Micron Solutions, Inc. Reports 2021 First Quarter Results
2021年5月17日 - 10:47PM
Micron Solutions, Inc. (OTCQB: 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,
2021.
In the first quarter of 2021, the Company
reported $5,761,000 in revenue, as compared to $5,223,000 in the
first quarter of 2020, a 10.1% increase. Net Income for the first
quarter of 2021 was $115,000 compared to a net loss of $295,000 in
the first quarter of 2020. Gross Margin improved to 16.1% in the
first quarter of 2021, compared to 14.1% in the first quarter of
2020.
Adjusted EBITDA for the first quarter of 2021
was $550,000 compared to $162,000 in the first quarter of 2020, an
approximate 340% increase.
Outlook:
CEO Bill Laursen commented, “We are pleased with
our performance in the first quarter of 2021, which included strong
sales growth, improvement in gross margins and significant
increases in net income and Adjusted EBITDA. As an essential
services provider, we believe that we have continued to fare well
given the uncertainty of the pandemic. We are encouraged by the
increase in business development activities as the economy appears
to be entering a period of strong growth. While we, like many
companies, have had to contend with commodity shortages and
difficulties expanding our workforce, we believe we are well
positioned to take advantage of the opportunities before us.”
CFO Wayne Coll commented, “On May 14, 2021, we
executed a purchase and sale agreement for the sale and leaseback
of our main manufacturing facility at 41 Sawyer Passway, with
expected closing proceeds of $3.8 Million, which will be used to
reduce bank and other debt. Following the termination of the
discussions with the original potential buyer in February 2021, the
Company received several additional offers for the property,
including an offer from an entity led by certain non-management
members of the Company’s Board of Directors. In response to this
offer, the Board formed an independent director committee to
evaluate the various potential offers. After review and further
negotiation, the independent committee determined that the offer
that included the non-management members of the Board provided more
favorable terms for the Company than the alternative proposals. The
sale leaseback transaction includes a triple net lease on our
83,093 square foot facility with a ten-year term with four
five-year extension options and initial rent of $31,506 per month.
Subject to buyer’s satisfaction of completion of due diligence,
customary closing conditions and bank approval, the sale leaseback
transaction is expected to close in June 2021.”
About Micron Solutions, Inc.
Micron Solutions, Inc., through its wholly-owned
subsidiary, Micron Products, Inc., is a diversified contract
manufacturing organization that produces highly-engineered,
innovative medical device components requiring precision machining
and injection molding. The Company also contract manufactures
components, devices and equipment for military, law enforcement,
industrial and automotive applications. In addition, the Company is
a market leader in the production and sale of silver/silver
chloride coated and conductive resin sensors used as consumable
component parts in the manufacture of integrated disposable
electrophysiological sensors. The Company’s strategy for growth is
to build a best-in-class contract manufacturer with a specialized
focus on plastic injection molding and highly-engineered medical
devices and components requiring precision machining.
The Company routinely posts news and other important information
on its website: http://www.micronsolutions.com
FINANCIAL TABLES FOLLOW.
|
First
Quarter 2021 (unaudited) |
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$ In thousands |
Q1 2021 |
|
Q1 2020 |
|
$ Change |
|
% Change |
Net sales |
$ |
5,761 |
|
|
$ |
5,233 |
|
|
$ |
528 |
|
10.1 |
% |
Gross profit |
$ |
929 |
|
|
$ |
738 |
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|
$ |
191 |
|
25.9 |
% |
Gross margin |
|
16.1 |
% |
|
|
14.1 |
% |
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Net income (loss) |
$ |
115 |
|
|
$ |
-295 |
|
|
$ |
410 |
|
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Earnings (loss) per share |
$ |
0.04 |
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|
$ |
-0.10 |
|
|
$ |
0.14 |
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MICRON
SOLUTIONS, INC.EBITDA RECONCILIATION
(1)($ in thousands) |
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Three Months Ended |
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March 31, |
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2021 |
|
|
|
2020 |
|
Net income (loss) |
$ |
115 |
|
|
$ |
(285 |
) |
Interest expense |
|
44 |
|
|
|
98 |
|
Depreciation and amortization |
|
296 |
|
|
|
341 |
|
Share-based compensation |
|
95 6 |
|
|
|
8 |
|
Adjusted EBITDA |
$ |
550 |
|
|
$ |
162 |
|
Adjusted EBITDA margin % |
|
9.5 |
% |
|
|
3.1 |
% |
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(1) Non-GAAP Financial
MeasuresIn addition to reporting net income (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, interest,
depreciation and amortization, share-based compensation expense and
certain non-recurring income and 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 income (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,
including but not limited to, the duration and effect of Covid-19
on our results of operations and business, expected rise in
economic activity, and the terms, conditions, timing and ability to
close on a sale leaseback transaction 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. Therefore, actual
results may differ materially from what is expressed in or implied
by these forward-looking statements. The factors that could cause
our actual results of operations, financial condition, performance
or achievements to be affected materially include, but are not
limited to, 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; our ability to refinance the
terms of our credit facility on commercially reasonable terms or at
all; the impact on the Company’s financial results due to economic
uncertainty and disruption including, but not limited to, recent
events concerning COVID-19; 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; the amount and timing of investments in capital
equipment, sales and marketing, engineering and information
technology resources; and the terms, timing, and ability to close a
sale-leaseback transaction. The Company assumes no obligation to
update the information included in this press release, whether as a
result of new information, future events or otherwise. More
information about the Company's financial results is included in
the Company's Quarterly Report for the quarter ended March 31, 2021
and our most recent Annual Report for the fiscal year ended
December 31, 2021, which are posted at
https://www.otcmarkets.com/stock/MICR/ and
https://micronsolutions.com/.
For more information, contact: Mr. Wayne Coll
Chief Financial Officer 978.345.5000
Micron Solutions (AMEX:MICR)
過去 株価チャート
から 5 2024 まで 6 2024
Micron Solutions (AMEX:MICR)
過去 株価チャート
から 6 2023 まで 6 2024