Micron Solutions, Inc. Announces Intention to Voluntarily Delist and Deregister its Common Stock; Financial Results for Fisca...
March 16 2020 - 5:23PM
Micron Solutions, Inc. (NYSE American: MICR) (the
“
Company”), a diversified contract manufacturing
organization, through its wholly-owned subsidiary, Micron Products,
Inc., producing highly-engineered, innovative components requiring
precision machining and injection molding, announced today its
Intention to voluntarily delist from the NYSE American (the
“
Exchange”) and to deregister its Common Stock
under Section 12(g) of the Securities Exchange Act of 1934 (the
“
Exchange Act”) and suspend its SEC reporting
obligations under Section 15(d) of the Exchange Act. The
Company is announcing its fourth quarter and year end results for
the period ended December 31, 2019.
Delisting and
Deregistration:
On March 16, 2020, the Company notified the
Exchange of its intent to voluntarily delist its Common Stock from
the Exchange. The Company currently anticipates that it will file
with the Securities and Exchange Commission a Form 25 relating to
the delisting of its Common Stock on or about March 26, 2020, and
anticipates that the delisting of its Common Stock will become
effective on or about April 6, 2020.
The Company has been reviewing its ability to
regain compliance with the Exchange’s stockholder equity
requirements as set forth in Section 1003(a)(iii) of the NYSE
American Company Guide by December 12, 2020 (the “Cure
Period”), and whether to continue the listing of its
Common Stock on the Exchange. After much discussion and
deliberation, and after taking into account the Company’s net loss
for the 2019 fiscal year, the previous four years of fiscal net
losses, and the uncertainty of the transactions available to the
Company to increase stockholders’ equity, including the sale of
assets and capital raising, within the Cure Period, upon
recommendation of a special committee comprised of independent
directors, the Board of Directors has determined that it is
unlikely to regain compliance with the Exchange’s stockholders’
equity requirements under Section 1003(a)(iii) of the NYSE American
Company Guide by the end of the Cure Period.
The Company intends to apply to have its Common
Stock quoted on the OTCQB Venture Market on the OTC Markets;
however, there can be no assurances that its Common Stock will
continue to be traded on such market.
Following the delisting of its Common Stock on
the Exchange, the Company plans to file a Form 15 to deregister its
Common Stock under Section 12(g) of the Exchange Act and suspend
its reporting obligations under Section 15(d) of the Exchange Act,
as the Company’s Common Stock is held by less than 300 stockholders
of record. The Company is taking this further action in order
to reduce legal, accounting and administrative costs associated
with being an SEC reporting company and allow management to
increase its focus on improving performance by reducing time spent
in complying with applicable SEC reporting requirements.
The Company intends to continue to provide
periodic financial information, including continuing to engage an
independent public accounting firm to perform an annual audit of
the Company’s financial statements. Assuming that the
Company’s Common Stock is quoted on the OTCQB Venture Market, the
Company will provide financial and other business information under
the OTC Market’s alternative reporting standards.
CEO Bill Laursen commented, “We believe that the
alternative of listing on the OTCQB would allow us to continue to
maintain a trading platform for our shareholders along with the
ability to provide quarterly and annual financial reporting, at a
reduced cost more appropriate for a company our size. This change
will also allow us to better focus our efforts on improving
operational performance.”
2019 Financial Results:
The Company intends to report its complete
audited financial results when it files its Annual Report on Form
10-K for the fiscal year ended December 31, 2019 with the
Securities and Exchange Commission which is expected to be filed on
or before March 30, 2020. For fiscal year ended December 31, 2019,
the Company expects to report the following financial results:
Micron Solutions, Inc. |
Earnings Results |
(Unaudited) |
(In Thousands, except per share data) |
|
Year Ended December 31, |
|
|
2019 |
|
|
2018 |
|
Net Sales |
$ |
17,499 |
|
$ |
19,565 |
|
Cost of Goods
Sold |
|
15,737 |
|
|
17,241 |
|
Gross Profit |
|
1,762 |
|
|
2,324 |
|
Operating
Expenses |
|
3,477 |
|
|
3,081 |
|
Net Loss from Operations |
|
(1,715 |
) |
|
(758 |
) |
Interest Expense |
|
432 |
|
|
391 |
|
Other Income |
|
(6 |
) |
|
(53 |
) |
Income Tax
Provision |
|
- |
|
|
2 |
|
Net Loss |
$ |
(2,141 |
) |
$ |
(1,098 |
) |
Weighted Average Common Shares Outstanding, Basic and
Diluted |
|
2,884 |
|
|
2,850 |
|
Loss Per Share - Basic and Diluted |
$ |
(0.74 |
) |
|
(0.39 |
) |
|
|
|
|
|
|
|
Micron Solutions, Inc. |
Selected Balance Sheet Data |
(Unaudited) |
(In Thousands) |
|
Year Ended December 31, |
|
|
2019 |
|
2018 |
Accounts Receivable, Net |
$ |
2,152 |
$ |
2,326 |
Inventories |
|
2,469 |
|
3,685 |
|
|
|
Total Assets |
$ |
8,734 |
$ |
12,281 |
|
|
|
Revolving Line of Credit & Notes Payable |
|
5,302 |
|
5,972 |
|
|
|
Total Liabilities |
$ |
6,532 |
$ |
8,193 |
Total Shareholder's
Equity |
|
2,202 |
|
4,088 |
Total Liabilities and
Shareholder's Equity |
$ |
8,734 |
$ |
12,281 |
|
|
|
|
|
About Micron Solutions,
Inc.
Micron Solutions, Inc., through its wholly-owned
subsidiary, Micron Products, Inc., is a diversified contract
manufacturing organization that produces highly-engineered,
innovative medical device components requiring precision machining
and injection molding. The Company also contract 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 contract
manufacturer with a specialized focus on plastic injection molding
and highly-engineered medical devices and components requiring
precision machining.
The Company routinely posts news and other important information
on its websites:
http://www.micronsolutionsinc.com and
http://www.micronproducts.com
Safe Harbor Statement
Forward-looking statements made herein are based
on current expectations of Micron Solutions, 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 obtain and 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 and ability to
generate sales of higher margin products and services; our ability
to 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; reliance on revenues from exports
and impact on financial results due to economic uncertainty or
downturns in foreign markets; 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; variations in the mix of
products sold; continued availability of supplies or materials used
in manufacturing at competitive prices; and the amount and timing
of investments in capital equipment, sales and marketing,
engineering and information technology resources. More
information about the Company's financial results is included in
the Company's most recent Annual Report on Form 10-K and other
subsequent filings with the Securities and Exchange Commission.
For more information, contact:
Mr. Wayne CollChief Financial Officer978.345.5000
Micron Solutions (AMEX:MICR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Micron Solutions (AMEX:MICR)
Historical Stock Chart
From Apr 2023 to Apr 2024