DMC Global Inc. (Nasdaq: BOOM) today reported financial
results for its second quarter ended June 30, 2021.
Second quarter sales were $65.4 million, up 18%
sequentially versus the first quarter, and up 51% versus the second
quarter of 2020. The sales growth versus both prior periods is
attributable to the accelerating recovery of the energy industry,
which drove improved demand for well perforating systems at
DynaEnergetics, DMC’s energy products business. The results also
reflect increased order shipments at NobelClad, DMC’s composite
metals business.
Second quarter gross margin was 26% up from 23%
in the 2021 first quarter and 15% in last year's second quarter.
The improvement reflects the impact of higher sales volume on fixed
expenses at DynaEnergetics, and the receipt of the Employee
Retention Credit under the CARES Act.
Selling, general and administrative expense
(SG&A) was $14.0 million, up from $13.2 million in the first
quarter and $12.2 million in the year-ago second quarter. SG&A
in this year’s second quarter included $1.2 million in litigation
expense related to several patent infringement cases in which
DynaEnergetics is the plaintiff. Litigation expense was $1.0
million in this year’s first quarter and $400,000 in the second
quarter a year ago.
Second quarter operating income was $2.7 million
versus an operating loss of $8.0 million in last year's second
quarter. Net income was $1.7 million, or $0.10 per diluted share,
versus net loss of $5.6 million, or $0.38 per diluted share, in
last year’s second quarter.
Second quarter adjusted EBITDA was $7.5 million
versus $4.0 million in the 2021 first quarter, and negative $1.8
million in the 2020 second quarter.
DMC ended the second quarter with cash and
marketable securities of $181.3 million, up from $66.8 million at
March 31, 2021. During the quarter, the Company raised net proceeds
of $123.5 million through a registered public equity offering.
DynaEnergetics Second quarter sales at
DynaEnergetics were $42.3 million, up 11% sequentially and 79% from
the 2020 second quarter. Gross margin was 25%, up from 22% in the
first quarter of 2021 and 8% in last year’s second quarter.
Adjusted EBITDA was $5.3 million versus negative $3.3 million in
last year’s second quarter.
NobelClad Second quarter sales at NobelClad were
$23.2 million, up 33% sequentially and 18% versus the 2020 second
quarter. Gross margin was 28%, up from 26% in the 2021 first
quarter and 25% in last year's second quarter. The gross margin
improvement reflects a more favorable project mix. Adjusted EBITDA
was $4.3 million, up from $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 1.01, and its rolling 12-month
bookings were $84 million. Order backlog increased to $45.1 million
from $43.2 million at the end of the first quarter.
Six-month resultsConsolidated
sales for the six-month period were $121.1 million, up 4% versus
the same period a year ago. Gross margin was 25% versus 27% in the
2020 six-month period. Operating income was $2.0 million versus an
operating loss of $1.6 million in last year’s six-month period. Net
income for the period was $2.2 million, or $0.13 per diluted share,
versus a net loss of $1.5 million, or $0.10 per diluted share, in
the same period a year ago.
Six-month adjusted operating income was $2.1
million and adjusted net income was $2.3 million, or $0.14 per
diluted share. Adjusted EBITDA was $11.6 million versus $9.5
million in last year’s six-month period.
DynaEnergeticsSix-month sales at DynaEnergetics
were $80.4 million, up 5% from $76.9 million, in last year’s
six-month period. Operating income was $4.7 million versus $1.7
million in the comparable year-ago period. Adjusted EBITDA was $8.8
million versus $8.0 million in last year’s six-month period.
NobelCladNobelClad reported six-month sales of
$40.7 million, up 2% from $39.9 million at the six-month mark last
year. Operating income was $5.0 million versus $3.5 million in the
comparable year-ago period, while adjusted EBITDA was $7.0 million
versus $5.4 million in last year’s six-month period.
Management Commentary Kevin
Longe, president and CEO, said, “Improving economic conditions led
to increased activity in several of our end markets during the
second quarter. Rising energy prices drove improved demand for
DynaEnergetics’ DS well perforating systems, and NobelClad secured
a large international order from the chemical
industry.”
“DynaEnergetics benefitted from a modest
improvement in pricing during the quarter,” Longe added. “However,
despite increased well completion activity in North America,
irrational pricing for products and services persists, and is
delaying the margin recovery of our industry.
“The leading operators and service companies in
North America’s unconventional oil and gas industry are
transitioning to safer, more efficient and more reliable
factory-assembled perforating systems built by a single source
provider. However, during the recent market instability, a number
of machine shops have taken advantage of extreme price sensitivity
by commercializing undifferentiated, less reliable carrier
assemblies. These businesses are being supported and supplied by
some of our industry’s large energetics manufacturers, which have
not yet fully transitioned to their own integrated systems.”
Longe added, “We believe many of the pre-wired
carriers in the market incorporate features that violate
DynaEnergetics patents, and we are taking aggressive legal action
against the companies that make these products. DynaEnergetics has
made significant investments in technologies and products that have
improved the safety, efficiency and performance of its customers’
well completions, and have enhanced the effectiveness and
profitability of the industry as a whole. Our patent strategy is
designed to protect these investments and provide transparency so
others can innovate without violating our intellectual property. As
we previously have stated, if intellectual property is not
protected, the incentive to innovate is lost and the sustainability
of our industry is at risk.”
NobelClad was awarded an $8.8 million order
during the second quarter for titanium clad plates that will be
used to fabricate specialized equipment for a large purified
terephthalic acid (PTA) plant. The plant was engineered in Europe,
will be built in Southwest Asia and will include titanium-clad
equipment fabricated in China. “NobelClad’s global presence and
manufacturing skill set positioned it to win this complex project,”
Longe said. “The clad plates, which will be used to
fabricate pressure vessels and heat exchangers, will be
manufactured at NobelClad’s production facility in Mt. Braddock,
Penn., and are scheduled to ship in this year’s third and fourth
quarters.
