Uniroyal Global Engineered Products, Inc. Reports Consolidated Earnings Results for the Full Year Ended December 31, 2017
March 19, 2018 at 08:55 pm
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Uniroyal Global Engineered Products, Inc. reported consolidated earnings results for the full year ended December 31, 2017. For the period, the company’s net Sales of $98,138,060 decline 2.2% against the $100,377,278 of prior year on tepid U.S automotive sales. Diluted Earnings per common share were a loss of $0.17 against the income of $0.24 in the prior year, or a loss of $0.01 and income of $0.14 per share excluding the adjustments in both years. Operating Income for the year was $4,544,835 (4.6% of Net Sales) compared to $8,046,665 (8.0% of Net Sales) in the prior year. Operating Income was down significantly as operating margins continued to be negatively impacted by the rising raw material costs at the US and European operations and by the production inefficiencies due to platform changes, particularly in Europe. This loss was partially offset by the results of the positive steps taken which sharply reduced Operating Expenses. Income before tax provision was $2,808,905 compared to $6,180,905 a year ago. Net loss available to common shareholders was $3,102,130 compared to net income available to common shareholders of $4,499,664 a year ago.
Uniroyal Global Engineered Products, Inc. is focused on manufacturing and selling vinyl coated fabric products. Its brand names include Naugahyde, BeautyGard, Flame Blocker, Spirit Millennium, Ambla, Amblon, Velbex, Cirroflex, Plastolene, and Vynide. The Company's products are used in various applications, such as automotive and non-automotive transportation, certain indoor/outdoor furniture, commercial and hospitality seating, healthcare facilities, and athletic equipment. In the automotive industry, its products are used primarily in seating, door panels, head and arm rests, security shades, and trim components, including instrument panels, door casings, seating, gear lever and steering column gaiters, headliners, and load space covers. Non-automotive applications include outdoor seating for utility and sports vehicles, sheeting used in medical and toxic hazard protection, personal protection, moisture barriers, stroller and nursery equipment, and decorative surface applications.