AstroNova Reports Fiscal 2025 Second Quarter Financial Results
Company to host conference call at
-
Revenue of
$40.5 million , up 14.1% year over year - Gross margin of 35.3%, up 800 basis points year over year; non-GAAP gross margin of 35.6%, unchanged year over year
-
Operating income of
$1.1 million ; non-GAAP operating income of$2.2 million -
Net loss per share of
$(0.04) vs.$(0.22) in the second quarter of fiscal year 2024; non-GAAP diluted earnings per share of$0.08 vs.$0.15 in the second quarter of fiscal 2024 -
Adjusted EBITDA of
$3.9 million , up 5.3% year over year
CEO Commentary
“We demonstrated the resilience of our Product Identification (PI) and Test & Measurement (T&M) segments during a second quarter in which we began shipping a previously delayed order and benefited from the resolution of supply chain shortages,” said
“During the quarter we began the process of integrating our May acquisition of MTEX NS. Because MTEX was an entrepreneurial, private company, the integration got off to a slow start in the quarter, generating revenue of only
Business Outlook
“Looking ahead, we are optimistic about our growth prospects,” Woods continued. “We are well-positioned to continue driving organic growth, supported by our commitment to delivering innovative, high-margin products while maintaining strong cost controls. We anticipate achieving our fiscal year targets for revenue growth. As a result of the MTEX integration, we have reduced our consolidated FY 2025 Adjusted EBITDA margin estimate to a range of 9% to 10% and expect to be within the range of 13% to 14% in fiscal 2026.”
Q2 FY 2025 Financial Results
|
GAAP |
|
Non-GAAP |
|||||||||
($ in thousands except per share data) |
Q2 FY25 |
Q2 FY24 |
YoY |
|
Q2 FY25 |
Q2 FY24 |
YoY |
|||||
|
||||||||||||
Revenue |
|
|
14.1% |
|
|
|
|
|||||
Gross Profit |
|
|
47.5% |
|
|
|
14.1% |
|||||
Gross Margin |
35.3% |
27.3% |
800 pts |
|
35.6% |
35.6% |
- |
|||||
Operating Margin |
2.6% |
(3.4%) |
600 pts |
|
5.5% |
6.5% |
(100 pts) |
|||||
Net (Loss) Income |
|
|
- |
|
|
|
(47.5%) |
|||||
Net (Loss) Income Per Common Share |
|
|
- |
|
|
|
(46.7%) |
|||||
See reconciliation tables GAAP to Non-GAAP reconciliations. |
Adjusted EBITDA was
Bookings for the second quarter of fiscal 2025 were
Backlog as of
Q2 FY 2025 Operating Segment Results
Product Identification
PI segment revenue was
Test & Measurement
Test & Measurement (T&M) segment revenue was
Earnings Conference Call Information
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this news release contains the non-GAAP financial measures non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP net income (loss) per common share and Adjusted EBITDA.
About
The Product Identification segment provides a wide array of digital, end-to-end product marking and identification solutions, including hardware, software, and supplies for OEMs, commercial printers, and brand owners. The Test and Measurement segment provides products designed for airborne printing solutions, avionics, and data acquisition. Our aerospace products include flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. Our data acquisition systems are used in research and development, flight testing, missile and rocket telemetry production monitoring, power, and maintenance applications.
