DMC Global Inc. (Nasdaq: BOOM) today reported financial results for
its fourth quarter and fiscal year ended December 31, 2018.
Fourth quarter sales were a record $90.3
million, up 3% sequentially versus the 2018 third quarter, and a
66% increase versus the 2017 fourth quarter. The results, which
exceeded management’s forecasted range of $82 million to $85
million, were principally driven by the accelerated production and
delivery of a large chemical-industry order at NobelClad, DMC’s
composite metals business. NobelClad also reported
stronger-than-expected book-and-ship activity.
Gross margin was 35% versus 34% in the third
quarter and 33% in the year-ago fourth quarter. The results were
above a forecasted range of 33% to 34% primarily due to a more
profitable project mix at NobelClad and improved factory
productivity at DynaEnergetics.
Fourth quarter operating income was $13.1
million versus $513,000 in last year’s fourth quarter. Net income
was $15.3 million, or $1.02 per diluted share, versus a net loss of
$2.0 million, or a loss of $0.13 per diluted share, in the
prior-year fourth quarter.
Adjusted operating income*, which excludes
$561,000 in restructuring charges related to the final phase of
NobelClad’s European consolidation program, was $13.6 million.
Adjusted net income*, which excludes the restructuring charges and
the impact of non-cash tax valuation allowances, was $7.0 million,
or $0.46 per diluted share.
Fourth quarter adjusted EBITDA, which includes
$2.5 million in litigation expenses, was $16.9 million versus $17.2
million in the 2018 third quarter and $7.7 million in last year’s
fourth quarter.
Total debt at December 31, 2018, was $41.4
million and the Company’s debt-to-adjusted EBITDA leverage ratio
was 0.70. Net debt* (total debt less cash and cash equivalents) was
$28.0 million versus $30.4 million at the end of the 2018 third
quarter and $9.0 million at December 31, 2017.
DynaEnergeticsFourth quarter sales at DynaEnergetics were $63.2
million, down 5% sequentially and an increase of 70% versus last
year's fourth quarter. Gross margin was 39%, up from 37% in the
2018 third quarter and 38% in the 2017 fourth quarter. Operating
income was $13.7 million versus $6.6 million in the prior-year
fourth quarter. Adjusted EBITDA was $15.2 million versus $8.3
million in the 2017 fourth quarter.
NobelCladNobelClad reported fourth quarter sales of $27.1
million, up 25% sequentially and a 56% increase versus the 2017
fourth quarter. Gross margin was 25%, flat versus the 2018 third
quarter and up from 22% in the 2017 fourth quarter. Operating
income was $2.7 million versus an operating loss of $3.0 million in
the prior-year fourth quarter. Excluding restructuring charges,
adjusted operating income was $3.3 million in the 2018 fourth
quarter. Adjusted EBITDA was $4.0 million versus $1.5 million in
the 2017 fourth quarter.
NobelClad’s trailing 12-month book-to-bill ratio
at the end of the fourth quarter was 0.87. Order backlog was $29.9
million, down from $36.3 million at the end of the third
quarter.
Full-year resultsConsolidated full-year sales
were a record $326.4 million, up 69% from $192.8 million in 2017.
Gross margin was 34% versus 31% in the prior year. Operating income
was $37.4 million versus an operating loss of $12.3 million in
2017. Excluding anti-dumping penalties and restructuring charges,
2018 full-year adjusted operating income was $46.5 million.
Full-year net income was $30.5 million, or $2.04
per diluted share, versus a net loss of $18.9 million, or $1.31
loss per diluted share, in 2017. Excluding anti-dumping duties,
restructuring charges and the impact of tax valuation allowances,
2018 adjusted net income was $30.7 million, or $2.07 per diluted
share.
Full-year adjusted EBITDA, which included $7.6
million in litigation expense, was a record $59.6 million versus
$23.1 million in 2017.
DynaEnergeticsFull-year sales at DynaEnergetics were a record
$237.4 million, up 96% from $121.3 million in the prior year. Gross
margin was 38%, up from 36% in 2017. Operating income was $44.5
million versus $15.5 million in 2017. Adjusted EBITDA was $58.8
million versus $22.8 million in the previous year.
NobelCladNobelClad reported full-year sales of
$89.0 million, up 24% from $71.6 million in 2017. Gross margin was
23% versus 22% in the prior year. Operating income was $6.5 million
versus an operating loss of $17.4 million in 2017. Excluding
restructuring charges, 2018 adjusted operating income was $7.6
million. Adjusted EBITDA was $10.8 million versus $7.7 million in
2017.
Management Commentary“The
exceptional effort and execution by our teams at DynaEnergetics and
NobelClad enabled DMC to deliver record financial results for the
fourth quarter and full fiscal year,” said Kevin Longe, president
and CEO. “It was an encouraging finish to a year that
included a number of important strategic and operational
accomplishments.
“During the fourth quarter alone, DynaEnergetics
completed its new manufacturing, assembly and administrative
facility in Blum, Texas; added several new customers; successfully
defended itself in a third consecutive patent-infringement case and
resolved two related patent litigation claims; and concluded a
prolonged anti-dumping case. Concurrently, NobelClad
completed a multi-year consolidation of its European manufacturing
operations, shipped the third of three large orders executed in
2018, and commenced a strategic distribution partnership that
expands its opportunities in the composite-metals market.”
Longe continued, “Despite continued soft
crude-oil prices, customer demand for DynaEnergetics’
Factory-assembled, Performance-assured™ DynaStage™ perforating
system remained strong. DynaStage is a unique system when
compared to other pre-loaded perforating guns that recently have
entered the market. A primary point of differentiation is our
intrinsically safe initiating system, which combines a detonator,
microelectronics and an addressable switch, all in a compact,
wireless unit that can be installed in seconds. Customers have
reported significant improvements in well-site efficiency due to
the simplicity of the arming and gun-string assembly process. In
addition, because the system is intrinsically safe, customers can
surface test the entire gun string, including all switches and
detonators, before deploying the string down hole. This has
enabled an industry-leading reliability rate that exceeds
99.9%.
“DynaEnergetics recently completed successful
field trials on its new DS Trinity™ system – a key addition to the
DynaStage family. The three shaped charges in DS Trinity are
aligned on a single plane, and at 8-inches in length, the system is
up to 3.5 times shorter than conventional perforating guns.
