Micron Solutions, Inc. Reports 2019 Second Quarter Results
2019年8月15日 - 8:34PM
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 second
quarter ended June 30, 2019.
“In the second quarter 2019, the Company
reported $4,892,000 in revenue, a 4.4% increase over the first
quarter 2019. Adjusted EBITDA for the period was $159,000,” said
Mr. Laursen.
In comparison to Q2 2018, the Company reported a
decrease in gross profit on lower net sales.
Outlook:
“We are having success converting pipeline
opportunities into binding commitments. We recently received
commitments from a new customer that we expect will lead to 20%
revenue growth for Micron in 2020 compared to the trailing 12-month
levels. We are continuing to prepare to scale and are making
significant improvements to the management team, including the
addition of Wayne Coll, our Chief Financial Officer. Wayne is
already having an impact and has broadened the depth and skills of
our executive management team. His experience in directing rapid
scale ups and restructurings in the medical device industry, in
both organic and acquisition growth environments, dovetails with
our requirements and strategies. Additionally, to further our
pipeline expansion, we have finalized agreements to increase our
sales team,” 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.
Second Quarter 2019 Review
$ In thousands |
Q2 2019 |
|
Q2 2018 |
$ Change |
% Change |
Net sales |
$ |
4,892 |
|
|
$ |
5,320 |
|
|
$ |
(428 |
) |
|
-8.0 |
Gross profit |
$ |
510 |
|
|
$ |
878 |
|
|
$ |
(368 |
) |
|
-41.9 |
Gross margin |
|
10.4 |
% |
|
|
16.5 |
% |
|
|
|
|
Net loss |
$ |
(471 |
) |
|
$ |
34 |
|
|
$ |
(505 |
) |
|
|
Loss per share |
$ |
(0.16 |
) |
|
$ |
0.01 |
|
|
$ |
(0.18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MICRON SOLUTIONS, INC.EBITDA
RECONCILIATION (1)($ in thousands)
|
Three Months
Ended |
|
June 30, |
|
|
2019 |
|
|
|
2018 |
|
Net income (loss) |
$ |
(471 |
) |
|
$ |
34 |
|
Income tax benefit |
|
— |
|
|
|
— |
|
Other (income) expense |
|
(22 |
) |
|
|
(12 |
) |
Interest expense |
|
112 |
|
|
|
96 |
|
Depreciation and amortization |
|
374 |
|
|
|
372 |
|
Share-based compensation |
|
116 |
|
|
|
29 |
|
Non-cash incentive plan accruals |
|
50 |
|
|
|
— |
|
Non-recurring consulting and other expenses |
|
— |
|
|
|
8 |
|
Adjusted
EBITDA |
$ |
159 |
|
|
$ |
527 |
|
Adjusted EBITDA margin % |
|
3.2 |
% |
|
|
9.9 |
% |
|
|
|
|
|
|
|
|
(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 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. Wayne CollChief Financial Officer978.345.5000
Micron Solutions (AMEX:MICR)
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