Universal Stainless & Alloy Products, Inc. (Nasdaq:
USAP) today reported net sales for the second quarter of
2021 of $38.5 million, an increase of 4.0% from $37.0 million in
the first quarter of 2021, although 26.6% lower than $52.5 million
in the second quarter of 2020.
Sales of premium alloys in the second quarter of 2021 were $5.9
million, or 15.3% of sales, compared with $7.6 million, or 20.4% of
sales, in the first quarter of 2021, and $12.4 million, or 23.7% of
sales, in the second quarter of 2020. The Company noted that second
quarter bookings and its growing backlog reflect premium alloy
volume in excess of 20%.
The Company's gross margin turned positive in the second quarter
of 2021 at $2.2 million, or 5.6% of sales, compared with a loss of
$0.2 million, or (0.7%) of sales in the first quarter of
2021. The gross margin included fixed cost absorption
charges of $2.1 million and $2.6 million in the second and first
quarters of 2021, respectively. In the second quarter of 2020, the
gross margin was $1.9 million, or 3.7% of sales.
Chairman, President and CEO Dennis Oates commented: “We said in
January that we expected consecutive quarterly improvement this
year, with momentum building in the second half of 2021. That is
now playing out as seen in our second quarter results, and with a
71% increase in backlog and record order entry.
“Second quarter sales in each of our end markets demonstrated
strong quarter-over-quarter growth, with the exception of aerospace
which was off 4.1% from the first quarter. Indications continue to
point to demand recovery in the commercial aerospace market in the
second half of 2021, especially in the fourth quarter. The recent
jump in domestic airline passenger traffic, combined with the pace
of new aircraft orders from major airlines and increases in
aircraft build rates, strongly support that outlook and the growing
confidence of our customers.
“Additional positive developments across our end markets are
also driving demand. That includes a jump in new car demand and
planned new model introductions as well as a pick-up in industrial
manufacturing, which are benefitting our heavy equipment sales,
while the bounce in oil prices and the increase in the U.S. rotary
rig count are positives for the oil & gas market.
“Since the onset of the pandemic we have been laser focused on
restoring our profitability by aligning spending to forecasted
revenue and operating levels, reducing costs and controlling
working capital. As a tangible sign of our progress, we achieved a
gross margin of 5.6% in the second quarter, the highest level since
the first quarter of 2020. We also benefitted from positive
operating leverage on increased volume, and a firming price
environment.”
Mr. Oates concluded: “We are determined to make further progress
in the balance of the year and take full advantage of our
recovering markets. The dedication of our team, the support of our
customers and our commitment to providing critical products to our
markets will make that possible.”
Quarterly and Year-to-Date Results of
Operations
For the first six months of 2021, net sales totaled $75.5
million, compared with $111.0 million in the same period of 2020.
Sales of premium alloys were $13.4 million, or 17.8% of sales, in
the first half of 2021, compared with $20.1 million, or 18.1% of
sales, in the first half of 2020.
Selling, general and administrative expenses were $5.2 million,
or 13.4% of sales, in the second quarter of 2021, compared with
$5.2 million, or 14.1% of sales, in the first quarter of 2021, and
$5.4 million, or 10.3% of sales, in the second quarter of 2020.
The net loss for the second quarter of 2021 was reduced to $2.5
million, or $0.28 per diluted share, compared with a net loss of
$4.5 million, or $0.51 per diluted share, in the first quarter of
2021, and a net loss of $3.3 million, or $0.38 per diluted share,
in the second quarter of 2020. For the first six months of 2021,
the net loss was $7.0 million, or $0.79 per diluted share, compared
with a net loss was $4.7 million, or $0.54 per diluted share, in
the first six months of 2020.
The Company’s EBITDA for the second quarter of 2021 was $1.8
million compared with a loss of $0.7 million for the first quarter
of 2021, and EBITDA of $1.4 million in the second quarter of 2020.
Second quarter 2021 adjusted EBITDA was $4.1 million.
Managed working capital was $116.0 million at June 30, 2021
compared with $112.3 million at March 31, 2021, and $151.0 million
at the end of the second quarter of 2020. The Company lowered
working capital starting in 2020 in response to low activity levels
caused by the impact of the Covid-19 pandemic on its end markets.
