Business
Uniroyal Global Engineered Products, Inc. Reports Financial Results for the First Quarter Ended March 31, 2019
Uniroyal Global Engineered Products, Inc. Reports Financial Results for the First Quarter Ended March 31, 2019.
About this update from Uniroyal Global Engineered Products, Inc.
[{"type":"text","content":"\nSARASOTA, Fla., May 10, 2019 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB: UNIR or the “Company”) today reported its financial results for the Three Months Ended March 31, 2019.\n Financial Highlights Net Sales of $25.4 million versus prior year of $26.4 million Net Income increases to $633,102 versus $489,639 in prior yearLoss per Common Share of $0.01 versus prior year loss of $0.02 Net Sales Net Sales for the three months ended March 31, 2019 decreased $1,035,827 or 3.9% to $25,393,860 from $26,429,687 recorded in the prior year.  Excluding the negative currency effect of the exchange rates, total revenue would have only decreased by approximately $33,000 or 0.1%.  The global automotive operations (64.9% of total Net Sales) increased 0.8% excluding the negative currency effect. Our U.S. automotive operations increased 2.4% versus last year as it has done for the last three quarters. Our U.K. operations declined slightly by 0.5% compared to 2018 excluding the currency adjustment but saw some improvements compared to the most recent prior quarters. Our Industrial business segment (35.1% of total Net Sales—including Contract sales) decreased 3.1% (1.8% excluding the currency effect) versus the prior year.  Our U.S. operations which comprised approximately 83.2% of this business segment, saw gains of 2.3% over the prior year. This was offset by the decrease in the U.K. as sales last year in this sector was higher than normal due to a quarterly timing issue. Operating Income Operating Income for the three months ended March 31, 2019 was $880,397 versus $898,200 in the prior year, a decline of $17,803 or 2.0%.  The primary reasons for the decline were lower sales and a contraction in Gross Profit margins to 17.0% this year versus 17.5% in the prior year. The margins in 2019 were negatively impacted by the higher raw material prices compared to 2018 and the effect of product mix. The corrective action we had taken in prior quarters offset some of the effect of the higher raw material prices. Also partially offsetting the reduction in gross profit were lower operating expenses which has been a continued focus of the Company. Excluding the charge of $343,003 related to a restructuring plan accrued during the three months 2019, operating income would have increased by...