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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DMC Global Inc | NASDAQ:BOOM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-2.14 | -13.06% | 14.25 | 13.68 | 14.30 | 15.975 | 13.555 | 15.51 | 812,963 | 05:00:10 |
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Delaware
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84-0608431
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(State of Incorporation or Organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
o
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Accelerated filer
x
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Non-accelerated filer
o
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Smaller reporting company
o
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Emerging growth company
o
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Page
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June 30, 2019
|
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December 31, 2018
|
||||
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(unaudited)
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|
||||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
14,881
|
|
|
$
|
13,375
|
|
Accounts receivable, net of allowance for doubtful accounts of $428 and $513, respectively
|
76,800
|
|
|
59,709
|
|
||
Inventories
|
59,980
|
|
|
51,074
|
|
||
Prepaid expenses and other
|
6,650
|
|
|
8,058
|
|
||
Total current assets
|
158,311
|
|
|
132,216
|
|
||
Property, plant and equipment
|
169,178
|
|
|
160,725
|
|
||
Less - accumulated depreciation
|
(63,946
|
)
|
|
(65,585
|
)
|
||
Property, plant and equipment, net
|
105,232
|
|
|
95,140
|
|
||
Purchased intangible assets, net
|
7,375
|
|
|
8,589
|
|
||
Deferred tax assets
|
3,656
|
|
|
4,001
|
|
||
Other assets
|
10,610
|
|
|
472
|
|
||
Total assets
|
$
|
285,184
|
|
|
$
|
240,418
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
36,179
|
|
|
$
|
24,243
|
|
Accrued expenses
|
10,048
|
|
|
8,967
|
|
||
Accrued anti-dumping penalties
|
—
|
|
|
8,000
|
|
||
Dividend payable
|
299
|
|
|
295
|
|
||
Accrued income taxes
|
9,419
|
|
|
9,545
|
|
||
Accrued employee compensation and benefits
|
7,170
|
|
|
9,250
|
|
||
Contract liabilities
|
2,076
|
|
|
1,140
|
|
||
Current portion of long-term debt
|
3,125
|
|
|
3,125
|
|
||
Other current liabilities
|
2,016
|
|
|
—
|
|
||
Total current liabilities
|
70,332
|
|
|
64,565
|
|
||
Long-term debt
|
32,744
|
|
|
38,230
|
|
||
Deferred tax liabilities
|
458
|
|
|
379
|
|
||
Other long-term liabilities
|
18,149
|
|
|
2,958
|
|
||
Total liabilities
|
121,683
|
|
|
106,132
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
||||
Stockholders’ equity
|
|
|
|
||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares
|
—
|
|
|
—
|
|
||
Common stock, $0.05 par value; 25,000,000 shares authorized; 14,647,091 and 14,905,776 shares outstanding, respectively
|
756
|
|
|
749
|
|
||
Additional paid-in capital
|
82,853
|
|
|
80,077
|
|
||
Retained earnings
|
121,107
|
|
|
89,291
|
|
||
Other cumulative comprehensive loss
|
(33,895
|
)
|
|
(35,014
|
)
|
||
Treasury stock, at cost, and company stock held for deferred compensation, at par; 460,823 and 82,186 shares, respectively
|
(7,320
|
)
|
|
(817
|
)
|
||
Total stockholders’ equity
|
163,501
|
|
|
134,286
|
|
||
Total liabilities and stockholders’ equity
|
$
|
285,184
|
|
|
$
|
240,418
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
110,954
|
|
|
$
|
80,915
|
|
|
$
|
211,089
|
|
|
$
|
148,228
|
|
Cost of products sold
|
68,881
|
|
|
54,140
|
|
|
132,611
|
|
|
98,700
|
|
||||
Gross profit
|
42,073
|
|
|
26,775
|
|
|
78,478
|
|
|
49,528
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
General and administrative expenses
|
9,460
|
|
|
9,743
|
|
|
18,628
|
|
|
17,920
|
|
||||
Selling and distribution expenses
|
7,239
|
|
|
5,795
|
|
|
13,548
|
|
|
11,007
|
|
||||
Amortization of purchased intangible assets
|
397
|
|
|
791
|
|
|
795
|
|
|
1,596
|
|
||||
Restructuring expenses, net
|
324
|
|
|
217
|
|
|
402
|
|
|
361
|
|
||||
Anti-dumping duty penalties
|
—
|
|
|
—
|
|
|
—
|
|
|
3,103
|
|
||||
Total costs and expenses
|
17,420
|
|
|
16,546
|
|
|
33,373
|
|
|
33,987
|
|
||||
Operating income
|
24,653
|
|
|
10,229
|
|
|
45,105
|
|
|
15,541
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income (expense), net
|
343
|
|
|
(327
|
)
|
|
322
|
|
|
(704
|
)
|
||||
Interest expense, net
|
(409
|
)
|
|
(136
|
)
|
|
(782
|
)
|
|
(601
|
)
|
||||
Income before income taxes
|
24,587
|
|
|
9,766
|
|
|
44,645
|
|
|
14,236
|
|
||||
Income tax provision
|
7,343
|
|
|
3,394
|
|
|
12,231
|
|
|
3,944
|
|
||||
Net income
|
$
|
17,244
|
|
|
$
|
6,372
|
|
|
$
|
32,414
|
|
|
$
|
10,292
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
1.17
|
|
|
$
|
0.43
|
|
|
$
|
2.20
|
|
|
$
|
0.69
|
|
Diluted
|
$
|
1.15
|
|
|
$
|
0.43
|
|
|
$
|
2.17
|
|
|
$
|
0.69
|
|
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
14,647,019
|
|
|
14,534,016
|
|
|
14,624,718
|
|
|
14,491,569
|
|
||||
Diluted
|
14,899,987
|
|
|
14,534,016
|
|
|
14,849,816
|
|
|
14,491,569
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share
|
$
|
0.02
|
|
|
$
|
0.02
|
|
|
$
|
0.04
|
|
|
$
|
0.04
