Unique Fabricating, Inc. Reports Fourth Quarter and Full Year 2016 Financial Results
Auburn Hills, MI - March 9, 2017 -- 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 fourth quarter and twelve months ended January 1, 2017.
Full Year Financial Highlights and Recent Developments
Revenue of $170.5 million in full year 2016, up 19.0% compared to the $143.3 million in full year 2015
Net income of $6.7 million, or $0.69 and $0.68 per basic and diluted share, respectively, in full year 2016, compared to $5.0 million, or $0.62 and $0.60 per basic and diluted share, respectively in full year 2015
Adjusted EBITDA of $19.0 million in full year 2016, including $5.7 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards, compared to $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(1)
Adjusted diluted earnings per share of $0.78 in full year 2016 versus $0.76 in full year 2015(1)
Awarded another new program order by a major German OEM for its TwinShape® foam duct to be installed in two popular mid-size SUVs beginning in the second half of 2018 and in a new full-size SUV that is being introduced in 2019
(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.
“We grew revenues to record levels in 2016 as result of increased product content per vehicle, new program launches and the integration of an accretive acquisition,” said John Weinhardt, Chief Executive Officer. “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.”
“The investments we have made, and continue to make, to expand our product offering and scale our operations position us well to capitalize on the strong and growing demand for our products in 2017 and beyond,” Weinhardt added. “The integration of Great Lakes Foam Technologies, Inc. and Intasco Corporation are proceeding 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 1, 2017 increased to $43.7 million, up 22.6%, or $8.1 million from $35.6 million during the same period last year. The increase was driven by the acquisition of Intasco which closed on April 29, 2016, as well as from the introduction of new products and increased market penetration, but was offset by lower sales due to extended assembly plant holiday shutdowns at various OEMs to correct excessive inventory of certain models during the fourth quarter.
The following information was filed by Unique Fabricating, Inc. (UFAB) on Thursday, March 9, 2017 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: 0001617669-17-000006 Submitted to the SEC: Thu Mar 09 2017 4:11:25 PM EST Accepted by the SEC: Thu Mar 09 2017 Period: Sunday, January 1, 2017 Industry: Motor Vehicle Parts And Accessories