FITCHBURG, Mass., Aug. 14, 2020 (GLOBE NEWSWIRE) -- Micron Solutions, Inc. (OTCQB: 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 second quarter ended June 30, 2020.
In the second quarter of 2020, the Company reported $4,356,000 in revenue, as compared to $4,892,000 in the second quarter of 2019, an 11.0% decrease. Net Income for the second quarter of 2020 was $1,031,000 compared to a net loss of $471,000 in the second quarter of 2019. Gross Margin improved to 15.6% in the second quarter of 2020, compared to 10.4% in the second quarter of 2019. During the second quarter of 2020, the Company recognized $1,213,000 in other income after accounting for loan forgiveness related to the Payroll Protection Program (“PPP”) loan received early in the quarter.
Adjusted EBITDA for the second quarter of 2020, which excludes income from PPP loan forgiveness, in addition to the exclusion of certain expense items, was $290,000 compared to $123,000 in the second quarter of 2019, a 135.8% increase.
CEO Bill Laursen commented, “I’m pleased that we have shown continued progress through the second quarter of 2020, despite the impact of COVID-19 on our revenues. As an essential services provider, we were able to maintain full production to the medical and military markets while weathering the impacts in other markets. Despite unpredictable headwinds such as the postponement of elective surgeries, the impact on our customers of government-mandated shutdowns and the challenges the pandemic has posed to our workforce, we were still able to improve our bottom-line financial results.”
About Micron Solutions, Inc.
Micron Solutions, Inc., through its wholly-owned subsidiary, Micron Products, Inc., is a diversified contract manufacturing organization that produces highly-engineered, innovative medical device components requiring precision machining and injection molding. The Company also contract manufactures components, devices and equipment for military, law enforcement, industrial and automotive applications. In addition, the Company is a market leader in the production and sale of silver/silver chloride coated and conductive resin sensors used as consumable component parts in the manufacture of integrated disposable electrophysiological sensors. The Company’s strategy for growth is to build a best-in-class contract manufacturer with a specialized focus on plastic injection molding and highly-engineered medical devices and components requiring precision machining.
The Company routinely posts news and other important information on its website: http://www.micronsolutions.com
FINANCIAL TABLES FOLLOW.
|Second Quarter 2020 (unaudited)|
|$ In thousands||Q2 2020||
|Net Income (loss)||$||1,031||$||(471||)||$||1,502|
|Net Income (loss) per share||$||0.35||$||(0.16||)||$||.51|