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Dynamic Materials Reports Second Quarter and Six-Month Financial Results

BOULDER, CO -- (Marketwired) -- 07/29/14 -- Dynamic Materials Corporation (DMC) (NASDAQ: BOOM) today reported financial results for the second quarter and six-month period ended June 30, 2014.

Second quarter sales were $53.6 million, down 7% from sales of $57.9 million in the same quarter last year, and a 12% sequential improvement versus this year's first quarter. Second quarter gross margin was 30%, consistent with last year's second quarter.

Operating income was $4.0 million versus $6.0 million in the second quarter of 2013. Net income was $2.9 million, or $0.21 per diluted share, versus $3.4 million, or $0.25 per diluted share, in the same period a year ago. Second quarter adjusted EBITDA was $8.6 million versus $9.7 million in the second quarter last year. Adjusted EBITDA is a non-GAAP (generally accepted accounting principles) financial measure used by management to measure operating performance. See additional information about adjusted EBITDA at the end of this news release, as well as a reconciliation of adjusted EBITDA to GAAP measures.

Oilfield Products
Oilfield Products reported second quarter sales of $27.4 million, up 8% from $25.5 million in the second quarter last year, and a quarterly record. Operating income increased to $3.4 million from $2.6 million in last year's second quarter, while adjusted EBITDA was $5.3 million versus $4.1 million in the comparable prior-year quarter.

NobelClad
NobelClad reported sales of $26.2 million, down 19% from $32.4 million in the second quarter last year. Operating income was $3.1 million versus $5.2 million in the comparable year-ago quarter, while adjusted EBITDA was $4.8 million versus $6.7 million in last year's second quarter. NobelClad ended the quarter with an order backlog of $40.1 million, up 12% from $35.9 million at the end of this year's first quarter.

Six-Month Results
Consolidated sales for the six-month period were $101.7 million, down 2% from sales of $104.1 million in the same period last year. Gross margin improved to 30% from 29% for the comparable six-month period a year ago. Operating income improved to $6.8 million from $5.0 million during last year's six-month period. The 2013 six-month period included $3.0 million of non-recurring expenses associated with management retirements.

Six-month net income improved to $4.5 million, or $0.32 per diluted share, from net income of $3.7 million, or $0.27 per diluted share, in the comparable year-ago period. Net income in the 2013 six-month period reflected a tax benefit of $1.2 million.

The Oilfield Products business reported sales of $50.9 million, up 12% from $45.6 million in last year's six-month period. Operating income was $7.0 million versus $4.0 million in the comparable year-ago period. Adjusted EBITDA was $10.7 million, up from $7.1 million in last year's six-month period.

NobelClad reported six-month sales of $50.8 million, down 13% from $58.6 million at the six-month mark last year. Operating income was $4.5 million, down from $7.7 million, and adjusted EBITDA was $7.9 million versus $10.6 million in last year's six-month period.

Management Commentary
Kevin Longe, president and CEO, said, "Our second quarter top-line results were an improvement over the first quarter, and reflect the continued strong performance of DynaEnergetics. Demand for DynaEnergetics' DynaSelect switch detonator remains strong, particularly in North America, and helped elevate Oilfield Products sales to a quarterly record."

During the second quarter, DynaEnergetics made another major product introduction: the DynaStage gun system. DynaStage, which incorporates the DynaSelect detonator technology, is a customizable perforating gun that is delivered to the well site pre-assembled and pre-wired, thereby significantly enhancing the efficiency and safety of the perforating process. "Customers responded very favorably to this product when we introduced it in May at the Offshore Technology Conference in Houston," Longe said. "We are actively educating our customer base on the DynaStage system, and expect to launch commercial production later this year. Both DynaSelect and DynaStage illustrate the strength of DynaEnergetics' research and development team, which has established us as a global leader in well perforating technology."

Longe said NobelClad's roster of prospective orders has expanded during the past quarter, and includes an increasing number of projects in the global oil and gas and chemical sectors. "The breadth of projects NobelClad is tracking suggests capital spending within its two largest end markets may be picking up. This represents an encouraging development; and while order activity could remain somewhat variable during the near term, we are optimistic the longer-range trend will be much improved."

Longe noted the Company's free cash flow during the first half of the year was below management's performance objectives. "Cash flow was negatively affected by a variety of non-recurring items, including investments in DynaSelect detonator inventory and cladding materials with long lead times. We expect much stronger results going forward and are managing the Company and its businesses accordingly. Our sharpened focus on cash generation should become evident during the balance of this year."

Guidance
Michael Kuta, chief financial officer, said management has maintained its prior 2014 financial guidance of revenue that is expected to be flat to up 4% versus the $209.6 million reported in 2013. Gross margin is now expected to be in the range of 29% to 30% versus the prior forecast of 29% to 31% and 28% reported in 2013. The Company's blended effective tax rate for fiscal 2014 is expected to range from 29% to 30% based on projected pre-tax income.

For the third quarter, management anticipates sales will be up 1% to 3% from the $54.3 million reported in last year's third quarter. Third quarter gross margin is expected to be in a range of 27% to 29% versus the 31% reported in last year's third quarter. The expected gross margin decline reflects the anticipated third quarter results of NobelClad, which is forecasting a dip in sales and less favorable product mix, both of which are expected to improve in the fourth quarter.

Conference call information
Management will hold a conference call to discuss these results today at 5:00 p.m. Eastern (3:00 p.m. Mountain). Investors are invited to listen to the call live via the Internet at www.dynamicmaterials.com, or by dialing 877-407-0778 (201-689-8565 for international callers). No passcode is necessary. Webcast participants should access the website at least 15 minutes early to register and download any necessary audio software. A replay of the webcast will be available for 90 days and a telephonic replay will be available through August 5, 2014, by calling 877-660-6853 (201-612-7415 for international callers) and entering the Conference ID # 13587035.

Use of Non-GAAP Financial Measures
Non-GAAP results are presented only as a supplement to the financial statements based on U.S. generally accepted accounting principles (GAAP). The non-GAAP financial information is provided to enhance the reader's understanding of DMC's financial performance, but no non-GAAP measure should be considered in isolation or as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of the most directly comparable GAAP measures to non-GAAP measures are provided within the schedules attached to this release.

EBITDA is defined as net income plus or minus net interest plus taxes, depreciation and amortization. Adjusted EBITDA excludes from EBITDA stock-based compensation and, when appropriate, other items that management does not utilize in assessing DMC's operating performance (as further described in the attached financial schedules). None of these non-GAAP financial measures are recognized terms under GAAP and do not purport to be an alternative to net income as an indicator of operating performance or any other GAAP measure.

Management uses these non-GAAP measures in its operational and financial decision-making, believing that it is useful to eliminate certain items in order to focus on what it deems to be a more reliable indicator of ongoing operating performance. As a result, internal management reports used during monthly operating reviews feature the adjusted EBITDA. In addition, during 2014 DMC management incentive awards will be based, in part, on the amount of EBITDA achieved during the year. Management also believes that investors may find non-GAAP financial measures useful for the same reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures. EBITDA and adjusted EBITDA are also used by research analysts, investment bankers and lenders to assess operating performance. For example, a measure similar to EBITDA is required by the lenders under DMC's credit facility.

Because not all companies use identical calculations, DMC's presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. However, these measures can still be useful in evaluating the company's performance against its peer companies because management believes the measures provide users with valuable insight into key components of GAAP financial disclosures. For example, a company with greater GAAP net income may not be as appealing to investors if its net income is more heavily comprised of gains on asset sales. Likewise, eliminating the effects of interest income and expense moderates the impact of a company's capital structure on its performance.

All of the items included in the reconciliation from net income to EBITDA and adjusted EBITDA are either (i) non-cash items (e.g., depreciation, amortization of purchased intangibles and stock-based compensation) or (ii) items that management does not consider to be useful in assessing DMC's operating performance (e.g., income taxes and gain on sale of assets). In the case of the non-cash items, management believes that investors can better assess the company's operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect DMC's ability to generate free cash flow or invest in its business. For example, by adjusting for depreciation and amortization in computing EBITDA, users can compare operating performance without regard to different accounting determinations such as useful life. In the case of the other items, management believes that investors can better assess operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance.

About DMC
Based in Boulder, Colorado, DMC serves a global network of customers in the energy, infrastructure and industrials markets through two core businesses: NobelClad and Oilfield Products. The NobelClad segment is the world's largest manufacturer of explosion-welded clad metal plates, which are used to fabricate capital equipment utilized within various process industries and other industrial sectors. The Oilfield Products segment is comprised of DynaEnergetics, an international manufacturer and marketer of advanced explosive components and systems used to perforate oil and gas wells, and AMK Technical Services, which utilizes various specialized technologies to weld components for use in oilfield equipment, power-generation turbines, and commercial and military jet engines. For more information, visit the Company's website at: http://www.dynamicmaterials.com

Safe Harbor Language
Except for the historical information contained herein, this news release contains forward-looking statements, including third quarter and full-year 2014 guidance on revenue, gross margins and effective tax rates, expectations about improving conditions in NobelClad's industrial end markets, new DynaEnergetics product launches and the Company's cash generation initiatives. These risks and uncertainties include, but are not limited to, the following: our ability to increase clad metal bookings, our ability realize sales from our backlog; our ability to obtain new contracts at attractive prices; the execution of purchase commitments by our customers, and our ability to successfully deliver on those purchase commitments; the size and timing of customer orders and shipments; fluctuations in customer demand; our ability to successfully execute and capitalize upon growth opportunities; our ability to launch commercial production later this year of our DynaStage gun system;; fluctuations in foreign currencies, changes to customer orders; the cyclicality of our business; competitive factors; the timely completion of contracts; the timing and size of expenditures; the timing and price of metal and other raw material; the adequacy of local labor supplies at our facilities; current or future limits on manufacturing capacity at our various operations; the availability and cost of funds; and general economic conditions, both domestic and foreign, impacting our business and the business of the end-market users we serve; as well as the other risks detailed from time to time in the Company's SEC reports, including the annual report on Form 10-K for the year ended December 31, 2013.


                        DYNAMIC MATERIALS CORPORATION
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
          FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013
           (Amounts in Thousands, Except Share and Per Share Data)
                                 (unaudited)


                            Three months ended         Six months ended
                                 June 30,                  June 30,
                         ------------------------  ------------------------
                             2014         2013         2014         2013
                         -----------  -----------  -----------  -----------
NET SALES                $    53,618  $    57,859  $   101,657  $   104,129
COST OF PRODUCTS SOLD         37,305       40,796       71,015       74,347
                         -----------  -----------  -----------  -----------
  Gross profit                16,313       17,063       30,642       29,782
                         -----------  -----------  -----------  -----------
COSTS AND EXPENSES:
  General and
   administrative
   expenses                    5,935        5,158       11,637       13,296
  Selling and
   distribution expenses       4,770        4,324        9,018        8,375
  Amortization of
   purchased intangible
   assets                      1,617        1,568        3,232        3,153
                         -----------  -----------  -----------  -----------
     Total costs and
     expenses                 12,322       11,050       23,887       24,824
                         -----------  -----------  -----------  -----------
INCOME FROM OPERATIONS         3,991        6,013        6,755        4,958
OTHER INCOME (EXPENSE):
  Other income
   (expense), net                332         (420)        (103)        (124)
  Interest expense, net         (173)        (182)        (278)        (351)
                         -----------  -----------  -----------  -----------
INCOME BEFORE INCOME
 TAXES AND NON-
 CONTROLLING INTEREST          4,150        5,411        6,374        4,483
INCOME TAX PROVISION           1,263        1,956        1,849          785
                         -----------  -----------  -----------  -----------
NET INCOME                     2,887        3,455        4,525        3,698
  Less: Net income
   attributable to non-
   controlling interest            -           15            -           43
                         -----------  -----------  -----------  -----------
NET INCOME ATTRIBUTABLE
 TO DYNAMIC MATERIALS
 CORPORATION             $     2,887  $     3,440  $     4,525  $     3,655
                         ===========  ===========  ===========  ===========
INCOME PER SHARE:
  Basic                  $      0.21  $      0.25  $      0.32  $      0.27
                         ===========  ===========  ===========  ===========
  Diluted                $      0.21  $      0.25  $      0.32  $      0.27
                         ===========  ===========  ===========  ===========

WEIGHTED AVERAGE NUMBER
 OF SHARES OUTSTANDING:
  Basic                   13,672,457   13,526,623   13,668,223   13,523,028
                         ===========  ===========  ===========  ===========
  Diluted                 13,677,911   13,530,588   13,673,807   13,527,011
                         ===========  ===========  ===========  ===========

DIVIDENDS DECLARED PER
 COMMON SHARE            $      0.04  $      0.04  $      0.08  $      0.08
                         ===========  ===========  ===========  ===========


                        DYNAMIC MATERIALS CORPORATION
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                           (Amounts in Thousands)


                                                  June 30,     December 31,
                                                    2014           2013
ASSETS                                           (unaudited)
                                               -------------- --------------

Cash and cash equivalents                      $        8,692 $       10,617
Accounts receivable, net                               39,187         38,715
Inventory, net                                         46,335         41,550
Other current assets                                    9,961          7,882
                                               -------------- --------------

  Total current assets                                104,175         98,764

Property, plant and equipment, net                     64,896         65,015
Goodwill, net                                          37,161         37,970
Purchased intangible assets, net                       32,939         36,458
Other long-term assets                                  2,777          2,405
                                               -------------- --------------

Total assets                                   $      241,948 $      240,612
                                               ============== ==============


LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                               $        9,748 $       14,668
Customer advances                                       2,622          1,025
Dividend payable                                          559            550
Accrued income taxes                                    2,473          2,811
Other current liabilities                               8,486          9,231
Current debt obligations                                   20          2,907
                                               -------------- --------------

  Total current liabilities                            23,908         31,192

Lines of credit                                        31,800         26,400
Deferred tax liabilities                                7,588          8,347
Other long-term liabilities                             2,006          1,881
Stockholders' equity                                  176,646        172,792
                                               -------------- --------------

Total liabilities and stockholders' equity     $      241,948 $      240,612
                                               ============== ==============


                        DYNAMIC MATERIALS CORPORATION
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
               FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013
                           (Amounts in Thousands)
                                 (unaudited)


                                                       2014         2013
                                                   -----------  -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                       $     4,525  $     3,698
  Adjustments to reconcile net income to net
   cashprovided by operating activities -

    Depreciation (including capital lease
     amortization)                                       3,922        2,874
    Amortization of purchased intangible assets          3,232        3,153
    Amortization of deferred debt issuance costs            51           51
    Stock-based compensation                             1,591        2,057
    Deferred income tax provision (benefit)                (69)         196
    Gain on disposal of property, plant and
     equipment                                               5           21
    Change in working capital, net                     (12,566)       3,348
                                                   -----------  -----------
      Net cash provided by operating activities            691       15,398
                                                   -----------  -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Acquisition of property, plant and equipment          (4,215)      (9,726)
  Change in other non-current assets                       (52)         192
                                                   -----------  -----------
      Net cash used in investing activities             (4,267)      (9,534)
                                                   -----------  -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Borrowings (repayments) on bank lines of credit,
   net                                                   2,555       (9,811)
  Payments on long-term debt                               (31)         (32)
  Payments on capital lease obligations                    (22)         (25)
  Payment of dividends                                  (1,108)      (1,088)
  Net proceeds from issuance of common stock               234          163
  Tax impact of stock-based compensation                   112         (836)
                                                   -----------  -----------
      Net cash provided by (used in) financing
       activities                                        1,740      (11,629)
                                                   -----------  -----------
EFFECTS OF EXCHANGE RATES ON CASH                          (89)        (112)
                                                   -----------  -----------
NET DECREASE IN CASH AND CASH EQUIVALENTS               (1,925)      (5,877)

CASH AND CASH EQUIVALENTS, beginning of the period      10,617        8,200
                                                   -----------  -----------

CASH AND CASH EQUIVALENTS, end of the period       $     8,692  $     2,323
                                                   ===========  ===========


                DYNAMIC MATERIALS CORPORATION & SUBSIDIARIES
         RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
               DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
                           (Amounts in thousands)
                                 (unaudited)



                               Three months ended       Six months ended
                                    June 30,                June 30,
                             ----------------------  ----------------------
                                2014        2013        2014        2013
                             ----------  ----------  ----------  ----------

NobelClad                    $   26,231  $   32,390  $   50,795  $   58,572
DynaEnergetics                   27,387      25,469      50,862      45,557
                             ----------  ----------  ----------  ----------

Net sales                    $   53,618  $   57,859  $  101,657  $  104,129
                             ==========  ==========  ==========  ==========

