Universal Stainless & Alloy Products Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Provides Financial Guidance for the Year 2016
January 27, 2016 at 06:45 am EST
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Universal Stainless & Alloy Products Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported total net sales of $31,696,000 compared to $52,958,000 a year ago. Operating loss was $5,424,000 compared to operating income of $3,104,000 a year ago. Loss before income taxes was $5,893,000 compared to income before income taxes of $2,258,000 a year ago. Net loss was $3,396,000 or $0.48 per basic and diluted share compared to net income of $1,705,000 or $0.24 per basic and diluted share a year ago. The company generated cash from operating activities of $6.6 million in the fourth quarter of 2015. Capital expenditures in the fourth quarter were $1.2 million compared with $2.6 million in the third quarter and $5.1 million in the fourth quarter of 2014. Total debt was $77.1 million at year end.
For the year, the company reported total net sales of $180,660,000 compared to $205,560,000 a year ago. Operating loss was $30,079,000 compared to operating income of $10,900,000 a year ago. Loss before income taxes was $32,816,000 compared to income before income taxes of $7,199,000 a year ago. Net loss was $20,672,000 or $2.92 per basic and diluted share compared to net income of $4,050,000 or $0.57 per diluted share a year ago. Capital expenditures were $9,551,000 compared to $11,173,000 a year ago. Net cash provided by operating activities was $19,170,000 compared to $12,889,000 a year ago.
For the year 2016, the company expects cash interest to be around $2.8 million or thereabouts $2.5 million to $2.8 million year-end 2015. The company expects CapEx to be mid- to high-single digits. The company expects depreciation to continue running at about $16 million here in 2016.
Universal Stainless & Alloy Products, Inc. is engaged in manufacturing and marketing semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel and certain other premium alloyed steels. Its manufacturing process involves melting, remelting, heat treating, hot and cold rolling, forging, machining and cold drawing of semi-finished and finished specialty steels. It produces a variety of specialty steel grades using several manufacturing processes including vacuum induction melting (VIM), vacuum-arc remelting (VAR), electro-slag remelting (ESR) and argon oxygen decarburization (AOD). Its products are sold to service centers, forgers, rerollers and original equipment manufacturers (OEMs). Its customers further process its products for use in a variety of industries, including the aerospace, power generation, oil and gas, heavy equipment and general industrial markets. It also performs conversion services on materials supplied by customers.
Universal Stainless & Alloy Products Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Provides Financial Guidance for the Year 2016