M-tron Industries, Inc. Reports Second Quarter 2023 Results and Announces Participation in the Sidoti August 2023 Virtual Investor Conference
- Revenue increases by 43.5% YoY
- Gross margin improves to 41.6%
- Backlog increases by 19.3% YoY
- Net income per share rises to $0.47
- None.
-
Revenue of
for the three months ended June 30, 2023, was an increase of$10.1 million 43.5% compared to for the comparable prior year period. For the six months ended June 30, 2022, revenue was$7.1 million , a$19.5 million 32.2% increase over the reported for the comparable prior year period.$14.8 million -
Gross margin of
41.6% for the three months ended June 30, 2023, compared to37.5% for the comparable period in the prior year. -
Gross margins for the six months ended June 30, 2023 were
38.0% compared to37.4% for the comparable prior year period. -
Basic and diluted net income of
per share compared to$0.47 for the prior year quarter, and$0.18 per share for the six months compared to$0.68 per share for the comparable prior year period.$0.41 -
Backlog of
at June 30, 2023, an increase of$51.6 million or$8.4 million 19.3% compared to at June 30, 2022.$43.2 million -
Adjusted EBITDA, a non-GAAP measure, was
for the three months ended March 31, 2023 versus$1.9 million for the comparable prior year period. For the six months, Adjusted EBITDA was$0.8 million compared to$3.0 million for the comparable prior year period.$2.0 million
Michael Ferrantino, MtronPTI’s Chief Executive Officer, stated, “We are pleased with the performance of MtronPTI during the second quarter, with record backlog levels being attained once again along with strong revenues and increased profitability. We maintain our commitment to profitable growth and trust that we will be able to support our customers increasing demands.”
Results from Operations
Revenue for the three months ended June 30, 2023 increased
Backlog was
The Company reported operating income of
Net income was
Adjusted EBITDA was
Sidoti August 2023 Virtual Investor Conference and Webcast
MtronPTI's CEO, Michael Ferrantino, President, Bill Drafts, and CFO, James Tivy will present and host one-on-one meetings with investors at the Sidoti August 2023 Virtual Investor Conference, taking place August 16 - 17, 2023.
The presentation will begin at 9:15 am Eastern Time (
MtronPTI will also host virtual one-on-ones with investors on Thursday, August 17, 2023. To register for the presentation or one-on-ones, please visit www.sidoti.com/events. Registration is free and you don't need to be a Sidoti client.
An archive of the call will be available after the call on the Events and Presentations page on the Investor Relations section of MtronPTI’s website at https://ir.mtronpti.com/events-and-presentations/default.aspx, along with MtronPTI’s earnings press release.
M-tron Industries, Inc. |
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Condensed Consolidated Statements of Operations |
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(Unaudited) |
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(Amounts in Thousands, Except Share and Per Share Amounts) |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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REVENUES |
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$ |
10,140 |
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$ |
7,064 |
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$ |
19,507 |
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$ |
14,755 |
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Costs and expenses: |
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Manufacturing cost of sales |
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5,921 |
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|
4,412 |
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12,092 |
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9,231 |
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Engineering, selling and administrative |
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2,654 |
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2,049 |
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5,089 |
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|
|
4,107 |
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OPERATING INCOME |
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1,565 |
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|
|
603 |
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|
|
2,326 |
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|
1,417 |
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Total other income (expense), net |
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17 |
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(11 |
) |
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(25 |
) |
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(31 |
) |
INCOME BEFORE INCOME TAXES |
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1,582 |
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|
592 |
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2,301 |
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|
1,386 |
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Income tax provision (benefit) |
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|
305 |
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|
|
106 |
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|
471 |
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|
281 |
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NET INCOME |
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$ |
1,277 |
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|
$ |
486 |
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$ |
1,830 |
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$ |
1,105 |
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Number of basic shares |
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2,697,696 |
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|
2,676,469 |
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|
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2,688,065 |
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|
|
2,676,469 |
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net income per basic share |
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$ |
0.47 |
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$ |
0.18 |
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$ |
0.68 |
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$ |
0.41 |
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Number of diluted shares |
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2,711,266 |
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|
|
2,676,469 |
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|
|
2,709,578 |
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|
|
2,676,469 |
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net income per diluted share |
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$ |
0.47 |
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$ |
0.18 |
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$ |
0.68 |
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$ |
0.41 |
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M-tron Industries, Inc. |
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Condensed Consolidated Balance Sheets |
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(Unaudited) |
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(Amounts in Thousands) |
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June 30, 2023 |
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December 31, 2022 |
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ASSETS |
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Cash and cash equivalents |
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$ |
1,321 |
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$ |
926 |
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Accounts receivable, net |
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5,745 |
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5,197 |
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Inventories, net |
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8,713 |
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7,518 |
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Prepaid expenses and other current assets |
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|
327 |
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|
673 |
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Total Current Assets |
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16,106 |
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14,314 |
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Property, plant, and equipment, net |
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3,564 |
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3,647 |
