ARC Group Worldwide, Inc. (“ARC” or the “Company”) (NASDAQ: ARCW),
a leading global provider of advanced manufacturing, today reported
its results for the third fiscal quarter ending March 31, 2019.
Highlights for the third quarter of fiscal year 2019 compared to
the third quarter fiscal year 2018 for Continuing Operations:
- Sales of $19.9 million, a decrease of 5.7%;
- Gross Deficit of $(0.2) million, a decrease of 113.7%;
- EBITDA of $(0.4) million, a decrease of 142.6%
Highlights for the first nine months ended March 31, 2019,
compared to the first nine months ended April 1, 2018 for
Continuing Operations:
- Sales of $61.3 million, an increase of 6.6%;
- Gross Profit of $4.4 million, an increase of 69.7%;
- EBITDA of $2.9 million, an increase of 2977.8%
Quarterly Financial
Summary
The following analysis is performed over Sales, Gross Profit,
and EBITDA from Continuing Operations for the comparative periods
identified unless otherwise noted.
We experienced continued sales growth, with an increase of
approximately $3.8 million for the nine months ended March 31,
2019, as compared to the prior period last year. This was
primarily driven by higher metal injection molding (“MIM”) and
plastics sales, which was due to the combination of sales with
higher order volumes in the aerospace, medical, and firearms and
defense markets. Furthermore, the Company submitted for
customer approval an additional two aerospace components and
acquired a new aerospace customer. The sales increases were
magnified by the effectiveness of the cost reduction initiatives in
the Precision Components Group that continue to provide
benefit.
Fiscal third quarter 2019 Revenue was $19.9 million, compared to
$21.0 million in our fiscal third quarter 2018. The decrease
in revenue was primarily driven by lower sales in our Plastics
division from reduced orders in the defense market.
Additionally, the Company began divesting low margin and
unprofitable programs across all of the Precision Components
Group. This process is expected to continue in fiscal fourth
quarter of 2019.
Fiscal third quarter 2019 Gross Deficit was $(0.2) million,
compared to a gross margin of $1.7 million in our fiscal third
quarter 2018. The decrease in gross profit is related to an
initial increase in staffing early in fiscal year 2019 as well as
the aforementioned decline in plastics sales and a significant
labor reduction. The Precision Components Group, mainly
through the ARC Colorado facility, has implemented a plan to reduce
costs by $7.1 million on an annualized basis beginning in March
2019. This plan included cancelling certain operating leases,
building leases, increased spending controls, and a labor reduction
of approximately 32% of the workforce. Additionally, the
Company started and will continue adjusting pricing or divesting
unprofitable business programs to reduce the level of fixed
costs. At the end of Q3 2019, the cost improvement plan was
approximately 53% completed, with approximately 91% completion
achieved at the end of April 2019.
EBITDA was $(0.4) million in the fiscal third quarter 2019
compared to $0.9 million in the fiscal second quarter 2018.
Like Gross Profit, EBITDA was negatively impacted by the decreased
revenues, and staffing increases early in the quarter.
Fiscal YTD 2019 Revenues was $61.3 million, compared to $57.6
million for fiscal YTD 2018. The increase in revenue was
primarily driven by higher MIM and plastics sales during fiscal
2019 as compared to fiscal 2018, as well as the continued
improvement in the firearms and defense industry during fiscal 2019
due to the sales decline in the industry noted during the first
part of 2018.
Gross Profit was $4.4 million YTD 2019 compared to $2.6 million
for YTD 2018. The increase in gross profit was due to the
increase in sales, cost reduction initiatives, and the continued
diversification into aerospace and medical industries, which
historically have higher profit margins.
EBITDA was $2.9 million for YTD 2019, compared to $(0.1) for YTD
2018. The increase in EBITDA is due to the cost reduction
initiatives and diversification, as noted above.
Further, the Company’s finalized the sale of 3D Material
Technologies (“3DMT”) to Aerojet Rockedyne, Inc. (“Aerojet”).
