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Uniroyal Global Engineered Products, Inc. Reports Financial Results for the Fiscal Year Ended December 30, 2018
Uniroyal Global Engineered Products, Inc. Reports Financial Results for the Fiscal Year Ended December 30, 2018.
About this update from Uniroyal Global Engineered Products, Inc.
[{"type":"text","content":"\nSARASOTA, Fla., March 18, 2019 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB: UNIR or the “Company”) today reported its financial results for the Fiscal Year Ended December 30, 2018.\n Financial Highlights Net Sales increase 1.4% to $99,560,721Net Income increases to $1,246,797 versus loss in prior yearLoss per Common Share ($0.10) versus prior year loss of ($0.17) Overview  Net Sales Net Sales for the Fiscal Year ended December 30, 2018 increased to $99,560,721 or 1.4% versus the $98,138,060 recorded in the prior year.  Of our two principal business segments, automotive (66.2% of total Net Sales) declined .04% versus the prior year.  Our US automotive operations increased 3.3% versus last year and our UK operations declined 1.9%. The principal reason for the improvement in our US automotive business was increased penetration of sales to major seating manufacturers serving the automotive OEMs.  The UK decline (70.9% of total automotive business segment sales) was due to a sluggish economic environment in Europe. Our Industrial business segment (33.8% of total Net Sales—including Contract sales) increased 5.3% versus the prior year.  Our US operations comprised approximately 82.6% of this business segment and was responsible for all the gains. Strength in the US economy, primarily in heavy equipment seating applications as well as market share gains in the non-automotive transportation, hospitality and healthcare areas, drove the improved performance versus last year. “Fiscal 2018 was a challenging year for us particularly in the UK where we experienced significant economic headwinds.  However, it has been a year of progress in many areas as we have achieved success in strategic objectives.  We repositioned our product offerings to focus on higher margins, we made marked improvement in simplifying our manufacturing capabilities and we have our Operating Expenses well in control.  We still have work to do but we are much better positioned to weather any economic scenario going into Fiscal 2019,” said Howard R. Curd, Chief Executive Officer. Net Income (Loss) Net Income in Fiscal 2018 was $1,246,797 versus a loss of $107,213 in the prior year.  From an operational perspective, Operating Income was $3,037,953 versus $4,544,8...