M-tron Industries, Inc. Reports Fiscal Year 2023 Results and Announces Investor Call
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Total revenues for the year ended
December 31, 2023 , were$41.2 million , an increase of$9.3 million , or 29.3%, from$31.8 million for the year endedDecember 31, 2022 . -
Consolidated gross margin improved to 40.7% for the year ended
December 31, 2023 , compared to 35.6% for the prior year. -
Order backlog was
$47.8 million , an increase of 3.6% compared to$46.2 million as ofDecember 31, 2022 . -
Diluted net income per share for the years ended
December 31, 2023 and 2022 was$1.28 and$0.67 , respectively. -
Adjusted EBITDA, a Non-GAAP measure, was
$7.7 million for the fiscal year endedDecember 31, 2023 versus$4.0 million for the prior year.
Results from Operations
MtronPTI’s portfolio is divided into three product groupings, Frequency Control, Spectrum Control and Integrated Microwave Assemblies, and has expanded from primarily crystal-based components to include higher levels of integration, advanced materials science, cavity-based products, and various types of compensation methods employing integrated circuits and other methods to create products geared for applications that require high reliability in harsh environments. These products are differentiated by their precise level of accuracy, stability over time and within harsh environments, and very low phase noise.
Total revenues for the year ended
Gross margin improved to 40.7% for the year ended
As of
During the fourth quarter, all MtronPTI full-time employees below the executive level were issued a one-time stock option grant based on their respective years of service. The purpose of the grant was to reward employees for their past contribution to the Company and serves to align employee interests with those of our stockholders. The stock option grant vested immediately, and with a strike price of
The Company reported an operating income of
Quarterly, income before income taxes grew incrementally each quarter during 2024, from
Net income was
Adjusted EBITDA, a Non-GAAP measure, was
MtronPTI’s Separation
On
Investor Call
Management, including MtronPTI's CEO,
The call will begin at
Toll-Free Dial-In Number: 1 (800) 715-9871
Toll Dial-In Number: 1 (646) 307-1963
Conference ID: 8891215
An archive of the call will be available after the call on the Events and Presentations page on the Investor Relations section of MtronPTI’s website at https://ir.mtronpti.com/events-and-presentations/default.aspx, along with MtronPTI’s earnings press release.
Condensed Consolidated and Combined Statements of Operations (Amounts in Thousands, Except Share and Per Share Amounts) |
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Quarter ended |
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Fiscal Year ended |
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(Unaudited) |
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(Amounts in thousands, except share amounts) |
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2023 |
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2022 |
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2023 |
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2022 |
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REVENUES |
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$ |
10,773 |
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$ |
8,673 |
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$ |
41,168 |
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$ |
31,845 |
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Costs and expenses: |
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Manufacturing cost of sales |
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6,080 |
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|
|
5,580 |
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24,402 |
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20,499 |
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Engineering, selling and administrative |
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4,753 |
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2,265 |
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12,467 |
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|
|
8,471 |
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OPERATING (LOSS) INCOME |
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(60 |
) |
|
|
828 |
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|
|
4,299 |
|
|
|
2,875 |
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Interest income (expense), net |
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13 |
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(5 |
) |
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7 |
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(11 |
) |
Other income (expense), net |
|
|
100 |
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|
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(228 |
) |
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|
94 |
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(269 |
) |
INCOME BEFORE INCOME TAXES |
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53 |
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|
|
595 |
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4,400 |
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|
2,595 |
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Income tax (benefit) provision |
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(20 |
) |
|
|
405 |
|
|
|
911 |
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|
|
797 |
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NET INCOME |
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$ |
73 |
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|
$ |
190 |
|
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$ |
3,489 |
|
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$ |
1,798 |
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Weighted average number of shares used in basic EPS calculation |
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2,703,897 |
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2,676,512 |
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2,696,445 |
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2,676,480 |
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Weighted average number of shares used in diluted EPS calculation |
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2,774,023 |
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2,693,035 |
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|
2,733,502 |
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2,676,524 |
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BASIC NET INCOME PER COMMON SHARE |
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$ |
0.03 |
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$ |
0.07 |
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$ |
1.29 |
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$ |
0.67 |
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DILUTED NET INCOME PER COMMON SHARE |
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$ |
0.03 |
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$ |
0.07 |
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$ |
1.28 |
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$ |
0.67 |
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Condensed Consolidated and Combined Balance Sheets (Amounts in Thousands) |
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ASSETS |
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Cash and cash equivalents |
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$ |
3,913 |
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$ |
926 |
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Accounts receivable, net |
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4,802 |
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5,197 |
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Inventories, net |
