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Uniroyal Global Engineered Products, Inc. Reports Net Income of $1,181,726, or $0.06 per Diluted Share for the Quarter Ended July 3, 2016 vs $958,940, or $0.05 per Diluted Share for the Quarter Ended July 5, 2015

/EIN News/ -- Financial Highlights Second Quarter Ended July 3, 2016:

    *Net Sales increase 6.2%
    *Gross Margin increases 13.7% to a record 24.4%
    *Operating Income increases 15.4%

SARASOTA, Fla., Aug. 04, 2016 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. ((OTCQB:UNIR) or the “Company”) today reported its financial results for the quarter ended July 3, 2016 compared to the quarter ended July 5, 2015.

Net Sales

Net Sales reached $27,333,869 for the current quarterly period, an increase of 6.2% versus the $25,746,054 recorded in the comparable period of last year.  Excluding a negative currency impact of $317,000, Net Sales increased 7.4% for the current quarterly period.

Global automotive sales were especially strong with significant gains being recorded from both the U.S. and European operations. “We are obviously pleased with the gains in overall sales this quarter, as anticipated previously rewarded platforms from major U.S. and European OEM’s have moved into production. Further, we improved in Gross Profit Margins and Operating Income Margins, which is strong evidence that our continuous improvement, cost containment and productivity investment programs are producing favorable results,” said Howard Curd, Chairman.

The Company’s automotive sales increased $2,283,247, or 13.7% as recently awarded platforms have moved to production while the industrial and consumer products declined approximately $695,432, or 7.7%, as seating applications for major industrial OEM’s were impacted by a slow global economic recovery.

Net sales for the six months ended July 3, 2016 were $52,301,464 compared to $53,260,989 for the prior year period, a decline of 1.8%. Excluding a negative currency impact of $792,000, Net Sales would have been $53,093,464, a decline of 0.3%. The fact that the prior year was a 27-week period compared to 26 weeks for the current period contributed approximately $500,000 to the difference. Growth in second quarter sales all but eliminated the negative sales comparison reported in the first quarter results.

Net Income Available to Common Shareholders

Net Income Available to Common Shareholders improved sharply in the current quarterly period to $1,181,726, an increase of 23.2% versus the $958,940 recorded in the comparable period of last year.  The increase in Net Income Available to Common Shareholders was primarily due to increased revenue and the significant improvement in Gross Profit Margins.

Gross Profit Margins for the three months ended July 3, 2016 reached 24.4%, which represents the highest margins recorded by the Company in recent history. Global integration, cost containment and continuous improvement programs, along with favorable raw material prices added to the margin improvements.

Operating Income for the three months ended July 3, 2016 increased to $2,614,414 versus the $2,265,077, or 15.4%, in the prior year’s quarter. Operating Income was bolstered by the improvements in Gross Margin. This improvement offsets increases in Operating Expenses for the period which were up $453,862 versus the comparable period in the prior year, due to an increase in professional services, increased Research and Development costs related to new automotive platforms and the costs associated with the implementation of a stock-based compensation plan.

Net Income Available to Common Shareholders for the six months ended July 3, 2016 was $1,615,829 compared to $1,676,492 for the prior year period. The improved Gross Profit Margins eliminated the negative impact of the reduction in Net Sales.

Gross Profit for the six months ended July 3, 2016 was $12,385,614, or 23.7% of Net Sales, compared to $11,211,018 or 21.0% of Net Sales for the prior year period. The increase of $1,174,596 was a 10.5% increase over the prior year. The global integration programs and favorable raw material prices in addition to product rationalization strategies also contributed to the improvements for the six-month period.

Operating Income for the six months ended July 3, 2016 was $4,487,868, an increase of $477,260, or 11.9%, over the prior period amount of $4,010,608, principally from the improved Gross Profit Margins.

For further details, see the Consolidated Statements of Operations in the Company’s Form-10Q filed on August 4, 2016.  The Company will have comments on the quarter in an earning conference call on August 5, 2016 at 9:00 am (EDT).  Persons wishing to access the conference call may do so by dialing 888-554-1417 (U.S.) and 719-325-2291 (International), and using the ID #8061443.  Howard F. Curd, President, will discuss our earnings on the call and will be available for questions. The call will also be available by logging on to and accessing the webcast link ( in the investor relations section. A replay of the conference call will be available beginning Friday, August 5, 2016 through November 5, 2016 by calling 877-870-5176 (US) or 858-384-5517 (International) and Pin #8061443.

About Uniroyal Global Engineered Products, Inc.:

Uniroyal Global Engineered Products, Inc. (UNIR) is a leading manufacturer of vinyl coated fabrics that are durable, stain resistant, cost-effective alternatives to leather, cloth and other synthetic fabric coverings. Uniroyal Global Engineered Products, Inc.’s revenue in 2015 was derived 65% from the automotive industry and approximately 35% from the recreational, industrial, indoor and outdoor furnishings, hospitality and health care markets. Our primary brand names include Naugahyde®, BeautyGard®, Flameblocker™, Spirit Millennium®, Ambla®, Amblon®, Velbex®, Cirroflex®, Plastolene® and Vynide®.

