- Revenues increased 21.4%, or $2,326,000, to $13,214,000 for the three months ended September 30, 2024 from $10,888,000 for the three months ended September 30, 2023
- Gross margin increased 500 basis points to 47.8% for the three months ended September 30, 2024 from 42.8% for the three months ended September 30, 2023
- Net income per diluted share increased 42.1%, or $0.24, to $0.81 for the three months ended September 30, 2024 from $0.57 for the three months ended September 30, 2023
- MtronPTI anticipates a strong performance in Q4 2024 and expects to exceed its prior guidance for FY 2024
M-tron Industries, Inc. Reports Strong Third Quarter 2024 Results with Revenue and Earnings per Share Ab ove Expectations
M-tron Industries, Inc. Investor Relations:
Cameron Pforr
Chief Financial Officer
ir@mtronpti.com
M-tron Industries, Inc. (NYSE American: MPTI) ("MtronPTI" or the "Company"), a designer and manufacturer of highly-engineered electronic components and solutions used to control the frequency or timing of signals in electronic circuits, announced strong financial results for the three and nine months ended September 30, 2024.
"We are pleased to report continued strength in MtronPTI's sales and strong financial performance for Q3 2024," said Michael J. Ferrantino, Jr., MtronPTI Chief Executive Officer. "Our revenues continue to be driven by defense-related orders. With improved operating efficiencies, we have been able to make strategic investments in research and development to help drive future growth and still produce superior earnings per share."
"We expect revenues, new orders and earnings to remain strong and believe the Company will exceed expectations for FY 2024," continued Mr. Ferrantino.
Results from Operations
Third Quarter 2024
Net income was $2,267,000, or $0.81 per diluted share, for the three months ended September 30, 2024 compared with $1,586,000, or $0.57 per diluted share, for the three months ended September 30, 2023. The increase was primarily due to continued strong defense program product and solution shipments. Manufacturing cost of sales grew consistent with the growth in revenues. Higher Engineering, selling and administrative expenses resulted from increased investment in research and development, higher sales commissions related to an increase in revenues, and an increase in administrative and corporate expenses consistent with the overall growth in the business.
Gross margin was 47.8% for the three months ended September 30, 2024 compared with 42.8% for the three months ended September 30, 2023. The increase was primarily due to higher revenues, improved production efficiencies due to previous investments, and an improved product mix to higher margin products.
Adjusted EBITDA was $3,300,000 for the three months ended September 30, 2024 compared with $2,336,000 for the three months ended September 30, 2023. The increase was primarily due to improved gross margins; continued containment of operating expenses other than strategic investments in research and development, resulting in higher income before taxes; higher depreciation; and higher stock-based compensation partially offset by higher interest income.
Fiscal Year to Date 2024
Net income was $5,497,000, or $1.97 per diluted share, for the nine months ended September 30, 2024 compared with $3,416,000, or $1.25 per diluted share, for the nine months ended September 30, 2023. The increase was primarily due to higher sales related to strong defense program product shipments partially offset by higher Manufacturing cost of sales consistent with the growth in revenues as well as higher Engineering, selling and administrative expenses related to increased investment in research and development, higher sales commissions related to an increase in revenues, and an increase in administrative and corporate expenses to support the growth in revenues.
Gross margin was 45.8% for the nine months ended September 30, 2024 compared with 39.7% for the nine months ended September 30, 2023. The increase was primarily due to higher revenues, improved production efficiencies, and a higher margin product mix.
Adjusted EBITDA was $8,085,000 for the nine months ended September 30, 2024 compared with $5,295,000 for the nine months ended September 30, 2023. The increase was primarily due to higher gross margins and continued containment of operating expenses, resulting in higher income before income taxes; higher depreciation; and higher stock-based compensation partially offset by higher interest income.
Backlog
Backlog was $39,763,000 as of September 30, 2024 compared to $47,831,000 as of December 31, 2023 and $50,280,000 as of September 30, 2023. The decrease in Backlog from December 31, 2023 reflects the continued strategy and focus on securing large, long duration program-centric business, which can materially affect backlog due to the timing and size of these orders.
