Micron Solutions, Inc. Reports 2019 Second Quarter Results

MICRON SOLUTIONS, INC.
EBITDA RECONCILIATION (1)
($ in thousands)

 Three Months Ended
 June 30,
  2019   2018 
Net income (loss) $  (471 )   $   34 
Income tax benefit     
Other (income) expense (22)  (12)
Interest expense 112   96 
Depreciation and amortization 374   372 
Share-based compensation 116   29
 
Non-cash incentive plan accruals 50    
Non-recurring consulting and other expenses    8 
Adjusted EBITDA $ 159    $ 527 
Adjusted EBITDA margin % 3.2%  9.9%
        

(1) Non-GAAP Financial Measures
In addition to reporting net loss, a U.S. generally accepted accounting principle (“GAAP”) measure, this news release contains information about Adjusted EBITDA (income from continuing operations adjusted for income taxes, other income and expense, interest, depreciation and amortization, share-based compensation expense and certain non-recurring charges), which is a non-GAAP measure.  Share-based compensation includes directors fees paid by means of stock grants versus cash as well as non-cash incentives.  Non-recurring consulting and other expenses includes a one time charge for a separation agreement with the Company’s former Chief Operating Officer in 2019.  The Company believes Adjusted EBITDA allows investors to view its performance in a manner similar to the methods used by management and provides additional insight into its operating results.  Adjusted EBITDA is not calculated through the application of GAAP.  Accordingly, it should not be considered as a substitute for the GAAP measure of net loss and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure.  The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.




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