UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
Form 8-K
_____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event Reported): August 8, 2017
Atrion Corporation
(Exact Name of Registrant as Specified in Charter)
DELAWARE | 001-32982 | 63-0821819 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
One Allentown Parkway, Allen, Texas 75002 |
(Address of Principal Executive Offices) (Zip Code) |
972-390-9800
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 2.02. Results of Operations and Financial Condition.
On August 8, 2017, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1. Press release dated August 8, 2017
SIGNATURE
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.
Atrion Corporation | ||
Date: August 8, 2017 | By: | /s/ David A. Battat |
David A. Battat | ||
President and CEO | ||
EXHIBIT 99.1
Atrion Reports Second Quarter Results
ALLEN, Texas, Aug. 08, 2017 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ:ATRI) today announced that for the second quarter ended June 30, 2017 revenues totaled $36.2 million compared with $36.1 million in the same period in 2016. On a diluted per share basis, earnings for the period increased to $5.40 as compared to $4.02 in the same period of last year. Net income for the second quarter totaled $10.0 million in 2017 as compared to $7.5 million in the same period in 2016.
Commenting on the Company’s results for the second quarter of 2017 compared to the same period last year, David A. Battat, President & CEO, said, “Overall sales were essentially flat, impacted by a $700,000 interruption in orders from a customer that was rebalancing its inventory levels. This interruption masked solid performance in Fluid Delivery and our Other product areas." Mr. Battat added, "Operating income was up 1.0% while net income and diluted earnings per share increased by 35% and 34%, respectively, due to significant tax benefits from employee stock-based compensation that were recognized in the just ended quarter."
Mr. Battat added, “As of June 30, we continued to be debt-free, while holding cash, cash equivalents, and short and long term investments of $57.3 million.” Mr. Battat concluded, “During the quarter, we purchased a large tract of land adjacent to our manufacturing facility in Alabama that we plan to expand to meet anticipated sales growth. Construction is likely to begin in 2018. For the remainder of the year we expect our operating results to reflect uneven quarters, while our tax rates revert to the levels we have typically experienced.”
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 expansion of one of the Company’s manufacturing facilities, operating results for the remainder of 2017 and future tax rates. 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 | |||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | $ | 36,164 | $ | 36,143 | $ | 74,669 | $ | 72,358 | |||||||
Cost of goods sold | 18,470 | 18,928 | 38,344 | 37,578 | |||||||||||
Gross profit | 17,694 | 17,215 | 36,325 | 34,780 | |||||||||||
Operating expenses | 7,519 | 7,141 | 14,823 | 14,241 | |||||||||||
Operating income | 10,175 | 10,074 | 21,502 | 20,539 | |||||||||||
Interest income | 370 | 85 | 519 | 208 | |||||||||||
Other income (expense), net | -- | 36 | 1 | (309 | ) | ||||||||||
Income before income taxes | 10,545 | 10,195 | 22,022 | 20,438 | |||||||||||
Income tax provision | (519 | ) | (2,745 | ) | (2,046 | ) | (6,042 | ) | |||||||
Net income | $ | 10,026 | $ | 7,450 | $ | 19,976 | $ | 14,396 | |||||||
Income per basic share | $ | 5.44 | $ | 4.09 | $ | 10.86 | $ | 7.90 | |||||||
Weighted average basic shares outstanding | 1,844 | 1,822 | 1,839 | 1,823 | |||||||||||
Income per diluted share | $ | 5.40 | $ | 4.02 | $ | 10.76 | $ | 7.76 | |||||||
Weighted average diluted shares outstanding | 1,858 | 1,853 | 1,856 | 1,855 |
ATRION CORPORATION | |||||
CONSOLIDATED BALANCE SHEETS | |||||
(In thousands) | |||||
June 30, | Dec. 31, | ||||
ASSETS | 2016 | 2016 | |||
(Unaudited) | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 20,223 | $ | 20,022 | |
Short-term investments | 27,073 | 24,080 | |||
Total cash and short-term investments | 47,296 | 44,102 | |||
Accounts receivable | 19,690 | 17,166 | |||
Inventories | 29,965 | 29,015 | |||
Prepaid expenses and other | 6,022 | 3,181 | |||
Total current assets | 102,973 | 93,464 | |||
Long-term investments | 10,046 | 9,945 | |||
Property, plant and equipment, net | 66,556 | 65,265 | |||
Other assets | 13,096 | 13,268 | |||
$ | 192,671 | $ | 181,942 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
Current liabilities | 9,383 | 9,073 | |||
Line of credit | -- | -- | |||
Other non-current liabilities | 10,965 | 9,881 | |||
Stockholders’ equity | 172,323 | 162,988 | |||
$ | 192,671 | $ | 181,942 |
Contact:
Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800