Universal Stainless & Alloy Products Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total net sales of $34,159,000 compared to $31,696,000 a year ago. Operating loss was $1,450,000 compared to $5,424,000 a year ago. Loss before income taxes was $2,462,000 compared to $5,893,000 a year ago. Net loss was $1,585,000 or $0.22 per basic and diluted share compared to $3,396,000 or $0.48 per basic and diluted share a year ago. The company's adjusted EBITDA for the fourth quarter of 2016 was $3.6 million against adjusted LBITDA of $505,000 a year ago. Capital expenditures for the fourth quarter were $1.3 million. Cash flow from operating activities in the fourth quarter of 2016 was essentially flat, reflecting the impact of increased inventory to service anticipated higher shipments in the first quarter.

For the year, the company reported total net sales of $154,434,000 compared to $180,660,000 a year ago. Operating loss was $3,969,000 compared to $30,079,000 a year ago. Loss before income taxes was $8,873,000 compared to $32,816,000 a year ago. Net loss was $5,347,000 or $0.74 per basic and diluted share compared to $20,672,000 or $2.92 per diluted share a year ago. Capital expenditures were $4,376,000 compared to $9,551,000 a year ago. Net cash provided by operating activities was $8,406,000 compared to $19,170,000 a year ago. For full year 2016, adjusted EBITDA was $15.5 million, an improvement from $10.2 million in 2015.

For 2017, the company expects capex to be in the $8 million to $10 million range.