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Materion Corporation Reports Record First Quarter 2023 Results and Raises 2023 Outlook

Materion Corporation (NYSE: MTRN) today reported first quarter financial results, raised 2023 earnings guidance, and shared growth highlights.

First Quarter 2023 Highlights

  • Net sales were $442.5 million; value-added sales1 increased 15% year over year to a first quarter record of $298.6 million
  • Operating profit was $36.9 million; adjusted EBITDA2 was $53.4 million, or 17.9% of value-added sales, a 70-basis point margin expansion year over year
  • Net income of $1.23 per share, diluted; adjusted earnings per share of $1.34, another first quarter record
  • Raised adjusted earnings per share outlook to $5.60 - $6.00/share on strong performance expectations

Growth Highlights

  • Delivered ninth consecutive quarter of double-digit organic sales and earnings growth
  • Awarded a $12 million second order to supply critical materials for space propulsion systems, for a total value of $22 million this year
  • Reached a significant milestone with Kairos Power, completing first shipment of Flibe as part of our next-gen clean energy partnership

“I am proud of our global team for delivering another record quarter of strong year-on-year growth in both sales and earnings,” Jugal Vijayvargiya, Materion President and CEO said. “Despite a challenging end-market environment, we delivered a ninth consecutive quarter of double-digit organic growth, demonstrating the continued power of our outgrowth initiatives.”

“As we look forward, we are continuing to execute on our customer-focused projects while driving consistent market outgrowth. At the same time, we are executing targeted operational excellence initiatives to address softer demand levels where market conditions warrant. We remain on track to deliver record results for the third consecutive year.”

FIRST QUARTER 2023 RESULTS

Net sales for the quarter were $442.5 million, compared to $449.0 million in the prior year period. Value-added sales were $298.6 million for the quarter, up 15% from the prior year driven by strong performance across several major end markets including aerospace, automotive and energy, as well as contribution from the precision clad strip project.

Operating profit for the quarter was $36.9 million and net income was $25.6 million, or $1.23 per diluted share, compared to operating profit of $19.6 million and net income of $14.0 million, or $0.68 per diluted share in the prior year period.

Excluding special items, detailed in the attached tables, adjusted EBITDA was $53.4 million in the quarter, compared to $44.6 million in the prior year. The increase was driven mainly by the strong top line growth.

Adjusted net income was $28.0 million excluding acquisition amortization, or $1.34 per diluted share, an increase of 12% compared to $1.20 per share in the prior year period.

OUTLOOK

Despite challenges surrounding the macroeconomic environment, we remain confident in our ability to execute and deliver another year of record results. With our strong start to the year coupled with our revised outlook, we are increasing our expected adjusted earnings per share range to $5.60 to $6.00, from our previously shared range of $5.50 to $5.90, an increase of 10% at the midpoint versus the prior year.

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 through 7 to this press release.

CONFERENCE CALL

Materion Corporation will host an investor conference call with analysts at 9:00 a.m. Eastern Time, May 3, 2023. The conference call will be available via webcast through the Company’s website at www.materion.com. By phone, please dial (888) 506-0062. Calls outside the U.S. can dial (973) 528-0011; please reference participant access code of 545309. A replay of the call will be available until May 17, 2023 by dialing (877) 481-4010 or (919) 882-2331 if international; please reference replay ID number 46834. The call will also be archived on the Company’s website.

FOOTNOTES

1 Value-added sales deducts the impact of pass-through metals from net sales

2 EBITDA represents earnings before interest, taxes, depreciation, depletion and amortization

ABOUT MATERION

Materion Corporation is a global leader in advanced materials solutions for high-performance industries including semiconductor, industrial, aerospace & defense, energy and automotive. With nearly 100 years of expertise in specialty engineered alloy systems, inorganic chemicals and powders, precious and non-precious metals, beryllium and beryllium composites, and precision filters and optical coatings, Materion partners with customers to enable breakthrough solutions that move the world forward. Headquartered in Mayfield Heights, Ohio, the company employs more than 3,400 talented people worldwide, serving customers in more than 60 countries.

