ALLEN, Texas, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ: ATRI) today announced that for the second quarter ended June 30, 2020, revenues totaled $38.0 million compared with $40.1 million for the same period in 2019. Net income for the second quarter of 2020 totaled $8.6 million as compared to $9.7 million for the same period in 2019, with diluted earnings per share for the second quarter of 2020 at $4.68 compared to $5.18 for the second quarter of 2019.
Commenting on the Company's quarterly results for the second quarter of 2020 compared to the same period last year, David A. Battat, President & CEO, stated, "The impact of the pandemic was felt in the second quarter with revenues and operating income lower by 5% and 8%, respectively, essentially the reverse image of the first quarter when revenues were up 5% and operating income was up 6%." Mr. Battat explained, "The current year second quarter saw hospitals suspend elective surgeries to preserve ICU beds and other resources to deal with the anticipated deluge of Covid-19 patients. As a result, sales of our products used in elective procedures were lower by $3.7 million." Mr. Battat added, "The net impact on overall sales was limited to $2.1 million thanks to our diversified product portfolio and the tireless efforts of my co-workers who kept our operations running throughout this period."
Mr. Battat continued "With an effective tax rate 15% higher in this year's quarter than the prior year's second quarter, diluted EPS and net income were lower by 10% and 11%, respectively. During the quarter we purchased 12,158 shares of our common stock at an average cost of $641 per share. As of June 30, 2020, we continue to be debt free while holding $87.5 million in cash and short and long term investments."
Atrion Corporation develops and manufactures products primarily for medical applications. The Company's website is www.atrioncorp.com.
ATRION CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2020
2019
2020
2019
Revenues
$
37,968
$
40,103
$
81,563
$
81,717
Cost of goods sold
20,499
21,511
44,226
44,422
Gross profit
17,469
18,592
37,337
37,295
Operating expenses
7,423
7,626
15,577
15,291
Operating income
10,046
10,966
21,760
22,004
Interest and dividend income
367
581
858
1,163
Other investment income (loss)
354
161
(673
)
372
Income before income taxes
10,767
11,708
21,945
23,539
Income tax provision
(2,162
)
(2,044
)
(4,443
)
(4,437
)
Net income
$
8,605
$
9,664
$
17,502
$
19,102
Income per basic share
$
4.69
$
5.21
$
9.49
$
10.30
Weighted average basic shares outstanding
1,835
1,854
1,844
1,854
Income per diluted share
$
4.68
$
5.18
$
9.47
$
10.25
Weighted average diluted shares outstanding
1,839
1,864
1,849
1,863
ATRION CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands)
June 30,
Dec. 31,
ASSETS
2020
2019
(Unaudited)
Current assets:
Cash and cash equivalents
$
24,099
$
45,048
Short-term investments
6,574
23,766
Total cash and short-term investments
30,673
68,814
Accounts receivable
22,441
18,886
Inventories
45,805
42,093
Prepaid expenses and other
3,226
2,545
Total current assets
102,145
132,338
Long-term investments
56,871
31,772
Property, plant and equipment, net
87,867
84,606
Other assets
13,467
13,315
$
260,350
$
262,031
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
15,443
11,274
Line of credit
--
--
Other non-current liabilities
11,380
12,887
Stockholders' equity
233,527
237,870
$
260,350
$
262,031
Contact: Jeffery Strickland Vice President and Chief Financial Officer (972) 390-9800