Forward-Looking Statements
Information included in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but rather reflect our current expectations concerning future events and results. These statements may include the use of the words “believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,” “continues,” “may,” “will,” and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning the Company’s anticipated performance, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to, (i) the risk that we may not be able to realize the expected synergies from our acquisition of MTEX NS, (ii) the risk that apparent improvements in the Aerospace sector may not continue, (iii) the risk that supply chain issues may persist longer than we expect, (iv) the risk that we may not be able to incorporate customer-requested design enhancements into our products on the timeframe that we expect or at all, (v) the risk that we may not be able to ship delayed hardware items on the timeline we expect or at all, and (vi) those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended
|
||||||||
Condensed Consolidated Statements of Income |
||||||||
In Thousands Except for Per Share Data |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
||||||||
|
|
|||||||
Net Revenue |
$ |
40,539 |
|
$ |
35,524 |
|
||
Cost of Revenue |
|
26,213 |
|
|
25,814 |
|
||
Gross Profit |
|
14,326 |
|
|
9,710 |
|
||
Total Gross Profit Margin |
|
35.3 |
% |
|
27.3 |
% |
||
Operating Expenses: | ||||||||
Selling & Marketing |
|
6,732 |
|
|
6,697 |
|
||
Research & Development |
|
1,412 |
|
|
1,557 |
|
||
General & Administrative |
|
5,121 |
|
|
2,654 |
|
||
Total Operating Expenses |
|
13,265 |
|
|
10,908 |
|
||
Operating Income (Loss) |
|
1,061 |
|
|
(1,198 |
) |
||
Total Operating Margin |
|
2.6 |
% |
|
(3.4 |
)% |
||
Other Expense, net |
|
1,111 |
|
|
809 |
|
||
Income (Loss) Before Taxes |
|
(50 |
) |
|
(2,007 |
) |
||
Income Tax Provision (Benefit) |
|
261 |
|
|
(390 |
) |
||
Net Income (Loss) |
$ |
(311 |
) |
$ |
(1,617 |
) |
||
Net Income (Loss) per Common Share - Basic |
$ |
(0.04 |
) |
$ |
(0.22 |
) |
||
Net Income (Loss) per Common Share - Diluted |
$ |
(0.04 |
) |
$ |
(0.22 |
) |
||
Weighted Average Number of Common Shares - Basic |
|
7,516 |
|
|
7,420 |
|
||
Weighted Average Number of Common Shares - Diluted |
|
7,516 |
|
|
7,420 |
|
||
Six Months Ended |
||||||||
|
|
|||||||
Net Revenue |
$ |
73,500 |
|
$ |
70,943 |
|
||
Cost of Revenue |
|
47,202 |
|
|
48,847 |
|
||
Gross Profit |
|
26,298 |
|
|
22,096 |
|
||
Total Gross Profit Margin |
|
35.8 |
% |
|
31.1 |
% |
||
Operating Expenses: | ||||||||
Selling & Marketing |
|
12,388 |
|
|
12,707 |
|
||
Research & Development |
|
3,015 |
|
|
3,345 |
|
||
General & Administrative |
|
8,488 |
|
|
5,780 |
|
||
Total Operating Expenses |
|
23,891 |
|
|
21,832 |
|
||
Operating Income |
|
2,407 |
|
|
264 |
|
||
Total Operating Margin |
|
3.3 |
% |
|
0.4 |
% |
