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Materion Corporation Reports Record Quarterly Results and Raises Full Year 2022 Outlook

Materion Corporation (NYSE: MTRN) today reported first quarter financial results, provided updated 2022 earnings guidance, and shared an update on key strategic initiatives.

First Quarter 2022 Highlights

  • Net sales were $449.0 million; value-added sales increased year over year to a record $266.8 million, up 34%
  • Operating profit was $19.6 million; adjusted earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) was a record at $44.6 million, an increase of 49% and 160-basis point margin expansion year over year
  • Net income of $0.68 per share, diluted; record adjusted earnings per share (EPS) of $1.20, up 38% year over year; adjusted EPS with acquisition amortization of $1.08, up 32% versus prior year
  • Awarded significant expansion of precision clad strip business with approximately $40 million up-front customer investment

“I’m extremely proud of our talented team for continuing the momentum with a strong start to 2022, delivering another record quarter, meeting strong end market demand and realizing the benefits of organic outgrowth initiatives and strategic acquisitions,” Jugal Vijayvargiya, Materion President & Chief Executive Officer said. “With our sharp focus on operational excellence and pricing, we were able to deliver record sales and earnings, despite the inflationary environment and other challenges persisting in recent months.”

“We are accelerating our transformation into a leading provider of advanced materials solutions with the first full quarter of sales from the HCS-Electronic Materials acquisition delivering exceptional growth in the fast-growing semiconductor market,” Vijayvargiya continued. “Our broad organic initiatives continue to ramp meaningfully, also contributing strong growth in the quarter, and building solid demand for the future. Our customer-funded precision clad strip plant is nearly complete and on track to contribute meaningfully to our second half results. With the substantial progress so far and exceptional support our team has provided, the customer has made the decision to significantly expand capacity with us and further invest approximately $40 million in our new facility. This award underscores the confidence our customers have in us to support their continued growth and affirms our role as a critical partner in the development of innovative solutions for their most important technical challenges.”

FIRST QUARTER 2022 RESULTS

Net sales for the first quarter of 2022 were $449.0 million, compared to $354.4 million in the prior year first quarter. Value-added sales of $266.8 million were a quarterly record, up 34% from the prior year. In addition to the benefit of the HCS-Electronic Materials acquisition, value-added sales were up 13% organically, driven by strong performance across several major end markets including semiconductor, energy, aerospace and industrial.

Operating profit for the first quarter was $19.6 million and net income was $14.0 million, or $0.68 per diluted share, compared to an operating profit of $19.7 million and net income of $16.8 million, or $0.81 per diluted share in the prior year period. Excluding acquisition and restructuring related costs as detailed in the attached tables, adjusted EBITDA was $44.6 million in the first quarter, another quarterly record and an increase of 49% versus the prior year period.

Adjusted net income was $24.9 million excluding acquisition amortization, or $1.20 per diluted share, an increase of 38% compared to $0.87 per share in the prior year period.

OUTLOOK

With continued strong end market demand, organic outgrowth resulting from our customer initiatives, and the full year impact of the HCS-Electronic Materials acquisition, we are raising the 2022 adjusted earnings per share guidance to the range of $5.50 to $5.90.

ADJUSTED EARNINGS GUIDANCE

It is not possible for the Company to identify the amount or significance of future adjustments associated with potential insurance and litigation claims, legacy environmental costs, acquisition and integration costs, certain income tax items, or other non-routine costs that the Company adjusts in the presentation of adjusted earnings guidance. These items are dependent on future events that are not reasonably estimable at this time. Accordingly, the Company is unable to reconcile without unreasonable effort the forecasted range of adjusted earnings guidance for the full year to a comparable GAAP range. However, items excluded from the Company's adjusted earnings guidance include the historical adjustments noted in Attachments 4 and 5 to this press release.

CONFERENCE CALL

Materion Corporation will host an investor conference call with analysts at 9:00 a.m. Eastern Time, April 28, 2022. The conference call will be available via webcast through the Company’s website at www.materion.com or through www.InvestorCalendar.com. By phone, please dial (888) 506-0062. Calls outside the U.S. can dial (973) 528-0011; please reference participant access code of 741039 if dialing in. A replay of the call will be available until May 12, 2022 by dialing (877) 481-4010 or (919) 882-2331 if international; please reference replay ID number 44227. The call will also be archived on the Company’s website.

