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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ATRION Corporation | NASDAQ:ATRI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
8.38 | 2.02% | 423.46 | 425.75 | 426.90 | 424.75 | 415.40 | 416.70 | 25,756 | 19:40:05 |
Atrion Corporation
|
||
(Exact
Name of Registrant as Specified in its Charter)
|
||
|
|
|
Delaware
|
|
63-0821819
|
(State
or Other Jurisdiction of Incorporation or
Organization)
|
|
(I.R.S.
Employer Identification No.)
|
|
|
|
One Allentown Parkway, Allen, Texas 75002
|
||
(Address
of Principal Executive
Offices) (Zip
Code)
|
||
(972) 390-9800
|
||
(Registrant’s
Telephone Number, Including Area Code)
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated
filer
|
☐
|
Smaller reporting company
|
☐
|
Emerging
growth company
|
☐
|
|
|
Title of Each Class
|
|
Number of Shares Outstanding at
October 25, 2018
|
Common stock, Par Value $0.10 per share
|
|
1,852,756
|
PART
I. Financial
Information
|
2
|
|
|
Item
1.
Financial Statements
|
|
|
|
Consolidated
Statements of Income (Unaudited) For the Three and Nine months
Ended September 30, 2018 and 2017
|
3
|
Consolidated
Statements of Comprehensive Income (Unaudited) For the Three and
Nine months Ended September 30, 2018 and 2017
|
4
|
Consolidated
Balance Sheets (Unaudited) September 30, 2018 and December 31,
2017
|
5
|
Consolidated
Statements of Cash Flows (Unaudited) For the Nine months Ended
September 30, 2018 and 2017
|
6
|
Consolidated
Statement of Changes in Stockholders’ Equity (Unaudited)
September 30, 2018 and December 31, 2017
|
7
|
Notes
to Consolidated Financial Statements (Unaudited)
|
8
|
|
|
Item
2.
Management's Discussion and Analysis of Financial Condition and
Results of Operations
|
16
|
|
|
Item 3
.
Quantitative and Qualitative
Disclosures About Market Risk
|
21
|
|
|
Item
4.
Controls and
Procedures
|
22
|
|
|
PART II. Other Information
|
22
|
|
|
Item
1.
Legal Proceedings
|
22
|
|
|
Item
1A.
Risk Factors
|
22
|
|
|
Item
6.
Exhibits
|
22
|
|
|
SIGNATURES
|
23
|
|
|
Exhibit Index
|
24
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||
|
2018
|
2017
|
2018
|
2017
|
|
(in thousands, except per share
amounts)
|
|||
Revenues
|
$
39,274
|
$
37,903
|
$
117,522
|
$
112,571
|
Cost
of goods sold
|
21,275
|
19,498
|
61,349
|
57,841
|
Gross
profit
|
17,999
|
18,405
|
56,173
|
54,730
|
Operating
expenses:
|
|
|
|
|
Selling
|
2,105
|
1,691
|
6,169
|
5,303
|
General
and administrative
|
3,933
|
4,086
|
12,470
|
12,390
|
Research
and development
|
1,204
|
1,149
|
4,145
|
4,056
|
|
7,242
|
6,926
|
22,784
|
21,749
|
Operating
income
|
10,757
|
11,479
|
33,389
|
32,981
|
|
|
|
|
|
Interest
and dividend income
|
439
|
287
|
1,157
|
