Feb 12, 2004 |
ATRION REPORTS FOURTH QUARTER
AND FULL YEAR RESULTS
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Diluted EPS from continuing operations were up 19% for the quarter and 22% for the year
ALLEN, Texas (February 12, 2004) - Atrion Corporation (Nasdaq/NM-ATRI) announced today higher revenues and earnings per share from continuing operations for the year ended December 31, 2003. Revenues for the full year of 2003 increased 5% to $62,803,000 from $59,533,000 in 2002. Income from continuing operations in 2003 of $2.66 per diluted share was 22% higher than the 2002 results of $2.18 per diluted share. The 2003 results are subject to completion of the Company’s audit by its independent auditors.
Commenting on the Company’s 2003 results, Emile A. Battat, Chairman, said “For the year, I am pleased that we again exceeded our target for growth in diluted earnings per share from continuing operations. Our cash flow was very strong, allowing us to initiate the payment of dividends, repurchase stock, and invest in new equipment, while at the same time reducing our outstanding debt by $6 million.”
For the year 2003, net income totaled $2.75 per diluted share compared with $1.39 per diluted share in 2002. Both years included a gain from discontinued operations of $.09 per share. The 2002 net income amount also included a charge for impairment of goodwill of $.88 per diluted share.
Atrion’s revenues for the fourth quarter of 2003 were $14,790,000 compared with $15,271,000 in the same period in 2002, representing a 3% decline. On a per diluted share basis, income from continuing operations for the 2003 period increased 19% to $.68 from $.57 in the fourth quarter of 2002.
Commenting on the results for the quarter, Mr. Battat stated “When comparing fourth quarter 2003 sales with sales in the fourth quarter of 2002, it should be noted that the fourth quarter of 2002 was an exceptionally strong period for us. In addition, freight charges, which are included in the sales amounts for both periods but do not contribute to profitability, were substantially higher in the 2002 period than in the comparable 2003 period. Adjusted for this difference, sales in the fourth quarter of 2003 would have shown a slight increase over the prior-year period. With emphasis on higher margin products, we were able to increase operating income for the 2003 quarter by 14% over that of the prior year.”
Atrion Corporation designs, develops, manufactures, sells and distributes products and components primarily to medical markets worldwide.
Contact: Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800
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