ALLEN, Texas, May 10, 2017 (GLOBE NEWSWIRE) -- Atrion Corporation (Nasdaq:ATRI) today announced diluted earnings per share for the first quarter of 2017 were $5.36 as compared to $3.74 in the first quarter of 2016. Revenues for the quarter ended March 31, 2017 were $38.5 million compared with $36.2 million in the same period in 2016. Net income in the current-year quarter totaled $10.0 million compared to $6.9 million in last year's first quarter.
Commenting on the Company's results for the first quarter of 2017 compared to the same period last year, David A. Battat, President & CEO, said, "Sales were up 6%, with Ophthalmology and Fluid Delivery showing growth and aided by relatively stable foreign exchange rates. With improved scale in manufacturing, operating income increased by 8%." Mr. Battat added, "Diluted earnings per share were up 43% from last year's $3.74, reflecting, in part, a tax benefit related to employee stock compensation that lowered our tax rate to 13% compared to 32% in the first quarter of 2016. Excluding the tax benefit, diluted EPS for the quarter increased 11%, generally in line with the increase in our operating income." Mr. Battat concluded, "Cash and short and long term investments increased by $2.0 million to a total of $56.0 million as of March 31, 2017."
Atrion Corporation develops and manufactures products primarily for medical applications. The Company's website is www.atrioncorp.com.
ATRION CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited)
Three Months Ended March 31,
2017
2016
Revenues
$
38,504
$
36,215
Cost of goods sold
19,873
18,650
Gross profit
18,631
17,565
Operating expenses
7,304
7,100
Operating income
11,327
10,465
Interest income
149
123
Other income (expense), net
--
(345
)
Income before income taxes
11,476
10,243
Income tax provision
(1,526
)
(3,298
)
Net income
9,950
6,945
Income per basic share
$
5.42
$
3.81
Weighted average basic shares outstanding
1,835
1,823
Income per diluted share
$
5.36
$
3.74
Weighted average diluted shares outstanding
1,855
1,857
ATRION CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands)
Mar. 31,
Dec. 31,
ASSETS
2017
2016
(Unaudited)
Current assets:
Cash and cash equivalents
$
17,529
$
20,022
Short-term investments
29,019
24,080
Total cash and short-term investments
46,548
44,102
Accounts receivable
20,679
17,166
Inventories
30,354
29,015
Prepaid expenses and other
2,003
3,181
Total current assets
99,584
93,464
Long-term investments
9,463
9,945
Property, plant and equipment, net
65,601
65,265
Other assets
13,141
13,268
$
187,789
$
181,942
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
10,124
9,073
Line of credit
--
--
Other non-current liabilities
9,969
9,881
Stockholders' equity
167,696
162,988
$
187,789
$
181,942
NON-GAAP FINANCIAL MEASURE RECONCILIATION (In thousands, except per share data)
Included in our news release is a non-GAAP financial measure that is calculated by excluding certain tax benefits that are included in financial measures determined in accordance with GAAP. We have provided this non-GAAP measure as an additional tool for investors to better understand our operating results and to facilitate a comparison of the periods shown. This measure should be considered in addition to, rather than as a substitute for, GAAP measures of the Company's performance. The table below provides a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure.
Three Months Ended March 31,
%
2017
2016
Increase
GAAP net income
$
9,950
$
6,945
Minus tax benefit related to employee stock compensation
2,270
--
Adjusted net income (non-GAAP)
$
7,680
$
6,945
Weighted average diluted shares outstanding
1,855
1,857
Adjusted income per diluted share (non-GAAP)
$
4.14
$
3.74
11
%
GAAP income per diluted share
$
5.36
$
3.74
43
%
Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800