FITCHBURG, Mass., May 15, 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 first quarter ended March 31, 2020.
In the first quarter 2020, the Company reported $5,233,000 in revenue, as compared to $4,686,000 in the first quarter of 2019, an 11.7% increase. The net loss for the first quarter of 2020 was $285,000 compared to a net loss of $519,000 in the first quarter of 2019. Adjusted EBITDA for the period was $287,000, compared to $203,000 in the first quarter of 2019, a 41.4% increase.
Outlook:
CEO Bill Laursen commented, “I’m proud of the progress we’ve made over the last year, which shows in our first quarter revenue growth and earnings improvement. Since the onset of COVID-19, we have been operating in an unpredictable period of economic disruption. As an essential services provider we have maintained full production to the medical and military markets while adapting to unfavorable impacts in other markets. Despite these challenges we believe our relationships with our customers have never been stronger.”
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 websites:
http://www.micronsolutionsinc.com and
http://www.micronproducts.com
FINANCIAL TABLES FOLLOW.
| First Quarter 2020 (unaudited) | ||||||||||||
| $ In thousands |
Q1 2020
|
Q1 2019
|
$ Change
| % Change | ||||||||
| Net sales | $ | 5,233 | $ | 4,686 | $ | 547 | 11.7 | |||||
| Gross profit | $ | 738 | $ | 654 | $ | 84 | 12.8 | |||||
| Gross margin | 14.1 | % | 14.0 | % | ||||||||
| Net loss | $ | (285 | ) | $ | (519 | ) | $ | 234 | ||||
| Loss per share | $ | (0.10 | ) | $ | (0.18 | ) | $ | .08 | ||||
