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 financial results for its fourth quarter and
fiscal year ended December 31, 2021, an amendment to its Credit
Facility with Berkshire Bank, and a stock repurchase program under
which the Company may purchase up to $1,000,000 of the Company’s
Common Stock through March 31, 2023.
In the fourth quarter of 2021, the Company
reported $4,374,690 in net sales, as compared to $5,613,260 in the
fourth quarter of 2020, a 22.1% decrease. Net loss for the fourth
quarter of 2021 was ($928,491) compared to net income of $77,796 in
the fourth quarter of 2020. Gross margin decreased to 5.1% in the
fourth quarter of 2021, compared to 14.8%% in the fourth quarter of
2020.
Adjusted EBITDA for the fourth quarter of 2021
was ($517,000) compared to $518,000 in the fourth quarter of
2020.
For the fiscal year ended December 31, 2021, the
Company reported $20,410,331 in net sales, as compared to
$20,838,356 in net sales for the fiscal year ended December 31,
2020, a 2.1% decrease. Net income for the fiscal year of 2021 was
$1,726,936 compared to net income of $1,147,889 for the fiscal year
of 2020. Gross margin decreased to 9.1% for the fiscal year of
2021, compared to 17.0% for the fiscal year of 2020.
Adjusted EBITDA for the fiscal year ended
December 31, 2021 was ($104,000) compared to $1,742,000 for the
fiscal year ended December 31, 2020.
CEO Bill Laursen commented, “In 2021, Micron’s
EBITDA was severely impacted by the COVID-19 pandemic, resulting in
business disruptions, supply chain shortages, delays and price
increases. We have sought to counter these challenges with
increased investments in engineering, production and supply chain
management while strengthening our pipeline and our abilities to
support onboarding new customers and product development. As COVID
subsides, we expect sales growth and margins to normalize. We are
currently seeing significant bid activity from companies looking to
move manufacturing back to the U.S., and believe Micron is well
positioned to capitalize on this trend. Also of note, in 2021 we
completed a sale lease back on our main facility which allowed us
to retire all of our debt at that time. Going forward, our balance
sheet provides us the flexibility to invest in the growth of the
business, while at the same time supporting a program to return
capital to shareholders.”
The Company also announced that it has entered
into an amended Credit Facility with its institutional lender
Berkshire Bank. The terms of the amendment include a waiver of the
debt service coverage covenant for the period ending December 31,
2021 and the prior quarter, a waiver of the tangible capital base
covenant for the period ending December 31, 2021, a resetting of
the covenants to levels that Micron projects to be compliant with,
and a modification in the maximum amount of availability under the
revolving and equipment facilities. The revised credit agreement
also provides consent for Micron’s Stock Repurchase Program under
certain conditions. CFO Glen Bunnell commented, “Based on current
expectations, we are confident that the revised banking agreement
provides adequate liquidity for our current operating needs.”
The Company’s Board of Directors has approved a
stock repurchase program under which the Company may purchase up to
$1,000,000 of its Common Stock, but not to exceed 300,000 shares of
Common Stock, or approximately 10% of the company’s outstanding
shares. Stock repurchases under the Company’s stock repurchase
program may be made in the open market or in privately negotiated
transactions or otherwise, with the amount and timing of
repurchases subject to market conditions, contractual restrictions,
assessments of corporate needs, available financing consistent with
our amended credit facility, and other factors. Open market
repurchases will be structured to occur within the pricing and
volume requirements of Rule 10b-18. This Company’s stock repurchase
program does not obligate the Company to acquire any particular
amount of Common Stock and the program may be extended, modified,
suspended or discontinued at any time at the Company’s
discretion.
Andrei Soran, Chairman of Micron’s Board of
Directors commented: “The share repurchase authorization reflects
our confidence in the value of the company while offering
shareholders liquidity.”
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
Fourth Quarter 2021
(unaudited)
$ In thousands |
|
Q4 2021 |
|
|
Q4 2020 |
|
|
$ Change |
|
|
% Change |
|
Net
sales |
$ |
4,375 |
|
$ |
5,613 |
|
$ |
(1,238) |
|
|
-22.1 |
% |
Gross
profit |
$ |
223 |
|
$ |
831 |
|
$ |
(608) |
|
|
-73.2 |
% |
Gross margin |
|
5.1% |
|
|
14.8% |
|
|
|
|
|
|
|
Net
income (loss) |
$ |
(928) |
|
$ |
78 |
|
$ |
(1,006) |
|
|
|
|
Earnings (loss) per share |
$ |
(0.30) |
|
$ |
0.03 |
|
$ |
(0.33) |
|
|
|
|
Fiscal Year 2021
(unaudited)
$ In thousands |
|
2021 |
|
|
2020 |
|
|
$ Change |
|
|
% Change |
|
Net
sales |
$ |
20,410 |
|
$ |
20,838 |
|
$ |
(428) |
|
|
-2.1 |
% |
Gross
profit |
$ |
1,851 |
|
$ |
3,546 |
|
$ |
(1,695) |
|
|
-47.8 |
% |
Gross margin |
|
9.1% |
|
|
17.0% |
|
|
|
|
|
|
|
Net
income (loss) |
$ |
1,727 |
|
$ |
1,148 |
|
$ |
579 |
|
|
|
|
Basic
Earnings per share |
$ |
0.57 |
|
$ |
0.39 |
|
$ |
0.18 |
|
|
|
|
MICRON SOLUTIONS, INC.ADJUSTED EBITDA
RECONCILIATION (1)($ in thousands)
|
|
Three Months Ended |
|
|
Year Ended |
|
|
December 31, |
|
|
December 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net income
(loss) |
$ |
(928) |
|
$ |
78 |
|
$ |
1,727 |
|
$ |
1,148 |
|
Interest expense |
|
21 |
|
|
75 |
|
|
129 |
|
|
323 |
|
Depreciation and amortization |
|
255 |
|
|
303 |
|
|
1,110 |
|
|
1,296 |
|
Share-based compensation |
|
53 |
|
|
62 |
|
|
271 |
|
|
188 |
|
(Gain)/Loss on sale of fixed assets |
|
82 |
|
|
- |
|
|
(3,341) |
|
|
- |
|
Paycheck Protection Program Grant Income |
|
— |
|
|
— |
|
|
— |
|
|
(1,213) |
|
Adjusted
EBITDA |
$ |
(517) |
|
$ |
518 |
|
$ |
(104) |
|
$ |
1,742 |
|
Adjusted EBITDA margin % of
Net Sales |
|
-11.8% |
|
|
9.2% |
|
|
-0.5% |
|
|
8.4% |
|
(1) Non-GAAP Financial
MeasuresIn addition to reporting net income, a U.S.
generally accepted accounting principles (“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 gain on sale of fixed assets), 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 and the Gain/Loss on sale of fixed assets includes the
gain resulting from the sale/leaseback transaction of our primary
facility in 2021. 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 statements related to projections and liquidity needs,
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 product price increases and/or
decreases to 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, which higher debt levels 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; the impact on
the Company’s operations and financial results due to economic
uncertainty and disruption including, but not limited to, the
COVID-19 pandemic; 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 and components used in
manufacturing at competitive prices, including managing disruptions
in the supply chain and the availability of certain raw materials;
variations in the mix of products sold; maintaining regulatory
quality standards applicable to our manufacturing and quality
processes; and the amount and timing of investments in capital
equipment, sales and marketing, engineering and information
technology resources. 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 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. Glen BunnellChief Financial Officer978.345.5000 |
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