Dynamic Materials reduces operating, net losses
BOULDER — Dynamic Materials Corp. on Thursday reported smaller operating and net losses for the first quarter than those recorded in the same period last year.
Through its NobleClad business, Boulder-based Dynamic Materials (Nasdaq: BOOM) manufactures explosion-welded clad metal plates, which are used to make equipment used in a variety of industries, including oil and gas. The company has manufacturing operations in Germany, Russia and East Asia. Its DynaEnergetics business develops, manufactures and markets advanced explosive components and systems used to perforate oil and gas wells.
First-quarter operating losses of $85,000 were reported for the quarter that ended March 31, compared with an operating loss of $3.2 million for the first quarter of 2015. Net losses of $413,000, or 3 cents per diluted share, were down from the $2.4 million, or 17 cents per diluted share, it reported in the first quarter of 2015.
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The company reported first-quarter sales of $40.5 million, down 1 percent from 2015’s first quarter, and a gross margin of 26 percent, which is unchanged from the same period last year.
“First-quarter sales exceeded our forecasts, thanks to a strong performance by NobelClad’s Mount Braddock, Pa., operation,” said Kevin Longe, president and chief executive of Dynamic Materials, in a prepared statement. “Late in the quarter, the production team took advantage of raw-material availability and accelerated work on several orders to address customer demand. The effort resulted in nearly 5,000 square meters of clad-plate production, a single-month record for NobelClad’s flagship U.S. facility.”
At the end of trading Thursday on the New York Stock Exchange, shares of Dynamic Materials had gained 4 percent to $8.85.
