Unique Fabricating, Inc. Reports Fourth Quarter and Full Year 2017 Financial Results
Unique Fabricating, Inc. Reports Fourth Quarter and Full Year 2017 Financial Results
AUBURN HILLS, Mich., March 8, 2018 /PRNewswire/ -- Unique Fabricating, Inc. ("Unique" or the "Company")(NYSE MKT: UFAB), which engineers and manufactures multi-material foam, rubber, and plastic components utilized in noise, vibration and harshness management and air/water sealing applications for the automotive and industrial appliance market, today announced its financial results for the fourth quarter and 12 months ended December 31, 2017.
Full Year 2017 Financial Highlights and Subsequent Events
-- Revenue of $175.3 million in the full year 2017, up 2.8% compared to
$170.5 million in the full year 2016
-- Net income of $6.5 million, or $0.67 per basic and $0.66 per diluted
share in the full year 2017, compared to $6.7 million, or $0.69 per
basic and $0.68 per diluted share in the full year 2016
-- Income tax of $1.1 million in the full year 2017, net of $0.7 million
primarily related to recent corporate tax reform, compared to $3.3
million in the full year 2016
-- Adjusted EBITDA of $18.0 million in the full year 2017, including $6.5
million for non-cash charges specifically related to depreciation and
amortization and non-cash stock awards, compared to $19.0 million in the
full year 2016, including $5.7 million for non-cash charges specifically
related to depreciation and amortization and non-cash stock awards((1))
-- Adjusted diluted earnings per share of $0.69 in the full year 2017
versus $0.78 in the full year 2016((1))
-- Paid a quarterly cash dividend of $0.15 per share on March 7, 2018 for
stockholders of record as of February 28, 2018
(1) For a reconciliation of GAAP to Non-GAAP results for Adjusted EBITDA and Adjusted diluted earnings per share please refer to the financial tables below.
We executed well in the fourth quarter navigating industry production disruptions and reductions that began in the second half of 2017 as a result of a shift in automotive consumers' buying preferences away from passenger cars," commented John Weinhardt, Chief Executive Officer. "Our ability to adjust and shift capacity to align with our customers' production activities was critical to our success and enabled us to sustain our gross margin, while quarterly revenues declined for the period on a year-over-year basis. Despite a 4.1% decline in automotive production for the full year, we are pleased that Unique's sales were up 2.8%, continuing our pattern of growth exceeding that of the automotive market. The fundamentals of our business remain strong, and we are encouraged by the slate of new program launches queued up for this spring and summer."
"As we kick-off 2018, we remain focused on the successful launch of multiple new product programs that are under contract and are key drivers of growth in 2018 and beyond, while continuing to pursue additional applications, customers and opportunities for our products that will further expand our book of business," Weinhardt added. "The strategic investments we are making in production to adjust capacity, streamline processes and improve quality are paying off and are positioning us for margin expansion and organic revenue growth in excess of the market in 2018."
"Our outlook for 2018 is based on current industry forecasts for total production and a mix of vehicles that is weighted towards light trucks and SUVs," continued Weinhardt. "We continue to monitor industry trends, however, based on our current book of business, we are confident in our ability to grow in excess of the market in 2018 and deliver programs that further elevate the comfort and driving experience of the vehicles to which we supply parts."
Fourth Quarter Financial Summary
Total revenue for the quarter ended December 31, 2017 declined to $41.7 million, down 4.6%, or $2.0 million from $43.7 million during the same period last year. The decrease was primarily driven by a decline in North American auto production of 5% compared to the same quarter last year, partially offset by increased market penetration.
Gross profit for the quarter ended December 31, 2017 was $9.3 million, or 22.3% of total revenue, compared to $9.6 million, or 22.0% of total revenues, for the corresponding period last year. The increase in gross profit as a percentage of sales was primarily a result of favorable product mix.