“This large order will help offset a
pandemic-related downturn in NobelClad’s base repair and
maintenance business, which tends to lag the cycles of the broader
economy. We expect repair and maintenance work in NobelClad’s
primary downstream energy market will accelerate in the coming
year. In addition, NobelClad continues to pursue several large
orders in a broad range of industrial end markets.”
Earlier this week, NobelClad introduced
DetaPipe™, a high-performance clad-pipe solution for the chemical
and metal-processing markets. “This product offering reflects
several years of work by NobelClad’s product development team and
is expected to provide customers with a better-performing,
cost-effective alternative to solid zirconium or titanium pipe in
their high-pressure, high temperature processing environments.”
Longe concluded, “I am encouraged by the
improving conditions in the end markets of DynaEnergetics and
NobelClad, and believe our businesses are well positioned with the
right people, products and technologies to address the growing
demand. Our stock offering during the second quarter further
strengthened our financial position and enhanced our ability to
pursue strategic growth opportunities.”
GuidanceMichael Kuta, CFO, said
third quarter 2021 sales are expected to be in a range of $70
million to $73 million versus the $65.4 million reported in the
2021 second quarter. DynaEnergetics expects demand from North
America’s onshore unconventional oil and gas market will continue
to improve in the third quarter, although at a more moderate pace
than in the first half of the year. The growth is expected to be
partially offset by lower sales in the Middle East. DynaEnergetics
is expected to report third quarter sales in a range of $46 million
to $48 million versus the $42.3 million reported in 2021 second
quarter. NobelClad’s sales are expected in a range of $24 million
to $25 million versus the $23.2 million reported in the 2021 second
quarter.
Consolidated gross margin is expected in a range
of 24% to 26% versus 26% in the 2021 second quarter. The potential
decline relates to the expected increase in North American sales
versus higher margin international sales at DynaEnergetics, as well
as inflationary pressures that will likely offset pricing
increases. Gross margin at NobelClad also is expected to decline
due to a less favorable project mix.
Third quarter selling, general and
administrative (SG&A) expense is expected to be in a range of
$14.5 million to $15 million versus the $14.0 million reported in
the 2021 second quarter. The increase reflects expected headcount
additions for commercial and digital positions, higher variable
compensation expense, and a pickup in travel expenses.
Amortization expense is expected to be
approximately $225,000, and interest expense is expected to be
approximately $80,000. DMC’s full year tax-rate is expected in a
range of 31% to 33%.
Adjusted EBITDA is expected in a range of $6.5
million to $8.5 million versus the $7.5 million in the second
quarter of 2021.
Third quarter capital expenditures are expected
in a range of $4.0 million to $6.0 million. For modeling purposes,
third quarter weighted average shares outstanding will be
approximately 18.7 million.
Kuta said management is not providing full-year
financial guidance, however, pricing at DynaEnergetics is expected
to improve during the second half of the year, which should offset
the impact of inflation on materials, labor, and benefits from
employee retention credits under the CARES Act that are expected to
roll off in the fourth quarter of 2021.
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/2204/42038, or by dialing
888-506-0062 (973-528-0011 for international callers) and
entering the code 860474. A telephonic replay will be
available through July 29, 2021, by
calling 877-481-4010 (919-882-2331 for international
callers) and entering the Conference ID #42038.
*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 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, capital
expenditures, and tax rate; as well as our belief that repair and
maintenance work in NobelClad’s primary downstream energy market
will accelerate in the coming year; our expectation that
