Uniroyal Global Engineered Products, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and First Nine Months Ended October 1, 2017
November 06, 2017 at 04:45 pm EST
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Uniroyal Global Engineered Products, Inc. announced unaudited consolidated earnings results for the third quarter and first nine months ended October 1, 2017. For the quarter, the company announced net sales of $22,498,456 compared to $24,675,521 for the same period a year ago. Operating income was $874,942 compared to $1,868,358 for the same period a year ago. Income before tax provision was $340,762 compared to $1,456,942 for the same period a year ago. Net loss available to common shareholders was $477,553 or $0.03 per basic and diluted share compared to net income available to common shareholders of $578,015 or $0.03 per basic and diluted share 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.
For the first nine months, the company announced net sales of $74,334,434 compared to $76,976,985 for the same period a year ago. Operating income was $4,255,124 compared to $6,356,226 for the same period a year ago. Income before tax provision was $2,929,169 compared to $4,844,337 for the same period a year ago. Net income available to common shareholders was $207,689 or $0.01 per basic and diluted share compared to $2,193,844 or $0.12 per 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 First Nine Months Ended October 1, 2017