Business
Uniroyal Global Engineered Products, Inc. Reports Net Income of $837,803, or $0.06 Per Share for the Third Quarter 2015 Versus $527,481 or $0.04 Per Share for the Third Quarter 2014 before Dividends of $698,499
Uniroyal Global Engineered Products, Inc. Reports Net Income of $837,803, or $0.06 Per Share for the Third Quarter 2015 Versus $527,481 or $0.04 Per Share for the Third Quarter 2014 before Dividends of $698,499.
About this update from Uniroyal Global Engineered Products, Inc.
[{"type":"text","content":"\n \n Uniroyal Global Engineered Products, Inc. (OTCQB: UNIR) (“Uniroyal \n Global Engineered Products, Inc.” or the “Company”) filed its Form 10-Q \n last night reporting its results for the three months and nine months \n ended October 4, 2015.\n \n \n “We remain pleased with our quarterly and year to date results of \n operations. We continue to perform well against our stated objectives of \n customer diversification, deeper penetration into our current customers \n and continuous margin improvement through cost reduction and \n productivity gains,” said Howard Curd, Chairman and CEO.\n \n \n “We continue to see favorable volume and margin comparisons from last \n year that are somewhat masked by the recent decline in the Euro and \n British Pound Sterling. Excluding $1.5 million in the third quarter and \n $5.8 million year to date of negative impact of currency translations, \n our revenues would have been up 3.5% and 11.4% from the third quarter \n and year to date results, respectively, versus the 2014 comparable \n period,” added Mr. Curd. “Despite the negative effects of the currency \n on revenue we continued to expand our operating profit in excess of 50% \n for the quarter and 70% year to date versus last year.”\n \n \n The following is a brief discussion of the results:\n \n \n Revenue:\n \n \n Total revenue for the three months ended October 4, 2015 decreased \n $702,956, or 2.9%, to $23,225,199 from $23,928,155 for the three months \n ended September 28, 2014. This decrease was principally caused by a $1.5 \n million unfavorable impact of currency exchange rate changes. Excluding \n this impact, revenues for the three months ended October 4, 2015 would \n have increased by approximately $830,000, or 3.5%, over the three months \n ended September 28, 2014.\n \n \n Total revenue for the nine months ended October 4, 2015 increased \n $2,787,787, or 3.8%, to $76,486,188 from $73,698,401 for the nine months \n ended September 28, 2014. The increase would have been approximately \n $8.6 million, or 11.4%, but it was offset by $5.8 million of unfavorable \n impact of currency exchange rates for 2015 compared to 2014.\n \n \n Sales volumes and pricing for the three months and nine months 2015 were \n ahead of the corresponding prior year period primarily due to ...