NobelClad’s DetaPipe product will provide customers with a
better-performing, cost-effective alternative to solid zirconium or
titanium pipe; our expectation that pricing at DynaEnergetics will
improve during the second half of the year; and our belief that our
businesses are well positioned to address growing demand.
Statements other than those of historical fact included in this
press release are forward-looking statements. Forward-looking
statements are based on numerous assumptions regarding present and
future business strategies, the markets in which we operate,
anticipated costs, ability to achieve goals and numerous other
factors. 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
materials; 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 related preventive or protective actions taken by
governmental authorities and resulting economic impacts, including
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, 2020. 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.
DMC GLOBAL INC.CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS(Amounts in Thousands, Except Share and Per Share
Data)(unaudited)
|
Three months ended |
|
Change |
|
Jun 30, 2021 |
|
Mar 31, 2021 |
|
Jun 30, 2020 |
|
Sequential |
|
Year-on-year |
NET SALES |
$ |
65,438 |
|
|
|
$ |
55,658 |
|
|
|
$ |
43,203 |
|
|
|
18 |
% |
|
51 |
% |
COST OF PRODUCTS SOLD |
48,467 |
|
|
|
42,745 |
|
|
|
36,599 |
|
|
|
13 |
% |
|
32 |
% |
Gross profit |
16,971 |
|
|
|
12,913 |
|
|
|
6,604 |
|
|
|
31 |
% |
|
157 |
% |
Gross profit percentage |
26 |
% |
|
|
23 |
% |
|
|
15 |
% |
|
|
|
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
|
General and administrative expenses |
8,471 |
|
|
|
7,929 |
|
|
|
6,707 |
|
|
|
7 |
% |
|
26 |
% |
Selling and distribution expenses |
5,544 |
|
|
|
5,243 |
|
|
|
5,488 |
|
|
|
6 |
% |
|
1 |
% |
Amortization of purchased intangible assets |
288 |
|
|
|
324 |
|
|
|
353 |
|
|
|
-11 |
% |
|
-18 |
% |
Restructuring expenses and asset impairments |
— |
|
|
|
127 |
|
|
|
2,046 |
|
|
|
-100 |
% |
|
-100 |
% |
Total costs and expenses |
14,303 |
|
|
|
13,623 |
|
|
|
14,594 |
|
|
|
5 |
% |
|
-2 |
% |
OPERATING INCOME (LOSS) |
2,668 |
|
|
|
(710 |
) |
|
|
(7,990 |
) |
|
|
476 |
% |
|
133 |
% |
OTHER INCOME (EXPENSE) : |
|
|
|
|
|
|
|
|
|
Other income (expense), net |
108 |
|
|
|
394 |
|
|
|
(85 |
) |
|
|
-73 |
% |
|
227 |
% |
Interest expense, net |
(81 |
) |
|
|
(135 |
) |
|
|
(156 |
) |
|
|
40 |
% |
|
48 |
% |
INCOME (LOSS) BEFORE INCOME
TAXES |
2,695 |
|
|
|
(451 |
) |
|
|
(8,231 |
) |
|
|
698 |
% |
|
133 |
% |
INCOME TAX PROVISION
(BENEFIT) |
971 |
|
|
|
(883 |
) |
|
|
(2,583 |
) |
|
|
210 |
% |
|
138 |
% |
NET INCOME (LOSS) |
1,724 |
|
|
|
432 |
|
|
|
(5,648 |
) |
|
|
299 |
% |
|
131 |
% |
NET INCOME (LOSS) PER
SHARE |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.10 |
|
|
|
$ |
0.03 |
|
|
|
$ |
(0.38 |
) |
|
|
233 |
% |
|
126 |
% |
Diluted |
$ |
0.10 |
|
|
|
$ |
0.03 |
|
|
|
$ |
(0.38 |
) |
|
|
233 |
% |
|
126 |
% |
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
|
Basic |
17,554,809 |
|
|
|
15,543,103 |
|
|
|
14,832,242 |
|
|
|
13 |
% |
|
18 |
% |
Diluted |
17,568,444 |
|
|
|
15,463,923 |
|
|
|
14,832,242 |
|
|
|
14 |
% |
|
18 |
% |
DIVIDENDS DECLARED PER COMMON
SHARE |
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
|
|
|
|
Six months ended |
|
Change |
|
Jun 30, 2021 |
|
Jun 30, 2020 |
|
Year-on-year |
NET SALES |
$ |
121,096 |
|
|
|
$ |
116,766 |
|
|
|
4 |
% |
COST OF PRODUCTS SOLD |
91,212 |
|
|
|
85,696 |
|
|
|
6 |
% |
Gross profit |
29,884 |
|
|
|
31,070 |
|
|
|
-4 |
% |
Gross profit percentage |
25 |
% |
|
|
27 |
% |
|
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
General and administrative expenses |
16,400 |
|
|
|
14,831 |
|
|
|
11 |
% |
Selling and distribution expenses |
10,787 |
|
|
|
14,015 |
|
|
|
-23 |
% |
Amortization of purchased intangible assets |
612 |
|
|
|
707 |
|
|
|
-13 |
% |
Restructuring expenses and asset impairments |
127 |
|
|
|
3,162 |
|
|
|
-96 |
% |
Total costs and expenses |
27,926 |
|
|
|
32,715 |
|
|
|
-15 |
% |
OPERATING INCOME (LOSS) |
1,958 |
|
|
|
(1,645 |
) |
|
|
219 |
% |
OTHER INCOME (EXPENSE): |
|
|
|
|
|
Other income, net |
502 |
|
|
|
32 |
|
|
|
1,469 |
% |
Interest expense, net |
(216 |
) |
|
|
(394 |
) |
|
|
45 |
% |
