AUBURN HILLS, Mich.,
March 7, 2019 /PRNewswire/
-- Unique Fabricating, Inc. ("Unique" or the "Company")(NYSE
MKT: UFAB), which engineers and manufactures multi-material foam,
rubber, and plastic components utilized in noise, vibration and
harshness management and air/water sealing applications for the
automotive and industrial appliance market, today announced its
financial results for the fourth quarter and 12 months ended
December 30, 2018.
Full Year 2018 Financial Highlights and Subsequent
Events
- Revenue of $174.9 million in the
full year 2018, down 0.2% compared to $175.3
million in the full year 2017
- Net income of $3.7 million, or
$0.38 per basic and $0.37 per diluted share in the full year 2018,
compared to $6.5 million, or
$0.67 per basic and $0.66 per diluted share in the full year
2017
- Adjusted EBITDA of $17.1 million
in the full year 2018, including $6.8
million for non-cash charges specifically related to
depreciation and amortization and non-cash stock awards, compared
to $18.0 million in the full year
2017, including $6.5 million for
non-cash charges specifically related to depreciation and
amortization and non-cash stock awards(1)
- Adjusted diluted earnings per share of $0.55 in the full year 2018 versus $0.69 in the full year 2017(1)
- Declared a quarterly cash dividend of $0.05 per share payable on March 7, 2019 for stockholders of record as of
February 28, 2019
(1) For a reconciliation of GAAP to Non-GAAP results for
Adjusted EBITDA and Adjusted diluted earnings per share please
refer to the financial tables below.
"Unique grew sales in the fourth quarter and reached the
higher-end of our revised revenue guidance range for the year
despite lower than expected North American production volumes, as
manufacturers continue to adjust production schedules to correspond
with the continued consumer preferences for light trucks versus
traditional passenger cars," commented John
Weinhardt, Chief Executive Officer. "Our growing presence in
the light truck segment combined with the actions we took earlier
in the year to enhance our operating efficiency enabled us to
better respond to the changing market conditions. These moves were
overshadowed by an increase in federal income tax on foreign
sourced income as a result of the U.S. Tax Cuts and Jobs Act of
2017 and the timing of an interest rate swap we had entered into in
accordance with the terms of the senior secured credit facility
that we amended in November, both of which negatively impacted our
earnings."
"Subsequent to the fourth quarter, the Board decided to reduce
the quarterly dividend to provide the Company with additional
financial resources and to more aggressively reduce our long-term
debt. We believe this decision to adjust our allocation to help
decrease our financial leverage gives us greater flexibility, and
enhanced operational and strategic options going forward,"
Weinhardt added. "Our business continues to generate strong cash
from operations with more than $9.4
million generated in 2018, a 25% increase over 2017. During
2019, we expect to significantly reduce our debt, thereby reducing
our interest expense."
"We continue to pursue operating initiatives that will reduce
our costs, while improving our flexibility," Weinhardt concluded.
"We are cognizant of the challenges that our business and industry
have faced over the last 12 months, and the negative impact it had
on our performance, but we believe the adjustments we made in the
second half of 2018 put us in a much better position to address any
continued challenges in 2019. Based on our current visibility of
awarded programs scheduled to launch in 2019 and 2020, we expect to
continue to outperform the industry by leveraging our strong
backlog and capturing ongoing incremental revenue
opportunities."
Fourth Quarter Financial Summary
Total revenue for the quarter ended December 30, 2018 decreased to $39.8 million, down 4.4%, or $1.8 million from $41.7
million during the same period last year. The decrease was
primarily driven by the loss of business at two major
non-automotive customers as a result of our decision to close our
Ft. Smith, Arkansas facility, as
well as extended plant holiday shutdowns by some of our customers
to reduce vehicle inventory levels.
Gross profit for the quarter ended December 30, 2018 was $8.5
million, or 21.5% of total revenue, compared to $9.3 million, or 22.3% of total revenues, for the
corresponding period last year. The decrease in gross profit was
primarily related to the decline in revenues.
