DMC Global Inc. (Nasdaq: BOOM) today reported financial results for
its second quarter ended June 30, 2020.
Consolidated sales were $43.2 million, down 41%
sequentially and down 61% versus the second quarter of 2019. As
global energy demand plunged due to the Covid-19 pandemic, there
was a concurrent drop in unconventional drilling and completion
activity, which negatively affected sales at DynaEnergetics, DMC’s
oilfield products business. Second quarter well completions in the
United States fell by nearly 70% versus the second quarter of 2019,
according to the American Petroleum Institute.
Second quarter gross margin was 15% versus 33%
in the 2020 first quarter and 38% in the 2019 second quarter. The
decline relates to a 73% year-over-year sales decline at
DynaEnergetics, which also was impacted by lower selling prices and
an inventory reserve of $1.6 million. The magnitude of
DynaEnergetics’ sales decrease led to significant under-absorption
of fixed overhead and research and development expenses. In
addition, low utilization of DynaEnergetics’ manufacturing
facilities resulted in an excess-capacity charge of $2.0
million. Generally accepted accounting principles (GAAP)
stipulate that fixed overhead expenses are capitalized as inventory
on the balance sheet when incurred, and then expensed to the income
statement when the related inventory is sold. However, in periods
when manufacturing activity drops significantly below normalized
levels, a portion of fixed overhead expenses are required to be
recognized in the income statement, rather than carried as
inventory on the balance sheet.
Second quarter operating loss was $8.0 million,
and included $800,000 of bad debt expense. In the comparable
year ago quarter, DMC reported operating income of $24.7
million.
Net loss was $5.6 million, or $0.38 per diluted
share, versus net income of $17.2 million, or $1.15 per diluted
share, in last year’s second quarter. Adjusted net loss was $4.4
million, or $0.29 per diluted share.
Second quarter adjusted EBITDA was negative $1.8
million versus a positive $11.3 million in the 2020 first quarter,
and a positive $29.0 million in the 2019 second quarter.
Net cash (total cash and cash equivalents less
total debt) at June 30, 2020, was $4.5 million, up from net cash of
$2.9 million at March 31, 2020.
DynaEnergetics Second quarter sales at
DynaEnergetics were $23.6 million, down 56% sequentially and down
73% from the 2019 second quarter. Gross margin was 8%, down from
37% in the first quarter of 2020 and 41% in last year’s second
quarter. Operating loss was $6.9 million versus operating income of
$26.8 million in the comparable year-ago quarter. Excluding
restructuring charges, adjusted operating loss was $5.0 million
versus adjusted operating income of $26.8 million in the 2019
second quarter. Adjusted EBITDA was negative $3.3 million versus
$28.5 million in last year’s second quarter.
NobelClad Second quarter sales at NobelClad,
DMC's composite metals business, were $19.6 million, down 4%
sequentially and 12% versus the 2019 second quarter. Gross margin
was 25%, flat versus the 2020 first quarter and down from 26% in
last year's second quarter. Operating income was $2.0 million
versus $1.9 million in the year-ago second quarter. Adjusted EBITDA
was $3.1 million versus $3.1 million in last year’s second
quarter.
NobelClad’s trailing 12-month book-to-bill ratio
at the end of the second quarter was 1.05, and its rolling 12-month
bookings were $89 million versus $98 million at March 31, 2020.
Order backlog was $42.9 million versus $41.3 million at the end of
the first quarter.
Six-month resultsConsolidated
sales for the six-month period were $116.8 million, down 45% versus
the same period a year ago. Gross margin was 27% versus 37% in the
2019 six-month period. Operating loss was $1.6 million versus
operating income of $45.1 million in last year’s six-month period.
Net loss for the period was $1.5 million, or $0.10 per diluted
share, versus net income of $32.4 million, or $2.17 per diluted
share, in the same period a year ago.
Six-month adjusted operating income was $1.5
million and adjusted net income was $684,000, or $0.05 per diluted
share. Adjusted EBITDA was $9.5 million versus $52.9 million in
last year’s six-month period.
DynaEnergeticsSix-month sales at DynaEnergetics
were $76.9 million, down 54% from $168.5 million, in last year’s
six-month period. Operating income was $1.7 million versus $49.9
million in the comparable year-ago period. Adjusted EBITDA was $8.0
million versus $53.0 million in last year’s six-month period.
NobelClad NobelClad reported six-month sales of
$39.9 million, down 6% from $42.6 million at the six-month mark
last year. Operating income was $3.5 million versus $3.8 million in
the comparable year-ago period, while adjusted EBITDA was $5.4
million versus $5.8 million in last year’s six-month period.
Management Commentary President
and CEO Kevin Longe said, “The second quarter decline in
unconventional well-completion activity came on faster and was more
severe than anticipated. This situation was exacerbated as
oilfield service companies utilized excess component inventory to
address the limited number of well completions performed during the
quarter. In addition, we were not immune to the severe
pricing pressure impacting the entire oilfield services
industry.
“Despite these challenges, DynaEnergetics is
capitalizing on the slowdown in activity. Management currently is
engaged with several operators and service companies seeking to
strengthen their business models before the next up cycle by
transitioning away from field-assembled components in favor of our
Factory-Assembled, Performance-Assured™ perforating systems.
“In recent weeks, DynaEnergetics introduced a
series of products that are designed for new well-perforating
applications and collectively increase its addressable market by
more than 20%. The DS Echo™ perforating system positions
DynaEnergetics in the emerging re-frac market, while DS MicroSet™
and DS Liberator™ address plug setting and tool-string
disengagement applications. Each of these tools is the
lightest and most compact in its respective product category, not
to mention Factory-Assembled, Performance-Assured and Intrinsically
Safe™.
“NobelClad achieved a modest sequential
improvement in its order backlog, but is beginning to see effects
of the global pandemic on booking activity. Customers in the
downstream energy industry have delayed various repair and
maintenance projects; and the award of a large prospective
petrochemical order has been slowed by international travel
restrictions that have held up customer site visits. Despite these
challenges, NobelClad currently is pursuing more opportunities in a
broader range of end markets than at any time in its
history.
