$USAP
UNIVERSAL STAINLESS & ALLOY PRODUCTS INC

2022 Q1 Form 10-Q Financial Statement

#000156459022014969 Filed on April 20, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $47.56M $37.04M
YoY Change 28.41% -36.68%
Cost Of Revenue $43.51M $37.29M
YoY Change 16.68% -30.41%
Gross Profit $4.053M -$248.0K
YoY Change -1734.27% -105.05%
Gross Profit Margin 8.52% -0.67%
Selling, General & Admin $5.049M $5.230M
YoY Change -3.46% -11.48%
% of Gross Profit 124.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.871M $4.830M
YoY Change 0.85% -3.98%
% of Gross Profit 120.18%
Operating Expenses $5.049M $5.230M
YoY Change -3.46% -11.48%
Operating Profit -$996.0K -$5.478M
YoY Change -81.82% 448.35%
Interest Expense -$709.0K $550.0K
YoY Change -228.91% -42.23%
% of Operating Profit
Other Income/Expense, Net -$13.00K -$16.00K
YoY Change -18.75% -194.12%
Pretax Income -$1.718M -$6.045M
YoY Change -71.58% 212.56%
Income Tax -$103.0K -$1.520M
% Of Pretax Income
Net Earnings -$1.615M -$4.529M
YoY Change -64.34% 220.98%
Net Earnings / Revenue -3.4% -12.23%
Basic Earnings Per Share -$0.18 -$0.51
Diluted Earnings Per Share -$0.18 -$0.51
COMMON SHARES
Basic Shares Outstanding 8.946M 8.889M
Diluted Shares Outstanding 8.946M 8.889M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $279.0K $400.0K
YoY Change -30.25% 100.0%
Cash & Equivalents $279.0K
Short-Term Investments
Other Short-Term Assets $8.498M $7.200M
YoY Change 18.03% -18.89%
Inventory $147.6M $111.6M
Prepaid Expenses
Receivables $28.35M $20.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $184.8M $139.9M
YoY Change 32.06% -27.33%
LONG-TERM ASSETS
Property, Plant & Equipment $157.8M $164.5M
YoY Change -4.1% -5.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $286.0K $300.0K
YoY Change -4.67% -60.42%
Total Long-Term Assets $158.0M $164.7M
YoY Change -4.04% -5.75%
TOTAL ASSETS
Total Short-Term Assets $184.8M $139.9M
Total Long-Term Assets $158.0M $164.7M
Total Assets $342.8M $304.6M
YoY Change 12.54% -17.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.55M $19.20M
YoY Change 64.32% -35.8%
Accrued Expenses $2.918M $3.400M
YoY Change -14.18% -15.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.376M $1.900M
YoY Change 25.05% -88.95%
Total Short-Term Liabilities $38.25M $25.00M
YoY Change 53.01% -51.62%
LONG-TERM LIABILITIES
Long-Term Debt $73.59M $49.70M
YoY Change 48.06% -15.91%
Other Long-Term Liabilities $3.320M $4.300M
YoY Change -22.79% 16.82%
Total Long-Term Liabilities $76.91M $54.00M
YoY Change 42.42% 1366.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.25M $25.00M
Total Long-Term Liabilities $76.91M $54.00M
Total Liabilities $117.5M $83.20M
YoY Change 41.28% -33.39%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $225.3M $221.5M
YoY Change
Total Liabilities & Shareholders Equity $342.8M $304.6M
YoY Change 12.54% -17.06%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$1.615M -$4.529M
YoY Change -64.34% 220.98%
Depreciation, Depletion And Amortization $4.871M $4.830M
YoY Change 0.85% -3.98%
Cash From Operating Activities -$3.979M $1.620M
YoY Change -345.62% -120.84%
INVESTING ACTIVITIES
Capital Expenditures -$2.520M -$2.680M
YoY Change -5.97% -166.3%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.520M -$2.680M
YoY Change -5.97% -33.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.660M 1.330M
YoY Change 400.75% -88.8%
NET CHANGE
Cash From Operating Activities -3.979M 1.620M
Cash From Investing Activities -2.520M -2.680M
Cash From Financing Activities 6.660M 1.330M
Net Change In Cash 161.0K 270.0K
YoY Change -40.37% 328.57%
FREE CASH FLOW
Cash From Operating Activities -$3.979M $1.620M
Capital Expenditures -$2.520M -$2.680M
Free Cash Flow -$1.459M $4.300M
YoY Change -133.93% -136.4%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2022Q1 us-gaap Debt Current
DebtCurrent
2376000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2021-01-31#OtherAssetsNoncurrent
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List
FinanceLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2021-01-31#OtherAssetsNoncurrent
CY2022Q1 us-gaap Lease Practical Expedient Use Of Hindsight
LeasePracticalExpedientUseOfHindsight
true
CY2022Q1 us-gaap Operating Lease Liability Statement Of Financial Position Extensible List
OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2021-01-31#OtherLiabilities
CY2022Q1 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesCurrent
CY2022Q1 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrent
CY2022Q1 us-gaap Finance Lease Liability Statement Of Financial Position Extensible List
FinanceLeaseLiabilityStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2021-01-31#OtherLiabilities
CY2022Q1 us-gaap Finance Lease Liability Current Statement Of Financial Position Extensible List
FinanceLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2021-01-31#DebtCurrent