Net income for the quarter ended December
30, 2018 was $(0.2) million,
or $(0.02) per basic and diluted
share, compared to $2.1 million, or
$0.21 per basic and diluted share, in
the fourth quarter of 2017. The decrease in net income was
primarily due to the lower sales resulting in a gross profit
decline, higher interest expense due to higher outstanding debt
balances and interest rates, as well as a non-cash unfavorable
mark-to-market on a new interest rate swap, and unfavorable tax
expense related to the GILTI provisions of the Tax Cuts on Jobs
Act.
Adjusted EBITDA for the quarter ended December 30, 2018 was $3.2
million compared to $4.0
million in the fourth quarter of 2017. The decrease is
primarily a result of the lower sales and gross margins as a
percentage of sales described above. Please refer to the financial
tables below for a reconciliation of GAAP to Non-GAAP results.
Adjusted diluted earnings per share for the quarter ended
December 30, 2018 was $0.00 compared to $0.17 in the fourth quarter of 2017. Please refer
to the financial tables below for a reconciliation of GAAP to
Non-GAAP results.
Further non-cash purchase accounting impacts associated with the
Company's acquisitions are detailed in the Purchase Accounting
Impacts and Other Effects table below accompanying this
release.
Year to Date Financial Summary
Total revenue for the full year 2018 decreased to $174.9 million, down 0.2%, or $0.4 million from $175.3
million during the same period last year. The decrease was
primarily driven by an overexposure to the traditional passenger
car segment as well as a modest decline in North American auto
production year over year of approximately 1%. The loss of business
at two of our non-automotive customers reference earlier was also a
contributing factor. Despite the decline in auto production during
2018 when compared to 2017 however, our sales to the automotive
market increased by 2 percent year-over-year.
Gross profit for the full year 2018 was $39.3 million, or 22.5% of total revenue,
compared to $40.1 million, or 22.9%
of total revenues, for the corresponding period last year. The
decrease in gross profit as a percentage of sales was primarily
related to the operational inefficiencies experienced from moving
the manufacturing of products previously produced in the Ft. Smith,
Arkansas facility to other
manufacturing facilities of the Company during the third quarter,
partially offset by savings realized from the plant closures we
completed during 2018.
Restructuring expense for the full year 2018 of $1.2 million was related to the previously
announced manufacturing facility closures in Port Huron, Michigan and Fort Smith, Arkansas and compares to
$0 in the same period last year.
Net income for full year 2018 was $3.7
million, or $0.38 per basic
and $0.37 per diluted share,
respectively, compared to $4.4
million, or $0.67 per basic
and $0.66 per diluted share,
respectively, in the corresponding period last year. The decrease
in net income was primarily due to the restructuring expenses,
gross profit decreases described above, and higher interest expense
due to higher interest rates and higher average outstanding debt
balances in the fifty-two weeks ended December 30, 2018, as
well as the unfavorable mark-to-market on the new interest rate
swap entered into during the fourth quarter.
Adjusted EBITDA for the full year 2018 was $17.1 million compared to $18.0 million in the same period last year. The
decrease is primarily a result of the lower margins described
above. Please refer to the financial tables below for a
reconciliation of GAAP to Non-GAAP results.
Adjusted diluted earnings per share for the full year 2018 was
$0.55 compared to $0.69 in the same period last year. Please refer
to the financial tables below for a reconciliation of GAAP to
Non-GAAP results.
Further non-cash purchase accounting impacts associated with the
Company's acquisitions are detailed in the Purchase Accounting
Impacts and Other Effects table below accompanying this
release.
Balance Sheet Summary
As of December 30, 2018 and
December 31, 2017, the Company had
approximately $1.4 million in cash
and cash equivalents. Total debt outstanding as of December 30, 2018 was $55.9 million compared to $53.6 million as of December 31, 2017.
As of December 30, 2018, the
Company had $11.6 million of
available unused capacity, further subject to borrowing base
restrictions and outstanding letters of credit, under its
$30.0 million Revolving Line of
Credit.
2019 Outlook
For the full year 2019, Unique Fabricating is updating its
outlook based on current North American industry production
forecasts published in February 2019,
and the mix of production by light vehicle platform contained in
such research.