“In light of the unprecedented downturn in
global economic activity, we have made the necessary adjustments to
our activity-based cost structure. However, we will continue to
invest in technology, product and market development initiatives
that will ensure we maintain our competitive advantages and future
growth. As well-completion activity resumes and the perforating
sector works through an inventory overhang, we are confident demand
for DynaEnergetics’ systems will recover. We also believe bookings
activity at NobelClad will accelerate once the pandemic-related
project delays are behind us.
“I’m extremely proud of our employees around the
world, and want to thank them for their determination and
collaborative spirit during a very challenging period. DMC is in a
much better position than it was during the last downturn. We
have a compelling business model supported by industry-leading
products and applications, and also have built a highly efficient
cost structure and strong balance sheet. We will continue to
capitalize on the market slowdown by working closely with customers
to address their operational challenges and strengthen their
business models. I remain confident we will emerge from this period
a stronger company than we were when the downturn began.”
GuidanceMichael Kuta, CFO, said
third quarter 2020 sales are expected to be in a range of $45
million to $50 million versus the $43.2 million reported in the
2020 second quarter. At the business level, DynaEnergetics is
expected to report sales in a range of $27 million to $30 million
versus the $23.6 million reported in 2020 second quarter, while
NobelClad’s sales are expected in a range of $18 million to $20
million versus the $19.6 million reported in the 2020 second
quarter. Consolidated gross margin is expected to be in a range of
20% to 24% versus 15% in the 2020 second quarter.
Third quarter selling, general and
administrative (SG&A) expense is expected in a range of $11
million to $11.5 million versus the $12.2 million reported in the
2020 second quarter, while amortization expense is expected to be
approximately $350,000. Interest expense is expected to be in
a range of $150,000 to $200,000.
Adjusted EBITDA is expected in a range of $1.5
million to $4.0 million versus the negative $1.8 million in the
second quarter of 2020.
Kuta said management expects to end the third
quarter in a neutral to slightly positive net cash position, and
minimal to zero borrowings on its $50 million revolving credit
facility.
Third quarter capital expenditures are expected
in a range of $2 million to $3 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). The call is available live via the Internet at:
https://www.webcaster4.com/Webcast/Page/2204/35662, or by dialing
844-407-9500 (862-298-0850 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 until August 6, 2020, by
calling 877-481-4010 (919-882-2331 for international callers) and
entering the Conference ID #35662.
*Use of Non-GAAP Financial
MeasuresAdjusted EBITDA, adjusted operating income (loss),
adjusted net income (loss), and net cash 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 plus restructuring and impairment
charges and, when appropriate, other items that management does not
utilize in assessing DMC’s operating performance. Net cash is
defined as cash and cash equivalents less total debt. 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 cash 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) and adjusted net income
(loss) are presented because management believes these measures are
useful to understand the effects of restructuring and impairment
charges on DMC’s operating income (loss) and net income (loss),
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
intangibles 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 DMCDMC Global is a
diversified holding company. Our innovative businesses
provide differentiated products and services to niche industrial
and commercial markets around the world. DMC’s objective is to
identify well-run businesses and strong management teams and
support them with long-term capital and strategic, legal,
technology and operating resources. Our approach helps our
portfolio companies grow core businesses, launch new initiatives,
upgrade technologies and systems to support their long-term
strategy, and make acquisitions that improve their competitive
positions and expand their markets. DMC’s culture is to
foster local innovation versus centralized control, and stand
behind our businesses in ways that truly add value. Today, DMC’s
portfolio consists of DynaEnergetics and NobelClad, which
collectively address the energy, industrial processing and
transportation markets. Based in Broomfield, Colorado, DMC
trades on Nasdaq under the symbol “BOOM.” For more information,
visit the Company’s website at: http://www.dmcglobal.com
Safe Harbor Language Except 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 third
quarter guidance on sales, gross margin, SG&A, amortization
expense, interest expense, adjusted EBITDA, net cash, anticipated
borrowings, capital expenditures; as well as our expectation that
we will maintain our competitive advantages and future growth; our
expectation that demand for DynaEnergetics’ systems will recover
once well-completion activity resumes and the perforating sector
works through an inventory overhang; our belief that NobelClad’s
bookings will accelerate once pandemic-related delays have
subsided; and our expectation that we will emerge a stronger
company than we were when the downturn began. 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,
our ability to collect on our accounts receivable; 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; our ability to access our borrowing capacity
under our credit facility; impacts of COVID-19 and any preventive
or protective actions taken by governmental authorities, including
resulting economic recessions or depressions; 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, 2019. We
do not undertake any obligation to release public 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.
|
Three months ended |
|
Change |
|
Jun 30, 2020 |
|
Mar 31, 2020 |
|
Jun 30, 2019 |
|
Sequential |
|
Year-on-year |
NET SALES |
$ |
43,203 |
|
|
|
$ |
73,564 |
|
|
|
$ |
110,954 |
|
|
|
-41 |
% |
|
-61 |
% |
COST OF PRODUCTS SOLD |
36,599 |
|
|
|
49,094 |
|
|
|
68,881 |
|
|
|
-25 |
% |
|
-47 |
% |
Gross profit |
6,604 |
|
|
|
24,470 |
|
|
|
42,073 |
|
|
|
-73 |
% |
|
-84 |
% |
Gross profit percentage |
15.3 |
% |
|
|
33.3 |
% |
|
|
37.9 |
% |
|
|
|
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
|
General and administrative expenses |
6,707 |
|
|
|
8,126 |
|
|
|
9,460 |
|
|
|
-17 |
% |
|
-29 |
% |
Selling and distribution expenses |
5,488 |
|
|
|
8,527 |
|
|
|
7,239 |
|
|
|
-36 |
% |
|
-24 |
% |
Amortization of purchased intangible assets |
353 |
|
|
|
354 |
|
|
|
397 |
|
|
|
— |
% |
|
-11 |
% |
Restructuring expenses and asset impairments |
2,046 |
|
|
|
1,116 |
|
|
|
324 |
|
|
|
83 |
% |
|
531 |
% |
Total costs and expenses |
14,594 |
|
|
|
18,123 |
|
|
|
17,420 |
|
|
|
-19 |
% |
|
-16 |
% |
OPERATING (LOSS) INCOME |
(7,990 |
) |
|
|
6,347 |
|
|
|
24,653 |
|
|
|
-226 |
% |
|
-132 |
% |
OTHER (EXPENSE) INCOME: |
|
|
|
|
|
|
|
|
|
Other (expense) income, net |
(85 |
) |
|
|
115 |
|
|
|
343 |
|
|
|
-174 |
% |
|
-125 |
% |
Interest expense, net |
(156 |
) |
|
|
(238 |
) |
|
|
(409 |
) |
|
|
34 |
% |
|
62 |
% |
(LOSS) INCOME BEFORE INCOME
TAXES |
(8,231 |
) |
|
|
6,224 |
|
|
|
24,587 |
|
|
|
-232 |
% |
|
-133 |
% |
INCOME TAX (BENEFIT)
PROVISION |
(2,583 |
) |
|
|
2,069 |
|
|
|
7,343 |
|
|
|
-225 |
% |
|
-135 |
% |
NET (LOSS) INCOME |
(5,648 |
) |
|
|
4,155 |
|
|
|
17,244 |
|
|
|
-236 |
% |
|
-133 |
% |
NET (LOSS) INCOME PER
SHARE |
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.38 |
) |
|
|
$ |
0.28 |
|
|
|
$ |
1.17 |
|
|
|
-236 |
% |
|
-132 |
% |
Diluted |
$ |
(0.38 |
) |
|
|
$ |
0.28 |
|
|
|
$ |
1.15 |
|
|
|
-236 |
% |
|
-133 |
% |
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
|
Basic |
14,832,242 |
|
|
|
14,697,164 |
|
|
|
14,647,019 |
|
|
|
1 |
% |
|
1 |
% |
Diluted |
14,832,242 |
|
|
|
14,717,836 |
|
|
|
14,899,987 |
|
|
|
1 |
% |
|
— |
% |
DIVIDENDS DECLARED PER COMMON
SHARE |
$ |
— |
|
|
|
$ |
0.125 |
|
|
|
$ |
0.020 |
|
|
|
|
|
|
|
Six months ended |
|
Change |
|
Jun 30, 2020 |
|
Jun 30, 2019 |
|
Year-on-year |
NET SALES |
$ |
116,766 |
|
|
|
$ |
211,089 |
|
|
|
-45 |
% |
COST OF PRODUCTS SOLD |
85,696 |
|
|
|
132,611 |
|
|
|
-35 |
% |
Gross profit |
31,070 |
|
|
|
78,478 |
|
|
|
-60 |
% |
Gross profit percentage |
26.6 |
% |
|
|
37.2 |
% |
|
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
General and administrative expenses |
14,831 |
|
|
|
18,628 |
|
|
|
-20 |
% |
Selling and distribution expenses |
14,015 |
|
|
|
13,548 |
|
|
|
3 |
% |
Amortization of purchased intangible assets |
707 |
|
|
|
795 |
|
|
|
-11 |
% |
Restructuring expenses and asset impairments |
3,162 |
|
|
|
402 |
|
|
|
687 |
% |
Total costs and expenses |
32,715 |
|
|
|
33,373 |
|
|
|
-2 |
% |
OPERATING (LOSS) INCOME |
(1,645 |
) |
|
|
45,105 |
|
|
|
-104 |
% |
OTHER INCOME (EXPENSE): |
|
|
|
|
|
Other income, net |
32 |
|
|
|
322 |
|
|
|
-90 |
% |
Interest expense, net |
(394 |
) |
|
|
(782 |
) |
|
|
50 |
% |
(LOSS) INCOME BEFORE INCOME
TAXES |
(2,007 |
) |
|
|
44,645 |
|
|
|
-104 |
% |
INCOME TAX (BENEFIT)
PROVISION |
(514 |
) |
|
|
12,231 |
|
|
|
-104 |
% |
NET (LOSS) INCOME |
(1,493 |
) |
|
|
32,414 |
|
|
|
-105 |
% |
NET (LOSS) INCOME PER
SHARE |
|
|
|
|
|
Basic |
$ |
(0.10 |
) |
|
|
$ |
2.20 |
|
|
|
-105 |
% |
Diluted |
$ |
(0.10 |
) |
|
|
$ |
2.17 |
|
|
|
-105 |
% |
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING: |
|
|
|
|
|
Basic |
14,745,661 |
|
|
|
14,624,718 |
|
|
|
1 |
% |
Diluted |
14,745,661 |
|
|
|
14,849,816 |
|
|
|
-1 |
% |
DIVIDENDS DECLARED PER COMMON
SHARE |
$ |
0.125 |
|
|
|
$ |
0.04 |
|
|
|
|
DynaEnergetics
|
Three months ended |
|
Change |
|
Jun 30, 2020 |
|
Mar 31, 2020 |
|
Jun 30, 2019 |
|
Sequential |
|
Year-on-year |
Net sales |
$ |
23,643 |
|
|
|
$ |
53,220 |
|
|
$ |
88,628 |
|
|
-56 |
% |
|
-73 |
% |
Gross profit |
1,967 |
|
|
|
19,476 |
|
|
36,341 |
|
|
-90 |
% |
|
-95 |
% |
Gross profit percentage |
8.3 |
% |
|
|
36.6 |
% |
|
41.0 |
% |
|
|
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
|
General and administrative expenses |
3,157 |
|
|
|
3,832 |
|
|
4,591 |
|
|
-18 |
% |
|
-31 |
% |
Selling and distribution expenses |
3,595 |
|
|
|
5,840 |
|
|
4,637 |
|
|
-38 |
% |
|
-22 |
% |
Amortization of purchased intangible assets |
259 |
|
|
|
260 |
|
|
300 |
|
|
— |
% |
|
-14 |
% |
Restructuring expenses and asset impairments |
1,851 |
|
|
|
938 |
|
|
— |
|
|
97 |
% |
|
n/a |
Operating (loss) income |
(6,895 |
) |
|
|
8,606 |
|
|
26,813 |
|
|
-180 |
% |
|
-126 |
% |
Adjusted EBITDA |
$ |
(3,272 |
) |
|
|
$ |
11,316 |
|
|
$ |
28,532 |
|
|
-129 |
% |
|
-111 |
% |
|
Six months ended |
|
Change |
|
Jun 30, 2020 |
|
Jun 30, 2019 |
|
Year-on-year |
Net sales |
$ |
76,863 |
|
|
$ |
168,464 |
|
|
-54 |
% |
Gross profit |
21,442 |
|
|
67,573 |
|
|
-68 |
% |
Gross profit percentage |
27.9 |
% |
|
40.1 |
% |
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
General and administrative expenses |
6,988 |
|
|
8,313 |
|
|
-16 |
% |
Selling and distribution expenses |
9,435 |
|
|
8,736 |
|
|
8 |
% |
Amortization of purchased intangible assets |
519 |
|
|
601 |
|
|
-14 |
% |
Restructuring expenses and asset impairments |
2,789 |
|
|
— |
|
|
n/a |
Operating income |
1,711 |
|
|
49,923 |
|
|
-97 |
% |
Adjusted EBITDA |
$ |
8,044 |
|
|
$ |
53,041 |
|
|
-85 |
% |
NobelClad
|
Three months ended |
|
Change |
|
Jun 30, 2020 |
|
Mar 31, 2020 |
|
Jun 30, 2019 |
|
Sequential |
|
Year-on-year |
Net sales |
$ |
19,560 |
|
|
$ |
20,344 |
|
|
$ |
22,326 |
|
|
-4 |
% |
|
-12 |
% |
Gross profit |
4,802 |
|
|
5,154 |
|
|
5,884 |
|
|
-7 |
% |
|
-18 |
% |
Gross profit percentage |
24.6 |
% |
|
25.3 |
% |
|
26.4 |
% |
|
|
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
|
General and administrative expenses |
797 |
|
|
974 |
|
|
1,102 |
|
|
-18 |
% |
|
-28 |
% |
Selling and distribution expenses |
1,731 |
|
|
2,551 |
|
|
2,438 |
|
|
-32 |
% |
|
-29 |
% |
Amortization of purchased intangible assets |
94 |
|
|
94 |
|
|
97 |
|
|
— |
% |
|
-3 |
% |
Restructuring expenses and asset impairments |
195 |
|
|
59 |
|
|
324 |
|
|
231 |
% |
|
-40 |
% |
Operating income |
1,985 |
|
|
1,476 |
|
|
1,923 |
|
|
34 |
% |
|
3 |
% |
Adjusted EBITDA |
$ |
3,061 |
|
|
$ |
2,369 |
|
|
$ |
3,082 |
|
|
29 |
% |
|
-1 |
% |
|
Six months ended |
|
Change |
|
Jun 30, 2020 |
|
Jun 30, 2019 |
|
Year-on-year |
Net sales |
$ |
39,903 |
|
|
$ |
42,625 |
|
|
-6 |
% |
Gross profit |
9,954 |
|
|
11,244 |
|
|
-11 |
% |
Gross profit percentage |
24.9 |
% |
|
26.4 |
% |
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
General and administrative expenses |
1,771 |
|
|
2,346 |
|
|
-25 |
% |
Selling and distribution expenses |
4,282 |
|
|
4,549 |
|
|
-6 |
% |
Amortization of purchased intangible assets |
188 |
|
|
194 |
|
|
-3 |
% |
Restructuring expenses and asset impairments |
254 |
|
|
402 |
|
|
-37 |
% |
Operating income |
3,459 |
|
|
3,753 |
|
|
-8 |
% |
Adjusted EBITDA |
$ |
5,428 |
|
|
$ |
5,787 |
|
|
-6 |
% |
|
|
|
|
|
|
|
Change |
|
Jun 30, 2020 |
|
Mar 31, 2020 |
|
Dec 31, 2019 |
|
Sequential |
|
From year-end |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
17,248 |
|
|
$ |
16,451 |
|
|
$ |
20,353 |
|
|
5 |
% |
|
-15 |
% |
Accounts receivable, net |
33,684 |
|
|
51,011 |
|
|
60,855 |
|
|
-34 |
% |
|
-45 |
% |
Inventory, net |
59,760 |
|
|
61,445 |
|
|
53,728 |
|
|
-3 |
% |
|
11 |
% |
Other current assets |
8,419 |
|
|
9,534 |
|
|
9,417 |
|
|
-12 |
% |
|
-11 |
% |
|
|
|
|
|
|
|
|
|
|
Total current assets |
119,111 |
|
|
138,441 |
|
|
144,353 |
|
|
-14 |
% |
|
-17 |
% |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
106,453 |
|
|
106,817 |
|
|
108,234 |
|
|
— |
% |
|
-2 |
% |
Purchased intangible assets,
net |
4,784 |
|
|
5,199 |
|
|
5,880 |
|
|
-8 |
% |
|
-19 |
% |
Other long-term assets |
21,669 |
|
|
18,483 |
|
|
18,954 |
|
|
17 |
% |
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
252,017 |
|
|
$ |
268,940 |
|
|
$ |
277,421 |
|
|
-6 |
% |
|
-9 |
% |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
21,473 |
|
|
$ |
29,020 |
|
|
$ |
34,758 |
|
|
-26 |
% |
|
-38 |
% |
Contract liabilities |
5,226 |
|
|
4,367 |
|
|
2,736 |
|
|
20 |
% |
|
91 |
% |
Dividend payable |
— |
|
|
1,883 |
|
|
1,866 |
|
|
-100 |
% |
|
-100 |
% |
Accrued income taxes |
5,727 |
|
|
8,666 |
|
|
9,651 |
|
|
-34 |
% |
|
-41 |
% |
Current portion of long-term
debt |
3,125 |
|
|
3,125 |
|
|
3,125 |
|
|
— |
% |
|
— |
% |
Other current liabilities |
14,340 |
|
|
16,032 |
|
|
19,287 |
|
|
-11 |
% |
|
-26 |
% |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
49,891 |
|
|
63,093 |
|
|
71,423 |
|
|
-21 |
% |
|
-30 |
% |
|
|
|
|
|
|
|
|
|
|
Long-term debt |
9,595 |
|
|
10,406 |
|
|
11,147 |
|
|
-8 |
% |
|
-14 |
% |
Deferred tax liabilities |
2,747 |
|
|
3,692 |
|
|
3,786 |
|
|
-26 |
% |
|
-27 |
% |
Other long-term
liabilities |
19,501 |
|
|
18,060 |
|
|
18,924 |
|
|
8 |
% |
|
3 |
% |
Stockholders’ equity |
170,283 |
|
|
173,689 |
|
|
172,141 |
|
|
-2 |
% |
|
-1 |
% |
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders’ equity |
$ |
252,017 |
|
|
$ |
268,940 |
|
|
$ |
277,421 |
|
|
-6 |
% |
|
-9 |
% |
|
Three months ended |
|
Jun 30, 2020 |
|
Mar 31, 2020 |
|
Jun 30, 2019 |
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
|
|
Net (loss) income |
$ |
(5,648 |
) |
|
|
$ |
4,155 |
|
|
|
$ |
17,244 |
|
|
Adjustments to reconcile net (loss) income to net cash provided by
operating activities: |
|
|
|
|
|
Depreciation |
2,364 |
|
|
|
2,352 |
|
|
|
2,157 |
|
|
Amortization of purchased intangible assets |
353 |
|
|
|
354 |
|
|
|
397 |
|
|
Amortization of deferred debt issuance costs |
59 |
|
|
|
40 |
|
|
|
36 |
|
|
Stock-based compensation |
1,441 |
|
|
|
1,118 |
|
|
|
1,495 |
|
|
Deferred income taxes |
(1,200 |
) |
|
|
(160 |
) |
|
|
81 |
|
|
(Gain) loss on disposal of property, plant and equipment |
(14 |
) |
|
|
13 |
|
|
|
317 |
|
|
Restructuring expenses and asset impairment |
2,046 |
|
|
|
1,116 |
|
|
|
324 |
|
|
Change in working capital, net |
6,807 |
|
|
|
(4,068 |
) |
|
|
(5,746 |
) |
|
Net cash provided by operating activities |
6,208 |
|
|
|
4,920 |
|
|
|
16,305 |
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
|
Acquisition of property, plant and equipment |
(2,355 |
) |
|
|
(5,121 |
) |
|
|
(9,682 |
) |
|
Proceeds on sale of property, plant and equipment |
14 |
|
|
|
— |
|
|
|
1,054 |
|
|
Net cash used in investing activities |
(2,341 |
) |
|
|
(5,121 |
) |
|
|
(8,628 |
) |
|
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
|
Repayments on revolving loans, net |
— |
|
|
|
— |
|
|
|
(6,749 |
) |
|
Repayments on capital expenditure facility |
(781 |
) |
|
|
(781 |
) |
|
|
(781 |
) |
|
Payment of dividends |
(1,883 |
) |
|
|
(1,866 |
) |
|
|
(300 |
) |
|
Payment of deferred debt issuance costs |
(84 |
) |
|
|
— |
|
|
|
— |
|
|
Net proceeds from issuance of common stock |
263 |
|
|
|
— |
|
|
|
358 |
|
|
Treasury stock purchases |
(34 |
) |
|
|
(1,034 |
) |
|
|
(103 |
) |
|
Net cash used in financing activities |
(2,519 |
) |
|
|
(3,681 |
) |
|
|
(7,575 |
) |
|
EFFECTS OF EXCHANGE RATES ON
CASH |
(551 |
) |
|
|
(20 |
) |
|
|
(95 |
) |
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS |
797 |
|
|
|
(3,902 |
) |
|
|
7 |
|
|
CASH AND CASH EQUIVALENTS,
beginning of the period |
16,451 |
|
|
|
20,353 |
|
|
|
14,874 |
|
|
CASH AND CASH EQUIVALENTS, end
of the period |
$ |
17,248 |
|
|
|
$ |
16,451 |
|
|
|
$ |
14,881 |
|
|
|
Six months ended |
|
Jun 30, 2020 |
|
Jun 30, 2019 |
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
Net (loss) income |
(1,493 |
) |
|
|
32,414 |
|
|
Adjustments to reconcile net (loss) Income to net cash provided by
operating activities: |
|
|
|
Depreciation |
4,716 |
|
|
|
3,955 |
|
|
Amortization of purchased intangible assets |
707 |
|
|
|
795 |
|
|
Amortization of deferred debt issuance costs |
99 |
|
|
|
83 |
|
|
Stock-based compensation |
2,559 |
|
|
|
2,666 |
|
|
Deferred income taxes |
(1,360 |
) |
|
|
424 |
|
|
(Gain) loss on disposal of property, plant and equipment |
(1 |
) |
|
|
317 |
|
|
Restructuring expenses and asset impairments |
3,162 |
|
|
|
402 |
|
|
Change in working capital, net |
2,739 |
|
|
|
(17,754 |
) |
|
Net cash provided by operating activities |
11,128 |
|
|
|
23,302 |
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
Acquisition of property, plant and equipment |
(7,476 |
) |
|
|
(16,283 |
) |
|
Proceeds on sale of property, plant and equipment |
14 |
|
|
|
1,258 |
|
|
Net cash used in investing activities |
(7,462 |
) |
|
|
(15,025 |
) |
|
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
Repayments on revolving loans, net |
— |
|
|
|
(3,999 |
) |
|
Repayments on capital expenditure facility |
(1,562 |
) |
|
|
(1,562 |
) |
|
Payment of dividends |
(3,749 |
) |
|
|
(598 |
) |
|
Payment of deferred debt issuance costs |
(84 |
) |
|
|
— |
|
|
Net proceeds from issuance of common stock |
263 |
|
|
|
358 |
|
|
Treasury stock purchases |
(1,068 |
) |
|
|
(956 |
) |
|
Net cash used in financing activities |
(6,200 |
) |
|
|
(6,757 |
) |
|
EFFECTS OF EXCHANGE RATES ON
CASH |
(571 |
) |
|
|
(14 |
) |
|
|
|
|
|
NET (DECREASE) INCREASE IN
CASH AND CASH EQUIVALENTS |
(3,105 |
) |
|
|
1,506 |
|
|
CASH AND CASH EQUIVALENTS,
beginning of the period |
20,353 |
|
|
|
13,375 |
|
|
CASH AND CASH EQUIVALENTS, end of the period |
$ |
17,248 |
|
|
|
$ |
14,881 |
|
|
DMC Global
EBITDA and Adjusted EBITDA
|
Three months ended |
|
Change |
|
Jun 30, 2020 |
|
Mar 31, 2020 |
|
Jun 30, 2019 |
|
Sequential |
|
Year-on-year |
Net (loss) income |
$ |
(5,648 |
) |
|
|
$ |
4,155 |
|
|
|
$ |
17,244 |
|
|
|
-236 |
% |
|
-133 |
% |
Interest expense, net |
156 |
|
|
|
238 |
|
|
|
409 |
|
|
|
-34 |
% |
|
-62 |
% |
Income tax (benefit)
provision |
(2,583 |
) |
|
|
2,069 |
|
|
|
7,343 |
|
|
|
-225 |
% |
|
-135 |
% |
Depreciation |
2,364 |
|
|
|
2,352 |
|
|
|
2,157 |
|
|
|
1 |
% |
|
10 |
% |
Amortization of purchased
intangible assets |
353 |
|
|
|
354 |
|
|
|
397 |
|
|
|
— |
% |
|
-11 |
% |
|
|
|
|
|
|
|
|
|
|
EBITDA |
(5,358 |
) |
|
|
9,168 |
|
|
|
27,550 |
|
|
|
-158 |
% |
|
-119 |
% |
Restructuring expenses and
asset impairments |
2,046 |
|
|
|
1,116 |
|
|
|
324 |
|
|
|
83 |
% |
|
531 |
% |
Stock-based compensation |
1,441 |
|
|
|
1,118 |
|
|
|
1,495 |
|
|
|
29 |
% |
|
-4 |
% |
Other expense (income),
net |
85 |
|
|
|
(115 |
) |
|
|
(343 |
) |
|
|
174 |
% |
|
125 |
% |
Adjusted EBITDA |
$ |
(1,786 |
) |
|
|
$ |
11,287 |
|
|
|
$ |
29,026 |
|
|
|
-116 |
% |
|
-106 |
% |
|
Six months ended |
|
Change |
|
Jun 30, 2020 |
|
Jun 30, 2019 |
|
Year-on-year |
Net (loss) income |
(1,493 |
) |
|
|
32,414 |
|
|
|
-105 |
% |
Interest expense, net |
394 |
|
|
|
782 |
|
|
|
-50 |
% |
Income tax (benefit)
provision |
(514 |
) |
|
|
12,231 |
|
|
|
-104 |
% |
Depreciation |
4,716 |
|
|
|
3,955 |
|
|
|
19 |
% |
Amortization of purchased
intangible assets |
707 |
|
|
|
795 |
|
|
|
-11 |
% |
|
|
|
|
|
|
EBITDA |
3,810 |
|
|
|
50,177 |
|
|
|
-92 |
% |
Restructuring expenses and
asset impairments |
3,162 |
|
|
|
402 |
|
|
|
687 |
% |
Stock-based compensation |
2,559 |
|
|
|
2,666 |
|
|
|
-4 |
% |
Other (income), net |
(32 |
) |
|
|
(322 |
) |
|
|
90 |
% |
Adjusted EBITDA |
$ |
9,499 |
|
|
|
$ |
52,923 |
|
|
|
-82 |
% |
Adjusted operating income
|
Three months ended |
|
Change |
|
Jun 30, 2020 |
|
Mar 31, 2020 |
|
Jun 30, 2019 |
|
Sequential |
|
Year-on-year |
Operating (loss) income, as reported |
$ |
(7,990 |
) |
|
|
$ |
6,347 |
|
|
$ |
24,653 |
|
|
-226 |
% |
|
-132 |
% |
Restructuring programs: |
|
|
|
|
|
|
|
|
|
NobelClad |
195 |
|
|
|
59 |
|
|
324 |
|
|
231 |
% |
|
-40 |
% |
DynaEnergetics |
1,851 |
|
|
|
938 |
|
|
— |
|
|
97 |
% |
|
n/a |
Corporate |
— |
|
|
|
119 |
|
|
— |
|
|
-100 |
% |
|
n/a |
Adjusted operating (loss)
income |
$ |
(5,944 |
) |
|
|
$ |
7,463 |
|
|
$ |
24,977 |
|
|
-180 |
% |
|
-124 |
% |
|
Six months ended |
|
Change |
|
Jun 30, 2020 |
|
Jun 30, 2019 |
|
Year-on-year |
Operating (loss) income, as reported |
$ |
(1,645 |
) |
|
|
$ |
45,105 |
|
|
-104 |
% |
Restructuring programs: |
|
|
|
|
|
NobelClad |
254 |
|
|
|
402 |
|
|
-37 |
% |
DynaEnergetics |
2,789 |
|
|
|
— |
|
|
n/a |
Corporate |
119 |
|
|
|
— |
|
|
n/a |
Adjusted operating income |
$ |
1,517 |
|
|
|
$ |
45,507 |
|
|
-97 |
% |
Adjusted Net Income and Adjusted Diluted Earnings per Share
|
Three months ended June 30, 2020 |
|
Pretax |
|
Tax |
|
Net |
|
Diluted EPS |
Net loss, as reported |
$ |
(8,231 |
) |
|
|
$ |
(2,583 |
) |
|
|
$ |
(5,648 |
) |
|
|
$ |
(0.38 |
) |
|
Restructuring programs: |
|
|
|
|
|
|
|
NobelClad |
195 |
|
|
|
65 |
|
|
|
130 |
|
|
|
0.01 |
|
|
DynaEnergetics |
1,851 |
|
|
|
728 |
|
|
|
1,123 |
|
|
|
0.08 |
|
|
Adjusted net loss |
$ |
(6,185 |
) |
|
|
$ |
(1,790 |
) |
|
|
$ |
(4,395 |
) |
|
|
$ |
(0.29 |
) |
|
|
Three months ended March 31, 2020 |
|
Pretax |
|
Tax |
|
Net |
|
Diluted EPS |
Net income, as reported |
$ |
6,224 |
|
|
$ |
2,069 |
|
|
$ |
4,155 |
|
|
$ |
0.28 |
|
Restructuring programs: |
|
|
|
|
|
|
|
NobelClad |
59 |
|
|
— |
|
|
59 |
|
|
— |
|
DynaEnergetics |
938 |
|
|
— |
|
|
938 |
|
|
0.06 |
|
Corporate |
119 |
|
|
— |
|
|
119 |
|
|
0.01 |
|
Adjusted net income |
$ |
7,340 |
|
|
$ |
2,069 |
|
|
$ |
5,271 |
|
|
$ |
0.35 |
|
|
Three months ended June 30, 2019 |
|
Pretax |
|
Tax |
|
Net |
|
Diluted EPS |
Net income, as reported |
$ |
24,587 |
|
|
$ |
7,343 |
|
|
$ |
17,244 |
|
|
$ |
1.15 |
|
Restructuring programs: |
|
|
|
|
|
|
|
NobelClad |
324 |
|
|
— |
|
|
324 |
|
|
0.02 |
|
Adjusted net income |
$ |
24,911 |
|
|
$ |
7,343 |
|
|
$ |
17,568 |
|
|
$ |
1.17 |
|
|
Six months ended June 30, 2020 |
|
Pretax |
|
Tax |
|
Net |
|
Diluted EPS |
Net loss, as reported |
$ |
(2,007 |
) |
|
|
$ |
(514 |
) |
|
|
$ |
(1,493 |
) |
|
|
$ |
(0.10 |
) |
|
Restructuring programs: |
|
|
|
|
|
|
|
NobelClad |
254 |
|
|
|
78 |
|
|
|
176 |
|
|
|
0.01 |
|
|
DynaEnergetics |
2,789 |
|
|
|
882 |
|
|
|
1,907 |
|
|
|
0.13 |
|
|
Corporate |
119 |
|
|
|
25 |
|
|
|
94 |
|
|
|
0.01 |
|
|
Adjusted net income |
$ |
1,155 |
|
|
|
$ |
471 |
|
|
|
$ |
684 |
|
|
|
$ |
0.05 |
|
|
|
Six months ended June 30, 2019 |
|
Pretax |
|
Tax |
|
Net |
|
Diluted EPS |
Net income, as reported |
$ |
44,645 |
|
|
$ |
12,231 |
|
|
$ |
32,414 |
|
|
$ |
2.17 |
|
Restructuring programs: |
|
|
|
|
|
|
|
NobelClad |
402 |
|
|
— |
|
|
402 |
|
|
0.03 |
|
Adjusted net income |
$ |
45,047 |
|
|
$ |
12,231 |
|
|
$ |
32,816 |
|
|
$ |
2.20 |
|
Return on Invested Capital
|
|
|
Three months ended |
|
|
|
Jun 30, 2019 |
|
Sep 30, 2019 |
|
Dec 31, 2019 |
|
Mar 31, 2020 |
|
Jun 30, 2020 |
Operating income (loss) |
|
24,653 |
|
|
|
$ |
12,821 |
|
|
|
$ |
499 |
|
|
|
$ |
6,347 |
|
|
|
$ |
(7,990 |
) |
|
Income tax
provision (benefit) (1) |
|
7,371 |
|
|
|
5,782 |
|
|
|
5,227 |
|
|
|
2,107 |
|
|
|
(2,509 |
) |
|
Net operating
profit (loss) after taxes (NOPAT) |
|
17,282 |
|
|
|
7,039 |
|
|
|
(4,728 |
) |
|
|
4,240 |
|
|
|
(5,481 |
) |
|
Trailing Twelve
Months NOPAT |
|
|
|
|
|
|
|
23,833 |
|
|
|
1,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of |
|
Mar 31, 2019 |
|
Jun 30, 2019 |
|
Sep 30, 2019 |
|
Dec 31, 2019 |
|
Mar 31, 2020 |
|
Jun 30, 2020 |
Allowance for doubtful
accounts |
574 |
|
|
|
428 |
|
|
|
405 |
|
|
|
967 |
|
|
|
2,320 |
|
|
|
2,882 |
|
|
Deferred tax assets |
(3,843 |
) |
|
|
(3,656 |
) |
|
|
(3,431 |
) |
|
|
(3,836 |
) |
|
|
(3,902 |
) |
|
|
(4,157 |
) |
|
Deferred tax liabilities |
880 |
|
|
|
458 |
|
|
|
1,469 |
|
|
|
3,786 |
|
|
|
3,692 |
|
|
|
2,747 |
|
|
Accrued income taxes |
5,367 |
|
|
|
9,419 |
|
|
|
10,427 |
|
|
|
9,651 |
|
|
|
8,666 |
|
|
|
5,727 |
|
|
Current portion of lease
