ARC Group Worldwide, Inc. Reports Third Quarter Net Income of $0.8 Million

DELAND, Fla.--(BUSINESS WIRE)--ARC Group Worldwide, Inc. (NASDAQ Capital Market: ARCW; “ARC” or the “Company”) announced today financial results for its fiscal 2013 third quarter ended March 31, 2013. The Company reported third quarter sales revenue of $18.2 million and third quarter net income attributable to ARC of $0.8 million, or $0.13 per diluted share. These results compare to quarter sales revenue of $7.6 million and quarter net income attributable to ARC of $1.3 million, or $0.32 per diluted share for the prior year period. Gross profit was $4.8 million for the quarter ended March 31, 2013 compared to $3.2 million for the third quarter of fiscal 2012. The fiscal 2013 third quarter results were driven largely by combined sales revenue and the related cost of sales resulting from the reverse acquisition of ARC by Quadrant Metals Technologies (“QMT”), as well as the acquisition of Advanced Forming Technology, Inc. and AFT-Hungary Kft (both referred to herein as “AFT”). In addition, the reported earnings for the third quarter included certain charges associated with non-cash amortization expense related to reclassified valuation of identifiable intangibles other than goodwill, and non-recurring expenses related to discontinued operations.