DELAND, FL; January 25, 2021 – ARC Group Worldwide, Inc. (“ARC” or the “Company”), a leading global provider of advanced manufacturing, today reports its results for the first fiscal quarter ending September 27, 2020. ARC reports net income for the three months and continued improvement compared to the prior period last year.
Highlights for the first quarter of fiscal year 2021 compared to the first quarter fiscal year 2020 for Continuing Operations:
· Net sales were $11.4 million, increasing by 7.7%;
· Gross profit was $2.1 million, increasing by 73.9%;
· Operating expenses were $1.7 million, decreasing by 23.9%;
· Income from continuing operations was $0.1 million, as compared to an operating loss of $1.8 million in the prior period last year.
· Interest and financing costs were $0.3 million, decreasing by 66.3%;
· EBITDA was $1.6 million, increasing by 97.4%;
· Adjusted EBITDA for the three months ended September 27, 2020 was also $1.6 million. Adjusted EBITDA is a non-GAAP financial measure, which is reconciled to the most directly comparable GAAP financial measure and more fully defined in the enclosed table.
Prior year financials for the fiscal first quarter include the results of ARC Metal Stamping, LLC (“AMS”), which was divested in December 2019 and are presented as discontinued operations.
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