Inventory was $120.8 million at the end of the second quarter of
2021 compared with $111.6 million at the end of the 2021 first
quarter, and $135.1 million at the end of the 2020 second
quarter.
Backlog (before surcharges) increased 70.6% to $98.9 million at
June 30, 2021 from $58.0 million at March 31, 2021 and was 37.7%
higher than $71.8 million at the end of the second quarter of
2020.
The Company’s total debt at June 30, 2021 was $53.0 million,
compared with $51.6 million at March 31, 2021, and $72.5 million at
June 30, 2020. Total debt at June 30, 2021 includes a $10.0 million
term note, issued on April 15, 2020 under the Paycheck Protection
Program. The Company received notification of full forgiveness of
the PPP term note in July 2021, which will be recorded in the third
quarter.
Capital expenditures for the second quarter of 2021 totaled $1.8
million, compared with $2.7 million for the first quarter of 2021,
and $3.2 million in the second quarter of 2020. All capital
projects in process continue on-time and according to budget, and
the Company continues to expect capital expenditures in 2021 to
approximate $11.0 million to support its strategic growth
initiatives.
Conference Call and Webcast
The Company has scheduled a conference call for today, July
21st, at 10:00 a.m. (Eastern) to discuss second quarter 2021
results. Those wishing to listen to the live conference call via
telephone should dial 706-679-0668, passcode 1097189. A
simultaneous webcast will be available on the Company’s website at
www.univstainless.com, and thereafter archived on the website
through the end of the third quarter of 2021.
About Universal Stainless & Alloy Products,
Inc.
Universal Stainless & Alloy Products, Inc., established in
1994 and headquartered in Bridgeville, PA, manufactures and markets
semi-finished and finished specialty steels, including stainless
steel, nickel alloys, tool steel and certain other alloyed steels.
The Company's products are used in a variety of industries,
including aerospace, power generation, oil and gas, and heavy
equipment manufacturing. More information is available at
www.univstainless.com.
Forward-Looking Information Safe Harbor
Except for historical information contained herein, the
statements in this release are forward-looking statements that are
made pursuant to the “safe harbor” provision of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties that
may cause the Company’s actual results in future periods to differ
materially from forecasted results. Those risks include, among
others, the Company’s ability to maintain its relationships with
its significant customers and market segments; the Company’s
response to competitive factors in its industry that may adversely
affect the market for finished products manufactured by the Company
or its customers; the Company’s ability to compete successfully
with domestic and foreign producers of specialty steel products and
products fashioned from alternative materials; changes in overall
demand for the Company’s products and the prices at which the
Company is able to sell its products in the aerospace industry,
from which a substantial amount of our sales is derived; the
Company’s ability to develop, commercialize, market and sell new
applications and new products; the receipt, pricing and timing of
future customer orders; the impact of changes in the Company’s
product mix on the Company’s profitability; the Company’s ability
to maintain the availability of raw materials and operating
supplies with acceptable pricing; the availability and pricing of
electricity, natural gas and other sources of energy that the
Company needs for the manufacturing of its products; risks related
to property, plant and equipment, including the Company’s reliance
on the continuing operation of critical manufacturing equipment;
the Company’s success in timely concluding collective bargaining
agreements and avoiding strikes or work stoppages; the Company’s
ability to attract and retain key personnel; the Company’s ongoing
requirement for continued compliance with laws and regulations,
including applicable safety and environmental regulations; the
ultimate outcome of the Company’s current and future litigation
matters; the Company’s ability to meet its debt service
requirements and to comply with applicable financial covenants;
risks associated with conducting business with suppliers and
customers in foreign countries; public health issues, including
COVID-19 and its uncertain impact on our facilities and operations
and our customers and suppliers and the effectiveness of the
Company’s actions taken in response to these risks; risks related
to acquisitions that the Company may make; the Company’s ability to
protect its information technology infrastructure against service
interruptions, data corruption, cyber-based attacks or network
security breaches; the impact on the Company’s effective tax rates
from changes in tax rules, regulations and interpretations in the
United States and other countries where it does business; and the
impact of various economic, credit and market risk uncertainties.
