Micron Solutions, Inc. Reports 2019 Third Quarter Results


MICRON SOLUTIONS, INC.
EBITDA RECONCILIATION (1)
($ in thousands)

      
  Three Months Ended
  September 30,
  2019   2018 
Net income (loss) $  (507 )   $   (77 )
  Income tax benefit  —    
  Other (income) expense 17     (12)
  Interest expense 110   101 
  Depreciation and amortization  358   361 
  Share-based compensation 52   28

 
 
  Incentive plan accruals 50    
Non-recurring expenses    9 
Adjusted EBITDA $ 80    $ 410 
Adjusted EBITDA margin % 1.8%  8.2%

(1) Non-GAAP Financial Measures
In addition to reporting net loss, a U.S. generally accepted accounting principle (“GAAP”) measure, this news release contains information about Adjusted EBITDA (income from continuing operations adjusted for income taxes, other income and expense, interest, depreciation and amortization, share-based compensation expense and certain non-recurring expenses), which is a non-GAAP measure.  Share-based compensation includes directors fees paid by means of stock grants versus cash as well as non-cash incentives. The Company believes Adjusted EBITDA allows investors to view its performance in a manner similar to the methods used by management and provides additional insight into its operating results.  Adjusted EBITDA is not calculated through the application of GAAP.  Accordingly, it should not be considered as a substitute for the GAAP measure of net loss and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure.  The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.

Safe Harbor Statement

Forward-looking statements made herein are based on current expectations of Micron Solutions, Inc. (“our” or the “Company”) that involve a number of risks and uncertainties and should not be considered as guarantees of future performance. The factors that could cause actual results to differ materially include our ability to obtain and retain order volumes from customers who represent significant proportions of net sales; our ability to maintain our pricing model, offset higher costs with price increases and/or decrease our cost of sales; variability of customer delivery requirements;  the level of and ability to generate sales of higher margin products and services; our ability to manage our level of debt and provisions in the debt agreements which could make the Company sensitive to the effects of economic downturns and limit our ability to react to changes in the economy or our industry; failure to comply with financial and other covenants in our credit facility; reliance on revenues from exports and impact on financial results due to economic uncertainty or downturns in foreign markets; volatility in commodity and energy prices and our ability to offset higher costs with price increases; continued availability of supplies or materials used in manufacturing at competitive prices; variations in the mix of products sold; continued availability of supplies or materials used in manufacturing at competitive prices; and the amount and timing of investments in capital equipment, sales and marketing, engineering and information technology resources.  More information about the Company's financial results is included in the Company's most recent Annual Report on Form 10-K and other subsequent filings with the Securities and Exchange Commission.




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