M-tron Industries, Inc. (NYSE American: MPTI) (“Company” or
“MtronPTI”) announced its financial results for the three and six
months ended June 30, 2023 and its participation in the Sidoti
August 2023 Virtual Investor Conference.
- Revenue of $10.1 million for the three months ended June 30,
2023, was an increase of 43.5% compared to $7.1 million for the
comparable prior year period. For the six months ended June 30,
2022, revenue was $19.5 million, a 32.2% increase over the $14.8
million reported for the comparable prior year period.
- Gross margin of 41.6% for the three months ended June 30, 2023,
compared to 37.5% for the comparable period in the prior year.
- Gross margins for the six months ended June 30, 2023 were 38.0%
compared to 37.4% for the comparable prior year period.
- Basic and diluted net income of $0.47 per share compared to
$0.18 for the prior year quarter, and $0.68 per share for the six
months compared to $0.41 per share for the comparable prior year
period.
- Backlog of $51.6 million at June 30, 2023, an increase of $8.4
million or 19.3% compared to $43.2 million at June 30, 2022.
- Adjusted EBITDA, a non-GAAP measure, was $1.9 million for the
three months ended March 31, 2023 versus $0.8 million for the
comparable prior year period. For the six months, Adjusted EBITDA
was $3.0 million compared to $2.0 million for the comparable prior
year period.
Michael Ferrantino, MtronPTI’s Chief Executive Officer, stated,
“We are pleased with the performance of MtronPTI during the second
quarter, with record backlog levels being attained once again along
with strong revenues and increased profitability. We maintain our
commitment to profitable growth and trust that we will be able to
support our customers increasing demands.”
Results from Operations
Revenue for the three months ended June 30, 2023 increased $3.0
million, or 43.5%, to $10.1 million from $7.1 million for the three
months ended June 30, 2022. Revenue for the six months ended June
30, 2023 increased $4.7 million, or 32.2%, to $19.5 million from
$14.8 million for the six months ended June 30, 2022. The revenue
increase reflects strong defense product shipments. Gross margin
was 41.6% for the three months ended June 30, 2023, compared to
37.5% for the comparable period in the prior year, as a result of a
favorable product mix. Gross margins for the six months ended June
30, 2023 were 38.0% compared to 37.4% for the comparable prior year
period benefiting from favorable product mix and the increase in
business volume.
Backlog was $51.6 million at June 30, 2023 compared to $46.2
million at the beginning of the year and $43.2 million at the end
of the second quarter of 2022. Backlog has increased in 2023 due to
an increase in defense product orders. Supply chain constraints
within our industry continue to push our customers to order in
advance to secure product deliveries for their production
requirements.
The Company reported operating income of $2,326,000 for the six
months ended June 30, 2023 compared to operating income of
$1,417,000 for the six months ended June 30, 2022. The increase
reflects higher revenue and higher margins impacted by favorable
product mix, as described above. Engineering, selling and
administrative costs increased $982,000 primarily as a result of
$851,000 of administrative cost increases, which included
incremental public company costs of $536,000, increased salaries
and employee benefits of $156,000, increased audit and tax costs of
$111,000, and other miscellaneous cost increases of $49,000. The
incremental public company costs of $536,000 represent the
incremental direct costs of being a public company, with no
comparable amounts within the prior year when results were
presented on a standalone basis.
Net income was $1,830,000 for the six months ended June 30, 2023
compared to $1,105,000 for the six months ended June 30, 2022. The
increase for the six months ended June 30, 2023 was primarily from
the previously discussed items. Basic net income per share for the
six months ended March 31, 2023 and 2022 was $0.68 and $0.41,
respectively. Diluted net income per share for the three months
ended June 30, 2023 and 2022 was $0.47 and $0.18, respectively.
Adjusted EBITDA was $1,931,000 for the three months ended June
30, 2023 versus $841,000 for the three months ended June 30, 2022
which was reported on a standalone basis. Adjusted EBITDA was
$2,959,000 for the six months ended June 30, 2023 versus $2,018,000
for the six months ended June 30, 2022. Note that adjusted EBITDA
on a standalone basis for the three and six months ended June 30,
2022 does not include the potential impact from the additional
costs of being a publicly traded company.
Sidoti August 2023 Virtual Investor Conference and
Webcast
MtronPTI's CEO, Michael Ferrantino, President, Bill Drafts, and
CFO, James Tivy will present and host one-on-one meetings with
investors at the Sidoti August 2023 Virtual Investor Conference,
taking place August 16 - 17, 2023.
The presentation will begin at 9:15 am Eastern Time (U.S. and
Canada) on Thursday, August 17, 2023 and can be accessed live at
the webinar link here:
https://sidoti.zoom.us/webinar/register/WN_lTxzti2-Q5mylcYDRrdMdg
MtronPTI will also host virtual one-on-ones with investors on
Thursday, August 17, 2023. To register for the presentation or
one-on-ones, please visit www.sidoti.com/events. Registration is
free and you don't need to be a Sidoti client.