||
Other Expense, net |
|
1,711 |
|
|
1,244 |
|
||
Income (Loss) Before Taxes |
|
696 |
|
|
(980 |
) |
||
Income Tax Provision (Benefit) |
|
(173 |
) |
|
(211 |
) |
||
Net Income (Loss) |
$ |
869 |
|
$ |
(769 |
) |
||
Net Income (Loss) per Common Share - Basic |
$ |
0.12 |
|
$ |
(0.10 |
) |
||
Net Income (Loss) per Common Share - Diluted |
$ |
0.11 |
|
$ |
(0.10 |
) |
||
Weighted Average Number of Common Shares - Basic |
|
7,489 |
|
|
7,396 |
|
||
Weighted Average Number of Common Shares - Diluted |
|
7,617 |
|
|
7,396 |
|
||
|
||||||||
Consolidated Balance Sheets |
||||||||
In Thousands |
||||||||
(Unaudited) |
||||||||
|
|
|||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents |
$ |
4,824 |
|
$ |
4,527 |
|
||
Accounts Receivable, net |
|
23,450 |
|
|
23,056 |
|
||
Inventories, net |
|
50,569 |
|
|
46,371 |
|
||
Prepaid Expenses and Other Current Assets |
|
4,218 |
|
|
2,720 |
|
||
Total Current Assets |
|
83,061 |
|
|
76,674 |
|
||
PROPERTY, PLANT AND EQUIPMENT |
|
69,215 |
|
|
57,046 |
|
||
Less Accumulated Depreciation |
|
(50,465 |
) |
|
(42,861 |
) |
||
Property, Plant and Equipment, net |
|
18,750 |
|
|
14,185 |
|
||
OTHER ASSETS | ||||||||
Intangible Assets, net |
|
27,314 |
|
|
18,836 |
|
||
|
|
25,368 |
|
|
14,633 |
|
||
Deferred Tax Assets |
|
10,854 |
|
|
6,882 |
|
||
Right of Use Asset |
|
1,920 |
|
|
603 |
|
||
Other Assets |
|
1,750 |
|
|
1,438 |
|
||
TOTAL ASSETS |
$ |
169,017 |
|
$ |
133,251 |
|
||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts Payable |
$ |
10,456 |
|
$ |
8,068 |
|
||
Accrued Compensation |
|
3,577 |
|
|
2,923 |
|
||
Other Liabilities and Accrued Expenses |
|
4,369 |
|
|
2,706 |
|
||
Revolving Line of Credit |
|
13,354 |
|
|
8,900 |
|
||
Current Portion of Long-Term Debt |
|
6,513 |
|
|
2,842 |
|
||
Short-Term Debt |
|
3,092 |
|
|
- |
|
||
Current Portion of Royalty Obligation |
|
1,575 |
|
|
1,700 |
|
||
Current Liability – Excess Royalty Payment Due |
|
798 |
|
|
935 |
|
||
Income Taxes Payable |
|
- |
|
|
349 |
|
||
Deferred Revenue |
|
785 |
|
|
1,338 |
|
||
Total Current Liabilities |
|
44,519 |
|
|
29,761 |
|
||
NON-CURRENT LIABILITIES | ||||||||
Long-Term Debt, net of current portion |
|
22,675 |
|
|
10,050 |
|
||
Royalty Obligation, net of current portion |
|
1,663 |
|
|
2,093 |
|
||
Lease Liability, net of current portion |
|
1,633 |
|
|
415 |
|
||
Grant Deferred Revenue |
|
1,476 |
|
|
- |
|
||
Contingent Liability |
|
1,629 |
|
|
- |
|
||
Income Tax Payables |
|
551 |
|
|
551 |
|
||
Deferred Tax Liabilities |
|
3,121 |
|
|
99 |
|
||
TOTAL LIABILITIES |
|
77,267 |
|
|
42,969 |
|
||
SHAREHOLDERS’ EQUITY | ||||||||
Common Stock |
|
546 |
|
|
541 |
|
||
|
|
63,563 |
|
|
62,684 |
|
||
Retained Earnings |
|
64,739 |
|
|
63,869 |
|
||
Treasury Stock |
|
(35,025 |
) |
|
(34,593 |
) |
||
Accumulated Other Comprehensive Loss, net of tax |
|
(2,073 |
) |
|
(2,219 |
) |
||
TOTAL SHAREHOLDERS’ EQUITY |
|
91,750 |