Improved 2024 Outlook
With the continued momentum in defense-related sales, and the acceleration in production and shipments during the first half of 2024, MtronPTI management raised the outlook for fiscal year 2024, increasing revenues to a range of $46.0 million to $48.0 million from a previous range of $43.0 million to $45.0 million. MtronPTI has good visibility for the remaining quarter of 2024 and expects to exceed the prior revenue guidance and achieve an EBITDA margin in the 19% to 21% range.
Earnings Call
Management, including Mr. Ferrantino and Cameron Pforr, Chief Financial Officer, will host a conference call with the investment community on Thursday, November 14, 2024, to discuss the Company's third quarter 2024 results and to respond to investor questions.
The call will begin at 10:30 a.m. Eastern Time (U.S. and Canada) on Thursday November 14, 2024, and can be accessed using the dial-in details below:
Toll-Free Dial-in Number: |
(800) 715-9871 |
Toll Dial-in Number: |
+1 (646) 307-1963 |
Conference ID: |
1795619 |
An archive will be available after the call on the Investor Relations section of MtronPTI’s website at ir.mtronpti.com, along with MtronPTI’s earnings release.
M-tron Industries, Inc. Quarterly Summary (Unaudited) |
||||||||||||||||||||||||||||||||||||||||||||
|
|
2022 |
|
2023 |
|
2024 |
||||||||||||||||||||||||||||||||||||||
(in thousands) |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
||||||||||||||||||||||
Revenues |
|
$ |
7,691 |
|
|
$ |
7,064 |
|
|
$ |
8,417 |
|
|
$ |
8,673 |
|
|
$ |
9,367 |
|
|
$ |
10,140 |
|
|
$ |
10,888 |
|
|
$ |
10,773 |
|
|
$ |
11,185 |
|
|
$ |
11,808 |
|
|
$ |
13,214 |
|
Y/Y |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21.8 |
% |
|
|
43.5 |
% |
|
|
29.4 |
% |
|
|
24.2 |
% |
|
|
19.4 |
% |
|
|
16.4 |
% |
|
|
21.4 |
% |
Y/2Y |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45.4 |
% |
|
|
67.2 |
% |
|
|
57.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
37.3 |
% |
|
|
37.5 |
% |
|
|
32.4 |
% |
|
|
35.7 |
% |
|
|
34.1 |
% |
|
|
41.6 |
% |
|
|
42.8 |
% |
|
|
43.6 |
% |
|
|
42.7 |
% |
|
|
46.6 |
% |
|
|
47.8 |
% |
Y/Y |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-8.6 |
% |
|
|
10.9 |
% |
|
|
32.1 |
% |
|
|
22.1 |
% |
|
|
25.2 |
% |
|
|
12.0 |
% |
|
|
11.7 |
% |
Y/2Y (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14.5 |
% |
|
|
24.3 |
% |
|
|
47.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (b) |
|
$ |
619 |
|
|
$ |
486 |
|
|
$ |
503 |
|
|
$ |
190 |
|
|
$ |
553 |
|
|
$ |
1,277 |
|
|
$ |
1,586 |
|
|
$ |
73 |
|
|
$ |
1,486 |
|
|
$ |
1,744 |
|
|
$ |
2,267 |
|
Y/Y |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-10.7 |
% |
|
|
162.8 |
% |
|
|
215.3 |
% |
|
|
-61.6 |
% |
|
|
168.7 |
% |
|
|
36.6 |
% |
|
|
42.9 |
% |
Y/2Y (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
140.1 |
% |
|
|
258.8 |
% |
|
|
350.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (c) |
|
$ |
1,177 |
|
|
$ |
841 |
|
|
$ |
876 |
|
|
$ |
1,114 |
|
|
$ |
1,028 |
|
|
$ |
1,931 |
|
|
$ |
2,336 |
|
|
$ |
2,397 |
|
|
$ |
2,262 |
|
|
$ |
2,523 |
|
|
$ |
3,300 |
|
Y/Y |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-12.7 |
% |
|
|
129.6 |
% |
|
|
166.7 |
% |
|
|
115.2 |
% |
|
|
120.0 |
% |
|
|
30.7 |
% |
|
|
41.3 |
% |
Y/2Y (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92.2 |
% |
|
|
200.0 |
% |
|
|
276.7 |
% |
(a) |
Year over 2 years |
(b) |
Q1 2022 - Q3 2022 do not include any public company costs as these periods were pre-IPO. |
(c) |