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
$
|
17,244
|
|
|
$
|
6,372
|
|
|
$
|
32,414
|
|
|
$
|
10,292
|
|
|
|
|
|
|
|
|
|
||||||||
Change in cumulative foreign currency translation adjustment
|
1,538
|
|
|
(4,356
|
)
|
|
1,119
|
|
|
(2,751
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Total comprehensive income
|
$
|
18,782
|
|
|
$
|
2,016
|
|
|
$
|
33,533
|
|
|
$
|
7,541
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
Treasury Stock and
|
|
|
||||||||||||||||
|
|
|
|
|
Additional
|
|
|
|
Cumulative
|
|
Company Stock Held for
|
|
|
||||||||||||||||
|
Common Stock
|
|
Paid-In
|
|
Retained
|
|
Comprehensive
|
|
Deferred Compensation
|
|
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Loss
|
|
Shares
|
|
Amount
|
|
Total
|
||||||||||||||
Balances, March 31, 2019
|
15,089,080
|
|
|
$
|
755
|
|
|
$
|
81,122
|
|
|
$
|
104,162
|
|
|
$
|
(35,433
|
)
|
|
(103,384
|
)
|
|
$
|
(1,695
|
)
|
|
$
|
148,911
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
17,244
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,244
|
|
||||||
Change in cumulative foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,538
|
|
|
—
|
|
|
—
|
|
|
1,538
|
|
||||||
Shares issued in connection with stock compensation plans
|
18,834
|
|
|
1
|
|
|
357
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
358
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,360
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,360
|
|
||||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(299
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(299
|
)
|
||||||
Treasury stock activity and transfers of stock to rabbi trust
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
(357,439
|
)
|
|
(5,625
|
)
|
|
(5,611
|
)
|
||||||
Balances, June 30, 2019
|
15,107,914
|
|
|
$
|
756
|
|
|
$
|
82,853
|
|
|
$
|
121,107
|
|
|
$
|
(33,895
|
)
|
|
(460,823
|
)
|
|
$
|
(7,320
|
)
|
|
$
|
163,501
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
Treasury Stock and
|
|
|
||||||||||||||||
|
|
|
|
|
Additional
|
|
|
|
Cumulative
|
|
Company Stock Held for
|
|
|
||||||||||||||||
|
Common Stock
|
|
Paid-In
|
|
Retained
|
|
Comprehensive
|
|
Deferred Compensation
|
|
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Loss
|
|
Shares
|
|
Amount
|
|
Total
|
||||||||||||||
Balances, December 31, 2018
|
14,987,962
|
|
|
$
|
749
|
|
|
$
|
80,077
|
|
|
$
|
89,291
|
|
|
$
|
(35,014
|
)
|
|
(82,186
|
)
|
|
$
|
(817
|
)
|
|
$
|
134,286
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
32,414
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,414
|
|
||||||
Change in cumulative foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,119
|
|
|
—
|
|
|
—
|
|
|
1,119
|
|
||||||
Shares issued in connection with stock compensation plans
|
119,952
|
|
|
7
|
|
|
351
|
|
|
—
|
|
|
—
|
|
|
7,502
|
|
|
—
|
|
|
358
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
2,411
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,411
|
|
||||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(598
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(598
|
)
|
||||||
Treasury stock activity and transfers of stock to rabbi trust
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
(386,139
|
)
|
|
(6,503
|
)
|
|
(6,489
|
)
|
||||||
Balances, June 30, 2019
|
15,107,914
|
|
|
$
|
756
|
|
|
$
|
82,853
|
|
|
$
|
121,107
|
|
|
$
|
(33,895
|
)
|
|
(460,823
|
)
|
|
$
|
(7,320
|
)
|
|
$
|
163,501
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
Additional
|
|
|
|
Cumulative
|
|
|
|
|
|
|
||||||||||||||
|
Common Stock
|
|
Paid-In
|
|
Retained
|
|
Comprehensive
|
|
Treasury Stock
|
|
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Loss
|
|
Shares
|
|
Amount
|
|
Total
|
||||||||||||||
Balances, March 31, 2018
|
14,948,294
|
|
|
$
|
747
|
|
|
$
|
76,895
|
|
|
$
|
63,634
|
|
|
$
|
(29,214
|
)
|
|
(72,104
|
)
|
|
$
|
(705
|
)
|
|
$
|
111,357
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
6,372
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,372
|
|
||||||
Change in cumulative foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,356
|
)
|
|
—
|
|
|
—
|
|
|
(4,356
|
)
|
||||||
Shares issued in connection with stock compensation plans
|
24,885
|
|
|
2
|
|
|
230
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
232
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
964
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
964
|
|
||||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(300
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(300
|
)
|
||||||
Treasury stock activity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,348
|
)
|
|
(40
|
)
|
|
(40
|
)
|
||||||
Balances, June 30, 2018
|
14,973,179
|
|
|
$
|
749
|
|
|
$
|
78,089
|
|
|
$
|
69,706
|
|
|
$
|
(33,570
|
)
|
|
(73,452
|
)
|
|
$
|
(745
|
)
|
|
$
|
114,229
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
Additional
|
|
|
|
Cumulative
|
|
|
|
|
|
|
||||||||||||||
|
Common Stock
|
|
Paid-In
|
|
Retained
|
|
Comprehensive
|
|
Treasury Stock
|
|
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Loss
|
|
Shares
|
|
Amount
|
|
Total
|
||||||||||||||
Balances, December 31, 2017
|
14,821,801
|
|
|
$
|
741
|
|
|
$
|
76,146
|
|
|
$
|
60,074
|
|
|
$
|
(30,819
|
)
|
|
(39,783
|
)
|
|
$
|