Revenue
|
$167.0 million to
$172.0 million
|
Adjusted diluted
earnings per share
|
$0.45 to
$0.55
|
Adjusted
EBITDA
|
$16.6 million to
$18.1 million
|
The Company does not present a quantitative reconciliation of
its forward-looking non-GAAP financial measures to the most
directly comparable GAAP measures due to the inherent difficulty,
without unreasonable efforts, in forecasting and quantifying with
reasonable accuracy significant items required for this
reconciliation.
Dividend
Unique paid a quarterly cash dividend of $0.05 per share on March
7, 2019 to its stockholders of record as of the close of
business on February 28, 2019. This
compares to $0.15 per share paid in
the previous quarter.
Quarterly Results Conference Call
Unique Fabricating will host a conference call and live webcast
to discuss these results today at 9:00 a.m.
Eastern Time. To access the call, please dial 1-877-705-6003
(toll-free) or 1-201-493-6725 and reference conference ID 13687665.
The conference call will also be webcast live on the Investor
Relations section of the company's website at
http://uniquefab.investorroom.com
Following the conclusion of the live call, a replay of the
webcast will be available on the Investor Relations section of the
Company's website for at least 90 days. A telephonic replay of the
conference call will also be available from 12:00PM ET on March 7,
2019 until 11:59PM ET on
March 14, 2019 by dialing
1-844-512-2921 (United States) or
1-412-317-6671 (international) and using the pin number
13687665.
About Unique Fabricating, Inc.
Unique Fabricating, Inc. (NYSE MKT: UFAB) engineers and
manufactures components for customers in the automotive and
industrial appliance markets. The Company's solutions are
comprised of multi-material foam, rubber, and plastic components
and utilized in noise, vibration and harshness (NVH) management,
acoustical management, water and air sealing, decorative and other
functional applications. Unique leverages proprietary manufacturing
processes, including die cutting, thermoforming, compression
molding, fusion molding, and reaction injection molding to
manufacture a wide range of products including air management
products, heating ventilating and air conditioning (HVAC), seals,
fender stuffers, air ducts, acoustical insulation, door water
shields, gas tank pads, light gaskets, topper pads, mirror gaskets
and glove box liners. The Company is headquartered in
Auburn Hills, Michigan. For more
information, visit http://www.uniquefab.com/.
About Non-GAAP Financial Measures
We present Adjusted EBITDA and Adjusted Diluted Earnings Per
Share in this press release to provide a supplemental measure of
our operating performance. We define Adjusted EBITDA as earnings
before interest expense, income tax expense, depreciation and
amortization expense, non-cash stock award, non-recurring
integration expense, transaction fees related to our acquisitions,
restructuring expenses, and one-time consulting and licensing ERP
system implementation costs as we implement a new ERP system at all
locations. We calculate Adjusted Diluted Earnings Per Share based
upon earnings before non-cash stock awards, non-recurring expenses,
transaction fees, and restructuring expenses, including the tax
impact associated with these adjusting items. We believe that
Adjusted EBITDA and Adjusted Diluted Earnings Per Share are useful
performance measures used by us to facilitate a comparison of our
operating performance and earnings on a consistent basis from
period-to-period and to provide for a more complete understanding
of factors and trends affecting our business than measures under
generally accepted accounting principles in the United States of America (GAAP) can
provide alone. Our board and management also use Adjusted EBITDA as
one of the primary methods for planning and forecasting overall
expected performance and for evaluating on a quarterly and annual
basis actual results against such expectations, and as a
performance evaluation metric in determining achievement of certain
compensation programs and plans for Company management. In
addition, the financial covenants in our senior secured credit
facility are based on Adjusted EBITDA, as presented in this press
release, subject to dollar limitations on certain adjustments and
certain other addbacks permitted by our senior secured credit
facility. These non-GAAP financial measures may have limitations as
analytical tools, and these measures should not be considered
in isolation as a substitute for analysis of Unique Fabricating's
results as reported under GAAP.
Safe Harbor Statement
Except for the historical information contained herein, the
matters discussed in this news release include forward-looking
statements, as defined in the Private Securities Litigation Reform
Act of 1995 that are subject to risks and uncertainties.