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.
M-tron Industries,
Inc.
Condensed Consolidated
Statements of Operations
(Unaudited)
(Amounts in Thousands, Except
Share and Per Share Amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
REVENUES
$
10,140
$
7,064
$
19,507
$
14,755
Costs and expenses:
Manufacturing cost of sales
5,921
4,412
12,092
9,231
Engineering, selling and
administrative
2,654
2,049
5,089
4,107
OPERATING INCOME
1,565
603
2,326
1,417
Total other income (expense), net
17
(11
)
(25
)
(31
)
INCOME BEFORE INCOME TAXES
1,582
592
2,301
1,386
Income tax provision (benefit)
305
106
471
281
NET INCOME
$
1,277
$
486
$
1,830
$
1,105
Number of basic shares
2,697,696
2,676,469
2,688,065
2,676,469
net income per basic share
$
0.47
$
0.18
$
0.68
$
0.41
Number of diluted shares
2,711,266
2,676,469
2,709,578
2,676,469
net income per diluted share
$
0.47
$
0.18
$
0.68
$
0.41
M-tron Industries,
Inc.
Condensed Consolidated Balance
Sheets
(Unaudited)
(Amounts in Thousands)
June 30, 2023
December 31, 2022
ASSETS
Cash and cash equivalents
$
1,321
$
926
Accounts receivable, net
5,745
5,197
Inventories, net
8,713
7,518
Prepaid expenses and other current
assets
327
673
Total Current Assets
16,106
14,314
Property, plant, and equipment, net
3,564
3,647
Right-of-use lease asset
110
147
Intangible assets, net
71
98
Deferred income taxes, net
1,031
1,051
Other assets, net
13
16
Total Assets
$
20,895
$
19,273
LIABILITIES AND STOCKHOLDERS' EQUITY
Total Current Liabilities
4,772
4,856
Long-Term Liabilities
42
76
Total Liabilities
4,814
4,932
Total Stockholders' Equity
16,081
14,341
Total Liabilities and Stockholders'
Equity
$
20,895
$
19,273
Reconciliations of GAAP to Non-GAAP Measures
To supplement our consolidated financial statements presented on
a GAAP (generally accepted accounting principles) basis, the
Company uses certain non-GAAP measures, including Adjusted EBITDA,
which we define as net income before income taxes adjusted to
exclude depreciation and amortization expense, interest income and
expense, stock-based compensation expense, and other items we
believe are discrete events which have a significant impact on
comparable GAAP measures and could distort an evaluation of our
normal operating performance. These adjustments to our GAAP results
are made with the intent of providing both management and investors
with a more complete understanding of the underlying operational
results and trends and our marketplace performance. The
presentation of this additional information is not meant to be
considered in isolation or as a substitute for net earnings or
diluted earnings per share prepared in accordance with GAAP.
Reconciliation of GAAP Income Before
Income Taxes to Non-GAAP Adjusted EBITDA:
Three Months Ended
Six Months Ended
June 30,
June 30,
(Amounts in thousands, except share
amounts)
2023
2022
2023
2022
Income before income taxes
$
1,582
$
592
$
2,301
$
1,386
Interest expense
5
2
7
5
Depreciation and amortization
204
179
412
340
Non-cash stock compensation
140
68
211
287
Excess Spin-off costs
—
—
28
—
Adjusted EBITDA
$
1,931
$
841
$
2,959
$
2,018
Basic per share information:
Weighted average shares outstanding
2,697,696
2,676,469
2,688,065
2,676,469
Adjusted EBITDA per share
$
0.72
$
0.31
$
1.10
$
0.75
Diluted per share information:
Weighted average shares outstanding
2,711,266
2,676,469
2,709,578
2,676,469
Adjusted EBITDA per share
$
0.71
$
0.31
$
1.09
$
0.75
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About MtronPTI:
M-tron Industries, Inc. trades publicly on the NYSE American
under the symbol MPTI. Originally founded in 1965, MtronPTI
designs, manufactures and markets highly engineered, high
reliability frequency and spectrum control products and solutions.
As an engineering-centric company, MtronPTI provides close support
to its customers throughout our products’ entire life cycle,
including product design, prototyping, production and subsequent
product upgrades. MtronPTI has design and manufacturing facilities
in Orlando, Florida and Yankton, South Dakota, a sales office in
Hong Kong, and a manufacturing facility in Noida, India.
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 Securities and Exchange Commission, including
those risks set forth under the heading “Risk Factors” in the
Company’s Annual Report on Form 10-K as filed with the SEC on March
30, 2023. In light of these risks, uncertainties and assumptions,
the forward-looking statements in this press release may not occur
and actual results could differ materially from those anticipated
or implied in the forward-looking statements. When you consider
these forward-looking statements, you should keep in mind these
risk factors and other cautionary statements in this press
release.
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/20230810169236/en/
M-tron Industries, Inc.:
Investor Relations: James Tivy ir@mtronpti.com
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