The sequential contraction of gross margin included the impact of less favorable product mix, production inefficiencies and lower than expected absorption of fixed manufacturing costs. Production inefficiencies and under absorption were the result of escalated supply chain constraints as well as the timing related to inflationary increases in component material and labor costs with slightly lagging price improvements given pre-existing order commitments.

Compared with the third quarter of 2021, operating expenses were up $2.2 million which includes approximately $750,000 of operating expenses associated with acquisitions and incremental amortization expense for acquired intangibles of $200,000. In addition, fourth quarter operating expenses included $1.3 million in incremental atypical costs comprised of transaction expenses related to acquisitions and financing costs.

Full Year 2021 Revenue

($ in 000s)		Years Ended
												Change
		12/31/2021					12/31/2020					$			%
Revenue
Multimarket		$	29,941		35.3%		$	26,953		50.1%		$	2,988		11.1%
Semi Market			54,937		64.7%			26,870		49.9%			28,067		104.5%
		$	84,878		100.0%		$	53,823		100.0%		$	31,055		57.7%

Revenue in the Semi Market more than doubled in 2021 as the Company focused on gaining market share, deepening customer relationships and advancing new opportunities in the front-end of the semiconductor manufacturing process while capitalizing on strong market conditions. Revenue in Multimarket expanded 11% from the development of new applications in the automotive industry, specifically electric vehicles, broadening the Company’s customer reach, acquisitions and improving market conditions.

Full Year 2021 Operating Results

		Years Ended
($ in 000s)								Change
		12/31/2021			12/31/2020			$			%
Gross profit		$	41,224		$	24,104		$	17,120		71.0%
Gross margin			48.6%			44.8%
Operating income (loss)		$	8,459		$	(1,217)		$	9,676		NM
Operating margin			10.0%			(2.3)%
Net earnings (loss) (GAAP)		$	7,283		$	(895)		$	8,178		NM
Net earnings per diluted share (GAAP)		$	0.68		$	(0.09)
Adjusted net earnings (Non-GAAP) (1)		$	8,701		$	312		$	8,389		2,689.0%
Adjusted net earnings per diluted share (Non-GAAP) (1)		$	0.81		$	0.03
Adjusted EBITDA (Non-GAAP) (1)		$	12,047		$	1,336		$	10,711		801.7%
Adjusted EBITDA margin (Non-GAAP) (1)			14.2%			2.5%

(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.

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