EX-99.1 2 a4629367ex991.txt PRESS RELEASE Exhibit 99.1 Atrion Reports First Quarter Results; Diluted EPS increases by 15 Percent ALLEN, Texas--(BUSINESS WIRE)--April 29, 2004--Atrion Corporation (Nasdaq/NM:ATRI) today announced that for the first quarter of 2004 diluted earnings per share were up 15% compared to the results of the first quarter of 2003. Revenues in the first quarter were 7% higher than in the first quarter of last year. Commenting on the Company's results, Emile A. Battat, Chairman, said: "Sales grew substantially in our cardiovascular, fluid delivery, and other product lines, offsetting a decline in the ophthalmic product area following the fulfillment of a customer's requirements in late 2003. As a result, operating income was up a solid 10% in the first quarter, leading to a 15% increase in our diluted earnings per share compared with the same period last year. We are on track to meet our double-digit growth in earnings per share target for the full year 2004." Atrion's revenues for the quarter ended March 31, 2004, were $16,789,000, compared with $15,721,000 in the same period in 2003. On a diluted per share basis, earnings for the period increased to $.70 as compared to $.61 in the same quarter of last year. Operating income for the current year period totaled $1,901,000, compared to $1,724,000 in last year's first quarter. Atrion Corporation designs, develops, manufactures, sells and distributes products and components primarily to medical markets worldwide. The statements in this press release that are forward-looking are based upon current expectations and actual results may differ materially. Such statements include, but are not limited to, Atrion's expectations regarding earnings per share for the year 2004. Words such as "expects," "believes," "anticipates," "intends," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties. The following are some of the factors that could cause actual results 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 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 SEC. ATRION CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) Three Months Ended, March 31, 2004 2003 ----------- ----------- Revenues $16,789 $15,721 Cost of goods sold 10,834 10,125 ----------- ----------- Gross profit 5,955 5,596 Operating expenses 4,054 3,872 ----------- ----------- Operating income 1,901 1,724 Interest expense, net (16) (41) Other income, net 6 9 ----------- ----------- Income before income taxes 1,891 1,692 Income tax provision 604 542 ----------- ----------- Net income 1,287 1,150 =========== =========== Income per basic share $.76 $.65 =========== =========== Weighed average basic shares outstanding 1,703 1,765 =========== =========== Income per diluted share $.70 $.61 =========== =========== Weighed average diluted shares outstanding 1,843 1,871 =========== =========== ATRION CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) Mar. 31, 2004 Dec. 31, 2003 ASSETS -------------- --------------- (Unaudited) Current assets: Cash and cash equivalents $218 $298 Accounts receivable 8,462 6,226 Inventories 11,612 11,314 Prepaid expenses 1,065 1,894 Deferred income taxes 760 760 -------------- --------------- Total current assets 22,117 20,492 Property, plant and equipment, net 23,681 24,189 Other assets 15,119 15,369 -------------- --------------- $60,917 $60,050 ============== =============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $6,196 $6,689 Line of credit 4,456 4,287 Other non-current liabilities 4,420 4,470 Stockholders' equity 45,845 44,604 -------------- --------------- $60,917 $60,050 ============== =============== CONTACT: Atrion Corporation, Allen Jeffery Strickland, 972-390-9800