UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported): August 13, 2015

Arrhythmia Research Technology, Inc.
(Exact name of registrant as specified in its charter)


Delaware
(State or other jurisdiction of Incorporation or organization)
1-9731
(Commission File Number)
72-0925679
(I.R.S. Employer Identification Number)

25 Sawyer Passway
Fitchburg, MA 01420
(Address of principal executive offices and zip code)

(978) 345-5000
(Registrant's telephone number, including area code)




Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))












Item 2.02    Results of Operations and Financial Conditions.
On August 13, 2015, Arrhythmia Research Technology, Inc. (the "Company") announced its financial results for the six months ended June 30, 2015. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.01 to this Current Report on Form 8-K.
The information in this Form 8-K and Exhibit 99.01 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01    Financial Statements and Exhibits.
(d)    Exhibits.
Exhibit No.    Description
99.01
Press Release dated August 13, 2015.

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Fitchburg, Commonwealth of Massachusetts, on the 13th of August 2015.

ARRHYTHMIA RESEARCH TECHNOLOGY, INC.

By: /s/ Derek T. Welch
Derek T. Welch
Chief Financial Officer
(principal financial and accounting officer)

Exhibit Index

Exhibit    Description
99.01    Press Release dated August 13, 2015.





NEWS
RELEASE


25 Sawyer Passway ● Fitchburg, Massachusetts 01420
FOR IMMEDIATE RELEASE
Exhibit 99.01        
Arrhythmia Research Technology, Inc. Reports
2015 Second Quarter Results
Achieved second quarter net sales of $5.7 million and diluted earnings per share of $0.04
$370 thousand increase in net income from continuing operations compared with the first trailing first quarter 2015
Second quarter gross margin improved over the 2014 period and trailing first quarter of 2015
FITCHBURG, MA, August 13, 2015 -- Arrhythmia Research Technology, Inc. (NYSE MKT: HRT) (the “Company”), through its wholly-owned subsidiary, Micron Products, Inc., a diversified contract manufacturing organization that produces highly-engineered, innovative medical device technologies requiring precision machining and injection molding, announced today results for its second quarter ended June 30, 2015.
Salvatore Emma, Jr., President and CEO, commented, "Improvements in production efficiency in the second quarter enabled us to overcome an approximately $200 thousand decrease in sales and post a $370 thousand profit from continuing operations over the trailing first quarter.  Our second quarter demonstrated the success of our efforts to grow our contract manufacturing business while expanding the company’s gross margin.  Looking forward, we will continue to build our capabilities and capacity to best serve our customers’ increasing demands.  Our investments in automation and skilled people will make us more efficient and improve our ability to scale over the long run."
Second Quarter 2015 Review
$ In thousands
Q2 2015
 
Q2 2014
$ Change
% Change
Net sales
$
5,659
 
$
6,254
 
$
(595)
(9.5
)%
Gross profit
$
1,032
 
$
1,134
 
$
(102)
(9.0
)%
Gross margin
 
18.2
%
 
18.1
%
 
 
 
Net income
$
115
 
$
240
 
$
(125)
(52.1
)%
Diluted earnings per share
$
0.04
 
$
0.09
 
$
(0.05)
(55.6
)%
Net sales for the second quarter of 2015 were $5.7 million compared with $5.9 million in the trailing first quarter and $6.3 million in the 2014 second quarter. Net sales of custom thermoplastic injection molding and orthopedic implant components were up 53.3% year-over-year due primarily to increased orders for automotive and military and law enforcement products. Those increases helped to partially offset a 39.9% decline in sensor net sales due to a combination of lower volume and a decrease in the average price of silver versus the same prior-period.
Despite lower sales, the Company was able to expand its gross margin over compared with the prior-year period and 4.6 points over the trailing first quarter of 2015. This was due to lower material costs which helped to offset the impact of product mix and lower sales volume. Additionally, increased

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Arrhythmia Research Technology, Inc. Reports Second Quarter 2015 Results
August 13, 2015
Page 2 of 8


