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Universal Stainless Alloy Products Inc (USAP) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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Universal Stainless Alloy Products Inc

HISTORY TOOLS
CIK: 1576914 Ticker: USAP

Exhibit 99.1

 

LOGO

 

CONTACTS:   Dennis M. Oates    Steven V. DiTommaso    June Filingeri
  Chairman,    Vice President and    President
  President and CEO    Chief Financial Officer    Comm-Partners LLC
  (412) 257-7609    (412) 257-7661    (203) 972-0186

UNIVERSAL STAINLESS REPORTS IMPROVED SECOND QUARTER 2022 RESULTS

 

  •  

Quarter-end Backlog reaches new record of $222.7 million, up 10% from record Q1 2022, up 125% from Q2 2021

 

  •  

Q2 2022 Sales up 10% sequentially to $52.2 million; Premium alloy sales are 17% of total sales

 

  •  

Q2 2022 Gross margin rises to 9.1% of sales. Gross margin is 12.6% of sales excluding AMJP grant benefit and charges incurred from liquid metal spill

 

  •  

Q2 2022 Net loss narrows to $1.4 million, or $0.16 per diluted share; includes $0.16 of net expense from the AMJP grant benefit and liquid metal spill

 

  •  

Q2 2022 EBITDA increases to $4.3 million; Adjusted EBITDA increases to $6.4 million

BRIDGEVILLE, PA, July 27, 2022 – Universal Stainless

 & Alloy Products, Inc. (Nasdaq: USAP) today reported that net sales for the second quarter of 2022 were $52.2 million, an increase of 9.7% from $47.6 million in the first quarter of 2022, and 35.5% higher than net sales of $38.5 million in the second quarter of 2021. For the first six months of 2022, sales reached $99.7 million, an increase of 32.0% from $75.5 million recorded in the same period of 2021.

Sales of premium alloys in the second quarter of 2022 totaled $8.8 million, or 16.9% of sales. That compares with $8.9 million, or 18.8% of sales, in the first quarter of 2022, and $5.9 million, or 15.3% of sales, in the second quarter of 2021. Premium alloy sales for the first six months of 2022 increased 31.6% to $17.7 million versus the first six months of 2021.

As previously reported in early April, a liquid metal spill occurred during operations at the Company’s Bridgeville Electric Arc Melting facility at the beginning of the second quarter. The spill was caused by a breakthrough at the bottom of a furnace shell. Clean up and repair caused approximately seven weeks of down time at the melt operation. While all other operations continued to function as normal, the spill disrupted productivity throughout the plant due to its impact on production flow.

Chairman, President and CEO, Dennis Oates commented, “The spill presented significant challenges in the second quarter. Our team worked diligently to successfully complete clean up and repair activities and return to production consistent with our initial estimates immediately after the spill. As a result, we were able to increase sales and expand profitability in the second quarter despite the headwinds caused by the spill.”

The Company’s gross margin for the second quarter of 2022 was $4.7 million, or 9.1% of sales, and included a $1.8 million benefit related to a grant received under the Aviation Manufacturing Jobs Protection (AMJP) Program, offset by $3.6 million in charges attributed to a previously-reported liquid metal spill in April 2022. Excluding these pre-tax amounts, the gross margin for the second quarter of 2022 was $6.5 million, or 12.6% of sales. In the first quarter of 2022, the gross margin was $4.1 million, or 8.5% of sales, including a $1.1 million AMJP grant benefit. The gross margin was $2.2 million, or 5.6% of sales, in the second quarter of 2021, and included $2.1 million of fixed cost absorption charges.

 

1

The following information was filed by Universal Stainless Alloy Products Inc (USAP) on Wednesday, July 27, 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 Universal Stainless Alloy Products Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flow
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Commitments And Contingencies
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Derivatives And Hedging (Narrative) (Details)
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Income Taxes (Narrative) (Details)
Inventory
Inventory (Major Classes Of Inventory) (Details)
Inventory (Narrative) (Details)
Inventory (Tables)
Leases
Leases (Future Minimum Lease Payments Applicable To Operating And Finance Leases) (Details)
Leases (Narrative) (Details)
Leases (Tables)
Long-Term Debt
Long-Term Debt (Credit Facility) (Narrative) (Details)
Long-Term Debt (Notes) (Narrative) (Details)
Long-Term Debt (Schedule Of Long-Term Debt) (Details)
Long-Term Debt (Tables)
Nature Of Business And Basis Of Presentation
Nature Of Business And Basis Of Presentation (Policies)
Net Loss Per Common Share
Net Loss Per Common Share (Computation Of Basic And Diluted Net Loss Per Common Share) (Details)
Net Loss Per Common Share (Narrative) (Details)
Net Loss Per Common Share (Tables)
New Markets Tax Credit Financing Transaction
New Markets Tax Credit Financing Transaction (Narrative) (Details)
Revenue Recognition
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Revenue Recognition (Policies)
Revenue Recognition (Summary Of Revenue) (Details)
Revenue Recognition (Tables)

Material Contracts, Statements, Certifications & more

Universal Stainless Alloy Products 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
Ticker: USAP
CIK: 931584
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-22-026706
Submitted to the SEC: Wed Jul 27 2022 4:44:27 PM EST
Accepted by the SEC: Wed Jul 27 2022
Period: Thursday, June 30, 2022
Industry: Steel Works Blast Furnaces And Rolling Mills Coke Ovens

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