(362
|
)
|
|
$
|
105,780
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
10,292
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,292
|
|
||||||
Change in cumulative foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,751
|
)
|
|
—
|
|
|
—
|
|
|
(2,751
|
)
|
||||||
Shares issued in connection with stock compensation plans
|
151,378
|
|
|
8
|
|
|
224
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
232
|
|
||||||
Adjustment for cumulative effect from change in accounting principle (ASU 2016-16)
|
—
|
|
|
—
|
|
|
—
|
|
|
(65
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(65
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,719
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,719
|
|
||||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(595
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(595
|
)
|
||||||
Treasury stock activity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33,669
|
)
|
|
(383
|
)
|
|
(383
|
)
|
||||||
Balances, June 30, 2018
|
14,973,179
|
|
|
$
|
749
|
|
|
$
|
78,089
|
|
|
$
|
69,706
|
|
|
$
|
(33,570
|
)
|
|
(73,452
|
)
|
|
$
|
(745
|
)
|
|
$
|
114,229
|
|
|
Six months ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Cash flows provided by (used in) operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
32,414
|
|
|
$
|
10,292
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||
Depreciation
|
3,955
|
|
|
3,171
|
|
||
Amortization of purchased intangible assets
|
795
|
|
|
1,596
|
|
||
Amortization of deferred debt issuance costs
|
83
|
|
|
224
|
|
||
Stock-based compensation
|
2,666
|
|
|
1,792
|
|
||
Deferred income taxes
|
424
|
|
|
33
|
|
||
Loss on disposal of property, plant and equipment
|
317
|
|
|
26
|
|
||
Restructuring expenses
|
402
|
|
|
361
|
|
||
Transition tax liability
|
—
|
|
|
(268
|
)
|
||
Change in:
|
|
|
|
|
|
||
Accounts receivable, net
|
(16,123
|
)
|
|
(14,198
|
)
|
||
Inventories
|
(8,636
|
)
|
|
(18,790
|
)
|
||
Prepaid expenses and other
|
3,850
|
|
|
(513
|
)
|
||
Accounts payable
|
12,657
|
|
|
8,813
|
|
||
Contract liabilities
|
936
|
|
|
(3,509
|
)
|
||
Accrued anti-dumping duties and penalties
|
(8,000
|
)
|
|
2,958
|
|
||
Accrued expenses and other liabilities
|
(2,438
|
)
|
|
6,433
|
|
||
Net cash provided by (used in) operating activities
|
23,302
|
|
|
(1,579
|
)
|
||
|
|
|
|
||||
Cash flows used in investing activities:
|
|
|
|
|
|
||
Acquisition of property, plant and equipment
|
(16,283
|
)
|
|
(16,201
|
)
|
||
Proceeds on sale of property, plant and equipment
|
1,258
|
|
|
—
|
|
||
Net cash used in investing activities
|
(15,025
|
)
|
|
(16,201
|
)
|
||
|
|
|
|
||||
Cash flows provided by (used in) financing activities:
|
|
|
|
|
|
||
(Repayments) borrowings on bank lines of credit, net
|
(3,999
|
)
|
|
4,822
|
|
||
(Repayments) borrowings on capital expenditure facility
|
(1,562
|
)
|
|
11,803
|
|
||
Payment of dividends
|
(598
|
)
|
|
(593
|
)
|
||
Payment of debt issuance costs
|
—
|
|
|
(131
|
)
|
||
Net proceeds from issuance of common stock to employees and directors
|
358
|
|
|
230
|
|
||
Treasury stock purchases
|
(956
|
)
|
|
(383
|
)
|
||
Net cash provided by (used in) financing activities
|
(6,757
|
)
|
|
15,748
|
|
||
|
|
|
|
||||
Effects of exchanges rates on cash
|
(14
|
)
|
|
(322
|
)
|
||
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents
|
1,506
|
|
|
(2,354
|
)
|
||
Cash and cash equivalents, beginning of the period
|
13,375
|
|
|
8,983
|
|
||
Cash and cash equivalents, end of the period
|
$
|
14,881
|
|
|
$
|
6,629
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
||
Non-cash lease liabilities arising from obtaining right-of-use assets (Note 6)
|
8,821
|
|
|
—
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income as reported
|
$
|
17,244
|
|
|
$
|
6,372
|
|
|
32,414
|
|
|
10,292
|
|
||
Less: Distributed net income available to participating securities
|
(2
|
)
|
|
(7
|
)
|
|
(5
|
)
|
|
(14
|
)
|
||||
Less: Undistributed net income available to participating securities
|
(136
|
)
|
|
(141
|
)
|
|
(256
|
)
|
|
(225
|
)
|
||||
Numerator for basic net income per share:
|
17,106
|
|
|
6,224
|
|
|
32,153
|
|
|
10,053
|
|
||||
Add: Undistributed net income allocated to participating securities
|
136
|
|
|
141
|
|
|
256
|
|
|
225
|
|
||||
Less: Undistributed net income reallocated to participating securities
|
(134
|
)
|
|
(141
|
)
|
|
(252
|
)
|
|
(225
|
)
|
||||
Numerator for diluted net income per share:
|
17,108
|
|
|
6,224
|
|
|
32,157
|
|
|
10,053
|
|
||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding for basic net income per share
|
14,647,019
|
|
|
14,534,016
|
|
|
14,624,718
|
|
|
14,491,569
|
|
||||
Effect of dilutive securities
|
252,968
|
|
|
—
|
|
|
225,098
|
|
|
—
|
|
||||
Weighted average shares outstanding for diluted net income per share
|
14,899,987
|
|
|
14,534,016
|
|
|
14,849,816
|
|
|
14,491,569
|
|
||||
Net income per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.17
|
|
|
$
|
0.43
|
|
|
$
|
2.20
|
|
|
$
|
0.69
|
|
Diluted
|
$
|
1.15
|
|
|
$
|
0.43
|
|
|
$
|
2.17
|
|
|
$
|
0.69
|
|
•
|
Level 1 — Inputs to the valuation based upon quoted prices (unadjusted) for identical assets or liabilities in active markets that are accessible as of the measurement date.
