Micron Solutions, Inc. Reports 2019 First Quarter Results
2019年5月16日 - 6:03AM
Micron Solutions, Inc. (NYSE American: MICR) (the “Company”), a
diversified contract manufacturing organization, through its
wholly-owned subsidiary, Micron Products, Inc., producing
highly-engineered, innovative components requiring precision
machining and injection molding, announced results for its first
quarter ended March 31, 2019.
“In the first quarter 2019, the company reported
$4,686,000 in revenue, a 13.6% increase over the fourth quarter
2018. Adjusted EBITDA for the period was $203,000,” said Mr.
Laursen.
In comparison to Q1 2018, the Company reported a
decrease in gross profit on lower net sales while booking a
one-time charge in this first quarter of $132 thousand related to a
separation agreement with previous management.
Outlook:
“We are in a critical transition phase, with the
company making significant improvements to the management and
operations team including the addition of Michael Simmons, SVP of
Operations and Lisa Burdick, Director of Quality. Mike and
Lisa bring many years of success and best practices to Micron. We
have implemented extensive changes to operations and sales
processes that will position Micron to create higher margin revenue
growth and the ability to scale rapidly. Our solid sales pipeline
and new product launch process are already showing visibility into
an improved revenue and EBITDA outlook for 2019 and beyond,”
concluded Mr. Laursen.
About Micron Solutions, Inc.
Micron Solutions, Inc., through its wholly-owned
subsidiary, Micron Products, Inc., is a diversified contract
manufacturing organization that produces highly-engineered,
innovative medical device components requiring precision machining
and injection molding. The Company also manufactures
components, devices and equipment for military, law enforcement,
industrial and automotive applications. In addition, the
Company is a market leader in the production and sale of
silver/silver chloride coated and conductive resin sensors used as
consumable component parts in the manufacture of integrated
disposable electrophysiological sensors. The Company’s
strategy for growth is to build a best-in-class contract
manufacturer with a specialized focus on plastic injection molding
and highly-engineered medical devices and components requiring
precision machining.
The Company routinely posts news and other important information
on its websites:
http://www.micronsolutionsinc.com and
http://www.micronproducts.com FINANCIAL TABLES
FOLLOW.
First Quarter 2019 Review
$ In
thousands |
Q1 2019 |
Q1 2018 |
|
$ Change |
|
% Change |
Net sales |
$ |
4,686 |
|
$ |
5,119 |
|
$ |
(433) |
|
-8.5% |
Gross profit |
$ |
654 |
|
$ |
731 |
|
$ |
(77) |
|
-10.7% |
Gross margin |
|
14.0% |
|
|
14.3% |
|
|
|
|
|
Net loss |
$ |
(519) |
|
$ |
(180) |
|
$ |
(339) |
|
|
Loss per share |
$ |
(0.18) |
|
$ |
(0.06) |
|
$ |
(0.12) |
|
|
|
|
|
|
|
|
|
|
|
|
|
MICRON SOLUTIONS, INC. |
|
|
EBITDA
RECONCILIATION (1) |
|
|
($ in
thousands) |
|
|
|
|
|
|
Three Months
Ended |
|
March 31, |
|
|
2019 |
2018 |
Net loss |
$
(519) |
$
(180) |
Income tax benefit |
— |
— |
Other (income) expense |
— |
(9) |
Interest expense |
111 |
97 |
Depreciation and amortization |
375 |
396 |
Share-based compensation |
58 |
34 |
Non-cash incentive plan accruals |
50 |
— |
Non-recurring consulting and other expenses |
128 |
12 |
Adjusted EBITDA |
$
203 |
$
349 |
Adjusted EBITDA margin % |
4.3% |
6.8% |
|
|
|
(1)
Non-GAAP Financial MeasuresIn addition to
reporting net loss, a U.S. generally accepted accounting principle
(“GAAP”) measure, this news release contains information about
Adjusted EBITDA (income from continuing operations adjusted for
income taxes, other income and expense, interest, depreciation and
amortization, share-based compensation expense and certain
non-recurring charges), which is a non-GAAP measure.
Share-based compensation includes directors fees paid by means of
stock grants versus cash as well as non-cash incentives.
Non-recurring consulting and other expenses includes a one time
charge for a separation agreement with the Company’s former Chief
Operating Officer in 2019. The Company believes Adjusted
EBITDA allows investors to view its performance in a manner similar
to the methods used by management and provides additional insight
into its operating results. Adjusted EBITDA is not calculated
through the application of GAAP. Accordingly, it should not
be considered as a substitute for the GAAP measure of net loss and,
therefore, should not be used in isolation of, but in conjunction
with, the GAAP measure. The use of any non-GAAP measure may
produce results that vary from the GAAP measure and may not be
comparable to a similarly defined non-GAAP measure used by other
companies.
Safe Harbor Statement
Forward-looking statements made herein are based
on current expectations of Micron Solutions, Inc. (“our” or the
“Company”) that involve a number of risks and uncertainties and
should not be considered as guarantees of future performance. The
factors that could cause actual results to differ materially
include our ability to obtain and retain order volumes from
customers who represent significant proportions of net sales; our
ability to maintain our pricing model, offset higher costs with
price increases and/or decrease our cost of sales; variability of
customer delivery requirements; the level of and ability to
generate sales of higher margin products and services; our ability
to manage our level of debt and provisions in the debt agreements
which could make the Company sensitive to the effects of economic
downturns and limit our ability to react to changes in the economy
or our industry; failure to comply with financial and other
covenants in our credit facility; reliance on revenues from exports
and impact on financial results due to economic uncertainty or
downturns in foreign markets; volatility in commodity and energy
prices and our ability to offset higher costs with price increases;
continued availability of supplies or materials used in
manufacturing at competitive prices; variations in the mix of
products sold; continued availability of supplies or materials used
in manufacturing at competitive prices; and the amount and timing
of investments in capital equipment, sales and marketing,
engineering and information technology resources. More
information about factors that potentially could affect the
Company's financial results is included in the Company's Annual
Report on Form 10-K and other filings with the Securities and
Exchange Commission.
For more information, contact: |
|
Mr. William J. Laursen |
President & Chief Executive Officer |
978.345.5000 |
Micron Solutions (AMEX:MICR)
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