Unique Fabricating, Inc. (UFAB) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 29, 2019

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Unique Fabricating, Inc.
Ticker: UFAB CIK: 1617669

Exhibit 99.1

Unique Fabricating, Inc. Reports Fourth Quarter and Full Year 2019 Financial Results

Auburn Hills, MI - March 26, 2020 --

Unique Fabricating, Inc. ("Unique Fabricating” or the "Company”) (NYSE American: UFAB), which engineers and manufactures multi-material foam, rubber, and plastic components utilized in noise, vibration, and harshness management and air/water sealing applications for the automotive and industrial market, today announced its financial results for the fiscal year and fourth quarter ended December 29, 2019.

Fourth Quarter 2019 Financial Results


•	Net sales of $35.6 million compared to $39.8 million in the fourth quarter of 2018


•	Net income of $0.0 million or $0.00 per basic and diluted share compared to a net loss of ($0.2) million or ($0.02) per basic and diluted share in the fourth quarter of 2018.


•	Restructuring charges of $1.0 million primarily related to the closing of the Company’s Evansville, Indiana and Bryan, Ohio plants.


•	Adjusted EBITDA of $4.4 million excluding, among other things, the $1.0 million in restructuring expense, compared to $3.4 million in the fourth quarter of 2018 in which no restructuring expense was incurred.⁽¹⁾


•	Total debt reduced by $3.3 million to $47.5 million as of December 29, 2019 compared to $50.8 million as of September 29, 2019 and $55.9 million as of December 30, 2018, as the Company utilized an increase in operating cash generated from higher earnings and decreased use of working capital due to improved inventory and accounts receivable management.

Full Year 2019 Financial Results


•	Net sales of $152.5 million compared to $174.9 million in 2018.


•	Net loss of ($9.1) million or ($0.93) per basic and diluted share including a non-cash impairment charge related to Goodwill of ($6.8) million or ($0.70) per basic and diluted share compared to $3.7 million net income or $0.38 per basic and $0.37 per diluted share in 2018.


•	Adjusted EBITDA of $13.2 million excluding $2.8 million in restructuring expense compared to $17.1 million in 2018, excluding $1.2 million in restructuring expense.⁽¹⁾


•	Total debt reduced by $8.4 million to $47.5 million as of December 29, 2019 from $55.9 million as of December 30, 2018.

(1) For a reconciliation of GAAP to Non-GAAP results for Adjusted EBITDA and Adjusted diluted earnings per share please refer to the financial tables below.

The following information was filed by Unique Fabricating, Inc. (UFAB) on Thursday, March 26, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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