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Uniroyal Global Engineered Products, Inc. Reports Financial Results For the Fiscal Year Ended January 2, 2022
Uniroyal Global Engineered Products, Inc. Reports Financial Results For the Fiscal Year Ended January 2, 2022.
About this update from Uniroyal Global Engineered Products, Inc.
[{"type":"text","content":"\n SARASOTA, Fla., April 01, 2022 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR) today reported financial results for the Fiscal Year Ended January 2, 2022. Financial Summary Net Sales increased 19.1% to $71,704,995 versus prior year of $60,218,355Net Loss of $1,702,378 versus prior year net loss of $1,223,626Earnings Per Common Share of $0.61 versus prior year Loss Per Common Share of $(1.19); Fiscal 2021 included extinguishment of preferred stock dividend Overview Fiscal 2021 represented somewhat of a return to normalcy versus Fiscal 2020 which was constrained by the Covid-19 pandemic for a large part of the year. To be sure, Fiscal 2021 was no “walk in the park” as we fought, and continue to fight, supply issues and rampant cost escalation. The supply constraints and price increases in raw materials weighed heavily on Gross Profit margins which fell in 2021 as compared to the prior year. To offset the constant rise in raw material costs in 2021, we raised prices a number of times particularly in the back half of the year. The timing of such increases will delay some of the benefit until the first half of Fiscal 2022. The price increases to date have been accepted by customers and have not had a negative effect on volume. As we look to Fiscal 2022, we expect that the first half of the year will remain uncertain as to raw material price increases and supply constraints, but we have done a good job of maintaining production continuity and remain optimistic that we will be able to source product. However, we believe that we will be under pressure for the foreseeable future with raw material price increases and production delays experienced by our customers in the automotive industry mainly due to their supply chain issues with microchips. Net Sales Net Sales in Fiscal 2021 increased 19.1% to $71,704,995 versus $60,218,355 in Fiscal 2020. Both of our major business sectors contributed strong double digit increases versus the prior year. Our Automotive sector, which represented 58.8% of total Net Sales, increased 17.5% versus last year and our Industrial sector, representing 41.2% of overall Net Sales, increased 21.4%. Of our total Net Sales, approximately 51.9% was in North America in Fiscal 2021 with the remaining 48.1% primarily in Europe. These geographic areas recorded double digit incre...