Atrion Reports First Quarter Results.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 2005 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 were up 76% compared to the results for the first quarter of 2004. Revenues in the first quarter were 11% higher than in the first quarter of last year. Commenting on the Company's results, Emile A. Battat, Chairman, said: "We are very pleased with the double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" increase in sales and the exceptionally strong increase in profits. The increase in profits reflected not only a growth in sales but also the more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. mix towards higher-margin products. This resulted in a significant increase in gross margin as a percentage of sales for the quarter, without which our diluted earnings per share would have been $0.87, a 24% increase over the same period last year rather than the reported increase of 76%. There is no assurance that in coming quarters higher-margin products will represent as significant a portion of our overall sales as in the first quarter." Atrion's revenues for the quarter ended March 31, 2005 were $18,645,000 compared with $16,789,000 in the same period in 2004. 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 increased to $1.23 as compared to $.70 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 $3,418,000, compared to $1,901,000 in last year's first quarter. At the end of the quarter, Halkey-Roberts Corporation, a Company subsidiary, and Filtertek Inc. settled their pending litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . Terms of the settlement required Halkey-Roberts to make a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. payment to Filtertek in exchange for a paid-up Paid-Up The state of a settlement when all payment obligations for a security have been completed in a customer account. When an individual has paid up, he or she has paid for the security in full. license to manufacture and sell swabable valves that were the subject of the litigation. The cost of the settlement was apportioned ap·por·tion tr.v. ap·por·tioned, ap·por·tion·ing, ap·por·tions To divide and assign according to a plan; allot: "The tendency persists to apportion blame as suits the circumstances" to past and future licensing periods. No charges were made against our first quarter income for this settlement since the reserves previously established for the cost of litigation were sufficient to cover the liability for past sales as well as expenses incurred to date. The cost of the settlement associated with the future licensing period will be amortized on a straight-line straight-line adj. 1. Lying in a straight line. 2. Relating to a device whose linkage produces or copies motion in straight lines. 3. basis over the remaining life of the patent. 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 for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. 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 the amortization of the cost of a part of the Filtertek settlement over the remaining life of the patent. Words such as "expects," "believes," "anticipates," "intends," 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,
2005 2004
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Revenues $18,645 $16,789
Cost of goods sold 11,024 10,834
-------- --------
Gross profit 7,621 5,955
Operating expenses 4,203 4,054
-------- --------
Operating income 3,418 1,901
Interest expense, net (6) (16)
Other income, net 8 6
-------- --------
Income before income taxes 3,420 1,891
Income tax provision (1,126) (604)
-------- --------
Net income 2,294 1,287
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Income per basic share $1.33 $.76
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Weighted average basic shares outstanding 1,723 1,703
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Income per diluted share $1.23 $.70
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Weighted average diluted shares outstanding 1,865 1,843
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ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
Mar. 31, Dec. 31,
ASSETS 2005 2004
----------- -----------
(Unaudited)
Current assets:
Cash and cash equivalents $1,083 $255
Accounts receivable 8,535 7,588
Inventories 15,094 14,013
Prepaid expenses 957 1,028
Land deposit 3,750 3,750
Deferred income taxes 1,039 1,039
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Total current assets 30,458 27,673
Property, plant and equipment, net 25,665 25,331
Other assets 14,986 14,404
----------- -----------
$71,109 $67,408
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 8,439 8,467
Line of credit 4,127 2,936
Other non-current liabilities 5,570 5,402
Stockholders' equity 52,973 50,603
----------- -----------
$71,109 $67,408
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