Income tax benefit for the quarter ended December 31, 2017 was $0.7 million, compared to tax expense of $0.7 million, for the corresponding period last year. The fourth quarter of 2017 tax benefit was primarily driven by corporate tax reform that was signed into law in December 2017, and which resulted in a benefit of $0.6 million related to the re-measurement of net deferred tax liabilities using the new U.S. statutory tax rate of 21%, offset somewhat by a one-time charge for the foreign transition tax.
Net income for the quarter ended December 31, 2017 was $2.1 million, or $0.21 per basic and diluted share, compared to $1.7 million, or $0.18 per basic and $0.17 per diluted share, in the fourth quarter of 2016. The increase in net income was primarily due to tax reform benefits described above.
Adjusted EBITDA for the quarter ended December 31, 2017 was $4.0 million compared to $4.3 million in the fourth quarter of 2016. The decrease is primarily a result of lower sales described above. Please refer to the financial tables below for a reconciliation of GAAP to Non-GAAP results.
Adjusted diluted earnings per share for the quarter ended December 31, 2017 was $0.17 compared to $0.17 in the fourth quarter of 2016. Please refer to the financial tables below for a reconciliation of GAAP to Non-GAAP results.
Further non-cash purchase accounting impacts associated with the Company's acquisitions are detailed in the Purchase Accounting Impacts and Other Effects table below accompanying this release.
Year to Date Financial Summary
Total revenue for the full year 2017 increased to $175.3 million, up 2.8%, or $4.8 million from $170.5 million during the same period last year. The increase was driven by the acquisition of Intasco which closed on April 29, 2016, as well as from the introduction of new products and increased market penetration, offset by a 4% drop in overall North American auto production during 2017.
Gross profit for the full year 2017 was $40.1 million, or 22.9% of total revenue, compared to $39.5 million, or 23.2% of total revenues, for the corresponding period last year. The decrease in gross profit as a percentage of sales was primarily the result of manufacturing inefficiencies caused by excessive turnover at some plant locations earlier in the year and unfavorable product mix.
Net income for the full year 2017 was $6.5 million, or $0.67 per basic and $0.66 per diluted share, compared to $6.7 million, or $0.69 and $0.68 per basic and diluted share, respectively, in the comparable period last year.
Adjusted EBITDA for the full year 2017 was $18.0 million compared to $19.0 million in the same period last year. The decrease is primarily a result of higher SG&A costs in 2017 due to a full year of Intasco expenses, coupled with lower gross margins described above. Please refer to the financial tables below for a reconciliation of GAAP to Non-GAAP results.
Adjusted diluted earnings per share for the full year 2017 was $0.69 compared to $0.78 in the same period last year. The decrease is primarily a result of the increase in SG&A costs and the margin decrease described above. Please refer to the financial tables below for a reconciliation of GAAP to Non-GAAP results.
Further non-cash purchase accounting impacts associated with the Company's acquisitions are detailed in the Purchase Accounting Impacts and Other Effects table below accompanying this release.
Balance Sheet Summary
As of December 31, 2017 the Company had approximately $1.4 million in cash and cash equivalents, as compared to January 1, 2017 when the Company had $706,000 in cash and cash equivalents. Total debt outstanding as of December 31, 2017 was $53.6 million compared to $50.6 million as of January 1, 2017.
As of December 31, 2017, the Company had $7.2 million of available unused capacity, further subject to borrowing base restrictions and outstanding letters of credit, under its $30.0 million revolving credit facility.
2018 Outlook
For the full year 2018, Unique Fabricating is providing its outlook based on industry production forecasts of 17.4 million light vehicles manufactured for the year, based on independent industry research published in December, and the mix of production by light vehicle platform contained in such research.
Revenue $181 million to $185 million
Adjusted diluted earnings
per share $0.82 to $0.86
Adjusted EBITDA $20.0 million to $21.0 million
Dividend
Unique paid a cash dividend of $0.15 per share on March 7, 2018 to stockholders of record as of the close of business on February 28, 2018.