INCOME (LOSS) BEFORE INCOME
TAXES |
2,244 |
|
|
|
(2,007 |
) |
|
|
212 |
% |
INCOME TAX PROVISION
(BENEFIT) |
88 |
|
|
|
(514 |
) |
|
|
117 |
% |
NET INCOME (LOSS) |
2,156 |
|
|
|
(1,493 |
) |
|
|
244 |
% |
NET INCOME (LOSS) PER
SHARE |
|
|
|
|
|
Basic |
$ |
0.13 |
|
|
|
$ |
(0.10 |
) |
|
|
230 |
% |
Diluted |
$ |
0.13 |
|
|
|
$ |
(0.10 |
) |
|
|
230 |
% |
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING: |
|
|
|
|
|
Basic |
16,495,685 |
|
|
|
14,745,661 |
|
|
|
12 |
% |
Diluted |
16,507,500 |
|
|
|
14,745,661 |
|
|
|
12 |
% |
DIVIDENDS DECLARED PER COMMON
SHARE |
$ |
— |
|
|
|
$ |
0.125 |
|
|
|
|
DMC GLOBAL INC.SEGMENT STATEMENTS OF
OPERATIONS(Amounts in Thousands)(unaudited)
DynaEnergetics
|
Three months ended |
|
Change |
|
Jun 30, 2021 |
|
Mar 31, 2021 |
|
Jun 30, 2020 |
|
Sequential |
|
Year-on-year |
Net sales |
$ |
42,268 |
|
|
$ |
38,172 |
|
|
$ |
23,643 |
|
|
|
11 |
% |
|
79 |
% |
Gross profit |
10,676 |
|
|
8,434 |
|
|
1,967 |
|
|
|
27 |
% |
|
443 |
% |
Gross profit percentage |
25 |
% |
|
22 |
% |
|
8 |
% |
|
|
|
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
|
General and administrative expenses |
4,012 |
|
|
3,574 |
|
|
3,157 |
|
|
|
12 |
% |
|
27 |
% |
Selling and distribution expenses |
3,300 |
|
|
3,140 |
|
|
3,595 |
|
|
|
5 |
% |
|
-8 |
% |
Amortization of purchased intangible assets |
163 |
|
|
199 |
|
|
259 |
|
|
|
-18 |
% |
|
-37 |
% |
Restructuring expenses and asset impairments |
— |
|
|
— |
|
|
1,851 |
|
|
|
n/a |
|
|
-100 |
% |
Operating income (loss) |
3,201 |
|
|
1,521 |
|
|
(6,895 |
) |
|
|
110 |
% |
|
146 |
% |
Adjusted EBITDA |
$ |
5,284 |
|
|
$ |
3,521 |
|
|
$ |
(3,272 |
) |
|
|
50 |
% |
|
261 |
% |
|
Six months ended |
|
Change |
|
Jun 30, 2021 |
|
Jun 30, 2020 |
|
Year-on-year |
Net sales |
$ |
80,440 |
|
|
$ |
76,863 |
|
|
5 |
% |
Gross profit |
19,111 |
|
|
21,442 |
|
|
-11 |
% |
Gross profit percentage |
24 |
% |
|
28 |
% |
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
General and administrative expenses |
7,587 |
|
|
6,988 |
|
|
9 |
% |
Selling and distribution expenses |
6,442 |
|
|
9,435 |
|
|
-32 |
% |
Amortization of purchased intangible assets |
362 |
|
|
519 |
|
|
-30 |
% |
Restructuring expenses and asset impairments |
— |
|
|
2,789 |
|
|
-100 |
% |
Operating income |
4,720 |
|
|
1,711 |
|
|
176 |
% |
Adjusted EBITDA |
$ |
8,803 |
|
|
$ |
8,044 |
|
|
9 |
% |
NobelClad
|
Three months ended |
|
Change |
|
Jun 30, 2021 |
|
Mar 31, 2021 |
|
Jun 30, 2020 |
|
Sequential |
|
Year-on-year |
Net sales |
$ |
23,170 |
|
|
$ |
17,486 |
|
|
$ |
19,560 |
|
|
33 |
% |
|
18 |
% |
Gross profit |
6,460 |
|
|
4,617 |
|
|
4,802 |
|
|
40 |
% |
|
35 |
% |
Gross profit percentage |
28 |
% |
|
26 |
% |
|
25 |
% |
|
|
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
|
General and administrative expenses |
889 |
|
|
813 |
|
|
797 |
|
|
9 |
% |
|
12 |
% |
Selling and distribution expenses |
2,075 |
|
|
1,948 |
|
|
1,731 |
|
|
7 |
% |
|
20 |
% |
Amortization of purchased intangible assets |
125 |
|
|
125 |
|
|
94 |
|
|
— |
% |
|
33 |
% |
Restructuring expenses and asset impairments |
— |
|
|
127 |
|
|
195 |
|
|
-100 |
% |
|
-100 |
% |
Operating income |
3,371 |
|
|
1,604 |
|
|
1,985 |
|
|
110 |
% |
|
70 |
% |
Adjusted EBITDA |
$ |
4,316 |
|
|
$ |
2,670 |
|
|
$ |
3,061 |
|
|
62 |
% |
|
41 |
% |
|
Six months ended |
|
Change |
|
Jun 30, 2021 |
|
Jun 30, 2020 |
|
Year-on-year |
Net sales |
$ |
40,656 |
|
|
$ |
39,903 |
|
|
2 |
% |
Gross profit |
11,077 |
|
|
9,954 |
|
|
11 |
% |
Gross profit percentage |
27 |
% |
|
25 |
% |
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
General and administrative expenses |
1,702 |
|
|
1,771 |
|
|
-4 |
% |
Selling and distribution expenses |
4,022 |
|
|
4,282 |
|
|
-6 |
% |
Amortization of purchased intangible assets |
250 |
|
|
188 |
|
|
33 |
% |
Restructuring expenses and asset impairments |
127 |
|
|
254 |
|
|
-50 |
% |
Operating income |
4,976 |
|
|
3,459 |
|
|
44 |
% |
Adjusted EBITDA |
$ |
6,987 |
|
|
$ |
5,428 |
|
|
29 |
% |
DMC GLOBAL INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(Amounts in Thousands)
|
|
|
|
|
|
|
Change |
|
Jun 30, 2021 |
|
Mar 31, 2021 |
|
Dec 31, 2020 |
|
Sequential |
|
From year-end |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
36,363 |
|
|
$ |
45,837 |
