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Universal Stainless Alloy Products Inc (USAP) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Universal Stainless Alloy Products Inc

CIK: 931584 Ticker: USAP

Exhibit 99.1

 

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CONTACTS:   Dennis M. Oates   Christopher T. Scanlon    June Filingeri
  Chairman,   VP Finance, CFO    President
  President and CEO   and Treasurer    Comm-Partners LLC
  (412) 257-7609   (412) 257-7662    (203) 972-0186

FOR IMMEDIATE RELEASE

UNIVERSAL STAINLESS REPORTS STRONG RESULTS ON CONTINUED SALES GROWTH IN

THIRD QUARTER OF 2018

 

   

Q3 2018 Sales of $69.1 million, up 35.7% from Q3 2017

 

   

Q3 2018 Net Income increases to $3.9 million, or $0.44 per diluted share, versus loss of $0.3 million, or $0.04 per diluted share, in Q3 2017

 

   

EBITDA totals $10.1 million in Q3 2018, up 79.5% from Q3 2017

 

   

Quarter-End Backlog of $111.4 million, up 68.3% from Q3 2017 and up 6.9% sequentially

BRIDGEVILLE, PA, October 24, 2018 – Universal Stainless

 & Alloy Products, Inc. (Nasdaq: USAP) today reported net sales of $69.1 million for the third quarter of 2018, an increase of 35.7% from $50.9 million in the third quarter of 2017, and up 4.5% from $66.1 million in the 2018 second quarter. All end markets contributed to the year-over-year growth, with the exception of power generation. Aerospace remained the Company’s largest end market, at 54.0% of total Company sales. Third quarter 2018 aerospace sales totaled $37.3 million, up 34.6% from the third quarter of 2017.

Sales of premium alloys in the third quarter of 2018 totaled $9.2 million, or 13.3% of sales, compared with $7.4 million, or 14.5% of sales, in the third quarter of 2017, and $12.0 million, or 18.2% of sales, in the second quarter of 2018.

For the first nine months of 2018, sales increased 30.5% to $198.9 million from $152.4 million in the same period of 2017. Sales of premium alloys increased 65.4% to $33.0 million, or 16.6% of sales, in the first nine months of 2018, from $20.0 million, or 13.1% of sales, in same period of 2017.

The Company’s gross margin for the third quarter of 2018 totaled $10.4 million, or 15.1% of sales, compared with $5.5 million, or 10.7% of sales, in the third quarter of 2017, and $11.7 million, or 17.7% of sales, in the 2018 second quarter.

Selling, general and administrative expenses were $5.1 million, or 7.4% of sales, for the third quarter of 2018, compared with $4.4 million, or 8.7% of sales, in the third quarter of 2017, and $5.8 million, or 8.9% of sales, for the second quarter of 2018.

Net income for the third quarter of 2018 totaled $3.9 million, or $0.44 per diluted share, (which includes an additional 1.4 million weighted average shares outstanding due to the second quarter 2018 equity issuance), compared with a loss of $0.3 million, or $0.04 per diluted share, in the third quarter of 2017, and net income of $4.0 million, or $0.50 per diluted share, in the second quarter of 2018, (which included an additional 0.6 million weighted average shares outstanding due to the second quarter equity issuance). Additionally, the net loss in third quarter in 2017 included unusual charges of $0.06 per diluted share related to facility fires as well as discrete tax items. Net income in the 2018 second quarter included other income of $0.06 per diluted share as a result of a favorable legal settlement.

 

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The following information was filed by Universal Stainless Alloy Products Inc (USAP) on Wednesday, October 24, 2018 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 Universal Stainless Alloy Products Inc's 10-Q Quarterly Report:

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Consolidated Balance Sheets
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Long-Term Debt (Tables)
Nature Of Business And Basis Of Presentation
Nature Of Business And Basis Of Presentation (Policies)
Net Income (Loss) Per Common Share
Net Income (Loss) Per Common Share (Computation Of Basic And Diluted Net Income (Loss) Per Common Share) (Details)
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New Markets Tax Credit Financing Transaction
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Revenue Recognition (Summary Of Revenue) (Details)
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Universal Stainless Alloy Products Inc provided additional information to their SEC Filing as exhibits

Ticker: USAP
CIK: 931584
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-024885
Submitted to the SEC: Wed Oct 24 2018 3:50:28 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Steel Works Blast Furnaces And Rolling Mills Coke Ovens

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