Quarterly Results Conference Call
Unique Fabricating will host a conference call and live webcast to discuss these results today at 9:00 a.m. Eastern Time. To access the call, please dial 1-877-705-6003 (toll-free) or 1-201-493-6725 and reference conference ID 13676699. The conference call will also be webcast live on the Investor Relations section of the company's website at http://uniquefab.investorroom.com
Following the conclusion of the live call, a replay of the webcast will be available on the Investor Relations section of the Company's website for at least 90 days. A telephonic replay of the conference call will also be available from 12:00PM ET on March 8, 2018 until 11:59PM ET on March 15, 2018 by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (international) and using the pin number 13676699.
About Unique Fabricating, Inc.
Unique Fabricating, Inc. (NYSE MKT: UFAB) engineers and manufactures components for customers in the automotive and industrial appliance market. The Company's solutions are comprised of multi-material foam, rubber, and plastic components and utilized in noise, vibration and harshness (NVH) management, acoustical management, water and air sealing, decorative and other functional applications. Unique leverages proprietary manufacturing processes including die cutting, thermoforming, compression molding, fusion molding, and reaction injection molding to manufacture a wide range of products including air management products, heating ventilating and air conditioning (HVAC), seals, fender stuffers, air ducts, acoustical insulation, door water shields, gas tank pads, light gaskets, topper pads, mirror gaskets and glove box liners. The Company is headquartered in Auburn Hills, Michigan. For more information, visit http://www.uniquefab.com/
About Non-GAAP Financial Measures
We present Adjusted EBITDA and Adjusted Diluted Earnings Per Share in this press release to provide a supplemental measure of our operating performance. We define Adjusted EBITDA as earnings before interest expense, income tax expense, depreciation and amortization expense, non-cash stock award, non-recurring integration expense, non-recurring step-up of inventory basis to fair market value, transaction fees related to our acquisitions, restructuring expenses, one-time consulting and licensing ERP system implementation costs as we implement a new ERP system at all locations, and gains on the sale of a building we sold in 2016. We calculate Adjusted Diluted Earnings Per Share based upon earnings before non-cash stock awards, non-recurring expenses, transaction fees, and restructuring expenses, including the tax impact associated with these adjusting items. We believe that Adjusted EBITDA and Adjusted Diluted Earnings Per Share are useful performance measures used by us to facilitate a comparison of our operating performance and earnings on a consistent basis from period-to-period and to provide for a more complete understanding of factors and trends affecting our business than measures under generally accepted accounting principles in the United States of America (GAAP) can provide alone. Our board and management also use Adjusted EBITDA as one of the primary methods for planning and forecasting overall expected performance and for evaluating on a quarterly and annual basis actual results against such expectations, and as a performance evaluation metric in determining achievement of certain compensation programs and plans for Company management. In addition, the financial covenants in our senior secured credit facility are based on Adjusted EBITDA, as presented in this press release, subject to dollar limitations on certain adjustments and certain other addbacks permitted by our senior secured credit facility. These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation as a substitute for analysis of Unique Fabricating's results as reported under GAAP.
Safe Harbor Statement
Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Forward-looking statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause the Company's or the Company's industry's actual results, levels of activity, performance or achievements including statements relating to the Company's 2018 Outlook to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by this press release. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook," and similar expressions are used to identify these forward looking statements. Such forward-looking statements include statements regarding, among other things, our expectations about revenue, Adjusted EBITDA, and adjusted diluted earnings per share. All such forward-looking statements are based on management's present expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission and in particular the Section entitled "Risk Factors", as well as any updates to those risk factors filed from time to time in our periodic and current reports filed with the Securities and Exchange Commission. All statements contained in this press release are made as of the date of this press release, and Unique Fabricating does not intend to update this information, unless required by law. Reference to the Company's website above does not constitute incorporation of any of the information thereon into this press release.
Investor Contact:
Hayden IR
Rob Fink/ Brett Maas
646-415-8972/646-536-7331
ufab@haydenir.com
UNIQUE FABRICATING, INC.
Consolidated Statements of Operations
Thirteen Thirteen Thirteen Fifty-Two Fifty-Two Fifty-Two
Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended
December 31, January 1, January 3, December 31, January 1, January 3,
2017 2017 2016 2017 2017 2016
---- ---- ---- ---- ---- ----
(Unaudited) (Unaudited) (Unaudited)
Net sales $41,681,481 $43,678,664 $35,627,452 $175,287,982 $170,462,953 $143,309,634
Cost of sales 32,376,125 34,075,729 27,456,393 135,234,448 130,918,486 109,488,101
---------- ---------- ---------- ----------- ----------- -----------
Gross profit 9,305,356 9,602,935 8,171,059 40,053,534 39,544,467 33,821,533
Selling, general,
and administrative
expenses 7,311,031 6,855,832 6,105,103 29,766,864 27,524,453 23,372,201
Restructuring
expenses - - 374,230 - 35,054 374,230
--- --- -------
Operating income 1,994,325 2,747,103 1,691,726 10,286,670 11,984,960 10,075,102
--------- --------- --------- ---------- ---------- ----------
Non-operating income (expense)
Investment income - - - - - 230
Other income, net (4,943) 116,958 4,234 78,805 91,755 23,021
Interest expense (656,848) (395,733) (317,988) (2,745,904) (2,134,976) (2,755,091)
-------- -------- -------- ---------- ---------- ----------
Total non-operating
expense, net (661,791) (278,775) (313,754) (2,667,099) (2,043,221) (2,731,840)
-------- -------- -------- ---------- ---------- ----------
Income - before
income taxes 1,332,534 2,468,328 1,377,972 7,619,571 9,941,739 7,343,262
Income tax expense (723,804) 737,230 372,761 1,132,880 3,257,619 2,314,324
-------- ------- ------- --------- --------- ---------
Net income $2,056,338 $1,731,098 $1,005,211 $6,486,691 $6,684,120 $5,028,938
========== ========== ========== ========== ========== ==========
Net income per share
Basic $0.21 $0.18 $0.10 $0.67 $0.69 $0.62
===== ===== ===== ===== ===== =====
Diluted $0.21 $0.17 $0.10 $0.66 $0.68 $0.60
===== ===== ===== ===== ===== =====
Cash dividends
declared per share $0.15 $0.15 $0.15 $0.60 $0.60 $0.30
===== ===== ===== ===== ===== =====
UNIQUE FABRICATING, INC.
Consolidated Balance Sheets
December 31, January 1,
2017 2017
---- ----
Assets
Current Assets
Cash and cash equivalents $1,430,937 $705,535
Accounts receivable - net 27,203,296 26,887,945
Inventory - net 16,330,084 16,731,608
Prepaid expenses and other current assets:
Prepaid expenses and other 3,962,012 2,087,069
Refundable taxes 646,253 783,139
------- -------
Total current assets 49,572,582 47,195,296
Property, Plant, and
Equipment - Net 22,975,401 21,197,922
Goodwill 28,871,179 28,871,179
Intangible Assets 19,635,782 23,758,342
Other assets
Investments - at cost 1,054,120 1,054,120
Deposits and other assets 353,719 266,369
Deferred tax asset 342,552 193,577
------- -------
Total assets $122,805,335 $122,536,805
============ ============
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable $11,708,175 $13,451,816
Current maturities of
long-term debt 3,799,998 2,405,446
Income taxes payable 348,910 610,825
Accrued compensation 2,840,559 2,734,155
Other accrued liabilities 1,027,489 1,065,740
Other liabilities - 168,880
--- -------
Total current liabilities 19,725,131 20,436,862
Long-term debt - net of
current portion 27,288,846 28,029,041
Line of credit 22,476,525 20,176,058
Other long-term liabilities
Deferred tax liability 2,432,754 3,836,281
Total liabilities 71,923,256 72,478,242
---------- ----------
Stockholders' Equity
Common stock, $0.001 par
value - 15,000,000 shares
authorized and 9,757,563
and 9,719,772 issued and
outstanding at December
31, 2017 and January 1,
2017, respectively 9,758 9,720
Additional paid-in-capital 45,712,568 45,525,237
Retained earnings 5,159,753 4,523,606
--------- ---------
Total stockholders' equity 50,882,079 50,058,563
---------- ----------
Total liabilities and
stockholders' equity $122,805,335 $122,536,805
============ ============
UNIQUE FABRICATING, INC.
Consolidated Statements of Cash Flows
Fifty-Two Weeks Fifty-Two Weeks Fifty-Two Weeks
Ended December Ended January 1, Ended January 3,
31, 2017 2017 2016
-------- ---- ----
Cash Flows from Operating Activities
Net income $6,486,691 $6,684,120 $5,028,938
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 6,319,975 5,501,674 3,903,429
Amortization of debt issuance costs 148,948 127,556 269,629
Loss (gain) on sale of assets 63,013 (126,631) 48,135
Loss on extinguishment of debt - 60,202 386,552
Bad debt adjustment 128,475 (274,364) (36,811)
(Gain) loss on derivative
instruments (228,387) 22,193 (39,638)
Stock option expense 150,368 166,476 205,845
Deferred income taxes (1,552,502) (1,165,649) (496,427)
Changes in operating assets and liabilities that
provided (used) cash:
Accounts receivable (443,826) (3,987,313) (694,902)
Inventory 401,524 339,784 (2,981,751)
Prepaid expenses and other assets (1,765,990) (1,291,654) 6,005
Accounts payable (1,705,663) 1,329,599 (158,202)
Accrued and other liabilities (193,762) 375,280 (359,982)
-------- ------- --------
Net cash provided by operating
activities 7,808,864 7,761,273 5,080,820
--------- --------- ---------
Cash Flows from Investing Activities
Purchases of property and equipment (4,140,135) (3,362,014) (3,565,578)
Proceeds from sale of property and
equipment 51,847 2,187,366 73,847
Acquisition of Intasco, net of cash
acquired - (21,030,795) -
Working capital adjustment from
acquisition of Intasco - 212,823 -
Acquisition of Great Lakes Foam
Technologies, Inc., net of cash - - (11,819,991)
Working capital adjustment from
acquisition of Great Lakes Foam
Technologies, Inc. - - (127,401)
--- --- --------
Net cash used in investing
activities (4,088,288) (21,992,620) (15,439,123)
---------- ----------- -----------
Cash Flows from Financing Activities
Net change in bank overdraft (37,978) 548,892 660,447
Proceeds from debt - 32,000,000 -
Payments on term loans (3,374,545) (2,444,071) (15,151,028)
Proceeds from revolving credit
facilities, net 6,230,892 5,690,487 5,834,326
Debt issuance costs - (514,441) -
Pay-off of old senior credit
facility term debt - (15,375,000) -
Post acquisition payments for
Unique Fabricating - - (755,018)
Proceeds from the issuance of
common stock pursuant to initial
public offering - - 25,673,750
Payment of initial public offering
costs - - (3,452,674)
Proceeds from exercise of stock
options and warrants 37,001 115,975 397,071
Distribution of cash dividends (5,850,544) (5,811,858) (2,877,717)
Net cash (used in) provided by
financing activities (2,995,174) 14,209,984 10,329,157
---------- ---------- ----------
Net Decrease in Cash and Cash
Equivalents 725,402 (21,363) (29,146)
Cash and Cash Equivalents -
Beginning of period 705,535 726,898 756,044
Cash and Cash Equivalents - End of
period $1,430,937 $705,535 $726,898
========== ======== ========
Supplemental Disclosure of Cash Flow Information -
Cash paid for
Interest $2,566,956 $1,552,619 $2,588,894
Income taxes $2,231,901 $3,750,845 $2,619,977
Supplemental Disclosure of Cash Flow Information -
Non cash investing and financing activities for
Common stock issued for purchase of
Intasco USA, Inc. $ - $890,726 $ -
Accretion on redeemable common
stock $ - $ - $1,364,031
UNIQUE FABRICATING, INC.
