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Uniroyal Global Engineered Products, Inc. (UNIR)

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Market Cap5.604M
Beta (5Y Monthly)-0.28
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Earnings DateNov 18, 2020
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  • Uniroyal Global Engineered Products, Inc. Reports Financial Results for the Third Quarter Ended October 4, 2020
    GlobeNewswire

    Uniroyal Global Engineered Products, Inc. Reports Financial Results for the Third Quarter Ended October 4, 2020

    SARASOTA, Fla., Nov. 18, 2020 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR) today reported its third quarter financial results for the period ended October 4, 2020. Financial Summary * Net Sales up 110.2% to $15,171,898 versus second quarter; declined 31.1% versus prior year * Operating Loss was $877,436 * Net Loss was $1,013,995 * Loss per Common Share was $0.49OverviewThe third quarter of this year saw a more than doubling in Net Sales versus the second quarter, increasing 110.2% as the economy steadily improved. Of particular note is that every month of this quarter was increasingly better than the previous month as customers “opened up”. Relative to the third quarter of last year, in which we operated in a more normalized economic environment, Net Sales declined 31.1%. Our Net Sales contribution this quarter was split evenly between the European and U.S. operations. The sales from our European operations were dramatically higher than in the second quarter of this year as we saw a sharp rebound in automotive business which in the third quarter was 88.9% of sales from these operations. Despite the marked improvement in sales by our European operations in the third quarter of this year versus the second quarter of this year, these sales were down 30.9% as compared to the third quarter of last year. Our U.S. business declined 31.4% versus the previous year but also recorded dramatic improvement versus the second quarter of this year. We are more diversified in the U.S. as automotive sales represented 30.6% of total sales. Seating applications for recreational outdoor vehicle manufacturers as well as manufacturers of off-the-road equipment and seating applications for hospitality, medical and personal fitness centers make up a large portion of the remaining U.S. sales. This business, albeit below the previous year, has not been as volatile as the automotive business this year.We continue to see month-to-month increased sales as we move into the fourth quarter of this year. Unfortunately, visibility beyond the short-term is not clear and conditions outside of our control can change that pace significantly.Regardless of circumstances, imbedded in our overall strategy is a continued focus on expense reduction and a keen awareness of preserving liquidity. We have been successful in obtaining additional liquidity resources recently and we believe we are in good standing to weather further disruptions if they should occur. As business normalizes, we remain confident that our ongoing strategic initiatives will lead to marked improvement in overall financial performance.Net SalesNet Sales for the third quarter were $15,171,898 compared to $22,033,539 last year, a decline of 31.1%. For perspective on recent trends, overall Net Sales for the second quarter of this year were $7,216,371 which, in comparison, highlights the significant uptick in business this quarter.Relative to our two major business sectors, Automotive sales declined 35.9% this quarter versus last year and our Industrial sales declined 22.7% versus the same period of the prior year. This quarter, the Automotive sector represented 59.7% of total sales and our Industrial sector represented 40.3%. For perspective, in a normalized sales environment, the split between Automotive and Industrial is 65% and 35%, respectively, which demonstrates that our Automotive business was hit particularly hard this quarter and year so far with the slowdown of major OEM’s both in the U.S. and Europe. As of the end of our third period, we can report that our Automotive business was at a