FITCHBURG, Mass., Nov. 13, 2017 (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 third quarter ended September 30, 2017.
The Company reported an increase in net sales of 4.1 percent in the third quarter of 2017 as compared to the same period in the prior year. The increase in net sales in the third quarter was from net sales of sensors partly offset by decreased net sales of tooling, thermoplastic injection molded products, as well as net sales of orthopedic implant components and instruments.
Third Quarter 2017 Review
| $ In thousands | Q3 2017 | Q3 2016 | $ Change | % Change | ||||||
| Net sales | $ | 4,908 | $ | 4,713 | $ | 195 | 4.1% | |||
| Gross profit | $ | 692 | $ | 811 | $ | (119) | -14.7% | |||
| Gross margin | 14.1% | 17.2% | ||||||||
| Net loss | $ | (181) | $ | (69) | $ | (112) | ||||
| Diluted loss per share | $ | (0.06) | $ | (0.02) | $ | (0.04) | ||||
Gross profit decreased in the third quarter of 2017 as compared with the same period in the prior year. The decrease in gross profit was primarily from orthopedic implant components and instruments as well as thermoplastic injection molding due primarily to customer and product mix. Gross profit from sensors increased slightly due to increased volume but decreased as a percentage of sales.
“Adjusted EBITDA(1) in the third quarter of 2017 was $416 thousand, a $426 thousand improvement over the second quarter of 2017 and $168 thousand better than the first quarter of 2017. These improvements were the result of productivity enhancements and other cost savings measures which were implemented in the second quarter of 2017,” commented Salvatore Emma Jr., the Company’s President and CEO.
(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 continuing operations to Adjusted EBITDA.
First Nine Months 2017 Review
| $ In thousands | YTD 2017 | YTD 2016 | $ Change | % Change | ||||||
| Net sales | $ | 15,564 | $ | 14,825 | $ | 739 | 5.0% | |||
| Gross profit | $ | 1,727 | $ | 2,441 | $ | (714) | (29.3%) | |||
| Gross margin | 11.1% | 16.5% | ||||||||
| Net loss | $ | (991) | $ | (391) | $ | (600) | ||||
| Diluted loss per share | $ | (0.35) | $ | (0.14) | $ | (0.21) | ||||
The increase in net sales for the nine months ended 2017, compared with the same prior year period was from net sales of sensors and thermoplastic injection molding. The increase was partly offset by decreased net sales of orthopedic implant components and instruments.
