$USAP
UNIVERSAL STAINLESS & ALLOY PRODUCTS INC

2022 Q3 Form 10-Q Financial Statement

#000156459022026706 Filed on July 27, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $46.20M $52.16M $43.23M
YoY Change 24.29% 35.46% 38.01%
Cost Of Revenue $43.22M $47.42M $39.48M
YoY Change 23.97% 30.49% 8.45%
Gross Profit $2.978M $4.739M $3.748M
YoY Change 29.09% 118.99% -173.78%
Gross Profit Margin 6.45% 9.09% 8.67%
Selling, General & Admin $5.279M $5.277M $4.851M
YoY Change 5.37% 2.45% 13.08%
% of Gross Profit 177.27% 111.35% 129.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.826M $4.823M $4.881M
YoY Change 0.96% 0.29% 3.19%
% of Gross Profit 162.06% 101.77% 130.23%
Operating Expenses $5.279M $5.277M $4.851M
YoY Change 5.37% 2.45% 13.08%
Operating Profit -$2.301M -$538.0K -$1.103M
YoY Change -14.87% -81.99% -88.23%
Interest Expense $1.221M $870.0K -$633.0K
YoY Change -326.53% 76.83% 3.77%
% of Operating Profit
Other Income/Expense, Net $599.0K $39.00K $477.0K
YoY Change -6755.56% -657.14% -41.83%
Pretax Income -$2.923M -$1.369M -$1.259M
YoY Change -143.31% -60.73% -86.26%
Income Tax -$1.626M $68.00K $367.0K
% Of Pretax Income
Net Earnings -$1.297M -$1.437M -$1.626M
YoY Change -116.44% -42.36% -77.76%
Net Earnings / Revenue -2.81% -2.76% -3.76%
Basic Earnings Per Share -$0.14 -$0.16
Diluted Earnings Per Share -$0.14 -$0.16 -$182.2K
COMMON SHARES
Basic Shares Outstanding 8.975M 8.961M
Diluted Shares Outstanding 8.975M 8.961M

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.00K $315.0K $118.0K
YoY Change -16.46% 99.37% -41.0%
Cash & Equivalents $66.00K $315.0K $118.0K
Short-Term Investments
Other Short-Term Assets $10.23M $8.931M $8.567M
YoY Change 94.47% 45.96% 14.67%
Inventory $158.9M $149.0M $140.7M
Prepaid Expenses
Receivables $23.13M $30.14M $21.19M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $192.3M $188.4M $170.6M
YoY Change 19.69% 26.9% 24.39%
LONG-TERM ASSETS
Property, Plant & Equipment $159.5M $158.7M $159.2M
YoY Change 0.11% -1.94% -3.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $860.0K $873.0K $909.0K
YoY Change -9.47% 325.85% -4.01%
Total Long-Term Assets $160.4M $159.5M $160.1M
YoY Change 0.05% -1.53% -3.53%
TOTAL ASSETS
Total Short-Term Assets $192.3M $188.4M $170.6M
Total Long-Term Assets $160.4M $159.5M $160.1M
Total Assets $352.7M $347.9M $330.6M
YoY Change 9.88% 12.06% 9.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.33M $30.16M $24.00M
YoY Change 11.3% 19.68% 89.99%
Accrued Expenses $3.968M $2.974M $4.613M
YoY Change -22.03% -38.73% 119.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.392M $2.360M $2.392M
YoY Change -0.66% -2.96% -85.68%
Total Short-Term Liabilities $40.91M $36.26M $31.64M
YoY Change 7.35% 9.42% -6.65%
LONG-TERM LIABILITIES
Long-Term Debt $84.19M $81.62M $66.85M
YoY Change 71.38% 61.56% 99.56%
Other Long-Term Liabilities $3.206M $3.246M $3.360M
YoY Change -21.46% -22.55% -21.44%
Total Long-Term Liabilities $3.206M $3.246M $3.360M
YoY Change -21.46% -94.07% -21.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.91M $36.26M $31.64M
Total Long-Term Liabilities $3.206M $3.246M $3.360M
Total Liabilities $129.2M $123.6M $104.3M
YoY Change 38.34% 35.74% 34.83%
SHAREHOLDERS EQUITY
Retained Earnings $126.3M $127.6M $130.7M
YoY Change -4.52% -0.58%
Common Stock $96.66M $96.36M $95.60M
YoY Change 1.5% 1.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $223.5M $224.3M $226.3M
YoY Change
Total Liabilities & Shareholders Equity $352.7M $347.9M $330.6M
YoY Change 9.88% 12.06% 9.1%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income -$1.297M -$1.437M -$1.626M
YoY Change -116.44% -42.36% -77.76%
Depreciation, Depletion And Amortization $4.826M $4.823M $4.881M
YoY Change 0.96% 0.29% 3.19%
Cash From Operating Activities $2.698M -$5.031M -$13.10M
YoY Change -141.04% -6161.45% -216.84%
INVESTING ACTIVITIES
Capital Expenditures -$5.492M -$2.962M -$4.591M
YoY Change 170.41% 64.28% 575.15%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.492M -$2.962M -$4.591M
YoY Change 170.41% 64.28% 575.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.545M 8.029M 17.73M
YoY Change -70.15% 456.02% -270.13%
NET CHANGE
Cash From Operating Activities 2.698M -5.031M -13.10M
Cash From Investing Activities -5.492M -2.962M -4.591M
Cash From Financing Activities 2.545M 8.029M 17.73M
Net Change In Cash -249.0K 36.00K 39.00K
YoY Change 215.19% -113.04% -64.55%
FREE CASH FLOW
Cash From Operating Activities $2.698M -$5.031M -$13.10M
Capital Expenditures -$5.492M -$2.962M -$4.591M
Free Cash Flow $8.190M -$2.069M -$8.507M
YoY Change -280.28% -209.7% -171.55%