more normalized run rate. Our Industrial sales continue to remain steady and improving versus the recent past.Operating (Loss)/IncomeOperating Loss for the third quarter was $877,436 versus Operating Income of $749,012 for the third quarter of last year. The principal reason for the loss this quarter was the 31.1% decline in overall Net Sales. Gross Profit Margins this quarter were 13.6% versus 16.2% in the comparable quarter of the previous year. Gross Profit Margins are considerably higher in the U.S. which has a more significant Industrial sector where sales are more technical and specific to customer demands. In Europe, 88.9% of sales this quarter were Automotive which leads to longer run sizes but overall lower margins than in the U.S.Operating Expenses for the third quarter were $2,934,367 versus $2,812,888 in the third quarter of last year. Excluding a non-recurring charge this quarter, overall Operating Expenses would have declined 2.6% versus the same quarter of the previous year. Most of these expenses were lower primarily because Net Sales were lower; however, some of the reduction is due to a concerted effort on the part of management to increase efficiencies and decrease costs.It is important to note that the Company has spent considerable time and expense to bolster manufacturing efficiency and to implement expense reduction programs which are currently masked with the lower sales. We believe that as sales return to more normal levels, this should lead to a significant improvement in our financial performance.Net Loss Allocable to Common ShareholdersNet Loss Allocable to Common Shareholders was $1,822,633 or $0.49 per common share versus a loss of $499,998 or $0.13 per common share in the third quarter of last year.Weighted average shares outstanding were 3,736,006 for both quarterly periods.All per share results reflect the one-for-five reverse stock split effective as of February 24, 2020.For further details, see the Consolidated Statements of Operations in the Company’s Form 10-Q filed on November 18, 2020.About Uniroyal Global Engineered Products, Inc.Uniroyal Global Engineered Products, Inc. (UNIR) is a leading manufacturer of vinyl-coated fabrics that are durable, stain resistant, cost-effective alternatives to leather, cloth and other synthetic fabric coverings. Uniroyal Global Engineered Products, Inc.’s revenue in 2019 was derived 64.9% from the automotive industry and approximately 35.1% from the recreational, industrial, indoor and outdoor furnishings, hospitality and healthcare markets. Our primary brand names include Naugahyde®, BeautyGard®, Flame Blocker™, Spirit Millennium®, Ambla®, Amblon®, Velbex®, Cirroflex®, Plastolene® and Vynide®.Forward-Looking Statements:Except for statements of historical fact, certain information contained in this press release constitutes forward-looking statements, including, without limitation, statements containing the words “believe,” “expect,” “anticipate,” “intend,” “should,” “planned,” “estimated” and “potential” and words of similar import, as well as all references to the future. These forward-looking statements are based on Uniroyal Global Engineered Products, Inc.’s current expectations. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance and that a variety of factors could cause the Company´s actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company´s forward-looking statements. The risks and uncertainties which may affect the operations, performance, development and results of the Company´s business include, but are not limited to, the following: uncertainties relating to economic conditions, uncertainties relating to customer plans and commitments, the pricing and availability of equipment, materials and inventories, currency fluctuations, technological developments, performance issues with suppliers, economic growth, delays in testing of new products, the Company’s ability to successfully integrate acquired operations, the Company’s dependence on key personnel, the Company’s ability to protect its intellectual property rights, the effectiveness of cost-reduction plans, rapid technology changes and the highly competitive environment in which the Company operates. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.Uniroyal Global Engineered Products, Inc. Public Relations:TTC Group, Inc.Vic Allgeier, 646-290-6400 vic@ttcominc.comUniroyal Global Engineered Products, Inc. Consolidated Balance Sheets         (Unaudited)   ASSETS October 4, 2020 (1) December 29, 2019 CURRENT ASSETS     Cash and cash equivalents $767,874  $513,588  Accounts receivable, net  9,689,695   11,662,325  Inventories, net  17,967,896   19,116,542  Other current assets  1,020,555   930,015  Related party receivable  37,556   -  Total Current Assets  29,483,576   32,222,470  PROPERTY AND EQUIPMENT, NET  18,414,393   19,103,319  OPERATING LEASE RIGHT-OF-USE ASSETS  6,088,870   6,607,963  OTHER ASSETS     Intangible assets  3,227,648   3,263,781  Goodwill  1,079,175   1,079,175  Other long-term assets  3,737,907   3,489,313  Total Other Assets  8,044,730   7,832,269  TOTAL ASSETS $62,031,569  $65,766,021  LIABILITIES AND STOCKHOLDERS' EQUITY     CURRENT LIABILITIES     Checks issued in excess of bank balance $147,960  $332,141  Lines of credit  18,452,489   20,530,773  Current maturities of long-term debt  1,092,420   1,238,541  Current maturities of finance lease liabilities  269,528   364,872  Accounts payable  8,338,193   9,232,119  Accrued expenses and other liabilities  7,035,285   3,890,367  Related party obligation  145,214   608,517  Current portion of postretirement benefit liability - health and life  155,803   155,803  Total Current Liabilities  35,636,892   36,353,133  LONG-TERM LIABILITIES     Long-term debt, less current portion  3,651,836   2,892,242  Finance lease liabilities, less current portion  294,955   492,613  Operating lease liabilities  5,713,922   6,106,568  Related party lease financing obligation  2,541,472   2,646,970  Long-term debt to related parties  3,774,613   3,190,655  Postretirement benefit liability - health and life, less current portion  2,575,124   2,592,023  Other long-term liabilities  573,815   715,308  Total Long-Term Liabilities  19,125,737   18,636,379  Total Liabilities  54,762,629   54,989,512  STOCKHOLDERS' EQUITY     Preferred units, Series A UEP Holdings, LLC, 200,000 units issued and outstanding ($100 issue price)  617,571   617,571  Preferred units, Series B UEP Holdings, LLC, 150,000 units issued and outstanding ($100 issue price)  463,179   463,179  Preferred stock, Uniroyal Global (Europe) Limited, 50 shares issued and outstanding ($1.51 stated value)  75   75  Common stock, 95,000,000 shares authorized ($.001 par value) 3,736,006 shares issued and outstanding as of October 4, 2020 and December 29, 2019  3,736   18,680  Additional paid-in capital  35,290,590   35,275,646  Accumulated deficit  (27,696,592)  (24,301,203) Accumulated other comprehensive loss  (1,409,619)  (1,297,439) Total Stockholders' Equity  7,268,940   10,776,509  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $62,031,569  $65,766,021        (1) The amounts in common stock and additional paid-in capital were adjusted to reflect the one-for-five reverse stock split ("reverse stock split") as of February 24, 2020, the effective date of the reverse stock split. Uniroyal Global Engineered Products, Inc. Consolidated Statements of Operations (Unaudited)         Three Months Ended   October 4, 2020 September 29, 2019 (1)       NET SALES $15,171,898  $22,033,539        COST OF GOODS SOLD  13,114,967   18,471,639        Gross Profit  2,056,931   3,561,900        OPERATING EXPENSES:     Selling  778,699   1,061,781  General and administrative  1,957,486   1,373,118  Research and development  198,182   377,989  OPERATING EXPENSES  2,934,367   2,812,888        Operating (Loss) Income  (877,436)  749,012        OTHER INCOME (EXPENSE):     Interest and other debt related expense  (367,454)  (509,829) Funding from Paycheck Protection Program  33,824   -  Other income (expense)  85,753   50,213  Net Other Expense  (247,877)  (459,616)       (LOSS) INCOME BEFORE TAX PROVISION  (1,125,313)  289,396        TAX (BENEFIT) PROVISION  (111,318)  12,022        NET (LOSS) INCOME  (1,013,995)  277,374        Preferred stock dividend  (808,638)  (777,372)       NET LOSS ALLOCABLE TO COMMON SHAREHOLDERS $(1,822,633) $(499,998)       LOSS PER COMMON SHARE:     Basic $(0.49) $(0.13) Diluted $(0.49) $(0.13) WEIGHTED AVERAGE SHARES OUTSTANDING:     Basic  3,736,006   3,736,006  Diluted  3,736,006   3,736,006        (1) Share and per share amounts for the three months ended September 29, 2019 have been restated to reflect the one-for-five reverse stock split that became effective on February 24, 2020. Uniroyal Global Engineered Products, Inc. Consolidated Statements of Operations (Unaudited)         Nine Months Ended   October 4, 2020 September 29, 2019 (1)       NET SALES $43,528,393  $71,523,182        COST OF GOODS SOLD  37,931,227   59,434,689        Gross Profit  5,597,166   12,088,493        OPERATING EXPENSES:     Selling  2,278,279   3,348,622  General and administrative  4,834,011   4,332,978  Research and development  704,239   1,302,707  Other operating expenses  -   343,003  OPERATING EXPENSES  7,816,529   9,327,310        Operating (Loss) Income  (2,219,363)  2,761,183        OTHER INCOME (EXPENSE):     Interest and other debt related expense  (1,215,771)  (1,547,343) Funding from Paycheck Protection Program  2,217,500   -  Other income (expense)  (185,417)  53,396  Net Other Income (Expense)  816,312   (1,493,947)       (LOSS) INCOME BEFORE TAX PROVISION  (1,403,051)  1,267,236        TAX BENEFIT  (404,141)  (6,287)       NET (LOSS) INCOME  (998,910)  1,273,523        Preferred stock dividend  (2,396,479)  (2,339,862)       NET LOSS ALLOCABLE TO COMMON SHAREHOLDERS $(3,395,389) $(1,066,339)       LOSS PER COMMON SHARE:     Basic $(0.91) $(0.29) Diluted $(0.91) $(0.29) WEIGHTED AVERAGE SHARES OUTSTANDING:     Basic  3,736,006   3,736,988  Diluted  3,736,006   3,736,988        (1) Share and per share amounts for the nine months ended September 29, 2019 have been restated to reflect the one-for-five reverse stock split that became effective on February 24, 2020.

  • GlobeNewswire

    Uniroyal Global Engineered Products, Inc. Reports Financial Results for the Second Quarter Ended July 5, 2020

    SARASOTA, Fla., Aug. 14, 2020 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR) today reported its second quarter financial results for the period ended July 5, 2020. Financial Summary * Net Sales declined 70.1% to $7,216,371     * Operating Loss was $2,227,943 * Net Loss was $265,189 * Loss per Common Share was $0.28Overview  To say that the second quarter of 2020 was a “struggle” would be one of the greatest understatements in the history of the Company. Historically, 65% of our business is from the automotive industry. When the majority of those customers are essentially shut down, one starts to get an appreciation for the word “struggle”. The COVID-19 pandemic certainly put most of the world on pause in the second quarter. Our automotive business declined 84.2% for the second quarter with most of the amount of decline in sales occurring in our European operations. However, it’s times like these that diversification is magnified exponentially. Fortunately, while our automotive business was very slow, for our industrial sector (historically 35% of our business and primarily in the U.S.), we were still receiving orders and shipping materials albeit at a slower pace than a normalized year with sales declining 43% for the second quarter. This business is comprised of mostly heavy off-the-road equipment manufacturers who held up comparatively well this quarter, particularly recreational vehicle manufacturers. We continue to operate in a hunker-down mode cutting expenses, deferring capital spending programs, and garnering liquidity wherever available. Perhaps the best we can say about the financial results for the second quarter is that it is behind us.The good news is that business was much better in July (the start of our third quarter) both in the U.S. and Europe. Automotive OEM’s (Original Equipment Manufacturers) in the U.S. are basically in full operation and the demand seems to be good. Europe is slower but our operation there is shipping greater quantities as more OEM’s open up.As we look to the third quarter, we expect that revenues will begin to build but we are reluctant to say that they will be normalized. Suffice it to say that we have mild tailwinds at our back but that can change on a moment’s notice in this COVID-world in which we operate.Net SalesNet Sales for the second quarter ended July 5, 2020, were $7,216,371 which was approximately 30% of the $24,095,783 Net Sales for the second quarter of last year. Our U.S. operation accounted for 75% of total Net Sales for the second quarter. Normally, our U.S. and European operations each contribute approximately 50% of the total Net Sales in a quarter. The reason for the distortion this quarter is that virtually all of the European business is to the Automotive sector which was largely shuttered in the second quarter. Also, highlighting the importance of diversification, this quarter approximately 81% of U.S. Net Sales were to the Industrial sector versus approximately 35% in a more normalized quarter. Sales to heavy equipment manufacturers and recreational vehicle manufacturers accounted for most of the Industrial sector’s business this quarter. To be sure, business was very slow both in the U.S. and Europe for the second quarter in all business sectors. Our U.S. operation declined 53.7% for the second quarter and our European operation declined 85.4%.Operating (Loss)/Income Operating Loss for the second quarter ended July 5, 2020, was $2,227,943 compared to Operating Income of $1,131,774 in the second quarter of last year. The principal reason for the loss was that Net Sales were approximately 30% of normalized levels. Despite reducing manufacturing costs in the quarter, Gross Profit was a loss of $290,347 for the second quarter versus Gross Profit of $4,212,391 for the second quarter of last year. Net Sales for the quarter, which were 70% below the second quarter of last year, were not enough to offset fixed costs which were disproportionately high relative to normalized sales levels. Our U.S. operations had a Gross Profit contribution of approximately $600,000 while our European operation, which was impacted greatly as a result of the significant curtailment of automotive OEM’s, recorded a loss of approximately $900,000 for the second quarter.Operating Expenses for the second quarter were $1,937,596 as compared to $3,080,617 for the second quarter of last year. To partially offset the margin loss of lower sales, we reduced costs in all areas. A reduction of overall Operating Expenses continues to be a major focus of the Company. Also, the European operation received funds under the Coronavirus Job Retention Scheme (“CJRS”) set up by the U.K. government to help employers pay the wages of those employees who would otherwise have been laid off during the coronavirus outbreak but under the CJRS were furloughed instead. This directly reduced cost of sales and operating expenses related to the U.K. business.Net Loss Allocable to Common ShareholdersNet Loss Allocable to Common Shareholders was $1,060,195 or $0.28 per share for the second quarter ended July 5, 2020, versus a loss of $416,899 or $0.11 per share for the second quarter of last year.  During the second quarter of 2020, the Company applied for and received a loan of $2,217,500 from the Payroll Protection Program (“PPP”) which was set up by the U.S. government to provide help to small businesses affected by the COVID-19 pandemic. Under the terms of the program, all or a portion of the loan would be forgiven as the Company incurred qualifying PPP expenses and substantially met the terms for forgiveness. Accordingly, for the three months ended July 5, 2020, the Company recorded funding from the Paycheck Protection Program of $2,183,676, which is equal to the eligible expenses it incurred to date and the amount of debt forgiveness it expects to receive.All per share results reflect the one-for-five reverse stock split effective as of February 24, 2020.Weighted average shares outstanding were 3,736,006 for the second quarter of this year versus 3,736,951 for the second quarter of Fiscal 2019.For further details, see the Consolidated Statements of Operations in the Company’s Form 10-Q filed on August 14, 2020.About Uniroyal Global Engineered Products, Inc.Uniroyal Global Engineered Products, Inc. (UNIR) is a leading manufacturer of vinyl-coated fabrics that are durable, stain resistant, cost-effective alternatives to leather, cloth and other synthetic fabric coverings. Uniroyal Global Engineered Products, Inc.’s revenue in 2019 was derived 64.9% from the automotive industry and approximately 35.1% from the recreational, industrial, indoor and outdoor furnishings, hospitality and healthcare markets. Our primary brand names include Naugahyde®, BeautyGard®, Flame Blocker™, Spirit Millennium®, Ambla®, Amblon®, Velbex®, Cirroflex®, Plastolene® and Vynide®.Forward-Looking Statements:Except for statements of historical fact, certain information contained in this press release constitutes forward-looking statements, including, without limitation, statements containing the words “believe,” “expect,” “anticipate,” “intend,” “should,” “planned,” “estimated” and “potential” and words of similar import, as well as all references to the future. These forward-looking statements are based on Uniroyal Global Engineered Products, Inc.’s current expectations. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance and that a variety of factors could cause the Company´s actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company´s forward-looking statements. The risks and uncertainties which may affect the operations, performance, development and results of the Company´s business include, but are not limited to, the following: uncertainties relating to economic conditions, uncertainties relating to customer plans and commitments, the pricing and availability of equipment, materials and inventories, currency fluctuations, technological developments, performance issues with suppliers, economic growth, delays in testing of new products, the Company’s ability to successfully integrate acquired operations, the Company’s dependence on key personnel, the Company’s ability to protect its intellectual property rights, the effectiveness of cost-reduction plans, rapid technology changes and the highly competitive environment in which the Company operates. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.Uniroyal Global Engineered Products, Inc. Public Relations:TTC Group, Inc.Vic Allgeier, 646-290-6400vic@ttcominc.com  Uniroyal Global Engineered Products, Inc. Consolidated Balance Sheets       (Unaudited)   ASSETSJuly 5, 2020 (1) December 29, 2019 CURRENT ASSETS    Cash and cash equivalents$1,238,728  $513,588  Accounts receivable, net 5,034,809   11,662,325  Inventories, net 19,643,221   19,116,542  Other current assets 657,133   930,015  Related party receivable 6,644   -  Total Current Assets 26,580,535   32,222,470  PROPERTY AND EQUIPMENT, NET 18,314,779   19,103,319  OPERATING LEASE RIGHT-OF-USE ASSETS 6,033,204   6,607,963  OTHER ASSETS    Intangible assets 3,158,492   3,263,781  Goodwill 1,079,175   1,079,175  Other long-term assets 3,825,999   3,489,313  Total Other Assets 8,063,666   7,832,269  TOTAL ASSETS$58,992,184  $65,766,021  LIABILITIES AND STOCKHOLDERS' EQUITY    CURRENT LIABILITIES    Checks issued in excess of bank balance$208,428  $332,141  Lines of credit 15,404,849   20,530,773  Current maturities of long-term debt 1,391,323   1,497,160  Current maturities of finance lease liabilities 17,816   106,253  Accounts payable 9,722,614   9,232,119  Accrued expenses and other liabilities 5,894,036   3,890,367  Related party obligation 241,194   608,517  Current portion of postretirement benefit liability - health and life 155,803   155,803  Total Current Liabilities 33,036,063   36,353,133  LONG-TERM LIABILITIES    Long-term debt, less current portion 2,655,375   3,378,458  Finance lease liabilities, less current portion -   6,397  Operating lease liabilities 5,624,640   6,106,568  Related party lease financing obligation 2,577,406   2,646,970  Long-term debt to related parties 2,990,655   3,190,655  Postretirement benefit liability - health and life, less current portion 2,579,920   2,592,023  Other long-term liabilities 672,288   715,308  Total Long-Term Liabilities 17,100,284   18,636,379  Total Liabilities 50,136,347   54,989,512  STOCKHOLDERS' EQUITY    