Universal Stainless & Alloy Products Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Capes Guidance for 2017
January 25, 2017 at 07:00 am
Share
Universal Stainless & Alloy Products Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total net sales of $34,159,000 compared to $31,696,000 a year ago. Operating loss was $1,450,000 compared to $5,424,000 a year ago. Loss before income taxes was $2,462,000 compared to $5,893,000 a year ago. Net loss was $1,585,000 or $0.22 per basic and diluted share compared to $3,396,000 or $0.48 per basic and diluted share a year ago. The company's adjusted EBITDA for the fourth quarter of 2016 was $3.6 million against adjusted LBITDA of $505,000 a year ago. Capital expenditures for the fourth quarter were $1.3 million. Cash flow from operating activities in the fourth quarter of 2016 was essentially flat, reflecting the impact of increased inventory to service anticipated higher shipments in the first quarter.
For the year, the company reported total net sales of $154,434,000 compared to $180,660,000 a year ago. Operating loss was $3,969,000 compared to $30,079,000 a year ago. Loss before income taxes was $8,873,000 compared to $32,816,000 a year ago. Net loss was $5,347,000 or $0.74 per basic and diluted share compared to $20,672,000 or $2.92 per diluted share a year ago. Capital expenditures were $4,376,000 compared to $9,551,000 a year ago. Net cash provided by operating activities was $8,406,000 compared to $19,170,000 a year ago. For full year 2016, adjusted EBITDA was $15.5 million, an improvement from $10.2 million in 2015.
For 2017, the company expects capex to be in the $8 million to $10 million range.
Universal Stainless & Alloy Products, Inc. is engaged in manufacturing and marketing semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel and certain other premium alloyed steels. Its manufacturing process involves melting, remelting, heat treating, hot and cold rolling, forging, machining and cold drawing of semi-finished and finished specialty steels. It produces a variety of specialty steel grades using several manufacturing processes including vacuum induction melting (VIM), vacuum-arc remelting (VAR), electro-slag remelting (ESR) and argon oxygen decarburization (AOD). Its products are sold to service centers, forgers, rerollers and original equipment manufacturers (OEMs). Its customers further process its products for use in a variety of industries, including the aerospace, power generation, oil and gas, heavy equipment and general industrial markets. It also performs conversion services on materials supplied by customers.
Universal Stainless & Alloy Products Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Capes Guidance for 2017