Many of these factors are not within the Company’s control and
involve known and unknown risks and uncertainties that may cause
the Company’s actual results in future periods to be materially
different from any future performance suggested herein. Any
unfavorable change in the foregoing or other factors could have a
material adverse effect on the Company’s business, financial
condition and results of operations. Further, the Company operates
in an industry sector where securities values may be volatile and
may be influenced by economic and other factors beyond the
Company’s control. Certain of these risks and other risks are
described in the Company’s filings with the SEC, including the
Company’s Annual Report on Form 10-K for the year ended December
31, 2020, copies of which are available from the SEC or may be
obtained upon request from the Company.
Non-GAAP Financial Measures
This press release includes discussions of financial
measures that have not been determined in accordance with U.S.
Generally Accepted Accounting Principles (GAAP). These measures
include earnings (loss) before interest, income taxes, depreciation
and amortization (EBITDA) and Adjusted EBITDA. We include these
measurements to enhance the understanding of our operating
performance. We believe that EBITDA, considered along with net
earnings (loss), is a relevant indicator of trends relating to cash
generating activity of our operations. Adjusted EBITDA excludes the
effect of share-based compensation expense and noted special items
such as impairments and costs or income related to special events
such as periods of low activity or insurance claims. We believe
that excluding these costs provides a consistent comparison of the
cash generating activity of our operations. We believe that EBITDA
and Adjusted EBITDA are useful to investors as they facilitate a
comparison of our operating performance to other companies who also
use EBITDA and Adjusted EBITDA as supplemental operating measures.
These non-GAAP financial measures supplement our GAAP disclosures
and should not be considered an alternative to the GAAP measures.
These non-GAAP measures may not be entirely comparable to similarly
titled measures used by other companies due to potential
differences among calculation methodologies. A reconciliation of
these non-GAAP financial measures to their most directly comparable
financial measure prepared in accordance with GAAP is included in
the tables that follow.
[TABLES FOLLOW]
UNIVERSAL STAINLESS & ALLOY PRODUCTS,
INC.FINANCIAL HIGHLIGHTS(Dollars in
Thousands, Except Per Share Information)(Unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
38,502 |
|
|
$ |
52,479 |
|
|
$ |
75,540 |
|
|
$ |
110,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold |
|
|
36,338 |
|
|
|
50,542 |
|
|
|
73,624 |
|
|
|
104,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
2,164 |
|
|
|
1,937 |
|
|
|
1,916 |
|
|
|
6,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
5,151 |
|
|
|
5,397 |
|
|
|
10,382 |
|
|
|
11,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(2,987 |
) |
|
|
(3,460 |
) |
|
|
(8,466 |
) |
|
|
(4,459 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
436 |
|
|
|
750 |
|
|
|
930 |
|
|
|
1,646 |
|
Deferred financing
amortization |
|
|
56 |
|
|
|
57 |
|
|
|
112 |
|
|
|
113 |
|
Other expense (income),
net |
|
|
7 |
|
|
|
3 |
|
|
|
23 |
|
|
|
(14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(3,486 |
) |
|
|
(4,270 |
) |
|
|
(9,531 |
) |
|
|
(6,204 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
(993 |
) |
|
|
(939 |
) |
|
|
(2,509 |
) |
|
|
(1,462 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,493 |
) |
|
$ |
(3,331 |
) |
|
$ |
(7,022 |
) |
|
$ |
(4,742 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share -
