Business
Uniroyal Global Engineered Products, Inc. for the Third Quarter Ended September 30, 2018 Reports Net Sales Increases of 8.1%, Operating Income Increases of 30.2% and Earnings (Loss) Per Share at Breakeven versus a Loss of $0.03 for the Third Quarter Ended
Uniroyal Global Engineered Products, Inc. for the Third Quarter Ended September 30, 2018 Reports Net Sales Increases of 8.1%, Operating Income Increases of 30.2% and Earnings (Loss) Per Share at Breakeven versus a Loss of $0.03 for the Third Quarter Ended.
About this update from Uniroyal Global Engineered Products, Inc.
[{"type":"text","content":"\nSARASOTA, Fla., Nov. 05, 2018 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB: UNIR or the “Company”) today reported its financial results for the third quarter and nine months ended September 30, 2018.\n Financial Highlights-Third Quarter *  Net Sales increase 8.1% on growth in all three major business segments*  Operating expenses decline to 12.6% of Net Sales versus 14.7% in prior year quarter*  Operating Income up 30.2% versus prior year quarter*  Earnings (Loss) Per Common Share at breakeven versus loss of $0.03 in Prior year quarter Overview  The third quarter ended September 30, 2018 represents a continuation of improvement in financial performance as a result of the successful implementation of strategic objectives put in place last year.  Of particular note are the increase in Net Sales and a reduction in Operating expenses versus the same quarter of the prior year.  Net Sales increased 8.1% to $24.3 million and Operating expenses declined 7.3% or $241,756 to 12.6% of Net Sales versus 14.7% of the prior year quarter.  The result was a sharp increase in Operating Income of 30.2% versus the previous year. All three of our major business segments participated in the gains in Net Sales versus the prior year. The Industrial and Contract segments improved principally due to an improved US economy which bolstered sales to equipment manufacturers and the re-upholstery marketplace.  The growth in the Automotive segment is due to “wins” in new platforms which the Company has been positioning for some time.  The reduction in Operating expenses is a result of strategic initiatives targeted to doing administrative and selling functions in a more efficient manner.  The successes we have achieved in these areas have been very rewarding but the process will continue well into next year and beyond. On the negative front, raw material costs continue to increase and a negative product mix have weighed on our Gross Profit margins which declined for the current quarter and the nine months 2018 versus the corresponding periods last year.  Price increases in some of our segments are very hard to achieve and take time to implement, therefore we will have to absorb some of these costs and offset them with cost reductions and productivity i...