$USAP
UNIVERSAL STAINLESS & ALLOY PRODUCTS INC

2019 Q1 Form 10-Q Financial Statement

#000156459019012762 Filed on April 24, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $60.27M $63.74M
YoY Change -5.44% 30.41%
Cost Of Revenue $52.90M $54.47M
YoY Change -2.88% 22.05%
Gross Profit $7.370M $9.272M
YoY Change -20.51% 118.42%
Gross Profit Margin 12.23% 14.55%
Selling, General & Admin $4.966M $5.207M
YoY Change -4.63% 10.11%
% of Gross Profit 67.38% 56.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.650M $4.760M
YoY Change -2.31% 0.85%
% of Gross Profit 63.09% 51.34%
Operating Expenses $4.966M $5.207M
YoY Change -4.63% 10.11%
Operating Profit $2.404M $4.065M
YoY Change -40.86% -939.88%
Interest Expense $913.0K $1.206M
YoY Change -24.3% 20.24%
% of Operating Profit 37.98% 29.67%
Other Income/Expense, Net -$21.00K $43.00K
YoY Change -148.84% 616.67%
Pretax Income $1.470M $2.902M
YoY Change -49.35% -295.95%
Income Tax $248.0K $777.0K
% Of Pretax Income 16.87% 26.77%
Net Earnings $1.222M $2.125M
YoY Change -42.49% -274.32%
Net Earnings / Revenue 2.03% 3.33%
Basic Earnings Per Share $0.14 $0.29
Diluted Earnings Per Share $0.14 $0.28
COMMON SHARES
Basic Shares Outstanding 8.762M 7.262M
Diluted Shares Outstanding 8.861M 7.493M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $200.0K $200.0K
YoY Change 0.0% 0.0%
Cash & Equivalents $237.0K $228.0K
Short-Term Investments
Other Short-Term Assets $5.646M $4.000M
YoY Change 41.15% 7.85%
Inventory $147.1M $120.0M
Prepaid Expenses
Receivables $34.62M $33.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $187.6M $157.8M
YoY Change 18.9% 26.01%
LONG-TERM ASSETS
Property, Plant & Equipment $176.8M $173.9M
YoY Change 1.65% -3.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.230M $8.900M
YoY Change -86.18% 13806.25%
Total Long-Term Assets $178.0M $182.8M
YoY Change -2.63% 1.66%
TOTAL ASSETS
Total Short-Term Assets $187.6M $157.8M
Total Long-Term Assets $178.0M $182.8M
Total Assets $365.6M $340.6M
YoY Change 7.35% 11.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $41.80M $28.40M
YoY Change 47.18% -2.47%
Accrued Expenses $3.800M $3.500M
YoY Change 8.57% 45.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.900M $6.700M
YoY Change -41.79% 43.96%
Total Short-Term Liabilities $50.26M $39.80M
YoY Change 26.28% 6.55%
LONG-TERM LIABILITIES
Long-Term Debt $61.50M $93.20M
YoY Change -34.01% 33.52%
Other Long-Term Liabilities $3.380M $3.000M
YoY Change 12.67% 24900.0%
Total Long-Term Liabilities $3.380M $96.20M
YoY Change -96.49% 801566.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.26M $39.80M
Total Long-Term Liabilities $3.380M $96.20M
Total Liabilities $126.9M $146.3M
YoY Change -13.29% 18.26%
SHAREHOLDERS EQUITY
Retained Earnings $147.4M
YoY Change
Common Stock $93.71M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.290M
YoY Change
Treasury Stock Shares $292.9K
Shareholders Equity $238.8M $194.2M
YoY Change
Total Liabilities & Shareholders Equity $365.6M $340.6M
YoY Change 7.35% 11.65%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $1.222M $2.125M
YoY Change -42.49% -274.32%
Depreciation, Depletion And Amortization $4.650M $4.760M
YoY Change -2.31% 0.85%
Cash From Operating Activities -$17.84M -$12.35M
YoY Change 44.41% -123640.0%
INVESTING ACTIVITIES
Capital Expenditures $5.557M $2.485M
YoY Change 123.62% 75.87%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.557M -$2.485M
YoY Change 123.62% 76.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.96M 23.19M
YoY Change -13.95% 1405.84%
NET CHANGE
Cash From Operating Activities -17.84M -12.35M
Cash From Investing Activities -5.557M -2.485M
Cash From Financing Activities 19.96M 23.19M
Net Change In Cash -3.442M 8.351M
YoY Change -141.22% 5865.0%
FREE CASH FLOW
Cash From Operating Activities -$17.84M -$12.35M
Capital Expenditures $5.557M $2.485M
Free Cash Flow -$23.40M -$14.84M
YoY Change 57.68% 957.66%

Facts In Submission

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CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1603000
CY2019Q1 usap Line Of Credit Facility Maximum Borrowing Capacity Percentage
LineOfCreditFacilityMaximumBorrowingCapacityPercentage
0.125
CY2019Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
110000000
CY2019Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2019Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
454000
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
583000
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
471000
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
56000
CY2019Q1 usap Finance Lease Liability Payments Due Year Five And Thereafter
FinanceLeaseLiabilityPaymentsDueYearFiveAndThereafter
15000
CY2019Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1579000
CY2019Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
192000
CY2019Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
1387000
CY2019Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
488000
CY2019Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
899000
CY2019Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
800000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:OtherAssetsNoncurrent
CY2019Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
1100000
CY2019Q1 us-gaap Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List
FinanceLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:PropertyPlantAndEquipmentNet
CY2019Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
100000
CY2018Q1 usap Estimated Annual Effective Tax Rate
EstimatedAnnualEffectiveTaxRate
0.187
CY2018Q1 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
200000

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