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Right-of-use lease asset |
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|
110 |
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|
147 |
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Intangible assets, net |
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71 |
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|
98 |
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Deferred income taxes, net |
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1,031 |
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|
1,051 |
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Other assets, net |
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13 |
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16 |
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Total Assets |
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$ |
20,895 |
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$ |
19,273 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Total Current Liabilities |
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4,772 |
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4,856 |
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Long-Term Liabilities |
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42 |
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76 |
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Total Liabilities |
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4,814 |
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4,932 |
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Total Stockholders' Equity |
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16,081 |
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14,341 |
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Total Liabilities and Stockholders' Equity |
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$ |
20,895 |
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$ |
19,273 |
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Reconciliations of GAAP to Non-GAAP Measures
To supplement our consolidated financial statements presented on a GAAP (generally accepted accounting principles) basis, the Company uses certain non-GAAP measures, including Adjusted EBITDA, which we define as net income before income taxes adjusted to exclude depreciation and amortization expense, interest income and expense, stock-based compensation expense, and other items we believe are discrete events which have a significant impact on comparable GAAP measures and could distort an evaluation of our normal operating performance. These adjustments to our GAAP results are made with the intent of providing both management and investors with a more complete understanding of the underlying operational results and trends and our marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with GAAP.
Reconciliation of GAAP Income Before Income Taxes to Non-GAAP Adjusted EBITDA: |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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(Amounts in thousands, except share amounts) |
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2023 |
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2022 |
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2023 |
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2022 |
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Income before income taxes |
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$ |
1,582 |
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$ |
592 |
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$ |
2,301 |
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$ |
1,386 |
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Interest expense |
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5 |
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2 |
|
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7 |
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|
5 |
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Depreciation and amortization |
|
|
204 |
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|
|
179 |
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|
|
412 |
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|
|
340 |
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Non-cash stock compensation |
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|
140 |
|
|
|
68 |
|
|
|
211 |
|
|
|
287 |
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Excess Spin-off costs |
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— |
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|
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— |
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28 |
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|
— |
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Adjusted EBITDA |
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$ |
1,931 |
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$ |
841 |
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$ |
2,959 |
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$ |
2,018 |
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Basic per share information: |
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Weighted average shares outstanding |
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2,697,696 |
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|
2,676,469 |
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|
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2,688,065 |
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2,676,469 |
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Adjusted EBITDA per share |
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$ |
0.72 |
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$ |
0.31 |
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$ |
1.10 |
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$ |
0.75 |
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Diluted per share information: |
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Weighted average shares outstanding |
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2,711,266 |
|
|
|
2,676,469 |
|
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|
2,709,578 |
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|
|
2,676,469 |
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Adjusted EBITDA per share |
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$ |
0.71 |
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$ |
0.31 |
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|
$ |
1.09 |
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|
$ |
0.75 |
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About Sidoti & Company:
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About MtronPTI:
M-tron Industries, Inc. trades publicly on the NYSE American under the symbol MPTI. Originally founded in 1965, MtronPTI designs, manufactures and markets highly engineered, high reliability frequency and spectrum control products and solutions. As an engineering-centric company, MtronPTI provides close support to its customers throughout our products’ entire life cycle, including product design, prototyping, production and subsequent product upgrades. MtronPTI has design and manufacturing facilities in
Forward Looking Statements
This press release includes 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, such as those pertaining to the uncertain financial impact of COVID-19 and the Company’s financial condition, results of operations, business strategy and financial needs. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words “believe,” “expect,” “anticipate,” “should,” “plan,” “will,” “may,” “could,” “intend,” “estimate,” “predict,” “potential,” “continue” or the negative of these terms and similar expressions, as they relate to MtronPTI, are intended to identify forward-looking statements.
These forward-looking statements are largely based on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the Company. They can be affected by inaccurate assumptions, including the risks, uncertainties and assumptions described in the filings made by MtronPTI with the Securities and Exchange Commission, including those risks set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K as filed with the SEC on March 30, 2023. In light of these risks, uncertainties and assumptions, the forward-looking statements in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. When you consider these forward-looking statements, you should keep in mind these risk factors and other cautionary statements in this press release.
These forward-looking statements speak only as of the date of this press release. MtronPTI undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230810169236/en/
M-tron Industries, Inc.:
Investor Relations:
James Tivy
ir@mtronpti.com
Source: M-tron Industries, Inc.