UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K CURRENT REPORT
Pursuant to Section 13 or 15(d) of the |
Date of Report: May 06, 2015
(Date of earliest event reported)
Atrion Corporation
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation)
0-10763
(Commission File Number)
63-0821819
(IRS Employer
Identification Number)
One Allentown Parkway, Allen, Texas
(Address of principal executive offices)
75002
(Zip Code)
972-390-9800
(Registrant's telephone number, including area code)
Not Applicable
(Former Name or Former Address, if changed since last report)
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Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: May 06, 2015 |
ATRION CORPORATION
By: /s/ David A. Battat |
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| Exhibit No. | Description |
| 99.1 | Press Release of Atrion Corporation dated May 06, 2015 |
ALLEN, TX -- (Marketwired - May 06, 2015) - Atrion Corporation (NASDAQ: ATRI) today announced diluted earnings per share for the first quarter of 2015 were $4.01 as compared to $3.61 in the first quarter of 2014. Revenues for the quarter ended March 31, 2015 were $38.3 million compared with $36.4 million in the same period in 2014. Net income in the current-year quarter totaled $7.6 million compared to $7.2 million in last year's first quarter.
Commenting on the Company's results for the first quarter of 2015 compared to the same period last year, David A. Battat, President & CEO, said, "We are pleased with the increased revenues in our cardiovascular and fluid delivery products that resulted in an overall sales increase of 5% despite flat results in the ophthalmic area. As we continue to expand our new product pipeline, investments in R&D in the current-year quarter increased $385,000 over those for the same period of 2014. Nevertheless, operating income for the quarter was up 7%. If R&D expenses had been the same as in the prior-year period, our operating income would have been 11% higher." Mr. Battat continued, "In prior years, tax rate comparisons have fluctuated widely due to the inconsistent timing of R&D tax credit extensions. Tax rates in the first quarters of 2014 and 2015 were essentially similar, as Congress did not extend these credits in either period. Benefiting from both stable tax rates and stock repurchases over the past twelve months, diluted earnings per share were up 11% over those of the 2014 period." Mr. Battat added, "During the quarter we invested $17.0 million to repurchase 50,157 shares of our common stock, while continuing to hold cash and short and long term investments of $32.6 million as of March 31, 2015."
Atrion Corporation develops and manufactures products primarily for medical applications. The Company's website is www.atrioncorp.com.
ATRION CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
2015 2014
----------- ----------
Revenues $ 38,324 $ 36,419
Cost of goods sold 19,800 19,031
----------- ----------
Gross profit 18,524 17,388
Operating expenses 7,038 6,688
----------- ----------
Operating income 11,486 10,700
Interest income 177 300
Other income (expense), net -- 1
----------- ----------
Income before income taxes 11,663 11,001
Income tax provision (4,061) (3,800)
----------- ----------
Net income 7,602 7,201
=========== ==========
Income per basic share $ 4.05 $ 3.63
=========== ==========
Weighted average basic shares outstanding 1,875 1,982
=========== ==========
Income per diluted share $ 4.01 $ 3.61
=========== ==========
Weighted average diluted shares outstanding 1,895 1,997
=========== ==========
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
Mar. 31, Dec. 31,
ASSETS 2015 2014
----------- -----------
(Unaudited)
Current assets:
Cash and cash equivalents $ 15,871 $ 20,775
Short-term investments 3,189 3,084
----------- -----------
Total cash and short-term investments 19,060 23,859
Accounts receivable 21,407 16,962
Inventories 26,747 28,022
Prepaid expenses and other 1,400 4,720
Deferred income taxes 573 573
----------- -----------
Total current assets 69,187 74,136
Long-term investments 13,529 21,760
Property, plant and equipment, net 63,074 62,516
Other assets 13,200 13,102
----------- -----------
$ 158,990 $ 171,514
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 7,110 9,936
Line of credit -- --
Other non-current liabilities 12,577 12,008
Stockholders' equity 139,303 149,570
----------- -----------
$ 158,990 $ 171,514
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NON-GAAP FINANCIAL MEASURE RECONCILIATION
(In thousands)
Included in our news release is a non-GAAP financial measure that is calculated by excluding certain expenses that are included in financial measures determined in accordance with GAAP. We have provided this non-GAAP measure as an additional tool for investors to better understand our operating results and to facilitate a comparison of the periods shown. This measure should be considered in addition to, rather than as a substitute for, GAAP measures of the Company's performance. The table below provides a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure.
Three Months Ended
March 31, %
2015 2014 Increase
---------- ---------- ----------
GAAP operating income $11,486 $10,700 7%
Adjustment for increase in R&D expenses 385
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Adjusted non-GAAP operating income $11,871 $10,700 11%
Contact: Jeffery Strickland Vice President and Chief Financial Officer (972) 390-9800