Aerojet assumed all assets and liabilities of 3DMT, including
future operating lease obligations. For the fiscal third
quarter 2019, 3DMT had EBITDA loss of ($2.8) million and a loss of
$(3.9) million for YTD 2019. 3DMT has been recorded as
discontinued operations in the financial statements
ARC’s CEO, Alan Quasha, commented, “The results of the past
quarter were quite disappointing and reflect, in addition to subpar
performance in Colorado and Stamping, the implementation of our
restructuring efforts which are still ongoing this quarter and
beginning to show healthy signs of progress. During the
quarter, we concluded the sale of the 3DMT business and ceased
other unprofitable business operations. Although our internal
restructuring plan will take additional time to fully bear fruit,
we believe that we are at a turning point and that management’s
financial and strategic decisions will provide a pathway to
profitability.
The sale of the 3DMT division was an important step in the right
direction as that business had a negative EBITDA of almost $3.9
million in the first nine months.
In addition, several other steps in our restructuring plan have
been implemented: The aforementioned cost reduction measures
related to the Precision Components Group, reducing costs by $7.1
million. Further, we chose to move our medical clean room to
our existing Firestone, Colorado location and mainly Florida, which
is focused on medical and close an independent small facility in
Colorado, which will save us $567,000 annually. In our
Tooling division, we have reduced our leased space by more than
half to right-size it to our production needs, saving us almost
another $100,000 annually. Additional changes were made for
the purpose of obtaining efficiencies in regard to reduce labor
costs, overtime, and shipping costs. As a post-script to the
results reported in the 10-Q, our total annual reorganizational
plan savings, between ARC Colorado and ARC Stamping, have been $6.8
million to date, which reflects initiatives that began during the
last few weeks in March and continued through the end of
April.
In addition to cutting expenses, we are also focusing on
achieving higher sales volumes by optimizing engineering, tooling,
quality, purchasing, planning and other support areas.
As disclosed in the 10-Q as a subsequent event, we have also
arranged for $7.5 million in new loans to the Company that will
also permit us to meaningfully extend the maturity dates on all of
our credit facilities while we arrange and negotiate long-term
solutions to our balance sheet.
While our performance in the 3rd quarter was disappointing, we
have made management changes to rectify performance. In
addition, we took 4 important measures to restructure the Company,
each of which is significant by itself. We exited our 3D
business which was draining significant cash every quarter.
We put in a plan to reduce expenses by over $8 million, almost all
of which will be completed by the end of this quarter. We put
in place a more stable debt structure which extended the maturity
date until the end of 2020 and allows us time, and with our
restructuring moves, the opportunity to put much longer term debt
in place. Finally, we weeded out our poor loss making clients
and have added larger, much higher margin business. The net
result it likely to be a relatively poor 4th quarter, but
substantially improved performance for our next fiscal year
beginning in July.”
GAAP to Non-GAAP
Reconciliation
The Company has provided non-GAAP financial information to
provide additional, meaningful comparisons of current results to
prior periods’ results by excluding items that the Company does not
believe are representative or indicative of its results of
operations. Non-GAAP financial measures are not in accordance
with, or an alternative for, generally accepted accounting
principles in the United States. The Company’s non-GAAP
financial measures are not meant to be considered in isolation or
as a substitute for comparable GAAP financial measures and should
be read only in conjunction with the Company’s consolidated
financial statements prepared in accordance with GAAP.
Specifically, EBITDA from Continuing Operations, EBITDA Margin from
Continuing Operations, Facility EBITDA from Continuing Operations,
Facility EBITDA Margin from Continuing Operations, Adjusted
Earnings, and Adjusted Earnings Per Share are non-GAAP financial
measures. EBITDA Margin from Continuing Operations and
Facility EBITDA Margin from Continuing Operations are calculated by
dividing EBITDA from Continuing Operations and Facility EBITDA from
Continuing Operations, respectively, by sales.
