ARC Group Worldwide, Inc. (“ARC” or the “Company”) (NASDAQ: ARCW),
a leading global provider of advanced manufacturing and metal 3D
printing solutions, today reported its results for the fourth
quarter and fiscal year ending June 30, 2018.
Highlights for the fourth quarter fiscal year 2018 compared to
the fourth quarter fiscal year 2017:
- Sales of $22.7 million, an increase of 2.4%;
- Gross profit of $1.9 million, an increase of 186.6%;
- EBITDA from Continuing Operations of $1.4 million, an increase
of 117.1%
Highlights for the fourth quarter fiscal year 2018, compared to
the third quarter fiscal year 2018:
- Sales of $22.7 million, an increase of 5.7%;
- Gross profit of $1.9 million, an increase of 68.4%;
- EBITDA from Continuing Operations of $1.4 million, an increase
of 335.7%;
Highlights for the fiscal year 2018:
- Executed a cost savings program that amounted to $9.8
million;
- Successful rights offering generated $10.0 million of gross
proceeds;
- Inventory reduction program that improved liquidity by $2.1
million;
Quarterly Financial Summary
Fiscal fourth quarter 2018 Revenue from Continuing Operations
was $22.7 million, compared to $22.1 million in fourth quarter
2017. The increase in revenue was primarily driven by higher
metal injection molding (“MIM”) and plastics sales, and the
combination of higher sales with higher order volumes in the
aerospace, medical and firearms and defense markets.
Fiscal fourth quarter 2018 Gross Profit from Continuing
Operations was $1.9 million, compared to a gross deficit of $(2.2)
million in fiscal fourth quarter 2017. This increase was
primarily the result of ongoing cost reduction initiatives.
Further, there were charges in 2017 related to inventory of $1.9
million for write-off of tools, inventory and associated
parts.
EBITDA from Continuing Operations was $1.4 million in the fiscal
fourth quarter 2018 compared to $(8.1) million in the fiscal fourth
quarter 2017. Similar to Gross Profit, EBITDA was positively
impacted by the increased revenues and lower costs.
Additionally, the Company recognized a goodwill impairment of $3.3
million in the prior year
Fiscal fourth quarter 2018 revenue from Continuing Operations
was $22.7 million, compared to $21.5 million in the prior
sequential period. The increase in revenue was primarily
driven by higher MIM and plastics sales. Additionally, we
have increased our sales staff and have created an improved market
approach that is expected to continue to drive sales orders in the
aerospace, medical, firearms and defense markets.
Gross Profit from Continuing Operations was $1.9 million in the
fiscal fourth quarter, compared to $1.1 million in the previous
sequential quarter. This improvement was achieved despite
expenses of $1.3 million incurred due to planned, ongoing inventory
reductions, primarily in our Colorado MIM entity.
EBITDA from Continuing Operations was $1.4 million in the fiscal
fourth quarter compared to $0.3 million in the prior sequential
quarter. EBITDA was positively impacted by the increased
revenues and lower costs. These gains were partially offset
by the aforementioned inventory reduction efforts of $1.3 million,
which added additional expense in the third fiscal quarter.
Fiscal fourth quarter Cash Flow used in Operations was $(0.2)
compared to $1.3 million provided by operations in the prior
sequential quarter The decrease in Cash Flow from Operations
was primarily from reduction of accrued expenses and other
liabilities of $0.7 million and accounts payable of $0.4 million as
part of payments made from the proceeds of the rights
offering.
Annual Financial Summary
Fiscal year 2018 revenue from Continuing Operations was $82.4
million, compared to $99.1 million in the prior year. The
decrease is primarily the result of lower overall demand in the
defense industry during the first two quarters of fiscal
2018. We have seen a material improvement in defense orders
in the last two quarters of 2018.
Gross Profit from Continuing Operations was $4.0 million in the
fiscal year 2018, compared to $9.8 million in the prior year.
The aforementioned revenue decline and the expenses of $3.3 million
incurred due to a planned and recently completed one time inventory
reduction program and associated under-absorbed fixed costs,
primarily in our Colorado MIM entity were the primary causes for
the decrease.