FORWARD-LOOKING STATEMENTS

Portions of the narrative set forth in this document that are not statements of historical or current facts are forward-looking statements. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors. These factors include, in addition to those mentioned elsewhere herein: our ability to achieve the strategic and other objectives related to the acquisition of HCS-Electronic Materials, including any expected synergies; our ability to successfully integrate the HCS-Electronic Materials business and other such acquisitions and achieve the expected results of the acquisition, the ultimate impact of the COVID-19 pandemic on our business, results of operations, financial condition, and liquidity; the global economy, including the impact of tariffs and trade agreements; the condition of the markets which we serve, whether defined geographically or by segment; changes in product mix and the financial condition of customers; our success in developing and introducing new products and new product ramp-up rates; our success in passing through the costs of raw materials to customers or otherwise mitigating fluctuating prices for those materials, including the impact of fluctuating prices on inventory values; our success implementing our strategic plans and the timely and successful completion and start-up of any capital projects; other financial and economic factors, including the cost and availability of raw materials (both base and precious metals), physical inventory valuations, metal consignment fees, tax rates, exchange rates, interest rates, pension costs and required cash contributions and other employee benefit costs, energy costs, regulatory compliance costs, the cost and availability of insurance, credit availability, and the impact of the Materion’s stock price on the cost of incentive compensation plans; the uncertainties related to the impact of war, terrorist activities, and acts of God; changes in government regulatory requirements and the enactment of new legislation that impacts our obligations and operations; the conclusion of pending litigation matters in accordance with our expectation that there will be no material adverse effects; the disruptions on operations from, and other effects of, catastrophic and other extraordinary events; and the risk factors set forth in Part 1, Item 1A of our 2021 Annual Report on Form 10-K.

Materion Corporation is headquartered in Mayfield Heights, Ohio. The Company, through its wholly owned subsidiaries, supplies highly engineered advanced enabling materials to global markets. Products include precious and non-precious specialty metals, inorganic chemicals and powders, specialty coatings, specialty engineered beryllium alloys, beryllium and beryllium composites, and engineered clad and plated metal systems.

Attachment 1

 

Materion Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

 

First Quarter Ended

(Thousands, except per share amounts)

April 1, 2022

 

April 2, 2021

Net sales

$

449,045

 

 

$

354,386

 

Cost of sales

 

373,754

 

 

 

287,590

 

Gross margin

 

75,291

 

 

 

66,796

 

Selling, general, and administrative expense

 

41,662

 

 

 

36,776

 

Research and development expense

 

7,074

 

 

 

6,206

 

Restructuring expense (income)

 

1,076

 

 

 

(378

)

Other — net

 

5,873

 

 

 

4,474

 

Operating profit

 

19,606

 

 

 

19,718

 

Other non-operating income—net

 

(1,169

)

 

 

(1,276

)

Interest expense — net

 

3,735

 

 

 

761

 

Income before income taxes

 

17,040

 

 

 

20,233

 

Income tax expense

 

3,021

 

 

 

3,466

 

Net income

$

14,019

 

 

$

16,767

 

Basic earnings per share:

 

 

 

Net income per share of common stock

$

0.69

 

 

$

0.82

 

Diluted earnings per share:

 

 

 

Net income per share of common stock

$

0.68

 

 

$

0.81

 

Weighted-average number of shares of common stock outstanding:

 

 

 

Basic

 

20,464

 

 

 

20,374

 

Diluted

 

20,724

 

 

 

20,628

 

Attachment 2

Materion Corporation and Subsidiaries

Consolidated Balance Sheets

 

 

(Unaudited)

 

 

(Thousands)

 

April 1, 2022

 

December 31, 2021

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

20,237

 

 

$

14,462

 

Accounts receivable, net

 

 

237,712

 

 

 

223,553

 

Inventories, net

 

 

386,992

 

 

 

361,115

 

Prepaid and other current assets

 

 

27,971

 

 

 

28,122

 

Total current assets

 

 

672,912

 

 

 

627,252

 

Deferred income taxes

 

 

5,323

 

 

