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Uniroyal Global Engineered Products, Inc. Reports Net Sales of $100,377,278 and Net Income of $4,499,664 or $0.24 per Diluted Share for the Fiscal Year Ended January 1, 2017

Financial Highlights for the Fiscal Year Ended January 1, 2017 versus Prior Year:

 *Net Sales increase 0.6% (3.6% ex-currency)
 *Gross Margins expand to 22.8%
 *Operating Income increases 11.1%
 *Income before tax benefit increases 11.2%
 *Diluted Earnings Per Common Share $0.24 versus $0.26 on lower tax benefit

SARASOTA, Fla., March 20, 2017 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR)

Net Sales

Net Sales for the fiscal year increased to $100,377,278, a gain of $615,305 or 0.6% versus the prior year. Included in these figures is a negative currency translation of $2.9 million due to the continued weakness in the British Pound. Also, fiscal 2015 was a 53-week period which, on a comparable basis, benefited Net Sales approximately $500,000 as compared to this year which was a 52-week period.  Without the effect of currency rate exchange and the additional week of sales in 2015, Net Sales would have increased 4.1%. 

The Global Automotive Sector, representing 64.9% of total Net Sales, increased $3.9 million or 6.0% versus the prior year as a result of the Company being awarded several new programs both in Europe and domestically.  The new platforms and programs should also benefit the automotive sector in fiscal 2017. Before the negative currency translation, the increase in the Global Automotive Sector would have been $6.6 million or 10.1%.

The Industrial Sector declined $3.3 million or 9.4% in fiscal 2016 as major off-highway equipment manufacturers were impacted by a very challenging economic environment. Before the negative currency translation, the decrease in the Industrial Sector would have been $3.1 million or 8.6%.

Operating Income

Gross Profit margins improved to 22.8% versus 22.0% last year.  The margin improvement is due in part to the capital projects in Europe put in place last year specifically targeted to operating efficiencies and continued progress on our lean manufacturing and continuous improvement initiatives.

Operating Income was up sharply in 2016, increasing 11.1% versus the prior year to $8,046,665 or 8.0% of Net Sales, an increase of $807,124 from the $7,239,541 or 7.3% reported last year. Operating expenses were in line with the prior year. Spending on Research and Development projects remained robust in 2016 at $1,727,616 or 1.7% of Net Sales.

“Despite some major economic headwinds in 2016, we recorded significant operational improvement.  Our focus for 2017 will continue to be on the development of new products and technical improvement in automotive and industrial applications as well as capital spending initiatives to further enhance a strengthening in margins,” said Howard R. Curd, Chairman and Chief Executive Officer.

Net Income Available to Common Shareholders

Net Income before taxes increased $620,116 or 11.2% to $6,180,905 versus the $5,560,789 reported last year primarily due to the expansion of Operating Margins.

Net Income Available to Common Shareholders declined 9.1% to $4,499,664 versus the $4,952,156 reported last year.  Offsetting the improved operational performance was a significant decline in the tax benefit versus the previous year primarily related to the reduction in the Company’s U.S. deferred tax valuation allowance.

For further details, see the Consolidated Statements of Operations in the Company’s Form 10-K filed on March 20, 2017.  The Company will have comments on the year in an earning conference call on March 21, 2017 at 9:00 am (EST).  Persons wishing to access the conference call may do so by dialing 800-732-8711 (U.S.) and 913-312-0711 (International), and using the ID #2350165.  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 March 21, 2017 through June 21, 2017 by calling (844) 512-2921 (US) or (412) 317-6671 (International) and Pin #2350165.

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 2016 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, currency fluctuations, 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 Statements of Operations
    Years Ended  
    January 1, 2017   January 3, 2016  
NET SALES   $ 100,377,278     $ 99,761,973    
COST OF GOODS SOLD     77,515,316       77,813,354    
Gross Profit     22,861,962       21,948,619    
Selling     5,078,706       5,201,199    
General and administrative     8,008,975       7,779,012    
Research and development     1,727,616       1,728,867    
OPERATING EXPENSES     14,815,297       14,709,078    
Operating Income     8,046,665       7,239,541    
OTHER EXPENSE:          
Interest and other debt related expense     (1,616,120 )     (1,613,391 )  
Other expense     (249,640 )     (65,361 )  
Net Other Expense     (1,865,760 )     (1,678,752 )  
INCOME BEFORE TAX BENEFIT     6,180,905       5,560,789    
TAX BENEFIT     (1,198,557 )     (2,193,054 )  
NET INCOME     7,379,462       7,753,843    
Preferred stock dividend     (2,879,798 )     (2,801,687 )  
  $ 4,499,664     $ 4,952,156    
Basic     0.24       0.35    
Diluted     0.24       0.26    
Basic     18,828,378       14,334,485    
Diluted     18,869,709       19,040,032    

Uniroyal Global Engineered Products, Inc.
Consolidated Balance Sheets
ASSETS   January 1,
  January 3,
Cash and cash equivalents   $ 1,321,586     $ 1,910,112  
Accounts receivable, net     14,555,463       14,209,056  
Inventories, net     17,046,171       17,527,728  
Other current assets     2,485,213       2,891,007  
Related party receivable     25,456       23,298  
Total Current Assets     35,433,889       36,561,201  
PROPERTY AND EQUIPMENT, NET     13,611,494       14,003,276  

Intangible assets     3,133,564       3,534,936  
Goodwill     1,079,175       1,079,175  
Other long-term assets     5,410,375       3,095,414  
Total Other Assets     9,623,114       7,709,525  
TOTAL ASSETS   $ 58,668,497     $ 58,274,002  
Checks issued in excess of bank balance   $ 679,494     $ 322,307  
Lines of credit     16,799,592       16,577,279  
Current maturities of long-term debt     851,988       639,018  
Current maturities of capital lease obligations     368,718       489,978  
Accounts payable     7,331,213       7,592,510  
Accrued expenses     3,645,526       3,941,296  
Related party obligation     371,161       276,880  
Current portion of postretirement benefit liability - health and life     158,527       136,725  
Total Current Liabilities     30,206,219       29,975,993  
Long-term debt, less current portion     1,994,910       2,134,243  
Capital lease obligations, less current portion     856,171       1,469,317  
Related party lease financing obligations     2,162,151       2,164,682  
Long-term debt to related parties     2,826,907       4,449,243  
Postretirement benefit liability - health and life, less current portion     2,883,684       2,836,638  
Other long-term liabilities     838,308       975,781  
Total Long-Term Liabilities     11,562,131       14,029,904  
Total Liabilities     41,768,350       44,005,897  
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)
   18,727,782 and 18,890,909 shares issued and outstanding as of
   January 1, 2017 and January 3, 2016, respectively
    18,728       18,892  
Additional paid-in capital     34,653,894       34,823,886  
Accumulated deficit     (17,174,814 )     (21,674,478 )
Accumulated other comprehensive income     (1,678,486 )     18,980  
Total Stockholders' Equity     16,900,147       14,268,105  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 58,668,497     $ 58,274,002  


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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