DynaEnergetics intends to release a 4-inch diameter version of DS
Trinity in this year’s second quarter, and a 3 ½-inch diameter
version shortly thereafter.
“Our accomplishments during 2018 have enabled us
to shift our focus to our primary business objectives: develop
differentiated products and applications that improve our
customers’ operational and financial performance; and continue to
expand the presence of our businesses in their respective markets.
We have entered 2019 a stronger company than at any point in our
history, and I am encouraged by our prospects for continued growth
and positive returns for our stakeholders.”
GuidanceMichael Kuta, CFO, said
first quarter 2019 sales are expected to be in a range of $82
million to $85 million versus the $67.3 million reported in the
2018 first quarter. At the business level, DynaEnergetics is
expected to report sales in a range of $64 million to $67 million
versus the $49.1 million reported in last year’s first quarter,
while NobelClad’s sales are expected to be approximately $18
million versus the $18.2 million reported in last year’s first
quarter. Gross margin is expected to be approximately 34% versus
34% in last year’s first quarter.
First quarter selling, general and
administrative (SG&A) expense is expected to be approximately
$16.5 million versus the $13.4 million reported in the 2018 first
quarter, while amortization expense is expected to be approximately
$400,000.
Adjusted EBITDA is expected to be in a range of $14 million to
$15 million versus $11.6 million in last year’s first quarter.
For fiscal 2019, consolidated sales are expected
in a range of $350 million to $370 million versus the $326.4
million reported in 2018. Sales at DynaEnergetics are expected in a
range of $270 million to $285 million versus the $237.4 million
reported in 2018, while NobelClad’s sales are expected in a range
of $80 million to $85 million versus the $89.0 million in 2018.
Full-year gross margin is expected in a range of 34% to 35% versus
the 34% reported in 2018.
Kuta said full-year SG&A should be $60
million to $64 million versus the $61.2 million reported in 2018.
The increase relates to an expected step-up in spending on sales
and marketing programs at both DynaEnergetics and NobelClad.
Full-year amortization expense is expected to be approximately $1.6
million versus the $2.9 million reported in 2018. The decline
reflects the full amortization of a portion of DynaEnergetics’
intangible asset balance.
Interest expense in 2019 is expected to be in a
range of $2.0 million to $2.25 million. The effective tax rate for
2019 is expected to be approximately 30%.
Adjusted EBITDA is expected to be in a range of
$73 million to $78 million, up from 2018 adjusted EBITDA of $59.6
million. Full-year adjusted net income per share is expected in a
range of $2.50 to $2.70 versus the $2.07 reported in fiscal
2018.
Capital expenditures in 2019 are expected to be in
the range of $25 million to $30 million.
Conference call
informationManagement will hold a conference call to
discuss these results today at 5:00 p.m. Eastern (3:00 p.m.
Mountain). Investors are invited to listen to the call live at:
https://www.investornetwork.com/event/presentation/43861, or by
dialing 877-407-0778 (201-689-8565 for international callers). No
passcode is necessary. Webcast participants should access the
website at least 15 minutes early to register and download any
necessary audio software. A replay of the webcast will be available
for 90 days and a telephonic replay will be available through
February 28, 2019, by calling 877-481-4010 (919-882-2331 for
international callers) and entering the Conference ID # 43861.
*Use of Non-GAAP Financial
MeasuresAdjusted EBITDA, adjusted operating income (loss),
adjusted net income (loss), adjusted diluted earnings (loss) per
share, and net debt are non-GAAP (generally accepted accounting
principles) financial measures used by management to measure
operating performance and liquidity. Non-GAAP results are presented
only as a supplement to the financial statements based on U.S.
generally accepted accounting principles (GAAP). The non-GAAP
financial information is provided to enhance the reader's
understanding of DMC’s financial performance, but no non-GAAP
measure should be considered in isolation or as a substitute for
financial measures calculated in accordance with GAAP.
Reconciliations of the most directly comparable GAAP measures to
non-GAAP measures are provided within the schedules attached to
this release.
EBITDA is defined as net income plus or minus net
interest plus taxes, depreciation and amortization. Adjusted EBITDA
excludes from EBITDA stock-based compensation, restructuring and
impairment charges and, when appropriate, other items that
management does not utilize in assessing DMC’s operating
performance (as further described in the attached financial
schedules). Adjusted operating income (loss) is defined as
operating income (loss) plus restructuring and impairment charges
and, when appropriate, other items that management does not utilize
in assessing DMC’s operating performance. Adjusted net income
(loss) is defined as net income (loss) plus restructuring and
impairment charges and, when appropriate, other items that
management does not utilize in assessing DMC’s operating
performance. Adjusted diluted earnings (loss) per share is defined
as diluted earnings (loss) per share plus restructuring and
impairment charges and, when appropriate, other items that
management does not utilize in assessing DMC’s operating
performance. Net debt is defined as lines of credit less cash and
cash equivalents. None of these non-GAAP financial measures are
recognized terms under GAAP and do not purport to be an alternative
to net income as an indicator of operating performance or any other
GAAP measure.
Management uses adjusted EBITDA in its operational
and financial decision-making, believing that it is useful to
eliminate certain items in order to focus on what it deems to be a
more reliable indicator of ongoing operating performance. As a
result, internal management reports used during monthly operating
reviews feature adjusted EBITDA measures. Management believes that
investors may find this non-GAAP financial measure useful for
similar reasons, although investors are cautioned that non-GAAP
financial measures are not a substitute for GAAP disclosures. In
addition, management incentive awards are based, in part, on the
amount of adjusted EBITDA achieved during relevant periods. EBITDA
and adjusted EBITDA are also used by research analysts, investment
bankers and lenders to assess operating performance. For example, a
measure similar to adjusted EBITDA is required by the lenders under
DMC’s credit facility.
Net debt is used by management to supplement GAAP
financial information and evaluate DMC’s performance, and
management believes this information may be similarly useful to
investors. Adjusted operating income (loss), adjusted net income
(loss) and adjusted diluted earnings (loss) per share are presented
because management believes these measures are useful to understand
the effects of restructuring and impairment charges on DMC’s
operating income (loss), net income (loss) and diluted earnings
(loss) per share, respectively.