 

5,431

 

Property, plant, and equipment

 

 

1,149,458

 

 

 

1,132,223

 

Less allowances for depreciation, depletion, and amortization

 

 

(732,529

)

 

 

(723,248

)

Property, plant, and equipment, net

 

 

416,929

 

 

 

408,975

 

Operating lease, right-of-use assets

 

 

70,862

 

 

 

63,096

 

Intangible assets, net

 

 

152,922

 

 

 

156,736

 

Other assets

 

 

30,063

 

 

 

27,369

 

Goodwill

 

 

317,897

 

 

 

318,620

 

Total Assets

 

$

1,666,908

 

 

$

1,607,479

 

Liabilities and Shareholders’ Equity

 

 

 

 

Current liabilities

 

 

 

 

Short-term debt

 

$

15,351

 

 

$

15,359

 

Accounts payable

 

 

103,438

 

 

 

86,243

 

Salaries and wages

 

 

21,848

 

 

 

37,544

 

Other liabilities and accrued items

 

 

47,793

 

 

 

53,388

 

Income taxes

 

 

5,624

 

 

 

4,205

 

Unearned revenue

 

 

7,407

 

 

 

7,770

 

Total current liabilities

 

 

201,461

 

 

 

204,509

 

Other long-term liabilities

 

 

16,457

 

 

 

14,954

 

Operating lease liabilities

 

 

64,569

 

 

 

57,099

 

Finance lease liabilities

 

 

15,192

 

 

 

16,327

 

Retirement and post-employment benefits

 

 

32,704

 

 

 

33,394

 

Unearned income

 

 

96,971

 

 

 

97,962

 

Long-term income taxes

 

 

1,205

 

 

 

1,190

 

Deferred income taxes

 

 

27,564

 

 

 

27,216

 

Long-term debt

 

 

479,821

 

 

 

434,388

 

Shareholders’ equity

 

 

730,964

 

 

 

720,440

 

Total Liabilities and Shareholders’ Equity

 

$

1,666,908

 

 

$

1,607,479

 

Attachment 3

Materion Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 

 

Three Months Ended

(Thousands)

 

April 1, 2022

 

April 2, 2021

Cash flows from operating activities:

 

 

 

 

Net income

 

$

14,019

 

 

$

16,767

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation, depletion, and amortization

 

 

13,179

 

 

 

8,599

 

Amortization of deferred financing costs in interest expense

 

 

511

 

 

 

182

 

Stock-based compensation expense (non-cash)

 

 

1,699

 

 

 

1,473

 

Deferred income tax (benefit) expense

 

 

401

 

 

 

382

 

Changes in assets and liabilities:

 

 

 

 

Accounts receivable

 

 

(15,045

)

 

 

(15,697

)

Inventory

 

 

(28,129

)

 

 

(23,219

)

Prepaid and other current assets

 

 

(5

)

 

 

(2,107

)

Accounts payable and accrued expenses

 

 

(4,177

)

 

 

19,224

 

Unearned revenue

 

 

(343

)

 

 

932

 

Interest and taxes payable

 

 

1,874

 

 

 

3,164

 

Unearned income due to customer prepayments

 

 

 

 

 

5,890

 

Other-net

 

 

1,712

 

 

 

(140

)

Net cash (used in) provided by operating activities

 

 

(14,304

)

 

 

15,450

 

Cash flows from investing activities:

 

 

 

 

Payments for purchase of property, plant, and equipment

 

 

(18,977

)

 

 

(31,250

)

Proceeds from sale of property, plant, and equipment

 

 

11

 

 

 

575

 

Net cash used in investing activities

 

 

(18,966

)

 

 

(30,675

)

Cash flows from financing activities:

 

 

 

 

Proceeds from borrowings under revolving credit agreement, net

 

 

49,067

 

 

 

14,955

 

Repayment of long-term debt

 

 

(3,839

)

 

 

(377

)

Principal payments under finance lease obligations

 

 

(686

)

 

 

(675

)

Cash dividends paid

 

 

(2,520

)

 

 

(2,338

)

Payments of withholding taxes for stock-based compensation awards

 

 

(2,717

)

 

 

(2,838

)

Net cash provided by financing activities

 

 

39,305

 