Forward-looking statements relate to future events or to future
financial performance and involve known and unknown risks,
uncertainties, and other factors that may cause the Company's or
the Company's industry's actual results, levels of activity,
performance or achievements including statements relating to the
Company's 2019 Outlook to be materially different from any future
results, levels of activity, performance, or achievements expressed
or implied by this press release. Words such as "may,"
"will," "could," "would," "should," "anticipate," "predict,"
"potential," "continue," "expects," "intends," "plans," "projects,"
"believes," "estimates," "outlook," and similar expressions are
used to identify these forward looking statements. Such
forward-looking statements include statements regarding, among
other things, our expectations about revenue, Adjusted EBITDA, and
adjusted diluted earnings per share. All such forward-looking
statements are based on management's present expectations and are
subject to certain factors, risks and uncertainties that may cause
actual results, outcome of events, timing and performance to differ
materially from those expressed or implied by such
statements. These risks and uncertainties include, but are
not limited to, those discussed in our Annual Report on Form 10-K
for the year ended December 30, 2018
filed with the Securities and Exchange Commission and in particular
the Section entitled "Risk Factors", as well as any updates to
those risk factors filed from time to time in our periodic and
current reports filed with the Securities and Exchange
Commission. All statements contained in this press release
are made as of the date of this press release, and Unique
Fabricating does not intend to update this information, unless
required by law. Reference to the Company's website above
does not constitute incorporation of any of the information thereon
into this press release.
Investor Contact:
Hayden IR
Brett Maas/Rob Fink
646-536-7331/646-415-8972
ufab@haydenir.com
UNIQUE
FABRICATING, INC. Consolidated Statements of
Operations
|
|
|
Fifty-Two
Weeks
Ended December
30, 2018
|
|
Fifty-Two
Weeks
Ended December
31, 2017
|
|
Fifty-Two
Weeks
Ended January 1,
2017
|
Net Sales
|
$
|
174,909,741
|
|
|
$
|
175,287,982
|
|
|
$
|
170,462,953
|
|
Cost of
Sales
|
135,575,004
|
|
|
135,234,448
|
|
|
130,918,486
|
|
Gross
Profit
|
39,334,737
|
|
|
40,053,534
|
|
|
39,544,467
|
|
Selling, General, and
Administrative Expenses
|
29,780,956
|
|
|
29,766,864
|
|
|
27,524,453
|
|
Restructuring
Expenses
|
1,155,910
|
|
|
—
|
|
|
35,054
|
|
Operating
Income
|
8,397,871
|
|
|
10,286,670
|
|
|
11,984,960
|
|
Non-operating Income
(Expense)
|
|
|
|
|
|
Investment
income
|
50,169
|
|
|
—
|
|
|
—
|
|
Other
income
|
(109,142)
|
|
|
78,805
|
|
|
91,755
|
|
Interest
expense
|
(3,778,328)
|
|
|
(2,745,904)
|
|
|
(2,134,976)
|
|
Total non-operating
expense
|
(3,837,301)
|
|
|
(2,667,099)
|
|
|
(2,043,221)
|
|
