Micron Solutions, Inc. Reports 2019 Third Quarter Results
2019年11月14日 - 7:02AM
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 third
quarter ended September 30, 2019.
In the third quarter 2019, the Company reported
$4,331,000 in revenue, as compared to $5,002,000 in the third
quarter of 2018, a 13.4% decrease. The net loss for the period was
$507,000 compared to $77,000 in the third quarter of 2018. Adjusted
EBITDA for the period was $80,000, compared to $410,000 in the
third quarter of 2018.
Outlook:
CEO Bill Laursen commented, “During the third
quarter we announced binding commitments of $3.7M with a leading
medical technology company and a $1M annual contract award as part
of a five-year program with an innovation leader in the defense
market. We are currently readying these orders for production and
expect these, and other anticipated pipeline opportunities, will be
contributive in 2020.” CFO Wayne Coll commented, “Revenue did
not include the addition of the significant commitments from new
customers announced during the quarter. We plan to start shipping
to our new customers in the coming year.”
About Micron Solutions, Inc.
Micron Solutions, Inc., through its wholly-owned
subsidiary, Micron Products, Inc., is a diversified contract
manufacturing organization that produces highly-engineered,
innovative medical device components requiring precision machining
and injection molding. The Company also contract manufactures
components, devices and equipment for military, law enforcement,
industrial and automotive applications. In addition, the
Company is a market leader in the production and sale of
silver/silver chloride coated and conductive resin sensors used as
consumable component parts in the manufacture of integrated
disposable electrophysiological sensors. The Company’s
strategy for growth is to build a best-in-class contract
manufacturer with a specialized focus on plastic injection molding
and highly-engineered medical devices and components requiring
precision machining.
The Company routinely posts news and other important information
on its websites:
http://www.micronsolutionsinc.com and
http://www.micronproducts.com
FINANCIAL TABLES FOLLOW.
Third Quarter 2019 Review
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$ In thousands |
Q3 2019 |
|
Q3 2018 |
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$ Change |
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% Change |
Net sales |
$ |
4,331 |
|
|
$ |
5,002 |
|
|
$ |
(671 |
) |
|
-13.4 |
Gross profit |
$ |
517 |
|
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$ |
735 |
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$ |
(218 |
) |
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-29.7 |
Gross
margin |
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11.9 |
% |
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14.7 |
% |
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Net loss |
$ |
(507 |
) |
|
$ |
(77 |
) |
|
$ |
(430 |
) |
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Loss per share |
$ |
(0.18 |
) |
|
$ |
(0.03 |
) |
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$ |
(0.15 |
) |
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MICRON SOLUTIONS, INC.EBITDA
RECONCILIATION (1)($ in thousands)
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Three Months Ended |
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September 30, |
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2019 |
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2018 |
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Net income (loss) |
$ |
(507 |
) |
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$ |
(77 |
) |
Income tax benefit |
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— |
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|
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— |
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Other (income) expense |
|
17 |
|
|
|
(12 |
) |
Interest expense |
|
110 |
|
|
|
101 |
|
Depreciation and amortization |
|
358 |
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|
|
361 |
|
Share-based compensation |
|
52 |
|
|
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28 |
|
Incentive plan accruals |
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50 |
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— |
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Non-recurring expenses |
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— |
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9 |
|
Adjusted
EBITDA |
$ |
80 |
|
|
$ |
410 |
|
Adjusted EBITDA margin % |
|
1.8 |
% |
|
|
8.2 |
% |
(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 expenses), 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. 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 most recent Annual Report on Form 10-K and other
subsequent filings with the Securities and Exchange Commission.
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For more information, contact: |
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Mr. Wayne
Coll |
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Chief
Financial Officer |
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978.345.5000 |
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