Unique Fabricating, Inc. Reports Fourth Quarter and Full Year 2018 Financial Results
Auburn Hills, MI - March 7, 2019 -- 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 30, 2018.
Full Year 2018 Financial Highlights and Subsequent Events
Revenue of $174.9 million in the full year 2018, down 0.2% compared to $175.3 million in the full year 2017
Net income of $3.7 million, or $0.38 per basic and $0.37 per diluted share in the full year 2018, compared to $6.5 million, or $0.67 per basic and $0.66 per diluted share in the full year 2017
Adjusted EBITDA of $17.1 million in the full year 2018, including $6.8 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards, compared to $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(1)
Adjusted diluted earnings per share of $0.55 in the full year 2018 versus $0.69 in the full year 2017(1)
Declared a quarterly cash dividend of $0.05 per share payable on March 7, 2019 for stockholders of record as of February 28, 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.
“Unique grew sales in the fourth quarter and reached the higher-end of our revised revenue guidance range for the year despite lower than expected North American production volumes, as manufacturers continue to adjust production schedules to correspond with the continued consumer preferences for light trucks versus traditional passenger cars,” commented John Weinhardt, Chief Executive Officer. “Our growing presence in the light truck segment combined with the actions we took earlier in the year to enhance our operating efficiency enabled us to better respond to the changing market conditions. These moves were overshadowed by an increase in federal income tax on foreign sourced income as a result of the U.S. Tax Cuts and Jobs Act of 2017 and the timing of an interest rate swap we had entered into in accordance with the terms of the senior secured credit facility that we amended in November, both of which negatively impacted our earnings.”
“Subsequent to the fourth quarter, the Board decided to reduce the quarterly dividend to provide the Company with additional financial resources and to more aggressively reduce our long-term debt. We believe this decision to adjust our allocation to help decrease our financial leverage gives us greater flexibility, and enhanced operational and strategic options going forward,” Weinhardt added. “Our business continues to generate strong cash from operations with more than $9.4 million generated in 2018, a 25% increase over 2017. During 2019, we expect to significantly reduce our debt, thereby reducing our interest expense.”
The following information was filed by Unique Fabricating, Inc. (UFAB) on Thursday, March 7, 2019 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: 0001617669-19-000010 Submitted to the SEC: Thu Mar 07 2019 4:01:41 PM EST Accepted by the SEC: Thu Mar 07 2019 Period: Sunday, December 30, 2018 Industry: Motor Vehicle Parts And Accessories