text: **We manage our assets and resources carefully.**
  
  Our financial strategy centers on building the strength and stability that will position our company for 
  
  ongoing growth. We approach the management of our resources with discipline and diligence, striking the 
  
  balance that allows us to accomplish our objectives: Funding the current needs of the business, maintaining a 
  
  EBITDA Per Diluted Share From 
  Continuing Operations(a)  strong financial foundation, and investing in the resources, technology and assets that will ensure operating 
  
  efficiency and fuel future growth. The soundness of this strategy was reflected once again in our financial 
  
  results for 2003. 
  
  For the fifth consecutive year, Atrion’s earnings per diluted share from continuing operations increased 
  $7 
  
  by more than 15 percent, rising from $2.18 in 2002 to $2.66 in 2003, a 22 percent improvement. In light of 
  6 
  the economic pressures which have challenged virtually every business in recent years, we view five 
  5 
  consecutive years of EPS growth—ranging from 16 percent to over 50 percent—as a sign of solid financial 
  
  4  strength and a testament to the viability of our strategy. Including a gain from discontinued operations of $ .09 
  
  per share, net income totaled $2.75 per diluted share for 2003. 
  3 
  $2.70 
  Revenues for 2003 increased five percent to $62.8 million, from $59.5 million in the prior year. Return 
  2 
  
  1 