[ x ]
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Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended March 31, 2012
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[ ]
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Transition Period from to
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Delaware
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63-0821819
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(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer o | Accelerated filer x | Non-accelerated filer o | Smaller reporting company o |
Title of Each Class
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Number of Shares Outstanding at
April 20, 2012
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Common stock, Par Value $0.10 per share
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2,009,943
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PART I. Financial Information |
2
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Item 1.
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Financial Statements
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3
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4
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5
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6
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Item 2. |
8
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Quantitative and Qualitative Disclosures About Market Risk |
11
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Item 4.
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Controls and Procedures |
12
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PART II. Other Information |
12
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Item 1.
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Legal Proceedings |
12
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Item 1A.
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Risk Factors |
12
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds |
12
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Item 6.
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Exhibits |
13
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SIGNATURES |
14
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Exhibit Index |
15
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Three Months Ended
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||||||||
March 31,
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||||||||
2012
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2011
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|||||||
(in thousands, except per share
amounts)
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||||||||
Revenues
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$ | 29,239 | $ | 30,589 | ||||
Cost of goods sold
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15,410 | 15,037 | ||||||
Gross profit
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13,829 | 15,552 | ||||||
Operating expenses:
|
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|||||||
Selling
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1,442 | 1,495 | ||||||
General and administrative
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3,471 | 3,385 | ||||||
Research and development
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973 | 576 | ||||||
5,886 | 5,456 | |||||||
Operating income
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7,943 | 10,096 | ||||||
Interest income
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290 | 326 | ||||||
Other income
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2 | 2 | ||||||
Income before provision for income taxes
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8,235 | 10,424 | ||||||
Provision for income taxes
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(2,858 | ) | (3,566 | ) | ||||
Net income
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5,377 | 6,858 | ||||||
Other comprehensive income, net of tax:
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|||||||
None
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-- | -- | ||||||
Comprehensive income
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$ | 5,377 | $ | 6,858 | ||||
Income per basic share
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$ | 2.67 | $ | 3.40 | ||||
Weighted average basic shares outstanding
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2,015 | 2,016 | ||||||
Income per diluted share
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$ | 2.65 | $ | 3.38 | ||||
Weighted average diluted shares outstanding
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2,026 | 2,030 | ||||||
Dividends per common share
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$ | 0.49 | $ | 0.42 |
March 31,
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December 31,
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|||||||
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2012
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2011
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(in thousands)
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|||||||
Current assets:
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||||||||
Cash and cash equivalents
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$ | 18,943 | $ | 24,590 | ||||
Short-term investments
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20,164 | 20,279 | ||||||
Accounts receivable
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12,383 | 11,223 | ||||||
Inventories
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25,644 | 24,582 | ||||||
Prepaid expenses
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865 | 2,313 | ||||||
Deferred income taxes
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755 | 755 | ||||||
78,754 | 83,742 | |||||||
Long-term investments
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15,347 | 10,336 | ||||||
Property, plant and equipment
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117,649 | 114,975 | ||||||
Less accumulated depreciation and amortization
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60,235 | 58,605 | ||||||
57,414 | 56,370 | |||||||
Other assets and deferred charges:
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||||||||
Patents
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958 | 999 | ||||||
Goodwill
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9,730 | 9,730 | ||||||
Other
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851 | 718 | ||||||
11,539 | 11,447 | |||||||
$ | 163,054 | $ | 161,895 | |||||
Liabilities and Stockholders’ Equity
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Current liabilities:
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Accounts payable and accrued liabilities
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$ | 6,995 | $ | 9,208 | ||||
Accrued income and other taxes
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1,534 | 835 | ||||||
8,529 | 10,043 | |||||||
Line of credit
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-- | -- | ||||||
Other non-current liabilities
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13,321 | 13,338 | ||||||
Stockholders’ equity:
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||||||||
Common shares, par value $0.10 per share; authorized
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||||||||
10,000 shares, issued 3,420 shares
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342 | 342 | ||||||
Paid-in capital
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27,194 | 25,452 | ||||||
Retained earnings
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158,002 | 153,618 | ||||||
Treasury shares,1,410 at March 31, 2012 and 1,404
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at December 31, 2011, at cost
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(44,334 | ) | (40,898 | ) | ||||
Total stockholders’ equity
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141,204 | 138,514 | ||||||
$ | 163,054 | $ | 161,895 |
Three Months Ended | ||||||||
March 31, | ||||||||
2012
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2011
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|||||||
(in thousands)
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||||||||
Cash flows from operating activities:
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||||||||
Net income
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$ | 5,377 | $ | 6,858 | ||||
Adjustments to reconcile net income to
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||||||||
net cash provided by operating activities:
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Depreciation and amortization
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1,718 | 1,572 | ||||||
Deferred income taxes
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(23 | ) | 191 | |||||
Stock-based compensation
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286 | 142 | ||||||
7,358 | 8,763 | |||||||
Changes in operating assets and liabilities:
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Accounts receivable
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(1,160 | ) | (3,364 | ) | ||||
Inventories
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(1,062 | ) | (1,365 | ) | ||||
Prepaid expenses
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1,448 | 162 | ||||||
Other non-current assets
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(132 | ) | 56 | |||||
Accounts payable and accrued liabilities
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(2,213 | ) | 89 | |||||
Accrued income and other taxes
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699 | 3,003 | ||||||
Other non-current liabilities
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6 | 28 | ||||||
4,944 | 7,372 | |||||||
Cash flows from investing activities:
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Property, plant and equipment additions
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(2,722 | ) | (1,906 | ) | ||||
Purchase of investments
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(9,009 | ) | (9,527 | ) | ||||
Proceeds from maturities of investments
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4,000 | 2,400 | ||||||
Net change in accrued interest, premiums, and discounts on
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investments
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113 | (202 | ) | |||||
(7,618 | ) | (9,235 | ) | |||||
Cash flows from financing activities:
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Shares tendered for employees’ taxes on stock-based compensation
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(380 | ) | -- | |||||
Purchase of treasury stock
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(2,026 | ) | -- | |||||
Tax benefit related to stock-based compensation
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418 | -- | ||||||
Dividends paid
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(985 | ) | (847 | ) | ||||
(2,973 | ) | (847 | ) | |||||
Net change in cash and cash equivalents
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(5,647 | ) | (2,710 | ) | ||||
Cash and cash equivalents at beginning of period
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24,590 | 10,670 | ||||||
Cash and cash equivalents at end of period
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$ | 18,943 | $ | 7,960 | ||||
Cash paid for:
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Income taxes
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$ | 418 | $ | 270 |
March 31,
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December 31,
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|||||||
2012
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2011
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Raw materials
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$ | 9,536 | $ | 9,074 | ||||
Work in process
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5,746 | 4,843 | ||||||
Finished goods
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10,362 | 10,665 | ||||||
Total inventories
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$ | 25,644 | $ | 24,582 |
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Three months ended March 31,
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2012
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2011
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(in thousands, except per share amounts)
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Net income
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$ | 5,377 | $ | 6,858 | ||||
Weighted average basic shares outstanding
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2,015 | 2,016 | ||||||
Add: Effect of dilutive securities
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11 | 14 | ||||||
Weighted average diluted shares outstanding
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2,026 | 2,030 | ||||||
Earnings per share: | ||||||||
Basic | $ | 2.67 | $ | 3.40 | ||||
Diluted | $ | 2.65 | $ | 3.38 |
Gross Unrealized
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Cost
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Gains
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Losses
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Fair Value
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Short-term Investments:
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Corporate bonds
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$ | 20,164 | $ | 182 | $ | 1 | $ | 20,345 | ||||||||
Long-term Investments
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Corporate bonds
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$ | 15,347 | $ | 113 | $ | 48 | $ | 15,412 |
●
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Focusing on customer needs;
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●
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Expanding existing product lines and developing new products;
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●
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Maintaining a culture of controlling cost; and
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●
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Preserving and fostering a collaborative, entrepreneurial management structure.
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Three Months Ended
March 31,
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2012
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2011
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Fluid Delivery
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$ | 11,380 | $ | 11,727 | ||||
Cardiovascular
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9,310 | 8,409 | ||||||
Ophthalmology
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3,658 | 5,544 | ||||||
Other
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4,891 | 4,909 | ||||||
Total
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$ | 29,239 | $ | 30,589 |
Period
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Total Number of
Shares Purchased
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Average Price
Paid per Share
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Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs
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Maximum Number of
Shares that May Yet
Be Purchased Under
the Plans or Programs (1)
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1/1/2012 through 1/31/2012
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- | - | - | 192,000 | ||||||||||||
2/1/2012 through 2/29/2012
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906 | $ | 206.33 | 906 | 191,094 | |||||||||||
3/1/2012 through 3/31/2012
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9,094 | $ | 202.21 | 9,094 | 182,000 | |||||||||||
Total
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10,000 | $ | 202.58 | 10,000 | 182,000 |
(1)
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On August 16, 2011, our Board of Directors approved a new stock repurchase program pursuant to which we can repurchase up to 200,000 shares of our common stock from time to time in open market or privately-negotiated transactions. The new stock repurchase program has no expiration date but may be terminated by our Board of Directors at any time.
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Exhibit
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Number
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Description
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31.1
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Sarbanes-Oxley Act Section 302 Certification of Chief Executive Officer
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31.2
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Sarbanes-Oxley Act Section 302 Certification of Chief Financial Officer
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32.1
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Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of The Sarbanes – Oxley Act Of 2002
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32.2
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Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of The Sarbanes – Oxley Act Of 2002
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101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema Document
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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Atrion Corporation
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(Registrant)
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Date: May 8, 2012
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By:
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/s/ David A. Battat
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David A. Battat
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President and
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Chief Executive Officer
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Date: May 8, 2012
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By:
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/s/ Jeffery Strickland
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Jeffery Strickland
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Vice President and
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Chief Financial Officer
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(Principal Accounting and
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Financial Officer)
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Exhibit
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Number
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Description
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31.1
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Sarbanes-Oxley Act Section 302 Certification of Chief Executive Officer
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31.2
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Sarbanes-Oxley Act Section 302 Certification of Chief Financial Officer
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32.1
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Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of The Sarbanes – Oxley Act Of 2002
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32.2
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Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of The Sarbanes – Oxley Act Of 2002
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101.INS
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XBRL Instance Document
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||
101.SCH
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XBRL Taxonomy Extension Schema Document
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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/s/ David A. Battat
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David A. Battat
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President and
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Chief Executive Officer
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/s/ Jeffery Strickland
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Jeffery Strickland
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Vice President and
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Chief Financial Officer
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Dated: May 8, 2012
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/s/ David A. Battat
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David A. Battat
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President and Chief Executive Officer
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Dated: May 8, 2012
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/s/ Jeffery Strickland
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Jeffery Strickland
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Vice President and
|
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Chief Financial Officer
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Investments
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
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Investments |
(4) Investments
As
of March 31, 2012, we held certain investments that are required to
be measured for disclosure purposes at fair value on a recurring
basis. These investments are considered Level 2 investments. We
consider as current assets those investments which will mature in
the next 12 months. The remaining investments are considered
non-current assets. The amortized cost and fair value of our
investments that are being accounted for as held-to-maturity
securities, and the related gross unrealized gains and losses, were
as follows as of March 31, 2012 ( in thousands):
At
March 31, 2012, the length of time until maturity of these
securities ranged from five to 31 months.
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Income per share
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
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Income per share |
(3) Income
per share
The
following is the computation for basic and diluted income per
share:
Incremental
shares from stock options, unvested restricted stock and stock
units were included in the calculation of weighted average diluted
shares outstanding using the treasury stock method. Dilutive
securities representing 26 and 8 shares of common stock for the
quarters ended March 31, 2011 and 2012, respectively, were excluded
from the computation of weighted average diluted shares outstanding
because their effect would have been anti-dilutive.