Income – Before income taxes
|
4,560,570
|
|
|
7,619,571
|
|
|
9,941,739
|
|
Income Tax
Expense
|
861,969
|
|
|
1,132,880
|
|
|
3,257,619
|
|
Net Income
|
$
|
3,698,601
|
|
|
$
|
6,486,691
|
|
|
$
|
6,684,120
|
|
Net Income per
share
|
|
|
|
|
|
Basic
|
$
|
0.38
|
|
|
$
|
0.67
|
|
|
$
|
0.69
|
|
Diluted
|
$
|
0.37
|
|
|
$
|
0.66
|
|
|
$
|
0.68
|
|
Cash dividends
declared per share
|
$
|
0.60
|
|
|
$
|
0.60
|
|
|
$
|
0.60
|
|
UNIQUE
FABRICATING, INC. Consolidated Balance
Sheets
|
|
|
December 30,
2018
|
|
December 31,
2017
|
Assets
|
|
|
|
Current
Assets
|
|
|
|
Cash and cash
equivalents
|
$
|
1,409,593
|
|
|
$
|
1,430,937
|
|
Accounts receivable –
net
|
30,831,182
|
|
|
27,203,296
|
|
Inventory –
net
|
16,285,507
|
|
|
16,330,084
|
|
Prepaid expenses and
other current assets:
|
|
|
|
Prepaid expenses and
other
|
2,511,486
|
|
|
3,962,012
|
|
Refundable
taxes
|
983,073
|
|
|
646,253
|
|
Total current
assets
|
52,020,841
|
|
|
49,572,582
|
|
Property, Plant, and
Equipment – Net
|
25,077,745
|
|
|
22,975,401
|
|
Goodwill
|
28,871,179
|
|
|
28,871,179
|
|
Intangible
Assets
|
15,568,383
|
|
|
19,635,782
|
|
Other
assets
|
|
|
|
Investments – at cost
|
1,054,120
|
|
|
1,054,120
|
|
Deposits and other
assets
|
198,854
|
|
|
353,719
|
|
Deferred tax
asset
|
496,181
|
|
|
342,552
|
|
Total
assets
|
$
|
123,287,303
|
|
|
$
|
122,805,335
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
Liabilities
|
|
|
|
Accounts
payable
|
$
|
11,465,222
|
|
|
$
|
11,708,175
|
|
Current maturities of
long-term debt
|
3,350,000
|
|
|
3,799,998
|
|
Income taxes
payable
|
40,634
|
|
|
348,910
|
|
Accrued
compensation
|
2,848,282
|
|
|
2,840,559
|
|
Other accrued
liabilities
|
1,432,109
|
|
|
1,027,489
|
|
Total current
liabilities
|
19,136,247
|
|
|
19,725,131
|
|
Long-term
debt – net of current portion
|
34,667,768
|
|
|
27,288,846
|
|
Line of
credit
|
17,904,869
|
|
|
22,476,525
|
|
Other long-term
liabilities
|
395,154
|
|
|
—
|
|
Deferred tax
liability
|
2,295,105
|
|
|
2,432,754
|
|
Total
liabilities
|
74,399,143
|
|
|
71,923,256
|
|
Stockholders'
Equity
|
|
|
|
Common stock, $0.001
par value – 15,000,000 shares authorized and 9,779,147
and 9,757,563 issued and outstanding at December 30, 2018 and
December 31, 2017, respectively
|
9,780
|
|
|
9,758
|
|
Additional
paid-in-capital
|
45,881,848
|
|
|
45,712,568
|
|
Retained
earnings
|
2,996,532
|
|
|
5,159,753
|
|
Total stockholders'
equity
|
48,888,160
|
|
|
50,882,079
|
|
Total liabilities and
stockholders' equity
|
$
|
123,287,303
|
|
|
$
|
122,805,335
|
|
UNIQUE
FABRICATING, INC. Consolidated Statements of Cash
Flows
|
|
|
Fifty-Two
Weeks
Ended December
30, 2018
|
|
Fifty-Two
Weeks
Ended December
31, 2017
|
|
Fifty-Two
Weeks
Ended January 3,
2016
|
Cash Flows from
Operating Activities
|
|
|
|
|
|
Net income
|
$
|
3,698,601
|
|
|
$
|
6,486,691
|
|
|
$
|
6,684,120
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
6,630,142
|
|
|
6,319,975
|
|
|
5,501,674
|
|
Amortization of debt