806
|
Other
investment income (losses)
|
21
|
--
|
(1,153
)
|
--
|
Other
income
|
20
|
--
|
20
|
1
|
|
480
|
287
|
24
|
807
|
|
|
|
|
|
Income
before provision for income taxes
|
11,237
|
11,766
|
33,413
|
33,788
|
Provision
for income taxes
|
(2,016
)
|
(3,795
)
|
(6,907
)
|
(5,841
)
|
|
|
|
|
|
Net
income
|
$
9,221
|
$
7,971
|
$
26,506
|
$
27,947
|
|
|
|
|
|
Net
income per basic share
|
$
4.98
|
$
4.30
|
$
14.30
|
$
15.16
|
Weighted
average basic shares outstanding
|
1,853
|
1,852
|
1,853
|
1,844
|
|
|
|
|
|
|
|
|
|
|
Net
income per diluted share
|
$
4.96
|
$
4.29
|
$
14.27
|
$
15.06
|
Weighted
average diluted shares outstanding
|
1,858
|
1,857
|
1,857
|
1,856
|
|
|
|
|
|
Dividends
per common share
|
$
1.35
|
$
1.20
|
$
3.75
|
$
3.30
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||
|
2018
|
2017
|
2018
|
2017
|
|
(In thousands)
|
|||
|
|
|
|
|
Net
Income
|
$
9,221
|
$
7,971
|
$
26,506
|
$
27,947
|
|
|
|
|
|
Other Comprehensive
Income
|
|
|
|
|
Unrealized income
on investments, net of tax expense of $23 and $58 in
2017
|
--
|
43
|
--
|
109
|
|
|
|
|
|
Comprehensive
Income
|
$
9,221
|
$
8,014
|
$
26,506
|
$
28,056
|
Assets
|
September
30,
2018
|
December
31,
2017
|
|
(in
thousands)
|
|
Current assets:
|
|
|
Cash and cash
equivalents
|
$
50,031
|
$
30,136
|
Short-term
investments
|
15,465
|
35,468
|
Accounts
receivable
|
20,766
|
17,076
|
Inventories
|
32,172
|
29,354
|
Prepaid expenses
and other current assets
|
2,599
|
3,199
|
|
121,033
|
115,233
|
|
|
|
Long-term
investments
|
21,166
|
9,136
|
|
|
|
Property, plant and
equipment
|
177,598
|
167,080
|
Less accumulated
depreciation and amortization
|
105,151
|
100,711
|
|
72,447
|
66,369
|
|
|
|
Other assets and
deferred charges:
|
|
|
Patents
|
1,688
|
1,778
|
Goodwill
|
9,730
|
9,730
|
Other
|
1,679
|
1,534
|
|
13,097
|
13,042
|
|
|
|
Total
assets
|
$
227,743
|
$
203,780
|
Liabilities
and Stockholders’ Equity
|
|
|
Current
liabilities:
|
|
|
Accounts payable
and accrued liabilities
|
$
11,116
|
$
8,876
|
Accrued income and
other taxes
|
871
|
746
|
|
11,987
|
9,622
|
|
|
|
Line of
credit
|
--
|
--
|
|
|
|
Other non-current
liabilities
|
10,599
|
9,770
|
|
|
|
Stockholders’
equity:
|
|
|
Common stock, par
value $0.10 per share; authorized10,000 shares, issued 3,420
shares
|
342
|
342
|
Paid-in
capital
|
50,022
|
48,730
|
Accumulated other
comprehensive loss
|
--
|
(1,215
)
|
Retained
earnings
|
286,520
|
268,194
|
Treasury
shares,1,567 at September 30, 2018 and 1,568 at December 31, 2017,
at cost
|
(131,727
)
|
(131,663
)
|
Total
stockholders’ equity
|
205,157
|
184,388
|
|
|
|
|
|
|
Total
liabilities and stockholders’ equity
|
$
227,743
|
$
203,780
|
|
Common
Stock
|
Treasury
Stock
|
|
|
|
|
||
|