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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
Revenues | $ 29,239 | $ 30,589 |
Cost of goods sold | 15,410 | 15,037 |
Gross profit | 13,829 | 15,552 |
Operating expenses: | ||
Selling | 1,442 | 1,495 |
General and administrative | 3,471 | 3,385 |
Research and development | 973 | 576 |
Operating Expenses, Total | 5,886 | 5,456 |
Operating income | 7,943 | 10,096 |
Interest income | 290 | 326 |
Other income | 2 | 2 |
Income before provision for income taxes | 8,235 | 10,424 |
Provision for income taxes | (2,858) | (3,566) |
Net income | 5,377 | 6,858 |
Other comprehensive income, net of tax: | ||
None | ||
Comprehensive income | $ 5,377 | $ 6,858 |
Income per basic share | $ 2.67 | $ 3.40 |
Weighted average basic shares outstanding | 2,015 | 2,016 |
Income per diluted share | $ 2.65 | $ 3.38 |
Weighted average diluted shares outstanding | 2,026 | 2,030 |
Dividends per common share | $ 0.49 | $ 0.42 |
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Basis of Presentation
|
3 Months Ended |
---|---|
Mar. 31, 2012
|
|
Basis of Presentation |
(1) Basis
of Presentation
The
accompanying unaudited consolidated financial statements of Atrion
Corporation and its subsidiaries have been prepared in accordance
with accounting principles generally accepted in the United States
for interim financial information and with the instructions to Form
10-Q. Accordingly, they do not include all of the information and
notes required by accounting principles generally accepted in the
United States for complete financial statements. In the opinion of
management, these statements include all adjustments necessary to
present a fair statement of our consolidated results of operations,
financial position and cash flows. Operating results for any
interim period are not necessarily indicative of the results that
may be expected for the full year. Preparation of the
Company’s financial statements in conformity with accounting
principles generally accepted in the United States requires
management to make estimates and assumptions that affect the
reported amounts in the financial statements and notes. Actual
results could differ from those estimates. This Quarterly Report on
Form 10-Q should be read in conjunction with the Company’s
consolidated financial statements and notes included in its Annual
Report on Form 10-K for the fiscal year ended December 31,
2011 ("2011 Form 10-K"). References herein to "Atrion,"
the "Company," "we," "our," and "us" refer to Atrion Corporation
and its subsidiaries.
|
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'+ "\n"+' | '+ "\n"+' '+ "\n"+'
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Inventories
|
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
(2) Inventories
Inventories
are stated at the lower of cost or market. Cost is determined by
using the first-in, first-out method. The following table details
the major components of inventories (in thousands):
|
Document and Entity Information
|
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
Apr. 20, 2012
|
|
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2012 | |
Document Fiscal Year Focus | 2012 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ATRI | |
Entity Registrant Name | ATRION CORP | |
Entity Central Index Key | 0000701288 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 2,009,943 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Common shares, par value | $ 0.10 | $ 0.10 |
Common shares, authorized | 10,000 | 10,000 |
Common shares, issued | 3,420 | 3,420 |
Treasury shares, shares | 1,410 | 1,404 |
Recent Accounting Pronouncements
|
3 Months Ended |
---|---|
Mar. 31, 2012
|
|
Recent Accounting Pronouncements |
(6) Recent
Accounting Pronouncements
From
time to time, new accounting standards updates applicable to us are
issued by the Financial Accounting Standards Board, or FASB, which
we will adopt as of the specified effective date. Unless otherwise
discussed, we believe the impact of recently issued standards
updates that are not yet effective will not have a material impact
on our consolidated financial statements upon
adoption.
|
Income Taxes
|
3 Months Ended |
---|---|
Mar. 31, 2012
|
|
Income Taxes |
(5)
Income Taxes
Our
effective tax rate for the first quarter of 2012 was 34.7 percent,
compared with 34.2 percent for the first quarter of 2011. The
increase in the effective tax rate for the 2012 period is primarily
a result of the absence of tax incentives for research and
development expenditures in the 2012 period and an increase in
state income taxes.
|