expenditures of $137 thousand in our manufacturing quality function resulted in reduced gross profit when compared to the prior-year period.
Selling and marketing expenses were $263 thousand, or 4.6% of net sales, in the second quarter of 2015 compared with $258 thousand, or 4.4% of net sales, in the trailing first quarter and $240 thousand, or 3.8% of net sales, in the second quarter of 2014. Higher selling and marketing expenses were primarily related to the Company's increased involvement in trade shows for orthopedic implants.
General and administrative expenses in the 2015 second quarter were $526 thousand, or 9.3% of net sales, compared with $648 thousand, or 11.1% of net sales, in the trailing first quarter and $543 thousand, or 8.7% of net sales, in the prior-year quarter. Lower personnel expenses and variable compensation of $35 thousand in bonus accruals more than offset higher legal, insurance and governance costs.
Research and development expenses for the second quarter of 2015 were $62 thousand, down $24 thousand from the prior-year period primarily as a result of the timing of investments in new product development.
Second quarter net income from continuing operations was $115 thousand, up from a net loss from continuing operations of $255 thousand in the trailing first quarter of 2015. The prior-year second quarter had net income from continuing operations of $240 thousand.
EBITDA(1) (income from continuing operations adjusted for income taxes, other income and expense, interest, depreciation and amortization, and share-based compensation expense) for the second quarter of 2015 was $568 thousand, or 10.0% of net sales, compared with $160 thousand, or 2.7% of net sales, for the trailing first quarter and $645 thousand, or 10.3% of net sales, for the same period of the prior year. (1)See attached table for additional important disclosures regarding the Company’s use of EBITDA, as well as a reconciliation of net income (loss) from continuing operations to EBITDA.
First Half 2015 Review
$ In thousands
YTD 2015
 
YTD 2014
$ Change
% Change
Sales
$
11,517
 
$
12,284
 
$
(767)
(6.2
)%
Gross profit
$
1,829
 
$
2,445
 
$
(616)
(25.2
)%
Gross margin
 
15.9
%
 
19.9
%
 
 
 
Total net income
$
223
 
$
497
 
$
(274)
(55.1
)%
Diluted earnings per share
$
0.08
 
$
0.18
 
$
(0.10)
(55.6
)%
Net sales for the first six months of 2015 were $11.5 million, a decrease of $767 thousand, or 6.2%, compared with the first half of 2014. Lower sales reflected the decline in sensor volume and a decrease in orthopedic implant components primarily due to production delays encountered in the first quarter. Additionally, the 2014 period benefited from $250 thousand of Predictor license sales.
Higher sales of custom thermoplastic injection molding to meet increased order volume of automotive and military and law enforcement components helped to offset the decline.
The decrease in gross margin in the 2015 first half was due primarily to an 860 basis point decrease in gross margin related to orthopedic implant components as a result of changes in product mix and production delays in the 2015 first quarter. Also impacting gross profit were increased expenditures in the manufacturing quality function and the absence of sales in 2015 of the Company’s Predictor licenses.

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Arrhythmia Research Technology, Inc. Reports Second Quarter 2015 Results
August 13, 2015
Page 3 of 8


Selling and marketing expenses of $521 thousand, or 4.5% of net sales, were relatively consistent with the first half of 2014. General and administrative expenses in the 2015 first half were $1.2 million, or 10.2% of net sales, a $36 thousand, or 3.2%, increase from $1.1 million, or 9.3% of net sales, in the prior-year period. The increase was due to higher expenses related to consulting and professional services, insurance expense and employee and director’s compensation, which were partially offset by lower bonus accruals and bank fees.
Research and development expenses for the 2015 first half were $155 thousand, or 1.3% of net sales, compared with $183 thousand, or 1.5% of net sales, in the prior-year period. The decrease was due to reduction in employee expenses which was partially offset by an increase in costs for new product development for medical device components.
Consolidated net income was $223 thousand, or $0.08 per diluted share, in the first half of 2015 compared with $497 thousand, or $0.18 per diluted share, in the same period in 2014.
EBITDA(1) (income from continuing operations adjusted for income taxes, other income and expense, interest, depreciation and amortization, and share-based compensation expense) in the first half of 2015 was $729 thousand, or 6.3% of net sales, compared with $1.4 million, or 11.2% of net sales, for the same period of the prior year. (1)See attached table for additional important disclosures regarding the Company’s use of EBITDA, as well as a reconciliation of net income (loss) from continuing operations to EBITDA.
Cash flow and financial resources
At June 30, 2015, the Company had cash on hand of $285 thousand and working capital of
$4.0 million. For the six month ended June 30, 2015, the Company generated net cash from operating activities of continuing operations of $322 thousand and used net cash of $784 thousand for capital expenditures.
Strategy and outlook
Mr. Emma concluded, "We are very excited about the opportunities we are pursuing with our customers and the traction we are gaining in our targeted verticals, specifically in orthopedic implant components, automotive, and military and law enforcement.  We believe we have structured our contract manufacturing business to be more efficient and are creating opportunities to become a leading supplier of a diversified mix of high quality products.”
About Arrhythmia Research Technology, Inc.
Arrhythmia Research Technology, Inc., through its wholly-owned subsidiary, Micron Products, Inc., is a diversified contract manufacturing organization that produces highly-engineered, innovative medical device technologies requiring precision machining and injection molding. The Company also manufactures components, devices and equipment for military, law enforcement, industrial and automotive applications. In addition, the Company is a market leader in the production and sale of silver/silver chloride coated and conductive resin sensors used as consumable component parts in the manufacture of integrated disposable electrophysiological sensors. The Company’s strategy for growth is to build a best-in-class quality organization and capitalize on its engineering design expertise and reliable, proprietary manufacturing processes to further penetrate the medical device contract manufacturing market.
The Company routinely posts news and other important information on its websites:
http://www.arthrt.com, http://www.micronproducts.com and http://www.micronmedical.com.
Safe Harbor Statement