Facts In Submission

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NetExpenseRelatedToLiquidMetalSpill
3600000
CY2022Q2 usap Fixed Production Overhead To Cost Of Inventory
FixedProductionOverheadToCostOfInventory
1300000
CY2022Q2 usap Insurance Recovery Received During The Period
InsuranceRecoveryReceivedDuringThePeriod
1500000
CY2022Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
21573000
CY2021Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
12263000
CY2022Q2 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
118571000
CY2021Q4 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
122396000
CY2022Q2 usap Inventory Operating Materials
InventoryOperatingMaterials
12171000
CY2021Q4 usap Inventory Operating Materials
InventoryOperatingMaterials
10620000
CY2022Q2 us-gaap Inventory Gross
InventoryGross
152315000
CY2021Q4 us-gaap Inventory Gross
InventoryGross
145279000
CY2022Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3338000
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
4595000
CY2022Q2 us-gaap Inventory Net
InventoryNet
148977000
CY2021Q4 us-gaap Inventory Net
InventoryNet
140684000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
174000
CY2022Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
130000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
264000
CY2022Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
242000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
168000
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
225000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
34000
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
112000
CY2022Q2 usap Lessee Operating Lease Liability Payments Due Year Four And Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFourAndFive
20000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
660000
CY2022Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
709000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
317000
CY2022Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
428000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
21000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M24D
CY2022Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y2M12D
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
600000
CY2022Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
800000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
100000
CY2018Q1 usap New Market Tax Credits Recapture Percentage
NewMarketTaxCreditsRecapturePercentage
1
CY2018Q1 usap New Market Tax Credits Period Of Recapture
NewMarketTaxCreditsPeriodOfRecapture
P7Y
CY2022Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
64000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
639000
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
2800000
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
66852000
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
645000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
322000
CY2022Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
217000
CY2022Q2 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
85336000
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
70709000
CY2022Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
2360000
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
2392000
CY2022Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1353000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1465000
CY2022Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
81623000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
500000
usap Estimated Annual Effective Tax Rate
EstimatedAnnualEffectiveTaxRate
0.054
usap Estimated Annual Effective Tax Rate
EstimatedAnnualEffectiveTaxRate
0.275
us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
200000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.011
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.263
CY2021 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
200000
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
200000
usap Estimated Annual Effective Tax Rate
EstimatedAnnualEffectiveTaxRate
0.275
CY2022Q2 usap Line Of Credit Facility Minimum Borrowing Capacity
LineOfCreditFacilityMinimumBorrowingCapacity
11000000.0
CY2022Q2 usap Minimum Fixed Charge Coverage Ratio
MinimumFixedChargeCoverageRatio
1.10

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