Preferred units, Series A UEP Holdings, LLC, 200,000 units issued and outstanding ($100 issue price) 617,571   617,571  Preferred units, Series B UEP Holdings, LLC, 150,000 units issued and outstanding ($100 issue price) 463,179   463,179  Preferred stock, Uniroyal Global (Europe) Limited, 50 shares issued and outstanding ($1.51 stated value) 75   75  Common stock, 95,000,000 shares authorized ($.001 par value) 3,736,006 shares issued and outstanding as of July 5, 2020 and December 29, 2019 3,736   18,680  Additional paid-in capital 35,290,590   35,275,646  Accumulated deficit (25,873,959)  (24,301,203) Accumulated other comprehensive loss (1,645,355)  (1,297,439) Total Stockholders' Equity 8,855,837   10,776,509  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$58,992,184  $65,766,021       (1) The amounts in common stock and additional paid-in capital were adjusted to reflect the one-for-five reverse stock split ("reverse stock split") as of February 24, 2020, the effective date of the reverse stock split.      Uniroyal Global Engineered Products, Inc. Consolidated Statements of Operations (Unaudited)       Three Months Ended  July 5, 2020 June 30, 2019 (1)      NET SALES$7,216,371  $24,095,783       COST OF GOODS SOLD 7,506,718   19,883,392       Gross Profit (Loss) (290,347)  4,212,391       OPERATING EXPENSES:    Selling 507,133   1,183,803  General and administrative 1,272,808   1,449,060  Research and development 157,655   447,754  OPERATING EXPENSES 1,937,596   3,080,617       Operating Income (Loss) (2,227,943)  1,131,774       OTHER INCOME (EXPENSE):    Interest and other debt related expense (380,834)  (523,218) Funding from Paycheck Protection Program 2,183,676   -  Other expense (80,281)  (224,950) Net Other Income (Expense) 1,722,561   (748,168)      INCOME (LOSS) BEFORE TAX PROVISION (505,382)  383,606       TAX PROVISION (BENEFIT) (240,193)  20,559       NET INCOME (LOSS) (265,189)  363,047       Preferred stock dividend (795,006)  (779,946)      NET LOSS ALLOCABLE TO COMMON SHAREHOLDERS$(1,060,195) $(416,899)      LOSS PER COMMON SHARE:    Basic$(0.28) $(0.11) Diluted$(0.28) $(0.11) WEIGHTED AVERAGE SHARES OUTSTANDING:   Basic 3,736,006   3,736,951  Diluted 3,736,006   3,736,951       (1) Share and per share amounts for the three months ended June 30, 2019 have been restated to reflect the one-for-five reverse stock split that became effective on February 24, 2020.      Uniroyal Global Engineered Products, Inc. Consolidated Statements of Operations (Unaudited)       Six Months Ended  July 5, 2020 June 30, 2019 (1)      NET SALES$28,356,495  $49,489,643       COST OF GOODS SOLD 24,816,260   40,963,050       Gross Profit 3,540,235   8,526,593       OPERATING EXPENSES:    Selling 1,499,580   2,286,841  General and administrative 2,876,525   2,959,860  Research and development 506,057   924,718  Other operating expenses -   343,003  OPERATING EXPENSES 4,882,162   6,514,422       Operating Income (Loss) (1,341,927)  2,012,171       OTHER INCOME (EXPENSE):    Interest and other debt related expense (848,317)  (1,037,514) Funding from Paycheck Protection Program 2,183,676   -  Other income (expense) (271,170)  3,183  Net Other Income (Expense) 1,064,189   (1,034,331)      INCOME (LOSS) BEFORE TAX PROVISION (277,738)  977,840       TAX BENEFIT (292,823)  (18,309)      NET INCOME 15,085   996,149       Preferred stock dividend (1,587,841)  (1,562,490)      NET LOSS ALLOCABLE TO COMMON SHAREHOLDERS$(1,572,756) $(566,341)      LOSS PER COMMON SHARE:    Basic$(0.42) $(0.15) Diluted$(0.42) $(0.15) WEIGHTED AVERAGE SHARES OUTSTANDING:    Basic 3,736,006   3,737,479  Diluted 3,736,006   3,737,479       (1) Share and per share amounts for the six months ended June 30, 2019 have been restated to reflect the one-for-five reverse stock split that became effective on February 24, 2020.

  • GlobeNewswire

    Uniroyal Global Engineered Products, Inc. Reports Financial Results for the First Quarter Ended April 5, 2020

    SARASOTA, Fla., May 15, 2020 -- Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR) today reported its first quarter financial results for the period ended April 5, 2020..