Uniroyal Global Engineered Products, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018
November 05, 2018 at 04:49 pm EST
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Uniroyal Global Engineered Products, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company announced net sales of $24,322,532 compared to $22,498,456 for the same period a year ago. Operating income was $1,138,760 compared to $874,942 for the same period a year ago. The principal reasons for the decline in operating income was the lower sales volume which was partially offset by lower operating expenses as a result of management initiatives targeted to reduce overall expenses. Income before tax provision was $626,899 compared to $340,762 for the same period a year ago. Net income was $759,569 compared to $275,592 a year ago. Net loss available to common shareholders was $10,118 or $0.00 per basic and diluted share compared to $477,553 or $0.03 per basic and diluted share for the same period a year ago.
For the first nine months, the company announced net sales of $76,775,452 compared to $74,334,434 for the same period a year ago. Operating income was $3,511,857 compared to $4,255,124 for the same period a year ago. Income before tax provision was $2,084,031 compared to $2,929,169 for the same period a year ago. Net income was $2,173,701 compared to $2,438,070 a year ago. Net loss available to common shareholders was $156,549 or $0.01 per basic and diluted share compared to net income available to common shareholders of $207,689 or $0.01per basic and diluted share for the same period 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.
Uniroyal Global Engineered Products, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018