Boulder-based Dynamic Materials posts $23.9M loss for 2015

BOULDER — Dynamic Materials Corp. (Nasdaq: BOOM) on Thursday reported a loss of $23.9 million for 2015, with $16 million of that coming in the fourth quarter that ended Dec. 31.

Boulder-based Dynamic Materials 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.

The company had annual revenue of $167 million, down 18 percent from $203 million in 2014. For the quarter, it posted revenue of $41.9 million, down from $52 million in the fourth quarter of 2014.

Earnings per share were at a loss of $1.72 for the year and $1.15 for the quarter.

DMC operates in two sectors: industrial infrastructure and oilfield products and services. The industrial infrastructure sector is served by DMC’s NobelClad business, which makes metal plates, and DynaEnergetics that makes components and systems used to perforate oil and gas wells.

Kevin Longe, Dynamic Materials’ chief executive, attributed the fourth-quarter loss to an industrywide decline in capital spending.

“Our restructuring of both NobelClad and DynaEnergetics during the past two years has significantly enhanced operating efficiencies and positioned both businesses to generate improved cash flow during 2016 and beyond,” Longe said.

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