issuance costs
|
147,291
|
|
|
148,948
|
|
|
127,556
|
|
(Gain) loss on sale
of assets
|
(137,793)
|
|
|
63,013
|
|
|
(126,631)
|
|
Loss on
extinguishment of debt
|
59,110
|
|
|
—
|
|
|
60,202
|
|
Bad debt
adjustment
|
12,939
|
|
|
128,475
|
|
|
(274,364)
|
|
Loss (gain) on
derivative instruments
|
451,511
|
|
|
(228,387)
|
|
|
22,193
|
|
Stock option
expense
|
131,302
|
|
|
150,368
|
|
|
166,476
|
|
Deferred income
taxes
|
(291,278)
|
|
|
(1,552,502)
|
|
|
(1,165,649)
|
|
Changes in operating
assets and liabilities that provided (used) cash:
|
|
|
|
|
|
Accounts
receivable
|
(3,640,825)
|
|
|
(443,826)
|
|
|
(3,987,313)
|
|
Inventory
|
44,577
|
|
|
401,524
|
|
|
339,784
|
|
Prepaid expenses and
other assets
|
1,212,214
|
|
|
(1,765,990)
|
|
|
(1,291,654)
|
|
Accounts
payable
|
1,008,447
|
|
|
(1,705,663)
|
|
|
1,329,599
|
|
Accrued and other
liabilities
|
104,067
|
|
|
(193,762)
|
|
|
375,280
|
|
Net cash provided by
operating activities
|
9,430,305
|
|
|
7,808,864
|
|
|
7,761,273
|
|
Cash Flows from
Investing Activities
|
|
|
|
|
|
Purchases of property
and equipment
|
(5,393,817)
|
|
|
(4,140,135)
|
|
|
(3,362,014)
|
|
Proceeds from sale of
property and equipment
|
904,237
|
|
|
51,847
|
|
|
2,187,366
|
|
Acquisition of
Intasco, net of cash acquired
|
—
|
|
|
—
|
|
|
(21,030,795)
|
|
Working capital
adjustment from acquisition of Intasco
|
—
|
|
|
—
|
|
|
212,823
|
|
Net cash used in
investing activities
|
(4,489,580)
|
|
|
(4,088,288)
|
|
|
(21,992,620)
|
|
Cash Flows from
Financing Activities
|
|
|
|
|
|
Net change in bank
overdraft
|
(1,251,400)
|
|
|
(37,978)
|
|
|
548,892
|
|
Proceeds from
debt
|
10,131,574
|
|
|
—
|
|
|
32,000,000
|
|
Payments on term
loans
|
(2,962,477)
|
|
|
(3,374,545)
|
|
|
(2,444,071)
|
|
Payments on (proceeds
from) revolving credit facilities, net
|
(4,421,908)
|
|
|
6,230,892
|
|
|
5,690,487
|
|
Debt issuance
costs
|
(634,036)
|
|
|
—
|
|
|
(514,441)
|
|
Pay-off of old senior
credit facility term debt
|
—
|
|
|
—
|
|
|
(15,375,000)
|
|
Proceeds from
exercise of stock options and warrants
|
38,000
|
|
|
37,001
|
|
|
115,975
|
|
Distribution of cash
dividends
|
(5,861,822)
|
|
|
(5,850,544)
|
|
|
(5,811,858)
|
|
Net cash (used in)
provided by financing activities
|
(4,962,069)
|
|
|
(2,995,174)
|
|
|
14,209,984
|
|
Net Decrease in Cash
and Cash Equivalents
|
(21,344)
|
|
|
725,402
|
|
|
(21,363)
|
|
Cash and Cash
Equivalents – Beginning of period
|
1,430,937
|
|
|
705,535
|
|
|
726,898
|
|
Cash and Cash
Equivalents – End of period
|
$
|
1,409,593
|
|
|
$
|
1,430,937
|
|
|
$
|
705,535
|
|
Supplemental
Disclosure of Cash Flow Information – Cash paid
for
|
|
|
|
|
|
Interest
|
$
|
3,575,279
|
|
|
$
|
2,566,956
|
|
|
$
|
1,552,619
|
|
Income
taxes
|
$
|
1,339,290
|
|
|
$
|
2,231,901
|
|
|
$
|
3,750,845
|
|
Supplemental
Disclosure of Cash Flow Information –
Non cash investing and
financing activities for
|
|
|
|
|
|
Common stock issued
for purchase of Intasco USA, Inc.
