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: February 23, 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 2.02. Results of Operations and Financial Condition On February 23, 2015, Atrion Corporation (the "Company"), issued a press release entitled "Atrion Reports Fourth Quarter and Full Year 2014 Results." A copy of this press release issued by the Company is furnished herewith as Exhibit 99.1.
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: February 23, 2015 |
ATRION CORPORATION
By: /s/ David A. Battat |
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| Exhibit No. | Description |
| 99.1 | Press Release of Atrion Corporation dated February 23, 2015 |
ALLEN, TX -- (Marketwired - February 23, 2015) - Atrion Corporation (NASDAQ: ATRI) announced today that for the fourth quarter of 2014 revenues were $32.7 million compared to $31.9 million in the same period of 2013, net income increased to $6.0 million from $5.8 million, and diluted earnings per share were up to $3.08 from $2.87. For the full year 2014, Atrion's revenues increased to $140.8 million from $132.0 million in 2013, net income was up to $27.8 million from $26.6 million, while diluted earnings per share increased to $14.08 from $13.18 in 2013.
Commenting on the Company's results, David A. Battat, President & CEO, said, "Diluted EPS for the fourth quarter was up 7% on sales growth of 3%. The benefit of the extension of R&D tax credits during this quarter was partially offset by higher taxes incurred in states where our products are sold. For the calendar year 2014, sales were up 7%, operating income increased 8% and diluted EPS increased 7%. This growth in profitability was achieved even with a $1.0 million increase in R&D spending during 2014 as well as a tax rate that was a full percentage point higher than in the previous year."
Mr. Battat added, "As we continue investing in our business we are also returning an increasing percentage of our free cash flow to our stockholders through higher dividends and stock repurchases. During the fourth quarter of the year we purchased 34,600 shares of our common stock at an average price of $332.10 per share for a total of $11.5 million. For the full year, we purchased a total of 74,746 common shares at an average price of $320.18 for a total of $23.9 million, while still ending 2014 with cash and short and long term investments of $45.6 million." Mr. Battat concluded, "As a significant portion of our products are exported, we are concerned about the increase in the value of the U.S. dollar. Nevertheless, and given planned, ongoing higher levels of spending on new product development, we anticipate continuing our long-term growth in sales and showing a high single-digit increase in operating income for 2015."
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 Company's spending for new product development and increases in sales and operating income for 2015. 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
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------------ ------------------------
2014 2013 2014 2013
----------- ----------- ----------- -----------
Revenues $ 32,693 $ 31,851 $ 140,762 $ 131,993
Cost of goods sold 17,011 17,174 72,244 68,931
----------- ----------- ----------- -----------
Gross profit 15,682 14,677 68,518 63,062
Operating expenses 7,050 6,341 27,701 25,118
----------- ----------- ----------- -----------
Operating income 8,632 8,336 40,817 37,944
Interest income 288 315 1,191 1,313
Other income -- -- 13 8
----------- ----------- ----------- -----------
Income before income
taxes 8,920 8,651 42,021 39,265
Income tax provision (2,880) (2,883) (14,213) (12,683)
----------- ----------- ----------- -----------
Net income $ 6,040 $ 5,768 $ 27,808 $ 26,582
=========== =========== =========== ===========
Income per basic share $ 3.11 $ 2.88 $ 14.20 $ 13.22
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Weighted average basic
shares outstanding 1,941 2,000 1,958 2,010
=========== =========== =========== ===========
$ 3.08 $ 2.87 $ 14.08 $ 13.18
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Income per diluted share
Weighted average diluted
shares outstanding 1,959 2,011 1,975 2,017
=========== =========== =========== ===========
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
Dec. 31, Dec. 31,
ASSETS 2014 2013
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(Unaudited) (Unaudited)
Current assets:
Cash and cash equivalents $ 20,775 $ 28,559
Short-term investments 3,084 18,351
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Total cash and short-term investments 23,859 46,910
Accounts receivable 16,962 14,164
Inventories 28,022 26,266
Prepaid expenses and other 4,720 1,603
Deferred income taxes 573 1,376
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Total current assets 74,136 90,319
Long-term investments 21,760 10,069
Property, plant and equipment, net 62,516 58,328
Other assets 13,102 13,350
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$ 171,514 $ 172,066
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 9,936 9,364
Line of credit -- --
Other non-current liabilities 12,008 13,708
Stockholders' equity 149,570 148,994
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$ 171,514 $ 172,066
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Contact: Jeffery Strickland Vice President and Chief Financial Officer (972) 390-9800