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: the global economy, including inflationary pressures, potential future recessionary conditions and the impact of tariffs and trade agreements; the impact of any U.S. Federal Government shutdowns or sequestrations; 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 in identifying acquisition candidates and in acquiring and integrating such businesses; the impact of the results of acquisitions on our ability to fully achieve the strategic and financial objectives related to these acquisitions; our success in implementing our strategic plans and the timely and successful start-up and completion 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 Company’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 in operations from, and other effects of, catastrophic and other extraordinary events including the COVID-19 pandemic and the conflict between Russia and Ukraine; realization of expected financial benefits expected from the Inflation Reduction Act of 2022; and the risk factors set forth in Part 1, Item 1A of the Company's 2022 Annual Report on Form 10-K.

Attachment 1

Materion Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

 

 

First Quarter Ended

(Thousands, except per share amounts)

March 31, 2023

 

April 1, 2022

Net sales

$

442,526

 

 

$

449,045

 

Cost of sales

 

351,190

 

 

 

373,754

 

Gross margin

 

91,336

 

 

 

75,291

 

Selling, general, and administrative expense

 

40,336

 

 

 

41,662

 

Research and development expense

 

7,621

 

 

 

7,074

 

Restructuring expense (income)

 

664

 

 

 

1,076

 

Other — net

 

5,775

 

 

 

5,873

 

Operating profit

 

36,940

 

 

 

19,606

 

Other non-operating income—net

 

(730

)

 

 

(1,169

)

Interest expense — net

 

7,502

 

 

 

3,735

 

Income before income taxes

 

30,168

 

 

 

17,040

 

Income tax expense

 

4,580

 

 

 

3,021

 

Net income

$

25,588

 

 

$

14,019

 

Basic earnings per share:

 

 

 

Net income per share of common stock

$

1.24

 

 

$

0.69

 

Diluted earnings per share:

 

 

 

Net income per share of common stock

$

1.23

 

 

$

0.68

 

Weighted-average number of shares of common stock outstanding:

 

 

 

Basic

 

20,566

 

 

 

20,464

 

Diluted

 

20,887

 

 

 

20,724

 

Attachment 2

Materion Corporation and Subsidiaries

Consolidated Balance Sheets

 

 

 

(Unaudited)

 

 

(Thousands)

 

March 31, 2023

 

December 31, 2022

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

15,243

 

 

$

13,101

 

Accounts receivable, net

 

 

207,998

 

 

 

215,211

 

Inventories, net

 

 

434,485

 

 

 

423,080

 

Prepaid and other current assets

 

 

42,128

 

 

 

39,056

 

Total current assets

 

 

699,854

 

 

 

690,448

 

Deferred income taxes

 

 

3,335

 

 

 

3,265

 

Property, plant, and equipment

 

 

1,198,350

 

 

 

1,209,205

 

Less allowances for depreciation, depletion, and amortization

 

 

(728,788

)

 

 

(760,440

)

Property, plant, and equipment, net

 

 

469,562

 

 

 

448,765

 

Operating lease, right-of-use assets

 

 

62,352

 

 

 

64,249

 

Intangible assets, net

 

 

140,430

 

 

 

143,219

 

Other assets

 

 

22,183

 

 

 

22,535

 

Goodwill

 

 

320,268

 

 

 

319,498

 

Total Assets

 

$

1,717,984

 

 

$

1,691,979

 

Liabilities and Shareholders’ Equity

 

 

 

 

Current liabilities

 

 

 

 

Short-term debt

 

$

27,727

 

 

$

21,105

 

Accounts payable

 

 

126,866

 

 

 

107,899

 

Salaries and wages

 

 

22,077

 

 

 

35,543

 

Other liabilities and accrued items

 

 

44,186

 

 

 

54,993

 

Income taxes

 

 

4,669

 

 

 

3,928

 

Unearned revenue

 

 

20,292

 

 

 

15,496

 

Total current liabilities

 

 

245,817

 

 

 

238,964

 

Other long-term liabilities

 

 

14,255

 

 

 

12,181

 

Operating lease liabilities

 

 

57,424

 

 

 

59,055

 

Finance lease liabilities

 

 

14,068

 

 

 

13,876

 

Retirement and post-employment benefits

 

 

20,738

 

 

 

20,422

 

Unearned income

 

 

