$USAP
UNIVERSAL STAINLESS & ALLOY PRODUCTS INC

2023 Q2 Form 10-Q Financial Statement

#000095017023014890 Filed on April 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $69.02M $65.87M $47.56M
YoY Change 32.32% 38.48% 28.41%
Cost Of Revenue $59.17M $58.14M $43.51M
YoY Change 24.78% 33.63% 16.68%
Gross Profit $9.848M $7.724M $4.053M
YoY Change 107.81% 90.57% -1734.27%
Gross Profit Margin 14.27% 11.73% 8.52%
Selling, General & Admin $6.755M $6.275M $5.049M
YoY Change 28.01% 24.28% -3.46%
% of Gross Profit 68.59% 81.24% 124.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.611M $5.032M $4.871M
YoY Change -4.4% 3.31% 0.85%
% of Gross Profit 46.82% 65.15% 120.18%
Operating Expenses $6.755M $6.275M $5.049M
YoY Change 28.01% 24.28% -3.46%
Operating Profit $3.093M $1.449M -$996.0K
YoY Change -674.91% -245.48% -81.82%
Interest Expense -$2.045M $2.032M -$709.0K
YoY Change -335.06% -386.6% -228.91%
% of Operating Profit -66.12% 140.23%
Other Income/Expense, Net -$5.000K $42.00K -$13.00K
YoY Change -112.82% -423.08% -18.75%
Pretax Income $1.043M -$541.0K -$1.718M
YoY Change -176.19% -68.51% -71.58%
Income Tax $148.0K -$29.00K -$103.0K
% Of Pretax Income 14.19%
Net Earnings $895.0K -$512.0K -$1.615M
YoY Change -162.28% -68.3% -64.34%
Net Earnings / Revenue 1.3% -0.78% -3.4%
Basic Earnings Per Share $0.10 -$0.06 -$0.18
Diluted Earnings Per Share $0.10 -$0.06 -$0.18
COMMON SHARES
Basic Shares Outstanding 9.061M 9.050M 8.946M
Diluted Shares Outstanding 9.273M 9.056M 8.946M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.00K $1.510M $279.0K
YoY Change -86.03% 441.22% -30.25%
Cash & Equivalents $44.00K $1.510M $279.0K
Short-Term Investments
Other Short-Term Assets $10.69M $10.38M $8.498M
YoY Change 19.68% 22.15% 18.03%
Inventory $151.6M $149.4M $147.6M
Prepaid Expenses
Receivables $31.30M $34.19M $28.35M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $193.6M $195.5M $184.8M
YoY Change 2.8% 5.83% 32.06%
LONG-TERM ASSETS
Property, Plant & Equipment $160.1M $161.6M $157.8M
YoY Change 0.88% 2.44% -4.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.330M $1.928M $286.0K
YoY Change 52.35% 574.13% -4.67%
Total Long-Term Assets $161.4M $163.7M $158.0M
YoY Change 1.16% 3.61% -4.04%
TOTAL ASSETS
Total Short-Term Assets $193.6M $195.5M $184.8M
Total Long-Term Assets $161.4M $163.7M $158.0M
Total Assets $355.0M $359.3M $342.8M
YoY Change 2.05% 4.8% 12.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.50M $32.89M $31.55M
YoY Change 11.1% 4.24% 64.32%
Accrued Expenses $3.770M $3.668M $2.918M
YoY Change 26.77% 25.7% -14.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.665M $3.370M $2.376M
YoY Change 55.3% 41.84% 25.05%
Total Short-Term Liabilities $41.74M $40.69M $38.25M
YoY Change 15.13% 6.37% 53.01%
LONG-TERM LIABILITIES
Long-Term Debt $89.62M $96.07M $73.59M
YoY Change 9.8% 30.56% 48.06%
Other Long-Term Liabilities $3.053M $3.053M $3.320M
YoY Change -5.95% -8.04% -22.79%
Total Long-Term Liabilities $92.67M $3.053M $76.91M
YoY Change 2754.93% -96.03% 42.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.74M $40.69M $38.25M
Total Long-Term Liabilities $92.67M $3.053M $76.91M
Total Liabilities $134.4M $139.8M $117.5M
YoY Change 8.73% 18.94% 41.28%
SHAREHOLDERS EQUITY
Retained Earnings $123.0M $122.1M
YoY Change -3.63%
Common Stock $97.76M $97.37M
YoY Change 1.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $220.6M $219.5M $225.3M
YoY Change
Total Liabilities & Shareholders Equity $355.0M $359.3M $342.8M
YoY Change 2.05% 4.8% 12.54%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $895.0K -$512.0K -$1.615M
YoY Change -162.28% -68.3% -64.34%
Depreciation, Depletion And Amortization $4.611M $5.032M $4.871M
YoY Change -4.4% 3.31% 0.85%
Cash From Operating Activities $7.672M $3.505M -$3.979M
YoY Change -252.49% -188.09% -345.62%
INVESTING ACTIVITIES
Capital Expenditures $2.433M $4.499M -$2.520M
YoY Change -182.14% -278.53% -5.97%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.433M -$4.499M -$2.520M
YoY Change -17.86% 78.53% -5.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.705M 485.0K 6.660M
YoY Change -183.51% -92.72% 400.75%
NET CHANGE
Cash From Operating Activities 7.672M 3.505M -3.979M
Cash From Investing Activities -2.433M -4.499M -2.520M
Cash From Financing Activities -6.705M 485.0K 6.660M
Net Change In Cash -1.466M -509.0K 161.0K
YoY Change -4172.22% -416.15% -40.37%
FREE CASH FLOW
Cash From Operating Activities $7.672M $3.505M -$3.979M
Capital Expenditures $2.433M $4.499M -$2.520M
Free Cash Flow $5.239M -$994.0K -$1.459M
YoY Change -353.21% -31.87% -133.93%

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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1510000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
279000
CY2022Q4 us-gaap Inventory Gross
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CY2023Q1 us-gaap Inventory Valuation Reserves
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CY2022Q4 us-gaap Inventory Valuation Reserves
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CY2022Q4 us-gaap Inventory Net
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CY2023Q1 us-gaap Change In Accounting Principle Accounting Standards Update Adopted
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CY2022Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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9055815
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2022Q1 us-gaap Earnings Per Share Diluted
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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q1 usap Cost Of Goods Sold Amortization Of Operating Materials
CostOfGoodsSoldAmortizationOfOperatingMaterials
400000
CY2022Q1 usap Cost Of Goods Sold Amortization Of Operating Materials
CostOfGoodsSoldAmortizationOfOperatingMaterials
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CY2023Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
15769000
CY2022Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
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CY2023Q1 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
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CY2022Q4 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
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CY2023Q1 usap Inventory Operating Materials
InventoryOperatingMaterials
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CY2022Q4 usap Inventory Operating Materials
InventoryOperatingMaterials
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CY2023Q1 us-gaap Inventory Gross
InventoryGross
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
178000
CY2023Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
1333000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
170000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
36000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
1645000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
21000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
1518000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
1471000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
1091000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
407000
CY2023Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
8813000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
14000
CY2023Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
2033000
CY2023Q1 us-gaap Operating Lease Liability
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393000
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
6780000
CY2023Q1 us-gaap Operating Lease Liability Current
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229000
CY2023Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
961000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
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164000
CY2023Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
5819000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P2Y
CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P5Y
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
400000
CY2023Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
6800000
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
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300000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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500000
CY2022Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
6700000
CY2023Q1 us-gaap Sale Leaseback Transaction Net Book Value
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1800000
CY2023Q1 us-gaap Debt Instrument Face Amount
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7000000.0
CY2023Q1 us-gaap Debt Instrument Term
DebtInstrumentTerm
P72M
CY2023Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
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0.112
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.100
CY2023Q1 us-gaap Lease Practical Expedient Use Of Hindsight
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true
CY2023Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
100728000
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
99798000
CY2023Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
3370000
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
3419000
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1289000
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1364000
CY2023Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
96069000
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
95015000
CY2023Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
100000
CY2022Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
100000
CY2023Q1 usap Line Of Credit Facility Minimum Borrowing Capacity
LineOfCreditFacilityMinimumBorrowingCapacity
11000000.0
CY2023Q1 usap Minimum Fixed Charge Coverage Ratio
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1.10
CY2018Q1 usap New Market Tax Credits Recapture Percentage
NewMarketTaxCreditsRecapturePercentage
1
CY2018Q1 usap New Market Tax Credits Period Of Recapture
NewMarketTaxCreditsPeriodOfRecapture
P7Y
CY2023Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
2800000
CY2023Q1 usap Estimated Annual Effective Tax Rate
EstimatedAnnualEffectiveTaxRate
0.129
CY2022Q1 usap Estimated Annual Effective Tax Rate
EstimatedAnnualEffectiveTaxRate
0.106
CY2023Q1 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
100000
CY2022Q1 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
100000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.053
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.060

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