|
•
|
Level 2 — Inputs to the valuation include quoted prices in either markets that are not active, or in active markets for similar assets or liabilities, inputs other than quoted prices that are observable, and inputs that are derived principally from or corroborated by observable market data.
|
•
|
Level 3 — Inputs to the valuation that are unobservable inputs for the asset or liability.
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Raw materials
|
$
|
31,773
|
|
|
$
|
26,544
|
|
Work-in-process
|
8,757
|
|
|
7,157
|
|
||
Finished goods
|
19,107
|
|
|
16,904
|
|
||
Supplies
|
343
|
|
|
469
|
|
||
|
$
|
59,980
|
|
|
$
|
51,074
|
|
|
Gross
|
|
Accumulated
Amortization
|
|
Net
|
||||||
Core technology
|
$
|
18,803
|
|
|
$
|
(11,428
|
)
|
|
$
|
7,375
|
|
Customer relationships
|
36,725
|
|
|
(36,725
|
)
|
|
—
|
|
|||
Trademarks / Trade names
|
2,017
|
|
|
(2,017
|
)
|
|
—
|
|
|||
Total intangible assets
|
$
|
57,545
|
|
|
$
|
(50,170
|
)
|
|
$
|
7,375
|
|
|
Gross
|
|
Accumulated
Amortization
|
|
Net
|
||||||
Core technology
|
$
|
18,916
|
|
|
$
|
(10,866
|
)
|
|
$
|
8,050
|
|
Customer relationships
|
37,122
|
|
|
(36,583
|
)
|
|
539
|
|
|||
Trademarks / Trade names
|
2,031
|
|
|
(2,031
|
)
|
|
—
|
|
|||
Total intangible assets
|
$
|
58,069
|
|
|
$
|
(49,480
|
)
|
|
$
|
8,589
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
NobelClad
|
1,714
|
|
|
922
|
|
||
DynaEnergetics
|
362
|
|
|
218
|
|
||
|
|
|
|
||||
Total
|
$
|
2,076
|
|
|
$
|
1,140
|
|
|
June 30, 2019
|
|
Weighted average remaining lease term (in years)
|
9.06
|
|
Weighted average discount rate
|
5.2
|
%
|
Due within 1 year
|
$
|
2,476
|
|
Due after 1 year through 2 years
|
1,826
|
|
|
Due after 2 years through 3 years
|
1,388
|
|
|
Due after 3 years through 4 years
|
1,293
|
|
|
Due after 4 years through 5 years
|
1,159
|
|
|
Due after 5 years
|
6,526
|
|
|
Total future minimum lease payments
|
14,668
|
|
|
Less imputed interest
|
(3,146
|
)
|
|
Total
|
$
|
11,522
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Syndicated credit agreement:
|
|
|
|
|
|
||
U.S. Dollar revolving loan
|
$
|
13,129
|
|
|
$
|
17,128
|
|
Capital expenditure facility
|
23,438
|
|
|
25,000
|
|
||
Outstanding borrowings
|
36,567
|
|
|
42,128
|
|
||
Less: debt issuance costs
|
(698
|
)
|
|
(773
|
)
|
||
Total debt
|
35,869
|
|
|
41,355
|
|
||
Less: current portion of long-term debt
|
(3,125
|
)
|
|
(3,125
|
)
|
||
Long-term debt
|
$
|
32,744
|
|
|
$
|
38,230
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
|
|
|
|
|
|
|
||||||||
DynaEnergetics
|
$
|
88,628
|
|
|
$
|
58,899
|
|
|
$
|
168,464
|
|
|
$
|
108,020
|
|
NobelClad
|
22,326
|
|
|
22,016
|
|
|
42,625
|
|
|
40,208
|
|
||||
Net sales
|
$
|
110,954
|
|
|
$
|
80,915
|
|
|
$
|
211,089
|
|
|
$
|
148,228
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Operating income
|
|
|
|
|
|
|
|
||||||||
DynaEnergetics
|
$
|
26,813
|
|
|
$
|
12,228
|
|
|
$
|
49,923
|
|
|
$
|
20,948
|
|
NobelClad
|
1,923
|
|
|
1,703
|
|
|
$
|
3,753
|
|
|
$
|
1,691
|
|
||
Segment operating income
|
28,736
|
|
|
13,931
|
|
|
53,676
|
|
|
22,639
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Unallocated corporate expenses
|
(2,588
|
)
|
|
(2,618
|
)
|
|
(5,905
|
)
|
|
(5,306
|
)
|
||||
Stock-based compensation
|
(1,495
|
)
|
|
(1,084
|
)
|
|
(2,666
|
)
|
|
(1,792
|
)
|
||||
Other income (expense), net
|
343
|
|
|
(327
|
)
|
|
322
|
|
|
(704
|
)
|
||||
Interest expense, net
|
(409
|
)
|
|
(136
|
)
|
|
(782
|
)
|
|
(601
|
)
|
||||
Income before income taxes
|
$
|
24,587
|
|
|
$
|
9,766
|
|
|
$
|
44,645
|
|
|
$
|
14,236
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Depreciation and amortization
