Unique Fabricating, Inc. Reports Fourth Quarter and Full Year 2017 Financial Results
Auburn Hills, MI - March 8, 2018 -- 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 12 months ended December 31, 2017.
Full Year 2017 Financial Highlights and Subsequent Events
Revenue of $175.3 million in the full year 2017, up 2.8% compared to $170.5 million in the full year 2016
Net income of $6.5 million, or $0.67 per basic and $0.66 per diluted share in the full year 2017, compared to $6.7 million, or $0.69 per basic and $0.68 per diluted share in the full year 2016
Income tax of $1.1 million in the full year 2017, net of $0.7 million primarily related to recent corporate tax reform, compared to $3.3 million in the full year 2016
Adjusted EBITDA of $18.0 million in the full year 2017, including $6.5 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards, compared to $19.0 million in the full year 2016, including $5.7 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards(1)
Adjusted diluted earnings per share of $0.69 in the full year 2017 versus $0.78 in the full year 2016(1)
Paid a quarterly cash dividend of $0.15 per share on March 7, 2018 for stockholders of record as of February 28, 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.
“We executed well in the fourth quarter navigating industry production disruptions and reductions that began in the second half of 2017 as a result of a shift in automotive consumers’ buying preferences away from passenger cars,” commented John Weinhardt, Chief Executive Officer. “Our ability to adjust and shift capacity to align with our customers’ production activities was critical to our success and enabled us to sustain our gross margin, while quarterly revenues declined for the period on a year-over-year basis. Despite a 4.1% decline in automotive production for the full year, we are pleased that Unique's sales were up 2.8%, continuing our pattern of growth exceeding that of the automotive market. The fundamentals of our business remain strong, and we are encouraged by the slate of new program launches queued up for this spring and summer.”
“As we kick-off 2018, we remain focused on the successful launch of multiple new product programs that are under contract and are key drivers of growth in 2018 and beyond, while continuing to pursue additional applications, customers and opportunities for our products that will further expand our book of business,” Weinhardt added. “The strategic investments we are making in production to adjust capacity, streamline processes and improve quality are paying off and are positioning us for margin expansion and organic revenue growth in excess of the market in 2018.”
The following information was filed by Unique Fabricating, Inc. (UFAB) on Thursday, March 8, 2018 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: 0001617669-18-000012 Submitted to the SEC: Thu Mar 08 2018 4:09:25 PM EST Accepted by the SEC: Thu Mar 08 2018 Period: Sunday, December 31, 2017 Industry: Motor Vehicle Parts And Accessories