ARC Group Worldwide, Inc. (OTC:ARCW) (“ARC” or the “Company”), a leading global provider of advanced manufacturing, today reports its results for the second fiscal quarter ending December 27, 2020. ARC reports sequential quarterly income growth for fiscal year to date 2021.
Highlights for the second quarter of fiscal year 2021 compared to the second quarter fiscal year
2020 for Continuing Operations:
• Net sales were $14.5 million, increasing by 23.4%;
• Gross profit was $3.1 million, increasing by 120.5%;
• Operating expenses were $1.7 million, decreasing by 27.5%;
• Interest and financing costs were $0.3 million, decreasing by 66.5%;
• Income from continuing operations was $1.0 million.
• EBITDA and Adjusted EBITDA was $2.8 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.
Highlights for the first six months ended December 27, 2020, compared to the first six months ended December 29, 2019 for Continuing Operations:
• Net sales were $25.9 million, increasing by 15.9%;
• Gross profit was $5.2 million, increasing by 99.1%;
• Operating expenses were $3.4 million, decreasing by 25.8%;
• Interest and financing costs were $0.6 million, decreasing by 66.3%;
• Income from continuing operations was $1.1 million.
• EBITDA was $4.7 million.
Prior year financials for the fiscal second quarter include the results of ARC Metal Stamping, LLC
(“AMS”), which was divested in December 2019 and are presented as discontinued operations.