The reconciliation to GAAP is as follows (dollars in
thousands):
|
|
|
|
|
|
|
|
|
|
March 31 |
|
April 1 |
For the three months ended: |
|
|
2019 |
|
2018 |
Net Loss |
|
$ |
(6,181 |
) |
|
$ |
(3,116 |
) |
Interest Expense, Net |
|
|
936 |
|
|
|
857 |
|
Income Taxes |
|
|
(796 |
) |
|
|
(13 |
) |
Depreciation and Amortization |
|
|
2,656 |
|
|
|
2,381 |
|
Adjustment to Exclude Loss from Discontinued Operations |
|
|
3,005 |
|
|
|
787 |
|
EBITDA from
Continuing Operations |
|
$ |
(380 |
) |
|
$ |
896 |
|
EBITDA Margin
from Continuing Operations |
|
|
(1.9 |
)% |
|
|
4.3 |
% |
Corporate Expenses |
|
|
471 |
|
|
|
946 |
|
Facility
EBITDA from Continuing Operations |
|
$ |
91 |
|
|
$ |
1,842 |
|
Facility
EBITDA Margin from Continuing Operations |
|
|
0.5 |
% |
|
|
8.8 |
% |
|
|
|
|
|
|
|
Net
Loss |
|
$ |
(6,181 |
) |
|
$ |
(3,116 |
) |
Adjustment to Exclude Loss from Discontinued Operations, Net of
Tax |
|
|
3,005 |
|
|
|
787 |
|
Adjusted
Earnings |
|
$ |
(3,176 |
) |
|
$ |
(2,329 |
) |
Adjusted
Earnings Per Share |
|
$ |
(0.14 |
) |
|
$ |
(0.12 |
) |
Weighted Average Common Shares
Outstanding |
|
|
23,366,267 |
|
|
|
20,051,710 |
|
|
|
|
|
|
|
|
|
|
EBITDA from Continuing Operations excludes interest expense, net
and income taxes as these items are associated with our
capitalization and tax structures. EBITDA from Continuing
Operations also excludes depreciation and amortization expense as
these non-cash expenses reflect the impact of prior capital
expenditure decisions, which may not be indicative of future
capital expenditure requirements. EBITDA from Continuing
Operations excludes the (income) or loss associated with
discontinued operations.
Facility EBITDA from Continuing Operations consists of EBITDA
from our operating segments, which excludes Corporate
Expenses. We believe this is a meaningful measurement of the
operating performance of our manufacturing facilities.
Corporate Expenses primarily consist of costs not allocated to our
manufacturing facilities, such as compensation related costs for
employees assigned to corporate, board of directors’ fees and
expenses, professional fees, insurance costs, and marketing
costs.
Adjusted Earnings removes the impact of
reorganization/transaction related expenses and the impact of
discontinued operations. Reorganization expenses are
primarily labor and labor related costs associated with the
termination of employees. Transaction expenses are primarily
professional fees related to the refinancing of debt and the sale
of non-core assets.
About ARC Group WorldwideARC
Group Worldwide, Inc. is a global advanced manufacturing provider
focused on accelerating speed to market for its customers.
ARC provides a holistic set of precision manufacturing solutions,
from design and prototyping through full run production.
These solutions include metal injection molding, metal stamping,
plastic injection molding, clean room injection molding,
thixomolding, and rapid and conformal tooling. Further, ARC
utilizes technology to improve automation in manufacturing through
robotics, software and process automation, and lean manufacturing
to improve efficiency.
Forward Looking StatementsThis
press release may contain "forward-looking" statements as defined
in the Private Securities Litigation Reform Act of 1995, which are
based on ARC's current expectations, estimates, and projections
about future events. These include, but are not limited to,
statements, if any, regarding business plans, pro-forma statements,
and financial projections, including ARC's ability to expand its
services and realize growth. These statements are not
historical facts or guarantees of future performance, events, or
results. Such statements involve potential risks and
uncertainties, and the general effects of financial, economic, and
regulatory conditions affecting our industries. Accordingly,
actual results may differ materially. ARC does not have any
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise. For further information on risks and
uncertainties that could affect ARC’s business, financial condition
and results of operations, readers are encouraged to review Item
1A. – Risk Factors and all other disclosures appearing in ARC’s
Form 10-K for the fiscal year ended June 30, 2018, as well as other
documents ARC files from time to time with the Securities and
Exchange Commission.
