                                     =========== ===========

Contact:
Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800


More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Docker containers have brought great opportunities to shorten the deployment process through continuous integration and the delivery of applications and microservices. This applies equally to enterprise data centers as well as the cloud. In his session at 20th Cloud Expo, Jari Kolehmainen, founder and CTO of Kontena, discussed solutions and benefits of a deeply integrated deployment pipeline using technologies such as container management platforms, Docker containers, and the drone.io Cl tool. H...
As more and more companies are making the shift from on-premises to public cloud, the standard approach to DevOps is evolving. From encryption, compliance and regulations like GDPR, security in the cloud has become a hot topic. Many DevOps-focused companies have hired dedicated staff to fulfill these requirements, often creating further siloes, complexity and cost. This session aims to highlight existing DevOps cultural approaches, tooling and how security can be wrapped in every facet of the bu...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, d...
IT organizations are moving to the cloud in hopes to approve efficiency, increase agility and save money. Migrating workloads might seem like a simple task, but what many businesses don’t realize is that application migration criteria differs across organizations, making it difficult for architects to arrive at an accurate TCO number. In his session at 21st Cloud Expo, Joe Kinsella, CTO of CloudHealth Technologies, will offer a systematic approach to understanding the TCO of a cloud application...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Secure Channels, a cybersecurity firm, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Secure Channels, Inc. offers several products and solutions to its many clients, helping them protect critical data from being compromised and access to computer networks from the unauthorized. The company develops comprehensive data encryption security strategie...
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, S...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
SYS-CON Events announced today that App2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. App2Cloud is an online Platform, specializing in migrating legacy applications to any Cloud Providers (AWS, Azure, Google Cloud).
The goal of Continuous Testing is to shift testing left to find defects earlier and release software faster. This can be achieved by integrating a set of open source functional and performance testing tools in the early stages of your software delivery lifecycle. There is one process that binds all application delivery stages together into one well-orchestrated machine: Continuous Testing. Continuous Testing is the conveyer belt between the Software Factory and production stages. Artifacts are m...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
Cloud resources, although available in abundance, are inherently volatile. For transactional computing, like ERP and most enterprise software, this is a challenge as transactional integrity and data fidelity is paramount – making it a challenge to create cloud native applications while relying on RDBMS. In his session at 21st Cloud Expo, Claus Jepsen, Chief Architect and Head of Innovation Labs at Unit4, will explore that in order to create distributed and scalable solutions ensuring high availa...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.