Atrion Reports Second Quarter Results
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
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