|
|
90,282 |
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
169,017 |
|
$ |
133,251 |
|
||
|
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(In Thousands) |
||||||||
(Unaudited) |
||||||||
Six Months Ended |
||||||||
|
|
|||||||
Cash Flows from Operating Activities: | ||||||||
Net Income (Loss) |
$ |
869 |
|
$ |
(769 |
) |
||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||
Depreciation and Amortization |
|
2,216 |
|
|
2,144 |
|
||
Amortization of Debt Issuance Costs |
|
14 |
|
|
11 |
|
||
Share-Based Compensation |
|
806 |
|
|
754 |
|
||
Restructuring - non-cash |
|
- |
|
|
2,040 |
|
||
Changes in Assets and Liabilities, net of impact of acquisition: | ||||||||
Accounts Receivable |
|
3,612 |
|
|
3,612 |
|
||
Inventories |
|
(384 |
) |
|
283 |
|
||
Income Taxes |
|
(721 |
) |
|
(1,461 |
) |
||
Accounts Payable and Accrued Expenses |
|
2,409 |
|
|
(2,267 |
) |
||
Deferred Revenue |
|
(619 |
) |
|
- |
|
||
Other |
|
(1,136 |
) |
|
371 |
|
||
Net Cash Provided by Operating Activities |
|
7,066 |
|
|
4,718 |
|
||
Cash Flows from Investing Activities: | ||||||||
Purchases of Property, Plant and Equipment |
|
(830 |
) |
|
(494 |
) |
||
Cash Paid for MTEX Acquisition, net of cash acquired |
|
(20,729 |
) |
|
- |
|
||
Net Cash Provided (Used) for Investing Activities |
|
(21,559 |
) |
|
(494 |
) |
||
Cash Flows from Financing Activities: | ||||||||
Net Cash Proceeds from Employee Stock Option Plans |
|
13 |
|
|
71 |
|
||
Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan |
|
65 |
|
|
54 |
|
||
|
|
(432 |
) |
|
(350 |
) |
||
Borrowings under Revolving Credit Facility |
|
3,912 |
|
|
- |
|
||
Repayment under Revolving Credit Facility |
|
- |
|
|
(2,000 |
) |
||
Proceeds from Long-Term Debt Borrowings |
|
15,078 |
|
|
- |
|
||
Payment of Minimum Guarantee Royalty Obligation |
|
(750 |
) |
|
(875 |
) |
||
Principal Payments of Long-Term Debt |
|
(3,274 |
) |
|
(750 |
) |
||
Payments of Debt Issuance Costs |
|
(35 |
) |
|
- |
|
||
Net Cash Provided (Used) for Financing Activities |
|
14,577 |
|
|
(3,850 |
) |
||
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
|
213 |
|
|
210 |
|
||
Net Increase in Cash and Cash Equivalents |
|
297 |
|
|
584 |
|
||
Cash and Cash Equivalents, Beginning of Period |
|
4,527 |
|
|
3,946 |
|
||
Cash and Cash Equivalents, End of Period |
$ |
4,824 |
|
$ |
4,530 |
|
||
Supplemental Disclosures of Cash Flow Information: | ||||||||
Cash Paid During the Period for: | ||||||||
Cash Paid During the Period for Interest |
$ |
1,008 |
|
$ |
1,184 |
|
||
Cash Paid During the Period for Income Taxes, net of refunds |
$ |
540 |
|
$ |
1,264 |
|
||
Non-Cash Transactions: | ||||||||
Capital Lease Obtained in Exchange for Capital Lease Liabilities |
$ |
1,455 |
|
$ |
— |
|
||
|
||||||||||||||
Revenue and Segment Operating Profit |
||||||||||||||
In Thousands |
||||||||||||||
(Unaudited) |
||||||||||||||
Revenue |
Segment Operating Profit |
