World News: 22:03 GMT Wednesday 15th May 2019. [Micron Solutions, Inc. via Globe Newswire via SPi World News]
FITCHBURG, Mich., May 15, 2019 (GLOBE NEWSWIRE) -- Micron Solutions, Inc. (NYSE American: 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, 2019.
“In the first quarter 2019, the company reported $4,686,000 in revenue, a 13.6% increase over the fourth quarter 2018. Adjusted EBITDA for the period was $203,000,” said Mr. Laursen.
In comparison to Q1 2018, the Company reported a decrease in gross profit on lower net sales while booking a one-time charge in this first quarter of $132 thousand related to a separation agreement with previous management.
“We are in a critical transition phase, with the company making significant improvements to the management and operations team including the addition of Michael Simmons, SVP of Operations and Lisa Burdick, Director of Quality. Mike and Lisa bring many years of success and best practices to Micron. We have implemented extensive changes to operations and sales processes that will position Micron to create higher margin revenue growth and the ability to scale rapidly. Our solid sales pipeline and new product launch process are already showing visibility into an improved revenue and EBITDA outlook for 2019 and beyond,” concluded Mr. Laursen.
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 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:
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 factors that potentially could affect the Company's financial results is included in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
Globe Newswire: 22:03 GMT Wednesday 15th May 2019
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