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.