Business
Uniroyal Global Engineered Products, Inc. Reports Net Sales of $26,077,549 and Net Income Available to Common Shareholders of $214,466 or $0.01 per Diluted Share for the Quarter Ended July 2, 2017
Uniroyal Global Engineered Products, Inc. Reports Net Sales of $26,077,549 and Net Income Available to Common Shareholders of $214,466 or $0.01 per Diluted Share for the Quarter Ended July 2, 2017.
About this update from Uniroyal Global Engineered Products, Inc.
[{"type":"text","content":"\n\n SARASOTA, Fla., Aug. 07, 2017 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR) or (the “Company”) today reported its financial results for the second fiscal quarter ended July 2, 2017.\n “The second quarter proved to be difficult, with rapidly increasing volumes in our European plant being offset by declining volumes in our North America plant, as the US auto market has softened” stated Howard R. Curd, Chairman and Chief Executive Officer. “While we are certainly not pleased with our results this quarter, we are taking dramatic action to improve productivity and cut costs at all global operations. This will lead to better operating performance as we progress through the second half of this year.” Net Sales Three Months Ended July 2, 2017 Net Sales for the second fiscal quarter ended July 2, 2017 were $26,077,549 versus $27,333,869 for the previous year, a decline of 4.6%.  Excluding changes in currency, Net Sales would have declined only 1.4% for the quarter. Global automotive sales which accounted for over 67% of overall sales for the quarter, declined 5.4% versus the previous year. The decline was primarily attributable to lower US domestic automotive volume, where industry production levels have slowed versus the second quarter of the previous year.  European automotive business continued to record strong improvement versus the previous year. Net Sales for the Industrial Sector (33% of total Net Sales) declined 2.9% for the second fiscal quarter versus the previous year. This decline was less than the decline of the first quarter as sales to major off-highway equipment manufacturers showed improvement versus recent quarterly trends. The decline was partially offset by increases in the decorative and contract furnishings markets. Six Months Ended July 2, 2017 Net Sales for the six months ended July 2, 2017 were $51,835,978 versus $52,301,464 for the previous year, a decline of 0.9%.  Excluding changes in currency, Net Sales would have increased 3.0% for the period. Global automotive sales for the six months ended July 2, 2017 increased 2% versus the previous year. European automotive business for the six months ended July 2, 2017 showed record improvement versus the previous year. This improvement was partially offset by the decline attributable ...