EBITDA from Continuing Operations was $0.9 million in the fiscal
year 2018 compared to $(2.9) million in the prior fiscal
year. The decline in Gross Profit was more than offset by
cost savings program that was undertaken in the first half of
fiscal year 2018 and an impairment charge in the fourth quarter of
fiscal year of 2017.
Fiscal year 2018 Cash Flow used in Operations was a cash outflow
of $(0.6) compared to a cash inflow in 2017 of $2.9 million,
provided by operations in the prior fiscal year. The decrease
is primarily related to a decrease in accrued expenses and other
liabilities of $2.4 million as part of payments made from the
proceeds of the rights offering and improved collection efforts on
receivables, reducing past due receivables by $1.5
million.
The Company has completed the cost reduction and cost savings
efforts as of June 30, 2018. Additionally, we believe that
the increased customer orders noted in fourth quarter of 2018 will
continue. Based on these factors, we believe the sustainable
increase in margins and EBITDA will continue into the first quarter
of 2019.
ARC’s CEO, Alan Quasha, commented, “The Company has made great
strides this last fiscal year, specifically in the second
half. We had a rough start, which was largely due to still
dealing with issues of the prior year in inventory and a hit to the
defense industry sales in quarters one and two. The team
implemented an effective cost reduction program that reduced
expenses by roughly $9.8 million for the year. This last year
we also repositioned our sales efforts in both the PCG and
Stampings groups to further diversify our customer base.
Furthermore, there was success in our rights offering that raised
$10 million for the Company. The toughest decision we faced
this year, and one that was concluded on our July 17, 2018 board
meeting, is that we plan to sell the 3DMT division. While we
think this is a fantastic business, the Company has decided to
focus all efforts and resources on our core operations and continue
improving our cash flows and operations of our PCG and Stamping
divisions. On July 25, we engaged a firm to assist us in this
sale. For reference, we have included in the appendix an
unaudited pro forma of our fourth quarter and fiscal year 2018
results without the 3DMT division. We still have a ways to
go, but there is strong momentum and we believe the results of
quarter four speak to our continued focus on operating improvement
that will be seen throughout fiscal 2019.”
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):
|
|
|
|
|
|
|
|
|
|
June 30 |
|
June 30 |
|
For the three months ended: |
|
2018 |
|
2017 |
|
Net
Loss |
|
$ |
(2,190 |
) |
|
$ |
(10,296 |
) |
|
Interest
Expense, Net |
|
|
816 |
|
|
|
1,006 |
|
|
Income
Taxes |
|
|
172 |
|
|
|
(1,450 |
) |
|
Depreciation and Amortization |
|
|
2,593 |
|
|
|
2,498 |
|
|
Adjustment to Exclude Loss (Gain) from Discontinued Operations |
|
|
— |
|
|
|
121 |
|
|
EBITDA from
Continuing Operations |
|
$ |
1,391 |
|
|
$ |
(8,121 |
) |
|
EBITDA Margin
from Continuing Operations |
|
|
6.1 |
|
% |
|
(36.7 |
) |
% |
Corporate
Expenses |
|
|
396 |
|
|
|
2,215 |
|
|
Facility EBITDA
from Continuing Operations |
|
$ |
1,787 |
|
|
$ |
(5,906 |