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
890,726
|
|
UNIQUE
FABRICATING, INC. Reconciliation of GAAP Net Income to
Adjusted EBITDA
|
|
|
Thirteen
Weeks Ended
December 30,
2018
|
|
Thirteen
Weeks Ended
December 31,
2017
|
|
Thirteen
Weeks Ended
January 1,
2017
|
|
Fifty-Two
Weeks Ended
December 30,
2018
|
|
Fifty-Two
Weeks Ended
December 31,
2017
|
|
Fifty-Two
Weeks Ended
January 1,
2017
|
GAAP Net
income
|
$
|
(191,120)
|
|
|
$
|
2,056,338
|
|
|
$
|
1,731,098
|
|
|
$
|
3,698,601
|
|
|
$
|
6,486,691
|
|
|
$
|
6,684,120
|
|
Plus: Interest
expense, net
|
1,344,968
|
|
|
656,848
|
|
|
395,733
|
|
|
3,778,328
|
|
|
2,745,904
|
|
|
2,134,796
|
|
Plus: Income tax
expense
|
163,139
|
|
|
(723,804)
|
|
|
737,230
|
|
|
861,969
|
|
|
1,132,880
|
|
|
3,257,619
|
|
Plus: Depreciation
and amortization
|
1,682,647
|
|
|
1,616,066
|
|
|
1,505,202
|
|
|
6,630,142
|
|
|
6,319,975
|
|
|
5,501,674
|
|
Plus: Non-cash stock
award
|
32,681
|
|
|
35,122
|
|
|
39,743
|
|
|
131,302
|
|
|
150,368
|
|
|
166,476
|
|
Plus: Non-recurring
integration expenses
|
71,483
|
|
|
126,811
|
|
|
68,257
|
|
|
199,464
|
|
|
157,604
|
|
|
173,170
|
|
Plus: Non-recurring
step-up of inventory basis to fair market value
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
318,518
|
|
Plus: Transaction
fees
|
—
|
|
|
—
|
|
|
8,118
|
|
|
26,717
|
|
|
23,235
|
|
|
866,806
|
|
Plus: Restructuring
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
1,155,910
|
|
|
—
|
|
|
35,054
|
|
Plus: One-time
consulting and licensing ERP system implementation costs
|
201,919
|
|
|
199,973
|
|
|
—
|
|
|
724,175
|
|
|
1,015,280
|
|
|
—
|
|
Plus: debt
extinguishment costs
|
59,110
|
|
|
—
|
|
|
—
|
|
|
59,110
|
|
|
|
|
—
|
|
Less: Gain on sale of
building
|
(142,973)
|
|
|
—
|
|
|
(147,414)
|
|
|
(142,973)
|
|
|
|
|
(147,414)
|
|
Adjusted
EBITDA
|
$
|
3,221,854
|
|
|
$
|
3,967,354
|
|
|
$
|
4,337,967
|
|
|
$
|
17,122,745
|
|
|
$
|
18,031,937
|
|
|
$
|
18,990,819
|
|
UNIQUE
FABRICATING, INC. Reconciliation of GAAP Net Income to
Adjusted Diluted Earnings Per Share
|
|
|
Thirteen
Weeks Ended
December 30,
2018
|
|
Thirteen
Weeks Ended
December 31,
2017
|
|
Thirteen
Weeks Ended
January 1,
2017
|
|
Fifty-Two
Weeks Ended
December 30,
2018
|
|
Fifty-Two
Weeks Ended
December 31,
2017
|
|
Fifty-Two
Weeks Ended
January 1,
2017
|
GAAP Net
income
|
$
|
(191,120)
|
|
|
$
|
2,056,338
|
|
|
$
|
1,731,098
|
|
|
$
|
3,698,601
|
|
|
$
|
6,486,691
|
|
|
$
|
6,684,120
|
|
Plus: Non-cash stock
award
|
32,681
|
|
|
35,122
|
|
|
39,743
|
|
|
131,302
|
|
|
150,368
|
|
|
166,476
|
|
Plus: Non-recurring
integration expenses
|
71,483
|
|
|
126,811
|
|
|
68,257
|
|
|
199,464
|
|
|
157,604
|
|
|
173,170
|
|
Plus: Non-recurring
step-up of inventory basis to fair market value
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
318,518
|
|
Plus: Transaction
fees
|
—
|
|
