Business
Uniroyal Global Engineered Products, Inc. Reports Net Sales of $26,023,233 and Net Income Available to Common Shareholders of $148,389 or $0.01 per Diluted Share for the Second Quarter Ended July 1, 2018
Uniroyal Global Engineered Products, Inc. Reports Net Sales of $26,023,233 and Net Income Available to Common Shareholders of $148,389 or $0.01 per Diluted Share for the Second Quarter Ended July 1, 2018.
About this update from Uniroyal Global Engineered Products, Inc.
[{"type":"text","content":"\nSARASOTA, Fla., Aug. 06, 2018 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR) (or the “Company”) today reported its financial results for the second quarter and six months ended July 1, 2018.\n Financial Highlights-Second Quarter Net Sales in line with the prior year on increases in the Automotive SectorGross Profit margins improve quarter-to-quarter on operational improvements, cost reduction and increased selling pricesOperating expenses decline to 12.6% of Net Sales versus 14.2% in prior year quarterNet Income Available to Common Shareholders of $148,389 or $0.01 per share, in line with prior year Overview  The financial results for the second quarter ended July 1, 2018 showed marked improvement from recent quarters in many key measurements.  Gross Margins improved to 18.3% which was an improvement from the 17.5% and 14.8% recorded in the two previous quarters.  Raw material cost increases continue to be a headwind, but operational efficiencies offset the negative impact.  Operating expenses as a percentage of Net Sales declined to 12.6% versus the 14.1% of the previous quarter and 14.2% of last year as the Company continues cost cuts, particularly in the General and Administrative area.  As we mentioned last quarter, we are diversifying our product mix in the Automotive sector to qualify for platforms of major automotive OEM’s, targeting growing segments such as SUV’s and trucks.  Further, we are diversifying our sales strategies to include different channels such as heavy truck, recreational vehicles and marine applications.  We anticipate that we will return to sales growth and continued margin improvements in the second half of this year. Net Sales Net Sales for the second quarter were $26,023,233 versus $26,077,549 in the second quarter of 2017, resulting in a decline of 0.2% (a decline of 4.0% excluding the favorable currency effect). Geographically, US operations (45.3% of total Net Sales for the second quarter) recorded an increase of 2.8% and the UK operations (54.7% of total Net Sales for the second quarter) declined 2.6% versus the prior year second quarter. The Automotive Sector (68.6% of total Net Sales) increased 1.4% versus the prior year as the US operations recorded sharp improvement (9.8%) over the prior year more than of...