M-tron Industries, Inc. Reports First Quarter 2024 Results and Reminds Stakeholders of Investor Day
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Revenues increased
$1,818,000 to$11,185,000 for the three months endedMarch 31, 2024 from$9,367,000 for the three months endedMarch 31, 2023 -
Gross margin increased 861 basis points to 42.7% for the three months ended
March 31, 2024 from 34.1% for the three months endedMarch 31, 2023 -
Net income per diluted share increased
$0.33 to$0.53 for the three months endedMarch 31, 2024 from$0.20 for the three months endedMarch 31, 2023 -
Backlog was
$46,130,000 as ofMarch 31, 2024 , a decrease of$1,701,000 from$47,831,000 as ofDecember 31, 2023 and an increase of$592,000 from$45,538,000 as ofMarch 31, 2023 -
Adjusted EBITDA, a non-GAAP measure, increased
$1,234,000 to$2,262,000 for the three months endedMarch 31, 2024 from$1,028,000 for the three months endedMarch 31, 2023
MtronPTI will host an Investor Day on
The live presentation can be accessed via the link and information below or via MtronPTI's investor relations website at https://ir.mtronpti.com under Events and Presentations.
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Link to Meeting: |
https://us06web.zoom.us/j/89452383127?pwd=EJoIUqevYjlVMPuxFn4U1uFBbQ6RUz.1 |
Meeting ID: |
894 5238 3127 |
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Passcode: |
800589 |
The webcast and presentation materials will be archived and available for replay.
Results from Operations
First quarter 2024 Net income was
First quarter 2024 Adjusted EBITDA was
First quarter 2024 Gross margin was 42.7% compared with 34.1% in the first quarter of 2023. The increase is primarily due to higher revenues and change in product mix to higher margin products.
Backlog was
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Condensed Consolidated Statements of Operations |
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(Unaudited) |
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Three Months Ended |
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(in thousands, except share data) |
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2024 |
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2023 |
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Revenues |
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$ |
11,185 |
|
|
$ |
9,367 |
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Costs and expenses: |
|
|
|
|
|
|
|
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Manufacturing cost of sales |
|
|
6,406 |
|
|
|
6,171 |
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Engineering, selling and administrative |
|
|
2,990 |
|
|
|
2,435 |
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Total costs and expenses |
|
|
9,396 |
|
|
|
8,606 |
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Operating income |
|
|
1,789 |
|
|
|
761 |
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Other income (expense): |
|
|
|
|
|
|
|
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Interest income (expense), net |
|
|
32 |
|
|
|
(2 |
) |
Other income (expense), net |
|
|
42 |
|
|
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(40 |
) |
Total other income (expense), net |
|
|
74 |
|
|
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(42 |
) |
Income before income taxes |
|
|
1,863 |
|
|
|
719 |
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Income tax expense |
|
|
377 |
|
|
|
166 |
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Net income |
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$ |
1,486 |
|
|
$ |
553 |
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|
|
|
|
|
|
|
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Income per common share: |
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|
|
|
|
|
|
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Basic |
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$ |
0.55 |
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|
$ |
0.21 |
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Diluted |
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$ |
0.53 |
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$ |
0.20 |
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|
|
|
|
|
|
|
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Weighted average shares outstanding: |
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|
|
|
|
|
|
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Basic |
|
|
2,716,202 |
|
|
|
2,678,434 |
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Diluted |
|
|
2,784,960 |
|
|
|
2,701,418 |
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Condensed Consolidated Balance Sheets |
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(Unaudited) |
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(in thousands, except share data) |
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Assets: |
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|
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|
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Current assets: |
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|
|
|
|
|
|
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Cash and cash equivalents |
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$ |
5,414 |
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$ |
3,913 |
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Accounts receivable, net of reserves of |
|
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5,594 |
|
|
|
4,802 |
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Inventories, net |
|
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9,161 |
|
|
|
8,884 |
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Prepaid expenses and other current assets |
|
|
554 |
|
|
|
588 |
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Total current assets |
|
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20,723 |
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|
|
18,187 |
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Property, plant and equipment, net |
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4,034 |
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|
|
4,131 |
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Right-of-use lease asset |
|
|
81 |
|
|
|
97 |
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Intangible assets, net |
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40 |
|
|
|
45 |
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Deferred income tax asset |
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|
1,896 |
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|
|
1,835 |
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Other assets |
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8 |
|
|
|
10 |
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Total assets |
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$ |
26,782 |
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$ |
24,305 |
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|
|
|
|
|
|
|
|
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Liabilities: |
|
|
|
|
|
|
|
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Total current liabilities |
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5,057 |
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|
|
4,384 |
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Non-current liabilities |
|
|
10 |
|
|
|
26 |
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Total liabilities |
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5,067 |
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|
|
4,410 |
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|
|
|
|
|
|
|
|
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Total stockholders' equity |
|
|
21,715 |
|
|
|
19,895 |
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Total liabilities and stockholders' equity |
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$ |
26,782 |
|
|
$ |
24,305 |
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Non-GAAP Financial Measures
Throughout this press release, including the results from operations, the Company presents its financial condition and results of operations in the way it believes will be most meaningful and representative of its business results. Some of the measurements the Company uses are "Non-GAAP financial measures" under
The Company uses the following operating performance measure because the Company believes it provides both management and investors with a more complete understanding of the underlying operational results and trends and our marketplace performance
Adjusted EBITDA is derived by excluding the items set forth below from Income before income taxes. Excluded items include the following:
- Interest income
- Interest expense
- Depreciation
- Amortization
- Non-cash stock-based compensation
- Other discrete items that might have a significant impact on comparable GAAP measures and could distort the evaluation of our normal operating performance
Reconciliation of GAAP Income Before Income Taxes to Non-GAAP Adjusted EBITDA
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Three Months Ended |
||||||
(in thousands, except share data) |
|
2024 |
|
2023 |
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Income before income taxes |
|
$ |
1,863 |
|
|
$ |
719 |
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Adjustments: |
|
|
|
|
|
|
|
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Interest expense (income) |
|
|
(32 |
) |
|
|
2 |
|
Depreciation |
|
|
219 |
|
|
|
195 |
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Amortization |
|
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5 |
|
|
|
13 |
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Total adjustments |
|
|
192 |
|
|
|
210 |
|
EBITDA |
|
|
2,055 |
|
|
|
929 |
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Non-cash stock compensation |
|
|
207 |
|
|
|
71 |
|
Excess Spin-off costs |
|
|
— |
|
|
|
28 |
|
Adjusted EBITDA |
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$ |
2,262 |
|
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$ |
1,028 |
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|
|
|
|
|
|
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Adjusted EBITDA per common share: |
|
|
|
|
|
|
|
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Basic |
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$ |
0.83 |
|
|
$ |
0.38 |
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Diluted |
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$ |
0.81 |
|
|
$ |
0.38 |
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|
|
|
|
|
|
|
|
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Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
2,716,202 |
|
|
|
2,678,434 |
|
Diluted |
|
|
2,784,960 |
|
|
|
2,701,418 |
|
About MtronPTI
Cautionary Note Concerning 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/20240507349659/en/
ir@mtronpti.com
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