Micron Solutions narrows net loss to $180K despite sales dip
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Micron Solutions' facility in Fitchburg
Fitchburg contract manufacturer Micron Solutions decreased its net loss by 16 percent in the first quarter compared to last year despite reporting a slight dip in sales.
Tuesday’s first-quarter earnings report highlighted the company’s efforts to narrow the gap, but noted a 2.8-percent decrease in net sales to $5.1 million due to lower sales of thermoplastic injection molded products.
Net less dropped to $180,000 in the quarter, down from $214,000 in last year’s Q1.
Micron’s total debt was reduced by $721,000 in the quarter, which the company attributed to reducing capital expenditures and improving operating results.
President and CEO Salvatore Emma in a statement said the company is encouraged by new activity, notably in the medical and defense markets.
“The outlook is excellent for new opportunities from medical and defense customers. Micron has demonstrated the unique ability to injection-mold and precision-machine very close tolerance components,” he said. “These capabilities have strong appeal to manufacturers who require geometric tolerances and features not typically capable with injection molding alone.”
Micron’s fiscal 2017 saw its net loss nearly double to $1.4 million despite a 2.4-percent increase in net sales.
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