Because not all companies use identical
calculations, DMC’s presentation of non-GAAP financial measures may
not be comparable to other similarly titled measures of other
companies. However, these measures can still be useful in
evaluating the company’s performance against its peer companies
because management believes the measures provide users with
valuable insight into key components of GAAP financial disclosures.
For example, a company with greater GAAP net income may not be as
appealing to investors if its net income is more heavily comprised
of gains on asset sales. Likewise, eliminating the effects of
interest income and expense moderates the impact of a company's
capital structure on its performance.
All of the items included in the reconciliation
from net income to EBITDA and adjusted EBITDA are either (i)
non-cash items (e.g., depreciation, amortization of purchased
intangible assets and stock-based compensation) or (ii) items that
management does not consider to be useful in assessing DMC’s
operating performance (e.g., income taxes, restructuring and
impairment charges). In the case of the non-cash items, management
believes that investors can better assess the company’s operating
performance if the measures are presented without such items
because, unlike cash expenses, these adjustments do not affect
DMC's ability to generate free cash flow or invest in its business.
For example, by adjusting for depreciation and amortization in
computing EBITDA, users can compare operating performance without
regard to different accounting determinations such as useful life.
In the case of the other items, management believes that investors
can better assess operating performance if the measures are
presented without these items because their financial impact does
not reflect ongoing operating performance.
About DMCBased in Boulder,
Colorado, DMC operates in two sectors: oilfield products and
services, and industrial infrastructure. The oilfield products and
services sector is served by DynaEnergetics, an international
developer, manufacturer and marketer of advanced explosive systems
used to perforate oil and gas wells. The industrial
infrastructure sector is served by DMC’s NobelClad business, the
world’s largest manufacturer of explosion-welded clad metal plates,
which are used to fabricate capital equipment utilized within
various process industries and other industrial sectors. For more
information, visit the Company’s website at:
http://www.dmcglobal.com.
Safe Harbor LanguageExcept for the
historical information contained herein, this news release contains
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, including first
quarter and full-year 2019 guidance on sales and gross margin,
SG&A, amortization expenses, earnings per share, adjusted
EBITDA, interest expense, and our effective tax rate; the timing of
releasing DS Trinity systems into the market, and the prospects for
continued growth and enhanced value for DMC stakeholders. Such
statements and information are based on numerous assumptions
regarding present and future business strategies, the markets in
which we operate, anticipated costs and ability to achieve goals.
Forward-looking information and statements are subject to known and
unknown risks, uncertainties and other important factors that may
cause actual results and performance to be materially different
from those expressed or implied by such forward-looking information
and statements, including but not limited to: our ability to
realize sales from our backlog; our ability to obtain new contracts
at attractive prices; the execution of purchase commitments by our
customers, and our ability to successfully deliver on those
purchase commitments; the size and timing of customer orders and
shipments; changes to customer orders; product pricing and margins,
fluctuations in customer demand; our ability to successfully
execute and capitalize upon growth opportunities; the success of
DynaEnergetics’ product and technology development initiatives;
fluctuations in foreign currencies; fluctuations in tariffs and
quotas; the cyclicality of our business; competitive factors; the
timely completion of contracts; the timing and size of
expenditures; the timing and price of metal and other raw material;
the adequacy of local labor supplies at our facilities; current or
future limits on manufacturing capacity at our various operations;
the availability and cost of funds; the outcome of ongoing
regulatory and litigation matters; and general economic conditions,
both domestic and foreign, impacting our business and the business
of the end-market users we serve; as well as the other risks
