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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2021 

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from              to             

Commission File Number 001-39467

 

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

(Exact name of Registrant as specified in its charter)

 

 

Delaware

25-1724540

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

 

600 Mayer Street

Bridgeville, PA 15017

(Address of principal executive offices, including zip code)

(412) 257-7600

(Registrant’s telephone number, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of Each Class

Trading Symbol

Name of Each Exchange

on Which Registered

Common Stock, par value $0.001 per share

Preferred Stock Purchase Rights

USAP

The Nasdaq Stock Market, LLC

The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

 

 

Non-accelerated filer

 

☐  

Smaller reporting company

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of July 16, 2021, there were 8,917,858 shares of the Registrant’s common stock outstanding.

 

 

 

i


 

Universal Stainless & Alloy Products, Inc.

Table of Contents

 

 

 

DESCRIPTION

 

PAGE NO.

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

1

 

 

 

 

 

Item 1.

 

Financial Statements

 

1

 

 

 

 

 

 

 

Consolidated Statements of Operations

 

1

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Loss

 

2

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

3

 

 

 

 

 

 

 

Consolidated Statements of Cash Flow

 

4

 

 

 

 

 

 

 

Consolidated Statements of Shareholders' Equity

 

5

 

 

 

 

 

 

 

Notes to the Unaudited Consolidated Financial Statements

 

6

 

 

 

 

 

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

13

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

20

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

20

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

21

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

21

 

 

 

 

 

Item 1A.

 

Risk Factors

 

21

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

21

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

21

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

21

 

 

 

 

 

Item 5.

 

Other Information

 

21

 

 

 

 

 

Item 6.

 

Exhibits

 

22

 

 

 

 

 

SIGNATURES

 

23

 

 

 


 

 

Part I.

FINANCIAL INFORMATION

Item 1.

FINANCIAL STATEMENTS

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in Thousands, Except Per Share Information)

(Unaudited)

 

 

 

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 and other financing costs

 

 

492

 

 

807

 

 

1,042

 

 

1,759

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

 

The accompanying notes are an integral part of these consolidated financial statements.


1


 

 

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Dollars in Thousands)

(Unaudited)

 

 

 

Three months ended

 

 

 

Six months ended

 

 

 

June 30,

 

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

 

2021

 

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

 

(2,493

)

 

$

 

(3,331

)

 

$

 

(7,022

)

 

$

 

(4,742

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on derivatives

 

 

 

5

 

 

 

 

(25

)

 

 

 

20

 

 

 

 

95

 

Comprehensive loss

 

$

 

(2,488

)

 

$

 

(3,356

)

 

$

 

(7,002

)

 

$

 

(4,647

)

 

The accompanying notes are an integral part of these consolidated financial statements.

 

2


 

 

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands, Except Per Share Information)

 

 

 

June 30,

 

December 31,

 

 

2021

 

2020

 

 

(Unaudited)

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash

 

$

158

 

$

164

Accounts receivable (less allowance for doubtful accounts of $201 and $203, respectively)

 

 

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

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

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:

 

 

 

 

 

 

Senior preferred stock, par value $0.001 per share; 1,980,000 shares authorized; 0 shares issued and outstanding

 

 

-

 

 

-

Common stock, par value $0.001 per share; 20,000,000 shares authorized; 8,917,858 and 8,883,788 shares issued, respectively

 

 

9

 

 

9

Additional paid-in capital

 

 

94,975

 

 

94,276

Accumulated other comprehensive loss

 

 

(25)

 

 

(45)

Retained earnings

 

 

124,418

 

 

131,440

 

 

 

 

 

 

 

Total stockholders’ equity

 

 

219,377

 

 

225,680

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

310,444

 

$

303,046

 

The accompanying notes are an integral part of these consolidated financial statements. 

3


 

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOW

(Dollars in Thousands)

(Unaudited)

 

 

 

 

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

 

 

 

 

56,008

 

 

 

 

 

82,680

 

Payments on revolving credit facility

 

 

 

 

(45,887

)

 

 

 

 

(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

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.


4


 

 

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Dollars in Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

other

 

 

 

 

 

 

 

 

 

 

 

 

shares

 

 

Common

 

 

paid-in

 

 

Retained

 

 

comprehensive

 

 

Treasury

 

 

 

Treasury

 

 

 

outstanding

 

 

stock

 

 

capital

 

 

earnings

 

 

loss

 

 

shares

 

 

 

stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

 

8,883,788

 

 

$

 

9

 

 

$

 

94,276

 

 

$

 

131,440

 

 

$

 

(45

)

 

 

-

 

 

$

 

-

 

Share-based compensation

 

 

11,034

 

 

 

 

-

 

 

 

 

309

 

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

 

-

 

Net gain on derivative instruments

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

15

 

 

 

-

 

 

 

 

-

 

Net loss

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(4,529

)

 

 

 

-

 

 

 

-

 

 

 

 

-

 

Balance at March 31, 2021

 

 

8,894,822

 

 

$

 

9

 

 

$

 

94,585

 

 

$

 

126,911

 

 

$

 

(30

)

 

 

-

 

 

$

 

-

 

Common stock issuance under

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee Stock Purchase Plan

 

 

11,271

 

 

 

 

-

 

 

 

 

71

 

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

 

-

 

Other share-based plans

 

 

5,272

 

 

 

 

-

 

 

 

 

47

 

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

 

-

 

Share-based compensation

 

 

6,493

 

 

 

 

-

 

 

 

 

272

 

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

 

-

 

Net gain on derivative instruments

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

5

 

 

 

-

 

 

 

 

-

 

Net loss

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(2,493

)

 

 

 

-

 

 

 

-

 

 

 

 

-

 

Balance at June 30, 2021

 

 

8,917,858

 

 

$

 

9

 

 

$

 

94,975

 

 

$

 

124,418

 

 

$

 

(25

)

 

 

-

 

 

$

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

8,799,436

 

 

$

 

9

 

 

$

 

94,982

 

 

$

 

150,487

 

 

$

 

(31

)

 

 

294,279

 

 

$

 

(2,311

)

Share-based compensation

 

 

3,680

 

 

 

 

-

 

 

 

 

511

 

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

 

-

 

Net gain on derivative instruments

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

120

 

 

 

-

 

 

 

 

-

 

Net loss

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(1,411

)

 

 

 

-

 

 

 

-

 

 

 

 

-

 

Balance at March 31, 2020

 

 

8,803,116

 

 

$

 

9

 

 

$

 

95,493

 

 

$

 

149,076

 

 

$

 

89

 

 

 

294,279

 

 

$

 

(2,311

)

Common stock issuance under

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee Stock Purchase Plan

 

 

11,884

 

 

 

 

-

 

 

 

 

86

 

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

 

-

 

Share-based compensation

 

 

14,732

 

 

 

 

-

 

 

 

 

323

 

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

 

-

 

Net loss on derivative instruments

 

 

-

 

 

 

 

-

 

 

 

 

-