Universal Mfg. Co. Reports Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended April 30, 2016
June 14, 2016
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Universal Mfg. Co. reported unaudited consolidated financial results for the third quarter and nine months ended April 30, 2016. For the quarter, the company’s sales were $7,139,006 against $3,867,706 a year ago. Loss before income taxes was $2,149,205 against $527,841 a year ago. Net loss was $1,270,761 or $1.52 per diluted share against $361,535 or $0.43 per diluted share a year ago. Net sales were up substantially over previous year driven by the acquisition of the operations in Shelby, NC. The company's cash flow decreased by $165,000 for the quarter.
For the nine months, the company’s sales were $62,148,386 against $5,021,815 a year ago. Earnings before income taxes were $1,830,199 against $56,103 a year ago. Net income was $1,355,984 or $1.62 per diluted share against $220,532 or $0.26 per diluted share a year ago. The company's cash flow was positive by $3.95 million.
Universal Mfg. Co. is engaged in the business of remanufacturing and/or distribution, on a wholesale basis, of electric fuel pumps, transfer cases, calipers, transmission assembles and other automotive parts for various makes and models of vehicles. The principal markets for the Company's products are automotive dealers, jobbers, repair shops and other automotive parts distributors located throughout the United States and Canada. Its operating units include Man Lift Mfg. Co., which is engaged in the business of assembly, manufacture, distribution and sale of specialty manlift products and mobile hydraulic equipment; UMC ReTech, which supplies original equipment manufacturer (OEM) quality remanufactured and new aftermarket automotive parts; Metal Works Mfg. Co., which is engaged in the business of cutting, forming, bending, welding and assembling of steel for OEMs, and Ultra Armoring, LLC, which designs, manufactures and assembles products for the United States Government.