CONTACT:
Investor Relations
PHONE: (303)
467-5236Email:
InvestorRelations@arcw.com
|
|
ARC Group Worldwide, Inc. |
Unaudited Condensed Consolidated Statements of
Operations |
(in thousands, except for share and per share
amounts) |
|
|
|
For the three months
ended |
|
For the years ended |
|
|
March 31, |
|
April 1, |
|
March 31, |
|
April 1, |
|
|
2019 |
|
2018 |
|
|
2019 |
|
2018 |
Sales |
|
$ |
19,856 |
|
|
$ |
21,046 |
|
|
$ |
61,328 |
|
|
$ |
57,559 |
|
Cost of sales |
|
|
20,086 |
|
|
|
19,365 |
|
|
|
56,958 |
|
|
|
54,984 |
|
Gross profit |
|
|
(230 |
) |
|
|
1,681 |
|
|
|
4,370 |
|
|
|
2,575 |
|
Selling, general and administrative |
|
|
2,909 |
|
|
|
3,062 |
|
|
|
9,388 |
|
|
|
9,734 |
|
Income from operations |
|
|
(3,139 |
) |
|
|
(1,381 |
) |
|
|
(5,018 |
) |
|
|
(7,159 |
) |
Other (expense) income, net |
|
|
103 |
|
|
|
(104 |
) |
|
|
193 |
|
|
|
24 |
|
Interest expense, net |
|
|
(936 |
) |
|
|
(857 |
) |
|
|
(2,765 |
) |
|
|
(2,744 |
) |
Loss before income taxes |
|
|
(3,972 |
) |
|
|
(2,342 |
) |
|
|
(7,590 |
) |
|
|
(9,879 |
) |
Income tax benefit (expense) |
|
|
796 |
|
|
|
13 |
|
|
|
728 |
|
|
|
207 |
|
Net loss from continuing
operations |
|
|
(3,176 |
) |
|
|
(2,329 |
) |
|
|
(6,862 |
) |
|
|
(9,672 |
) |
Loss on sale of subsidiaries
and loss from discontinued operations, net of tax |
|
|
(3,005 |
) |
|
|
(787 |
) |
|
|
(4,559 |
) |
|
|
(1,321 |
) |
Net loss |
|
$ |
(6,181 |
) |
|
$ |
(3,116 |
) |
|
$ |
(11,421 |
) |
|
$ |
(10,993 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share,
basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.14 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.51 |
) |
Discontinued operations |
|
$ |
(0.12 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.07 |
) |
Attributable to ARC Group
Worldwide, Inc. |
|
$ |
(0.26 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.49 |
) |
|
$ |
(0.58 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
23,366,267 |
|
|
|
20,051,710 |
|
|
|
23,355,074 |
|
|
|
18,832,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARC Group Worldwide, Inc. |
Unaudited Condensed Consolidated Balance
Sheets |
(in thousands, except share data) |
|
|
|
March 31, 2019 |
|
June 30, 2018 |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash |
|
$ |
222 |
|
|
$ |
365 |
|
Accounts receivable, net |
|
|
11,243 |
|
|
|
11,103 |
|
Inventories, net |
|
|
14,664 |
|
|
|
12,102 |
|
Prepaid expenses and other current assets |
|
|
1,578 |
|
|
|
2,781 |
|
Current assets of discontinued operations |
|
|
— |
|
|
|
547 |
|
Total current assets |
|
|
27,707 |
|
|
|
26,898 |
|
Property and equipment,
net |
|
|
35,069 |
|
|
|
36,879 |
|
Goodwill |
|
|
6,412 |
|
|
|
6,412 |
|
Intangible assets, net |
|
|
13,738 |
|
|
|
16,270 |
|
Other |
|
|
264 |
|
|
|
347 |
|
Long-term assets of
discontinued operations |
|
|
— |
|
|
|
3,127 |
|
Total assets |
|
$ |
83,190 |
|
|
$ |
89,933 |
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
