Atrion Reports Third Quarter Results; Diluted EPS Increased by 30%.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 third quarter of 2004 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 30% compared to the results for the third quarter of 2003. Revenues in the third quarter increased by 4% from the same prior-year period. 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, "Compared to the same quarter last year, sales in three of our major 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, and other products, were significantly higher. As in the two prior quarters of this year, our growth in these areas was masked A state of being disabled or cut off. by declines in 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 sales. The overall sales increase coupled with a higher gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. percentage resulted in a 20% 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. for the quarter over the comparable prior-year period. Our strong operating results, coupled with a lower effective tax rate in the current-year quarter, pushed our diluted earnings per share to a new quarterly record for the Company." Atrion's revenues for the quarter ended Sept. 30, 2004 were $16,704,000 compared with $16,117,000 for the same period in 2003. 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, net income for the period increased to $.95 as compared to $.73 in the same quarter of last year. Revenues for the first nine months of 2004 increased 4% to $49,910,000 from $48,013,000 for the same period in 2003. Net income for the first nine months of 2004 was $2.52 per diluted share versus $2.07 in 2003, with gains 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. of $.09 per share in both periods. Additionally, the Company reported that Filtertek Inc., a subsidiary of ESCO ESCO Energy Service Company ESCO Estonian Shipping Company ESCO Esfahan Steel Company (Iran) ESCO Electric Steel Company, Inc. ESCO Eastern Sydney Chamber Orchestra (Australia) Technologies Inc., has claimed that swabable valves manufactured by a Company subsidiary, Halkey-Roberts Corporation, infringe in·fringe v. in·fringed, in·fring·ing, in·fring·es v.tr. 1. To transgress or exceed the limits of; violate: infringe a contract; infringe a patent. 2. on Filteterk's patent. The parties are now engaged in 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. before the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. in Tampa Tampa (tăm`pə), city (1990 pop. 280,015), seat of Hillsborough co., W Fla., a port of entry with an impressive harbor on Tampa Bay; inc. 1855. , Fla. Filtertek is seeking, among other things, damages and injunctive relief injunctive relief n. a court-ordered act or prohibition against an act or condition which has been requested, and sometimes granted, in a petition to the court for an injunction. . The Company believes that swabable valves represent a major growth opportunity, and intends to vigorously vig·or·ous adj. 1. Strong, energetic, and active in mind or body; robust. See Synonyms at healthy. 2. Marked by or done with force and energy. See Synonyms at active. defend its intellectual property. Halkey-Roberts has asked the court to declare that Filtertek's claims are without merit. Halkey-Roberts has also asked the court to invalidate in·val·i·date tr.v. in·val·i·dat·ed, in·val·i·dat·ing, in·val·i·dates To make invalid; nullify. in·val Filtertek's 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 are based upon current expectations and actual results may differ materially. Such statements include, but are not limited to, Atrion's expectations regarding growth of swabable valve sales for the Company. 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 Nine Months Ended
September 30, September 30,
------------------- -----------------
2004 2003 2004 2003
---------- -------- -------- --------
Revenues $16,704 $16,117 $49,910 $48,013
Cost of goods sold 10,506 10,291 31,691 31,014
---------- -------- -------- --------
Gross profit 6,198 5,826 18,219 16,999
Operating expenses 3,981 3,971 12,037 11,714
---------- -------- -------- --------
Operating income 2,217 1,855 6,182 5,285
Interest expense, net (12) (30) (33) (106)
Other income, net -- 5 45 --
---------- -------- -------- --------
Income from continuing operations
before provision for income
taxes 2,205 1,830 6,194 5,179
Income tax provision 449 500 1,708 1,551
---------- -------- -------- --------
Income from continuing operations 1,756 1,330 4,486 3,628
Gain on disposal of discontinued
operations -- -- 165 165
---------- -------- -------- --------
Net income $1,756 $1,330 $4,651 $3,793
========== ======== ======== ========
Income per basic share:
Income from continuing
operations $1.02 $.79 $2.62 $2.11
Gain on disposal of
discontinued operations -- -- .10 .10
---------- -------- -------- --------
Net income per basic share $1.02 $.79 $2.72 $2.21
========== ======== ======== ========
Weighted average basic shares
outstanding 1,716 1,683 1,710 1,716
========== ======== ======== ========
Income per diluted share:
Income from continuing
operations $.95 $.73 $2.43 $1.98
Gain on disposal of
discontinued operations -- -- .09 .09
---------- -------- -------- --------
Net income per diluted
share $.95 $.73 $2.52 $2.07
========== ======== ======== ========
Weighted average diluted shares
outstanding 1,854 1,823 1,849 1,835
========== ======== ======== ========
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
Sept. 30, Dec. 31,
ASSETS 2004 2003
----------- --------
(Unaudited)
Current assets:
Cash and cash equivalents $446 $298
Accounts receivable 8,100 6,226
Inventories 13,047 11,314
Deposit on land purchase 3,750 --
Prepaid expenses 1,368 1,894
Deferred income taxes 760 760
----------- --------
Total Current Assets 27,471 20,492
Property, plant and equipment, net 24,831 24,189
Other assets 14,637 15,369
----------- --------
$66,939 $60,050
=========== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 9,174 6,689
Line of credit 4,034 4,287
Other non-current liabilities 4,801 4,470
Stockholders' equity 48,930 44,604
----------- --------
$66,939 $60,050
=========== ========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion