Universal Stainless Business Update Call and Webcast Scheduled for Today, January 24th
January 24 2024 - 6:45AM
Universal Stainless & Alloy Products, Inc. (Nasdaq:
USAP), as previously announced, will host a conference
call to provide a business update today, Wednesday, January 24th,
at 10:00 a.m. (Eastern). The call will be webcast simultaneously
for all interested parties.
Today’s call is in advance of the Company’s report of financial
results for the 2023 fourth quarter and full year, which it expects
to provide in March 2024. The extension of the Company’s reporting
schedule accommodates the late start in its annual integrated
audit, as the Company's new audit firm was engaged on December 18,
2023.
Among the highlights to be discussed on today’s call, the
Company plans to report that total sales for the fourth quarter of
2023 approximated a record $78 million to $80 million. That
compares with $71.3 million in the 2023 third quarter and $56.2
million in the fourth quarter of 2022. Full year 2023 sales are
expected to approximate a record $284 million to $286 million
versus $202.1 million in 2022. Premium alloy sales for the fourth
quarter of 2023 are expected to range from a record $20 million to
$21 million. The Company’s top line results continued to be driven
by robust demand in the aerospace market. Backlog at the end of
2023 remained at a healthy level of $318 million.
Additionally, the Company plans to report that total debt was
reduced by approximately $4 million in the fourth quarter and
approximately $13 million for full year 2023.
Christopher M. Zimmer, President and Chief Executive Officer,
commented: “We look forward to providing an update on our markets
and share certain financial metrics on today’s call, in advance of
our earnings report in March.”
The financial results reported in this release are a preliminary
estimate, based on information available to the Company’s
management as of the date of this release, and are subject to
further changes upon completion of the Company’s standard quarter
and year-end closing procedures. This release does not present all
necessary information for an understanding of the Company’s
financial condition as of the date of this release, or its results
of operations for the fourth quarter and full year ended December
31, 2023. As the Company completes its year-end financial close
process and finalizes its financial statements for the full year,
it will be required to make significant judgments in a number of
areas. It is possible that the Company may identify items that
require it to make adjustments to the preliminary financial
information set forth in this release, and those changes could be
material. The Company does not intend to update such financial
information prior to release of its final fourth quarter and full
year financial information, which it expects to provide in March
2024.
Call Dial-In Procedures:
Please Click Here to register for the
conference call and obtain your dial-in number and personal PIN
number in advance of the call.
The simultaneous webcast will be available on the Company’s
website at www.univstainless.com, and thereafter
archived on the website. Please allow 5 minutes prior to the live
webcast to visit the site to download and install any necessary
audio software.
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 its 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 its 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, 2022, copies of which are available from the SEC or may be
obtained upon request from the Company.
CONTACTS: |
Christopher M.
Zimmer President and Chief Executive
Officer (412) 257-7604 |
Steven V.
DiTommasoVice President
and
Chief Financial Officer (412)
257-7661 |
June
FilingeriPresident Comm-Partners LLC(203) 972-0186 |
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