|
|
|
|
|
|
|
|
||||||||
DynaEnergetics
|
$
|
1,719
|
|
|
$
|
1,575
|
|
|
$
|
3,118
|
|
|
$
|
3,134
|
|
NobelClad
|
835
|
|
|
817
|
|
|
1,632
|
|
|
1,633
|
|
||||
Segment depreciation and amortization
|
$
|
2,554
|
|
|
$
|
2,392
|
|
|
$
|
4,750
|
|
|
$
|
4,767
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
United States
|
$
|
75,323
|
|
|
$
|
44,164
|
|
|
143,281
|
|
|
80,294
|
|
||
Canada
|
2,919
|
|
|
8,556
|
|
|
6,376
|
|
|
14,341
|
|
||||
United Arab Emirates
|
1,594
|
|
|
365
|
|
|
4,098
|
|
|
888
|
|
||||
France
|
1
|
|
|
21
|
|
|
41
|
|
|
73
|
|
||||
Ukraine
|
1,678
|
|
|
1,109
|
|
|
3,410
|
|
|
1,513
|
|
||||
Germany
|
25
|
|
|
53
|
|
|
80
|
|
|
81
|
|
||||
Russia
|
570
|
|
|
1,144
|
|
|
1,055
|
|
|
2,426
|
|
||||
India
|
47
|
|
|
195
|
|
|
77
|
|
|
829
|
|
||||
Egypt
|
872
|
|
|
534
|
|
|
1,734
|
|
|
1,076
|
|
||||
Indonesia
|
941
|
|
|
164
|
|
|
1,180
|
|
|
184
|
|
||||
Iraq
|
690
|
|
|
245
|
|
|
886
|
|
|
319
|
|
||||
China
|
—
|
|
|
—
|
|
|
29
|
|
|
56
|
|
||||
Italy
|
—
|
|
|
21
|
|
|
18
|
|
|
31
|
|
||||
Hong Kong
|
61
|
|
|
302
|
|
|
61
|
|
|
302
|
|
||||
Rest of the world
|
3,907
|
|
|
2,026
|
|
|
6,138
|
|
|
5,607
|
|
||||
Total DynaEnergetics
|
$
|
88,628
|
|
|
$
|
58,899
|
|
|
$
|
168,464
|
|
|
$
|
108,020
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
United States
|
$
|
12,304
|
|
|
$
|
6,775
|
|
|
21,947
|
|
|
12,481
|
|
||
Canada
|
1,335
|
|
|
1,631
|
|
|
3,359
|
|
|
3,424
|
|
||||
United Arab Emirates
|
289
|
|
|
259
|
|
|
1,273
|
|
|
390
|
|
||||
France
|
896
|
|
|
1,744
|
|
|
1,653
|
|
|
2,695
|
|
||||
South Korea
|
413
|
|
|
828
|
|
|
881
|
|
|
1,831
|
|
||||
Germany
|
828
|
|
|
640
|
|
|
1,831
|
|
|
2,253
|
|
||||
India
|
155
|
|
|
33
|
|
|
279
|
|
|
803
|
|
||||
Spain
|
285
|
|
|
464
|
|
|
346
|
|
|
632
|
|
||||
Italy
|
142
|
|
|
872
|
|
|
664
|
|
|
1,077
|
|
||||
Australia
|
397
|
|
|
—
|
|
|
845
|
|
|
—
|
|
||||
China
|
—
|
|
|
4,386
|
|
|
—
|
|
|
7,844
|
|
||||
Netherlands
|
378
|
|
|
821
|
|
|
1,012
|
|
|
1,312
|
|
||||
Norway
|
1,538
|
|
|
44
|
|
|
2,160
|
|
|
287
|
|
||||
Sweden
|
836
|
|
|
440
|
|
|
1,137
|
|
|
578
|
|
||||
South Africa
|
273
|
|
|
30
|
|
|
1,006
|
|
|
193
|
|
||||
Rest of the world
|
2,257
|
|
|
3,049
|
|
|
4,232
|
|
|
4,408
|
|
||||
Total NobelClad
|
$
|
22,326
|
|
|
$
|
22,016
|
|
|
$
|
42,625
|
|
|
$
|
40,208
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
Derivative
|
Statements of Operations Location
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Foreign currency contracts
|
Other income (expense), net
|
$
|
(53
|
)
|
|
$
|
(509
|
)
|
|
$
|
69
|
|
|
$
|
(301
|
)
|
|
Three months ended June 30, 2019
|
||||||||||||||||||||||
|
Severance
|
|
Gain on asset disposal
|
|
Contract Termination Costs
|
|
Equipment Moving Costs
|
|
Other Exit Costs
|
|
Total
|
||||||||||||
NobelClad
|
$
|
712
|
|
|
$
|
(519
|
)
|
|
$
|
4
|
|
|
$
|
82
|
|
|
$
|
45
|
|
|
$
|
324
|
|
|
Six months ended June 30, 2019
|
||||||||||||||||||||||
|
Severance
|
|
Gain on asset disposal
|
|
Contract Termination Costs
|
|
Equipment Moving Costs
|
|
Other Exit Costs
|
|
Total
|
||||||||||||
NobelClad
|
$
|
712
|
|
|
$
|
(636
|
)
|
|
$
|
43
|
|
|
$
|
227
|
|
|
$
|
56
|
|
|
$
|
402
|
|
|
Three months ended June 30, 2018
|
||||||||||
|
Severance
|
|
Other Exit Costs
|
|
Total
|
||||||
NobelClad
|
$
|
182
|
|
|
$
|
35
|
|
|
$
|
217
|
|
|
December 31, 2018
|
|
Net expense (1)
|
|
Payments and Other Adjustments
|
|
June 30, 2019
|
||||||||
Severance
|
$
|
1,105
|
|
|
$
|
712
|
|
|
$
|
(677
|
)
|
|
$
|
1,140
|
|
Contract termination costs
|
—
|
|
|
43
|
|
|
(43
|
)
|
|
—
|
|
||||
Equipment moving costs
