$USAP
UNIVERSAL STAINLESS & ALLOY PRODUCTS INC

2024 Q3 Form 10-Q Financial Statement

#000143774924024028 Filed on July 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $87.25M $82.76M
YoY Change 22.4% 19.91%
Cost Of Revenue $65.26M $61.75M
YoY Change 8.0% 4.36%
Gross Profit $21.99M $21.01M
YoY Change 102.52% 113.37%
Gross Profit Margin 25.21% 25.39%
Selling, General & Admin $8.967M $8.164M
YoY Change 39.04% 20.86%
% of Gross Profit 40.77% 38.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.265M $5.175M
YoY Change 12.26% 12.23%
% of Gross Profit 23.94% 24.63%
Operating Expenses $8.967M $8.164M
YoY Change 39.04% 20.86%
Operating Profit $13.03M $12.85M
YoY Change 195.35% 315.42%
Interest Expense $1.789M $1.902M
YoY Change -16.32% -193.01%
% of Operating Profit 13.74% 14.8%
Other Income/Expense, Net $2.242M -$22.00K
YoY Change -5438.1% 340.0%
Pretax Income $13.48M $10.93M
YoY Change 504.39% 947.46%
Income Tax $2.426M $2.060M
% Of Pretax Income 18.0% 18.86%
Net Earnings $11.05M $8.865M
YoY Change 472.64% 890.5%
Net Earnings / Revenue 12.67% 10.71%
Basic Earnings Per Share $1.19 $0.96
Diluted Earnings Per Share $1.11 $0.90
COMMON SHARES
Basic Shares Outstanding 9.238M 9.190M
Diluted Shares Outstanding 9.943M 9.843M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.000K $1.000K
YoY Change -99.5% -97.73%
Cash & Equivalents $1.000K $1.000K
Short-Term Investments
Other Short-Term Assets $11.89M $13.32M
YoY Change 37.95% 24.58%
Inventory $146.9M $149.1M
Prepaid Expenses
Receivables $53.30M $44.92M
Other Receivables $0.00 $0.00
Total Short-Term Assets $212.1M $207.3M
YoY Change 7.93% 7.07%
LONG-TERM ASSETS
Property, Plant & Equipment $157.5M $158.9M
YoY Change -0.84% -0.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.836M $1.825M
YoY Change 14.61% 37.22%
Total Long-Term Assets $159.4M $160.7M
YoY Change -0.68% -0.42%
TOTAL ASSETS
Total Short-Term Assets $212.1M $207.3M
Total Long-Term Assets $159.4M $160.7M
Total Assets $371.5M $368.0M
YoY Change 4.06% 3.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.04M $36.92M
YoY Change -0.16% 10.19%
Accrued Expenses $7.904M $4.803M
YoY Change 49.13% 27.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.795M $3.810M
YoY Change 2.57% 3.96%
Total Short-Term Liabilities $48.45M $47.53M
YoY Change 7.87% 13.87%
LONG-TERM LIABILITIES
Long-Term Debt $65.47M $74.48M
YoY Change -23.7% -16.89%
Other Long-Term Liabilities $28.00K $2.867M
YoY Change -99.08% -6.09%
Total Long-Term Liabilities $28.00K $2.867M
YoY Change -99.08% -96.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.45M $47.53M
Total Long-Term Liabilities $28.00K $2.867M
Total Liabilities $118.3M $127.6M
YoY Change -11.76% -5.1%
SHAREHOLDERS EQUITY
Retained Earnings $151.6M $140.5M
YoY Change 21.33% 14.25%
Common Stock $9.000K $9.000K
YoY Change -99.99% -99.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $253.3M $240.5M
YoY Change
Total Liabilities & Shareholders Equity $371.5M $368.0M
YoY Change 4.06% 3.67%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $11.05M $8.865M
YoY Change 472.64% 890.5%
Depreciation, Depletion And Amortization $5.265M $5.175M
YoY Change 12.26% 12.23%
Cash From Operating Activities $11.87M $7.263M
YoY Change 77.99% -5.33%
INVESTING ACTIVITIES
Capital Expenditures $3.484M $5.464M
YoY Change 27.62% 124.58%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.484M -$5.464M
YoY Change 27.62% 124.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.388M -2.664M
YoY Change 120.16% -60.27%
NET CHANGE
Cash From Operating Activities 11.87M 7.263M
Cash From Investing Activities -3.484M -5.464M
Cash From Financing Activities -8.388M -2.664M
Net Change In Cash 0.000 -865.0K
YoY Change -100.0% -41.0%
FREE CASH FLOW
Cash From Operating Activities $11.87M $7.263M
Capital Expenditures $3.484M $5.464M
Free Cash Flow $8.388M $1.799M
YoY Change 112.89% -65.66%