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Arrhythmia Research Technology, Inc. Reports Second Quarter 2015 Results
August 13, 2015
Page 4 of 8


Forward-looking statements made herein are based on current expectations of Arrhythmia Research Technology, Inc. (“our” or the “Company”) that involve a number of risks and uncertainties and should not be considered as guarantees of future performance. The factors that could cause actual results to differ materially include our ability to retain order volumes from customers who represent significant proportions of net sales; our ability to maintain our pricing model, offset higher costs with price increases and/or decrease our cost of sales; variability of customer delivery requirements; the level of sales of higher margin products and services; our ability to renew our credit facility and manage our level of debt and provisions in the debt agreements which could make the Company sensitive to the effects of economic downturns and limit our ability to react to changes in the economy or our industry; failure to comply with financial and other covenants in our credit facility; volatility in commodity and energy prices and our ability to offset higher costs with price increases; continued availability of supplies or materials used in manufacturing at competitive prices; variability of customer delivery requirements; variations in the mix of products sold; and the amount and timing of investments in capital equipment, sales and marketing, engineering and information technology resources. More information about factors that potentially could affect the Company's financial results is included in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

For more information, contact:
 
 
Investor and Media Contact:
Company Contact:
Deborah K. Pawlowski
Derek T. Welch
Kei Advisors LLC
Chief Financial Officer
716.843.3908
978.345.5000
dpawlowski@keiadvisors.com
 
 

FINANCIAL TABLES FOLLOW.

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Arrhythmia Research Technology, Inc. Reports Second Quarter 2015 Results
August 13, 2015
Page 5 of 8



ARRHYTHMIA RESEARCH TECHNOLOGY, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

 
 
 
 
Six months ended June 30,
 
 
 
 
2014
 
2015
 
2014
Net sales
 
$
5,659,094

 
$
6,253,757

$
11,517,436
 
$
12,283,600
 
Cost of sales
 
4,626,940
 
 
5,119,734
 
 
9,688,886
 
 
9,838,291
 
Gross profit
 
1,032,154
 
 
1,134,023
 
 
1,828,550
 
 
2,445,309
 
 
 
 
 
 
 
 
 
 
Selling and marketing
 
262,609
 
 
240,408
 
 
520,581
 
 
532,080
 
General and administrative
 
525,577
 
 
543,235
 
 
1,173,804
 
 
1,137,866
 
Research and development
 
62,224
 
 
85,694
 
 
154,785
 
 
182,521
 
Total operating expenses
 
850,410
 
 
869,337
 
 
1,849,170
 
 
1,852,467
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
 
181,744
 
 
264,686
 
 
(20,620)
 
 
592,842
 
Other income (expense):
 
 
 
 
 
 
 
 
Interest expense
 
(69,840)
 
 
(70,529)
 
 
(135,533)
 
 
(140,678)
 
Other income (expense), net
 
3,322
 
 
46,687
 
 
16,831
 
 
48,998
 
Total other expense, net
 
(66,518)
 
 
(23,842)
 
 
(118,702)
 
 
(91,680)
 
Income (loss) from continuing operations before income taxes
 
115,226
 
 
240,844
 
 
(139,322)
 
 
501,162
 
Income tax provision
 
 
 
1,030
 
 
 
 
2,207
 
Net income (loss) from continuing operations
 
115,226
 
 
239,814
 
 
(139,322)
 
 
498,955
 
Discontinued Operations:
 
 
 
 
 
 
 
 
Income (loss) from discontinued operations, net of tax provision of $0 for the three and six months ended June 30, 2015 and 2014
 
 
 
646
 
 
362,610
 
 
(1,779)
 
Net income
 
$
115,226

 
$
240,460

 
$
223,288

 
$
497,176

 
 
