|FOR IMMEDIATE RELEASE:||CONTACT:|
|Geoff High, Vice President of Investor Relations|
DMC GLOBAL REPORTS FOURTH QUARTER AND FULL-YEAR FINANCIAL RESULTS
•Fourth quarter sales were $57.1 million, up 3% sequentially and down 34% versus Q4 2019
•DynaEnergetics reports 24% sequential increase in North America sales, offsetting soft international demand; NobelClad sales up 3% sequentially
•Fourth quarter gross margin was 21% versus 25% in Q3 2020 and 35% in Q4 2019
•Fourth quarter net loss was $927,000, or $0.06 per diluted share
•Fourth quarter adjusted net loss was $825,000, or $0.05 per diluted share
•Fourth quarter adjusted EBITDA* was $3.6 million
•Full-year sales were $229.2 million, down 42% from 2019
•Full-year net loss was $1.4 million, or $0.10 per diluted share, while adjusted net income* was $1.0 million, or $0.07 per diluted share
•Year-end cash and marketable securities were $53.9 million, including $25.7 million raised through an at-the-market equity program initiated during the fourth quarter
BROOMFIELD, Colo. - February 18, 2021 - DMC Global Inc. (Nasdaq: BOOM) today reported financial results for its fourth quarter and fiscal year ended December 31, 2020.
Fourth quarter sales were $57.1 million, up 3% sequentially versus the 2020 third quarter, and down 34% versus the 2019 fourth quarter. The decline versus last year’s fourth quarter reflects the pandemic-related drop in travel and economic activity, which reduced demand for oil and gas, negatively affecting sales at DynaEnergetics, DMC’s energy products business. Fourth quarter gross margin was 21% versus 25% in the third quarter and 35% in the prior-year fourth quarter. The sequential decline principally reflects an anticipated less-favorable order mix at NobelClad, DMC’s composite metals business.
Fourth quarter operating loss was $818,000 versus operating income of $499,000 in the 2019 fourth quarter. Net loss was $927,000, or $0.06 per diluted share, versus a net loss of $5.3 million, or $0.36 per diluted share, in the prior-year fourth quarter. The 2019 fourth quarter was impacted by $13.2 million in restructuring charges ($12.1 million of which were non-cash) principally related to the closure of DynaEnergetics’ manufacturing plant in Tyumen, Siberia.
Adjusted operating loss* was $736,000, and excludes $82,000 in restructuring charges. Adjusted operating income in last year’s fourth quarter was $13.8 million. Adjusted net loss*, which excludes the restructuring charges, was $825,000, or $0.05 per diluted share. Adjusted net income* in the 2019 fourth quarter was $9.5 million, or $0.65 per diluted share.
Fourth quarter adjusted EBITDA was $3.6 million versus $6.0 million in the 2020 third quarter and $17.6 million in the 2019 fourth quarter. Cash flow from operations was $9.0 million versus $29.5 million in the prior-year fourth quarter.
The following information was filed by Dmc Global Inc. (BOOM) on Thursday, February 18, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.