|
|
$ |
28,187 |
|
|
-21 |
% |
|
29 |
% |
Marketable securities |
144,931 |
|
|
20,943 |
|
|
25,736 |
|
|
592 |
% |
|
463 |
% |
Accounts receivable, net |
43,027 |
|
|
35,609 |
|
|
31,366 |
|
|
21 |
% |
|
37 |
% |
Inventories |
62,478 |
|
|
57,944 |
|
|
52,573 |
|
|
8 |
% |
|
19 |
% |
Other current assets |
10,577 |
|
|
7,855 |
|
|
5,448 |
|
|
35 |
% |
|
94 |
% |
|
|
|
|
|
|
|
|
|
|
Total current assets |
297,376 |
|
|
168,188 |
|
|
143,310 |
|
|
77 |
% |
|
108 |
% |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
105,589 |
|
|
106,800 |
|
|
109,411 |
|
|
-1 |
% |
|
-3 |
% |
Purchased intangible assets,
net |
2,391 |
|
|
2,927 |
|
|
3,665 |
|
|
-18 |
% |
|
-35 |
% |
Other long-term assets |
28,990 |
|
|
26,902 |
|
|
23,259 |
|
|
8 |
% |
|
25 |
% |
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
434,346 |
|
|
$ |
304,817 |
|
|
$ |
279,645 |
|
|
42 |
% |
|
55 |
% |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
25,122 |
|
|
$ |
27,336 |
|
|
$ |
17,574 |
|
|
-8 |
% |
|
43 |
% |
Contract liabilities |
10,188 |
|
|
7,205 |
|
|
4,928 |
|
|
41 |
% |
|
107 |
% |
Accrued income taxes |
8,696 |
|
|
7,975 |
|
|
7,279 |
|
|
9 |
% |
|
19 |
% |
Current portion of long-term
debt |
— |
|
|
— |
|
|
3,125 |
|
|
n/a |
|
|
-100 |
% |
Other current liabilities |
15,204 |
|
|
15,857 |
|
|
14,202 |
|
|
-4 |
% |
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
59,210 |
|
|
58,373 |
|
|
47,108 |
|
|
1 |
% |
|
26 |
% |
|
|
|
|
|
|
|
|
|
|
Long-term debt |
— |
|
|
— |
|
|
8,139 |
|
|
n/a |
|
|
-100 |
% |
Deferred tax liabilities |
1,153 |
|
|
1,211 |
|
|
2,254 |
|
|
-5 |
% |
|
-49 |
% |
Other long-term
liabilities |
27,946 |
|
|
26,803 |
|
|
25,230 |
|
|
4 |
% |
|
11 |
% |
Stockholders’ equity |
346,037 |
|
|
218,430 |
|
|
196,914 |
|
|
58 |
% |
|
76 |
% |
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders’ equity |
$ |
434,346 |
|
|
$ |
304,817 |
|
|
$ |
279,645 |
|
|
42 |
% |
|
55 |
% |
DMC GLOBAL INC.CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS(Amounts in Thousands)(unaudited)
|
Three months ended |
|
Jun 30, 2021 |
|
Mar 31, 2021 |
|
Jun 30, 2020 |
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
|
|
Net income (loss) |
$ |
1,724 |
|
|
|
$ |
432 |
|
|
|
$ |
(5,648 |
) |
|
Adjustments to reconcile net income (loss) to net cash (used in)
provided by operating activities: |
|
|
|
|
|
Depreciation |
2,832 |
|
|
|
2,698 |
|
|
|
2,364 |
|
|
Amortization of purchased intangible assets |
288 |
|
|
|
324 |
|
|
|
353 |
|
|
Amortization of deferred debt issuance costs |
56 |
|
|
|
56 |
|
|
|
59 |
|
|
Stock-based compensation |
1,727 |
|
|
|
1,608 |
|
|
|
1,441 |
|
|
Deferred income taxes |
(282 |
) |
|
|
(2,334 |
) |
|
|
(1,200 |
) |
|
Loss (gain) on disposal of property, plant and equipment |
5 |
|
|
|
(288 |
) |
|
|
(14 |
) |
|
Restructuring expenses and asset impairments |
— |
|
|
|
127 |
|
|
|
2,046 |
|
|
Change in working capital, net |
(14,547 |
) |
|
|
(447 |
) |
|
|
6,807 |
|
|
Net cash (used in) provided by operating activities |
(8,197 |
) |
|
|
2,176 |
|
|
|
6,208 |
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
|
Investment in marketable securities |
(123,984 |
) |
|
|
— |
|
|
|
— |
|
|
Proceeds from maturities of marketable securities |
— |
|
|
|
4,799 |
|
|
|
— |
|
|
Acquisition of property, plant and equipment |
(1,887 |
) |
|
|
(1,365 |
) |
|
|
(2,355 |
) |
|
Proceeds on sale of property, plant and equipment |
723 |
|
|
|
281 |
|
|
|
14 |
|
|
Net cash (used in) provided by investing activities |
(125,148 |
) |
|
|
3,715 |
|
|
|
(2,341 |
) |
|
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
|
Repayments on capital expenditure facility |
— |
|
|
|
(11,750 |
) |
|
|
(781 |
) |
|
Payment of dividends |
— |
|
|
|
— |
|
|
|
(1,883 |
) |
|
Payment of deferred debt issuance costs |
— |
|
|
|
— |
|
|
|
(84 |
) |
|
Net proceeds from issuance of common stock through equity
offering |
123,461 |
|
|
|
— |
|
|
|
— |
|
|
Net proceeds from issuance of common stock through at-the-market
offering program |
— |
|
|
|
25,262 |
|
|
|
— |
|
|
Net proceeds from issuance of common stock |
253 |
|
|
|
— |
|
|
|
263 |
|
|
Treasury stock purchases |
(16 |
) |
|
|
(2,435 |
) |
|
|
(34 |
) |
|
Net cash provided by (used in) financing activities |
123,698 |
|
|