Basic |
|
$ |
(0.28 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.79 |
) |
|
$ |
(0.54 |
) |
Net loss per common share -
Diluted |
|
$ |
(0.28 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.79 |
) |
|
$ |
(0.54 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of
common stock outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
8,900,460 |
|
|
|
8,810,396 |
|
|
|
8,894,669 |
|
|
|
8,805,866 |
|
Diluted |
|
|
8,900,460 |
|
|
|
8,810,396 |
|
|
|
8,894,669 |
|
|
|
8,805,866 |
|
MARKET SEGMENT INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 30, |
|
|
|
June 30, |
|
Net Sales |
|
2021 |
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service centers |
|
$ |
28,008 |
|
|
$ |
35,010 |
|
|
$ |
53,852 |
|
|
$ |
77,894 |
|
Original equipment
manufacturers |
|
|
2,785 |
|
|
|
6,524 |
|
|
|
7,580 |
|
|
|
12,219 |
|
Rerollers |
|
|
5,114 |
|
|
|
5,334 |
|
|
|
8,907 |
|
|
|
10,439 |
|
Forgers |
|
|
2,282 |
|
|
|
4,676 |
|
|
|
4,494 |
|
|
|
8,576 |
|
Conversion services and
other |
|
|
313 |
|
|
|
935 |
|
|
|
707 |
|
|
|
1,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net sales |
|
$ |
38,502 |
|
|
$ |
52,479 |
|
|
$ |
75,540 |
|
|
$ |
110,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tons shipped |
|
|
7,268 |
|
|
|
8,987 |
|
|
|
14,316 |
|
|
|
19,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MELT TYPE INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 30, |
|
|
June 30, |
|
Net Sales |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty alloys |
|
$ |
32,295 |
|
|
$ |
39,102 |
|
|
$ |
61,386 |
|
|
$ |
89,022 |
|
Premium alloys * |
|
|
5,894 |
|
|
|
12,442 |
|
|
|
13,447 |
|
|
|
20,106 |
|
Conversion services and other
sales |
|
|
313 |
|
|
|
935 |
|
|
|
707 |
|
|
|
1,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net sales |
|
$ |
38,502 |
|
|
$ |
52,479 |
|
|
$ |
75,540 |
|
|
$ |
110,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
END MARKET INFORMATION ** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 30, |
|
|
June 30, |
|
Net Sales |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
$ |
21,318 |
|
|
$ |
37,150 |
|
|
$ |
43,545 |
|
|
$ |
79,548 |
|
Power generation |
|
|
1,407 |
|
|
|
2,116 |
|
|
|
2,606 |
|
|
|
4,333 |
|
Oil & gas |
|
|
3,938 |
|
|
|
3,619 |
|
|
|
7,004 |
|
|
|
8,023 |
|
Heavy equipment |
|
|
9,273 |
|
|
|
5,561 |
|
|
|
17,353 |
|
|
|
11,702 |
|
General industrial, conversion
services and other |
|
|
2,566 |
|
|
|
4,033 |
|
|
|
5,032 |
|
|
|
7,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net sales |
|
$ |
38,502 |
|
|
$ |
52,479 |
|
|
$ |
75,540 |
|
|
$ |
110,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Premium alloys
represent all vacuum induction melted (VIM) products. |
|
|
|
|
|
|
|
|
|
**The majority of our
products are sold to service centers rather than the ultimate end
market customers. The end market information in this press release
is our estimate based upon our knowledge of our customers and the
grade of material sold to them, which they will in-turn sell to the
ultimate end market customer. |
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
|
158 |
|
|
$ |
|
164 |
|
Accounts receivable, net |
|
|
|
21,311 |
|
|
|
|
18,101 |
|
Inventory, net |
|
|
|
120,842 |
|
|
|
|
111,380 |
|
Other current assets |
|
|
|
6,119 |
|
|
|
|
7,471 |
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
|
148,430 |
|
|
|
|
137,116 |
|
Property, plant and equipment,
net |
|
|
|
161,009 |
|
|
|
|
164,983 |
|
Other long-term assets |
|
|
|
1,005 |
|
|
|
|
947 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
|
310,444 |
|
|
$ |
|
303,046 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
|
25,197 |
|
|
$ |
|
12,632 |
|
Accrued employment costs |
|
|
|
4,542 |
|
|
|
|
