$USAP
UNIVERSAL STAINLESS & ALLOY PRODUCTS INC

2012 Q4 Form 10-K Financial Statement

#000119312513112726 Filed on March 18, 2013

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q1 2012
Revenue $47.15M $74.61M $251.0M
YoY Change -24.16% 24.75% -0.64%
Cost Of Revenue $41.18M $60.34M $209.8M
YoY Change -18.07% 23.12% 2.29%
Gross Profit $5.967M $14.28M $41.15M
YoY Change -49.87% 32.2% -13.28%
Gross Profit Margin 12.66% 19.13% 16.39%
Selling, General & Admin $4.220M $4.583M $17.75M
YoY Change -12.27% 34.4% -0.08%
% of Gross Profit 70.72% 32.11% 43.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.010M $2.990M $12.32M
YoY Change -0.99% 104.79% 73.07%
% of Gross Profit 67.2% 20.95% 29.94%
Operating Expenses $4.220M $4.583M $17.75M
YoY Change -12.27% 34.4% -0.08%
Operating Profit $1.752M $9.692M $23.40M
YoY Change -75.02% 39.09% -21.17%
Interest Expense -$670.0K $704.0K $2.592M
YoY Change 17.54% -641.54% 82.41%
% of Operating Profit -38.24% 7.26% 11.08%
Other Income/Expense, Net $50.00K $20.00K $140.0K
YoY Change 150.0% -33.96%
Pretax Income $1.140M $9.011M $20.95M
YoY Change -82.38% 31.74% -26.43%
Income Tax $54.00K $2.725M $6.334M
% Of Pretax Income 4.74% 30.24% 30.23%
Net Earnings $1.081M $6.286M $14.62M
YoY Change -74.6% 41.32% -19.34%
Net Earnings / Revenue 2.29% 8.42% 5.82%
Basic Earnings Per Share $0.16 $0.92 $2.13
Diluted Earnings Per Share $0.16 $0.86 $2.02
COMMON SHARES
Basic Shares Outstanding 6.849M shares 6.875M shares
Diluted Shares Outstanding 7.433M shares 7.454M shares

Balance Sheet

Concept 2012 Q4 2012 Q1 2012
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $400.0K $300.0K
YoY Change 0.0% -98.69% 0.0%
Cash & Equivalents $321.0K $378.0K
Short-Term Investments
Other Short-Term Assets $2.246M $28.40M $26.00M
YoY Change 2.18% 294.44% -15.03%
Inventory $95.75M $93.70M $95.70M
Prepaid Expenses
Receivables $24.78M $45.30M $24.80M
Other Receivables $0.00 $600.0K $0.00
Total Short-Term Assets $147.4M $168.3M $146.9M
YoY Change -5.13% 9.57% -5.47%
LONG-TERM ASSETS
Property, Plant & Equipment $206.2M $190.0M $206.2M
YoY Change 12.56% 162.79% 12.62%
Goodwill $20.27M
YoY Change -1.03%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.418M $2.900M $2.400M
YoY Change -8.72% 93.33% -7.69%
Total Long-Term Assets $228.8M $213.4M $228.8M
YoY Change 10.94% 189.16% 10.91%
TOTAL ASSETS
Total Short-Term Assets $147.4M $168.3M $146.9M
Total Long-Term Assets $228.8M $213.4M $228.8M
Total Assets $376.3M $381.7M $375.7M
YoY Change 4.04% 67.85% 3.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.61M $32.80M $10.60M
YoY Change -64.53% 14.69% -64.55%
Accrued Expenses $4.700M $5.400M $4.700M
YoY Change -37.33% 38.46% -37.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $1.500M $0.00 $1.500M
YoY Change -50.0% -100.0% -50.0%
Total Short-Term Liabilities $17.52M $42.00M $17.50M
YoY Change -57.72% 6.6% -57.73%
LONG-TERM LIABILITIES
Long-Term Debt $105.2M $103.9M $105.2M
YoY Change 14.83% 1323.29% 14.72%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $105.2M $103.9M $105.2M
YoY Change 14.83% 1285.33% 14.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.52M $42.00M $17.50M
Total Long-Term Liabilities $105.2M $103.9M $105.2M
Total Liabilities $178.0M $194.5M $178.0M
YoY Change -1.86% 210.21% -1.87%
SHAREHOLDERS EQUITY
Retained Earnings $153.1M
YoY Change 10.55%
Common Stock $7.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.153M
YoY Change 12.19%
Treasury Stock Shares 288.7K shares
Shareholders Equity $198.3M $187.1M $197.7M
YoY Change
Total Liabilities & Shareholders Equity $376.3M $381.7M $375.7M
YoY Change 4.04% 67.85% 3.87%

Cashflow Statement

Concept 2012 Q4 2012 Q1 2012
OPERATING ACTIVITIES
Net Income $1.081M $6.286M $14.62M
YoY Change -74.6% 41.32% -19.34%
Depreciation, Depletion And Amortization $4.010M $2.990M $12.32M
YoY Change -0.99% 104.79% 73.07%
Cash From Operating Activities $13.04M -$3.822M $20.81M
YoY Change 2.44% 34.11% 94.71%
INVESTING ACTIVITIES
Capital Expenditures -$6.710M -$4.990M $34.23M
YoY Change -43.76% 305.69% 103.87%
Acquisitions
YoY Change
Other Investing Activities $10.00K $10.00K
YoY Change -100.01%
Cash From Investing Activities -$6.700M -$4.986M -$34.22M
YoY Change -43.89% 305.37% -68.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $229.0K $1.608M
YoY Change 156.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.280M 8.912M 13.45M
YoY Change 665.85% -1750.37% -78.73%
NET CHANGE
Cash From Operating Activities 13.04M -3.822M 20.81M
Cash From Investing Activities -6.700M -4.986M -34.22M
Cash From Financing Activities -6.280M 8.912M 13.45M
Net Change In Cash 60.00K 104.0K 47.00K
YoY Change -300.0% -102.25% -100.14%
FREE CASH FLOW
Cash From Operating Activities $13.04M -$3.822M $20.81M
Capital Expenditures -$6.710M -$4.990M $34.23M
Free Cash Flow $19.75M $1.168M -$13.42M
YoY Change -19.91% -172.1% 119.89%

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CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2010 us-gaap Share Based Compensation
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CY2010 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2010 us-gaap Increase Decrease In Income Taxes
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CY2010 us-gaap Effective Income Tax Rate Continuing Operations
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CY2010 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2010 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2010 us-gaap Payments To Acquire Property Plant And Equipment
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CY2010 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2010 us-gaap Increase Decrease In Employee Related Liabilities
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CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
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CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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CY2010 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2010 us-gaap Current State And Local Tax Expense Benefit
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CY2010 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2010 us-gaap Depreciation
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CY2010 us-gaap Income Taxes Paid Net
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CY2010 us-gaap Property Plant And Equipment Additions
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CY2010 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2010 us-gaap Allowance For Doubtful Accounts Receivable Charge Offs
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CY2010 us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2010 us-gaap Deferred Income Tax Expense Benefit
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CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2010 us-gaap Tax Benefit From Stock Options Exercised1
TaxBenefitFromStockOptionsExercised1
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CY2010 us-gaap Net Income Loss Attributable To Parent Diluted
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CY2010 us-gaap Net Income Loss
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CY2010 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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CY2010 us-gaap Interest Paid Net
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CY2010 us-gaap Income Tax Expense Benefit
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CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period Fair Value
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CY2010 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
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CY2010 us-gaap Interest Expense
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CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2010 usap Compensation Costs From Profit Sharing
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CY2010 usap Allowance For Doubtful Accounts Charged To Expense
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CY2010 usap Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonvestedOptionsGrantsInPeriod
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CY2010 usap Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonvestedOptionsVestedInPeriod
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CY2010 usap Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Granted In Period Weighted Average Grant Date Fair Value
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CY2010 usap Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Vested In Period Weighted Average Grant Date Fair Value
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CY2010 usap Entity Wide Disclosure On Geographic Areas Percent Of Revenue From External Customers Attributed To Foreign Countries
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CY2010 usap Effective Income Tax Rate Reconciliation Domestic Manufacturing Incentives
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CY2010 usap Business Acquisition Pro Forma Weighted Average Number Of Shares Outstanding Basic
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CY2010 usap Business Acquisition Pro Forma Weighted Average Number Of Shares Outstanding Diluted
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CY2010 usap State Grant Funding Purchase Of New Equipment
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CY2010 usap Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Forfeited In Period
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CY2010 usap Inventory Reserves Increase Decrease
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CY2010 usap Bad Debt Expense Net Of Recoveries
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2011 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2011 us-gaap Payments Of Financing Costs
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CY2011 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
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CY2011 us-gaap Increase Decrease In Accounts Payable
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CY2011 us-gaap Proceeds From Issuance Of Common Stock
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CY2011 us-gaap Comprehensive Income Net Of Tax
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CY2011 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2011 us-gaap Increase Decrease In Other Operating Capital Net
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CY2011 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
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CY2011 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2011 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2011 us-gaap Cost Of Goods And Services Sold
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CY2011 us-gaap Current Federal Tax Expense Benefit
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CY2011 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2011 us-gaap Effective Income Tax Rate Continuing Operations
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CY2011 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2011 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2011 us-gaap Payments To Acquire Property Plant And Equipment
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CY2011 us-gaap Increase Decrease In Employee Related Liabilities
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
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CY2011 us-gaap Amortization Of Deferred Charges
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CY2011 us-gaap Notes Issued1
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CY2011 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2011 us-gaap Sales Revenue Net
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CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2011 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2011 us-gaap Earnings Per Share Basic
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
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CY2011 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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CY2011 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2011 us-gaap Current State And Local Tax Expense Benefit
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CY2011 us-gaap Interest On Convertible Debt Net Of Tax
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CY2011 us-gaap Cost Of Property Repairs And Maintenance
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CY2011 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2011 us-gaap Depreciation
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CY2011 us-gaap Income Taxes Paid Net
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CY2011 us-gaap Allocated Share Based Compensation Expense
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CY2011 us-gaap Allowance For Doubtful Accounts Receivable Charge Offs
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CY2011 us-gaap Tax Benefit From Stock Options Exercised1
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CY2011 us-gaap Net Income Loss Attributable To Parent Diluted
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CY2011 us-gaap Net Income Loss
NetIncomeLoss
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CY2011 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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CY2011 us-gaap Interest Paid Net
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CY2011 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2011 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
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CY2011 us-gaap Interest Expense
InterestExpense
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2011 usap Compensation Costs From Profit Sharing
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CY2011 usap Allowance For Doubtful Accounts Charged To Expense
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CY2011 usap Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Grants In Period
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CY2011 usap Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Vested In Period
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CY2011 usap Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Granted In Period Weighted Average Grant Date Fair Value
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CY2011 usap Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Vested In Period Weighted Average Grant Date Fair Value
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CY2011 usap Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Forfeited In Period Weighted Average Grant Date Fair Value
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CY2011 usap Effective Income Tax Rate Reconciliation Other Reconciling Items
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CY2011 usap Entity Wide Disclosure On Geographic Areas Percent Of Revenue From External Customers Attributed To Foreign Countries
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CY2011 usap Business Acquisition Pro Forma Weighted Average Number Of Shares Outstanding Basic
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CY2011 usap Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Forfeited In Period
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CY2012 dei Trading Symbol
TradingSymbol
USAP
CY2012 dei Entity Registrant Name
EntityRegistrantName
UNIVERSAL STAINLESS & ALLOY PRODUCTS INC
CY2012 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012 dei Amendment Flag
AmendmentFlag
false
CY2012 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2012 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Type
DocumentType
10-K
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-12-31
CY2012 dei Entity Central Index Key
EntityCentralIndexKey
0000931584
CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2012 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2012 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
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CY2012 us-gaap Increase Decrease In Accounts Payable
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CY2012 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2012 us-gaap Depreciation Depletion And Amortization
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2012 us-gaap Share Based Compensation
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476000
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17700000
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350 pure
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Depreciation
12100000
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IncomeTaxesPaidNet
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35057000
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12000
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AllocatedShareBasedCompensationExpense
1600000
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119000
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DeferredIncomeTaxExpenseBenefit
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0.0110 pure
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17746000
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IncomeTaxExpenseBenefit
6334000
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1500000
CY2012 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Estimates</i>. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. The estimates and assumptions used in these consolidated financial statements are based on known information available as of the balance sheet date. Actual results could differ from those estimates.</font></p> </div>
CY2012 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
-211000
CY2012 us-gaap Interest Expense
InterestExpense
2592000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
824000000000
CY2012 usap Compensation Costs From Profit Sharing
CompensationCostsFromProfitSharing
4000000
CY2012 usap Allowance For Doubtful Accounts Charged To Expense
AllowanceForDoubtfulAccountsChargedToExpense
4000
CY2012 usap Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonvestedOptionsGrantsInPeriod
40000 shares
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125071 shares
CY2012 usap Share Based Compensation Arrangement By Share Based Payment Award Options Expiration Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationTerm
P10Y
CY2012 usap Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Granted In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonvestedOptionsGrantedInPeriodWeightedAverageGrantDateFairValue
20.60
CY2012 usap Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonvestedOptionsVestedInPeriodWeightedAverageGrantDateFairValue
15.31
CY2012 usap Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Forfeited In Period Weighted Average Grant Date Fair Value
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16.68
CY2012 usap Effective Income Tax Rate Reconciliation Other Reconciling Items
EffectiveIncomeTaxRateReconciliationOtherReconcilingItems
-0.001 pure
CY2012 usap Entity Wide Disclosure On Geographic Areas Percent Of Revenue From External Customers Attributed To Foreign Countries
EntityWideDisclosureOnGeographicAreasPercentOfRevenueFromExternalCustomersAttributedToForeignCountries
0.06 pure
CY2012 usap Effective Income Tax Rate Reconciliation Domestic Manufacturing Incentives
EffectiveIncomeTaxRateReconciliationDomesticManufacturingIncentives
0.027 pure
CY2012 usap Maximum Leverage Ratio
MaximumLeverageRatio
3.25
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DebtInstrumentConvertibleStockPriceTriggerPercentage
1.40 pure
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2012-03-19
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LineOfCreditFacilityExpiration
2016-08
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LineOfCreditFacilityExtendedExpirationYear
2017-03
CY2012 usap Specified Prepayment Date Of Convertible Notes Outstanding
SpecifiedPrepaymentDateOfConvertibleNotesOutstanding
2014-08-17
CY2012 usap Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonvestedOptionsForfeitedInPeriod
41000 shares
CY2012 usap Inventory Reserves Increase Decrease
InventoryReservesIncreaseDecrease
300000
CY2012 usap Bad Debt Expense Net Of Recoveries
BadDebtExpenseNetOfRecoveries
4000
CY2011Q1 us-gaap Operating Income Loss
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6968000
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0.64
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59811000
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10798000
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2395000
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0.66
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11570000
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4505000
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IncomeTaxExpenseBenefit
54000

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