detailed from time to time in our SEC reports, including the annual
report on Form 10-K for the year ended December 31, 2018. We
do not undertake any obligation to release publicly revisions to
any forward-looking statement, including, without limitation, to
reflect events or circumstances after the date of this news
release, or to reflect the occurrence of unanticipated events,
except as may be required under applicable securities laws.
DMC GLOBAL INC.CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS(Amounts in Thousands, Except Share and Per Share
Data)(unaudited)
|
Three months ended |
|
Change |
|
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
|
Sequential |
|
Year-on-year |
NET SALES |
$ |
90,318 |
|
|
$ |
87,883 |
|
|
$ |
54,490 |
|
|
3 |
% |
|
66 |
% |
COST OF PRODUCTS
SOLD |
58,879 |
|
|
58,155 |
|
|
36,645 |
|
|
1 |
% |
|
61 |
% |
Gross
profit |
31,439 |
|
|
29,728 |
|
|
17,845 |
|
|
6 |
% |
|
76 |
% |
COSTS AND
EXPENSES: |
|
|
|
|
|
|
|
|
|
General
and administrative expenses |
10,902 |
|
|
9,630 |
|
|
7,312 |
|
|
13 |
% |
|
49 |
% |
Selling
and distribution expenses |
6,334 |
|
|
5,420 |
|
|
5,169 |
|
|
17 |
% |
|
23 |
% |
Amortization of purchased intangible assets |
579 |
|
|
769 |
|
|
1,026 |
|
|
-25 |
% |
|
-44 |
% |
Restructuring expenses |
561 |
|
|
192 |
|
|
3,825 |
|
|
192 |
% |
|
-85 |
% |
Anti-dumping duty penalties |
— |
|
|
4,897 |
|
|
— |
|
|
-100 |
% |
|
N/M |
|
Total
costs and expenses |
18,376 |
|
|
20,908 |
|
|
17,332 |
|
|
-12 |
% |
|
6 |
% |
OPERATING INCOME |
13,063 |
|
|
8,820 |
|
|
513 |
|
|
48 |
% |
|
2,446 |
% |
OTHER EXPENSE: |
|
|
|
|
|
|
|
|
|
Other
expense, net |
(163 |
) |
|
(335 |
) |
|
(411 |
) |
|
51 |
% |
|
60 |
% |
Interest
expense, net |
(519 |
) |
|
(495 |
) |
|
(447 |
) |
|
-5 |
% |
|
-16 |
% |
INCOME (LOSS) BEFORE
INCOME TAXES |
12,381 |
|
|
7,990 |
|
|
(345 |
) |
|
55 |
% |
|
3,689 |
% |
INCOME TAX (BENEFIT)
PROVISION |
(2,890 |
) |
|
3,080 |
|
|
1,613 |
|
|
-194 |
% |
|
-279 |
% |
NET INCOME (LOSS) |
15,271 |
|
|
4,910 |
|
|
(1,958 |
) |
|
211 |
% |
|
880 |
% |
NET INCOME (LOSS) PER
SHARE: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.02 |
|
|
$ |
0.33 |
|
|
$ |
(0.13 |
) |
|
209 |
% |
|
885 |
% |
Diluted |
$ |
1.02 |
|
|
$ |
0.33 |
|
|
$ |
(0.13 |
) |
|
209 |
% |
|
885 |
% |
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
|
Basic |
14,576,522 |
|
|
14,571,155 |
|
|
14,386,618 |
|
|
— |
% |
|
1 |
% |
Diluted |
14,676,240 |
|
|
14,571,155 |
|
|
14,386,618 |
|
|
1 |
% |
|
2 |
% |
DIVIDENDS DECLARED PER
COMMON SHARE |
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DMC GLOBAL INC.CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS(Amounts in Thousands, Except Share and Per Share
Data)(unaudited)
|
Twelve months ended |
|
Change |
|
Dec 31, 2018 |
|
Dec 31, 2017 |
|
Year-on-year |
NET SALES |
$ |
326,429 |
|
|
$ |
192,803 |
|
|
69 |
% |
COST OF PRODUCTS
SOLD |
215,734 |
|
|
133,412 |
|
|
62 |
% |
Gross
profit |
110,695 |
|
|
59,391 |
|
|
86 |
% |
COSTS AND
EXPENSES: |
|
|
|
|
|
General
and administrative expenses |
38,452 |
|
|
27,135 |
|
|
42 |
% |
Selling
and distribution expenses |
22,761 |
|
|
18,589 |
|
|
22 |
% |
Amortization of purchased intangible assets |
2,944 |
|
|
4,060 |
|
|
-27 |
% |
Restructuring expenses |
1,114 |
|
|
4,283 |
|
|
-74 |
% |
Anti-dumping duty penalties |
8,000 |
|
|
— |
|
|
N/M |
|
Goodwill
impairment charge |
— |
|
|
17,584 |
|
|
-100 |
% |
Total
costs and expenses |
73,271 |
|
|
71,651 |
|
|
2 |
% |
OPERATING INCOME
(LOSS) |
37,424 |
|
|
(12,260 |
) |
|
405 |
% |
OTHER EXPENSE: |
|
|
|
|
|
Other
expense, net |
(1,202 |
) |
|
(1,376 |
) |
|
13 |
% |
Interest
expense, net |
(1,615 |
) |
|
(1,648 |
) |
|
2 |
% |
INCOME (LOSS) BEFORE
INCOME TAXES |
34,607 |
|
|
(15,284 |
) |
|
326 |
% |
INCOME TAX
PROVISION |
4,134 |
|
|
3,569 |
|
|
16 |
% |
NET INCOME (LOSS) |
30,473 |
|
|
(18,853 |
) |
|
262 |
% |
NET INCOME (LOSS) PER
SHARE: |
|
|
|
|
|
Basic |
$ |
2.05 |
|
|
$ |
(1.31 |
) |
|
256 |
% |
Diluted |
$ |
2.04 |
|
|
$ |
(1.31 |
) |
|
256 |
% |
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING: |
|
|
|
|
|
Basic |
14,529,745 |
|
|
14,346,851 |
|
|
1 |
% |
Diluted |
14,620,635 |
|
|
14,346,851 |
|
|
2 |
% |
DIVIDENDS DECLARED PER
COMMON SHARE |
$ |
0.08 |
|
|
$ |
0.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DMC GLOBAL INC.SEGMENT STATEMENTS OF
OPERATIONS(Amounts in Thousands)(unaudited)
DynaEnergetics |
|
|
Three months ended |
|
Change |
|
|
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
|
Sequential |
|
Year-on-year |
Net sales |
|
$ |
63,178 |
|
|
$ |
66,250 |
|
|
$ |
37,085 |
|
|
-5 |
% |
|
70 |
% |
Gross profit |
|
24,744 |
|
|
24,505 |
|
|
14,167 |