Shares
Outstanding
|
Amount
|
Shares
|
Amount
|
Additional
Paid-in Capital
|
Accumulated
Other Comprehensive Income (Loss)
|
Retained
Earnings
|
Total
|
Balances, January
1, 2018
|
1,852
|
$
342
|
1,568
|
$
(131,663
)
|
$
48,730
|
$
(1,215
)
|
$
268,194
|
$
184,388
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
26,506
|
26,506
|
Reclass
from adopting ASU 2016-01
|
|
|
|
|
|
1,215
|
(1,215
)
|
--
|
Stock-based
compensation transactions
|
1
|
|
(1
)
|
26
|
1,292
|
|
|
1,318
|
Shares
surrendered in stock transactions
|
|
|
|
(90
)
|
|
|
|
(90
)
|
Dividends
|
|
|
|
|
|
|
(6,965
)
|
(6,965
)
|
Balances, September
30, 2018
|
1,853
|
$
342
|
1,567
|
$
(131,727
)
|
$
50,022
|
$
0
|
$
286,520
|
$
205,157
|
|
September
30,
|
December
31,
|
|
2018
|
2017
|
Raw
materials
|
$
14,697
|
$
13,545
|
Work in
process
|
7,500
|
6,647
|
Finished
goods
|
9,975
|
9,162
|
Total
inventories
|
$
32,172
|
$
29,354
|
|
Three Months
Ended
September
30,
|
Nine Months
Ended
September
30,
|
||
|
2018
|
2017
|
2018
|
2017
|
|
(in thousands, except per share
amounts)
|
|||
Net
income
|
$
9,221
|
$
7,971
|
$
26,506
|
$
27,947
|
Weighted average
basic shares outstanding
|
1,853
|
1,852
|
1,853
|
1,844
|
Add: Effect of
dilutive securities
|
5
|
5
|
4
|
12
|
Weighted average
diluted shares outstanding
|
1,858
|
1,857
|
1,857
|
1,856
|
Earnings
per share:
|
|
|
|
|
Basic
|
$
4.98
|
$
4.30
|
$
14.30
|
$
15.16
|
Diluted
|
$
4.96
|
$
4.29
|
$
14.27
|
$
15.06
|
|
Gross
Unrealized
|
||||
|
Level
|
Cost
|
Gains
|
Losses
|
Fair
Value
|
As
of September 30, 2018:
|
|
|
|
|
|
Short-term
Investments
|
|
|
|
|
|
Certificates of
deposit
|
2
|
2,032
|
$
--
|
$
(2
)
|
$
2,030
|
Commercial
paper
|
2
|
1,999
|
$
--
|
$
(1
)
|
$
1,998
|
Bonds
|
2
|
11,434
|
$
--
|
$
(24
)
|
$
11,410
|
|
|
|
|
|
|
Long-term
Investments
|
|
|
|
|
|
Bonds
|
2
|
17,571
|
$
--
|
$
(279
)
|
$
17,292
|
Mutual
funds
|
1
|
599
|
$
29
|
$
--
|
$
628
|
Equity
investments
|
2
|
5,675
|
$
--
|
$
(2,708
)
|
$
2,967
|
|
|
|
|
|
|
As
of December 31, 2017:
|
|
|
|
|
|
Short-term
Investments
|
|
|
|
|
|
Certificates of
deposit
|
2
|
4,020
|
$
--
|
$
(3
)
|
$
4,017
|
Commercial
paper
|
2
|
31,220
|
$
26
|
$
(38
)
|
$
31,208
|
Bonds
|
2
|
6
|
$
--
|
$
--
|
$
6
|
Mutual
funds
|
1
|
219
|
$
3
|
$
--
|
$
222
|
|
|
|
|
|
|
Long-term
Investments
|
|
|
|
|
|
Bonds
|
2
|
5,000
|
$
--
|
$
(75
)
|
$
4,925
|
Equity
investments
|
2
|
5,675
|
$
--
|
$
(1,539
)
|
$
4,136
|
September 30,
2018
|
December 31,
2017
|
||||
Weighted Average
Original Life (years)
|
Gross Carrying
Amount
|
Accumulated
Amortization
|
Weighted Average
Original Life (years)
|
Gross Carrying
Amount
|
Accumulated
Amortization
|
15.67
|
$
13,840
|
$
12,152
|
15.67
|
$
13,840
|
$
12,062