|
8
|
|
|
227
|
|
|
(234
|
)
|
|
1
|
|
||||
Other exit costs
|
42
|
|
|
56
|
|
|
(96
|
)
|
|
2
|
|
||||
Total
|
$
|
1,155
|
|
|
$
|
1,038
|
|
|
$
|
(1,050
|
)
|
|
$
|
1,143
|
|
•
|
DynaEnergetics sales of
$88,628
in the
second quarter
of
2019
increased 11% sequentially versus the
first quarter
of
2019
and 50% compared with the
second quarter
of
2018
due to higher well-completions in the U.S. unconventional oil and gas market and adding several new customers for its intrinsically safe initiating systems (IS2™) and its family of DS Factory-Assembled, Performance-Assured™ perforating systems.
|
•
|
NobelClad’s sales of
$22,326
in the
second quarter
of
2019
increased 10% versus the
first quarter
of
2019
due to higher project volume and increased 1% compared with the
second quarter
of
2018
.
|
•
|
Consolidated gross profit of
37.9%
in the
second quarter
of
2019
increased from
33.1%
in the
second quarter
of
2018
. The improvement primarily was due to a higher proportion of DynaEnergetics sales relative to NobelClad sales, favorable product mix and productivity improvements in DynaEnergetics, improved project mix in NobelClad and the favorable impact of higher volume on fixed manufacturing overhead expenses.
|
•
|
Consolidated selling, general and administrative expenses were
$16,699
in the
second quarter
of
2019
compared with
$15,538
in the
second quarter
of
2018
. The increase primarily was due to headcount additions and merit increases, as well as higher stock-based compensation, and increased variable incentive compensation.
|
•
|
Net debt of
$20,988
decreased
$6,992
from
$27,980
at December 31, 2018. Net debt is a non-GAAP measure calculated as total debt (
$35,869
at
June 30, 2019
) less cash and cash equivalents (
$14,881
at
June 30, 2019
)
|
|
Three months ended June 30,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
$ change
|
|
% change
|
|||||||
Net sales
|
$
|
110,954
|
|
|
$
|
80,915
|
|
|
$
|
30,039
|
|
|
37
|
%
|
Gross profit
|
42,073
|
|
|
26,775
|
|
|
15,298
|
|
|
57
|
%
|
|||
Gross profit percentage
|
37.9
|
%
|
|
33.1
|
%
|
|
|
|
|
|||||
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|||||||
General and administrative expenses
|
9,460
|
|
|
9,743
|
|
|
(283
|
)
|
|
(3
|
)%
|
|||
% of net sales
|
8.5
|
%
|
|
12.0
|
%
|
|
|
|
|
|||||
Selling and distribution expenses
|
7,239
|
|
|
5,795
|
|
|
1,444
|
|
|
25
|
%
|
|||
% of net sales
|
6.5
|
%
|
|
7.2
|
%
|
|
|
|
|
|||||
Amortization of purchased intangible assets
|
397
|
|
|
791
|
|
|
(394
|
)
|
|
(50
|
)%
|
|||
% of net sales
|
0.4
|
%
|
|
1.0
|
%
|
|
|
|
|
|||||
Restructuring expenses, net
|
324
|
|
|
217
|
|
|
107
|
|
|
49
|
%
|
|||
Operating income
|
24,653
|
|
|
10,229
|
|
|
14,424
|
|
|
141
|
%
|
|||
Other income (expense), net
|
343
|
|
|
(327
|
)
|
|
670
|
|
|
205
|
%
|
|||
Interest expense, net
|
(409
|
)
|
|
(136
|
)
|
|
(273
|
)
|
|
(201
|
)%
|
|||
Income before income taxes
|
24,587
|
|
|
9,766
|
|
|
14,821
|
|
|
152
|
%
|
|||
Income tax provision
|
7,343
|
|
|
3,394
|
|
|
3,949
|
|
|
116
|
%
|
|||
Net income
|
17,244
|
|
|
6,372
|
|
|
10,872
|
|
|
171
|
%
|
|||
Adjusted EBITDA
|
$
|
29,026
|
|
|
$
|
13,922
|
|
|
$
|
15,104
|
|
|
108
|
%
|
|
Three months ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Net income
|
$
|
17,244
|
|
|
$
|
6,372
|
|
Interest expense, net
|
409
|
|
|
136
|
|
||
Provision for income taxes
|
7,343
|
|
|
3,394
|
|
||
Depreciation
|
2,157
|
|
|
1,601
|
|
||
Amortization of purchased intangible assets
|
397
|
|
|
791
|
|
||
EBITDA
|
27,550
|
|
|
12,294
|
|
||
Restructuring expenses, net
|
324
|
|
|
217
|
|
||
Stock-based compensation
|
1,495
|
|
|
