Atrion Reports Second Quarter Results; Diluted EPS Increases by 36%.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 second quarter of 2005 revenues were up 10% and 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 36% compared to the results of the second quarter of 2004. Commenting on the Company's results, Emile A. Battat, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "We are very pleased with the strong increase in sales and especially that all our product areas, cardiovascular cardiovascular /car·dio·vas·cu·lar/ (-vas´ku-ler) pertaining to the heart and blood vessels. car·di·o·vas·cu·lar adj. Abbr. , fluid delivery, ophthalmology ophthalmology (ŏf'thălmŏl`əjē), branch of medicine specializing in the anatomy, function and diseases of the eye. Ophthalmologists specialize in the medical and surgical treatment of eye disorders, vision measurements for , and other products, contributed to this growth. The increase in sales, coupled with continued favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. mix toward higher-margin products, led to a 52% increase in 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. in the second quarter as compared to the same period last year." Mr. Battat added, "The Company continued a program initiated last year to purchase critical raw materials in larger volumes to take advantage of quantity discounts and to hedge against further price increases. In addition we began to increase our inventory of finished goods to reflect increasing sales and to assure uninterrupted deliveries to our customers when we relocate re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. our 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 next year to a new plant in St. Petersburg, Florida St. Petersburg (often shortened to St. Pete) is a city in Pinellas County, Florida, United States. The city is known as a vacation destination for North American and European vacationers, as well as a politically important battleground in U.S. Presidential politics. . These actions were the primary reason for the increase in inventory of $2.4 million during the second quarter, and the $3.4 million increase since the beginning of the year." Atrion's revenues for the quarter ended June June: see month. 30, 2005 totaled $18,102,000 compared with $16,417,000 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 $1.18 as compared to $.87 in the same quarter of last year. Both periods included residual Residual See:Residual value earnings of $.09 per share from operations that were discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: in 1997. Operating income for the current-year period totaled $3,131,000 compared to $2,064,000 in last year's second quarter. Revenues for the first six months of 2005 of $36,747,000 were 11% higher than revenues of $33,206,000 in the first half of 2004. Diluted earnings per share for the first half of 2005 were $2.41 versus $1.57 in the first six months of 2004. Both periods included $.09 per share from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . 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. Such statements include, but are not limited to, Atrion's expectations regarding future deliveries to customers. 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 Six Months Ended
June 30, June 30,
------------------- -----------------
2005 2004 2005 2004
---------- -------- -------- --------
Revenues $18,102 $16,417 $36,747 $33,206
Cost of goods sold 10,896 10,351 21,920 21,185
---------- -------- -------- --------
Gross profit 7,206 6,066 14,827 12,021
Operating expenses 4,075 4,002 8,278 8,056
---------- -------- -------- --------
Operating income 3,131 2,064 6,549 3,965
Interest expense, net (12) (5) (17) (21)
Other income, net -- 39 8 45
---------- -------- -------- --------
Income from continuing operations
before provision for income
taxes 3,119 2,098 6,540 3,989
Income tax provision (1,012) (655) (2,138) (1,259)
---------- -------- -------- --------
Income from continuing operations 2,107 1,443 4,402 2,730
Gain on disposal of discontinued
operations 165 165 165 165
---------- -------- -------- --------
Net income $2,272 $1,608 $4,567 $2,895
========== ======== ======== ========
Income per basic share:
Income from continuing
operations $1.18 $.84 $2.51 $1.60
Gain on disposal of discontinued
operations .09 .10 .09 .10
---------- -------- -------- --------
Net income per basic share $1.27 $.94 $2.60 $1.70
========== ======== ======== ========
Weighted average basic shares
outstanding 1,789 1,710 1,756 1,706
========== ======== ======== ========
Income per diluted share:
Income from continuing
operations $1.09 $.78 $2.32 $1.48
Gain on disposal of discontinued
operations .09 .09 .09 .09
---------- -------- -------- --------
Net income per diluted share $1.18 $.87 $2.41 $1.57
========== ======== ======== ========
Weighted average diluted shares
outstanding 1,925 1,848 1,895 1,846
========== ======== ======== ========
ATRION CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, Dec. 31,
ASSETS 2005 2004
----------- --------
(Unaudited)
Current assets:
Cash and cash equivalents $365 $255
Accounts receivable 8,122 7,588
Inventories 17,455 14,013
Prepaid expenses 1,344 1,028
Land deposit -- 3,750
Deferred income taxes 1,039 1,039
----------- --------
Total current assets 28,325 27,673
Property, plant and equipment, net 30,807 25,331
Other assets 15,046 14,404
----------- --------
$74,178 $67,408
=========== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $7,555 8,467
Line of credit 3,293 2,936
Other non-current liabilities 5,667 5,402
Stockholders' equity 57,663 50,603
----------- --------
$74,178 $67,408
=========== ========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion