Dynamic Materials posts $1.6M profit for 1Q
Last Updated: 14:33 April 30, 2014
The Boulder-based manufacturer also realized a net income of $1.6 million, or 12 cents per share, compared with a profit of just $215,000 for the same period last year.
DMC has two core businesses that serve the energy and industrial markets. Its NobelClad segment makes explosion-welded clad metal plates for making equipment in various industries. Its Oilfield Products segment, meanwhile, consists of DynaEnergetics, a maker of advanced explosive components and systems for perforating oil and gas wells, and AMK Technical Services, which specializes in the welding of components for the oil, turbine and jet-engine industries.
Revenue in the Oilfield Products segment increased to $23.5 million compared with $20.1 million a year ago. Its income from operations increased from $1.4 million to $3.6 million, meanwhile. Conversely, NobelClad saw both of those metrics dip.
DMC president and chief executive Kevin Longe noted that positive market conditions helped drive demand for DynaEnergetics' DynaSelect detonator system.
"The oil and gas industry places great emphasis on reliability, safety and efficiency in its well completion technologies, and the demand for our new DynaSelect system illustrates we are facilitating more effective well completions," Longe said.
DMC shares were up 1 percent by late morning Wednesday at $19.48 apiece.
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