Unique Fabricating, Inc. Reports Fourth Quarter and Full Year 2015 Results
Auburn Hills, MI - March 2, 2016 -- Unique Fabricating, Inc. ("Unique” or the "Company”)(NYSE MKT: 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 appliance market, today announced its financial results for the three and twelve months ended January 3, 2016.
Full-year Financial Highlights and Recent Developments
Revenue of $143.3 million in full year 2015 versus $126.5 million in full year 2014, an increase of 13.3% year-over-year
Adjusted EBITDA of $15.6 million in full year 2015, including $4.1 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards, versus $14.5 million last year(1)
Adjusted diluted earnings per share of $0.76 in 2015 versus $0.73 in 2014(1)
Declared a quarterly cash dividend of $0.15 per share payable on March 7, 2016 for stockholders of record as of February 29, 2016
Closed accretive and synergistic acquisition of Great Lakes Foam Technologies, Inc. to broaden solutions offering and expand reach into new markets
Awarded a new program order by a major Japanese OEM for new TwinShape™ foam duct to be installed in select 2017 model SUVs
Subsequent to year-end, closed its Murfreesboro,Tennessee manufacturing facility to enhance operational efficiency
(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.
“2015 was a successful year for Unique highlighted by our strong financial performance, a successful public offering, an accretive acquisition and a number of operational initiatives which position us well to achieve our long term growth objectives,” said John Weinhardt, Chief Executive Officer. “We enter 2016 with good visibility and are confident that we will continue to benefit from a number of favorable industry trends in both the automotive and industrial markets.”
“Growing demand from automotive manufacturers for greater fuel efficiency and the need for quieter vehicles continues to drive demand for our multi-material foam, rubber and plastic components,” Weinhardt added. “We see a significant opportunity to introduce new products like our TwinShape™ foam ducts, which are gaining traction, to help automotive manufacturers advance light-weighting initiatives and improve fuel efficiency. The integration of Great Lakes Foam Technologies, Inc. went according to plan and we will continue to opportunistically, evaluate accretive acquisitions that can broaden our solutions offering and expand our reach into new markets, helping to diversify our revenues and further strengthen our free cash flow.”
Fourth Quarter Financial Summary
Total revenue for the quarter ended January 3, 2016 increased to $35.6 million, up 6.9%, or $2.3 million from $33.3 million during the same period last year. The increase was driven by the acquisition of Great Lakes Foam Technologies, Inc. which closed on August 31, 2015, as well as from the introduction of new products and increased market penetration.
The following information was filed by Unique Fabricating, Inc. (UFAB) on Wednesday, March 2, 2016 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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Ticker: UFAB CIK: 1617669 Form Type:10-K Annual Report Accession Number: 0001617669-16-000044 Submitted to the SEC: Wed Mar 09 2016 8:39:54 AM EST Accepted by the SEC: Wed Mar 09 2016 Period: Sunday, January 3, 2016 Industry: Motor Vehicle Parts And Accessories