CTI Industries Announces 2018 First Quarter Financial Results

Net sales declined to $14.0 million from $15.4 million in Q1 2017, driven by lower sales of foil balloons, vacuum sealing products, and film products, partially offset by higher sales of latex balloons and other products.  

See table below, in $000s.

Gross profit declined to $2.9 million, or 20.5% of net sales, as compared to gross profit of $3.6 million, or 23.6% of net sales, in Q1 2017.   The decline was due primarily to lower sales volume. 

Operating expenses, which include general and administrative ("G&A"), selling, and advertising and marketing ("A&M") costs, as well as gains and losses on asset sales, declined to $3.0 million from $3.1 million in Q1 2017.   This was primarily the result of lower G&A and A&M costs, partially offset by higher selling expenses.

Operating loss was $147,000 compared to operating income of $508,000 in Q1 2017.   

Interest expense rose to $564,000 from $377,000 in Q1 2017. 

Net loss attributable to CTI was $463,000, or $0.13 per diluted share, as compared to net income of $58,000, or $0.02 per diluted share, in Q1 2017. 

EBITDA for Q1 2018 was $325,000 as compared to EBITDA of $894,000 in Q1 2017.

Conference Call 

Management will host a conference call to discuss Q1 2018 results and other matters on Monday, May 14, 2018 at 9:00 a.m. Central Time / 10:00 a.m. Eastern Time.  Interested parties may participate in the call by dialing:

• 866-619-8760
• entering the Conference ID code 5286837. 

Participants are advised to dial into the call five to ten minutes prior to the starting time to register.  A replay of the conference call will be available from May 14–21, 2018 by dialing 855-859-2056.  The replay passcode is 5286837. 

Non-GAAP Measures

To provide additional information regarding the Company's results, we have disclosed in this press release EBITDA (Earnings Before Interest Taxes Depreciation and Amortization).  The Company defines EBITDA as earnings (loss) before net interest, other expense, taxes, depreciation and amortization expense. The Company has included EBITDA as a supplemental financial measure in this press release because it is a key measure used by management and the board of directors to understand and evaluate the core operating performance of the Company, to prepare budgets and operating plans, and because management believes such measure provides useful information in understanding and evaluating the Company's operating results.  However, use of EBITDA as an analytic tool has its limitations and you should not consider this measure in isolation or as a substitute for analysis of the Company's financial results as reported under GAAP.  A reconciliation to the closest GAAP statement of this non-GAAP measure is contained in the accompanying tables.

About CTI

CTI Industries Corporation is one of the leading manufacturers and marketers of foil and latex balloons, develops, produces and markets vacuum sealing systems for household use and produces laminated and printed films for commercial uses.  CTI also distributes products for home organization and storage, Candy Blossoms and other gift items and, in Mexico, party goods.  CTI markets its products throughout the United States and in a number of other countries.

Forward Looking Statements

Statements made in this release that are not historical facts are "forward-looking" statements (within the meaning of Section 21E of the Securities Exchange Act of 1934) that involve risks and uncertainties and are subject to change at any time.  These "forward-looking" statements may include, but are not limited to, statements containing words such as "may," "should," "could," "would," "expect," "plan," "goal," "anticipate," "believe," "estimate," "predict," "potential," "continue," or similar expressions. We have based these forward-looking statements on our current expectations and projections about future results.  Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from statements made herein.  More information on factors that could affect CTI's business and financial results are included in its public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

CTI Industries Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
		March 31, 2018		*December 31, 2017
Assets		(Unaudited)
Current Assets:
Cash and cash equivalents (VIE $65,000 and $51,000, respectively)		$                  595,605		$                  181,026
Accounts receivable (less allowance for doubtful accounts of $102,000 and $114,000, respectively)		11,980,251		11,235,834
Inventories, net (VIE $465,000 and $498,000, respectively)		21,355,107		18,865,932
Other current assets (VIE $174,000 and $80,000, respectively)		1,967,910		2,008,693
Total current assets		35,898,873		32,291,485
Property, plant and equipment, net (VIE $225,000 and $232,000, respectively)		4,201,199		4,556,581
Other assets (VIE $440,000 and $440,000, respectively)		3,430,107		3,135,972
Total Assets		$             43,530,179		$             39,984,038
Liabilities & Equity
Total current liabilities (VIE $706,000 and $590,000, respectively)		$             30,922,506		$             22,660,880
Long term debt, less current maturities (VIE $68,000 and $83,000, respectively)		2,157,265		6,878,898
CTI Industries Corporation stockholders' equity		11,377,520		11,363,830
Noncontrolling interest		(927,112)		(919,570)
Total Liabilities & Equity		$             43,530,179		$             39,984,038 Werbung Mehr Nachrichten zur Cti Industries Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 08:56 - PR Newswire Datang Intnl Pwr Gen - Notice of Board of Directors Meeting 02:00 - PR Newswire BlackRock Smaller Companies Trust Plc - Total Voting Rights Gefragter denn je...:    Explosive Nachfrage und Schockierendes Defizit! Auf den Schwingen des Silbers jetzt abheben! weiterlesen» Anzeige wo-site-teaser-box-16670_site-teaser-box_2024-04-16_08%253A00%253A00_2024-04-17_09%253A00%253A59