Unique Fabricating, Inc. (UFAB) 10-Q Quarterly Report May 2022

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/off-road markets, today announced its financial results for the first quarter ended March 31, 2022.

First Quarter 2022 Financial Results

▪Net sales of $35.3 million compared to $34.8 million in the first quarter of 2021.

▪Net loss of $0.6 million or $0.05 per basic and diluted share compared to net loss of $1.1 million or $0.11 per basic and diluted share in the first quarter of 2021.

▪Total debt decreased $1.4 million to $47.0 million as of March 31, 2022, from $48.4 million as of December 31, 2021.

▪Interest expense decreased $0.2 million to $0.5 million compared to the prior year period of $0.7 million.

“Our ongoing efforts, including cost recovery initiatives and fixed cost reductions, have improved our relative position in the markets we serve. Our first quarter revenue that modestly exceeded our prior guidance was approximately 17% above each of the third and fourth quarters of 2021 and the highest since the third quarter of 2020,” commented Doug Cain, Unique Fabricating’s Chief Executive Officer. “While volumes remain below historical levels and still somewhat volatile, Unique Fabricating has solidified its status as one of the stronger, more flexible, and more reliable suppliers in our competitive space. We believe that this has us well-positioned to realize meaningful benefits as the supply chain issues continue to normalize and volumes increase. We continue to navigate labor challenges, higher raw material costs, and other supply chain issues aggressively and creatively. As these conditions provide opportunities for us, we are confident we have taken the necessary steps to drive improved performance as volumes increase.”

“As part of these efforts, we continue to focus on expanding our business in the Appliance, Consumer Goods, and Medical markets with approximately 30% of year-to-date order intake coming from customers outside the automotive industry,” added Mr. Cain. “The long-term automotive outlook is encouraging, but short-term challenges remain. We believe our ability to expand our presence in other markets and maintain discipline in our cost structure is positioning us for profitable growth as the supply chains continue to normalize.”

First Quarter 2022 Financial Summary

Net sales for the quarter were $35.3 million, up $0.5 million from $34.8 million during the same period last year. Gross profit for the first quarter of 2022 was $4.8 million, or 13.5% of net sales, compared to $5.9 million, or 16.8% of net sales, for the same period last year. Sequentially, gross profit increased compared to the $3.0 million, or 9.8% of net sales, in the fourth quarter of 2021, as a result of higher sales volumes in the first quarter of 2022.

Net loss was $0.6 million or $0.05 per basic and diluted share in the first quarter of 2022 compared to net loss of $1.1 million or $0.11 per basic and diluted share in the first quarter of 2021.

Balance Sheet Summary

As of March 31, 2022, the Company had approximately $0.8 million in cash and cash equivalents, compared to December 31, 2021 when we had $0.7 million in cash and cash equivalents. Total debt outstanding as of March 31, 2022 was $47.0 million compared to $48.4 million as of December 31, 2021.

The following information was filed by Unique Fabricating, Inc. (UFAB) on Thursday, May 12, 2022 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 - Expense Highlight
Non-operating expense was lower in 2022 due to favorable mark-to-market adjustments on our interest rate swap.

Financial - Earnings Highlight
The reduction in operating profit was primarily attributable to the increased raw material, freight, and labor costs, partially offset by the reduction in selling, general, and administrative expenses.
Other - Other Highlight
Factors that could cause or contribute to these differences include those discussed below as well as in our Annual Report on Form 10-K and in other filings by us with the SEC, particularly in "Risk Factors" and "Special Note Regarding Forward-Looking Statements."
Other - Other Highlight
In light of these risks and uncertainties, the future events and circumstances discussed may not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements, including those discussed in our Annual Report on Form 10-K and in particular the section entitled "Risk Factors" of the Annual Report on Form 10-K and in other filings by us with the SEC.
Other - Other Highlight
These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements.
Financial - Income
Loss Before Income Taxes As...Read more
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Cost of Sales The major...Read more
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Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: UFAB
CIK: 1617669
Form Type: 10-Q Quarterly Report
Accession Number: 0001617669-22-000033
Submitted to the SEC: Thu May 12 2022 5:16:29 PM EST
Accepted by the SEC: Thu May 12 2022
Period: Thursday, March 31, 2022
Industry: Motor Vehicle Parts And Accessories

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Unique Fabricating, Inc. (UFAB) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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