Such risks and uncertainties include, but are not limited to, any mentioned in this press release as well as the impact of the COVID-19 pandemic on our business, liquidity, financial condition and results of operations; indications of a change in the market cycles in the Semi Market or other markets we serve; changes in business conditions and general economic conditions both domestically and globally; changes in the demand for semiconductors; the success of our strategy to diversify our business by entering markets outside the Semi Market; our ability to successfully consolidate our EMS operations without any impact on customer shipments, quality or the level of our warranty claims and to realize the benefits of the consolidation; the possibility of future acquisitions or dispositions and the successful integration of any acquired operations; our ability to borrow funds or raise capital to finance potential acquisitions; changes in the rates and timing of capital expenditures by our customers; and other risk factors set forth from time to time in our Securities and Exchange Commission filings, including, but not limited to, our annual report on Form 10-K for the year ended December 31, 2020. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks to circumstances only as of the date on which it is made. We undertake no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
SELECTED FINANCIAL DATA
(Unaudited)
(In thousands, except per share data)
Condensed Consolidated Statements of Operations Data:
| Three Months Ended | Six Months Ended | ||||||||||||||||
| 6/30/2021 | 6/30/2020 | 3/31/2021 | 6/30/2021 | 6/30/2020 | |||||||||||||
| Net revenues | $ | 21,820 | $ | 13,275 | $ | 19,556 | $ | 41,376 | $ | 24,505 | |||||||
| Gross margin | 10,962 | 6,067 | 9,521 | 20,483 | 10,934 | ||||||||||||
| Operating expenses: | |||||||||||||||||
| Selling expense | 2,605 | 1,761 | 2,403 | 5,008 | 3,813 | ||||||||||||
| Engineering and product development expense | 1,356 | 1,217 | 1,322 | 2,678 | 2,509 | ||||||||||||
| General and administrative expense | 3,769 | 2,850 | 3,161 | 6,930 | 5,726 | ||||||||||||
| Restructuring and other charges | 197 | 38 | 55 | 252 | 46 | ||||||||||||
| Operating income (loss) | 3,035 | 201 | 2,580 | 5,615 | (1,160 | ) | |||||||||||
| Other income (loss) | 21 | (18 | ) | (2 | ) | 19 | (50 | ) | |||||||||
| Earnings (loss) before income tax expense (benefit) | 3,056 | 183 | 2,578 | 5,634 | (1,210 | ) | |||||||||||
| Income tax expense (benefit) | 447 | 13 | 366 | 813 | (237 | ) | |||||||||||
| Net earnings (loss) | 2,609 | 170 | 2,212 | 4,821 | (973 | ) | |||||||||||
| Net earnings (loss) per share – basic | $ | 0.25 | $ | 0.02 | $ | 0.21 | $ | 0.46 | $ | (0.10 | ) | ||||||
| Weighted average shares outstanding – basic | 10,443 | 10,252 | 10,329 | 10,386 | 10,237 | ||||||||||||
| Net earnings (loss) per share – diluted | $ | 0.24 | $ | 0.02 | $ | 0.21 | $ | 0.45 | $ | (0.10 | ) | ||||||
| Weighted average shares outstanding – diluted | 10,765 | 10,259 | 10,526 | 10,645 | 10,237 | ||||||||||||
