Atrion Reports Second Quarter Results.Business Editors & Health/Medical Writers ALLEN Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. , Texas--(BUSINESS WIRE)--July 24, 2001 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. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. from Continuing Operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the Increases by 47% Atrion Corporation (Nasdaq/NM: ATRI) today announced that for the second quarter of 2001 revenues increased 13% 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 from continuing operations, excluding a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. gain, were up 47% compared to the results of the second quarter of 2000. Including the one-time gain, diluted earnings per share were up 87%. 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 continuing substantial improvement in our operating results against a backdrop Backdrop may refer to:
Atrion's revenues for the quarter ended June June: see month. 30, 2001 reached $14,776,000 compared with $13,042,000 in the same period in 2000. On a diluted per share basis, earnings from continuing operations for the period increased to $.56 as compared to $.30 in the same quarter of last year. Earnings per diluted 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. for the second quarter totaled $.07 compared with $.05 in the prior-year period. Including gains in both periods from discontinued operations, net income for the second quarter of 2001 totaled $.63 per diluted share versus $.35 per diluted share in the prior-year period. 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 quarter reached $1,513,000, 45% higher than the 2000 second quarter amount of $1,044,000. Atrion also showed a 32% improvement in cash flow measured by earnings from continuing operations plus depreciation and amortization. Cash flow for the quarter equaled $1.03 per share compared with $.78 per share in the second quarter of 2000. Revenues for the first six months of 2001 increased 14% to $29,579,000 from $26,027,000 in the first half of 2000. Income from continuing operations for the first half of 2001 was $.97 per diluted share versus $.53 per diluted share in the same period last year. Including gains in both periods from discontinued operations, net income for the first half of 2001 totaled $1.04 per diluted share versus $.58 per diluted share in the same period last year. Atrion Corporation designs, develops, manufactures, sells and distributes medical products and components to markets worldwide. The statements in this press release that are forward looking are based upon current expectations and actual results may differ materially. Such statements include, but are not limited to, Atrion's expectations regarding earnings per share for the year 2001. 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 that could cause actual results to differ materially, including, but not limited to, the effects of changing economic, business and technological conditions, market acceptance of the Company's products, the effects of governmental regulation, changes in research and development requirements, the impact of competition and other factors 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,
2001 2000 2001 2000
Revenues $ 14,776 $ 13,042 $ 29,579 $ 26,027
Cost of goods sold 9,156 7,903 18,286 15,907
-------- -------- -------- --------
Gross profit 5,620 5,139 11,293 10,120
Operating expenses 4,107 4,095 8,367 8,212
-------- -------- -------- --------
Operating income 1,513 1,044 2,926 1,908
Interest expense, net (76) (185) (192) (323)
Other income (expense), net 430 (15) 432 (12)
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Income before income taxes 1,867 844 3,166 1,573
Income tax provision 599 205 994 402
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Income from continuing
operations 1,268 639 2,172 1,171
Gain on disposal of
discontinued operations 165 99 165 99
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Net income $ 1,433 $ 738 $ 2,337 $ 1,270
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Earnings per basic share:
Continuing operations $ .63 $ .31 $ 1.08 $ .57
Gain on disposal of
discontinued operations .08 .05 .08 .05
-------- -------- -------- --------
Net income per share $ .71 $ .36 $ 1.16 $ .62
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Weighted average basic shares
outstanding 2,023 2,044 2,009 2,072
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Earnings per diluted share:
Continuing operations $ .56 $ .30 $ .97 $ .53
Gain on disposal of
discontinued operations .07 .05 .07 .05
-------- -------- -------- --------
Net income per share $ .63 $ .35 $ 1.04 $ .58
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Weighted average diluted shares
outstanding 2,277 2,134 2,239 2,194
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ATRION CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, Dec. 31,
2001 2000
ASSETS
Current assets:
Cash and cash equivalents $ 140 $ 159
Accounts receivable 9,927 7,175
Inventories 11,015 10,110
Other current assets 748 752
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Total current assets 21,830 18,196
Property, plant and equipment, net 25,359 26,070
Other assets 18,859 19,424
----------- -----------
$ 66,048 $ 63,690
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 6,165 4,705
Long-term debt 5,520 7,400
Other non-current liabilities 7,853 7,571
Stockholders' equity 46,510 44,014
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$ 66,048 $ 63,690
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