|||||||||||||
Three Months Ended |
Three Months Ended |
|||||||||||||
|
|
|
|
|||||||||||
Product Identification |
$ |
27,165 |
$ |
25,777 |
$ |
2,348 |
|
$ |
(461 |
) |
||||
Test & Measurement |
|
13,374 |
|
9,747 |
|
3,834 |
|
|
1,917 |
|
||||
Total |
$ |
40,539 |
$ |
35,524 |
|
6,182 |
|
|
1,456 |
|
||||
Corporate Expenses |
|
5,121 |
|
|
2,654 |
|
||||||||
Operating Income (Loss) |
|
1,061 |
|
|
(1,198 |
) |
||||||||
Other Expense, net |
|
1,111 |
|
|
809 |
|
||||||||
Income (Loss) Before Income Taxes |
|
(50 |
) |
|
(2,007 |
) |
||||||||
Income Tax Provision (Benefit) |
|
261 |
|
|
(390 |
) |
||||||||
Net Income (Loss) |
$ |
(311 |
) |
$ |
(1,617 |
) |
||||||||
Revenue |
Segment Operating Profit |
|||||||||||||
Six Months Ended |
Six Months Ended |
|||||||||||||
|
|
|
|
|||||||||||
Product Identification |
$ |
50,350 |
$ |
50,872 |
$ |
5,340 |
|
$ |
2,055 |
|
||||
Test & Measurement |
|
23,150 |
|
20,071 |
|
5,555 |
|
|
3,989 |
|
||||
Total |
$ |
73,500 |
$ |
70,943 |
|
10,895 |
|
|
6,044 |
|
||||
Corporate Expenses |
|
8,488 |
|
|
5,780 |
|
||||||||
Operating Income |
|
2,407 |
|
|
264 |
|
||||||||
Other Expense, net |
|
1,711 |
|
|
1,244 |
|
||||||||
Income (Loss) Before Income Taxes |
|
696 |
|
|
(980 |
) |
||||||||
Income Tax Provision (Benefit) |
|
(173 |
) |
|
(211 |
) |
||||||||
Net Income (Loss) |
$ |
869 |
|
$ |
(769 |
) |
||||||||
|
||||||||
Reconciliation of GAAP to Non-GAAP Items |
||||||||
In Thousands Except for Per Share Data |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
||||||||
|
|
|||||||
Gross Profit |
$ |
14,326 |
|
$ |
9,710 |
|
||
Inventory Step-Up |
|
120 |
|
|
- |
|
||
Restructuring Charges |
|
- |
|
|
2,096 |
|
||
Product Retrofit Costs |
|
- |
|
|
852 |
|
||
Non-GAAP Gross Profit |
$ |
14,446 |
|
$ |
12,658 |
|
||
Operating Expenses |
$ |
13,265 |
|
$ |
10,908 |
|
||
MTEX-related Acquisition Expenses |
|
(625 |
) |
|
- |
|
||
CFO Transition Costs |
|
(432 |
) |
|
- |
|
||
Restructuring Charges |
|
- |
|
|
(555 |
) |
||
Non-GAAP Operating Expenses |
$ |
12,208 |
$ |
10,353 |
|
|||
Operating Income (Loss) |
$ |
1,061 |
|
$ |
(1,198 |
) |
||
MTEX-related Acquisition Expenses |
|
625 |
|
|
- |
|
||
CFO Transition Costs |
|
432 |
|
|
- |
|
||
Inventory Step-Up |
|
120 |
|
|
- |
|
||
Restructuring Charges |
|
- |
|
|
2,651 |
|
||
Product Retrofit Costs |
|
- |
|
|
852 |
|
||
Non-GAAP Operating Income |
$ |
2,238 |
|
$ |
2,305 |
|
||
Net Income (Loss) |
$ |
(311 |
) |
$ |
(1,617 |
) |
||
MTEX-related Acquisition Expenses, net |
|
470 |
|
- |
|
|||
CFO Transition Costs, net |
|
328 |
|
- |
|
|||
Inventory Step-Up, net |
|
85 |
|
- |
|
|||
Restructuring Charges, net |
|
- |
|
|
2,048 |
|||
Product Retrofit Costs, net |
|
- |
|
|
658 |
|||
Non-GAAP Net Income |
$ |
572 |
|
$ |
1,089 |
|
||
Diluted Earnings (Loss) Per Share |
$ |
(0.04 |
) |
$ |
(0.22 |
) |
||
MTEX-related Acquisition Expenses |
|
0.06 |
|
- |
|
|||
