Business
Third Quarter Fiscal 2021: ARC Group Worldwide, Inc. Reports Marked Improvement in Profitability and Topline Growth
Third Quarter Fiscal 2021: ARC Group Worldwide, Inc. Reports Marked Improvement in Profitability and Topline Growth.
About this update from Rm2 International, Inc.
[{"type":"text","content":"DELAND, FL / ACCESSWIRE / May 10, 2021 / ARC Group Worldwide, Inc. ("ARC" or the "Company"), a leading global provider of advanced manufacturing, today announced its operating results for the third quarter ended March 28, 2021.Highlights for the third quarter of fiscal year 2021 compared to the third quarter fiscal year 2020 for Continuing Operations:●Net sales were $16.4 million, increasing by 28.2%;●Gross profit was $4.0 million, increasing by 117.9%;●Operating expenses were $1.9 million, decreasing by 2.0%;●Interest and financing costs were $0.3 million, decreasing by 54.9%;●Income from continuing operations was $1.8 million.●EBITDA and Adjusted EBITDA was $3.5 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 nine months ended March 28, 2021, compared to the nine months ended March 29, 2020 for Continuing Operations:●Net sales were $42.3 million, increasing by 20.4%;●Gross profit was $9.2 million, increasing by 106.9%;●Operating expenses were $5.3 million, decreasing by 18.7%;●Interest and financing costs were $0.9 million, decreasing by 63.5%;●Income from continuing operations was $2.9 million.●EBITDA was $8.1 million.Prior year financials for the fiscal third quarter include the results of ARC Metal Stamping, LLC ("AMS"), which was divested in December 2019 and are presented as discontinued operations.Quarterly Financial SummaryThe following analysis is performed over Sales, Gross Profit, and EBITDA from Continuing Operations for the comparative periods identified unless otherwise noted.Current year fiscal third quarter net sales were $16.4 million, compared to $12.8 million in our prior year same period. Revenue by industry for our precision injection molded components continued to see a shift year over year on a quarterly basis but manufacturing agility has allowed ARC to further drive profitable growth.Despite all the market volatility, ARC ended its' fiscal third quarter with its highest recorded firm order backlog of $21.1 million.Current fiscal third quarter gross profit was $4.0 million, compared to $1.8 million in our prior fiscal year quarter. Gross profit increases were driven by increased output via operational productivity, fixed cos...