1,826 |
|
Current portion of long-term
debt |
|
|
|
2,432 |
|
|
|
|
16,713 |
|
Other current liabilities |
|
|
|
963 |
|
|
|
|
2,722 |
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
|
33,134 |
|
|
|
|
33,893 |
|
Long-term debt, net |
|
|
|
50,521 |
|
|
|
|
33,471 |
|
Deferred income taxes |
|
|
|
3,221 |
|
|
|
|
5,725 |
|
Other long-term liabilities,
net |
|
|
|
4,191 |
|
|
|
|
4,277 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
|
91,067 |
|
|
|
|
77,366 |
|
Stockholders’ equity |
|
|
|
219,377 |
|
|
|
|
225,680 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
|
310,444 |
|
|
$ |
|
303,046 |
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOW |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
|
June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities: |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
|
(7,022 |
) |
|
$ |
|
(4,742 |
) |
Adjustments for non-cash items: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
9,639 |
|
|
|
|
9,989 |
|
Deferred income tax |
|
|
|
(2,510 |
) |
|
|
|
(1,443 |
) |
Share-based compensation expense |
|
|
|
581 |
|
|
|
|
834 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
|
(3,210 |
) |
|
|
|
2,406 |
|
Inventory, net |
|
|
|
(10,288 |
) |
|
|
|
11,279 |
|
Accounts payable |
|
|
|
12,327 |
|
|
|
|
(21,583 |
) |
Accrued employment costs |
|
|
|
2,716 |
|
|
|
|
1,020 |
|
Income taxes |
|
|
|
3 |
|
|
|
|
230 |
|
Other |
|
|
|
(533 |
) |
|
|
|
1,593 |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in)
operating activities |
|
|
|
1,703 |
|
|
|
|
(417 |
) |
|
|
|
|
|
|
|
|
|
|
|
Investing
activity: |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
|
(4,483 |
) |
|
|
|
(7,224 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing
activity |
|
|
|
(4,483 |
) |
|
|
|
(7,224 |
) |
|
|
|
|
|
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings under revolving credit facility |
|
|
|
56,093 |
|
|
|
|
82,680 |
|
Payments on revolving credit facility |
|
|
|
(45,972 |
) |
|
|
|
(82,070 |
) |
Proceeds from term loan facility |
|
|
|
8,571 |
|
|
|
|
- |
|
Proceeds from Paycheck Protection Program Note |
|
|
|
- |
|
|
|
|
10,000 |
|
Payments on term loan facility, finance leases, and notes |
|
|
|
(15,497 |
) |
|
|
|
(2,962 |
) |
Issuance of common stock under share-based plans |
|
|
|
118 |
|
|
|
|
86 |
|
Payments of financing costs |
|
|
|
(539 |
) |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing
activities |
|
|
|
2,774 |
|
|
|
|
7,734 |
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in
cash |
|
|
|
(6 |
) |
|
|
|
93 |
|
Cash at beginning of
period |
|
|
|
164 |
|
|
|
|
170 |
|
Cash at end of period |
|
$ |
|
158 |
|
|
$ |
|
263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
|
(2,493 |
) |
|
$ |
|
(3,331 |
) |
|
$ |
|
(7,022 |
) |
|
$ |
|
(4,742 |
) |
Interest expense |
|
|
|
436 |
|
|
|
|
750 |
|
|
|
|
930 |
|
|
|
|
1,646 |
|
Income taxes |
|
|
|
(993 |
) |
|
|
|
(939 |
) |
|
|
|
(2,509 |
) |
|
|
|
(1,462 |
) |
Depreciation and amortization |
|
|
|
4,805 |
|
|
|
|
4,965 |
|
|
|
|
9,639 |
|
|
|
|
9,989 |
|
EBITDA |
|
|
|
1,755 |
|
|
|
|
1,445 |
|
|
|
|
1,038 |
|
|
|
|
5,431 |
|
Share-based compensation expense |
|
|
|
272 |
|
|
|
|
323 |
|
|
|
|
581 |
|
|
|
|
834 |
|
Fixed cost absorption direct charge |
|
|
|
2,096 |
|
|
|
|
201 |
|
|
|
|
4,653 |
|
|
|
|
201 |
|
Loss on sale of excess scrap |
|
|
|
- |
|
|
|
|
354 |
|
|
|
|
- |
|
|
|
|
354 |
|
Employee severance costs |
|
|
|
- |
|
|
|
|
620 |
|
|
|
|
- |
|
|
|
|
620 |
|
Adjusted EBITDA |
|
$ |
|
4,123 |
|
|
$ |
|
2,943 |
|
|
$ |
|
6,272 |
|
|
$ |
|
7,440 |
|
CONTACTS: |
Dennis M. OatesChairman,President and CEO(412) 257-7609 |
June FilingeriPresident Comm-Partners LLC(203) 972-0186 |
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