Atrion Reports First Quarter Results; Diluted EPS Declines By 12%.ALLEN, Texas Allen is a city in Collin County and a northern suburb of Dallas, Texas (USA). As of the 2000 census, the city had a total population of 43,554. As of April 2007, the city's population is estimated at 77,465. -- Atrion Corporation (Nasdaq:ATRI) today announced that for the first quarter of 2006 revenues were 5% higher than in the first quarter of last year. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of , however, were down 12% compared to the results for the first quarter of 2005. Commenting on the Company's results, Emile A. Battat, Chairman, said: "In press releases reporting our third and fourth quarter 2005 results, we noted that because of the Company's exceptionally strong earnings results in the quarter ended March 31, 2005, a comparison of our earnings per share in the first quarter of 2006 with the first quarter of 2005 would not necessarily be indicative indicative: see mood. of our performance for 2006. Now that the first quarter has been completed, we still believe that the above reported decline in earnings for the current quarter will not be representative of our results for the full year 2006. This year's quarter saw a small increase in revenues even as certain customers of our ophthalmic ophthalmic /oph·thal·mic/ (of-thal´mik) ocular (1). oph·thal·mic adj. Of or relating to the eye; ocular. Ophthalmic Pertaining to the eye. and related kitting business continued to have internal issues of their own. We are hopeful that they will satisfactorily resolve their issues by the end of the third quarter and then resume purchases at their customary levels." Mr. Battat added, "Construction of our new Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and facility continues to move forward on schedule. We expect the staged physical move of materials, equipment and personnel to begin in June June: see month. and continue into much of the third quarter." Atrion's revenues for the quarter ended March 31, 2006 were $19,503,000 compared with $18,645,000 in the same period in 2005. On a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. per share basis, earnings for the period decreased to $1.08 as compared to $1.23 in the same quarter of last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the current year period totaled $3,052,000, compared to $3,418,000 in last year's first quarter. Atrion Corporation designs, develops, manufactures, sells and distributes products and components primarily to medical markets worldwide. The statements in this press release that are forward looking are based upon current expectations and actual results or future events may differ materially. Words such as "expect," "believes," "anticipates," "intends," "hopeful" and variations of such words and similar expressions are intended to identify such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These 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 Tom Clancy's Op-Center: Acts of War is a technothriller by Jeff Rovin Plot introduction The mobile Regional Operations Center (ROC) in Turkey investigates a dam blown up by Kurdish terrorists. or terrorism terrorism, the threat or use of violence, often against the civilian population, to achieve political or social ends, to intimidate opponents, or to publicize grievances. ; 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 SEC.
ATRION CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three Months Ended
March 31,
2006 2005
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Revenues $19,503 $18,645
Cost of goods sold 12,155 11,024
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Gross profit 7,348 7,621
Operating expenses 4,296 4,203
--------- ---------
Operating income 3,052 3,418
Interest income (expense), net 10 (6)
Other income, net -- 8
--------- ---------
Income before income taxes 3,062 3,420
Income tax provision (956) (1,126)
--------- ---------
Net income 2,106 2,294
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Income per basic share $1.15 $1.33
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Weighted average basic shares outstanding 1,835 1,723
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Income per diluted share $1.08 $1.23
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Weighted average diluted shares outstanding 1,945 1,865
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ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
Mar. 31, Dec. 31,
ASSETS 2006 2005
----------- --------
(Unaudited)
Current assets:
Cash and cash equivalents $189 $525
Accounts receivable 9,585 8,291
Inventories 17,390 17,705
Prepaid expenses 636 832
Deferred income taxes 620 620
----------- --------
Total current assets 28,420 27,973
Property, plant and equipment, net 41,517 35,254
Other assets 14,812 15,243
----------- --------
$84,749 $78,470
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 9,066 8,226
Line of credit 6,831 2,529
Other non-current liabilities 5,779 5,820
Stockholders' equity 63,073 61,895
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$84,749 $78,470
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