1,084
|
|
||
Other (income) expense, net
|
(343
|
)
|
|
327
|
|
||
Adjusted EBITDA
|
$
|
29,026
|
|
|
$
|
13,922
|
|
|
Six months ended June 30,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
$ change
|
|
% change
|
|||||||
Net sales
|
$
|
211,089
|
|
|
$
|
148,228
|
|
|
$
|
62,861
|
|
|
42
|
%
|
Gross profit
|
78,478
|
|
|
49,528
|
|
|
28,950
|
|
|
58
|
%
|
|||
Gross profit percentage
|
37.2
|
%
|
|
33.4
|
%
|
|
|
|
|
|||||
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|||||||
General and administrative expenses
|
18,628
|
|
|
17,920
|
|
|
708
|
|
|
4
|
%
|
|||
% of net sales
|
8.8
|
%
|
|
12.1
|
%
|
|
|
|
|
|||||
Selling and distribution expenses
|
13,548
|
|
|
11,007
|
|
|
2,541
|
|
|
23
|
%
|
|||
% of net sales
|
6.4
|
%
|
|
7.4
|
%
|
|
|
|
|
|||||
Amortization of purchased intangible assets
|
795
|
|
|
1,596
|
|
|
(801
|
)
|
|
(50
|
)%
|
|||
% of net sales
|
0.4
|
%
|
|
1.1
|
%
|
|
|
|
|
|||||
Restructuring expenses, net
|
402
|
|
|
361
|
|
|
41
|
|
|
11
|
%
|
|||
Anti-dumping duty penalties
|
—
|
|
|
3,103
|
|
|
(3,103
|
)
|
|
(100
|
)%
|
|||
Operating income
|
45,105
|
|
|
15,541
|
|
|
29,564
|
|
|
190
|
%
|
|||
Other income (expense), net
|
322
|
|
|
(704
|
)
|
|
1,026
|
|
|
146
|
%
|
|||
Interest expense, net
|
(782
|
)
|
|
(601
|
)
|
|
(181
|
)
|
|
(30
|
)%
|
|||
Income before income taxes
|
44,645
|
|
|
14,236
|
|
|
30,409
|
|
|
214
|
%
|
|||
Income tax provision
|
12,231
|
|
|
3,944
|
|
|
8,287
|
|
|
210
|
%
|
|||
Net income
|
32,414
|
|
|
10,292
|
|
|
22,122
|
|
|
215
|
%
|
|||
Adjusted EBITDA
|
$
|
52,923
|
|
|
$
|
25,564
|
|
|
$
|
27,359
|
|
|
107
|
%
|
|
Six months ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Net income
|
$
|
32,414
|
|
|
$
|
10,292
|
|
Interest expense, net
|
782
|
|
|
601
|
|
||
Provision for income taxes
|
12,231
|
|
|
3,944
|
|
||
Depreciation
|
3,955
|
|
|
3,171
|
|
||
Amortization of purchased intangible assets
|
795
|
|
|
1,596
|
|
||
EBITDA
|
50,177
|
|
|
19,604
|
|
||
Restructuring expenses, net
|
402
|
|
|
361
|
|
||
Anti-dumping duty penalties
|
—
|
|
|
3,103
|
|
||
Stock-based compensation
|
2,666
|
|
|
1,792
|
|
||
Other (income) expense, net
|
(322
|
)
|
|
704
|
|
||
Adjusted EBITDA
|
$
|
52,923
|
|
|
$
|
25,564
|
|
|
Three months ended June 30,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
$ change
|
|
% change
|
|||||||
Net sales
|
$
|
88,628
|
|
|
$
|
58,899
|
|
|
$
|
29,729
|
|
|
50
|
%
|
Gross profit
|
36,341
|
|
|
21,748
|
|
|
14,593
|
|
|
67
|
%
|
|||
Gross profit percentage
|
41.0
|
%
|
|
36.9
|
%
|
|
|
|
|
|||||
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|||||||
General and administrative expenses
|
4,591
|
|
|
5,120
|
|
|
(529
|
)
|
|
(10
|
%)
|
|||
Selling and distribution expenses
|
4,637
|
|
|
3,711
|
|
|
926
|
|
|
25
|
%
|
|||
Amortization of purchased intangible assets
|
300
|
|
|
689
|
|
|
(389
|
)
|
|
(56
|
)%
|
|||
Operating income
|
26,813
|
|
|
12,228
|
|
|
14,585
|
|
|
119
|
%
|
|||
Adjusted EBITDA
|
$
|
28,532
|
|
|
$
|
13,803
|
|
|
$
|
14,729
|
|
|
107
|
%
|
|
Three months ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Operating income
|
$
|
26,813
|
|
|
$
|
12,228
|
|
Adjustments:
|
|
|
|
||||
Depreciation
|
1,419
|
|
|
886
|
|
||
Amortization of purchased intangibles
|
300
|
|
|
689
|
|
||
Adjusted EBITDA
|
$
|
28,532
|
|
|
$
|
13,803
|
|
|
Six months ended June 30,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
$ change
|
|
% change
|
|||||||
Net sales
|
$
|
168,464
|
|
|
$
|
108,020
|
|
|
$
|
60,444
|
|
|
56
|
%
|
Gross profit
|
67,573
|
|
|
41,375
|
|
|
26,198
|
|
|
63
|
%
|
|||
Gross profit percentage
|
40.1
|
%
|
|
38.3
|
%
|
|
|
|
|