|
—
|
|
|
8,118
|
|
|
26,717
|
|
|
23,235
|
|
|
866,806
|
|
Plus: Debt
extinguishment costs
|
59,110
|
|
|
—
|
|
|
—
|
|
|
59,110
|
|
|
—
|
|
|
60,202
|
|
Plus: Restructuring
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
1,155,910
|
|
|
—
|
|
|
35,054
|
|
Plus: One-time
consulting and licensing ERP system implementation costs
|
201,919
|
|
|
199,973
|
|
|
—
|
|
|
724,175
|
|
|
1,015,280
|
|
|
—
|
|
Less: One-time tax
reform adjustments
|
—
|
|
|
(720,400)
|
|
|
—
|
|
|
—
|
|
|
(720,400)
|
|
|
—
|
|
Less: Gain on sale of
building
|
(142,973)
|
|
|
—
|
|
|
(147,414)
|
|
|
(142,973)
|
|
|
—
|
|
|
(147,414)
|
|
Less: Tax
impact
|
—
|
|
|
9,410
|
|
|
9,411
|
|
|
(426,384)
|
|
|
(281,356)
|
|
|
(428,091)
|
|
Adjusted Net
income
|
$
|
31,100
|
|
|
$
|
1,707,254
|
|
|
$
|
1,709,213
|
|
|
$
|
5,425,922
|
|
|
$
|
6,831,422
|
|
|
$
|
7,728,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
9,886,790
|
|
|
9,888,059
|
|
|
9,927,716
|
|
|
9,908,698
|
|
|
9,899,418
|
|
|
9,896,283
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
|
|
|
Diluted -
GAAP
|
$
|
(0.02)
|
|
|
$
|
0.21
|
|
|
$
|
0.17
|
|
|
$
|
0.37
|
|
|
$
|
0.66
|
|
|
$
|
0.68
|
|
Diluted -
Adjusted
|
$
|
—
|
|
|
$
|
0.17
|
|
|
$
|
0.17
|
|
|
$
|
0.55
|
|
|
$
|
0.59
|
|
|
$
|
0.78
|
|
UNIQUE
FABRICATING, INC. Purchase Accounting Impacts and Other
Effects
|
|
|
Thirteen
Weeks Ended
December 30,
2018
|
|
Thirteen
Weeks Ended
December 31,
2017
|
|
Thirteen
Weeks Ended
January 1,
2017
|
|
Fifty-Two
Weeks Ended
December 30,
2018
|
|
Fifty-Two
Weeks Ended
December 31,
2017
|
|
Fifty-Two
Weeks Ended
January 1,
2017
|
Non-cash purchase
accounting impacts
|
|
|
|
|
|
|
|
|
|
|
|
Customer
relationships amortization
|
$
|
836,797
|
|
|
$
|
837,250
|
|
|
$
|
837,523
|
|
|
$
|
3,347,187
|
|
|
$
|
3,348,091
|
|
|
$
|
3,045,746
|
|
Trade name
amortization
|
72,926
|
|
|
72,926
|
|
|
72,926
|
|
|
291,704
|
|
|
291,705
|
|
|
269,130
|
|
Non-compete
amortization
|
6,183
|
|
|
44,162
|
|
|
44,162
|
|
|
122,392
|
|
|
176,648
|
|
|
176,648
|
|
Unpatented
technology
|
76,529
|
|
|
76,529
|
|
|
76,529
|
|
|
306,116
|
|
|
306,116
|
|
|
206,040
|
|
Less: Tax
impact
|
—
|
|
|
473,831
|
|
|
(303,881)
|
|
|
(661,667)
|
|
|
(422,170)
|
|
|
(1,165,626)
|
|
Net income
effect
|
$
|
992,435
|
|
|
$
|
1,504,698
|
|
|
$
|
727,259
|
|
|
$
|
3,405,732
|
|
|
$
|
3,700,390
|
|
|
$
|
2,531,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share
impact
|
|
|
|
|
|
|
|
|
|
|
|
GAAP -
Basic
|
$
|
0.10
|
|
|
$
|
0.15
|
|
|
$
|
0.07
|
|
|
$
|
0.25
|
|
|
$
|
0.35
|
|
|
$
|
0.26
|
|
GAAP -
Diluted
|
$
|
0.10
|
|
|
$
|
0.15
|
|
|
$
|
0.07
|
|
|
$
|
0.24
|
|
|
$
|
0.34
|
|
|
$
|
0.26
|
|
View original
content:http://www.prnewswire.com/news-releases/unique-fabricating-inc-reports-fourth-quarter-and-full-year-2018-financial-results-300808485.html
SOURCE Unique Fabricating, Inc.