Oct 30, 2003 |
ATRION REPORTS THIRD QUARTER RESULTS
Diluted EPS from Continuing Operations Increases by 23%
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ALLEN, Texas (October 30, 2003) — Atrion Corporation (Nasdaq/NM - ATRI) today announced that for the third quarter of 2003 diluted earnings per share from continuing operations were up 23% compared to the results for the third quarter of 2002. Revenues in the third quarter increased by 10% from the same prior-year period.
Commenting on the Company’s results, Emile A. Battat, Chairman and CEO, said, “Compared to the same quarter last year, sales increased in all of our major medical markets: ophthalmology, cardiovascular, and fluid delivery. This strong performance coupled with a higher gross profit margin percentage resulted in significantly higher operating income for the quarter than in the comparable prior-year period. Despite a higher effective tax rate in the current-year quarter, diluted earnings per share from continuing operations reached a quarterly record for the Company. We are very pleased with these results, and expect to fully achieve our earnings objectives for calendar year 2003.”
Atrion’s revenues for the quarter ended September 30, 2003 were $16,117,000 compared with $14,662,000 for the same period in 2002. On a diluted per share basis, both income from continuing operations and net income for the period increased to $.73 as compared to $.59 in the same quarter of last year.
Revenues for the first nine months of 2003 increased 8% to $48,013,000 from $44,262,000 for the same period in 2002. Income from continuing operations for nine months of the current year was $1.98 per diluted share versus $1.61 per diluted share in the same period last year. Net income for the first nine months of 2003 was $2.07 per diluted share versus $.83 in 2002, which included gains from discontinued operations of $.09 per share in both periods and a $.87 per share charge for goodwill impairment in the 2002 period.
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 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 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.
Contact:Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800
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