|||||
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|||||||
General and administrative expenses
|
8,313
|
|
|
8,964
|
|
|
(651
|
)
|
|
(7
|
%)
|
|||
Selling and distribution expenses
|
8,736
|
|
|
6,971
|
|
|
1,765
|
|
|
25
|
%
|
|||
Amortization of purchased intangible assets
|
601
|
|
|
1,389
|
|
|
(788
|
)
|
|
(57
|
)%
|
|||
Anti-dumping duty penalties
|
—
|
|
|
3,103
|
|
|
(3,103
|
)
|
|
(100
|
)%
|
|||
Operating income
|
49,923
|
|
|
20,948
|
|
|
28,975
|
|
|
138
|
%
|
|||
Adjusted EBITDA
|
$
|
53,041
|
|
|
$
|
27,185
|
|
|
$
|
25,856
|
|
|
95
|
%
|
|
Six months ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Operating income
|
$
|
49,923
|
|
|
$
|
20,948
|
|
Adjustments:
|
|
|
|
||||
Anti-dumping duty penalties
|
—
|
|
|
3,103
|
|
||
Depreciation
|
2,517
|
|
|
1,745
|
|
||
Amortization of purchased intangibles
|
601
|
|
|
1,389
|
|
||
Adjusted EBITDA
|
$
|
53,041
|
|
|
$
|
27,185
|
|
|
Three months ended June 30,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
$ change
|
|
% change
|
|||||||
Net sales
|
$
|
22,326
|
|
|
$
|
22,016
|
|
|
$
|
310
|
|
|
1
|
%
|
Gross profit
|
5,884
|
|
|
5,120
|
|
|
764
|
|
|
15
|
%
|
|||
Gross profit percentage
|
26.4
|
%
|
|
23.3
|
%
|
|
|
|
|
|||||
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|||||||
General and administrative expenses
|
1,102
|
|
|
1,135
|
|
|
(33
|
)
|
|
(3
|
)%
|
|||
Selling and distribution expenses
|
2,438
|
|
|
1,963
|
|
|
475
|
|
|
24
|
%
|
|||
Amortization of purchased intangible assets
|
97
|
|
|
102
|
|
|
(5
|
)
|
|
(5
|
)%
|
|||
Restructuring expenses, net
|
324
|
|
|
217
|
|
|
107
|
|
|
49
|
%
|
|||
Operating income
|
1,923
|
|
|
1,703
|
|
|
220
|
|
|
13
|
%
|
|||
Adjusted EBITDA
|
$
|
3,082
|
|
|
$
|
2,737
|
|
|
$
|
345
|
|
|
13
|
%
|
|
Three months ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Operating income
|
$
|
1,923
|
|
|
$
|
1,703
|
|
Adjustments:
|
|
|
|
||||
Restructuring expenses, net
|
324
|
|
|
217
|
|
||
Depreciation
|
738
|
|
|
715
|
|
||
Amortization of purchased intangibles
|
97
|
|
|
102
|
|
||
Adjusted EBITDA
|
$
|
3,082
|
|
|
$
|
2,737
|
|
|
Six months ended June 30,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
$ change
|
|
% change
|
|||||||
Net sales
|
$
|
42,625
|
|
|
$
|
40,208
|
|
|
$
|
2,417
|
|
|
6
|
%
|
Gross profit
|
11,244
|
|
|
8,312
|
|
|
2,932
|
|
|
35
|
%
|
|||
Gross profit percentage
|
26.4
|
%
|
|
20.7
|
%
|
|
|
|
|
|||||
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|||||||
General and administrative expenses
|
2,346
|
|
|
2,215
|
|
|
131
|
|
|
6
|
%
|
|||
Selling and distribution expenses
|
4,549
|
|
|
3,838
|
|
|
711
|
|
|
19
|
%
|
|||
Amortization of purchased intangible assets
|
194
|
|
|
207
|
|
|
(13
|
)
|
|
(6
|
)%
|
|||
Restructuring expenses, net
|
402
|
|
|
361
|
|
|
41
|
|
|
11
|
%
|
|||
Operating income
|
3,753
|
|
|
1,691
|
|
|
2,062
|
|
|
122
|
%
|
|||
Adjusted EBITDA
|
$
|
5,787
|
|
|
$
|
3,685
|
|
|
$
|
2,102
|
|
|
57
|
%
|
|
Six months ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Operating income
|
$
|
3,753
|
|
|
$
|
1,691
|
|
Adjustments:
|
|
|
|
||||
Restructuring expenses
|
402
|
|
|
361
|
|
||
Depreciation
|
1,438
|
|
|
1,426
|
|
||
Amortization of purchased intangibles
|
194
|
|
|
207
|
|
||
Adjusted EBITDA
|
$
|
5,787
|
|
|
$
|
3,685
|
|
|
|
|
DMC Global Inc.
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
Date:
|
July 25, 2019
|
|
/s/ Michael Kuta
|
|
|
|
Michael Kuta, Chief Financial Officer (Duly Authorized Officer and Principal Financial and Accounting Officer)
|
1 Year DMC Global Chart |
1 Month DMC Global Chart |
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