|
|
1 |
% |
|
75 |
% |
Gross profit
percentage |
|
39.2 |
% |
|
37.0 |
% |
|
38.2 |
% |
|
|
|
|
COSTS AND
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
General
and administrative expenses |
|
6,577 |
|
|
5,556 |
|
|
3,663 |
|
|
18 |
% |
|
80 |
% |
Selling
and distribution expenses |
|
4,016 |
|
|
3,522 |
|
|
3,019 |
|
|
14 |
% |
|
33 |
% |
Amortization of purchased intangible assets |
|
482 |
|
|
670 |
|
|
925 |
|
|
-28 |
% |
|
-48 |
% |
Restructuring expenses |
|
— |
|
|
— |
|
|
— |
|
|
— |
% |
|
— |
% |
Anti-dumping duty penalties |
|
— |
|
|
4,897 |
|
|
— |
|
|
-100 |
% |
|
— |
% |
Operating income |
|
13,669 |
|
|
9,860 |
|
|
6,560 |
|
|
39 |
% |
|
108 |
% |
Adjusted EBITDA |
|
$ |
15,247 |
|
|
$ |
16,352 |
|
|
$ |
8,302 |
|
|
-7 |
% |
|
84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended |
|
Change |
|
|
Dec 31, 2018 |
|
Dec 31, 2017 |
|
Year-on-year |
Net sales |
|
$ |
237,448 |
|
|
$ |
121,253 |
|
|
96 |
% |
Gross profit |
|
90,623 |
|
|
44,029 |
|
|
106 |
% |
Gross profit
percentage |
|
38.2 |
% |
|
36.3 |
% |
|
|
COSTS AND
EXPENSES: |
|
|
|
|
|
|
General
and administrative expenses |
|
21,097 |
|
|
13,373 |
|
|
58 |
% |
Selling
and distribution expenses |
|
14,509 |
|
|
11,054 |
|
|
31 |
% |
Amortization of purchased intangible assets |
|
2,541 |
|
|
3,674 |
|
|
-31 |
% |
Restructuring expenses |
|
— |
|
|
458 |
|
|
-100 |
% |
Anti-dumping duty penalties |
|
8,000 |
|
|
— |
|
|
— |
% |
Operating income |
|
44,476 |
|
|
15,470 |
|
|
187 |
% |
Adjusted EBITDA |
|
$ |
58,784 |
|
|
$ |
22,807 |
|
|
158 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
NobelClad |
|
|
Three months ended |
|
Change |
|
|
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
|
Sequential |
|
Year-on-year |
Net sales |
|
$ |
27,140 |
|
|
$ |
21,633 |
|
|
$ |
17,405 |
|
|
25 |
% |
|
56 |
% |
Gross profit |
|
6,799 |
|
|
5,302 |
|
|
3,759 |
|
|
28 |
% |
|
81 |
% |
Gross profit
percentage |
|
25.1 |
% |
|
24.5 |
% |
|
21.6 |
% |
|
|
|
|
COSTS AND
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
General
and administrative expenses |
|
1,217 |
|
|
1,090 |
|
|
826 |
|
|
12 |
% |
|
47 |
% |
Selling
and distribution expenses |
|
2,216 |
|
|
1,822 |
|
|
2,055 |
|
|
22 |
% |
|
8 |
% |
Amortization of purchased intangible assets |
|
97 |
|
|
99 |
|
|
101 |
|
|
-2 |
% |
|
-4 |
% |
Restructuring expenses |
|
561 |
|
|
192 |
|
|
3,825 |
|
|
192 |
% |
|
-85 |
% |
Operating income
(loss) |
|
2,708 |
|
|
2,099 |
|
|
(3,048 |
) |
|
29 |
% |
|
189 |
% |
Adjusted EBITDA |
|
$ |
4,047 |
|
|
$ |
3,093 |
|
|
$ |
1,537 |
|
|
31 |
% |
|
163 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DMC GLOBAL INC.SEGMENT STATEMENTS OF
OPERATIONS(Amounts in Thousands)(unaudited)
|
|
Twelve months ended |
|
Change |
|
|
Dec 31, 2018 |
|
Dec 31, 2017 |
|
Year-on-year |
Net sales |
|
$ |
88,981 |
|
|
$ |
71,550 |
|
|
24 |
% |
Gross profit |
|
20,414 |
|
|
15,644 |
|
|
30 |
% |
Gross profit
percentage |
|
22.9 |
% |
|
21.9 |
% |
|
|
COSTS AND
EXPENSES: |
|
|
|
|
|
|
General
and administrative expenses |
|
4,522 |
|
|
4,031 |
|
|
12 |
% |
Selling
and distribution expenses |
|
7,876 |
|
|
7,178 |
|
|
10 |
% |
Amortization of purchased intangible assets |
|
403 |
|
|
386 |
|
|
4 |
% |
Restructuring expenses |
|
1,114 |
|
|
3,825 |
|
|
-71 |
% |
Goodwill
impairment charge |
|
— |
|
|
17,584 |
|
|
-100 |
% |
Operating income
(loss) |
|
6,499 |
|
|
(17,360 |
) |
|
137 |
% |
Adjusted EBITDA |
|
$ |
10,825 |
|
|
$ |
7,736 |
|
|
40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DMC GLOBAL INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(Amounts in Thousands)(unaudited)
|
|
|
|
|
|
|
Change |
|
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
|
Sequential |
|
From year-end |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
13,375 |
|
|
$ |
11,098 |
|
|
$ |
8,983 |
|
|
21 |
% |
|
49 |
% |
Accounts
receivable, net |
59,709 |
|
|
65,618 |
|
|
49,468 |
|
|
-9 |
% |
|
21 |
% |
Inventory, net |
51,074 |
|
|
56,496 |
|
|
35,742 |
|
|
-10 |
% |
|
43 |
% |
Other
current assets |
8,058 |
|
|
6,664 |
|
|
5,763 |
|
|
21 |
% |
|
40 |
% |
|
|
|
|
|
|
|
|
|
|
Total
current assets |
132,216 |
|
|
139,876 |
|
|
99,956 |
|
|
-5 |
% |
|
32 |
% |
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net |
95,140 |
|
|
79,782 |
|
|
59,872 |
|
|
19 |
% |
|
59 |
% |
Purchased intangible
assets, net |
8,589 |
|
|
9,515 |
|
|
12,861 |
|
|
-10 |
% |
|
-33 |
% |
Other long-term
assets |
4,473 |
|
|
346 |
|
|
394 |
|
|
1,193 |
% |
|
1,035 |
% |
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
240,418 |
|
|
$ |
229,519 |
|
|
$ |
173,083 |
|
|
5 |
% |
|
39 |
% |
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
24,243 |
