ARC Group Worldwide Announces Second Quarter 2019 Results

ARC Group Worldwide, Inc.
Consolidated Balance Sheets
(in thousands, except share data)

       
         
    December 30, 2018   June 30, 2018
ASSETS      
Current assets:      
Cash $ 249  $365 
Accounts receivable, net   10,044   11,103 
Inventories, net   14,815   12,102 
Prepaid expenses and other current assets   1,105   2,781 
Current assets of discontinued operations   3,444    547 
Total current assets   29,657   26,898 
Property and equipment, net   36,067    36,879 
Goodwill   6,412   6,412 
Intangible assets, net   14,582   16,270 
Other   353   347 
Long-term assets of discontinued operations   —    3,127 
Total assets $ 87,071  $89,933 
       
LIABILITIES AND STOCKHOLDERS' EQUITY      
Current liabilities:      
Accounts payable $ 11,050  $11,345 
Accrued expenses and other current liabilities   2,121   2,000 
Deferred revenue   561   825 
Bank borrowings, current portion of long-term debt   1,704   1,721 
Capital lease obligations, current portion   1,278   456 
Accrued escrow obligations, current portion   776   943 
Current liabilities of discontinued operations    1,364        1,422  
Total current liabilities      18,854       18,712  
Long-term debt, net of current portion      38,892       37,013  
Capital lease obligations, net of current portion      1,273       617  
Other long-term liabilities      967        965  
Long-term liabilities of discontinued operations      —        462  
Total liabilities      59,986       57,769  
             
Commitments and contingencies (Note 11)            
             
Stockholders' Equity:            
Preferred stock, $0.001 par value, 2,000,000 shares authorized, no shares issued and outstanding      —        —  
Common stock, $0.0005 par value, 250,000,000 shares authorized; 23,357,879 shares issued and 23,349,478 shares issued and
outstanding at December 30, 2018, and 23,324,316 shares issued and 23,315,915 shares issued and outstanding at June 30, 2018
     12       12  
Treasury stock, at cost; 8,401 shares at December 30, 2018 and June 30, 2018      (94 )     (94 )
Additional paid-in capital      42,027       41,829  
Accumulated deficit      (14,866 )     (9,627 )
Accumulated other comprehensive income      6       44  
Total stockholders' equity      27,085       32,164  
Total liabilities and stockholders' equity   $  87,071     $  89,933  



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