Unique Fabricating, Inc. (UFAB) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Unique Fabricating, Inc.

CIK: 1617669 Ticker: UFAB

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Unique Fabricating, Inc. Reports Fourth Quarter and
Full-Year 2021 Financial Results
Auburn Hills, MI – March 24, 2022 —
Unique Fabricating, Inc. (NYSE American: UFAB), a leader in engineering and manufacturing multi-material foam, rubber, and plastic components utilized in noise, vibration, and harshness management and air/water sealing applications for the transportation, appliance, medical, and consumer/off-road markets, today announced its financial results for the fourth quarter and year ended December 31, 2021.
Fourth Quarter 2021 Financial Results
Net sales of $30.1 million compared to $35.0 million in the fourth quarter of 2020.
Net loss of $1.5 million or $0.13 per basic and diluted share compared to net loss of $82.0 thousand or $0.01 per basic and diluted share in the fourth quarter of 2020.
Net debt(1) decreased $1.9 million to $47.7 million as of December 31, 2021, from $49.6 million as of December 31, 2020; the 2020 amount includes the forgiven $6.0 million PPP loan.
Interest expense increased $0.1 million to $0.7 million compared to prior year of $0.6 million.
“The strengthened and realigned management team of Unique Fabricating continues to address the industry-wide issues impacting each of our markets with a comprehensive approach, designed to weather these challenges and position the Company well as more normal production levels return,” commented Doug Cain, Unique Fabricating’s Chief Executive Officer. “Central to this approach is our continued focus on remaining responsive and flexible in supporting our customers, including increasing capacity and, where possible, securing take over business opportunities. I am proud of how our team has responded by maintaining strong customer service and earning additional customer certifications, such as the prestigious Ford Q1, while winning new business in each of the markets we serve. As with many suppliers who have already communicated quarterly operating results, our operations were negatively impacted in the fourth quarter by the lower demand and increased costs of manufacturing inputs as well as ongoing shortages of certain raw materials and labor negatively impacting all levels of the supply chain. While we do expect continued challenges through 2022, related to the chip shortage and other well-documented factors, we are seeing improving supply chain availability and higher demand volumes albeit with increasing costs.”
“We are increasingly confident that we have established a solid foundation for profitable growth as conditions normalize,” added Mr. Cain. “Cost recovery initiatives have mitigated a portion of the market impact of higher input costs and we continue to review specific programs for targeted cost recovery. Our efforts to expand our addressable market by reaching new consumer goods customers, has helped us to diversify our revenue streams. The market shift to electric vehicles presents incremental opportunities for us, as EVs demand parts we manufacture to address noise, vibration, weight reduction, and climate control efficiency. We have been awarded parts on multiple new EVs, and we expect EV-related revenue to grow from approximately 5% in 2022 to 6% in 2023.”
Fourth Quarter 2021 Financial Summary
Net sales for the fourth quarter were $30.1 million, down $4.9 million from $35.0 million in the fourth quarter last year due to the ongoing impact of supply shortages adversely affecting our customers’ production levels. Gross profit for the 2021 quarter was $3.0 million, or 9.8% of net sales, compared to $5.0 million, or 14.4% of net sales,

The following information was filed by Unique Fabricating, Inc. (UFAB) on Thursday, March 24, 2022 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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Inside Unique Fabricating, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Derivative Financial Instruments
Derivative Financial Instruments (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share (Details)
Earnings Per Share - Schedule Of Earnings Per Share, Basic And Diluted (Details)
Fair Value Measurements
Goodwill (Details)
Goodwill (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Benefit) (Details)
Income Taxes - Schedule Of Deferred Taxes (Details)
Income Taxes - Schedule Of Income Before Income Taxes (Details)
Income Taxes - Schedule Of Income Taxes Based On Federal Tax Rate (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Finite-Lived Intangible Assets, Future Amortization Expense Schedule (Details)
Intangible Assets - Schedule Of Intangible Assets By Major Class (Details)
Inventories (Tables)
Inventories - Narrative (Details)
Inventories - Schedule Of Inventory (Details)
Leases (Tables)
Leases - Lease Asset And Liabilities (Details)
Leases - Lease Costs Included In Statement Of Cash Flow (Details)
Leases - Narrative (Details)
Leases - Remaining Lease Term (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Minimum Consolidated Ebitda (Details)
Long-Term Debt - Narrative (Details)
Long-Term Debt - Schedule Of Long-Term Debt (Details)
Long-Term Debt - Schedule Of Minimum Borrowers Liquidity (Details)
Long-Term Debt - Schedule Of Repayment Of Maturities (Details)
Nature Of Business And Basis Of Presentation
Nature Of Business And Basis Of Presentation (Details)
New Accounting Pronouncements
New Accounting Pronouncements (Details)
Operating Leases - Schedule Of Operating Lease Maturities (Details)
Property, Plant, And Equipment, Net
Property, Plant, And Equipment, Net (Tables)
Property, Plant, And Equipment, Net - Narrative (Details)
Property, Plant, And Equipment, Net - Schedule Of Property, Plant, And Equipment (Details)
Related Party Transactions
Related Party Transactions (Details)
Restructuring (Tables)
Restructuring - Liability (Details)
Restructuring - Narrative (Details)
Retirement Plans
Retirement Plans (Details)
Revenues (Details)
Revenues (Tables)
Stock Incentive Plans
Stock Incentive Plans (Tables)
Stock Incentive Plans - Narrative (Details)
Stock Incentive Plans - Schedule Of Stock Options And Stock Awards (Details)
Stock Incentive Plans - Valuation Assumptions (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Ticker: UFAB
CIK: 1617669
Form Type: 10-K Annual Report
Accession Number: 0001617669-22-000021
Submitted to the SEC: Thu Mar 24 2022 5:21:40 PM EST
Accepted by the SEC: Thu Mar 24 2022
Period: Friday, December 31, 2021
Industry: Motor Vehicle Parts And Accessories

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