Unique Fabricating, Inc. (UFAB) has reported a 72.21 percent jump in profit for the quarter ended Jan. 01, 2017. The company has earned $1.73 million, or $0.17 a share in the quarter, compared with $1.01 million, or $0.10 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $1.71 million, or $0.17 a share compared with $1.49 million or $0.15 a share, a year ago. Revenue during the quarter grew 22.60 percent to $43.68 million from $35.63 million in the previous year period. Gross margin for the quarter contracted 95 basis points over the previous year period to 21.99 percent. Total expenses were 93.71 percent of quarterly revenues, down from 95.25 percent for the same period last year. This has led to an improvement of 154 basis points in operating margin to 6.29 percent.
Operating income for the quarter was $2.75 million, compared with $1.69 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $4.34 million compared with $3.50 million in the prior year period. At the same time, adjusted EBITDA margin improved 12 basis points in the quarter to 9.93 percent from 9.81 percent in the last year period.
“We grew revenues to record levels in 2016 as result of increased product content per vehicle, new program launches and the integration of an accretive acquisition,” said John Weinhardt, chief executive officer. “Growing demand from automotive manufacturers for greater fuel efficiency and the need for quieter vehicles continues to drive demand for our multi-material foam, rubber and plastic components.”
Unique Fabricating projects revenue to be in the range of $183 million to $187 million for financial year 2017. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $0.90 to $0.94 on adjusted basis.
Operating cash flow improves significantly
Unique Fabricating, Inc has generated cash of $7.76 million from operating activities during the year, up 52.76 percent or $2.68 million, when compared with the last year. The company has spent $21.99 million cash to meet investing activities during the year as against cash outgo of $15.44 million in the last year. It has incurred net capital expenditure of $1.17 million on net basis during the year, down 66.36 percent or $2.32 million from year ago.
Cash flow from financing activities was $14.21 million for the year, up 37.57 percent or $3.88 million, when compared with the last year.
Cash and cash equivalents stood at $0.71 million as on Jan. 01, 2017, down 2.94 percent or $0.02 million from $0.73 million on Jan. 03, 2016.
Working capital increases
Unique Fabricating, Inc has recorded an increase in the working capital over the last year. It stood at $26.76 million as at Jan. 01, 2017, up 16.10 percent or $3.71 million from $23.05 million on Jan. 03, 2016. Current ratio was at 2.31 as on Jan. 01, 2017, down from 2.33 on Jan. 03, 2016.
Debt increases substantially
Unique Fabricating, Inc has witnessed an increase in total debt over the last one year. It stood at $50.61 million as on Jan. 01, 2017, up 63.15 percent or $19.59 million from $31.02 million on Jan. 03, 2016. Total debt was 41.30 percent of total assets as on Jan. 01, 2017, compared with 31.05 percent on Jan. 03, 2016. Debt to equity ratio was at 1.01 as on Jan. 01, 2017, up from 0.65 as on Jan. 03, 2016. Interest coverage ratio improved to 6.94 for the quarter from 5.32 for the same period last year.
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