) |
|
Facility EBITDA
Margin from Continuing Operations |
|
|
7.9 |
|
% |
|
(26.7 |
) |
% |
|
|
|
|
|
|
|
|
Net
Loss |
|
$ |
(2,190 |
) |
|
$ |
(10,296 |
) |
|
Adjustment to Exclude Loss from Discontinued Operations, Net of
Tax |
|
|
— |
|
|
|
121 |
|
|
Inventory
Write-Offs |
|
|
1,070 |
|
|
|
4,982 |
|
|
Goodwill
Impairments |
|
|
— |
|
|
|
3,303 |
|
|
Non-Recurring Losses |
|
|
— |
|
|
|
435 |
|
|
Reorganization/Transaction Expenses |
|
|
— |
|
|
|
1,003 |
|
|
Adjusted
Earnings |
|
$ |
(1,120 |
) |
|
$ |
(452 |
) |
|
Adjusted
Earnings Per Share |
|
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
Weighted Average Common
Shares Outstanding |
|
|
23,308,516 |
|
|
|
18,171,626 |
|
|
|
|
|
|
|
|
|
|
|
|
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 and metal 3D printing
service 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 3D printing, 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. |
Consolidated Statements of
Operations |
(in thousands, except for share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the years ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Sales |
|
$ |
22,673 |
|
|
$ |
22,147 |
|
|
$ |
82,438 |
|
|
$ |
99,069 |
|
Cost of sales |
|
|
20,811 |
|
|
|
24,298 |
|
|
|
78,416 |
|
|
|
89,247 |
|
Gross profit |
|
|
1,862 |
|
|
|
(2,151 |
) |
|
|
4,022 |
|
|
|
9,822 |
|
Selling,
general and administrative |
|
|
3,335 |
|
|
|
4,942 |
|
|
|
13,634 |
|
|
|
19,263 |
|
Goodwill
impairment charges |
|
|
— |
|
|
|
3,303 |
|
|
|
— |
|
|
|
3,303 |
|
Income from
operations |
|
|
(1,473 |
) |
|
|
(10,396 |
) |
|
|
(9,612 |
) |
|
|
(12,744 |
) |
Other
(expense) income, net |
|
|
(816 |
) |
|
|
(223 |
) |
|
|
298 |
|
|
|
670 |
|
Interest
expense, net |
|
|
271 |
|
|
|
(1,006 |
) |
|
|
(3,625 |
) |
|
|
(4,008 |
) |
Loss on
extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(723 |
) |
(Loss) income before
income taxes |
|
|
(2,018 |
) |
|
|
(11,625 |
) |
|
|
(12,939 |
) |
|
|
(16,805 |
) |
Income
tax benefit (expense) |
|
|
(172 |
) |
|
|
1,450 |
|
|
|
35 |
|
|
|
2,631 |
|
Net loss from
continuing operations |
|
|
(2,190 |
) |
|
|
(10,175 |
) |
|
|
(12,904 |
) |
|
|
(14,174 |
) |
Gain on sale of
subsidiary and income from discontinued operations, net of tax |
|
|
— |
|
|
|
(121 |
) |
|
|
(276 |
) |
|
|
4,001 |
|
Net income (loss) |
|
$ |
(2,190 |
) |
|
$ |
(10,296 |
) |
|
$ |
(13,180 |
) |
|
$ |
(10,173 |
) |
Net income attributable
to non-controlling interest |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22 |
) |
Discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
Net income attributable
to non-controlling interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26 |
) |
Net loss attributable
to ARC Group Worldwide, Inc. |
|
|
(2,190 |
) |
|
|
(10,296 |
) |
|
|
(13,180 |
) |
|
|
(10,147 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share, basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.09 |
) |
|
$ |
(0.56 |
) |
|
$ |
(0.65 |
) |
|
$ |
(0.78 |
) |
Discontinued operations |
|
$ |
— |
|
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.22 |
|
Attributable to ARC
Group Worldwide, Inc. |
|
$ |
(0.09 |
) |
|
$ |
(0.57 |
) |
|
$ |
(0.66 |
) |
|
$ |
(0.56 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