CFO Transition Costs |
|
0.05 |
|
- |
|
|||
Inventory Step-Up |
|
0.01 |
|
- |
|
|||
Restructuring Charges |
|
- |
|
|
0.28 |
|||
Product Retrofit Costs |
|
- |
|
|
0.09 |
|||
Non-GAAP Diluted Earnings (Loss) Per Share |
$ |
0.08 |
|
$ |
0.15 |
|
||
Six Months Ended |
||||||||
|
|
|||||||
Gross Profit |
$ |
26,298 |
|
$ |
22,096 |
|
||
Inventory Step-Up |
|
120 |
|
|
- |
|
||
Restructuring Charges |
|
- |
|
|
2,096 |
|
||
Product Retrofit Costs |
|
- |
|
|
852 |
|
||
Non-GAAP Gross Profit |
$ |
26,418 |
|
$ |
25,044 |
|
||
Operating Expenses |
$ |
23,891 |
|
$ |
21,832 |
|
||
MTEX-related Acquisition Expenses |
|
(625 |
) |
|
- |
|
||
CFO Transition Costs |
|
(432 |
) |
|
- |
|
||
Restructuring Charges |
|
- |
|
|
(555 |
) |
||
Non-GAAP Operating Expenses |
$ |
22,834 |
|
$ |
21,277 |
|
||
Operating Income |
$ |
2,407 |
|
$ |
264 |
|
||
MTEX-related Acquisition Expenses |
|
625 |
|
|
- |
|
||
CFO Transition Costs |
|
432 |
|
|
- |
|
||
Inventory Step-Up |
|
120 |
|
|
- |
|
||
Restructuring Charges |
|
- |
|
|
2,651 |
|
||
Product Retrofit Costs |
|
- |
|
|
852 |
|
||
Non-GAAP Operating Income |
$ |
3,584 |
|
$ |
3,767 |
|
||
Net Income (Loss) |
$ |
869 |
|
$ |
(769 |
) |
||
MTEX-related Acquisition Expenses, net |
|
470 |
|
- |
|
|||
CFO Transition Costs, net |
|
328 |
|
- |
|
|||
Inventory Step-Up, net |
|
85 |
|
- |
|
|||
Restructuring Charges, net |
|
- |
|
|
2,048 |
|||
Product Retrofit Costs, net |
|
- |
|
|
658 |
|||
Non-GAAP Net Income |
$ |
1,752 |
|
$ |
1,937 |
|
||
Diluted Earnings (Loss) Per Share |
$ |
0.11 |
|
$ |
(0.10 |
) |
||
MTEX-related Acquisition Expenses |
|
0.06 |
|
- |
|
|||
CFO Transition Costs |
|
0.05 |
|
- |
|
|||
Inventory Step-Up |
|
0.01 |
|
- |
|
|||
Restructuring Charges |
|
- |
|
|
0.28 |
|||
Product Retrofit Costs |
|
- |
|
|
0.09 |
|||
Non-GAAP Diluted Earnings Per Share |
$ |
0.23 |
|
$ |
0.27 |
|
||
|
||||||||||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Items for PI Segment | ||||||||||||||||||||||||||||
Amounts In Thousands | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Q2 FY25 | Q2 FY24 | |||||||||||||||||||||||||||
Total PI Segment as Reported | MTEX As Reported | Inventory Step Up | Adj MTEX (Non Gaap) | PI Excluding MTEX (Non Gaap) | Total PI Segment as Reported | Restructuring and Product Retrofit Adjustments | Total PI Segment (Non Gaap) | |||||||||||||||||||||
Sales |
$ |
27,165 |
$ |
768 |
|
$ |
- |
|
$ |
768 |
|
$ |
26,397 |
$ |
25,777 |
|
$ |
- |
|
$ |
25,777 |
|||||||
Cost of Revenue |
|
18,544 |
|
836 |
|
|
(120 |
) |
|
716 |
|
|
17,828 |
|
19,487 |
|
|
(2,948 |
) |
|
16,539 |
|||||||
Gross Profit |
|
8,621 |
|
(68 |
) |
|
120 |
|
|
52 |
|
|
8,569 |
|
6,290 |
|
|
2,948 |
|
|
9,238 |
|||||||
Operating Expenses |
|
6,273 |
|
1,328 |
|
|
- |
|
|
1,328 |
|
|
4,945 |
|
6,751 |
|
|
(472 |
) |
|
6,279 |
|||||||
Segment Operating Profit |
$ |
2,348 |
$ |
(1,396 |
) |
$ |
120 |
|
$ |
(1,276 |
) |
$ |
3,624 |
