EPS up 27% for the quarter and 19% for the year over adjusted EPS for prior periods
ALLEN, Texas (February 18, 2011) - Atrion Corporation (Nasdaq/NM-ATRI) announced today that revenues and earnings were higher for the fourth quarter and the full year 2010 compared to the quarter and year ended December 31, 2009. Revenues for the fourth quarter of 2010 were $26.6 million compared to $24.4 million in the same period of 2009, representing a 9% increase. Diluted earnings per share for the quarter ended December 31, 2010 were $2.67, up 27% from adjusted diluted EPS of $2.10 for the fourth quarter of 2009, as described below.
Commenting on the Company's performance for the fourth quarter of 2010 compared to the fourth quarter of 2009, Emile A. Battat, Chairman & CEO, said, "We are extremely pleased with the operating performance of the Company in the fourth quarter of 2010. Increased revenues and a continued shift in sales mix towards higher margin proprietary products helped increase our gross margin for the fourth quarter of 2010 to 48% from 45% in the same period in 2009. Net income and diluted EPS registered outstanding increases of 28% and 27%, respectively, compared to fourth quarter 2009 adjusted net income and adjusted diluted EPS. In December 2010, the Federal R&D tax credit was extended retroactively, allowing us to book the full benefit for the year in the fourth quarter. Excluding the portion of the benefit attributable to prior quarters, the increase in net income and diluted EPS would have been slightly reduced to 26% and 25%, respectively."
For the full year 2010, Atrion's revenues increased 8% to $108.6 million from $100.6 million in 2009. Net income per diluted share of $10.32 in 2010 was 19% higher than adjusted net income of $8.68 per diluted share in 2009.
As previously reported, the Company has terminated its defined benefit pension plans and during the fourth quarter of 2009 recorded a pension termination settlement charge of $1.0 million, or $.32 per diluted share. Adjusted net income for 2009 excludes the $1.0 million settlement charge and adjusted diluted EPS for the fourth quarter and full year of 2009 exclude the $.32 per diluted share settlement charge. On a GAAP basis, net income per diluted share was $1.78 for the fourth quarter of 2009 and $8.36 for the full year of 2009.
Mr. Battat spoke to the results of 2010 compared to 2009 stating, "For the year as a whole, we are delighted with our organic growth in revenues compared to 2009. Each of our major product categories showed an increase of 8 to 11%, except for ophthalmology which was essentially flat. The 19% increase in EPS represents the 12th consecutive year of double-digit growth in earnings per share, excluding the pension termination settlement charge in 2009." Mr. Battat added, "In recognition of the Company's strong financial position, the Board of Directors returned to our shareholders $18 million in special cash dividends during 2010. Despite these dividend payments, cash, short and long term investments increased by $5.3 million from the level at the end of 2009."
Atrion Corporation develops and manufactures products primarily for medical applications. The Company's website is www.atrioncorp.com.
Contact:
Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800
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