23,308,516 |
|
|
|
18,171,626 |
|
|
|
19,936,074 |
|
|
|
18,142,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARC Group Worldwide, Inc. |
Consolidated Balance Sheets |
(in thousands, except share data) |
|
|
|
|
|
|
|
|
|
As of June 30, |
|
|
2018 |
|
2017 |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash |
|
$ |
365 |
|
|
$ |
593 |
|
Accounts
receivable, net |
|
|
11,251 |
|
|
|
10,488 |
|
Inventories, net |
|
|
12,327 |
|
|
|
14,369 |
|
Prepaid
expenses and other current assets |
|
|
2,955 |
|
|
|
3,152 |
|
Current
assets of discontinued operations |
|
|
— |
|
|
|
1,452 |
|
Total current
assets |
|
|
26,898 |
|
|
|
30,054 |
|
Property and equipment,
net |
|
|
39,980 |
|
|
|
41,349 |
|
Goodwill |
|
|
6,412 |
|
|
|
6,412 |
|
Intangible assets,
net |
|
|
16,270 |
|
|
|
19,624 |
|
Other |
|
|
373 |
|
|
|
291 |
|
Long-term assets of
discontinued operations |
|
|
— |
|
|
|
1,893 |
|
Total assets |
|
$ |
89,933 |
|
|
$ |
99,623 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable |
|
$ |
11,704 |
|
|
$ |
8,681 |
|
Accrued
expenses and other current liabilities |
|
|
2,090 |
|
|
|
3,273 |
|
Deferred
revenue |
|
|
825 |
|
|
|
1,165 |
|
Bank
borrowings, current portion of long-term debt |
|
|
1,721 |
|
|
|
1,701 |
|
Capital
lease obligations, current portion |
|
|
1,429 |
|
|
|
1,470 |
|
Accrued
escrow obligations, current portion |
|
|
943 |
|
|
|
1,212 |
|
Current
liabilities of discontinued operations |
|
|
— |
|
|
|
283 |
|
Total current
liabilities |
|
|
18,712 |
|
|
|
17,785 |
|
Long-term debt, net of
current portion |
|
|
37,013 |
|
|
|
42,822 |
|
Capital lease
obligations, net of current portion |
|
|
1,079 |
|
|
|
1,888 |
|
Accrued escrow
obligations, net of current portion |
|
|
— |
|
|
|
1,184 |
|
Other long-term
liabilities |
|
|
965 |
|
|
|
1,017 |
|
Long-term liabilities
of discontinued operations |
|
|
— |
|
|
|
260 |
|
Total liabilities |
|
|
57,769 |
|
|
|
64,956 |
|
|
|
|
|
|
|
|
Commitments and
contingencies (Note 12) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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; 23,324,316
shares issued and 23,315,915 shares issued and outstanding at
June 30, 2018, and 18,180,027 shares issued and 18,171,626
shares issued and outstanding at June 30, 2017 |
|
|
12 |
|
|
|
10 |
|
Treasury
stock, at cost; 8,401 shares at June 30, 2018 and
June 30, 2017 |
|
|
(94 |
) |
|
|
(94 |
) |
Additional paid-in capital |
|
|
41,829 |
|
|
|
31,109 |
|
Retained
earnings (accumulated deficit) |
|
|
(9,627 |
) |
|
|
3,569 |
|
Accumulated other comprehensive income |
|
|
44 |
|
|
|
73 |
|
Total
stockholders'equity |
|
|
32,164 |
|
|
|
34,667 |
|
Total liabilities and
stockholders' equity |
|
$ |
89,933 |
|
|
$ |
99,623 |
|
|
|
|
|
|
|
|
|
|
|
ARC Group Worldwide, Inc. |
Consolidated Statements of Cash
Flows |
(in thousands) |
|
|
|
|
|
|
|
|
|
For the Years ended June 30, |
|
|
2018 |
|
2017 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(13,180 |
) |
|
$ |
(10,173 |
) |
Adjustments to
reconcile net loss to net cash (used in) provided by operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
10,223 |
|
|
|
9,930 |
|
Share-based compensation expense |
|
|
714 |
|
|
|
752 |
|
Loss on
disposal of assets |
