Revenues for the fourth quarter of 2008 were $23,590,000 compared to $20,989,000 in the same period of 2007, representing a 12% increase. On a diluted per share basis, net income for the quarter increased 24% to $1.94 from $1.57 in the fourth quarter of 2007.
Commenting on the company’s performance for the fourth quarter of 2008 compared to fourth quarter of 2007, Emile A. Battat, chairman & chief executive officer, said, “We are very pleased with our performance in the quarter, especially given the decline in sales of non-medical valves to the boating industry, a category severely impacted by the decline in consumer discretionary spending. Revenues for medical products showed substantial increases, although the ophthalmic category continues to lag other medical products, showing an increase of only 6%.”
For the full year 2008, Atrion’s revenues increased 8% to $95,895,000 from $88,540,000 in 2007. Net income per diluted share of $7.82 in 2008 was 17% higher than net income of $6.71 per diluted share in 2007, excluding from the 2007 results a special net benefit of $.35 per share attributable to a favorable dispute settlement offset partially by certain initial costs relating to the termination of our defined benefit pension plans. Net income per diluted share for 2007 was $7.06 on an unadjusted GAAP basis.
Battat spoke to the overall results of 2008, remarking, “For the year as a whole, we are extremely pleased with the increase in revenues and diluted EPS, which once again exceeded our growth target of 15% compared to the results of 2007 excluding the special net benefit in 2007 discussed above.”
Commenting on expectations for the current year, Battat stated, “The U.S. and world economies are deteriorating at an unprecedented pace. This extreme decline in global demand makes it difficult to make accurate predictions for earnings in the year ahead. We certainly hope to achieve at least modest growth in 2009, but are unable to predict at what level. With no debt, and with cash and short-term investments totaling $16.7 million, we are well positioned to continue to invest for the long-term growth of our company.”
