Unique Fabricating, Inc. (UFAB) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Unique Fabricating, Inc.

CIK: 1617669 Ticker: UFAB

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(646) 809-0408
Unique Fabricating, Inc. Reports Third Quarter 2021 Financial Results
Auburn Hills, MI – November 15, 2021 —
Unique Fabricating, Inc. (NYSE American: UFAB), a leader in engineering and manufacturing multi-material foam, rubber, and plastic components utilized in noise, vibration, and harshness management and air/water sealing applications for the transportation, appliance, medical, and consumer markets, today announced its financial results for the third quarter ended September 30, 2021.
Third Quarter 2021 Financial Results
Net sales of $29.9 million compared to $35.6 million in the third quarter of 2020.
Net loss of $1.9 million or $0.19 per basic and diluted share compared to net income of $1.0 million or $0.10 per basic and diluted share in the third quarter of 2020.
Net debt(1) decreased $3.2 million to $46.4 million as of September 30, 2021, from $49.6 million as of December 31, 2020.
Interest expense increased $0.1 million to $0.8 million compared to the prior year period of $0.7 million.
“Unique Fabricating continues to navigate the significant supply chain, labor, and customer demand fluctuation challenges, while maintaining our ability to service our customers well,” commented Doug Cain, Unique Fabricating’s Chief Executive Officer. “As we all weather these challenges, we have taken clear steps to remain flexible and improve capability so our customers and suppliers can continue to rely on Unique Fabricating as an important partner in the value chain. The supply chain issues have driven our costs higher and continue to disrupt manufacturing volumes. When combined with the ongoing labor shortages throughout the supply chain, our customers are continuing to reduce volumes and near-term visibility is limited. We believe that comprehensive commercial and manufacturing challenges are creating opportunities for us to take over current business from competitors who have been significantly challenged to meet customer requirements and to benefit from other potential strategic initiatives.”
“To date, we have been able to manage the supply chain issues and labor situation to ensure continued timely supply of customer requirements and are maintaining inventory availability to service higher volumes albeit at higher costs,” added Mr. Cain. “Ongoing production shutdowns by OEM and Tier 1 customers and extreme volatility of altered production schedules from our automotive customers, often on short notice, are creating incremental challenges and have had a negative impact on our financial results for the third quarter. That said, we have been managing these impacts, and are positioned to emerge as one of the stronger players when this situation abates.”
Mr. Cain continued, “We continue to maintain productive dialogues with our lending syndicate. While the industry production forecasts for next year are encouraging, we remain somewhat skeptical regarding the timing of the ramp increase in 2022 but do believe that the strong pent-up demand will lead to higher production volumes in 2022 and beyond. Based on the latest third-party forecasts, the automotive industry is expected to have experienced two consecutive years with production levels of only 13 million units, after average production levels of 17 million units for the preceding four years, resulting in depleted inventory and substantial pent-up demand. Our skepticism concerning the previous third-party forecasted automotive production third quarter volumes, as discussed in the second quarter earnings release, proved somewhat prescient, though volumes were even worse than our discounted outlook. We are managing these turbulent times until production levels increase.”

The following information was filed by Unique Fabricating, Inc. (UFAB) on Monday, November 15, 2021 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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Inside Unique Fabricating, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders' Equity
Derivative Financial Instruments
Derivative Financial Instruments (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Anti-Dilutive Common Stock Equivalents Summary (Details)
Earnings Per Share - Numerator And Denominator Of Basic And Diluted Loss Per Share Reconciliation (Details)
Fair Value Measurements
Goodwill (Details)
Goodwill (Tables)
Income Taxes
Income Taxes (Details)
Inventory (Tables)
Inventory - Additional Information (Details)
Inventory - Schedule Of Inventory (Details)
Leases (Tables)
Leases - Additional Information (Details)
Leases - Balance Sheet Information (Details)
Leases - Cash Outflow Information (Details)
Leases - Lease Cost (Details)
Leases - Schedule Of Lease Liabilities Maturity (Details)
Leases - Weighted-Average Lease Information (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Additional Information (Details)
Long-Term Debt - Minimum Consolidated Ebitda (Details)
Long-Term Debt - Schedule Of Long-Term Debt (Details)
Long-Term Debt - Schedule Of Minimum Borrowers Liquidity (Details)
Long-Term Debt - Schedule Of Repayment Of Maturities (Details)
Nature Of Business And Basis Of Presentation
Nature Of Business And Basis Of Presentation (Policies)
Nature Of Business And Basis Of Presentation (Tables)
Nature Of Business And Basis Of Presentation - Additional Information (Details)
Nature Of Business And Basis Of Presentation - Customers' Net Sales As A Percentage Of Total Net Sales (Details)
Nature Of Business And Basis Of Presentation - Production In Foreign Markets (Details)
New Accounting Pronouncements
New Accounting Pronouncements (Details)
Property, Plant, And Equipment, Net
Property, Plant, And Equipment, Net (Tables)
Property, Plant, And Equipment, Net - Additional Information (Details)
Property, Plant, And Equipment, Net - Schedule Of Property, Plant, And Equipment (Details)
Related Party Transactions
Related Party Transactions (Details)
Restructuring (Tables)
Restructuring - Additional Information (Details)
Restructuring - Schedule Of Restructuring Liability (Details)
Retirement Plans
Retirement Plans (Details)
Revenues (Details)
Revenues (Tables)
Stock Incentive Plans
Stock Incentive Plans (Tables)
Stock Incentive Plans - Additional Information (Details)
Stock Incentive Plans - Schedule Of Stock Options And Stock Awards (Details)

Material Contracts, Statements, Certifications & more

Unique Fabricating, Inc. provided additional information to their SEC Filing as exhibits

Ticker: UFAB
CIK: 1617669
Form Type: 10-Q Quarterly Report
Accession Number: 0001617669-21-000111
Submitted to the SEC: Mon Nov 15 2021 5:17:58 PM EST
Accepted by the SEC: Mon Nov 15 2021
Period: Thursday, September 30, 2021
Industry: Motor Vehicle Parts And Accessories

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