Facts In Submission

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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
394000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2019000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
44000 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
226042000 usd
CY2024Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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
CY2024Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
255000 usd
CY2024Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
99000 usd
CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
520000 usd
CY2024Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent
16000 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
8865000 usd
CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
240485000 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
CY2023Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
64000 usd
CY2023Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
11000 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
311000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent
-124000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
895000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
220613000 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
8865000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
895000 usd
us-gaap Net Income Loss
NetIncomeLoss
13002000 usd
us-gaap Net Income Loss
NetIncomeLoss
383000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9209721
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9066150
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9196556
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9061011
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
633750
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
206510
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
558185
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
149830
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9843471
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9272660
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9754741
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9210841
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.96
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.1
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.41
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.9
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.1
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.33
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
82759000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
69015000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
160396000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
134880000 usd
usap Inventory Amortization Expense
InventoryAmortizationExpense
900000 usd
usap Inventory Amortization Expense
InventoryAmortizationExpense
900000 usd
CY2024Q2 usap Inventory Amortization Expense
InventoryAmortizationExpense
400000 usd
CY2023Q2 usap Inventory Amortization Expense
InventoryAmortizationExpense
500000 usd
CY2024Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
18845000 usd
CY2023Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
15124000 usd
CY2024Q2 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
114963000 usd
CY2023Q4 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
117039000 usd
CY2024Q2 usap Inventory Operating Materials
InventoryOperatingMaterials
18747000 usd
CY2023Q4 usap Inventory Operating Materials
InventoryOperatingMaterials
15967000 usd
CY2024Q2 us-gaap Inventory Gross
InventoryGross
152555000 usd
CY2023Q4 us-gaap Inventory Gross
InventoryGross
148130000 usd
CY2024Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3462000 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3430000 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
149093000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
144700000 usd
CY2023Q1 usap Number Of New Finance Leases
NumberOfNewFinanceLeases
1 pure
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
73000 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
977000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
36000 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
1841000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
21000 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
1714000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2000 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
1570000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
0 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
1114000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
132000 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
7216000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3000 usd
CY2024Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1368000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
129000 usd
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
5848000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
96000 usd
CY2024Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1403000 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
33000 usd
CY2024Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
4445000 usd
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M24D
CY2024Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y8M12D
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
100000 usd
CY2024Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
5800000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
400000 usd
CY2024Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
200000 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
CY2024Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.10 pure
CY2024Q2 usap Sale And Leaseback Financing Liability
SaleAndLeasebackFinancingLiability
1426000 usd
CY2023Q4 usap Sale And Leaseback Financing Liability
SaleAndLeasebackFinancingLiability
1539000 usd
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
5848000 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
6508000 usd
CY2024Q2 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
79254000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
86674000 usd
CY2024Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
3810000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
3733000 usd
CY2024Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
964000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1095000 usd
CY2024Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
74480000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
81846000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.20 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.104 pure
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 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
100000 usd
usap Effective Income Tax Rate Reconciliation Percent Discrete Items
EffectiveIncomeTaxRateReconciliationPercentDiscreteItems
0.193 pure
usap Effective Income Tax Rate Reconciliation Percent Discrete Items
EffectiveIncomeTaxRateReconciliationPercentDiscreteItems
0.237 pure
CY2024Q2 usap Effective Income Tax Rate Reconciliation Percent Discrete Items
EffectiveIncomeTaxRateReconciliationPercentDiscreteItems
0.189 pure
CY2023Q2 usap Effective Income Tax Rate Reconciliation Percent Discrete Items
EffectiveIncomeTaxRateReconciliationPercentDiscreteItems
0.142 pure

Files In Submission

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usap-20240630_cal.xml Edgar Link unprocessable
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0001437749-24-024028-index.html Edgar Link pending
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ex_683044.htm Edgar Link pending
ex_683045.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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usap-20240630.xsd Edgar Link pending
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usap-20240630_pre.xml Edgar Link unprocessable
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