Forward-Looking Statements:

Except for statements of historical fact, certain information contained in this press release constitutes forward-looking statements, including, without limitation, statements containing the words “believe,” “expect,” “anticipate,” “intend, “should,” “planned,” “estimated” and “potential” and words of similar import, as well as all references to the future. These forward-looking statements are based on Uniroyal Global Engineered Products, Inc.’s current expectations. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance and that a variety of factors could cause the Company´s actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company´s forward-looking statements. The risks and uncertainties which may affect the operations, performance, development and results of the Company´s business include, but are not limited to, the following: uncertainties relating to economic conditions, uncertainties relating to customer plans and commitments, the pricing and availability of equipment, materials and inventories, technological developments, performance issues with suppliers, economic growth, delays in testing of new products, the Company’s ability to successfully integrate acquired operations, the Company’s dependence on key personnel, the Company’s ability to protect its intellectual property rights, the effectiveness of cost-reduction plans, rapid technology changes and the highly competitive environment in which the Company operates. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.

Uniroyal Global Engineered Products, Inc.
Consolidated Balance Sheets
ASSETS   July 3,
  January 3, 2016
CURRENT ASSETS   (Unaudited)    
Cash and cash equivalents   $ 1,469,603     $ 1,910,112  
Accounts receivable, net     15,960,507       14,209,056  
Inventories, net     18,184,287       17,527,728  
Other current assets     2,239,099       2,891,007  
Related party receivable     72,220       23,298  
Total Current Assets     37,925,716       36,561,201  
PROPERTY AND EQUIPMENT, NET     13,673,470       14,003,276  
Intangible assets     3,290,435       3,534,936  
Goodwill     1,079,175       1,079,175  
Other long-term assets     3,352,230       3,095,414  
Total Other Assets     7,721,840       7,709,525  
TOTAL ASSETS   $ 59,321,026     $ 58,274,002  
Checks issued in excess of bank balance   $ 659,422     $ 322,307  
Line of credit     17,051,351       16,577,279  
Current maturities of long-term debt     739,479       639,018  
Current maturities of capital lease obligations     413,433       489,978  
Accounts payable     8,583,822       7,592,510  
Accrued expenses     4,255,277       3,941,296  
Related party obligation     369,311       276,880  
Current portion of postretirement benefit liability - health and life     136,725       136,725  
Total Current Liabilities     32,208,820       29,975,993  
Long-term debt, less current portion     2,107,035       2,134,243  
Capital lease obligations, less current portion     1,109,857       1,469,317  
Related party lease financing obligations     2,164,345       2,164,682  
Long-term debt to related parties     3,010,664       4,449,243  
Postretirement benefit liability - health and life, less current portion     2,839,102       2,836,638  
Other long-term liabilities     928,903       975,781  
Total Long-Term Liabilities     12,159,906       14,029,904  
Total Liabilities     44,368,726       44,005,897  
STOCKHOLDERS' EQUITY                
Preferred units, Series A UEP Holdings, LLC, 200,000 units issued and outstanding ($100 issue price)     617,571       617,571  
Preferred units, Series B UEP Holdings, LLC, 150,000 units issued and outstanding ($100 issue price)     463,179       463,179  
Preferred stock, Engineered Products Acquisition Limited, 50 shares issued and outstanding ($1.51 stated value)     75       75  
Common stock, 95,000,000 shares authorized ($.001 par value) 18,837,916 and 18,890,909 shares issued and outstanding as of July 3, 2016 and January 3, 2016, respectively     18,839       18,892  
Additional paid-in capital     34,813,855       34,823,886  
Accumulated deficit     (20,058,649 )     (21,674,478 )
Accumulated other comprehensive income     (902,570 )     18,980  
Total Stockholders' Equity     14,952,300       14,268,105  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 59,321,026     $ 58,274,002  

Uniroyal Global Engineered Products, Inc.
Consolidated Statements of Operations
    Three Months Ended   Six Months Ended
    July 3, 2016   July 5, 2015   July 3, 2016   July 5, 2015
NET SALES   $ 27,333,869     $ 25,746,054     $ 52,301,464     $ 53,260,989  
COST OF GOODS SOLD     20,674,715       19,890,099       39,915,850       42,049,971  
Gross Profit     6,659,154       5,855,955       12,385,614       11,211,018  
OPERATING EXPENSES:                
Selling     1,390,339       1,469,369       2,772,982       2,797,295  
General and administrative     2,179,088       1,702,545       4,220,922       3,658,321  
Research and development     475,313       418,964       903,842       744,794  
OPERATING EXPENSES     4,044,740       3,590,878       7,897,746       7,200,410  
Operating Income     2,614,414       2,265,077       4,487,868       4,010,608  
OTHER INCOME (EXPENSE):                
Interest and other debt related expense     (421,225 )     (405,349 )     (838,413 )     (792,766 )
Other income (expense)     (88,564 )     5,343       (262,060 )     172,704  
Net Other Expense     (509,789 )     (400,006 )     (1,100,473 )     (620,062 )
INCOME BEFORE TAX PROVISION     2,104,625       1,865,071       3,387,395       3,390,546  
TAX PROVISION     198,134       209,362       327,900       324,180  
NET INCOME     1,906,491       1,655,709       3,059,495       3,066,366  
Preferred stock dividend     (724,765 )     (696,769 )     (1,443,666 )     (1,389,874 )
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS   $ 1,181,726     $ 958,940     $ 1,615,829     $ 1,676,492  
Basic   $ 0.06     $ 0.07     $ 0.09     $ 0.12  
Diluted   $ 0.06     $ 0.05     $ 0.09     $ 0.09  
Basic     18,838,608       14,351,797       18,851,014       14,351,684  
Diluted     18,893,949       19,108,630       18,906,355       19,108,517  


Uniroyal Global Engineered Products, Inc. Corporate Contact:
Elizabeth Henson, 941-870-3950 
Uniroyal Global Engineered Products, Inc. Public Relations:
TTC Group, Inc.
Vic Allgeier, 646-290-6400

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