Business
Uniroyal Global Engineered Products, Inc. Reports Net Sales of $25,758,429 and Net Income Available to Common Shareholders of $470,776 or $0.03 per Diluted Share for the Quarter Ended April 2, 2017
Uniroyal Global Engineered Products, Inc. Reports Net Sales of $25,758,429 and Net Income Available to Common Shareholders of $470,776 or $0.03 per Diluted Share for the Quarter Ended April 2, 2017.
About this update from Uniroyal Global Engineered Products, Inc.
[{"type":"text","content":"\n\n Financial Highlights for the Fiscal First Quarter Ended April 2, 2017 versus the Previous Year:\n *Net Sales increase 3.2% (7.7% ex-currency)*Income Before Taxes increases 12.7%*Earnings Per Share $0.03 versus $0.02 (50% increase) SARASOTA, Fla., May 15, 2017 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. ((OTCQB:UNIR) or the “Company”) today reported its financial results for the fiscal quarter ended April 2, 2017. Net Sales Net Sales for the fiscal quarter ended April 2, 2017 increased to $25,758,429 for a gain of 3.2% versus the $24,967,595 reported in the comparable prior year quarter. Approximately 52% of the total net sales for the quarter were international which were negatively impacted by the stronger U.S. dollar. Excluding the negative impact of the stronger dollar, Net Sales for the quarter increased 7.7%. Global automotive net sales increased 7.7% for the quarter with particular strength in European business due to increased penetration of its existing customer base and new platforms and programs awarded in fiscal 2016.  Automotive net sales represented 68% of the Company’s net sales for the current quarter, versus 65% for the comparable quarter last year. Net Sales in the Industrial Sector declined 5.2% versus the first quarter of the previous year.  This decline was principally due to sluggish sales to major off-highway equipment manufacturers. “We are encouraged by the robust growth of our European automotive sector. With several new platforms commencing soon, we expect good performance from the Global Automotive Sector for the remainder of the year,” said Howard Curd, Chairman and Chief Executive Officer.   Income Before Taxes Income Before Taxes improved to $1,445,278 or $162,508 (12.7%) versus $1,282,770 for the comparable quarter of the previous year.  Operating Expenses declined this quarter due to lower Selling and General and Administrative expenses as the Company reaps the benefits of continuous consolidation and efficiency programs put in place some time ago.  The lower Operating Expenses virtually offset lower Gross Profit Margins. Gross Profit Margins decreased this quarter versus last year due to the increase in lower margin automotive sales and a reduction in higher margin industrial sales. Also negatively affecting margins for...