NobelClad                    $    3,122  $    5,245  $    4,500  $    7,689
DynaEnergetics                    3,395       2,561       6,965       3,990
Unallocated expenses             (2,526)     (1,793)     (4,710)     (6,721)
                             ----------  ----------  ----------  ----------

Income from operations       $    3,991  $    6,013  $    6,755  $    4,958
                             ==========  ==========  ==========  ==========


                                For the three months ended June 30, 2014
                            -----------------------------------------------
                                        Oilfield   Unallocated
                             NobelClad  Products    Expenses       Total
                            ---------- ---------  ------------  -----------

Income from operations      $    3,122 $   3,395  $     (2,526) $     3,991
Adjustments:
  Stock-based compensation           -         -         1,036        1,036
  Depreciation                   1,134       793             -        1,927
  Amortization of purchased
   intangibles                     548     1,069             -        1,617
                            ---------- ---------  ------------  -----------

Adjusted EBITDA             $    4,804 $   5,257  $     (1,490) $     8,571
                            ========== =========  ============  ===========


                                For the three months ended June 30, 2013
                            -----------------------------------------------
                                        Oilfield   Unallocated
                             NobelClad  Products     Expenses       Total
                            ---------- ---------  ------------  -----------

Income from operations      $    5,245 $   2,561  $     (1,793) $     6,013
Adjustments:
  Net income attributable
   to non-controlling
   interest                          -       (15)            -          (15)
  Stock-based compensation           -         -           635          635
  Depreciation                     946       511             -        1,457
  Amortization of purchased
   intangibles                     521     1,047             -        1,568
                            ---------- ---------  ------------  -----------

Adjusted EBITDA             $    6,712 $   4,104  $     (1,158) $     9,658
                            ========== =========  ============  ===========



                DYNAMIC MATERIALS CORPORATION & SUBSIDIARIES
         RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
              DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
                           (Amounts in thousands)
                                (unaudited)

                                 For the six months ended June 30, 2014
                            -----------------------------------------------
                                        Oilfield   Unallocated
                             NobelClad  Products     Expenses       Total
                            ---------- ---------  ------------  -----------

Income from operations      $    4,500 $   6,965  $     (4,710) $     6,755
Adjustments:
  Stock-based compensation           -         -         1,591        1,591
  Depreciation                   2,319     1,603             -        3,922
  Amortization of purchased
   intangibles                   1,095     2,137             -        3,232
                            ---------- ---------  ------------  -----------

Adjusted EBITDA             $    7,914 $  10,705  $     (3,119) $    15,500
                            ========== =========  ============  ===========


                                 For the six months ended June 30, 2013
                            -----------------------------------------------
                                        Oilfield   Unallocated
                             NobelClad  Products     Expenses       Total
                            ---------- ---------  ------------  -----------

Income from operations      $    7,689 $   3,990  $     (6,721) $     4,958
Adjustments:
  Net income attributable
   to non-controlling
   interest                          -       (43)            -          (43)
  Stock-based compensation           -         -         2,057        2,057
  Depreciation                   1,874     1,000             -        2,874
  Amortization of purchased
   intangibles                   1,049     2,104             -        3,153
                            ---------- ---------  ------------  -----------

Adjusted EBITDA             $   10,612 $   7,051  $     (4,664) $    12,999
                            ========== =========  ============  ===========



                                Three months ended      Six months ended
                                     June 30,               June 30,
                               --------------------  ----------------------
                                  2014       2013       2014        2013
                               ---------  ---------  ----------  ----------

Net income attributable to DMC $   2,887  $   3,440  $    4,525  $    3,655
  Interest expense                   174        183         283         355
  Interest income                     (1)        (1)         (5)         (4)
  Provision for income taxes       1,263      1,956       1,849         785
  Depreciation                     1,927      1,457       3,922       2,874
  Amortization of purchased
   intangible assets               1,617      1,568       3,232       3,153
                               ---------  ---------  ----------  ----------

EBITDA                             7,867      8,603      13,806      10,818
  Stock-based compensation         1,036        635       1,591       2,057
  Other (income) expense, net       (332)       420         103         124
                               ---------  ---------  ----------  ----------

Adjusted EBITDA                $   8,571  $   9,658  $   15,500  $   12,999
                               =========  =========  ==========  ==========


CONTACT:
Pfeiffer High Investor Relations, Inc.
Geoff High
303-393-7044

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