Financial Performance - Net sales for Q1 2024 were 54.9 million in Q1 2023, representing a decline of 19.6%[2] - Gross profit increased to 1.5 million and 2.7% in Q1 2023, reflecting a 300 basis points improvement[2] - Net loss from continuing operations decreased to (0.47) diluted loss per share, compared to a net loss of (0.57) diluted loss per share in the prior year, a year-over-year improvement of 18.6%[2][4] - Adjusted EBITDA improved to (3.7) million in Q1 2023, with an adjusted EBITDA margin of (7.1)% compared to (6.8)% in the prior year[6] - Net loss from continuing operations for Q1 2024 was 5,788,000 in Q1 2023, representing a 29.3% reduction[33] - Adjusted EBITDA for Q1 2024 was (3,735,000) in Q1 2023, indicating a 16.6% improvement year-over-year[33] - Specialty Chemicals segment reported a net loss of 1,342,000 in Q1 2023, reflecting a significant decline[34] - Tubular Products segment net loss from continuing operations was 3,293,000 in Q1 2023, marking a 54.4% reduction[35] Segment Performance - Ascent Chemicals segment net sales were 23.7 million in Q1 2023, with an operating loss of 1.4 million in the prior year[7] - Ascent Tubular segment net sales were 31.1 million in Q1 2023, with an operating loss decreasing to 3.3 million in the prior year[8] Cash Management - Cash and cash equivalents at the end of Q1 2024 were 421,000 at the end of Q1 2023, showing a significant increase[30] - Net cash provided by operating activities for continuing operations was 12,410,000 in Q1 2023[30] - Total cash used in financing activities decreased to 13,586,000 in Q1 2023, indicating improved cash management[30] Operational Changes - The company has ceased operations at its welded pipe and tube facility in Munhall, PA, effective August 31, 2023, and categorized related financial results into discontinued operations[2] Shareholder Actions - The company repurchased 16,330 shares at an average cost of 0.2 million during the quarter[9] Management Outlook - Management expects continued improvements in financial results throughout 2024, driven by cost optimization and product mix adjustments[3] Accounts Receivable and Risk - Accounts receivable increased by 1,072,000 in Q1 2023, suggesting a growing sales volume[30] - The provision for losses on accounts receivable was 57,000 in Q1 2023, indicating potential credit risk concerns[30] Cost Control - The company incurred stock-based compensation expenses of 319,000 in Q1 2023, reflecting cost control measures[30]
Ascent Industries (ACNT) - 2024 Q1 - Quarterly Results