Unique Fabricating, Inc. Reports First Quarter 2017 Financial Results
Auburn Hills, MI - May 10, 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 first quarter ended April 2, 2017.
First Quarter 2017 Financial Highlights
Revenue of $47.9 million in the first quarter 2017, up 19.7% compared to $40.0 million in the first quarter 2016
Net income of $2.0 million, or $0.21 per basic and diluted share in the first quarter 2017, compared to $1.8 million, or $0.19 per basic and diluted share in the first quarter 2016
Adjusted EBITDA of $5.4 million in the first quarter 2017, including $1.6 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards, compared to $4.4 million in the first quarter 2016, including $1.2 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards(1)
Adjusted diluted earnings per share of $0.23 in the first quarter 2017 versus $0.21 in the first quarter 2016(1)
Declared a quarterly cash dividend of $0.15 per share payable on June 7, 2017 for stockholders of record as of May 31, 2017
(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 executed well in the first quarter, advancing new product launches and programs according to plan,” said John Weinhardt, Chief Executive Officer. “Our product sales increased sequentially each month during the first quarter, which we believe is a solid indication of the market’s response to our new and existing products. Operationally, we made investments during the first quarter to scale our production capabilities for our TwinShape ducts in advance of the launch of a new program for a popular mid-size SUV with a major OEM which we believe will benefit our operations beginning in the second quarter of 2017 and into 2018 as additional TwinShape programs come online. New product sales in our industrial businesses are up year over year, as expected.”
“Independent industry data indicates that the automotive industry continues to experience a shift in the mix of new vehicle sales during the first quarter and initiated a modest slowdown in production when compared to the forecast used to derive our 2017 plan as a result of excess inventory due to declining consumer demand for certain vehicles,” continued Weinhardt. “We are monitoring these trends closely, but given the trends we are currently seeing in our new product sales thus far in 2017 and our current visibility into automotive market trends, we are reaffirming our full year outlook for 2017.”
Weinhardt concluded, “We remain focused on the innovation of new products that support the organic growth of our business with both existing and new customers, while working to advance cross-selling opportunities that capitalize on the operating leverage inherent in our business model. We continue to opportunistically evaluate strategic acquisitions that can augment our product portfolio and accelerate long-term growth, but remain highly selective and focused on accretive acquisitions that adhere to our stringent selection criteria."
The following information was filed by Unique Fabricating, Inc. (UFAB) on Wednesday, May 10, 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-Q Quarterly 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-Q Quarterly Report Accession Number: 0001617669-17-000014 Submitted to the SEC: Wed May 10 2017 4:10:39 PM EST Accepted by the SEC: Wed May 10 2017 Period: Sunday, April 2, 2017 Industry: Motor Vehicle Parts And Accessories