Apr 30, 2003 |
ATRION REPORTS FIRST QUARTER RESULTS
Diluted EPS increases by 15%
|
ALLEN, Texas (April 30, 2003) — Atrion Corporation (Nasdaq/NM - ATRI) today announced that for the first quarter of 2003 diluted earnings per share were up 15% compared to the results of the first quarter of 2002, excluding a charge in the 2002 period resulting from a change in accounting principle. Revenues in the first quarter were 6% higher than in the first quarter of 2002. There were no earnings from discontinued operations in either period.
Commenting on the Company's results, Emile A. Battat, Chairman, said “We are gratified with the results of the first quarter, and are especially pleased with the 11% increase in our operating income compared to the same period last year. After the close of the quarter, we purchased approximately 174,000 shares of our common stock in a tender offer at a cost of just under $4 million. We are continuing to focus on increasing shareholder value by growing our diluted earnings per share from continuing operations. Our long term target has been to increase those earnings by at least 15% annually. We have succeeded in achieving this goal in each of the last four years and expect to do so again in 2003.”
Atrion’s revenues for the quarter ended March 31, 2003 were $15,721,000 compared with $14,825,000 in the same period in 2002. On a diluted per share basis, earnings for the period increased to $.61 as compared to $.53 in the same quarter of last year, excluding an $.86 per diluted share charge for the impairment of goodwill in the first quarter of 2002 due to the adoption of Statement of Financial Accounting Standards (“SFAS”) No. 142. The required adoption of SFAS No. 142 was considered a change in accounting principle and the cumulative effect of adopting this standard resulted in a non-cash, after-tax charge of $1,641,000 in the first quarter of 2002. Including the charge, the Company had a net loss of $634,000, or $.33 per diluted share, for the first quarter of 2002. Operating income for the current year period totaled $1,724,000, which was 11% higher than the 2002 first quarter amount of $1,554,000.
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 earnings per share from continuing operations for the year 2003. Words such as “expects,” “believes,” “anticipates,” “intends,” and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties. The following are some of the factors that could cause actual results to differ materially from those expressed in or underlying our forward-looking statements: changing economic, market and business conditions; acts of war or terrorism; 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 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.
Contact:Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800
**CLICK ON ATTACHMENT TO VIEW FULL RELEASE**
|
|