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Uniroyal Global Engineered Products, Inc. Reports Financial Results for the Fiscal Year Ended January 3, 2021
Uniroyal Global Engineered Products, Inc. Reports Financial Results for the Fiscal Year Ended January 3, 2021.
About this update from Uniroyal Global Engineered Products, Inc.
[{"type":"text","content":"\n SARASOTA, Fla., April 01, 2021 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR) today reported its financial results for the Fiscal Year Ended January 3, 2021. Financial Summary Net Sales of $60,218,355 decline 33.9% from prior year; increase 10.0% versus previous quarterNet Loss was $1,223,626Loss per Common Share was $1.19 Overview Comparisons of fiscal year 2020 to fiscal year 2019 seem like a somewhat meaningless exercise as fiscal year 2020 was so negatively impacted by COVID-19. For Fiscal 2020, Net Sales declined 33.9% from Fiscal 2019, the Net Loss for the year was $1,223,626 and the Loss per Common Share was $1.19. Of more relevance is that since the second quarter of Fiscal 2020, sales have been on an upward track, sequentially increasing sharply for the third quarter and again in the fourth quarter. While our overall sales are still below the quarters of the prior year, we are encouraged by the trends we have been experiencing recently. As we look to Fiscal 2021, we still cannot opine that our business has normalized. More of our major customers are tracking for improved sales of late, but the economic and socioeconomic outlook remains uncertain. Nonetheless, we remain steadfast in our efforts to reduce costs at all of our operations with the objective that when things do normalize, we will show marked financial improvement. Net Sales Net Sales for Fiscal 2020 were $60,218,355 compared to $91,136,244, a decline of 33.9%. Although we did not achieve the sales levels of the prior year, we experienced sequential growth in both the third and fourth quarters of Fiscal 2020. Our Automotive sector, which accounted for 59.6% of overall Net Sales, declined 39.3% as compared to Fiscal 2019 and our Industrial sector, which accounted for 40.4% of our overall Net Sales, declined 23.9%. In Fiscal 2019, Net Sales by product sector were 64.9% Automotive and 35.1% Industrial. More than 50% of the overall decline in Net Sales occurred in the second quarter of Fiscal 2020 when the world was virtually shut down due to COVID-19. Since then, sales have been steadily improving and, although in the fourth quarter of Fiscal 2020 Net Sales declined 14.9% versus the prior year, it was much improved as compared to declines of 70.0% and 31.1% in the second and third quarters of Fiscal 2020, respectively. Our Automotiv...