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Atrion Reports Third Quarter Results

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Posted: Nov 7, 2012 2:33 PM

Updated: Nov 7, 2012 2:33 PM

ALLEN, TX -- (Marketwire) 11/07/12 -- Atrion Corporation (NASDAQ: ATRI) today announced that for the third quarter of 2012 diluted earnings per share were up 8% and revenues were up 1% compared to the results for the third quarter of 2011.

Atrion's revenues for the quarter ended September 30, 2012 totaled $30.6 million compared with $30.5 million for the same period in 2011. On a diluted per share basis, earnings for the period increased to $3.59 as compared to $3.33 for the same quarter of last year. Net income for the third quarter totaled $7.3 million compared to $6.8 million in last year's third quarter.

Commenting on the results of the third quarter compared to the same period of 2011, David Battat, President and CEO, said, "Revenues for the quarter were flat, with a strong increase in fluid delivery products offsetting lower sales in some areas and quarter-to-quarter fluctuations in others, proving once again the value of a diversified product portfolio. As anticipated, the decline in ophthalmic shipments this past quarter moderated from the level in the first half of this year. Operating income was $327,000 lower than in last year's quarter, a 3% decrease primarily attributable to a $303,000 increase in depreciation and amortization. Last year we spent about $12 million on equipment and automation to increase capacity in select product areas, as well as to continuously improve quality and efficiency throughout our facilities. A similar amount was budgeted for 2012. Depreciation of new equipment begins when each asset is placed in service following the lengthy validations required by regulatory authorities." Mr. Battat added, "The improvement in diluted EPS in this year's third quarter resulted from a significant decrease in our tax rate from 34.4% last year to 28.0% due to the recapture of certain R&D tax credits that were initially disallowed by the IRS. After a lengthy process, an IRS arbitration panel ruled in our favor allowing us 100% of the claimed credits." Mr. Battat concluded, "Significant cash was generated in the quarter increasing cash and investments by $8.8 million to $62.2 million."

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 Nine Months Ended September 30, September 30, --------------------- --------------------- 2012 2011 2012 2011 --------- --------- --------- --------- Revenues $ 30,637 $ 30,457 $ 90,565 $ 92,185 Cost of goods sold 15,742 15,161 47,168 44,882 --------- --------- --------- --------- Gross profit 14,895 15,296 43,397 47,303 Operating expenses 5,218 5,292 16,810 16,766 --------- --------- --------- --------- Operating income 9,677 10,004 26,587 30,537 Interest income 411 325 1,060 993 Other income - 1 2 3 --------- --------- --------- --------- Income before income taxes 10,088 10,330 27,649 31,533 Income tax provision (2,829) (3,556) (8,914) (10,883) --------- --------- --------- --------- Net income $ 7,259 $ 6,774 $ 18,735 $ 20,650 Income per basic share $ 3.60 $ 3.35 $ 9.30 $ 10.22 Weighted average basic shares outstanding 2,014 2,023 2,015 2,020 Income per diluted share $ 3.59 $ 3.33 $ 9.24 $ 10.17 Weighted average diluted shares outstanding 2,022 2,033 2,028 2,031 ATRION CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) Sept. 30, Dec. 31, ASSETS 2012 2011 ------------ ------------ (Unaudited) Current assets: Cash and cash equivalents $ 22,341 $ 24,590 Short-term investments 16,354 20,279 ------------ ------------ Total cash and short-term investments 38,695 44,869 Accounts receivable 14,579 11,223 Inventories 24,512 24,582 Prepaid expenses and other 1,490 2,313 Deferred income taxes 755 755 ------------ ------------ Total current assets 80,031 83,742 Long-term investments 23,501 10,336 Property, plant and equipment, net 58,907 56,370 Other assets 11,421 11,447 ------------ ------------ $ 173,860 $ 161,895 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities 9,635 10,043 Line of credit -- -- Other non-current liabilities 13,712 13,338 Stockholders' equity 150,513 138,514 ------------ ------------ $ 173,860 $ 161,895

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

Topics: TX-ATRI-AtrionCorpor

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