A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided at the end of this press release. |
M-tron Industries, Inc. Condensed Consolidated Statements of Operations (Unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in thousands, except share data) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenues |
|
$ |
13,214 |
|
|
$ |
10,888 |
|
|
$ |
36,207 |
|
|
$ |
30,395 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manufacturing cost of sales |
|
|
6,904 |
|
|
|
6,230 |
|
|
|
19,617 |
|
|
|
18,322 |
|
Engineering, selling and administrative |
|
|
3,389 |
|
|
|
2,625 |
|
|
|
9,773 |
|
|
|
7,714 |
|
Total costs and expenses |
|
|
10,293 |
|
|
|
8,855 |
|
|
|
29,390 |
|
|
|
26,036 |
|
Operating income |
|
|
2,921 |
|
|
|
2,033 |
|
|
|
6,817 |
|
|
|
4,359 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense), net |
|
|
63 |
|
|
|
1 |
|
|
|
139 |
|
|
|
(6 |
) |
Other (expense) income, net |
|
|
24 |
|
|
|
12 |
|
|
|
61 |
|
|
|
(6 |
) |
Total other income (expense), net |
|
|
87 |
|
|
|
13 |
|
|
|
200 |
|
|
|
(12 |
) |
Income before income taxes |
|
|
3,008 |
|
|
|
2,046 |
|
|
|
7,017 |
|
|
|
4,347 |
|
Income tax expense |
|
|
741 |
|
|
|
460 |
|
|
|
1,520 |
|
|
|
931 |
|
Net income |
|
$ |
2,267 |
|
|
$ |
1,586 |
|
|
$ |
5,497 |
|
|
$ |
3,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.82 |
|
|
$ |
0.59 |
|
|
$ |
2.01 |
|
|
$ |
1.27 |
|
Diluted |
|
$ |
0.81 |
|
|
$ |
0.57 |
|
|
$ |
1.97 |
|
|
$ |
1.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
2,751,924 |
|
|
|
2,703,840 |
|
|
|
2,729,803 |
|
|
|
2,693,400 |
|
Diluted |
|
|
2,800,820 |
|
|
|
2,759,780 |
|
|
|
2,788,046 |
|
|
|
2,739,819 |
|
M-tron Industries, Inc. Condensed Consolidated Balance Sheets (Unaudited) |
||||||||
(in thousands) |
|
September 30, 2024 |
|
December 31, 2023 |
||||
Assets: |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
8,490 |
|
|
$ |
3,913 |
|
Accounts receivable, net of reserves of $147, and $141, respectively |
|
|
6,058 |
|
|
|
4,802 |
|
Inventories, net |
|
|
9,553 |
|
|
|
8,884 |
|
Prepaid expenses and other current assets |
|
|
555 |
|
|
|
588 |
|
Total current assets |
|
|
24,656 |
|
|
|
18,187 |
|
Property, plant and equipment, net |
|
|
4,887 |
|
|
|
4,131 |
|
Right-of-use lease asset |
|
|
32 |
|
|
|
97 |
|
Intangible assets, net |
|
|
40 |
|
|
|
45 |
|
Deferred income tax asset |
|
|
1,894 |
|
|
|
1,835 |
|
Other assets |
|
|
7 |
|
|
|
10 |
|
Total assets |
|
$ |
31,516 |
|
|
$ |
24,305 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
5,287 |
|
|
|
4,384 |
|
Non-current liabilities |
|
|
9 |
|
|
|
26 |
|
Total liabilities |
|
|
5,296 |
|
|
|
4,410 |
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
|
26,220 |
|
|
|
19,895 |
|
Total liabilities and stockholders' equity |
|
$ |
31,516 |
|
|
$ |
24,305 |
|
Non-GAAP Financial Measures
Throughout this press release, including the results from operations, the Company presents its financial condition and results of operations in the way it believes will be most meaningful and representative of its business results. Some of the measurements the Company uses are "Non-GAAP financial measures" under SEC rules and regulations. The non-GAAP financial measures the Company presents are listed below and may not be comparable to similarly-named measures reported by other companies. the reconciliations of such measures to the most comparable GAAP measures in accordance with Regulation G are included within the relevant tables attached to this press release. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with GAAP.
