FITCHBURG, Mich., May 15, 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 first quarter ended March 31, 2019.
“In the first quarter 2019, the company reported $4,686,000 in revenue, a 13.6% increase over the fourth quarter 2018. Adjusted EBITDA for the period was $203,000,” said Mr. Laursen.
In comparison to Q1 2018, the Company reported a decrease in gross profit on lower net sales while booking a one-time charge in this first quarter of $132 thousand related to a separation agreement with previous management.
Outlook:
“We are in a critical transition phase, with the company making significant improvements to the management and operations team including the addition of Michael Simmons, SVP of Operations and Lisa Burdick, Director of Quality. Mike and Lisa bring many years of success and best practices to Micron. We have implemented extensive changes to operations and sales processes that will position Micron to create higher margin revenue growth and the ability to scale rapidly. Our solid sales pipeline and new product launch process are already showing visibility into an improved revenue and EBITDA outlook for 2019 and beyond,” 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.
First Quarter 2019 Review
| $ In thousands | Q1 2019 |
Q1 2018 |
$ Change
| % Change | |||||||
| Net sales | $ | 4,686 | $ | 5,119 | $ | (433) | -8.5% | ||||
| Gross profit | $ | 654 | $ | 731 | $ | (77) | -10.7% | ||||
| Gross margin | 14.0% | 14.3% | |||||||||
| Net loss | $ | (519) | $ | (180) | $ | (339) | |||||
| Loss per share | $ | (0.18) | $ | (0.06) | $ | (0.12) | |||||
| MICRON SOLUTIONS, INC. | ||
| EBITDA RECONCILIATION (1) | ||
| ($ in thousands) | ||
| Three Months Ended | ||
| March 31, | ||
| 2019 | 2018 | |
| Net loss | $ (519 ) | $ (180 ) |
| Income tax benefit | — | — |
| Other (income) expense | — | (9) |
| Interest expense | 111 | 97 |
| Depreciation and amortization | 375 | 396 |
| Share-based compensation | 58 | 34 |
| Non-cash incentive plan accruals | 50 | — |
| Non-recurring consulting and other expenses | 128 | 12 |
| Adjusted EBITDA | $ 203 | $ 349 |
| Adjusted EBITDA margin % | 4.3% | 6.8% |
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