|
|
— |
|
|
|
293 |
|
Loss on
sale of asset |
|
|
178 |
|
|
|
— |
|
Loss
(gain) on sale of subsidiaries |
|
|
109 |
|
|
|
(5,485 |
) |
Goodwill
impairment charges |
|
|
— |
|
|
|
3,303 |
|
Bad debt
expense and other |
|
|
(6 |
) |
|
|
173 |
|
Deferred
income taxes |
|
|
— |
|
|
|
(407 |
) |
Changes in working
capital: |
|
|
|
|
|
|
Accounts
receivable |
|
|
(631 |
) |
|
|
2,597 |
|
Inventory |
|
|
1,876 |
|
|
|
1,120 |
|
Prepaid
expenses and other assets |
|
|
177 |
|
|
|
480 |
|
Accounts
payable |
|
|
2,768 |
|
|
|
1,068 |
|
Accrued
expenses and other current liabilities |
|
|
(2,445 |
) |
|
|
(509 |
) |
Deferred
revenue |
|
|
(339 |
) |
|
|
(292 |
) |
Net cash (used in)
provided by operating activities |
|
|
(556 |
) |
|
|
2,850 |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases
of property and equipment |
|
|
(5,144 |
) |
|
|
(6,641 |
) |
Proceeds
from sale of subsidiary |
|
|
3,000 |
|
|
|
10,538 |
|
Net cash (used in)
provided by investing activities |
|
|
(2,144 |
) |
|
|
3,897 |
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds
from debt issuance |
|
|
94,053 |
|
|
|
118,124 |
|
Repayments of long-term debt and capital lease obligations |
|
|
(101,659 |
) |
|
|
(127,468 |
) |
Proceeds
from rights offering, net |
|
|
9,785 |
|
|
|
— |
|
Payment
of distributions to non-controlling membership interests from the
sale of subsidiary |
|
|
— |
|
|
|
(453 |
) |
Purchase
of non-controlling membership interests |
|
|
— |
|
|
|
(235 |
) |
Issuance
of common stock under employee stock purchase plan and exercise of
stock options |
|
|
208 |
|
|
|
98 |
|
Net cash provided by
(used in) financing activities |
|
|
2,387 |
|
|
|
(9,934 |
) |
Effect of
exchange rates on cash |
|
|
85 |
|
|
|
160 |
|
Net decrease in
cash |
|
|
(228 |
) |
|
|
(3,027 |
) |
Cash, beginning of
period |
|
|
593 |
|
|
|
3,620 |
|
Cash, end of
period |
|
$ |
365 |
|
|
$ |
593 |
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
|
Cash paid
for interest |
|
$ |
1,948 |
|
|
$ |
3,303 |
|
Cash paid
for income taxes, net of refunds |
|
$ |
137 |
|
|
$ |
(849 |
) |
|
|
|
|
|
|
|
|
|
|
ARC Group Worldwide, Inc. |
Consolidated Segment Information |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Fiscal Years Ended June 30, |
|
|
June 30, |
|
June 30, |
|
2018 |
|
2017 |
|
|
2018 |
|
2017 |
|
|
|
|
|
|
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Precision
Components Group |
|
$ |
16,993 |
|
|
$ |
16,316 |
|
|
$ |
60,643 |
|
|
$ |
75,053 |
|
Stamping
Group |
|
|
5,466 |
|
|
|
5,073 |
|
|
|
19,376 |
|
|
|
21,061 |
|
3DMT
Group |
|
|
214 |
|
|
|
758 |
|
|
|
2,419 |
|
|
|
2,528 |
|
Wireless
Group |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
427 |
|
Consolidated
sales |
|
$ |
22,673 |
|
|
$ |
22,147 |
|
|
$ |
82,438 |
|
|
$ |
99,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs: |
|
|
|
|
|
|
|
|
|
|
|
|
Precision
Components Group |
|
$ |
17,223 |
|
|
$ |
21,117 |
|
|
$ |
64,592 |
|
|
$ |
80,133 |
|
Stamping
Group |
|
|
5,040 |
|
|
|
5,654 |
|
|
|
19,698 |
|
|
|
21,766 |
|
3DMT
Group |
|
|
1,166 |
|
|
|
3,910 |
|
|
|
4,353 |
|
|
|
3,963 |
|
Wireless
Group |
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
554 |
|
Consolidated
operating costs |
|
$ |
23,429 |
|
|
$ |
