Dynamic Materials' revenue up in 2013
Last Updated: 13:59 February 26, 2014
Boulder-based Dynamic Materials (Nasdaq: BOOM) recorded net income in 2013 of $7.6 million, a 36 percent decrease from the 11.7 million reported for 2012.
For the most recent quarter that ended Dec. 31, Dynamic Materials posted $51.2 million in revenue for its, down 3 percent from the same period a year earlier, the company said in an earnings statement. The company reported $52.5 million in revenue for the same quarter in 2012.
The metal products company attributed the revenue decline to an unanticipated drop in sales at DynaEnergetics, its oilfield products division. Several North American customers of DynaEnergetics curtailed operations during the last half of the quarter, according to the Dynamic Materials statement.
On the plus side, DynaEnergetics is going through an uptick in activity in the first quarter of 2014 that's related to a new product offering, Kevin Longe, Dynamic Materials' president and chief executive, said in the press statement.
Dynamic Materials reported net income of $278,000, or 2 cents per diluted share, in the most recent quarter, a decrease of 91 percent from net income of $2.9 million, or 21 cents per diluted share, reported for the same quarter a year ago, according to the statement.
The company plans to grow in 2014 through geographic expansion, market-share gains and development of new products and technologies, Longe said in the press statement.
Dynamic Materials has offices around the world and three major divisions: explosion-welded metal plates, oilfield products and welding.
Company stock was trading at $21 in the early afternoon Wednesday, down almost 12 percent from Tuesday's close of $23.86. Dynamic Materials' stock has traded in a range between $15.19 and $24.09 in the last 52 weeks.
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