The Company uses the following operating performance measure because the Company believes it provides both management and investors with a more complete understanding of the underlying operational results and trends and our marketplace performance
Adjusted EBITDA is derived by excluding the items set forth below from Income before income taxes. Excluded items include the following:
- Interest income
- Interest expense
- Depreciation
- Amortization
- Non-cash stock-based compensation
- Other discrete items that might have a significant impact on comparable GAAP measures and could distort the evaluation of our normal operating performance
Reconciliation of GAAP Income Before Income Taxes to Non-GAAP Adjusted EBITDA
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in thousands, except share data) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Income before income taxes |
|
$ |
3,008 |
|
|
$ |
2,046 |
|
|
$ |
7,017 |
|
|
$ |
4,347 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (income) |
|
|
(63 |
) |
|
|
(1 |
) |
|
|
(139 |
) |
|
|
6 |
|
Depreciation |
|
|
278 |
|
|
|
192 |
|
|
|
717 |
|
|
|
577 |
|
Amortization |
|
|
— |
|
|
|
13 |
|
|
|
5 |
|
|
|
40 |
|
Total adjustments |
|
|
215 |
|
|
|
204 |
|
|
|
583 |
|
|
|
623 |
|
EBITDA |
|
|
3,223 |
|
|
|
2,250 |
|
|
|
7,600 |
|
|
|
4,970 |
|
Non-cash stock compensation |
|
|
77 |
|
|
|
86 |
|
|
|
485 |
|
|
|
297 |
|
Excess Spin-off costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28 |
|
Adjusted EBITDA |
|
$ |
3,300 |
|
|
$ |
2,336 |
|
|
$ |
8,085 |
|
|
$ |
5,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.20 |
|
|
$ |
0.86 |
|
|
$ |
2.96 |
|
|
$ |
1.97 |
|
Diluted |
|
$ |
1.18 |
|
|
$ |
0.85 |
|
|
$ |
2.90 |
|
|
$ |
1.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
2,751,924 |
|
|
|
2,703,840 |
|
|
|
2,729,803 |
|
|
|
2,693,400 |
|
Diluted |
|
|
2,800,820 |
|
|
|
2,759,780 |
|
|
|
2,788,046 |
|
|
|
2,739,819 |
|
The following table is a reconciliation of Adjusted EBITDA to Income before income taxes:
|
|
2022 |
|
2023 |
|
2024 |
||||||||||||||||||||||||||||||||||||||
(in thousands) |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
||||||||||||||||||||||
Revenues |
|
$ |
7,691 |
|
|
$ |
7,064 |
|
|
$ |
8,417 |
|
|
$ |
8,673 |
|
|
$ |
9,367 |
|
|
$ |
10,140 |
|
|
$ |
10,888 |
|
|
$ |
10,773 |
|
|
$ |
11,185 |
|
|
$ |
11,808 |
|
|
$ |
13,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
$ |
794 |
|
|
$ |
592 |
|
|
$ |
614 |
|
|
$ |
595 |
|
|
$ |
719 |
|
|
$ |
1,582 |
|
|
$ |
2,046 |
|
|
$ |
53 |
|
|
$ |
1,863 |
|
|
$ |
2,146 |
|
|
$ |
3,008 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (income) |
|
|
3 |
|
|
|
2 |
|
|
|
1 |
|
|
|
5 |
|
|
|
2 |
|
|
|
5 |
|
|
|
(1 |
) |
|
|
(13 |
) |
|
|
(32 |
) |
|
|
(44 |
) |
|
|
(63 |
) |
Depreciation |
|
|
148 |
|
|
|
165 |
|
|
|
173 |
|
|
|
185 |
|
|
|
195 |
|
|
|
190 |
|
|
|
192 |
|
|
|
220 |
|
|
|
219 |
|
|
|
220 |
|
|
|
278 |
|
Amortization |
|
|
13 |
|
|
|
14 |
|
|
|
13 |
|
|
|
14 |
|
|
|
13 |
|
|
|
14 |
|
|
|
13 |
|
|
|
13 |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
Total adjustments |
|
|
164 |
|
|
