FITCHBURG, Mass., Nov. 16, 2020 (GLOBE NEWSWIRE) -- 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 third quarter ended September 30, 2020.
In the third quarter of 2020, the Company reported $5,636,000 in revenue, as compared to $4,331,000 in the third quarter of 2019, a 30.1% increase. Net Income for the third quarter of 2020 was $324,000 compared to a net loss of $507,000 in the third quarter of 2019. Gross Margin improved to 23.0% in the third quarter of 2020, compared to 9.2% in the third quarter of 2019.
Adjusted EBITDA for the third quarter of 2020, was $766,000 compared to $80,000 in the third quarter of 2019, an approximate 950% increase.
Outlook:
CEO Bill Laursen commented, “We are excited about our performance in the third quarter of 2020, which was characterized by a strong improvement in gross profit and significantly increased Adjusted EBITDA. We are pleased to report that we had successive quarters of profitability which is attributable to the accomplishments of our team as we work to complete the turn-around we began less than two years ago. As an essential services provider, we believe that we have fared comparatively well given the unpredictable impacts of the pandemic as demonstrated by our 30.1% increase in revenues. While we, like all companies, face continued uncertainty during these difficult times, we credit the resiliency of our workforce with these healthy gains.”
CFO Wayne Coll commented, “On August 25, 2020, we announced that we entered into a purchase and sale agreement for the sale and leaseback of our main manufacturing facility. The transaction was subject to a number of conditions and was expected to close in the fourth quarter of 2020. We continue to work through due diligence matters with purchaser, and now expect the closing of the sale-leaseback to take place by the end of the fourth quarter of 2020 or within the first quarter of 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.
| Third Quarter 2020 (unaudited) | |||||||||||||||
| $ In thousands | Q3 2020 | Q3 2019 | $ Change | % Change | |||||||||||
| Net sales | $ | 5,636 | $ | 4,331 | $ | 1,305 | 30.1 | ||||||||
| Gross profit | $ | 1,298 | $ | 517 | $ | 781 | 151.1 | ||||||||
| Gross margin | 23.0 | % | 9.2 | % | |||||||||||
| Net Income (loss) | $ | 324 | $ | (507 | ) | $ | 831 | ||||||||
| Net Income (loss) per share, basic | $ | 0.11 | $ | (0.16 | ) | $ | .27 | ||||||||
| Net Income (loss) per share, diluted | $ | 0.11 | $ | (0.16 | ) | $ | .27 | ||||||||