|
11,077 |
|
|
|
(2,519 |
) |
|
EFFECTS OF EXCHANGE RATES ON
CASH |
173 |
|
|
|
682 |
|
|
|
(551 |
) |
|
|
|
|
|
|
|
NET (DECREASE) INCREASE IN
CASH AND CASH EQUIVALENTS |
(9,474 |
) |
|
|
17,650 |
|
|
|
797 |
|
|
CASH AND CASH EQUIVALENTS,
beginning of the period |
45,837 |
|
|
|
28,187 |
|
|
|
16,451 |
|
|
CASH AND CASH EQUIVALENTS, end
of the period |
$ |
36,363 |
|
|
|
$ |
45,837 |
|
|
|
$ |
17,248 |
|
|
|
Six months ended |
|
Jun 30, 2021 |
|
Jun 30, 2020 |
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
Net income (loss) |
$ |
2,156 |
|
|
|
$ |
(1,493 |
) |
|
Adjustments to reconcile net income (loss) to net cash (used in)
provided by operating activities: |
|
|
|
Depreciation |
5,530 |
|
|
|
4,716 |
|
|
Amortization of purchased intangible assets |
612 |
|
|
|
707 |
|
|
Amortization of deferred debt issuance costs |
112 |
|
|
|
99 |
|
|
Stock-based compensation |
3,335 |
|
|
|
2,559 |
|
|
Deferred income taxes |
(2,616 |
) |
|
|
(1,360 |
) |
|
Gain on disposal of property, plant and equipment |
(283 |
) |
|
|
(1 |
) |
|
Restructuring expenses and asset impairments |
127 |
|
|
|
3,162 |
|
|
Change in working capital, net |
(14,994 |
) |
|
|
2,739 |
|
|
Net cash (used in) provided by operating activities |
(6,021 |
) |
|
|
11,128 |
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
Investment in marketable securities |
(123,984 |
) |
|
|
— |
|
|
Proceeds from maturities of marketable securities |
4,799 |
|
|
|
— |
|
|
Acquisition of property, plant and equipment |
(3,252 |
) |
|
|
(7,476 |
) |
|
Proceeds on sale of property, plant and equipment |
1,004 |
|
|
|
14 |
|
|
Net cash used in investing activities |
(121,433 |
) |
|
|
(7,462 |
) |
|
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
Repayments on capital expenditure facility |
(11,750 |
) |
|
|
(1,562 |
) |
|
Payment of dividends |
— |
|
|
|
(3,749 |
) |
|
Payment of deferred debt issuance costs |
— |
|
|
|
(84 |
) |
|
Net proceeds from issuance of common stock through equity
offering |
123,461 |
|
|
|
— |
|
|
Net proceeds from issuance of common stock through at-the-market
offering program |
25,262 |
|
|
|
— |
|
|
Net proceeds from issuance of common stock |
253 |
|
|
|
263 |
|
|
Treasury stock purchases |
(2,451 |
) |
|
|
(1,068 |
) |
|
Net cash provided by (used in) financing activities |
134,775 |
|
|
|
(6,200 |
) |
|
EFFECTS OF EXCHANGE RATES ON
CASH |
855 |
|
|
|
(571 |
) |
|
|
|
|
|
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS |
8,176 |
|
|
|
(3,105 |
) |
|
CASH AND CASH EQUIVALENTS,
beginning of the period |
28,187 |
|
|
|
20,353 |
|
|
CASH AND CASH EQUIVALENTS, end
of the period |
$ |
36,363 |
|
|
|
$ |
17,248 |
|
|
DMC GLOBAL INC.RECONCILIATIONS OF NON-GAAP
FINANCIAL MEASUREMENTS TO MOSTDIRECTLY COMPARABLE GAAP FINANCIAL
MEASUREMENTS(Amounts in Thousands)(unaudited)
DMC Global
EBITDA and Adjusted EBITDA
|
Three months ended |
|
Change |
|
Jun 30, 2021 |
|
Mar 31, 2021 |
|
Jun 30, 2020 |
|
Sequential |
|
Year-on-year |
Net income (loss) |
$ |
1,724 |
|
|
|
$ |
432 |
|
|
|
$ |
(5,648 |
) |
|
|
299 |
% |
|
131 |
% |
Interest expense, net |
81 |
|
|
|
135 |
|
|
|
156 |
|
|
|
-40 |
% |
|
-48 |
% |
Income tax provision
(benefit) |
971 |
|
|
|
(883 |
) |
|
|
(2,583 |
) |
|
|
210 |
% |
|
138 |
% |
Depreciation |
2,832 |
|
|
|
2,698 |
|
|
|
2,364 |
|
|
|
5 |
% |
|
20 |
% |
Amortization of purchased
intangible assets |
288 |
|
|
|
324 |
|
|
|
353 |
|
|
|
-11 |
% |
|
-18 |
% |
|
|
|
|
|
|
|
|
|
|
EBITDA |
5,896 |
|
|
|
2,706 |
|
|
|
(5,358 |
) |
|
|
118 |
% |
|
210 |
% |
Restructuring expenses and
asset impairments |
— |
|
|
|
127 |
|
|
|
2,046 |
|
|
|
-100 |
% |
|
-100 |
% |
Stock-based compensation |
1,727 |
|
|
|
1,608 |
|
|
|
1,441 |
|
|
|
7 |
% |
|
20 |
% |
Other (income) expense,
net |
(108 |
) |
|
|
(394 |
) |
|
|
85 |
|
|
|
73 |
% |
|
-227 |
% |
Adjusted EBITDA |
$ |
7,515 |
|
|
|
$ |
4,047 |
|
|
|
$ |
(1,786 |
) |
|
|
86 |
% |
|
521 |
% |
|
Six months ended |
|
Change |
|
Jun 30, 2021 |
|
Jun 30, 2020 |
|
Year-on-year |
Net income (loss) |
$ |
2,156 |
|
|
|
$ |
(1,493 |
) |
|
|
244 |
% |
Interest expense, net |
216 |
|
|
|
394 |
|
|
|
-45 |
% |
Income tax provision
(benefit) |
88 |
|
|
|
(514 |
) |
|
|
117 |
% |
Depreciation |
5,530 |
|
|
|
4,716 |
|
|
|
17 |
% |
Amortization of purchased