 
 
 
 
 
 
 
Earnings (loss) per share - basic
 
 
 
 
 
 
 
 
Continuing operations
 
$
0.04

 
$
0.09

 
$
(0.05)

 
$
0.18

Discontinued operations
 
 
 
 
 
0.13
 
 
 
Earnings per share - basic
 
$
0.04

 
$
0.09

 
$
0.08

 
$
0.18

 
 
 
 
 
 
 
 
 
Earnings (loss) per share - diluted
 
 
 
 
 
 
 
 
Continuing operations
 
$
0.04

 
$
0.09

 
$
(0.05)

 
$
0.18

Discontinued operations
 
 
 
 
 
0.13
 
 
 
Earnings per share - diluted
 
$
0.04

 
$
0.09

 
$
0.08

 
$
0.18

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
 
2,781,826
 
 
2,723,582
 
 
2,780,420
 
 
2,722,914
 
Weighted average common shares outstanding - diluted
 
2,848,302
 
 
2,815,578
 
 
2,881,438
 
 
2,798,163
 





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Arrhythmia Research Technology, Inc. Reports Second Quarter 2015 Results
August 13, 2015
Page 6 of 8


ARRHYTHMIA RESEARCH TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
 
 
June 30, 2015
 
December 31, 2014
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
284,774

 
 
$
209,398

 
Trade accounts receivable, net of allowance for doubtful accounts of $48,000 at June 30, 2015 and $45,000 at December 31, 2014
 
4,357,896
 
 
 
3,536,747
 
 
Inventories, net
 
2,490,723
 
 
 
2,514,241
 
 
Prepaid expenses and other current assets
 
595,960
 
 
 
519,582
 
 
Total current assets
 
7,729,353
 
 
 
6,779,968
 
 
Property, plant and equipment, net
 
7,669,062
 
 
 
7,618,901
 
 
Intangible assets, net
 
137,563
 
 
 
134,022
 
 
Other assets
 
343,555
 
 
 
570,357
 
 
Total assets
 
$
15,879,533

 
 
$
15,103,248

 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
 
Current liabilities:
 
 
 
 
Revolving line of credit, current portion
 
$

 
 
$
2,071,495

 
Term notes payable, current portion
 
576,705
 
 
 
490,341
 
 
Accounts payable
 
2,182,438
 
 
 
1,857,156
 
 
Accrued expenses & other current liabilities
 
610,014
 
 
 
405,975
 
 
Customer deposits
 
113,178
 
 
 
98,110
 
 
Deferred revenue, current
 
293,153
 
 
 
228,363
 
 
Liabilities from discontinued operations, current
 
 
 
 
320,056
 
 
Total current liabilities
 
3,775,488
 
 
 
5,471,496
 
 
Long-term liabilities:
 
 
 
 
Revolving line of credit, non-current portion
 
2,391,495
 
 
 
 
 
Term notes payable, non-current portion
 
1,418,096
 
 
 
1,330,755
 
 
Subordinated promissory notes
 
459,294
 
 
 
445,452
 
 
Deferred revenue, non-current
 
360,811
 
 
 
610,430
 
 
Total long-term liabilities
 
4,629,696
 
 
 
2,386,637
 
 
Total liabilities
 
8,405,184
 
 
 
7,858,133
 
 
 
 
 
 
 
Commitments and Contingencies
 
 
 
 
 
 
 
 
 
Shareholders’ equity:
 
 
 
 
Preferred stock, $1 par value; 2,000,000 shares authorized, none issued
 
 
 
 
 
 
Common stock, $.01 par value; 10,000,000 shares authorized; 3,926,491 issued, 2,786,539 outstanding at June 30, 2015 and 3,926,491 issued, 2,778,339 outstanding at December 31, 2014
 
39,265
 
 
 
39,265
 
 
Additional paid-in-capital
 
11,361,959
 
 
 
11,336,693
 
 
Treasury stock at cost, 1,139,952 shares at June 30, 2015 and 1,148,152 shares at December 31, 2014
 
(3,110,701)
 
 
 
(3,133,883)
 
 
Accumulated other comprehensive income
 
 
 
 
42,502
 
 
Accumulated deficit
 
(816,174)
 
 
 
(1,039,462)
 
 
Total shareholders’ equity
 
7,474,349
 
 
 
7,245,115
 
 
Total liabilities and shareholders’ equity
 
$
15,879,533

 
 
$
15,103,248

 
 

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Arrhythmia Research Technology, Inc. Reports Second Quarter 2015 Results
August 13, 2015
Page 7 of 8



