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Atrion Reports Fourth Quarter and Full Year 2013 Results

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Posted: Feb 24, 2014 2:33 PM

Updated: Feb 24, 2014 2:33 PM

ALLEN, TX -- (Marketwired) 02/24/14 -- Atrion Corporation (NASDAQ: ATRI) announced today that for the fourth quarter of 2013 revenues were $31.9 million compared to $28.5 million in the same period of 2012, net income increased to $5.8 million from $4.9 million in last year's quarter, and diluted earnings per share were up to $2.87 from $2.42. For the full year 2013, Atrion's revenues increased to $132.0 million from $119.1 million in 2012, net income was up to $26.6 million from $23.6 million, while diluted earnings per share increased to $13.18 from $11.66 in 2012.

Commenting on the Company's performance, David A. Battat, President & CEO, said, "I am pleased that all our major product categories exhibited higher revenues in the recently concluded quarter as well as the full year compared to the 2012 periods, resulting in an overall increase in revenues of 12% for the quarter and 11% for the full year. The impact on operating income was even more significant, with the quarter's results up 18% while the full year was up 13%."

Mr. Battat added, "During 2013 we increased spending over the prior year by $2.7 million on research and development and the acquisition of third-party patents. This effort was aimed at new product development and should continue at elevated levels for the next 3 years as we extend and enhance our product pipeline. We will support these developments with additional capital for tooling and automation when these new products are ready for the market." Mr. Battat continued "During the year we purchased 36,666 shares of common stock at an average price of $251 per share. Our year-end balance of cash and long and short term securities of $57.0 million compares favorably with the prior year-end total of $44.6 million."

Mr. Battat concluded, "In 2014, despite increasing outlays for our product development, and the muddled economic outlook in international markets where 42% of our sales are destined, we expect to continue to show growth in revenues and diluted earnings per share."

Atrion Corporation develops and manufactures products primarily for medical applications. The Company's website is www.atrioncorp.com.

Statements in this press release that are forward looking are based upon current expectations and actual results or future events may differ materially. Such statements include, but are not limited to, Atrion's expectations regarding the Company's spending over the next 3 years for research and development and the acquisition of third-party patents, additional capital to be spent for tooling and automation and growth in revenues and diluted earnings per share in 2014. Words such as "expects," "believes," ''anticipates," ''intends," ''should", "plans," ''will" and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements involve risks and uncertainties. The following are some of the factors that could cause actual results or future events to differ materially from those expressed in or underlying our forward-looking statements: changing economic, market and business conditions; acts of war or terrorism; the effects of governmental regulation; competition and new technologies; slower-than-anticipated introduction of new products or implementation of marketing strategies; the Company's ability to protect its intellectual property; changes in the prices of raw materials; changes in product mix; and intellectual property and product liability claims and product recalls. The foregoing list of factors is not exclusive, and other factors are set forth in the Company's filings with the Securities and Exchange Commission. ATRION CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, -------------------- -------------------- 2013 2012 2013 2012 --------- --------- --------- --------- Revenues $ 31,851 $ 28,497 $ 131,993 $ 119,062 Cost of goods sold 17,174 15,754 68,931 62,922 --------- --------- --------- --------- Gross profit 14,677 12,743 63,062 56,140 Operating expenses 6,341 5,704 25,118 22,514 --------- --------- --------- --------- Operating income 8,336 7,039 37,944 33,626 Interest income 315 387 1,313 1,447 Other income -- -- 8 2 --------- --------- --------- --------- Income before income taxes 8,651 7,426 39,265 35,075 Income tax provision (2,883) (2,532) (12,683) (11,446) --------- --------- --------- --------- Net income $ 5,768 $ 4,894 $ 26,582 $ 23,629 Income per basic share $ 2.88 $ 2.42 $ 13.22 $ 11.72 Weighted average basic shares outstanding 2,000 2,019 2,010 2,016 $ 2.87 $ 2.42 $ 13.18 $ 11.66 Income per diluted share Weighted average diluted shares outstanding 2,011 2,022 2,017 2,027 ATRION CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) Dec. 31, Dec. 31, ASSETS 2013 2012 ----------- ----------- (Unaudited) (Unaudited) Current assets: Cash and cash equivalents $ 28,559 $ 7,999 Short-term investments 18,351 8,182 ----------- ----------- Total cash and short-term investments 46,910 16,181 Accounts receivable 14,164 13,054 Inventories 26,266 23,779 Prepaid expenses and other 1,603 3,110 Deferred income taxes 1,376 623 ----------- ----------- Total current assets 90,319 56,747 Long-term investments 10,069 28,433 Property, plant and equipment, net 58,328 59,268 Other assets 13,350 11,362 ----------- ----------- $ 172,066 $ 155,810 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities 9,364 7,208 Line of credit -- -- Other non-current liabilities 13,708 13,774 Stockholders' equity 148,994 134,828 ----------- ----------- $ 172,066 $ 155,810

Contact: Jeffery Strickland Vice President and Chief Financial Officer (972) 390-9800

Topics: TX-ATRI-AtrionCorpor

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