109,883

 

 

 

107,736

 

Long-term income taxes

 

 

812

 

 

 

665

 

Deferred income taxes

 

 

27,511

 

 

 

28,214

 

Long-term debt

 

 

405,482

 

 

 

410,876

 

Shareholders’ equity

 

 

821,994

 

 

 

799,990

 

Total Liabilities and Shareholders’ Equity

 

$

1,717,984

 

 

$

1,691,979

 

Attachment 3

Materion Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Three Months Ended

(Thousands)

 

March 31, 2023

 

April 1, 2022

Cash flows from operating activities:

 

 

 

 

Net income

 

$

25,588

 

 

$

14,019

 

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

 

 

 

 

Depreciation, depletion, and amortization

 

 

15,092

 

 

 

13,179

 

Amortization of deferred financing costs in interest expense

 

 

424

 

 

 

511

 

Stock-based compensation expense (non-cash)

 

 

2,250

 

 

 

1,699

 

Deferred income tax (benefit) expense

 

 

(52

)

 

 

401

 

Changes in assets and liabilities:

 

 

 

 

Accounts receivable

 

 

7,538

 

 

 

(15,045

)

Inventory

 

 

(12,081

)

 

 

(28,129

)

Prepaid and other current assets

 

 

(2,865

)

 

 

(5

)

Accounts payable and accrued expenses

 

 

(1,904

)

 

 

(4,177

)

Unearned revenue

 

 

254

 

 

 

(343

)

Interest and taxes payable

 

 

657

 

 

 

1,874

 

Unearned income due to customer prepayments

 

 

7,724

 

 

 

 

Other-net

 

 

(4,520

)

 

 

1,712

 

Net cash (used in) provided by operating activities

 

 

38,105

 

 

 

(14,304

)

Cash flows from investing activities:

 

 

 

 

Payments for purchase of property, plant, and equipment

 

 

(30,014

)

 

 

(18,977

)

Proceeds from sale of property, plant, and equipment

 

 

212

 

 

 

11

 

Net cash used in investing activities

 

 

(29,802

)

 

 

(18,966

)

Cash flows from financing activities:

 

 

 

 

Proceeds from borrowings under revolving credit agreement, net

 

 

4,600

 

 

 

49,067

 

Repayment of debt

 

 

(3,907

)

 

 

(3,839

)

Principal payments under finance lease obligations

 

 

(799

)

 

 

(686

)

Cash dividends paid

 

 

(2,571

)

 

 

(2,520

)

Payments of withholding taxes for stock-based compensation awards

 

 

(3,614

)

 

 

(2,717

)

Net cash provided by financing activities

 

 

(6,291

)

 

 

39,305

 

Effects of exchange rate changes

 

 

130

 

 

 

(260

)

Net change in cash and cash equivalents

 

 

2,142

 

 

 

5,775

 

Cash and cash equivalents at beginning of period

 

 

13,101

 

 

 

14,462

 

Cash and cash equivalents at end of period

 

$

15,243

 

 

$

20,237

 

Attachment 4

Materion Corporation and Subsidiaries

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

(Unaudited)

 

First Quarter Ended

(Millions)

March 31, 2023

 

April 1, 2022

Net Sales

 

 

 

Performance Materials

$

187.0

 

$

149.6

 

Electronic Materials

 

228.8

 

 

270.8

 

Precision Optics

 

26.7

 

 

28.6

 

Other

 

 

 

 

Total

$

442.5

 

$

449.0

 

 

 

 

 

Less: Pass-through Metal Cost

 

 

 

Performance Materials

$

19.0

 

$

20.5

 

Electronic Materials

 

124.9

 

 

168.6

 

Precision Optics

 

 

 

0.1

 

Other

 

 

 

0.7

 

Total

$

143.9

 

$

189.9

 

 

 

 

 

Value-added Sales (non-GAAP)

 

 

 

Performance Materials

$

168.0

 

$

129.1

 

Electronic Materials

 

103.9

 

 

102.2

 

Precision Optics

 

26.7

 

 

28.5

 

Other

 

 

 

(0.7

)

Total

$

298.6

 

$

259.1

 

 

 

 

 

Gross Margin

 

 

 

