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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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UFAB Quarterly Reports

Unique Fabricating, Inc.

CIK: 1617669 Ticker: UFAB

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Investor Inquiries:
Rob Fink, FNK IR
(646) 809-0408
rob@fnkir.com
Unique Fabricating, Inc. Reports First Quarter 2022 Financial Results
Auburn Hills, MI – May 12, 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 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
Contingencies
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
Income Taxes
Income Taxes (Details)
Inventory
Inventory (Tables)
Inventory - Additional Information (Details)
Inventory - Schedule Of Inventory (Details)
Leases
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 - Schedule Of Long-Term Debt (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
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)
Retirement Plans
Retirement Plans (Details)
Revenues
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: 0001617669-22-000033
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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