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8,884 |
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7,518 |
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Prepaid expenses and other current assets |
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588 |
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673 |
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Total Current Assets |
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18,187 |
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14,314 |
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Property, plant, and equipment, net |
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4,131 |
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3,647 |
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Right-of-use lease asset |
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97 |
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147 |
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Intangible assets, net |
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45 |
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|
98 |
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Deferred income tax asset |
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1,835 |
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1,051 |
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Other assets |
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10 |
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16 |
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Total Assets |
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$ |
24,305 |
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$ |
19,273 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Total Current Liabilities |
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4,384 |
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4,856 |
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Long-Term Liabilities |
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26 |
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76 |
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Total Liabilities |
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4,410 |
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4,932 |
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Total Stockholders' Equity |
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19,895 |
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|
14,341 |
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Total Liabilities and Stockholders' Equity |
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$ |
24,305 |
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$ |
19,273 |
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NON-GAAP Condensed Consolidated and Combined Statements of Operations
(Unaudited)
(Amounts in Thousands, Except Share and Par Value Amounts) |
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Quarter ended |
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Fiscal Year ended |
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(Amounts in thousands, except share and per share amounts) |
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2023 |
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2022 |
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2023 |
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2022 |
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Income before income taxes |
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$ |
53 |
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$ |
595 |
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$ |
4,400 |
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$ |
2,595 |
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Interest (income) expense, net |
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(13 |
) |
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5 |
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(7 |
) |
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11 |
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Depreciation and amortization |
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233 |
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199 |
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|
850 |
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|
725 |
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EBITDA |
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$ |
273 |
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$ |
799 |
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$ |
5,243 |
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$ |
3,331 |
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Non-cash stock compensation |
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2,124 |
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|
96 |
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2,421 |
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|
458 |
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Excess Separation costs |
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28 |
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|
219 |
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|
28 |
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|
219 |
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Adjusted EBITDA |
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$ |
2,425 |
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$ |
1,114 |
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$ |
7,692 |
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$ |
4,008 |
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Basic per share information: |
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Weighted average shares outstanding |
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2,703,897 |
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|
|
2,676,512 |
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|
|
2,696,445 |
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|
|
2,676,480 |
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Adjusted EBITDA per share |
|
$ |
0.90 |
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$ |
0.42 |
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$ |
2.85 |
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$ |
1.50 |
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Diluted per share information: |
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Weighted average shares outstanding |
|
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2,774,023 |
|
|
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2,693,035 |
|
|
|
2,733,502 |
|
|
|
2,676,524 |
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Adjusted EBITDA per share |
|
$ |
0.87 |
|
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$ |
0.41 |
|
|
$ |
2.81 |
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$ |
1.50 |
|
About MtronPTI:
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as those pertaining to the uncertain financial impact of COVID-19 and the Company’s financial condition, results of operations, business strategy and financial needs. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words “believe,” “expect,” “anticipate,” “should,” “plan,” “will,” “may,” “could,” “intend,” “estimate,” “predict,” “potential,” “continue” or the negative of these terms and similar expressions, as they relate to MtronPTI, are intended to identify forward-looking statements.
These forward-looking statements are largely based on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the Company. They can be affected by inaccurate assumptions, including the risks, uncertainties and assumptions described in the filings made by MtronPTI with the
These forward-looking statements speak only as of the date of this press release. MtronPTI undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240325510659/en/
Investor Relations:
ir@mtronpti.com
Source: