$USAP
UNIVERSAL STAINLESS & ALLOY PRODUCTS INC

2024 Q2 Form 10-Q Financial Statement

#000143774924014154 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $82.76M $77.64M $79.78M
YoY Change 19.91% 17.87% 41.96%
Cost Of Revenue $61.75M $62.97M $66.67M
YoY Change 4.36% 8.31% 23.96%
Gross Profit $21.01M $14.67M $13.11M
YoY Change 113.37% 89.89% 442.33%
Gross Profit Margin 25.39% 18.89% 16.43%
Selling, General & Admin $8.164M $7.409M $8.304M
YoY Change 20.86% 18.07% 48.95%
% of Gross Profit 38.85% 50.51% 63.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.175M $5.005M $5.103M
YoY Change 12.23% -0.54% 5.04%
% of Gross Profit 24.63% 34.12% 38.93%
Operating Expenses $8.164M $7.409M $8.304M
YoY Change 20.86% 18.07% 48.95%
Operating Profit $12.85M $7.258M $4.804M
YoY Change 315.42% 400.9% -252.12%
Interest Expense $1.902M $2.049M -$2.199M
YoY Change -193.01% 0.84% 38.48%
% of Operating Profit 14.8% 28.23% -45.77%
Other Income/Expense, Net -$22.00K -$14.00K -$29.00K
YoY Change 340.0% -133.33% -149.15%
Pretax Income $10.93M $5.195M $2.576M
YoY Change 947.46% -1060.26% -154.96%
Income Tax $2.060M $1.058M -$21.00K
% Of Pretax Income 18.86% 20.37% -0.82%
Net Earnings $8.865M $4.137M $2.597M
YoY Change 890.5% -908.01% -169.74%
Net Earnings / Revenue 10.71% 5.33% 3.26%
Basic Earnings Per Share $0.96 $0.45
Diluted Earnings Per Share $0.90 $0.43 $0.28
COMMON SHARES
Basic Shares Outstanding 9.190M 9.188M 9.088M
Diluted Shares Outstanding 9.843M 9.636M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.000K $866.0K $394.0K
YoY Change -97.73% -42.65% -80.49%
Cash & Equivalents $1.000K $866.0K $394.0K
Short-Term Investments
Other Short-Term Assets $13.32M $10.53M $11.69M
YoY Change 24.58% 1.4% 12.52%
Inventory $149.1M $142.4M $144.7M
Prepaid Expenses
Receivables $44.92M $41.65M $39.03M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $207.3M $195.4M $195.8M
YoY Change 7.07% -0.06% -0.88%
LONG-TERM ASSETS
Property, Plant & Equipment $158.9M $159.3M $159.8M
YoY Change -0.74% -1.42% -2.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.825M $1.235M $1.033M
YoY Change 37.22% -35.94% -54.69%
Total Long-Term Assets $160.7M $160.5M $160.9M
YoY Change -0.42% -1.96% -2.96%
TOTAL ASSETS
Total Short-Term Assets $207.3M $195.4M $195.8M
Total Long-Term Assets $160.7M $160.5M $160.9M
Total Assets $368.0M $355.9M $356.7M
YoY Change 3.67% -0.92% -1.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.92M $31.71M $34.86M
YoY Change 10.19% -3.59% -8.71%
Accrued Expenses $4.803M $8.248M $6.660M
YoY Change 27.4% 124.86% 138.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.810M $3.772M $3.733M
YoY Change 3.96% 11.93% 9.18%
Total Short-Term Liabilities $47.53M $43.86M $45.91M
YoY Change 13.87% 7.78% 0.9%
LONG-TERM LIABILITIES
Long-Term Debt $74.48M $77.47M $81.85M
YoY Change -16.89% -19.36% -13.86%
Other Long-Term Liabilities $2.867M $2.874M $2.891M
YoY Change -6.09% -5.86% -5.71%
Total Long-Term Liabilities $2.867M $2.874M $84.74M
YoY Change -96.91% -5.86% -13.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.53M $43.86M $45.91M
Total Long-Term Liabilities $2.867M $2.874M $84.74M
Total Liabilities $127.6M $125.2M $130.6M
YoY Change -5.1% -10.44% -9.01%
SHAREHOLDERS EQUITY
Retained Earnings $140.5M $131.7M $127.5M
YoY Change 14.25% 7.83% 4.0%
Common Stock $9.000K $9.000K $9.000K
YoY Change -99.99% -99.99% -99.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $240.5M $230.7M $226.0M
YoY Change
Total Liabilities & Shareholders Equity $368.0M $355.9M $356.7M
YoY Change 3.67% -0.92% -1.83%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $8.865M $4.137M $2.597M
YoY Change 890.5% -908.01% -169.74%
Depreciation, Depletion And Amortization $5.175M $5.005M $5.103M
YoY Change 12.23% -0.54% 5.04%
Cash From Operating Activities $7.263M $10.27M $7.381M
YoY Change -5.33% 193.01% -381.29%
INVESTING ACTIVITIES
Capital Expenditures $5.464M $5.462M $3.366M
YoY Change 124.58% 21.4% -400.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.464M -$5.462M -$3.366M
YoY Change 124.58% 21.4% 200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.664M -$4.336M -3.800M
YoY Change -60.27% -994.02% -166.68%
NET CHANGE
Cash From Operating Activities 7.263M $10.27M 7.381M
Cash From Investing Activities -5.464M -$5.462M -3.366M
Cash From Financing Activities -2.664M -$4.336M -3.800M
Net Change In Cash -865.0K $472.0K 215.0K
YoY Change -41.0% -192.73% -88.99%
FREE CASH FLOW
Cash From Operating Activities $7.263M $10.27M $7.381M
Capital Expenditures $5.464M $5.462M $3.366M
Free Cash Flow $1.799M $4.808M $4.015M
YoY Change -65.66% -583.7% -367.31%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
394000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2019000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
866000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1510000 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
226042000 usd
CY2024Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
66000 usd
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
454000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent
31000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
4137000 usd
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
230730000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
219753000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
361000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent
-146000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-512000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
219456000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
4137000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-512000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9187730
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9055815
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
448414
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9636144
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9055815
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.45
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.43
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
77637000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
65865000 usd
CY2024Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
15670000 usd
CY2023Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
15124000 usd
CY2024Q1 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
113537000 usd
CY2023Q4 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
117039000 usd
CY2024Q1 usap Inventory Operating Materials
InventoryOperatingMaterials
16687000 usd
CY2023Q4 usap Inventory Operating Materials
InventoryOperatingMaterials
15967000 usd
CY2024Q1 us-gaap Inventory Gross
InventoryGross
145894000 usd
CY2023Q4 us-gaap Inventory Gross
InventoryGross
148130000 usd
CY2024Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3530000 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3430000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
142364000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
144700000 usd
CY2023Q1 usap Number Of New Finance Leases
NumberOfNewFinanceLeases
1 pure
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
119000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
1465000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
36000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
1841000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
21000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
1714000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
1570000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
0 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
1114000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
178000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
7704000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4000 usd
CY2024Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1525000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
174000 usd
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
6179000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
135000 usd
CY2024Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1439000 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
39000 usd
CY2024Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
4740000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1DT12H
CY2024Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P4D
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
200000 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
6200000 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
100000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
200000 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
6500000 usd
CY2022Q4 usap Finance Lease Original Amount
FinanceLeaseOriginalAmount
7000000 usd
CY2022Q4 us-gaap Lessee Finance Lease Term Of Contract1
LesseeFinanceLeaseTermOfContract1
P72M
CY2022Q4 usap Finance Lease Implicit Interest Rate
FinanceLeaseImplicitInterestRate
0.112 pure
CY2024Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.10 pure
CY2024Q1 usap Sale And Leaseback Financing Liability
SaleAndLeasebackFinancingLiability
1486000 usd
CY2023Q4 usap Sale And Leaseback Financing Liability
SaleAndLeasebackFinancingLiability
1539000 usd
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
6179000 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
6508000 usd
CY2024Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
82272000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
86674000 usd
CY2024Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
3772000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
3733000 usd
CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1029000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1095000 usd
CY2024Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
77471000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
81846000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.197 pure
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.129 pure
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q1 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
100000 usd
CY2024Q1 usap Effective Income Tax Rate Reconciliation Percent Discrete Items
EffectiveIncomeTaxRateReconciliationPercentDiscreteItems
0.204 pure
CY2023Q1 usap Effective Income Tax Rate Reconciliation Percent Discrete Items
EffectiveIncomeTaxRateReconciliationPercentDiscreteItems
0.053 pure

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