$USAP
UNIVERSAL STAINLESS & ALLOY PRODUCTS INC

2019 Q4 Form 10-Q Financial Statement

#000156459019037533 Filed on October 23, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $55.17M $56.57M $69.06M
YoY Change -3.32% -18.08% 35.7%
Cost Of Revenue $49.32M $51.26M $58.63M
YoY Change -2.61% -12.57% 29.09%
Gross Profit $5.854M $5.308M $10.43M
YoY Change -8.87% -49.08% 90.79%
Gross Profit Margin 10.61% 9.38% 15.1%
Selling, General & Admin $5.250M $4.525M $5.130M
YoY Change -5.58% -11.79% 15.28%
% of Gross Profit 89.68% 85.25% 49.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.890M $4.820M $4.850M
YoY Change 9.64% -0.62% 4.08%
% of Gross Profit 83.53% 90.81% 46.52%
Operating Expenses $5.250M $4.525M $5.130M
YoY Change -5.58% -11.79% 15.28%
Operating Profit $602.0K $783.0K $5.294M
YoY Change -30.4% -85.21% 421.06%
Interest Expense -$1.010M -$1.050M -$970.0K
YoY Change 17.44% 8.25% -13.39%
% of Operating Profit -167.77% -134.1% -18.32%
Other Income/Expense, Net $50.00K $450.0K $48.00K
YoY Change -64.29% 837.5% 140.0%
Pretax Income -$360.0K $190.0K $4.376M
YoY Change -357.14% -95.66% -5570.0%
Income Tax -$557.0K -$577.0K $460.0K
% Of Pretax Income -303.68% 10.51%
Net Earnings $200.0K $767.0K $3.916M
YoY Change -65.69% -80.41% -1611.97%
Net Earnings / Revenue 0.36% 1.36% 5.67%
Basic Earnings Per Share $0.02 $0.09 $0.45
Diluted Earnings Per Share $0.02 $0.09 $0.44
COMMON SHARES
Basic Shares Outstanding 8.788M 8.788M 8.700M
Diluted Shares Outstanding 8.879M 8.953M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $200.0K $1.200M $0.00
YoY Change -94.59% -100.0%
Cash & Equivalents $170.0K $1.204M $33.00K
Short-Term Investments
Other Short-Term Assets $8.300M $5.756M $3.100M
YoY Change 120.98% 85.68% -26.19%
Inventory $147.4M $140.7M $122.8M
Prepaid Expenses
Receivables $35.60M $36.42M $44.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $191.5M $184.1M $170.1M
YoY Change 9.53% 8.2% 23.71%
LONG-TERM ASSETS
Property, Plant & Equipment $176.1M $176.0M $174.4M
YoY Change -1.0% 0.9% -0.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $871.0K $1.002M $6.700M
YoY Change 30.39% -85.04% 6600.0%
Total Long-Term Assets $176.9M $177.0M $181.2M
YoY Change -0.89% -2.34% 3.25%
TOTAL ASSETS
Total Short-Term Assets $191.5M $184.1M $170.1M
Total Long-Term Assets $176.9M $177.0M $181.2M
Total Assets $368.4M $361.0M $351.3M
YoY Change 4.27% 2.77% 12.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.91M $32.15M $30.10M
YoY Change -7.81% 6.82% -4.75%
Accrued Expenses $4.700M $4.000M $6.600M
YoY Change -40.51% -39.39% 127.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.900M $3.900M $3.900M
YoY Change 0.0% 0.0% -17.02%
Total Short-Term Liabilities $50.13M $40.83M $41.80M
YoY Change -15.26% -2.33% 3.72%
LONG-TERM LIABILITIES
Long-Term Debt $60.40M $62.20M $58.60M
YoY Change 41.12% 6.14% -19.06%
Other Long-Term Liabilities $3.765M $3.283M $2.800M
YoY Change 32.8% 17.25%
Total Long-Term Liabilities $3.765M $3.283M $61.40M
YoY Change 32.8% -94.65% -15.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.13M $40.83M $41.80M
Total Long-Term Liabilities $3.765M $3.283M $61.40M
Total Liabilities $125.3M $118.4M $115.2M
YoY Change 7.7% 2.74% -11.25%
SHAREHOLDERS EQUITY
Retained Earnings $150.5M $150.3M $145.6M
YoY Change 2.94% 3.21%
Common Stock $94.99M $94.56M $92.76M
YoY Change 2.02% 1.94%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.311M $2.311M $2.290M
YoY Change 0.92% 0.92%
Treasury Stock Shares $294.3K $294.3K $292.9K
Shareholders Equity $243.1M $242.7M $236.1M
YoY Change
Total Liabilities & Shareholders Equity $368.4M $361.0M $351.3M
YoY Change 4.27% 2.78% 12.22%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $200.0K $767.0K $3.916M
YoY Change -65.69% -80.41% -1611.97%
Depreciation, Depletion And Amortization $4.890M $4.820M $4.850M
YoY Change 9.64% -0.62% 4.08%
Cash From Operating Activities $4.660M $6.600M $520.0K
YoY Change -70.65% 1169.23% -79.03%
INVESTING ACTIVITIES
Capital Expenditures -$4.040M -$3.910M -$6.560M
YoY Change 85.32% -40.4% 302.45%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$4.040M -$3.910M -$6.560M
YoY Change 86.18% -40.4% 302.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.650M -2.140M 5.840M
YoY Change -89.56% -136.64% -984.85%
NET CHANGE
Cash From Operating Activities 4.660M 6.600M 520.0K
Cash From Investing Activities -4.040M -3.910M -6.560M
Cash From Financing Activities -1.650M -2.140M 5.840M
Net Change In Cash -1.030M 550.0K -200.0K
YoY Change -50.95% -375.0% -205.26%
FREE CASH FLOW
Cash From Operating Activities $4.660M $6.600M $520.0K
Capital Expenditures -$4.040M -$3.910M -$6.560M
Free Cash Flow $8.700M $10.51M $7.080M
YoY Change -51.83% 48.45% 72.26%

Facts In Submission

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CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
43000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
658000
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
211000
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
447000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2019Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
150000
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
583000
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
471000
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
56000
CY2019Q3 usap Finance Lease Liability Payments Due Year Five And Thereafter
FinanceLeaseLiabilityPaymentsDueYearFiveAndThereafter
15000
CY2019Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1275000
CY2019Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
125000
CY2019Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
1150000
CY2019Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
500000
CY2019Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
650000
CY2019Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
700000
CY2019Q3 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:OtherAssetsNoncurrent
CY2019Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
800000
CY2019Q3 us-gaap Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List
FinanceLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:PropertyPlantAndEquipmentNet
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
400000
CY2019Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
100000
us-gaap Lease Practical Expedient Use Of Hindsight
LeasePracticalExpedientUseOfHindsight
true
CY2019Q3 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
67516000
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
48349000
CY2019Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1432000
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1603000
usap Line Of Credit Facility Maximum Borrowing Capacity Percentage
LineOfCreditFacilityMaximumBorrowingCapacityPercentage
0.125
CY2019Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
110000000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
200000
CY2018Q1 usap New Market Tax Credits Recapture Percentage
NewMarketTaxCreditsRecapturePercentage
1.00
CY2018Q1 usap New Market Tax Credits Period Of Recapture
NewMarketTaxCreditsPeriodOfRecapture
P7Y
usap Estimated Annual Effective Tax Rate
EstimatedAnnualEffectiveTaxRate
0.112
usap Estimated Annual Effective Tax Rate
EstimatedAnnualEffectiveTaxRate
0.185
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.013
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.191
CY2019Q3 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
100000

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