|
2019
|
$
119
|
2020
|
$
119
|
2021
|
$
119
|
2022
|
$
117
|
2023
|
$
113
|
|
Three Months
Ended
|
Nine Months
Ended
|
||
|
September
30,
|
September
30,
|
||
|
2018
|
2017
|
2018
|
2017
|
United
States
|
$
23,979
|
$
24,200
|
$
73,419
|
$
71,384
|
Germany
|
1,675
|
2,033
|
6,637
|
6,989
|
Other countries
less than 5% of revenues
|
13,620
|
11,670
|
37,466
|
34,198
|
Total
|
$
39,274
|
$
37,903
|
$
117,522
|
$
112,571
|
|
Three Months
Ended
|
Nine Months
Ended
|
||
|
September
30,
|
September
30,
|
||
|
2018
|
2017
|
2018
|
2017
|
Fluid
Delivery
|
$
17,106
|
$
16,083
|
$
54,033
|
$
49,718
|
Cardiovascular
|
13,292
|
12,837
|
39,505
|
36,523
|
Ophthalmology
|
2,768
|
3,595
|
8,405
|
11,030
|
Other
|
6,108
|
5,388
|
15,579
|
15,300
|
Total
|
$
39,274
|
$
37,903
|
$
117,522
|
$
112,571
|
|
Three Months ended September 30,
|
|
|
2018
|
2017
|
|
|
|
Fluid
Delivery
|
$
17,106
|
$
16,083
|
Cardiovascular
|
13,292
|
12,837
|
Ophthalmology
|
2,768
|
3,595
|
Other
|
6,108
|
5,388
|
Total
|
$
39,274
|
$
37,903
|
|
Nine Months ended September 30,
|
|
|
2018
|
2017
|
|
|
|
Fluid
Delivery
|
$
54,033
|
$
49,718
|
Cardiovascular
|
39,505
|
36,523
|
Ophthalmology
|
8,405
|
11,030
|
Other
|
15,579
|
15,300
|
Total
|
$
117,522
|
$
112,571
|
Exhibit
|
|
|
Number
|
|
Description
|
|
Sarbanes-Oxley Act Section 302 Certification of Chief Executive
Officer
|
|
|
Sarbanes-Oxley Act Section 302 Certification of Chief Financial
Officer
|
|
|
Certification Pursuant To 18 U.S.C. Section 1350, As Adopted
Pursuant To Section 906 of The Sarbanes – Oxley Act Of
2002
|
|
|
Certification Pursuant To 18 U.S.C. Section 1350, As Adopted
Pursuant To Section 906 of The Sarbanes – Oxley Act Of
2002
|
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Atrion
Corporation
(Registrant)
|
|
|
|
|
|
|
Date: November 9, 2018
|
By:
|
/s/ David A. Battat
|
|
|
|
David A. Battat
|
|
|
|
President and
Chief Executive Officer
|
|
|
|
|
|
Date: November 9, 2018
|
By:
|
/s/ Jeffery Strickland
|
|
|
|
Jeffery Strickland
|
|
|
|
Vice President and
Chief Financial Officer
(Principal Accounting and
Financial Officer)
|
|
Exhibit
|
|
|
Number
|
|
Description
|
|
Sarbanes-Oxley Act Section 302 Certification of Chief Executive
Officer
|
|
|
Sarbanes-Oxley Act Section 302 Certification of Chief Financial
Officer
|
|
|
Certification Pursuant To 18 U.S.C. Section 1350, As Adopted
Pursuant To Section 906 of The Sarbanes – Oxley Act Of
2002
|
|
|
Certification Pursuant To 18 U.S.C. Section 1350, As Adopted
Pursuant To Section 906 of The Sarbanes – Oxley Act Of
2002
|
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
1 Year ATRION Chart |
1 Month ATRION Chart |
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