intangible assets |
612 |
|
|
|
707 |
|
|
|
-13 |
% |
|
|
|
|
|
|
EBITDA |
8,602 |
|
|
|
3,810 |
|
|
|
126 |
% |
Restructuring expenses and
asset impairments |
127 |
|
|
|
3,162 |
|
|
|
-96 |
% |
Stock-based compensation |
3,335 |
|
|
|
2,559 |
|
|
|
30 |
% |
Other income, net |
(502 |
) |
|
|
(32 |
) |
|
|
-1,469 |
% |
Adjusted EBITDA |
$ |
11,562 |
|
|
|
$ |
9,499 |
|
|
|
22 |
% |
Adjusted operating income (loss)
|
Three months ended |
|
Change |
|
Jun 30, 2021 |
|
Mar 31, 2021 |
|
Jun 30, 2020 |
|
Sequential |
|
Year-on-year |
Operating income (loss), as
reported |
$ |
2,668 |
|
|
$ |
(710 |
) |
|
|
$ |
(7,990 |
) |
|
|
476 |
% |
|
133 |
% |
Restructuring expenses and
asset impairments: |
|
|
|
|
|
|
|
|
|
DynaEnergetics |
— |
|
|
— |
|
|
|
1,851 |
|
|
|
n/a |
|
|
-100 |
% |
NobelClad |
— |
|
|
127 |
|
|
|
195 |
|
|
|
-100 |
% |
|
-100 |
% |
Adjusted operating income
(loss) |
$ |
2,668 |
|
|
$ |
(583 |
) |
|
|
$ |
(5,944 |
) |
|
|
558 |
% |
|
145 |
% |
|
Six months ended |
|
Change |
|
Jun 30, 2021 |
|
Jun 30, 2020 |
|
Year-on-year |
Operating income (loss), as
reported |
$ |
1,958 |
|
|
$ |
(1,645 |
) |
|
|
219 |
% |
Restructuring expenses and
asset impairments: |
|
|
|
|
|
DynaEnergetics |
— |
|
|
2,789 |
|
|
|
-100 |
% |
NobelClad |
127 |
|
|
254 |
|
|
|
-50 |
% |
Corporate |
— |
|
|
119 |
|
|
|
-100 |
% |
Adjusted operating income |
$ |
2,085 |
|
|
$ |
1,517 |
|
|
|
37 |
% |
Adjusted Net Income and Adjusted Diluted Earnings per Share
|
Three months ended March 31, 2021 |
|
Pretax |
|
Tax Benefit |
|
Net |
|
Diluted weighted average shares outstanding |
|
Diluted EPS |
Net income, as reported |
$ |
(451 |
) |
|
|
$ |
(883 |
) |
|
|
$ |
432 |
|
|
15,463,923 |
|
|
$ |
0.03 |
|
Restructuring expenses and
asset impairments: |
|
|
|
|
|
|
|
|
|
NobelClad |
127 |
|
|
|
— |
|
|
|
127 |
|
|
15,463,923 |
|
|
0.01 |
|
Adjusted net income |
$ |
(324 |
) |
|
|
$ |
(883 |
) |
|
|
$ |
559 |
|
|
15,463,923 |
|
|
$ |
0.04 |
|
|
Three months ended June 30, 2020 |
|
Pretax |
|
Tax Benefit |
|
Net |
|
Diluted weighted average shares outstanding |
|
Diluted EPS |
Net loss, as reported |
$ |
(8,231 |
) |
|
|
$ |
(2,583 |
) |
|
|
$ |
(5,648 |
) |
|
|
14,832,242 |
|
|
$ |
(0.38 |
) |
|
Restructuring expenses and
asset impairments: |
|
|
|
|
|
|
|
|
|
DynaEnergetics |
1,851 |
|
|
|
728 |
|
|
|
1,123 |
|
|
|
14,832,242 |
|
|
0.08 |
|
|
NobelClad |
195 |
|
|
|
65 |
|
|
|
130 |
|
|
|
14,832,242 |
|
|
0.01 |
|
|
Adjusted net loss |
$ |
(6,185 |
) |
|
|
$ |
(1,790 |
) |
|
|
$ |
(4,395 |
) |
|
|
14,832,242 |
|
|
$ |
(0.29 |
) |
|
|
Six months ended June 30, 2021 |
|
Pretax |
|
Tax Provision |
|
Net |
|
Diluted weighted average shares outstanding |
|
Diluted EPS |
Net income, as reported |
$ |
2,244 |
|
|
$ |
88 |
|
|
$ |
2,156 |
|
|
16,507,500 |
|
|
0.13 |
|
Restructuring expenses and
asset impairments: |
|
|
|
|
|
|
|
|
|
NobelClad |
127 |
|
|
— |
|
|
127 |
|
|
16,507,500 |
|
|
0.01 |
|
Adjusted net income |
$ |
2,371 |
|
|
$ |
88 |
|
|
$ |
2,283 |
|
|
16,507,500 |
|
|
$ |
0.14 |
|
|
Six months ended June 30, 2020 |
|
Pretax |
|
Tax (Benefit) Provision |
|
Net |
|
Diluted weighted average shares outstanding |
|
Diluted EPS |
Net loss, as reported |
$ |
(2,007 |
) |
|
|
$ |
(514 |
) |
|
|
$ |
(1,493 |
) |
|
|
14,745,661 |
|
|
$ |
(0.10 |
) |
|
Restructuring expenses and
asset impairments: |
|
|
|
|
|
|
|
|
|
DynaEnergetics |
2,789 |
|
|
|
882 |
|
|
|
1,907 |
|
|
|
14,745,661 |
|
|
0.13 |
|
|
NobelClad |
254 |
|
|
|
78 |
|
|
|
176 |
|
|
|
14,745,661 |
|
|
0.01 |
|
|
Corporate |
119 |
|
|
|
25 |
|
|
|
94 |
|
|
|
14,745,661 |
|
|
0.01 |
|
|
Adjusted net income |
$ |
1,155 |
|
|
|
$ |
471 |
|
|
|
$ |
684 |
|
|
|
14,745,661 |
|
|
$ |
0.05 |
|
|
Return on Invested Capital
|
|
|
Three months ended |
|
|
|
Jun 30, 2020 |
|
Sep 30, 2020 |
|
Dec 31, 2020 |
|
Mar 31, 2021 |
|
Jun 30, 2021 |
Operating (loss)
income |
|
$ |
(7,990 |
) |
|
|
$ |
1,465 |
|
|
$ |
(818 |
) |
|
|
$ |
(710 |
) |
|
|
$ |
2,668 |
|
Income tax
(benefit) provision (1) |
|
(2,509 |
) |
|
|
177 |
|
|
(54 |
) |
|
|
(1,390 |
) |
|
|
960 |
|
Net operating
(loss) profit after taxes (NOPAT) |
|
(5,481 |
) |
|
|
1,288 |
|
|
(764 |
) |
|
|
680 |
|
|
|
1,708 |
|
Trailing Twelve
Months NOPAT |
|
|
|
|
|
(717 |
) |
|
|
(4,277 |
) |
|
|