liabilities |
2,122 |
|
|
|
2,016 |
|
|
|
1,944 |
|
|
|
1,716 |
|
|
|
1,618 |
|
|
|
1,846 |
|
|
Long-term portion of lease
liabilities |
6,157 |
|
|
|
9,506 |
|
|
|
9,487 |
|
|
|
9,777 |
|
|
|
9,454 |
|
|
|
10,430 |
|
|
Current portion of long-term
debt |
3,125 |
|
|
|
3,125 |
|
|
|
3,125 |
|
|
|
3,125 |
|
|
|
3,125 |
|
|
|
3,125 |
|
|
Long-term debt |
40,239 |
|
|
|
32,744 |
|
|
|
25,010 |
|
|
|
11,147 |
|
|
|
10,406 |
|
|
|
9,595 |
|
|
Total stockholders'
equity |
148,911 |
|
|
|
163,501 |
|
|
|
167,076 |
|
|
|
172,141 |
|
|
|
173,689 |
|
|
|
170,283 |
|
|
Total invested capital |
203,532 |
|
|
|
217,541 |
|
|
|
215,512 |
|
|
|
208,474 |
|
|
|
209,068 |
|
|
|
202,478 |
|
|
Average invested capital |
|
|
|
|
|
|
195,276 |
|
|
|
206,300 |
|
|
|
210,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing Twelve
Months Return on Invested Capital (ROIC) |
|
29 |
% |
|
|
18 |
% |
|
|
12 |
% |
|
|
1 |
% |
|
(1) Tax
calculation for NOPAT: |
|
Three months ended |
|
Twelve months ended |
|
Three months ended |
|
Jun 30, 2019 |
|
Sep 30, 2019 |
|
Dec 31, 2019 |
|
Dec 31, 2019 |
|
Mar 31, 2020 |
|
Jun 30, 2020 |
Income (loss) before income
taxes |
24,587 |
|
|
12,604 |
|
|
(547 |
) |
|
|
56,702 |
|
|
6,224 |
|
|
(8,231 |
) |
|
Income tax provision
(benefit) |
7,343 |
|
|
5,689 |
|
|
4,741 |
|
|
|
22,661 |
|
|
2,069 |
|
|
(2,583 |
) |
|
Effective tax rate |
29.9 |
% |
|
45.1 |
% |
|
(866.7 |
) |
% |
|
40.0 |
% |
|
33.2 |
% |
|
31.4 |
% |
|
DynaEnergetics
|
Three months ended |
|
Change |
|
Jun 30, 2020 |
|
Mar 31, 2020 |
|
Jun 30, 2019 |
|
Sequential |
|
Year-on-year |
Operating (loss) income, as reported |
$ |
(6,895 |
) |
|
|
$ |
8,606 |
|
|
$ |
26,813 |
|
|
-180 |
% |
|
-126 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
Restructuring |
1,851 |
|
|
|
938 |
|
|
— |
|
|
97 |
% |
|
n/a |
|
|
|
|
|
|
|
|
|
|
Adjusted operating (loss)
income |
(5,044 |
) |
|
|
9,544 |
|
|
26,813 |
|
|
-153 |
% |
|
-119 |
% |
Depreciation |
1,513 |
|
|
|
1,512 |
|
|
1,419 |
|
|
— |
% |
|
7 |
% |
Amortization of purchased intangibles |
259 |
|
|
|
260 |
|
|
300 |
|
|
— |
% |
|
-14 |
% |
Adjusted EBITDA |
$ |
(3,272 |
) |
|
|
$ |
11,316 |
|
|
$ |
28,532 |
|
|
-129 |
% |
|
-111 |
% |
|
Six months ended |
|
|
|
Jun 30, 2020 |
|
Jun 30, 2019 |
|
Year-on-year |
Operating income, as reported |
$ |
1,711 |
|
|
$ |
49,923 |
|
|
-97 |
% |
Adjustments: |
|
|
|
|
|
Restructuring |
2,789 |
|
|
— |
|
|
n/a |
|
|
|
|
|
|
Adjusted operating income |
4,500 |
|
|
49,923 |
|
|
-91 |
% |
Depreciation |
3,025 |
|
|
2,517 |
|
|
20 |
% |
Amortization of purchased intangibles |
519 |
|
|
601 |
|
|
-14 |
% |
Adjusted EBITDA |
$ |
8,044 |
|
|
$ |
53,041 |
|
|
-85 |
% |
NobelClad
|
Three months ended |
|
Change |
|
Jun 30, 2020 |
|
Mar 31, 2020 |
|
Jun 30, 2019 |
|
Sequential |
|
Year-on-year |
Operating income, as reported |
$ |
1,985 |
|
|
$ |
1,476 |
|
|
$ |
1,923 |
|
|
34 |
% |
|
3 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
Restructuring expenses and asset impairments |
195 |
|
|
59 |
|
|
324 |
|
|
231 |
% |
|
-40 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted operating income |
2,180 |
|
|
1,535 |
|
|
2,247 |
|
|
|
|
|
Depreciation |
787 |
|
|
740 |
|
|
738 |
|
|
6 |
% |
|
7 |
% |
Amortization of purchased intangibles |
94 |
|
|
94 |
|
|
97 |
|
|
— |
% |
|
-3 |
% |
Adjusted EBITDA |
$ |
3,061 |
|
|
$ |
2,369 |
|
|
$ |
3,082 |
|
|
29 |
% |
|
-1 |
% |
|
Six months ended |
|
|
|
Jun 30, 2020 |
|
Jun 30, 2019 |
|
Year-on-year |
Operating income, as reported |
$ |
3,459 |
|
|
$ |
3,753 |
|
|
-8 |
% |
Adjustments: |
|
|
|
|
|
Restructuring expenses and asset impairments |
254 |
|
|
402 |
|
|
-37 |
% |
|
|
|
|
|
|
Adjusted operating income |
3,713 |
|
|
4,155 |
|
|
|
Depreciation |
1,527 |
|
|
1,438 |
|
|
6 |
% |
Amortization of purchased intangibles |
188 |
|
|
194 |
|
|
-3 |
% |
Adjusted EBITDA |
$ |
5,428 |
|
|
$ |
5,787 |
|
|
-6 |
% |
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