The Company’s top five customers in the fourth quarter represented approximately 28% of revenue. The Company had no single customer that represented 10% or more in revenue during the quarter. For the full year 2021, the Company’s top five customers represented approximately 32% of revenue with the largest customer representing approximately 13%.
Fourth Quarter 2021 Operating Results
Three Months Ended |
||||||||||||||||||||
($ in 000s) |
|
|
|
|
Change |
|
|
|
Change |
|||||||||||
12/31/2021 |
|
9/30/2021 |
|
$ |
|
% |
|
12/31/2020 |
|
$ |
|
% |
||||||||
Gross profit |
$ |
10,346 |
$ |
10,395 |
$ |
(49) |
-0.5% |
$ |
6,720 |
$ |
3,626 |
54.0% |
||||||||
Gross margin |
|
46.3% |
|
49.2% |
|
45.2% |
||||||||||||||
Operating income (loss) |
$ |
295 |
$ |
2,549 |
$ |
(2,254) |
-88.4% |
$ |
(484) |
$ |
779 |
NM |
||||||||
Operating margin |
|
1.3% |
|
12.1% |
|
-3.3% |
||||||||||||||
| Net earnings (loss) (GAAP) |
$ |
287 |
$ |
2,175 |
$ |
(1,888) |
-86.8% |
$ |
(380) |
$ |
667 |
NM |
||||||||
| Net earnings per diluted share (GAAP) |
$ |
0.03 |
$ |
0.20 |
|
(0.04) |
||||||||||||||
| Adjusted net earnings (Non-GAAP) (1) |
$ |
799 |
$ |
2,480 |
$ |
(1,681) |
-67.8% |
$ |
(76) |
$ |
875 |
NM |
||||||||
| Adjusted net earnings per diluted share (Non-GAAP) (1) |
$ |
0.07 |
$ |
0.23 |
$ |
(0.01) |
||||||||||||||
| Adjusted EBITDA (Non-GAAP) (1) |
$ |
1,368 |
$ |
3,388 |
$ |
(2,020) |
-59.6% |
$ |
203 |
$ |
1,165 |
573.9% |
||||||||
| Adjusted EBITDA margin (Non-GAAP) (1) |
|
6.1% |
|
16.0% |
|
1.4% |
||||||||||||||
| (NM means not measurable) |
||
| (1) |
|
Adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. Further information can be found under “Non-GAAP Financial Measures.” See also the reconciliations of GAAP financial measures to non-GAAP financial measures that accompany this press release. |