 

 

8,727

 

Effects of exchange rate changes

 

 

(260

)

 

 

(446

)

Net change in cash and cash equivalents

 

 

5,775

 

 

 

(6,944

)

Cash and cash equivalents at beginning of period

 

 

14,462

 

 

 

25,878

 

Cash and cash equivalents at end of period

 

$

20,237

 

 

$

18,934

 

Attachment 4

Materion Corporation and Subsidiaries

Reconciliation of Non-GAAP Measure - Value-added Sales, Operating Profit, and EBITDA

(Unaudited)

 

First Quarter Ended

(Millions)

April 1, 2022

 

April 2, 2021

Net Sales

 

 

 

Performance Materials(1)

$

149.6

 

 

$

114.1

 

Electronic Materials(1)

 

270.8

 

 

 

204.7

 

Precision Optics

 

28.6

 

 

 

35.6

 

Other

 

 

 

 

 

Total

$

449.0

 

 

$

354.4

 

 

 

 

 

Less: Pass-through Metal Cost

 

 

 

Performance Materials(1)

$

20.5

 

 

$

13.3

 

Electronic Materials(1)

 

160.9

 

 

 

141.7

 

Precision Optics

 

0.1

 

 

 

 

Other

 

0.7

 

 

 

0.8

 

Total

$

182.2

 

 

$

155.8

 

 

 

 

 

Value-added Sales (non-GAAP)

 

 

 

Performance Materials(1)

$

129.1

 

 

$

100.8

 

Electronic Materials(1)

 

109.9

 

 

 

63.0

 

Precision Optics

 

28.5

 

 

 

35.6

 

Other

 

(0.7

)

 

 

(0.8

)

Total

$

266.8

 

 

$

198.6

 

 

 

 

 

Gross Margin

 

 

 

Performance Materials(1)

$

37.3

 

 

$

29.6

 

Electronic Materials(1)

 

29.5

 

 

 

23.8

 

Precision Optics

 

8.5

 

 

 

13.9

 

Other

 

 

 

 

(0.5

)

Total

$

75.3

 

 

$

66.8

 

(1)The Company changed two segment names during the first quarter of 2022: Performance Alloys and Composites became Performance Materials, and Advanced Materials became Electronic Materials. See further discussion in the Form 10-Q for the period ended April 1, 2022.

 

First Quarter Ended

(Millions)

April 1, 2022

 

April 2, 2021

Operating Profit

 

 

 

Performance Materials

$

19.1

 

 

$

13.5

 

Electronic Materials

 

8.0

 

 

 

8.9

 

Precision Optics

 

(0.7

)

 

 

4.6

 

Other

 

(6.8

)

 

 

(7.3

)

Total

$

19.6

 

 

$

19.7

 

 

 

 

 

Non-Operating (Income) Expense

 

 

 

Performance Materials

$

0.2

 

 

$

0.1

 

Electronic Materials

 

 

 

 

 

Precision Optics

 

(0.2

)

 

 

(0.2

)

Other

 

(1.1

)

 

 

(1.2

)

Total

$

(1.1

)

 

$

(1.3

)

 

 

 

 

Depreciation, Depletion, and Amortization

 

 

 

Performance Materials

$

5.9

 

 

$

3.4

 

Electronic Materials

 

4.1

 

 

 

2.0

 

Precision Optics

 

2.7

 

 

 

2.7

 

Other

 

0.5

 

 

 

0.5

 

Total

$

13.2

 

 

$

8.6

 

 

 

 

 

Segment EBITDA

 

 

 

Performance Materials

$

24.8

 

 

$

16.8

 

Electronic Materials

 

12.1

 

 

 

10.9

 

Precision Optics

 

2.2

 

 

 

7.5

 

Other

 

(5.2

)

 

 

(5.6

)

Total

$

33.9

 

 

$

29.6

 

 

 

 

 

Special Items

 

 

 

Performance Materials

$

2.7

 

 

$

 

Electronic Materials

 

6.8

 

 

 

 

Precision Optics

 

0.2

 

 

 

0.3

 

Other

 

1.0

 

 

 

0.1

 

Total

$

10.7

 

 

$

0.4

 

 

 

 

 

