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Reference ID IP Address Date and Time
8c6a86724d6909bfa8e9ab8f836ba255 04/10/2021 11:40 AM UTC

Atrion Reports Results for Fourth Quarter and Full Year 2019

ALLEN, Texas, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ: ATRI) announced today that for the fourth quarter of 2019 revenues were $34.5 million compared to $34.9 million in the same period of 2018, net income was $8.1 million compared to $7.7 million in the prior year period, and diluted earnings per share were $4.33 compared to $4.17 in the prior-year period. For the full year 2019 compared to 2018, Atrion increased revenues to $155.1 million from $152.4 million, net income was $36.8 million compared to $34.3 million, and diluted earnings per share were $19.73 compared to $18.44.

David Battat, President & CEO, commenting on the results for the fourth quarter and the full year 2019 as compared to the prior year periods, said, “Revenues were up 2% for the year, but down 1% for the quarter partly due to a critical nationwide shortage of sterilization capacity. We have contracted for additional sterilization capacity, enabling us to fully meet our current requirements.” Mr. Battat continued, “While operating income continued to reflect an enviable ratio of 26% to sales, it was down 3% in the quarter and for the full year.” Mr. Battat added, “With the benefit of a lower tax rate and an increase in the value of our investment portfolio, net income and diluted earnings per share were both up 4% for the quarter and 7% for the full year.”

Mr. Battat added, “During the year we increased our dividend payout by 15%, while adding $11.1 million to our cash and short and long term investments bringing that total to $100.6 million as of December 31, 2019.”

Mr. Battat concluded, “For the first quarter of 2020, sales and operating income are forecasted to be slightly below the prior year period. We expect each subsequent quarter in 2020 to show progressively higher positive comparisons in both measures, with the full year reflecting high single digit growth in sales and low double digit growth in operating income.”

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 sales and operating income for each quarter and full year 2020. Words such as “expects,” “believes,” “anticipates,” “forecasts,” “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. The forward-looking statements in this press release are made as of the date hereof, and we do not undertake any obligation, and disclaim any duty, to supplement, update or revise such statements, whether as a result of subsequent events, changed expectations or otherwise, except as required by applicable law.

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


(In thousands, except per share data)

 Three Months Ended Twelve Months Ended
 December 31, December 31,
Revenues$    34,466   $    34,926   $  155,066   $  152,448  
Cost of goods sold   18,964      19,321    84,378    80,670  
         Gross profit   15,502      15,605    70,688    71,778  
Operating expenses   7,427      7,287    30,159    30,071  
         Operating income   8,075      8,318    40,529    41,707  
Interest and dividend income 591    473    2,487    1,667  
Other investment income (loss) (113)   (190)     152    (1,380) 
Other income  --    22    --    42  
Income before income taxes   8,553      8,623    43,168    42,036  
Income tax benefit (provision) (489)   (874)   (6,407)   (7,781) 
         Net income $    8,064   $    7,749   $  36,761   $  34,255  
Income per basic share$    4.35   $    4.18   $  19.82   $  18.49  
Weighted average basic shares
   1,855      1,853    1,855    1,853  
Income per diluted share$    4.33   $    4.17   $  19.73   $  18.44  
Weighted average diluted shares
   1,862      1,860    1,863    1,858  

(In thousands)

 Dec. 31, Dec. 31,
ASSETS2019  2018
 (unaudited) (unaudited)
Current assets:   
Cash and cash equivalents$  45,048 $  58,753
Short-term investments   23,766    9,684
Total cash and short-term investments   68,814    68,437
Accounts receivable   18,886    17,014
Inventories   42,093    33,572
Prepaid expenses and other   2,545    3,242
Total current assets   132,338    122,265
Long-term investments   31,772    21,048
Property, plant and equipment, net   84,606    74,893
Other assets   13,315    13,010
 $  262,031 $  231,216
Current liabilities   11,274    10,220
Line of credit   --    --
Other non-current liabilities   12,887    10,229
Stockholders’ equity   237,870    210,767
 $  262,031 $  231,216

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