Air New Zealand Cabin Crew Strike Set for February 12–13 Amid Failed Talks 
FAA Confirms $1.5 Billion Peraton Contract as U.S. Air Traffic Control Overhaul Accelerates 
SMIC Shares Slide Despite Strong AI-Driven Earnings as Margin Pressure Looms 
U.S. Commerce Department Reaches $252 Million Settlement With Applied Materials Over China Exports 
ByteDance Advances AI Chip Development With Samsung Manufacturing Talks 
Spirit Airlines Seeks Court Approval to Auction 20 Airbus A320/A321 Aircraft Amid Bankruptcy 
Ralph Lauren Unveils Elegant Fall 2026 Women’s Collection Ahead of New York Fashion Week 
Boeing Reports Major Supply Chain Quality Improvements After Spirit AeroSystems Deal 
Cloudflare Forecasts Strong Revenue Growth as AI Fuels Cloud Services Demand 
FDA Rejects Review of Moderna’s Flu Vaccine Application, Shares Slide 
Michael Kors Marks 45 Years at New York Fashion Week with Fall/Winter Collection Showcase 
xAI Co-Founder Jimmy Ba Departs as Elon Musk’s AI Startup Faces Turbulence 
Petrobras Posts Record Oil Exports as Production Surge Fuels Global Expansion 
Converse Cuts Corporate Jobs as Nike Restructures to Revive Sales Growth 
Instagram CEO Defends Platform in Youth Mental Health Lawsuit Over Social Media Addiction Claims 
CBA Shares Surge After Record Half-Year Profit as Rate Outlook Improves 
ALLEN, Texas, Nov. 08, 2017 -- Atrion Corporation (NASDAQ:ATRI) today announced that for the third quarter of 2017 revenues totaled $37.9 million compared with $37.8 million for the same period in 2016. Operating income for the just-ended quarter was $11.5 million compared to $11.0 million in the same period of 2016. Net income for the third quarter was $8.0 million as compared to $7.6 million in last year’s third quarter. On a diluted per share basis, earnings for the period increased to $4.29 as compared to $4.10 for the same quarter of last year.
Commenting on the results for the third quarter compared to the same period of 2016, David Battat, President and CEO, said, “We are very pleased with our Cardiovascular revenues, which were up 13% or $1.4 million. Our overall sales were essentially flat due to lower sales in other product areas, most notably in Ophthalmology which continued to show the impact of a previously disclosed interruption in orders from a customer which has withdrawn its product from the market pending resolution of a quality issue unrelated to the component we supply.” Mr. Battat continued, “Operational improvements contributed to an increase in gross profit margins to 49% compared to 47% in the same quarter in 2016. Operating income, net income and diluted earnings per share all increased by 5% compared to last year’s quarter.” Mr. Battat added, “During the quarter our cash and short and long term investments increased by $12.8 million to a total of $70.1 million as of September 30, 2017.”
Atrion Corporation develops and manufactures products primarily for medical applications. The Company’s website is www.atrioncorp.com.
Contact:
Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800
ATRION CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||
| Revenues | $ | 37,903 | $ | 37,835 | $ | 112,571 | $ | 110,193 | |||||||
| Cost of goods sold | 19,498 | 20,211 | 57,841 | 57,789 | |||||||||||
| Gross profit | 18,405 | 17,624 | 54,730 | 52,404 | |||||||||||
| Operating expenses | 6,926 | 6,648 | 21,749 | 20,889 | |||||||||||
| Operating income | 11,479 | 10,976 | 32,981 | 31,515 | |||||||||||
| Interest and dividend income | 287 | 106 | 806 | 315 | |||||||||||
| Other income | -- | 1 | 1 | (309 | ) | ||||||||||
| Income before income taxes | 11,766 | 11,083 | 33,788 | 31,521 | |||||||||||
| Income tax provision | (3,795 | ) | (3,469 | ) | (5,841 | ) | (9,511 | ) | |||||||
| Net income | $ | 7,971 | $ | 7,614 | $ | 27,947 | $ | 22,010 | |||||||
| Income per basic share | $ | 4.30 | $ | 4.17 | $ | 15.16 | $ | 12.07 | |||||||
| Weighted average basic shares outstanding | 1,852 | 1,825 | 1,844 | 1,823 | |||||||||||
| Income per diluted share | $ | 4.29 | $ | 4.10 | $ | 15.06 | $ | 11.86 | |||||||
| Weighted average diluted shares outstanding | 1,857 | 1,858 | 1,856 | 1,856 | |||||||||||
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
| Sept. 30, | Dec. 31, | ||||
| ASSETS | 2017 | 2016 | |||
| (Unaudited) | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 20,995 | $ | 20,022 | |
| Short-term investments | 38,959 | 24,080 | |||
| Total cash and short-term investments | 59,954 | 44,102 | |||
| Accounts receivable | 19,585 | 17,166 | |||
| Inventories | 29,924 | 29,015 | |||
| Prepaid expenses and other | 3,001 | 3,181 | |||
| Total current assets | 112,464 | 93,464 | |||
| Long-term investments | 10,112 | 9,945 | |||
| Property, plant and equipment, net | 66,518 | 65,265 | |||
| Other assets | 13,032 | 13,268 | |||
| $ | 202,126 | $ | 181,942 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current liabilities | 12,694 | 9,073 | |||
| Line of credit | -- | -- | |||
| Other non-current liabilities | 10,981 | 9,881 | |||
| Stockholders’ equity | 178,451 | 162,988 | |||
| $ | 202,126 | $ | 181,942 | ||