$ |
(461 |
) |
$ |
3,420 |
|
$ |
2,959 |
|||||||
|
||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA |
||||||||
Amounts In Thousands |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
||||||||
|
|
|||||||
Net Income (Loss) |
$ |
(311 |
) |
$ |
(1,617 |
) |
||
Interest Expense |
|
938 |
|
|
674 |
|
||
Income Tax Expense (Benefit) |
|
261 |
|
|
(390 |
) |
||
Depreciation & Amortization |
|
1,305 |
|
|
1,089 |
|
||
EBITDA |
$ |
2,193 |
|
$ |
(244 |
) |
||
Share-Based Compensation |
|
481 |
|
|
398 |
|
||
MTEX-related Acquisition Expenses |
|
625 |
|
|
- |
|
||
CFO Transition Costs |
|
432 |
|
|
- |
|
||
Inventory Step-Up |
|
120 |
|
|
- |
|
||
Restructuring Charges |
|
- |
|
|
2,651 |
|
||
Product Retrofit Costs |
|
- |
|
|
852 |
|
||
Adjusted EBITDA |
$ |
3,851 |
|
$ |
3,657 |
|
||
Six Months Ended |
||||||||
|
|
|||||||
Net Income (Loss) |
$ |
869 |
|
$ |
(769 |
) |
||
Interest Expense |
|
1,419 |
|
|
1,289 |
|
||
Income Tax Expense (Benefit) |
|
(173 |
) |
|
(211 |
) |
||
Depreciation & Amortization |
|
2,216 |
|
|
2,144 |
|
||
EBITDA |
$ |
4,331 |
|
$ |
2,453 |
|
||
Share-Based Compensation |
|
806 |
|
|
754 |
|
||
MTEX-related Acquisition Expenses |
|
625 |
|
|
- |
|
||
CFO Transition Costs |
|
432 |
|
|
- |
|
||
Inventory Step-Up |
|
120 |
|
|
- |
|
||
Restructuring Charges |
|
- |
|
|
2,651 |
|
||
Product Retrofit Costs |
|
- |
|
|
852 |
|
||
Adjusted EBITDA |
$ |
6,314 |
|
$ |
6,710 |
|
||
|
|||||||||||||||||||
Reconciliation of Segment Operating Income (Loss) to Non-GAAP Operating Income |
|||||||||||||||||||
Amounts In Thousands |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
Three Months Ended |
|||||||||||||||||||
|
|
||||||||||||||||||
Product
|
Test &
|
Total |
Product
|
Test &
|
Total |
||||||||||||||
Segment Operating Profit (Loss) |
$ |
2,348 |
$ |
3,834 |
$ |
6,182 |
$ |
(461 |
) |
$ |
1,917 |
$ |
1,456 |
||||||
Inventory Step-Up |
|
120 |
|
- |
|
120 |
|
- |
|
|
- |
|
- |
||||||
Restructuring Charges |
|
- |
|
- |
|
- |
|
2,568 |
|
|
- |
|
2,568 |
||||||
Product Retrofit Costs |
|
- |
|
- |
|
- |
|
852 |
|
|
- |
|
852 |
||||||
Non-GAAP - Segment Operating Profit |
$ |
2,468 |
$ |
3,834 |
$ |
6,302 |
$ |
2,959 |
|
$ |
1,917 |
$ |
4,876 |
||||||
Six Months Ended |
|||||||||||||||||||
|
|
||||||||||||||||||
Product
|
Test &
|
Total |
Product
|
Test &
|
Total |
||||||||||||||
Segment Operating Profit |
$ |
5,340 |
$ |
5,555 |
$ |
10,895 |
$ |
2,055 |
|
$ |
3,989 |
$ |
6,044 |
||||||
Inventory Step-Up |
|
120 |
|
- |
|
120 |
|
- |
|
|
- |
|
- |
||||||
Restructuring Charges |
|
- |
|
- |
|
- |
|
2,568 |
|
|
- |
|
2,568 |
||||||
Product Retrofit Costs |
|
- |
|
- |
|
- |
|
852 |
|
|
- |
|
852 |
||||||
Non-GAAP - Segment Operating Profit |
$ |
5,460 |
$ |
5,555 |
$ |
11,015 |
$ |
5,475 |
|
$ |
3,989 |
$ |
9,464 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240916638067/en/
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