Adjusted EBITDA Excluding Special Items

 

 

 

Performance Materials

$

27.5

 

 

$

16.8

 

Electronic Materials

 

18.9

 

 

 

10.9

 

Precision Optics

 

2.4

 

 

 

7.8

 

Other

 

(4.2

)

 

 

(5.5

)

Total

$

44.6

 

 

$

30.0

 

The cost of gold, silver, platinum, palladium, copper, ruthenium, iridium, rhodium, rhenium, and osmium is passed through to customers and, therefore, the trends and comparisons of net sales are affected by movements in the market price of these metals. Internally, management also reviews net sales on a value-added basis. Value-added sales is a non-GAAP financial measure that deducts the value of the pass-through metals sold from net sales. Value-added sales allows management to assess the impact of differences in net sales between periods or segments and analyze the resulting margins and profitability without the distortion of the movements in pass-through metal prices. The dollar amount of gross margin and operating profit is not affected by the value-added sales calculation. The Company sells other metals and materials that are not considered direct pass throughs, and these costs are not deducted from net sales to calculate value-added sales.

 

The Company’s pricing policy is to pass the cost of these metals on to customers in order to mitigate the impact of price volatility on the Company’s results from operations. Value-added information is being presented since changes in metal prices may not directly impact profitability. It is the Company’s intent to allow users of the financial statements to review sales with and without the impact of the pass-through metals.

Attachment 5

Materion Corporation and Subsidiaries

Reconciliation of Net sales to Value-added sales, Net Income to EBITDA and Adjusted EBITDA

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months

Ended

 

 

 

Three Months

Ended

 

 

(Millions)

April 1, 2022

 

% of VA

 

April 2, 2021

 

% of VA

Net sales

$

449.0

 

 

 

$

354.4

 

 

Pass-through metal cost

 

182.2

 

 

 

 

155.8

 

 

Value-added sales

$

266.8

 

 

 

$

198.6

 

 

 

 

 

 

 

 

 

 

Net income

$

14.0

 

5.2

%

 

$

16.8

 

8.5

%

Income tax expense

 

3.0

 

1.1

%

 

 

3.5

 

1.8

%

Interest expense - net

 

3.7

 

1.4

%

 

 

0.7

 

0.4

%

Depreciation, depletion and amortization

 

13.2

 

4.9

%

 

 

8.6

 

4.3

%

Consolidated EBITDA

$

33.9

 

12.7

%

 

$

29.6

 

14.9

%

 

 

 

 

 

 

 

 

Special items

 

 

 

 

 

 

 

Restructuring and cost reduction

$

1.1

 

0.4

%

 

$

0.3

 

0.2

%

Merger and acquisition costs

 

9.6

 

3.6

%

 

 

0.1

 

0.1

%

Total special items

 

10.7

 

4.0

%

 

 

0.4

 

0.2

%

Adjusted EBITDA

$

44.6

 

16.7

%

 

$

30.0

 

15.1

%

In addition to presenting financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release contains financial measures, including operating profit, segment operating profit, earnings before earnings before interest, taxes, depreciation, depletion and amortization (EBITDA), net income, and earnings per share, on a non-GAAP basis. As detailed in the above reconciliation and Attachment 6, we have adjusted the results for certain special items such as restructuring and cost reductions and merger and acquisition costs. Internally, management reviews the results of operations without the impact of these costs in order to assess the profitability from ongoing activities. We are providing this information because we believe it will assist investors in analyzing our financial results and, when viewed in conjunction with the GAAP results, provide a more comprehensive understanding of the factors and trends affecting our operations.

Attachment 6

Materion Corporation and Subsidiaries

Reconciliation of Net Income to Adjusted Net Income and Diluted Earnings per Share to Adjusted Diluted Earnings per Share

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months

Ended

 

Diluted

 

Three Months

Ended

 

Diluted

(Millions)

April 1, 2022

 

EPS

 

April 2, 2021

 

EPS

Net income and EPS

$

14.0

 

 

$

0.68

 

$

16.8

 

 

$

0.81

 

 

 

 

 

 

 

 

Special items

 

 

 

 

 

 

 

Restructuring and cost reduction

 

1.1

 

 

 

 

 

0.3

 

 

 

