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Unique Fabricating, Inc. (UFAB) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 29, 2019

Unique Fabricating, Inc.

CIK: 1617669 Ticker: UFAB
Exhibit 99.1


exhibit991image1a04.jpg

Unique Fabricating, Inc. Reports Third Quarter 2019 Financial Results

Auburn Hills, MI - November 7, 2019 --
Unique Fabricating, Inc. ("Unique Fabricating” or the "Company”) (NYSE American: 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 market, today announced its financial results for the third quarter ended September 29, 2019.

Third Quarter 2019 Financial Results
Net sales of $38.5 million in the third quarter of 2019, compared to $42.1 million in the third quarter of 2018
$1.7 million inventory allowance and $1.0 million in restructuring charges primarily related to the closing of the Evansville, Indiana plant
Net loss of ($1.3) million, or $(0.13) per basic and diluted share in the third quarter of 2019 compared to net income of $0.6 million, or $0.06 per basic and diluted share in the third quarter of 2018
Adjusted EBITDA of $2.6 million in the third quarter of 2019, including $1.0 million in restructuring expense, compared to $3.4 million in the third quarter of 2018, including $0.2 million in restructuring expense (1) 

(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.

As previously announced, Doug Cain joined Unique Fabricating as President and CEO on September 30th. In the six weeks since joining Unique Fabricating, he has visited all but two of the Company’s manufacturing facilities and met personally with all levels of the organization. In addition, he held meetings with many of our stakeholders and service providers to make a comprehensive assessment of the business and the organization. Richard Baum, Chairman of Unique Fabricating stated; “We are delighted to have a person of Doug’s caliber join the team. With his extensive experience in efficiently and effectively executing turnarounds and driving profitable growth, we are confident Unique Fabricating will return to its historic track record of successful top and bottom-line performance.” When asked to comment on his new role, Cain stated “When I took on this role a short while ago, I knew that there was a clear match between the needs of the Company and my results driven leadership in high volume manufacturing operations. I am very pleased with the positive reactions from all involved to the changes underway. I believe our team has identified significant opportunities in many areas to drive operational and financial improvements across the entire organization.”

Baum concluded “Our core automotive and industrial markets remain strong and our customer relationships are sound, even as these industries see continued volatility and end customer demand challenges. I am confident that we will continue to play a vital role in the auto industry efforts to reduce weight and noise while improving fuel efficiency and battery range in vehicles. “

Third Quarter Financial Summary

Net sales for the quarter ended September 29, 2019 decreased to $38.5 million, down 8.3%, or $3.5 million from $42.1 million during the same period last year. The decrease was primarily driven by the end of life of certain vehicle platforms, business loss associated with the on-going plant closure at Evansville, Indiana and the prior year plant closure of Ft. Smith, Arkansas, and the United Auto Workers (UAW) strike at General Motors. Gross profit for the quarter ended September 29, 2019 was $7.2 million, or 18.6% of total revenue, compared to $8.5 million, or 20.3% of net sales, for the corresponding period last year. The decrease in gross profit was primarily related to the decline in net sales


The following information was filed by Unique Fabricating, Inc. (UFAB) on Thursday, November 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Business Combinations
Business Combinations (Details)
Contingencies
Derivative Financial Instruments
Derivative Financial Instruments (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Income Taxes
Income Taxes (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Additional Information (Details)
Intangible Assets - Finite-Lived Intangible Assets, Future Amortization Expense Schedule (Details)
Intangible Assets - Schedule Of Intangible Assets By Major Class (Details)
Inventory
Inventory (Tables)
Inventory - Additional Information (Details)
Inventory - Schedule Of Inventory (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Additional Information (Details)
Long-Term Debt - Schedule Of Long-Term Debt (Details)
Long-Term Debt - Schedule Of Repayment Of Maturities (Details)
Nature Of Business And Significant Accounting Policies
Nature Of Business And Significant Accounting Policies (Policies)
Nature Of Business And Significant Accounting Policies (Tables)
Nature Of Business And Significant Accounting Policies - Customers' Net Sales As A Percentage Of Total Net Sales (Details)
Nature Of Business And Significant Accounting Policies - Disaggregation Of Revenue (Details)
Nature Of Business And Significant Accounting Policies - Narrative (Details)
Nature Of Business And Significant Accounting Policies - Production In Foreign Markets (Details)
Nature Of Business And Significant Accounting Policies - Sales Derived From Customers Located In Foreign Countries (Details)
Operating Leases
Operating Leases (Tables)
Operating Leases - Additional Information (Details)
Operating Leases - Schedule Of Future Minimum Lease Payments (Details)
Property, Plant, And Equipment
Property, Plant, And Equipment (Tables)
Property, Plant, And Equipment - Additional Information (Details)
Property, Plant, And Equipment - Schedule Of Property, Plant, And Equipment (Details)
Related Party Transactions
Related Party Transactions (Details)
Restructuring
Restructuring (Tables)
Restructuring - Narrative (Details)
Restructuring - Schedule Of Restructuring Liability (Details)
Retirement Plans
Retirement Plans (Details)
Stock Incentive Plans
Stock Incentive Plans (Tables)
Stock Incentive Plans - Additional Information (Details)
Stock Incentive Plans - Schedule Of Stock Options And Stock Awards (Details)
Stock Incentive Plans - Valuation Assumptions (Details)
Ticker: UFAB
CIK: 1617669
Form Type: 10-Q Quarterly Report
Accession Number: 0001617669-19-000082
Submitted to the SEC: Thu Nov 07 2019 4:46:10 PM EST
Accepted by the SEC: Thu Nov 07 2019
Period: Sunday, September 29, 2019
Industry: Motor Vehicle Parts And Accessories

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