FITCHBURG, Mass., March 19, 2019 (GLOBE NEWSWIRE) -- 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 fourth quarter and year ended December 31, 2018.
“For the twelve months ended December 31, 2018, the Company reported a slight increase in gross profit on lower net sales, and by controlling operating expenses, improved the loss per share by 19% compared to 2017, despite large losses in the fourth quarter,” said Bill Laursen, President and Chief Executive Officer.
Fourth Quarter 2018 Review
| $ In thousands | Q4 2018 | Q4 2017 | $ Change | % Change | ||||||||||
| Net sales | $ | 4,124 | $ | 4,539 | $ | (415 | ) | -9.1 | % | |||||
| Gross profit | $ | -21 | $ | 565 | $ | (586 | ) | -103.7 | % | |||||
| Gross margin | -0.5 | % | 12.4 | % | ||||||||||
| Net loss | $ | (875 | ) | $ | (364 | ) | $ | (511 | ) | |||||
| Loss per share | $ | (0.31 | ) | $ | (0.13 | ) | $ | (0.18 | ) | |||||
The decrease in net sales in the fourth quarter of 2018 as compared to the same period in the prior year was due to lower net sales of machined components, partly offset by an increase in net sales of sensors.
2018 Review
| $ In thousands | 2018 | 2017 | $ Change | % Change | ||||||||||
| Net sales | $ | 19,565 | $ | 20,103 | $ | (538 | ) | -2.7 | % | |||||
| Gross profit | $ | 2,324 | $ | 2,292 | $ | 32 | 1.4 | % | ||||||
| Gross margin | 11.9 | % | 11.4 | % | ||||||||||
| Net loss | $ | (1,098 | ) | $ | (1,355 | ) | $ | 257 | ||||||
| Loss per share | $ | (0.39 | ) | $ | (0.48 | ) | $ | 0.09 | ||||||
Net sales for 2018 decreased compared to 2017 due primarily to a decrease in net sales of machined components, thermoplastic injection molding and tooling, partly offset by an increase in net sales of sensors.
