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FOR IMMEDIATE RELEASE
November 14, 2018
ARC GROUP WORLDWIDE ANNOUNCES FIRST QUARTER 2019 RESULTS
DELAND, FL., November 14, 2018—ARC Group Worldwide, Inc. (“ARC” or the “Company”) (NASDAQ: ARCW), a leading global provider of advanced manufacturing, today reported its results for the first fiscal quarter ending September 30, 2018.
Highlights for the first quarter of fiscal year 2019 compared to the first quarter fiscal year 2018 for Continuing Operations:
•Sales of $20.6 million, an increase of 7.7%;
•Gross Profit of $3.1 million, an increase of 160.9%;
•EBITDA of $2.4 million, an increase of 1464.4%
Highlights for the first quarter of fiscal year 2019, compared to the fourth quarter fiscal year 2018 for Continuing Operations:
•Sales of $20.6 million, a decrease of 8.4%;
•Gross Profit of $3.1 million, an increase of 15.4%;
•EBITDA of $2.4 million, an increase of 13.7%
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.
While many factors contributed to the Company’s first quarter results, two initiatives yielded significant results. First, the Company’s cost reduction plan. This plan included reductions in labor, variable and fixed expenses, and the divestiture of select unprofitable or low margin customers. Second, the Company’s targeted sales and marketing plan. In fiscal year 2018, the Company launched a new sales and marketing plan, which included a targeted sales effort to grow our market share of aerospace and medical customers. Combined, these actions contributed to gains in Sales, Gross Profit and EBITDA, as noted below. These industries will provide better visibility and margins over the economic cycle. They also will open up a much larger total available market. With early success on receiving orders, the consolidated growth in aerospace and medical, the Company is projecting an increase of 58.1% and 6.6%, respectively, for our fiscal year 2019 revenues over our fiscal year 2018 revenues, which combined is approximately $2M of new revenues.
Fiscal first quarter 2019 Revenue was $20.6 million, compared to $19.1 million in our fiscal first quarter 2018. The increase in revenue was primarily driven by higher metal injection molding (“MIM”) and plastics sales, which was due to the combination of higher sales with higher order volumes in the aerospace, medical and firearms and defense markets.
The following information was filed by Arc Group Worldwide, Inc. (ARCW) on Wednesday, November 14, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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