Performance Materials(1)

$

54.2

 

$

37.3

 

Electronic Materials(1)

 

28.6

 

 

29.5

 

Precision Optics

 

8.5

 

 

8.5

 

Other

 

 

 

 

Total (1)

$

91.3

 

$

75.3

 

(1)Adjusted gross margin without special items impacting COGS for Performance Materials for the quarter ended April 1, 2022 was $39.9 million. Adjusted gross margin without special items impacting COGS for Electronic Materials for the quarter ended April 1, 2022 was $34.5 million. Consolidated adjusted gross margin without special items impacting COGS for the quarter ended April 1, 2022 was $82.9 million. There were no special items impacting gross margin in the first quarter of 2023.

 

First Quarter Ended

(Millions)

March 31, 2023

 

April 1, 2022

Operating Profit

 

 

 

Performance Materials

$

35.5

 

 

$

19.1

 

Electronic Materials

 

9.7

 

 

 

8.0

 

Precision Optics

 

(0.4

)

 

 

(0.7

)

Other

 

(7.9

)

 

 

(6.8

)

Total

$

36.9

 

 

$

19.6

 

 

 

 

 

Non-Operating (Income) Expense

 

 

 

Performance Materials

$

0.1

 

 

$

0.2

 

Electronic Materials

 

 

 

 

 

Precision Optics

 

(0.2

)

 

 

(0.2

)

Other

 

(0.7

)

 

 

(1.1

)

Total

$

(0.8

)

 

$

(1.1

)

 

 

 

 

Depreciation, Depletion, and Amortization

 

 

 

Performance Materials

$

7.4

 

 

$

5.9

 

Electronic Materials

 

4.3

 

 

 

4.1

 

Precision Optics

 

2.9

 

 

 

2.7

 

Other

 

0.5

 

 

 

0.5

 

Total

$

15.1

 

 

$

13.2

 

 

 

 

 

Segment EBITDA

 

 

 

Performance Materials

$

42.8

 

 

$

24.8

 

Electronic Materials

 

14.0

 

 

 

12.1

 

Precision Optics

 

2.7

 

 

 

2.2

 

Other

 

(6.7

)

 

 

(5.2

)

Total

$

52.8

 

 

$

33.9

 

 

 

 

 

Special Items

 

 

 

Performance Materials

$

 

 

$

2.7

 

Electronic Materials

 

0.4

 

 

 

6.8

 

Precision Optics

 

0.2

 

 

 

0.2

 

Other

 

 

 

 

1.0

 

Total

$

0.6

 

 

$

10.7

 

 

 

 

 

Adjusted EBITDA Excluding Special Items

 

 

 

Performance Materials

$

42.8

 

 

$

27.5

 

Electronic Materials

 

14.4

 

 

 

18.9

 

Precision Optics

 

2.9

 

 

 

2.4

 

Other

 

(6.7

)

 

 

(4.2

)

Total

$

53.4

 

 

$

44.6

 

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 market 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)

March 31, 2023

 

% of VA

 

April 1, 2022

 

% of VA

Net sales

$

442.5

 

 

 

$

449.0

 

 

Pass-through metal cost

 

143.9

 

 

 

 

189.9

 

 

Value-added sales

$

298.6

 

 

 

$

259.1

 

 

 

 

 

 

 

 

 

 

Net income

$

25.6

 

8.6

%

 

$

14.0

 

5.4

%

Income tax expense

 

4.6

 

1.5

%

 

 

3.0

 

1.2

%

Interest expense - net

 

7.5

 

2.5

%

 

 

3.7

 

1.4

%

Depreciation, depletion and amortization

 

15.1

 

5.1

%

 

 

13.2

 

5.1

%

Consolidated EBITDA

$

52.8

 

17.7

%

 

$

33.9

 

13.1

%

 

 

 

 

 

 

 

 

Special items

 

 

 

 

 

 

 

Restructuring and cost reduction

$

0.6

 

0.2

%

 

$

1.1

 

0.4

%

Merger and acquisition costs

 

 

%

 

 

9.6

 

3.7

%

Total special items

 

0.6

 

0.2

%

 

 

10.7

 

4.1

%

Adjusted EBITDA

$

53.4

 