|
|
$ |
25,068 |
|
|
$ |
19,826 |
|
|
-3 |
% |
|
22 |
% |
Accrued anti-dumping
penalties and duties |
8,000 |
|
|
8,000 |
|
|
3,609 |
|
|
— |
% |
|
122 |
% |
Contract
liabilities |
1,140 |
|
|
4,310 |
|
|
5,888 |
|
|
-74 |
% |
|
-81 |
% |
Dividend payable |
295 |
|
|
298 |
|
|
295 |
|
|
-1 |
% |
|
— |
% |
Accrued income
taxes |
9,545 |
|
|
9,299 |
|
|
2,939 |
|
|
3 |
% |
|
225 |
% |
Current portion of
long-term debt |
3,125 |
|
|
— |
|
|
— |
|
|
N/M |
|
|
N/M |
|
Other current
liabilities |
18,217 |
|
|
18,151 |
|
|
13,070 |
|
|
— |
% |
|
39 |
% |
|
|
|
|
|
|
|
|
|
|
Total
current liabilities |
64,565 |
|
|
65,126 |
|
|
45,627 |
|
|
-1 |
% |
|
42 |
% |
|
|
|
|
|
|
|
|
|
|
Long-term debt |
38,230 |
|
|
41,454 |
|
|
17,984 |
|
|
-8 |
% |
|
113 |
% |
Deferred tax
liabilities |
379 |
|
|
849 |
|
|
573 |
|
|
-55 |
% |
|
-34 |
% |
Other long-term
liabilities |
2,958 |
|
|
2,700 |
|
|
3,119 |
|
|
10 |
% |
|
-5 |
% |
Stockholders'
equity |
134,286 |
|
|
119,390 |
|
|
105,780 |
|
|
12 |
% |
|
27 |
% |
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
240,418 |
|
|
$ |
229,519 |
|
|
$ |
173,083 |
|
|
5 |
% |
|
39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DMC GLOBAL INC.CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS(Amounts in Thousands)(unaudited)
|
Three months ended |
|
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
Net income (loss) |
$ |
15,271 |
|
|
$ |
4,910 |
|
|
$ |
(1,958 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
|
Depreciation (including capital lease amortization) |
1,777 |
|
|
1,628 |
|
|
1,476 |
|
Amortization of purchased intangible assets |
579 |
|
|
769 |
|
|
1,026 |
|
Amortization of deferred debt issuance costs |
46 |
|
|
44 |
|
|
31 |
|
Stock-based compensation |
918 |
|
|
870 |
|
|
850 |
|
Deferred
income taxes |
(3,929 |
) |
|
243 |
|
|
(148 |
) |
Gain on
disposal of property, plant and equipment |
48 |
|
|
4 |
|
|
171 |
|
Restructuring expenses |
561 |
|
|
192 |
|
|
3,825 |
|
Transition tax liability |
— |
|
|
(411 |
) |
|
946 |
|
Change in
working capital, net |
5,822 |
|
|
(125 |
) |
|
10 |
|
Net cash
provided by operating activities |
21,093 |
|
|
8,124 |
|
|
6,229 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
Acquisition of property, plant and equipment |
(18,521 |
) |
|
(10,373 |
) |
|
(2,887 |
) |
Net cash
used in investing activities |
(18,521 |
) |
|
(10,373 |
) |
|
(2,887 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
Repayments on revolving loans |
(6,150 |
) |
|
(300 |
) |
|
(4,000 |
) |
Borrowings on capital expenditure facility |
6,010 |
|
|
7,187 |
|
|
— |
|
Payment
of dividends |
(298 |
) |
|
(298 |
) |
|
(294 |
) |
Payment
of deferred debt issuance costs |
(4 |
) |
|
(179 |
) |
|
(5 |
) |
Net
proceeds from issuance of common stock |
210 |
|
|
2 |
|
|
142 |
|
Treasury
stock purchases |
— |
|
|
(70 |
) |
|
(1 |
) |
Net cash
(used in) provided by financing activities |
(232 |
) |
|
6,342 |
|
|
(4,158 |
) |
EFFECTS OF EXCHANGE
RATES ON CASH |
(63 |
) |
|
376 |
|
|
938 |
|
|
|
|
|
|
|
NET INCREASE IN CASH
AND CASH EQUIVALENTS |
2,277 |
|
|
4,469 |
|
|
122 |
|
CASH AND CASH
EQUIVALENTS, beginning of the period |
11,098 |
|
|
6,629 |
|
|
8,861 |
|
CASH AND CASH
EQUIVALENTS, end of the period |
$ |
13,375 |
|
|
$ |
11,098 |
|
|
$ |
8,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DMC GLOBAL INC.CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS(Amounts in Thousands)(unaudited)
|
Twelve months ended |
|
Dec 31, 2018 |
|
Dec 31, 2017 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
Net income (loss) |
$ |
30,473 |
|
|
$ |
(18,853 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
Depreciation (including capital lease amortization) |
6,576 |
|
|
6,506 |
|
Amortization of purchased intangible assets |
2,944 |
|
|
4,060 |
|
Amortization of deferred debt issuance costs |
314 |
|
|
390 |
|
Stock-based compensation |
3,580 |
|
|
2,975 |
|
Deferred
income taxes |
(3,653 |
) |
|
(556 |
) |
Gain on
disposal of property, plant and equipment |
78 |
|
|
125 |
|
Restructuring expenses |
1,114 |
|
|
4,283 |
|
Goodwill
impairment charge |
— |
|
|
17,584 |
|
Transition tax liability |
(679 |
) |
|
946 |
|
Change in
working capital, net |
(13,109 |
) |
|
(10,713 |
) |
Net cash
provided by operating activities |
27,638 |
|
|
6,747 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
Acquisition of property, plant and equipment |
(45,095 |
) |
|
(6,186 |
) |
Proceeds
on sale of property, plant and equipment |
— |
|
|
2 |
|
Net cash
used in investing activities |
(45,095 |
) |
|
(6,184 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
Borrowings (payments) on revolving loans |
(1,628 |
) |
|
2,000 |
|