|
181 |
|
|
|
187 |
|
|
|
204 |
|
|
|
210 |
|
|
|
209 |
|
|
|
204 |
|
|
|
220 |
|
|
|
192 |
|
|
|
176 |
|
|
|
215 |
|
EBITDA |
|
|
958 |
|
|
|
773 |
|
|
|
801 |
|
|
|
799 |
|
|
|
929 |
|
|
|
1,791 |
|
|
|
2,250 |
|
|
|
273 |
|
|
|
2,055 |
|
|
|
2,322 |
|
|
|
3,223 |
|
Non-cash stock compensation |
|
|
219 |
|
|
|
68 |
|
|
|
75 |
|
|
|
96 |
|
|
|
71 |
|
|
|
140 |
|
|
|
86 |
|
|
|
2,124 |
|
|
|
207 |
|
|
|
201 |
|
|
|
77 |
|
Excess Spin-off costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
219 |
|
|
|
28 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
1,177 |
|
|
$ |
841 |
|
|
$ |
876 |
|
|
$ |
1,114 |
|
|
$ |
1,028 |
|
|
$ |
1,931 |
|
|
$ |
2,336 |
|
|
$ |
2,397 |
|
|
$ |
2,262 |
|
|
$ |
2,523 |
|
|
$ |
3,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin |
|
|
15.3 |
% |
|
|
11.9 |
% |
|
|
10.4 |
% |
|
|
12.8 |
% |
|
|
11.0 |
% |
|
|
19.0 |
% |
|
|
21.5 |
% |
|
|
22.3 |
% |
|
|
20.2 |
% |
|
|
21.4 |
% |
|
|
25.0 |
% |
About MtronPTI
M-tron Industries, Inc. (NYSE American: MPTI) was originally founded in 1965 and designs, manufactures and markets highly engineered, high reliability frequency and spectrum control products and solutions. As an engineering-centric company, MtronPTI provides close support to its customers throughout our products’ entire life cycle, including product design, prototyping, production and subsequent product upgrades. MtronPTI has design and manufacturing facilities in Orlando, Florida and Yankton, South Dakota, a sales office in Hong Kong, and a manufacturing facility in Noida, India. For more information, visit www.mtronpti.com.
Cautionary Note Concerning Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as those pertaining to the uncertain financial impact of COVID-19 and the Company’s financial condition, results of operations, business strategy and financial needs. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words "believe," "expect," "anticipate," "should," "plan," "will," "may," "could," "intend," "estimate," "predict," "potential," "continue" or the negative of these terms and similar expressions, as they relate to MtronPTI, are intended to identify forward-looking statements.
These forward-looking statements are largely based on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the Company. They can be affected by inaccurate assumptions, including the risks, uncertainties and assumptions described in the filings made by MtronPTI with the Securities and Exchange Commission ("SEC"), including those risks set forth under the heading "Risk Factors" in the Company’s Annual Report on Form 10-K as filed with the SEC on March 25, 2024. In light of these risks, uncertainties and assumptions, the forward-looking statements in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. When you consider these forward-looking statements, you should keep in mind these risk factors and other cautionary statements in this press release.
These forward-looking statements speak only as of the date of this press release. MtronPTI undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241113038096/en/