17.9

%

 

$

44.6

 

17.2

%

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 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)

March 31, 2023

 

EPS

 

April 1, 2022

 

EPS

Net income and EPS

$

25.6

 

 

$

1.23

 

 

$

14.0

 

 

$

0.68

 

 

 

 

 

 

 

 

Special items

 

 

 

 

 

 

 

Restructuring and cost reduction

 

0.6

 

 

 

 

 

1.1

 

 

 

Merger and acquisition costs

 

 

 

 

 

 

9.6

 

 

 

Provision for income taxes(1)

 

(0.7

)

 

 

 

 

(2.3

)

 

 

Total special items

 

(0.1

)

 

 

(0.01

)

 

 

8.4

 

 

 

0.40

Adjusted net income and adjusted EPS

$

25.5

 

 

$

1.22

 

 

$

22.4

 

 

$

1.08

Acquisition amortization (net of tax)

 

2.5

 

 

 

0.12

 

 

 

2.5

 

 

 

0.12

Adjusted net income and adjusted EPS excl. amortization

$

28.0

 

 

$

1.34

 

 

$

24.9

 

 

$

1.20

(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)

March 31, 2023

 

% of VA

 

April 1, 2022

 

% of VA

Net sales

$

187.0

 

 

 

 

$

149.6

 

 

 

Pass-through metal cost

 

19.0

 

 

 

 

 

20.5

 

 

 

Value-added sales

$

168.0

 

 

 

 

$

129.1

 

 

 

 

 

 

 

 

 

 

 

EBITDA

$

42.8

 

 

25.5

%

 

$

24.8

 

 

19.2

%

Merger and acquisition costs

 

 

 

%

 

 

2.7

 

 

2.1

%

Adjusted EBITDA

$

42.8

 

 

25.5

%

 

$

27.5

 

 

21.3

%

 

 

 

 

 

 

 

 

Electronic Materials

 

Three Months

Ended

 

 

 

Three Months

Ended

 

 

(Millions)

March 31, 2023

 

% of VA

 

April 1, 2022

 

% of VA

Net sales

$

228.8

 

 

 

 

$

270.8

 

 

 

Pass-through metal cost

 

124.9

 

 

 

 

 

168.6

 

 

 

Value-added sales

$

103.9

 

 

 

 

$

102.2

 

 

 

 

 

 

 

 

 

 

 

EBITDA

$

14.0

 

 

13.5

%

 

$

12.1

 

 

11.8

%

Restructuring and cost reduction

 

0.4

 

 

0.4

%

 

 

0.8

 

 

0.8

%

Merger and acquisition costs

 

 

 

%

 

 

6.0

 

 

5.9

%

Adjusted EBITDA

$

14.4

 

 

13.9

%

 

$

18.9

 

 

18.5

%

 

 

 

 

 

 

 

 

Precision Optics

 

Three Months

Ended

 

 

 

Three Months

Ended

 

 

(Millions)

March 31, 2023

 

% of VA

 

April 1, 2022

 

% of VA

Net sales

$

26.7

 

 

 

 

$

28.6

 

 

 

Pass-through metal cost

 

 

 

 

 

 

0.1

 

 

 

Value-added sales

$

26.7

 

 

 

 

$

28.5

 

 

 

 

 

 

 

 

 

 

 

EBITDA

$

2.7

 

 

10.1

%

 

$

2.2

 

 

7.7

%

Restructuring and cost reduction

 

0.2

 

 

0.7

%

 

 

0.2

 

 

0.7

%

Adjusted EBITDA

$

2.9

 

 

10.8

%

 

$

2.4

 

 

8.4

%

 

 

 

 

 

 

 

 

Other

 

Three Months

Ended

 

 

 

Three Months

Ended

 

 

(Millions)

March 31, 2023

 

 

 

April 1, 2022

 

 

EBITDA

$

(6.7

)

 

 

 

$

(5.2

)

 

 

Restructuring and cost reduction

 

 

 

 

 

 

0.1

 

 

 

Merger and acquisition costs

 

 

 

 

 

 

0.9

 

 

 

Adjusted EBITDA

$

(6.7

)

 

 

 

$

(4.2

)

 

 

 

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