Form 8-K ATRION CORP For: Aug 09
Securities Exchange Act of 1934
DE | 0-10763 | 63-0821819 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
One Allentown Parkway, Allen, Texas | 75002 | |
(Address of principal executive offices) | (Zip Code) |
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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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.
Dated: August 9, 2016 |
Atrion Corporation By: /s/ David A. Battat David A. Battat   President and Chairman |
Exhibit No. | Description | |
99.1 | Press Release of Atrion Corporation dated August 9, 2016 |
Atrion Reports Second Quarter Results and Announces Dividend IncreaseALLEN, TX -- (Marketwired - August 09, 2016) - Atrion Corporation (NASDAQ: ATRI) today announced that for the second quarter ended June 30, 2016 revenues totaled $36.1 million compared with $37.7 million in the same period in 2015. On a diluted per share basis, earnings for the period increased to $4.02 as compared to $3.99 in the same period of last year. Net income for the second quarter totaled to $7.5 million in both years.
Commenting on the Company's results for the second quarter of 2016 compared to the same period last year, David A. Battat, President & CEO, said, "Overall sales were down 4%, reflecting lower prices in Ophthalmology following patent expirations and the impact of exchange rates on all our exports." Mr. Battat continued, "Cost of goods remained unchanged, as lower revenues reflected lower prices rather than volume. As a result, operating income was down 9% despite lower operating expenses in the period." Mr. Battat stated, "Net income for the second quarter was basically flat, benefitting from our adoption of a new accounting rule concerning employee share-based compensation that reduced our taxes from an effective rate of 35% in the second quarter of 2015 to 27% in the current year period, resulting in a $623,000 tax savings. Diluted EPS was up 1%, with the number of diluted shares slightly lower than in last year's second quarter." Mr. Battat added, "During the quarter we did not engage in stock buybacks while adding $2.3 million to our cash and short and long term investments, bringing the total to $41.4 million as of June 30, 2016." Mr. Battat stated, "For the remaining quarters of 2016, we expect to continue to see lower realized prices, while additional tax benefits from the new accounting rule are uncertain and will be uneven going forward."
Mr. Battat concluded, "Our Board of Directors, confident in our long term growth, has approved a quarterly dividend increase from $0.90 to $1.05 per share payable on September 30, 2016 to stockholders of record as of September 15, 2016."
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 prices for products for the remaining quarters in 2016, future tax benefits from the new accounting rule and the Company's long-term growth. 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 Six Months Ended June 30, June 30, --------------------- --------------------- 2016 2015 2016 2015 ---------- ---------- ---------- ---------- Revenues $ 36,655 $ 37,655 $ 72,358 $ 75,979 Cost of goods sold 18,928 18,871 37,578 38,671 ---------- ---------- ---------- ---------- Gross profit 17,215 18,784 34,780 37,308 Operating expenses 7,141 7,664 14,241 14,702 ---------- ---------- ---------- ---------- Operating income 10,074 11,120 20,539 22,606 Interest income 85 328 208 505 Other income (expense), net 36 -- (309) -- ---------- ---------- ---------- ---------- Income before income taxes 10,195 11,448 20,438 23,111 Income tax provision (2,745) (3,974) (6,042) (8,036) ---------- ---------- ---------- ---------- Net income $ 7,450 $ 7,474 $ 14,396 $ 15,075 ---------- ---------- ---------- ---------- Income per basic share $ 4.09 $ 4.04 $ 7.90 $ 8.10 ---------- ---------- ---------- ---------- Weighted average diluted shares outstanding 1,822 1,850 1,823 1,862 ---------- ---------- ---------- ---------- Income per diluted share $ 4.02 $ 3.99 $ 7.76 $ 8.00 ---------- ---------- ---------- ---------- Weighted average diluted shares outstanding 1,853 1,872 1,855 1,884 ---------- ---------- ---------- ----------ATRION CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) June 30, Dec. 31, ASSETS 2016 2015 ------------- ------------- (Unaudited) Current assets: Cash and cash equivalents $ 30,817 $ 28,346 Short-term investments 6 44 ------------- ------------- Total cash and short-term investments 30,823 28,390 Accounts receivable 18,833 16,620 Inventories 31,167 29,771 Prepaid expenses and other 3,815 2,934 Deferred income taxes 580 580 ------------- ------------- Total current assets 85,218 78,295 Long-term investments 10,617 9,866 Property, plant and equipment, net 64,289 63,314 Other assets 12,865 12,861 ------------- ------------- $ 172,989 $ 164,336 ------------- ------------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities 8,236 9,316 Line of credit -- -- Other non-current liabilities 11,167 10,922 Stockholders' equity 153,586 144,098 ------------- ------------- $ 172,989 $ 164,336 ------------- -------------Jeffery Strickland Vice President and Chief Financial Officer (972) 390-9800
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