Borrowings on capital expenditure facility |
25,000 |
|
|
— |
|
Payment
of dividends |
(1,189 |
) |
|
(1,174 |
) |
Payment
of deferred debt issuance costs |
(314 |
) |
|
(138 |
) |
Net
proceeds from issuance of common stock |
442 |
|
|
296 |
|
Treasury
stock purchases |
(453 |
) |
|
(337 |
) |
Net cash
provided by financing activities |
21,858 |
|
|
647 |
|
EFFECTS OF EXCHANGE
RATES ON CASH |
(9 |
) |
|
1,354 |
|
|
|
|
|
NET INCREASE IN CASH
AND CASH EQUIVALENTS |
4,392 |
|
|
2,564 |
|
CASH AND CASH
EQUIVALENTS, beginning of the period |
8,983 |
|
|
6,419 |
|
CASH AND CASH
EQUIVALENTS, end of the period |
$ |
13,375 |
|
|
$ |
8,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DMC GLOBAL INC.RECONCILIATIONS OF NON-GAAP
FINANCIAL MEASUREMENTS TO MOSTDIRECTLY COMPARABLE GAAP FINANCIAL
MEASUREMENTS(Amounts in Thousands, Except Per Share
Data)(unaudited)
DMC Global Inc. |
|
EBITDA and
Adjusted EBITDA |
|
|
Three months ended |
|
Change |
|
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
|
Sequential |
|
Year-on-year |
Net income (loss) |
$ |
15,271 |
|
|
$ |
4,910 |
|
|
$ |
(1,958 |
) |
|
211 |
% |
|
-1 |
% |
Interest expense,
net |
519 |
|
|
495 |
|
|
447 |
|
|
5 |
% |
|
16 |
% |
Income tax (benefit)
provision |
(2,890 |
) |
|
3,080 |
|
|
1,613 |
|
|
-194 |
% |
|
-156 |
% |
Depreciation |
1,777 |
|
|
1,628 |
|
|
1,476 |
|
|
9 |
% |
|
20 |
% |
Amortization of
purchased intangible assets |
579 |
|
|
769 |
|
|
1,026 |
|
|
-25 |
% |
|
-77 |
% |
|
|
|
|
|
|
|
|
|
|
EBITDA |
15,256 |
|
|
10,882 |
|
|
2,604 |
|
|
40 |
% |
|
486 |
% |
Restructuring |
561 |
|
|
192 |
|
|
3,825 |
|
|
192 |
% |
|
-582 |
% |
Anti-dumping duty
penalties |
— |
|
|
4,897 |
|
|
— |
|
|
-100 |
% |
|
— |
% |
Stock-based
compensation |
918 |
|
|
870 |
|
|
850 |
|
|
6 |
% |
|
8 |
% |
Other expense, net |
163 |
|
|
335 |
|
|
411 |
|
|
-51 |
% |
|
-152 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
16,898 |
|
|
$ |
17,176 |
|
|
$ |
7,690 |
|
|
-2 |
% |
|
120 |
% |
|
Twelve months ended |
|
Change |
|
Dec 31, 2018 |
|
Dec 31, 2017 |
|
Year-on-year |
Net income (loss) |
$ |
30,473 |
|
|
$ |
(18,853 |
) |
|
262 |
% |
Interest expense,
net |
1,615 |
|
|
1,648 |
|
|
-2 |
% |
Income tax
provision |
4,134 |
|
|
3,569 |
|
|
16 |
% |
Depreciation |
6,576 |
|
|
6,506 |
|
|
1 |
% |
Amortization of
purchased intangible assets |
2,944 |
|
|
4,060 |
|
|
-27 |
% |
|
|
|
|
|
|
EBITDA |
45,742 |
|
|
(3,070 |
) |
|
1,590 |
% |
Restructuring |
1,114 |
|
|
4,283 |
|
|
-74 |
% |
Goodwill impairment
charge |
— |
|
|
17,584 |
|
|
-100 |
% |
Anti-dumping duty
penalties |
8,000 |
|
|
— |
|
|
— |
% |
Stock-based
compensation |
3,580 |
|
|
2,975 |
|
|
20 |
% |
Other expense, net |
1,202 |
|
|
1,376 |
|
|
-13 |
% |
|
|
|
|
|
|
Adjusted EBITDA |
$ |
59,638 |
|
|
$ |
23,148 |
|
|
158 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DMC GLOBAL INC.RECONCILIATIONS OF NON-GAAP
FINANCIAL MEASUREMENTS TO MOSTDIRECTLY COMPARABLE GAAP FINANCIAL
MEASUREMENTS(Amounts in Thousands, Except Per Share
Data)(unaudited)
Adjusted operating income (loss)
|
Three months ended |
|
Change |
|
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
|
Sequential |
|
Year-on-year |
Operating income, as
reported |
$ |
13,063 |
|
|
$ |
8,820 |
|
|
$ |
513 |
|
|
48 |
% |
|
2,446 |
% |
Restructuring
programs: |
|
|
|
|
|
|
|
|
|
NobelClad |
561 |
|
|
192 |
|
|
3,825 |
|
|
192 |
% |
|
-85 |
% |
Anti-dumping duty
penalties |
— |
|
|
4,897 |
|
|
— |
|
|
-100 |
% |
|
— |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income |
$ |
13,624 |
|
|
$ |
13,909 |
|
|
$ |
4,338 |
|
|
-2 |
% |
|
214 |
% |
|
Twelve months ended |
|
Change |
|
Dec 31, 2018 |
|
Dec 31, 2017 |
|
Year-on-year |
Operating income (loss),
as reported |
$ |
37,424 |
|
|
$ |
(12,260 |
) |
|
405 |
% |
Restructuring
programs: |
|
|
|
|
|
NobelClad |
1,114 |
|
|
3,825 |
|
|
-71 |
% |
DynaEnergetics |
— |
|
|
458 |
|
|
-100 |
% |
Goodwill impairment
charge |
— |
|
|
17,584 |
|
|
-100 |
% |
Anti-dumping duty
penalties |
8,000 |
|
|
— |
|
|
— |
% |
|
|
|
|
|
|
Adjusted operating
income |
$ |
46,538 |
|
|
$ |
9,607 |
|
|
384 |
% |
Adjusted Net Income and Diluted Income per Share
|
Three months ended December 31, 2018 |
|
Pretax |
|
Tax |
|
Net |
|
Diluted EPS |
Net income, as
reported |
$ |
12,381 |
|
|
$ |
(2,890 |
) |
|
$ |
15,271 |
|
|
$ |
1.02 |
|
Restructuring
programs: |
|
|
|
|
|
|
|
NobelClad |
561 |
|
|
— |
|
|
561 |
|
|
0.04 |
|
Impact of tax valuation
allowances |
— |
|
|
8,860 |
|
|
(8,860 |
) |
|
(0.60 |
) |
|
|
|
|
|
|
|
|
Net income, excluding
charges |
$ |
12,942 |
|
|
$ |
5,970 |
|
|
$ |
6,972 |
|
|
$ |
0.46 |
|
|
Three months ended September 30, 2018 |
|
Pretax |
|
Tax |
|
Net |
|
Diluted EPS |
