FITCHBURG, Mass., May 15, 2018 (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, 2018.
The Company reported that Adjusted EBITDA(1) for the first quarter ended March 31, 2018 was $350 thousand, an improvement of $102 thousand compared to the first quarter of 2017. This was a $0.02 improvement in loss per share in the quarter ended March 31, 2018 compared with the same quarter in 2017.
First Quarter 2018 Review
|$ In thousands||Q1 2018||Q1 2017||$ Change||% Change|
|Diluted loss per share||$||(0.06||)||$||(0.08||)||$||0.02|
While net sales and gross profit declined slightly in the first quarter of 2018, the Company decreased its net loss by 16% compared to the same period in the prior year. The decrease in net sales was due to lower net sales of thermoplastic injection molded products, partly offset by increases in net sales from sensors, as well as orthopedic implant components and instruments.
“The Company improved Adjusted EBITDA(1) in the first quarter as it continues to reduce operating expenses and improve gross margins. In addition, the Company’s total debt (including subordinated debt) decreased by $721 thousand in the first quarter, which is a direct result of reduced capital expenditures and continuing improvements in operating results. We continue to be encouraged by the amount of new activity in our sales pipeline, especially in the medical and defense markets.”
(1)See attached table for additional important disclosures regarding the Company’s use of Adjusted EBITDA, as well as a reconciliation of net loss from operations to Adjusted EBITDA.
- The Company entered into a five-year supply agreement with a large sensor customer.
- The Company completed several new molds for injection molded products.
- The Company successfully shipped its first orders of assembled and packaged Skintact® line of ESICLIP® medical device components for a European based customer. The parts are entirely fabricated at Micron Products and drop-shipped to customers worldwide.
- The Company has received its first orders for precision machined products used by the U.S. Navy.
- The Company reduced total debt by $721 thousand in the first quarter of 2018, including discharging the Company’s subordinated debt.
“The outlook is excellent for new opportunities from medical and defense customers. Micron has demonstrated the unique ability to injection-mold and precision-machine very close tolerance components. These capabilities have strong appeal to manufacturers who require geometric tolerances and features not typically capable with injection molding alone. Based on this outlook, the Company expects that revenue and EBITDA will continue to improve in 2018,” concluded Mr. Emma.
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.
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