13,770 |
|
|
$ |
11,345 |
|
Accrued expenses and other current liabilities |
|
|
2,486 |
|
|
|
2,000 |
|
Deferred revenue |
|
|
262 |
|
|
|
825 |
|
Bank borrowings, current portion of long-term debt and unamortized
financing costs |
|
|
1,604 |
|
|
|
1,721 |
|
Capital lease obligations, current portion |
|
|
1,176 |
|
|
|
456 |
|
Accrued escrow obligations, current portion |
|
|
595 |
|
|
|
943 |
|
Current liabilities of discontinued operations |
|
|
— |
|
|
|
1,422 |
|
Total current liabilities |
|
|
19,893 |
|
|
|
18,712 |
|
Long-term debt, net of current
portion and unamortized financing costs |
|
|
41,015 |
|
|
|
37,013 |
|
Capital lease obligations, net
of current portion |
|
|
1,363 |
|
|
|
617 |
|
Other long-term
liabilities |
|
|
27 |
|
|
|
965 |
|
Long-term liabilities of
discontinued operations |
|
|
— |
|
|
|
462 |
|
Total liabilities |
|
|
62,298 |
|
|
|
57,769 |
|
|
|
|
|
|
|
|
Commitments and contingencies
(Note 11) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
|
|
Preferred stock, $0.001 par value, 2,000,000 shares authorized, no
shares issued and outstanding |
|
|
— |
|
|
|
— |
|
Common stock, $0.0005 par value, 250,000,000 shares authorized;
23,385,657 shares issued and 23,377,256 shares issued and
outstanding at March 31, 2019, and 23,324,316 shares issued
and 23,315,915 shares issued and outstanding at June 30,
2018 |
|
|
12 |
|
|
|
12 |
|
Treasury stock, at cost; 8,401 shares at March 31, 2019 and
June 30, 2018 |
|
|
(94 |
) |
|
|
(94 |
) |
Additional paid-in capital |
|
|
42,087 |
|
|
|
41,829 |
|
Accumulated deficit |
|
|
(21,047 |
) |
|
|
(9,627 |
) |
Accumulated other comprehensive income |
|
|
(66 |
) |
|
|
44 |
|
Total stockholders' equity |
|
|
20,892 |
|
|
|
32,164 |
|
Total liabilities and
stockholders' equity |
|
$ |
83,190 |
|
|
$ |
89,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARC Group Worldwide, Inc. |
Unaudited Condensed Consolidated Statements of Cash
Flows |
(in thousands) |
|
|
|
For the nine months
ended |
|
|
March 31, 2019 |
|
April 1, 2018 |
Cash flows
from operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(11,421 |
) |
|
$ |
(10,993 |
) |
Adjustments to reconcile net
loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
7,707 |
|
|
|
7,630 |
|
Share-based compensation expense |
|
|
229 |
|
|
|
484 |
|
Loss on sale of asset |
|
|
62 |
|
|
|
170 |
|
Loss on sale of subsidiaries |
|
|
2,126 |
|
|
|
109 |
|
Bad debt expense and other |
|
|
75 |
|
|
|
12 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(172 |
) |
|
|
(469 |
) |
Inventory |
|
|
(2,560 |
) |
|
|
1,247 |
|
Prepaid expenses and other assets |
|
|
1,677 |
|
|
|
124 |
|
Accounts payable |
|
|
2,857 |
|
|
|
3,148 |
|
Accrued expenses and other liabilities |
|
|
(766 |
) |
|
|
(1,758 |
) |
Deferred revenue |
|
|
(563 |
) |
|
|
(35 |
) |
Net cash used in operating
activities |
|
|
(749 |
) |
|
|
(331 |
) |
|
|
|
|
|
|
|
Cash flows