Net income, as
reported |
$ |
7,990 |
|
|
$ |
3,080 |
|
|
$ |
4,910 |
|
|
$ |
0.33 |
|
Restructuring
programs: |
|
|
|
|
|
|
|
NobelClad |
192 |
|
|
— |
|
|
192 |
|
|
0.01 |
|
Anti-dumping duty
penalties |
4,897 |
|
|
— |
|
|
4,897 |
|
|
0.34 |
|
|
|
|
|
|
|
|
|
Net income, excluding
charges |
$ |
13,079 |
|
|
$ |
3,080 |
|
|
$ |
9,999 |
|
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DMC GLOBAL INC.RECONCILIATIONS OF NON-GAAP
FINANCIAL MEASUREMENTS TO MOSTDIRECTLY COMPARABLE GAAP FINANCIAL
MEASUREMENTS(Amounts in Thousands, Except Per Share
Data)(unaudited)
|
Three months ended December 31, 2017 |
|
Pre-Tax |
|
Tax |
|
Net |
|
Diluted EPS |
Net loss, as
reported |
$ |
(345 |
) |
|
$ |
1,613 |
|
|
$ |
(1,958 |
) |
|
$ |
(0.13 |
) |
Restructuring
programs: |
|
|
|
|
|
|
|
NobelClad |
3,825 |
|
|
570 |
|
|
3,255 |
|
|
0.22 |
|
|
|
|
|
|
|
|
|
Net income, excluding
charges |
$ |
3,480 |
|
|
$ |
2,183 |
|
|
$ |
1,297 |
|
|
$ |
0.09 |
|
|
Twelve months ended December 31, 2018 |
|
Pre-Tax |
|
Tax |
|
Net |
|
Diluted EPS |
Net income, as
reported |
$ |
34,607 |
|
|
$ |
4,134 |
|
|
$ |
30,473 |
|
|
$ |
2.04 |
|
Restructuring
programs: |
|
|
|
|
|
|
|
NobelClad |
1,114 |
|
|
— |
|
|
1,114 |
|
|
0.08 |
|
Anti-dumping duty
penalties |
8,000 |
|
|
— |
|
|
8,000 |
|
|
0.55 |
|
Impact of tax valuation
allowances |
— |
|
|
8,860 |
|
|
(8,860 |
) |
|
(0.60 |
) |
|
|
|
|
|
|
|
|
Net income, excluding
charges |
$ |
43,721 |
|
|
$ |
12,994 |
|
|
$ |
30,727 |
|
|
$ |
2.07 |
|
|
Twelve months ended December 31, 2017 |
|
Pre-Tax |
|
Tax |
|
Net |
|
Diluted EPS |
Net loss, as
reported |
$ |
(15,284 |
) |
|
$ |
3,569 |
|
|
$ |
(18,853 |
) |
|
$ |
(1.31 |
) |
Restructuring
programs: |
|
|
|
|
|
|
|
NobelClad |
3,825 |
|
|
570 |
|
|
3,255 |
|
|
0.23 |
|
DynaEnergetics |
458 |
|
|
— |
|
|
458 |
|
|
0.03 |
|
Goodwill impairment
charge |
17,584 |
|
|
300 |
|
|
17,284 |
|
|
1.21 |
|
|
|
|
|
|
|
|
|
Net income, excluding
charges |
$ |
6,583 |
|
|
$ |
4,439 |
|
|
$ |
2,144 |
|
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DynaEnergetics |
|
Adjusted
EBITDA |
|
Three months ended |
|
Change |
|
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
|
Sequential |
|
Year-on-year |
Operating income |
$ |
13,669 |
|
|
$ |
9,860 |
|
|
$ |
6,560 |
|
|
39 |
% |
|
108 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
Anti-dumping duty penalties |
— |
|
|
4,897 |
|
|
— |
|
|
-100 |
% |
|
N/M |
|
Depreciation |
1,096 |
|
|
925 |
|
|
817 |
|
|
18 |
% |
|
34 |
% |
Amortization of purchased intangible assets |
482 |
|
|
670 |
|
|
925 |
|
|
-28 |
% |
|
-48 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
15,247 |
|
|
$ |
16,352 |
|
|
$ |
8,302 |
|
|
-7 |
% |
|
84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DMC GLOBAL INC.RECONCILIATIONS OF NON-GAAP
FINANCIAL MEASUREMENTS TO MOSTDIRECTLY COMPARABLE GAAP FINANCIAL
MEASUREMENTS(Amounts in Thousands, Except Per Share
Data)(unaudited)
|
Twelve months ended |
|
Change |
|
Dec 31, 2018 |
|
Dec 31, 2017 |
|
Year-on-year |
Operating income |
$ |
44,476 |
|
|
$ |
15,470 |
|
|
187 |
% |
Adjustments: |
|
|
|
|
|
Restructuring |
— |
|
|
458 |
|
|
-100 |
% |
Anti-dumping duty penalties |
8,000 |
|
|
— |
|
|
— |
% |
Depreciation |
3,767 |
|
|
3,205 |
|
|
18 |
% |
Amortization of purchased intangible assets |
2,541 |
|
|
3,674 |
|
|
-31 |
% |
|
|
|
|
|
|
Adjusted EBITDA |
$ |
58,784 |
|
|
$ |
22,807 |
|
|
158 |
% |
NobelClad |
|
Adjusted
EBITDA |
|
Three months ended |
|
Change |
|
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
|
Sequential |
|
Year-on-year |
Operating income
(loss) |
$ |
2,708 |
|
|
$ |
2,099 |
|
|
$ |
(3,048 |
) |
|
29 |
% |
|
189 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
Restructuring |
561 |
|
|
192 |
|
|
3,825 |
|
|
192 |
% |
|
-85 |
% |
Depreciation |
681 |
|
|
703 |
|
|
659 |
|
|
-3 |
% |
|
3 |
% |
Amortization of purchased intangible assets |
97 |
|
|
99 |
|
|
101 |
|
|
-2 |
% |
|
-4 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
4,047 |
|
|
$ |
3,093 |
|
|
$ |
1,537 |
|
|
31 |
% |
|
163 |
% |
|
Twelve months ended |
|
Change |
|
Dec 31, 2018 |
|
Dec 31, 2017 |
|
Year-on-year |
Operating income
(loss) |
$ |
6,499 |
|
|
$ |
(17,360 |
) |
|
137 |
% |
Adjustments: |
|
|
|
|
|
Restructuring |
1,114 |
|
|
3,825 |
|
|
-71 |
% |
Goodwill
impairment charge |
— |
|
|
17,584 |
|
|
-100 |
% |
Depreciation |
2,809 |
|
|
3,301 |
|
|
-15 |
% |
Amortization of purchased intangible assets |
403 |
|
|
386 |
|
|
4 |
% |
|
|
|
|
|
|
Adjusted EBITDA |
$ |
10,825 |
|
|
$ |
7,736 |
|
|
40 |
% |
|
|
|
|
|
|
|
|
|
|
|
CONTACT:Geoff High, Vice President of Investor
Relations303-604-3924
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