2,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of |
|
Mar 31, 2020 |
|
Jun 30, 2020 |
|
Sep 30, 2020 |
|
Dec 31, 2020 |
|
Mar 31, 2021 |
|
Jun 30, 2021 |
Current portion of lease
liabilities |
1,618 |
|
|
1,846 |
|
|
|
1,804 |
|
|
1,741 |
|
|
|
1,505 |
|
|
|
1,477 |
|
Long-term portion of lease
liabilities |
9,454 |
|
|
10,430 |
|
|
|
10,155 |
|
|
10,066 |
|
|
|
10,137 |
|
|
|
9,944 |
|
Current portion of long-term
debt |
3,125 |
|
|
3,125 |
|
|
|
3,125 |
|
|
3,125 |
|
|
|
— |
|
|
|
— |
|
Long-term debt |
10,406 |
|
|
9,595 |
|
|
|
8,867 |
|
|
8,139 |
|
|
|
— |
|
|
|
— |
|
Total stockholders'
equity |
173,689 |
|
|
170,283 |
|
|
|
169,951 |
|
|
196,914 |
|
|
|
218,430 |
|
|
|
346,037 |
|
Total invested capital |
198,292 |
|
|
195,279 |
|
|
|
193,902 |
|
|
219,985 |
|
|
|
230,072 |
|
|
|
357,458 |
|
Average invested capital |
|
|
|
|
|
|
208,946 |
|
|
|
214,182 |
|
|
|
276,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing Twelve
Months Return on Invested Capital (ROIC) |
|
|
|
— |
% |
|
|
(2 |
) |
% |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax
calculation for NOPAT: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
Three months ended |
|
Jun 30, 2020 |
|
Sep 30, 2020 |
|
Dec 31, 2020 |
|
Dec 31, 2020 |
|
Mar 31, 2021 |
|
Jun 30, 2021 |
(Loss) income before income
taxes |
(8,231 |
) |
|
|
1,147 |
|
|
(1,100 |
) |
|
|
(1,960 |
) |
|
|
(451 |
) |
|
|
2,695 |
|
Income tax (benefit)
provision |
(2,583 |
) |
|
|
139 |
|
|
(173 |
) |
|
|
(548 |
) |
|
|
(883 |
) |
|
|
971 |
|
Effective tax rate |
31.4 |
% |
|
|
12.1 |
% |
|
15.7 |
% |
|
|
28.0 |
% |
|
|
195.8 |
% |
|
|
36.0 |
% |
DynaEnergetics
|
Three months ended |
|
Change |
|
Jun 30, 2021 |
|
Mar 31, 2021 |
|
Jun 30, 2020 |
|
Sequential |
|
Year-on-year |
Operating income (loss), as
reported |
$ |
3,201 |
|
|
$ |
1,521 |
|
|
$ |
(6,895 |
) |
|
|
110 |
% |
|
146 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
Restructuring expenses and asset impairments |
— |
|
|
— |
|
|
1,851 |
|
|
|
n/a |
|
|
-100 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted operating income
(loss) |
3,201 |
|
|
1,521 |
|
|
(5,044 |
) |
|
|
110 |
% |
|
163 |
% |
Depreciation |
1,920 |
|
|
1,801 |
|
|
1,513 |
|
|
|
7 |
% |
|
27 |
% |
Amortization of purchased intangibles |
163 |
|
|
199 |
|
|
259 |
|
|
|
-18 |
% |
|
-37 |
% |
Adjusted EBITDA |
$ |
5,284 |
|
|
$ |
3,521 |
|
|
$ |
(3,272 |
) |
|
|
50 |
% |
|
261 |
% |
|
Six months ended |
|
|
|
Jun 30, 2021 |
|
Jun 30, 2020 |
|
Year-on-year |
Operating income, as
reported |
$ |
4,720 |
|
|
$ |
1,711 |
|
|
176 |
% |
Adjustments: |
|
|
|
|
|
Restructuring expenses and asset impairments |
— |
|
|
2,789 |
|
|
-100 |
% |
|
|
|
|
|
|
Adjusted operating income |
4,720 |
|
|
4,500 |
|
|
5 |
% |
Depreciation |
3,721 |
|
|
3,025 |
|
|
23 |
% |
Amortization of purchased intangibles |
362 |
|
|
519 |
|
|
-30 |
% |
Adjusted EBITDA |
$ |
8,803 |
|
|
$ |
8,044 |
|
|
9 |
% |
NobelClad
|
Three months ended |
|
Change |
|
Jun 30, 2021 |
|
Mar 31, 2021 |
|
Jun 30, 2020 |
|
Sequential |
|
Year-on-year |
Operating income, as
reported |
$ |
3,371 |
|
|
$ |
1,604 |
|
|
$ |
1,985 |
|
|
110 |
% |
|
70 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
Restructuring expenses and asset impairments |
— |
|
|
127 |
|
|
195 |
|
|
-100 |
% |
|
-100 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted operating income |
3,371 |
|
|
1,731 |
|
|
2,180 |
|
|
|
|
|
Depreciation |
820 |
|
|
814 |
|
|
787 |
|
|
1 |
% |
|
4 |
% |
Amortization of purchased intangibles |
125 |
|
|
125 |
|
|
94 |
|
|
— |
% |
|
33 |
% |
Adjusted EBITDA |
$ |
4,316 |
|
|
$ |
2,670 |
|
|
$ |
3,061 |
|
|
62 |
% |
|
41 |
% |
|
Six months ended |
|
|
|
Jun 30, 2021 |
|
Jun 30, 2020 |
|
Year-on-year |
Operating income, as
reported |
$ |
4,976 |
|
|
$ |
3,459 |
|
|
44 |
% |
Adjustments: |
|
|
|
|
|
Restructuring expenses and asset impairments |
127 |
|
|
254 |
|
|
-50 |
% |
|
|
|
|
|
|
Adjusted operating income |
5,103 |
|
|
3,713 |
|
|
37 |
% |
Depreciation |
1,634 |
|
|
1,527 |
|
|
7 |
% |
Amortization of purchased intangibles |
250 |
|
|
188 |
|
|
33 |
% |
Adjusted EBITDA |
$ |
6,987 |
|
|
$ |
5,428 |
|
|
29 |
% |
CONTACT:Geoff High, Vice
President of Investor Relations303-604-3924
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