30,690 |
|
|
$ |
88,643 |
|
|
$ |
106,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Precision
Components Group |
|
$ |
(230 |
) |
|
$ |
(4,801 |
) |
|
$ |
(3,949 |
) |
|
$ |
(5,080 |
) |
Stamping
Group |
|
|
426 |
|
|
|
(581 |
) |
|
|
(322 |
) |
|
|
(705 |
) |
3DMT
Group |
|
|
(952 |
) |
|
|
(3,152 |
) |
|
|
(1,934 |
) |
|
|
(1,435 |
) |
Wireless
Group |
|
|
— |
|
|
|
(9 |
) |
|
|
— |
|
|
|
(127 |
) |
Corporate |
|
|
(717 |
) |
|
|
(1,853 |
) |
|
|
(3,407 |
) |
|
|
(5,397 |
) |
Total segment
operating loss |
|
$ |
(1,473 |
) |
|
$ |
(10,396 |
) |
|
$ |
(9,612 |
) |
|
$ |
(12,744 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net |
|
|
(816 |
) |
|
|
(1,006 |
) |
|
|
(3,625 |
) |
|
|
(4,008 |
) |
Loss on extinguishment
of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(723 |
) |
Other income (loss),
net |
|
|
271 |
|
|
|
(223 |
) |
|
|
298 |
|
|
|
670 |
|
Non-operating
expense |
|
|
(545 |
) |
|
|
(1,229 |
) |
|
|
(3,327 |
) |
|
|
(4,061 |
) |
Consolidated
loss before income taxes and non-controlling interest |
|
$ |
(2,018 |
) |
|
$ |
(11,625 |
) |
|
$ |
(12,939 |
) |
|
$ |
(16,805 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARC Group Worldwide, Inc. |
Pro Forma Consolidated Segment Information
Excluding 3DMT |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Fiscal Years
Ended June 30, |
|
|
June 30, |
|
June 30, |
|
2018 |
|
2017 |
|
|
2018 |
|
2017 |
|
|
|
|
|
|
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Precision
Components Group |
|
$ |
16,993 |
|
|
$ |
16,316 |
|
|
$ |
60,643 |
|
|
$ |
75,053 |
|
Stamping
Group |
|
|
5,466 |
|
|
|
5,073 |
|
|
|
19,376 |
|
|
|
21,061 |
|
Consolidated
sales |
|
$ |
22,459 |
|
|
$ |
21,389 |
|
|
$ |
80,019 |
|
|
$ |
96,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs: |
|
|
|
|
|
|
|
|
|
|
|
|
Precision
Components Group |
|
$ |
17,297 |
|
|
$ |
21,184 |
|
|
$ |
64,912 |
|
|
$ |
80,410 |
|
Stamping
Group |
|
|
5,040 |
|
|
|
5,654 |
|
|
|
19,698 |
|
|
|
21,766 |
|
Consolidated
operating costs |
|
$ |
22,337 |
|
|
$ |
26,838 |
|
|
$ |
84,610 |
|
|
$ |
102,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Precision
Components Group |
|
$ |
(304 |
) |
|
$ |
(4,868 |
) |
|
$ |
(4,269 |
) |
|
$ |
(5,357 |
) |
Stamping
Group |
|
|
426 |
|
|
|
(581 |
) |
|
|
(322 |
) |
|
|
(705 |
) |
Corporate |
|
|
(717 |
) |
|
|
(1,853 |
) |
|
|
(3,407 |
) |
|
|
(5,397 |
) |
Total segment
operating loss |
|
$ |
(595 |
) |
|
$ |
(7,302 |
) |
|
$ |
(7,998 |
) |
|
$ |
(11,459 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net |
|
|
(816 |
) |
|
|
(1,006 |
) |
|
|
(3,625 |
) |
|
|
(4,008 |
) |
Loss on extinguishment
of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(723 |
) |
Other income (loss),
net |
|
|
271 |
|
|
|
(223 |
) |
|
|
298 |
|
|
|
670 |
|
Non-operating
expense |
|
|
(545 |
) |
|
|
(1,229 |
) |
|
|
(3,327 |
) |
|
|
(4,061 |
) |
Consolidated
loss before income taxes and non-controlling interest |
|
$ |
(1,140 |
) |
|
$ |
(8,531 |
) |
|
$ |
(11,325 |
) |
|
$ |
(15,520 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arc Grp. Worldwide, Inc. (NASDAQ:ARCW)
Historical Stock Chart
From Aug 2024 to Sep 2024
Arc Grp. Worldwide, Inc. (NASDAQ:ARCW)
Historical Stock Chart
From Sep 2023 to Sep 2024