CY2022Q1 us-gaap Finance Lease Liability Noncurrent Statement Of Financial Position Extensible List
FinanceLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2021-01-31#LongTermDebtAndCapitalLeaseObligations
CY2021Q4 us-gaap Debt Current
DebtCurrent
2392000
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.51
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-1615000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-4529000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8946174
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.51
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8888815
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8946174
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8888815
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2022Q1 usap Line Of Credit Facility Minimum Borrowing Capacity
LineOfCreditFacilityMinimumBorrowingCapacity
11000000.0
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
47562000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
37038000
CY2021Q1 usap Fixed Production Overhead To Cost Of Inventory
FixedProductionOverheadToCostOfInventory
2600000
CY2022Q1 usap Fixed Production Overhead To Cost Of Inventory
FixedProductionOverheadToCostOfInventory
0
CY2021Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
12263000
CY2021Q4 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
122396000
CY2021Q4 usap Inventory Operating Materials
InventoryOperatingMaterials
10620000
CY2021Q4 us-gaap Inventory Gross
InventoryGross
145279000
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
4595000
CY2022Q1 us-gaap Inventory Net
InventoryNet
147632000
CY2021Q4 us-gaap Inventory Net
InventoryNet
140684000
CY2022Q1 usap Number Of Lease Agreements Accounted For As Operating Leases
NumberOfLeaseAgreementsAccountedForAsOperatingLeases
1
CY2022Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
242000
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
225000
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
112000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
690000
CY2022Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
790000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
29000
CY2022Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
75000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
251000
CY2022Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
211000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
243000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
661000
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
715000
CY2022Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
233000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
351000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y6M
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M24D
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
600000
CY2022Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
800000
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
100000
CY2022Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
77369000
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
70709000
CY2022Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
2376000
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
2392000
CY2022Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1408000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1465000
CY2022Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
73585000
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
66852000
CY2022Q1 usap Minimum Fixed Charge Coverage Ratio
MinimumFixedChargeCoverageRatio
1.10
CY2021Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
500000
CY2022Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
100000
CY2022Q1 usap Estimated Annual Effective Tax Rate
EstimatedAnnualEffectiveTaxRate
0.106
CY2022Q1 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
100000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.060
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.251

Files In Submission

Name View Source Status
0001564590-22-014969-index-headers.html Edgar Link pending
0001564590-22-014969-index.html Edgar Link pending
0001564590-22-014969.txt Edgar Link pending
0001564590-22-014969-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
gjvjbjnmizur000001.jpg Edgar Link pending
gy4jl3mardmd000001.jpg Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
usap-10q_20220331.htm Edgar Link pending
usap-10q_20220331_htm.xml Edgar Link completed
usap-20220331.xsd Edgar Link pending
usap-20220331_cal.xml Edgar Link unprocessable
usap-20220331_def.xml Edgar Link unprocessable
usap-20220331_lab.xml Edgar Link unprocessable
usap-20220331_pre.xml Edgar Link unprocessable
usap-ex101_107.htm Edgar Link pending
usap-ex311_6.htm Edgar Link pending
usap-ex312_8.htm Edgar Link pending
usap-ex321_7.htm Edgar Link pending