ALLEN, Texas, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ: ATRI) today announced that for the second quarter ended June 30, 2018 revenues totaled $38.8 million compared with $36.2 million for the same period in 2017. Net income for the second quarter of 2018 totaled $8.8 million as compared to $10.0 million for the same period in 2017, with diluted earnings per share for the second quarter of 2018 at $4.74 compared to $5.40 in the second quarter of 2017.
Commenting on the Company's results for the second quarter of 2018 compared to the same period last year, David A. Battat, President & CEO, said, "Revenues were up 7% with most major products contributing to this solid performance, and operating income increased 11%." Mr. Battat continued, "Our effective tax rate in the second quarter of 2018 was 22% compared to 5% in the comparable 2017 period largely due to significantly lower tax benefits from stock compensation. If we excluded those benefits in both periods, our income per diluted share in the 2018 period would have been $4.70 compared to $3.79 in the 2017 quarter." Mr. Battat concluded, "Manufacturing efficiencies and disciplined cost control resulted in operating income constituting 29% of revenues in the current year quarter compared to 28% in the second quarter of 2017. During the quarter, we added $3.5 million to our cash and short and long term investments bringing the total to $82.4 million as of June 30, 2018. We continue to be debt free."
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
ATRION CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2018
2017
2018
2017
Revenues
$
38,847
$
36,164
$
78,248
$
74,669
Cost of goods sold
19,624
18,470
40,074
38,344
Gross profit
19,223
17,694
38,174
36,325
Operating expenses
7,957
7,519
15,542
14,823
Operating income
11,266
10,175
22,632
21,502
Interest and dividend income
411
370
742
519
Other investment income (loss)
(408
)
--
(1,197
)
1
Income before income taxes
11,269
10,545
22,177
22,022
Income tax provision
(2,472
)
(519
)
(4,892
)
(2,046
)
Net income
$
8,797
$
10,026
$
17,285
$
19,976
Income per basic share
$
4.75
$
5.44
$
9.33
$
10.86
Weighted average basic shares outstanding
1,852
1,844
1,853
1,839
Income per diluted share
$
4.74
$
5.40
$
9.31
$
10.76
Weighted average diluted shares outstanding
1,857
1,858
1,856
1,856
ATRION CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands)
June 30,
Dec. 31,
ASSETS
2018
2017
(Unaudited)
Current assets:
Cash and cash equivalents
$
36,063
$
30,136
Short-term investments
24,176
35,468
Total cash and short-term investments
60,239
65,604
Accounts receivable
18,269
17,076
Inventories
32,503
29,354
Prepaid expenses and other
2,919
3,199
Total current assets
113,930
115,233
Long-term investments
22,208
9,136
Property, plant and equipment, net
69,572
66,369
Other assets
13,072
13,042
$
218,782
$
203,780
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
10,331
9,622
Line of credit
--
--
Other non-current liabilities
10,394
9,770
Stockholders' equity
198,057
184,388
$
218,782
$
203,780
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 June 30,
Six Months Ended June 30,
2018
2017
2018
2017
GAAP net income
$
8,797
$
10,026
$
17,285
$
19,976
Tax benefit related to employee stock compensation