from investing activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(1,174 |
) |
|
|
(4,432 |
) |
Proceeds from sale of subsidiary |
|
|
— |
|
|
|
3,000 |
|
Net cash used in investing
activities |
|
|
(1,174 |
) |
|
|
(1,432 |
) |
|
|
|
|
|
|
|
Cash flows
from financing activities: |
|
|
|
|
|
|
Proceeds from debt issuance |
|
|
56,276 |
|
|
|
74,956 |
|
Repayments of long-term debt and capital lease obligations |
|
|
(54,308 |
) |
|
|
(83,772 |
) |
Proceeds from rights offering, net |
|
|
— |
|
|
|
9,783 |
|
Issuance of common stock under employee stock purchase plan and
exercise of stock options |
|
|
29 |
|
|
|
210 |
|
Net cash provided by financing
activities |
|
|
1,997 |
|
|
|
1,177 |
|
Effect of exchange rates on cash |
|
|
(217 |
) |
|
|
461 |
|
Net decrease in cash |
|
|
(143 |
) |
|
|
(125 |
) |
Cash, beginning of period |
|
|
365 |
|
|
|
593 |
|
Cash, end of period |
|
$ |
222 |
|
|
$ |
468 |
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
1,874 |
|
|
$ |
2,079 |
|
Cash paid for income taxes, net of refunds |
|
$ |
24 |
|
|
$ |
52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARC Group Worldwide, Inc. |
Unaudited Condensed Consolidated Segment
Information |
(in thousands) |
|
|
|
Three months ended |
|
Fiscal Years
Ended March 31, |
|
|
March 31, |
|
April 1, |
|
2019 |
|
2018 |
|
|
2019 |
|
2018 |
|
|
|
|
|
|
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Precision Components Group |
|
$ |
15,032 |
|
|
$ |
16,248 |
|
|
$ |
46,667 |
|
|
$ |
43,650 |
|
Stamping Group |
|
|
4,824 |
|
|
|
4,798 |
|
|
|
14,661 |
|
|
|
13,909 |
|
Consolidated
sales |
|
$ |
19,856 |
|
|
$ |
21,046 |
|
|
$ |
61,328 |
|
|
$ |
57,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs: |
|
|
|
|
|
|
|
|
|
|
|
|
Precision Components Group |
|
$ |
16,665 |
|
|
$ |
16,747 |
|
|
$ |
47,600 |
|
|
$ |
47,369 |
|
Stamping Group |
|
|
5,757 |
|
|
|
4,910 |
|
|
|
16,328 |
|
|
|
14,657 |
|
Consolidated
operating costs |
|
$ |
22,422 |
|
|
$ |
21,657 |
|
|
$ |
63,928 |
|
|
$ |
62,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
operating loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Precision Components Group |
|
$ |
(1,633 |
) |
|
$ |
(499 |
) |
|
$ |
(933 |
) |
|
$ |
(3,719 |
) |
Stamping Group |
|
|
(933 |
) |
|
|
(112 |
) |
|
|
(1,667 |
) |
|
|
(748 |
) |
Corporate |
|
|
(573 |
) |
|
|
(770 |
) |
|
|
(2,418 |
) |
|
|
(2,692 |
) |
Total segment
operating loss |
|
$ |
(3,139 |
) |
|
$ |
(1,381 |
) |
|
$ |
(5,018 |
) |
|
$ |
(7,159 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(936 |
) |
|
|
(857 |
) |
|
|
(2,765 |
) |
|
|
(2,744 |
) |
Other income (loss), net |
|
|
103 |
|
|
|
(104 |
) |
|
|
193 |
|
|
|
24 |
|
Non-operating
expense |
|
|
(833 |
) |
|
|
(961 |
) |
|
|
(2,572 |
) |
|
|
(2,720 |
) |
Consolidated
loss before income taxes and non-controlling
interest |
|
$ |
(3,972 |
) |
|
$ |
(2,342 |
) |
|
$ |
(7,590 |
) |
|
$ |
(9,879 |
) |
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