Merger and acquisition costs

 

9.6

 

 

 

 

 

0.1

 

 

 

Provision for income taxes(1)

 

(2.3

)

 

 

 

 

(0.3

)

 

 

Total special items

 

8.4

 

 

 

0.40

 

 

0.1

 

 

 

0.01

Adjusted net income and adjusted EPS

$

22.4

 

 

$

1.08

 

$

16.9

 

 

$

0.82

Acquisition amortization (net of tax)

 

2.5

 

 

 

0.12

 

 

1.1

 

 

 

0.05

Adjusted net income and adjusted EPS excl. amortization

$

24.9

 

 

$

1.20

 

$

18.0

 

 

$

0.87

(1) Provision for income taxes includes the net tax impact on pre-tax adjustments (listed above), the impact of discrete tax items recorded during the respective periods as well as other adjustments to reflect the use of one overall effective tax rate on adjusted pre-tax income in interim periods.

Attachment 7

Reconciliation of Segment Net sales to Segment Value-added sales and Segment EBITDA to Adjusted Segment EBITDA

(Unaudited)

Performance Materials

 

Three Months

Ended

 

 

 

Three Months

Ended

 

 

(Millions)

April 1, 2022

 

% of VA

 

April 2, 2021

 

% of VA

Net sales

$

149.6

 

 

 

 

$

114.1

 

 

 

Pass-through metal cost

 

20.5

 

 

 

 

 

13.3

 

 

 

Value-added sales

$

129.1

 

 

 

 

$

100.8

 

 

 

 

 

 

 

 

 

 

 

EBITDA

$

24.8

 

 

19.2

%

 

$

16.8

 

 

16.7

%

Merger and acquisition costs

 

2.7

 

 

2.1

%

 

 

 

 

%

Adjusted EBITDA

$

27.5

 

 

21.3

%

 

$

16.8

 

 

16.7

%

 

 

 

 

 

 

 

 

Electronic Materials

 

Three Months

Ended

 

 

 

Three Months

Ended

 

 

(Millions)

April 1, 2022

 

% of VA

 

April 2, 2021

 

% of VA

Net sales

$

270.8

 

 

 

 

$

204.7

 

 

 

Pass-through metal cost

 

160.9

 

 

 

 

 

141.7

 

 

 

Value-added sales

$

109.9

 

 

 

 

$

63.0

 

 

 

 

 

 

 

 

 

 

 

EBITDA

$

12.1

 

 

11.0

%

 

$

10.9

 

 

17.3

%

Restructuring and cost reduction

 

0.8

 

 

0.7

%

 

 

 

 

%

Merger and acquisition costs

 

6.0

 

 

5.5

%

 

 

 

 

%

Adjusted EBITDA

$

18.9

 

 

17.2

%

 

$

10.9

 

 

17.3

%

 

 

 

 

 

 

 

 

Precision Optics

 

Three Months Ended

 

 

 

Three Months

Ended

 

 

(Millions)

April 1, 2022

 

% of VA

 

April 2, 2021

 

% of VA

Net sales

$

28.6

 

 

 

 

$

35.6

 

 

 

Pass-through metal cost

$

0.1

 

 

 

 

$

 

 

 

Value-added sales

$

28.5

 

 

 

 

$

35.6

 

 

 

 

 

 

 

 

 

 

 

EBITDA

$

2.2

 

 

7.7

%

 

$

7.5

 

 

21.1

%

Restructuring and cost reduction

 

0.2

 

 

0.6

%

 

 

0.3

 

 

0.8

%

Adjusted EBITDA

$

2.4

 

 

8.3

%

 

$

7.8

 

 

21.9

%

 

 

 

 

 

 

 

 

Other

 

Three Months

Ended

 

 

 

Three Months

Ended

 

 

(Millions)

April 1, 2022

 

 

 

April 2, 2021

 

 

EBITDA

$

(5.2

)

 

 

 

$

(5.6

)

 

 

Restructuring and cost reduction

 

0.1

 

 

 

 

 

 

 

 

Merger and acquisition costs

 

0.9

 

 

 

 

 

0.1

 

 

 

Adjusted EBITDA

$

(4.2

)

 

 

 

$

(5.5

)

 

 

 

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