 ALLEN, Texas, Aug. 06, 2020 GLOBE NEWSWIRE -- Atrion Corporation NASDAQ: ATRI today announced that for the second quarter ended June 30, 2020, revenues totaled 38.0 million compared with 40.1 million for the same period in 2019. Net income for the second quarter of 2020 totaled 8.6 million as compared to 9.7 million for the same period in 2019, with diluted earnings per share for the second quarter of 2020 at 4.68 compared to 5.18 for the second quarter of 2019. Commenting on the Companys quarterly results for the second quarter of 2020 compared to the same period last year, David A. Battat, President CEO, stated, The impact of the pandemic was felt in the second quarter with revenues and operating income lower by 5 and 8, respectively, essentially the reverse image of the first quarter when revenues were up 5 and operating income was up 6. Mr. Battat explained, The current year second quarter saw hospitals suspend elective surgeries to preserve ICU beds and other resources to deal with the anticipated deluge of Covid-19 patients. As a result, sales of our products used in elective procedures were lower by 3.7 million. Mr. Battat added, The net impact on overall sales was limited to 2.1 million thanks to our diversified product portfolio and the tireless efforts of my co-workers who kept our operations running throughout this period. Mr. Battat continued With an effective tax rate 15 higher in this years quarter than the prior years second quarter, diluted EPS and net income were lower by 10 and 11, respectively. During the quarter we purchased 12,158 shares of our common stock at an average cost of 641 per share. As of June 30, 2020, we continue to be debt free while holding 87.5 million in cash and short and long term investments.Atrion Corporation develops and manufactures products primarily for medical applications. The Companys website is ATRION CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF INCOME In thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues 37,968 40,103 81,563 81,717 Cost of goods sold 20,499 21,511 44,226 44,422 Gross profit 17,469 18,592 37,337 37,295 Operating expenses 7,423 7,626 15,577 15,291 Operating income 10,046 10,966 21,760 22,004 Interest and dividend income 367 581 858 1,163 Other investment income loss 354 161 673 372 Income before income taxes 10,767 11,708 21,945 23,539 Income tax provision 2,162 2,044 4,443 4,437 Net income 8,605 9,664 17,502 19,102 Income per basic share 4.69 5.21 9.49 10.30 Weighted average basic shares outstanding 1,835 1,854 1,844 1,854 Income per diluted share 4.68 5.18 9.47 10.25 Weighted average diluted shares outstanding 1,839 1,864 1,849 1,863 ATRION CORPORATION CONSOLIDATED BALANCE SHEETS In thousands June 30, Dec. 31, ASSETS 2020 2019 Unaudited Current assets: Cash and cash equivalents 24,099 45,048 Short-term investments 6,574 23,766 Total cash and short-term investments 30,673 68,814 Accounts receivable 22,441 18,886 Inventories 45,805 42,093 Prepaid expenses and other 3,226 2,545 Total current assets 102,145 132,338 Long-term investments 56,871 31,772 Property, plant and equipment, net 87,867 84,606 Other assets 13,467 13,315 260,350 262,031 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities 15,443 11,274 Line of credit -- -- Other non-current liabilities 11,380 12,887 Stockholders equity 233,527 237,870 260,350 262,031 Contact: Jeffery Strickland Vice President and Chief Financial Officer 972 390-9800 