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NEWS RELEASE
Atrion Corporation
3230 Second Street
P.O. Box 3869
Muscle Shoals, AL 35662
FOR IMMEDIATE RELEASE
Contact: Jeffery Strickland
...............(205) 383-3631
ATRION CORPORATION REPORTS
HIGHER 1996 REVENUES AND EARNINGS
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DECLARES QUARTERLY DIVIDEND
Muscle Shoals, Alabama (February 6, 1997)-ATRION Corporation (Nasdaq/NM - ATRI) today announced higher revenues and earnings for the year ended December 31, 1996. Net income for the year increased 21% to $6.5 million or $2.03 per share compared with $5.3 million or $1.67 per share in 1995, while revenues for 1996 advanced 69% to $136.0 million compared with $80.4 million in the prior year. Per share amounts have been restated to reflect the three-for two stock split paid in December 1996.
"We are very pleased with Atrion's continued progress in 1996," said Jerry A Howard, Chairman of the Board, President and Chief Executive Officer. "We have made important strides to diversify our revenue sources further, in both our medical and health care products business and in our pipeline services business."
Howard pointed out that in May 1996, the Company acquired St. Petersburg, Florida-based Halkey-Roberts Corporation which strengthens Atrions medical and health care products business. Halkey-Roberts develops and manufactures valves and medical components. With leading positions in several niche markets, Halkey-Roberts contributed approximately $9.5 million to Atrions total revenues for 1996, nearly doubling the Companys medical and health care products business. The medical and health care products business accounted for 26% of the Companys operating income in 1996.
According to Howard, the Companys pipeline and energy services business also posted strong results in 1996. Aided by colder weather during the year, the Companys natural gas pipelines transportation volumes increased 4% and natural gas sales volumes by Atrions natural gas marketing company, ATEMCO, increased 22% over the previous year. In addition, during the year Atrion commenced operation of its new industrial gas pipeline, which transports gaseous oxygen.
Howard noted that increased spot prices for natural gas during 1996 had a significant impact on the Companys revenues for the year. Revenues for the energy segment were up 65% to $114.4 million from $69.4 million in 1995 even though the Companys natural gas marketing volumes increased only 22%.
Another significant accomplishment in 1996 was the final resolution of the Companys take-or-pay costs which were incurred by Atrions interstate pipeline subsidiary, Alabama-Tennessee Natural Gas Company, during the 1980s. Net income for 1996 included a non-recurring after-tax gain of $300,000 or $.09 per share related to final adjustments made in this matter.
While net income increased for the year, Howard said that earnings for the fourth quarter declined 10% to $1.2 million or $.36 per share compared with $1.3 million or $.41 per share in the year-earlier period. This decline reflected the impact of warmer weather on the Companys natural gas pipeline operations during the fourth quarter of 1996 versus the prior-year quarter and lower sales at Ryder International Corporation. Revenues for the period increased 54% to $36.0 million compared with $23.4 million in the year-earlier period due to higher natural gas prices and the inclusion of Halkey-Roberts revenues.
Howard also announced that the Companys Board of Directors had declared a regular quarterly cash dividend of $.20 per share. This dividend will be paid on March 3, 1997 to shareholders of record as of February 20, 1997.
Atrion Corporation supplies its customers with innovative medical and health care products and pipeline and energy services. For more information about the Company, visit Atrion on the Internet at http://www.atrioncorp.com.
ATRION Corporation
Unaudited Financial Highlights
Three Months Ended December 31, |
Twelve Months
Ended December 31, |
1996 | 1995 | 1996 | 1995 | |
Revenues | $36,007,000 | $23,421,000 | $135,977,000 | $80,379,000 |
Net Income | $ 1,171,000 | $ 1,294,000 | $ 6,476,000 | $ 5,340,000 |
Earnings per Share | $ 0.36 | $ 0.41* | $ 2.03 | $ 1.68* |
Average shares outstanding | 3,204,126 | 3,177,644* | 3,189,153 | 3,175,469* |
*Adjusted for three-for-two stock split paid in December 1996.
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