ARRHYTHMIA RESEARCH TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Six months ended June 30,
 
2015
 
2014
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income
 
$
223,288

 
 
$
497,176

 
Loss (income) from discontinued operations
 
(362,610)
 
 
 
1,779
 
 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
 
 
 
 
Gain on sale of property, plant and equipment
 
(14,729)
 
 
 
(24,500)
 
 
Depreciation and amortization
 
730,013
 
 
 
750,616
 
 
Non-cash interest expense
 
13,842
 
 
 
13,842
 
 
Change in allowance for doubtful accounts
 
3,000
 
 
 
10,000
 
 
Share-based compensation expense
 
19,888
 
 
 
26,548
 
 
Changes in operating assets and liabilities:
 
 
 
 
Accounts receivable
 
(824,149)
 
 
 
(83,113)
 
 
Inventories
 
23,518
 
 
 
(752,266)
 
 
Prepaid expenses and other current assets
 
(76,378
 
 
 
(107,017)
 
 
Other non-current assets
 
226,802
 
 
 
66,128
 
 
Accounts payable
 
325,282
 
 
 
(397,948)
 
 
Accrued expenses and other current liabilities
 
283,897
 
 
 
879,531
 
 
Other non-current liabilities
 
(249,619)
 
 
 
(51,060)
 
 
Net cash provided by (used in) operating activities of continuing operations
 
322,045
 
 
 
829,716
 
 
Net cash provided by (used in) operating activities of discontinued operations
 
 
 
 
(1,509)
 
 
Net cash provided by (used in) operating activities
 
322,045
 
 
 
828,207
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
Purchases of property, plant and equipment
 
(784,157)
 
 
 
(834,971)
 
 
Proceeds from sale of property, plant and equipment
 
20,700
 
 
 
24,500
 
 
Cash paid for patents and trademarks
 
(5,528
 
 
 
(2,613)
 
 
Net cash provided by (used in) investing activities from continuing operations
 
(768,985)
 
 
 
(813,084)
 
 
Net cash provided by (used in) investing activities from discontinued operations
 
 
 
 
 
 
Net cash provided by (used in) investing activities
 
(768,985)
 
 
 
(813,084)
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
Proceeds from (payments on) revolving line of credit, net
 
320,000
 
 
 
(478,000)
 
 
Proceeds from equipment line of credit
 
415,785
 
 
 
116,905
 
 
Payments on term notes payable
 
(242,080)
 
 
 
(198,854)
 
 
Proceeds from stock option exercises
 
28,611
 
 
 
25,575
 
 
Net cash provided by (used in) financing activities from continuing operations
 
522,316
 
 
 
(534,374)
 
 
Net cash provided by (used in) financing activities from discontinued operations
 
 
 
 
 
 
Net cash provided by (used in) financing activities
 
522,316
 
 
 
(534,374)
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
 
75,376
 
 
 
(519,251)
 
 
Cash and cash equivalents, beginning of period
 
209,398
 
 
 
751,275
 
 
Cash and cash equivalents, end of period
 
284,774
 
 
 
232,024
 
 
Less: cash and cash equivalents of discontinued operations at end of period
 
 
 
 
 
 
Cash and cash equivalents of continuing operations at end of period
 
$
284,774

 
 
$
232,024

 
 





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Arrhythmia Research Technology, Inc. Reports Second Quarter 2015 Results
August 13, 2015
Page 8 of 8


ARRHYTHMIA RESEARCH TECHNOLOGY, INC.
EBITDA RECONCILIATION (1) 
(Unaudited, $ in thousands)

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2015
 
2014
 
2015
 
2014
Net income (loss) from continuing operations
$
115

 
$
240

 
$
(139
)
 
$
499

Income tax provision
-

 
1

 
-

 
2

Other (income) expense
(3)

 
(47)

 
(17)

 
(49)

Interest expense
70

 
71

 
136

 
141

Depreciation and amortization
374

 
365

 
730

 
751

Share-based compensation
13

 
15

 
20

 
27

EBITDA
$
568

 
$
645

 
$
729

 
$
1,370

EBITDA margin %
10.0
%
 
10.3
%
 
6.3
%
 
11.2
%


(1) Non-GAAP Financial Measures
In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, this news release contains information about EBITDA (income from continuing operations adjusted for income taxes, other income and expense, interest, depreciation and amortization, and share-based compensation expense), which is a non-GAAP measure. The Company believes EBITDA allows investors to view its performance in a manner similar to the methods used by management and provides additional insight into its operating results. EBITDA is not calculated through the application of GAAP. Accordingly, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.







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