Reconciliation of GAAP Net Income to Adjusted EBITDA
Thirteen Thirteen Thirteen Fifty-Two Fifty-Two Fifty-Two
Weeks Weeks Weeks Weeks Weeks Weeks
Ended Ended Ended Ended Ended Ended
December January 1, January 3, December January 1, January 3,
31, 2017 2017 2016 31, 2017 2017 2016
-------- ---- ---- -------- ---- ----
GAAP Net income $2,056,338 $1,731,098 $1,005,211 $6,486,691 $6,684,120 $5,028,938
Plus: Interest expense, net 656,848 395,733 317,988 2,745,904 2,134,796 2,755,091
Plus: Income tax expense (723,804) 737,230 372,761 1,132,880 3,257,619 2,314,324
Plus: Depreciation and
amortization 1,616,066 1,505,202 1,140,805 6,319,975 5,501,674 3,903,429
Plus: Non-cash stock award 35,122 39,743 45,081 150,368 166,476 205,845
Plus: Non-recurring
integration expenses 126,811 68,257 54,686 157,604 173,170 86,873
Plus: Non-recurring step-
up of inventory basis to
fair market value - - 56,148 - 318,518 146,191
Plus: Non-recurring IPO
costs - - - - - 230,000
Plus: Transaction fees - 8,118 129,535 23,235 866,806 545,384
Plus: Restructuring
expenses - - 374,230 - 35,054 374,230
Plus: One-time consulting
and licensing ERP system
implementation costs 199,973 - - 1,015,280 - -
Less: Gain on sale of
building - (147,414) - (147,414) -
Adjusted EBITDA $3,967,354 $4,337,967 $3,496,445 $18,031,937 $18,990,819 $15,590,305
========== ========== ========== =========== =========== ===========
UNIQUE FABRICATING, INC.
Reconciliation of GAAP Net Income to Adjusted Diluted Earnings Per Share
Thirteen Thirteen Thirteen Fifty-Two Fifty-Two Fifty-Two
Weeks Weeks Weeks Weeks Weeks Weeks
Ended Ended Ended Ended Ended Ended
December January 1, January 3, December 31, January 1, January 3,
31, 2017 2017 2016 2017 2017 2016
-------- ---- ---- ---- ---- ----
GAAP Net income $2,056,338 $1,731,098 $1,005,211 $6,486,691 $6,684,120 $5,028,938
Plus: Non-cash stock award 35,122 39,743 45,081 150,368 166,476 205,845
Plus: Non-recurring
integration expenses 126,811 68,257 54,686 157,604 173,170 86,873
Plus: Non-recurring step-
up of inventory basis to
fair market value - - - 56,148 - 318,518 146,191
Plus: Non-recurring IPO costs - - - - 230,000
Plus: Transaction fees - 8,118 129,535 23,235 866,806 545,384
Plus: Debt extinguishment
costs - - - - 60,202 386,552
Plus: Restructuring
expenses - - 374,230 - 35,054 374,230
Plus: One-time consulting
and licensing ERP system
implementation costs 199,973 - - 1,015,280 - -
Less: One-time tax related
adjustments (720,400) - - (720,400) - -
Less: Gain on sale of
building - (147,414) - - (147,414) -
Less: Tax impact 9,410 9,411 (178,450) (281,356) (428,091) (622,465)
Adjusted Net income $1,707,254 $1,709,213 $1,486,441 $6,831,422 $7,728,841 $6,381,548
========== ========== ========== ========== ========== ==========
Diluted weighted average
shares outstanding 9,888,059 9,927,716 9,822,053 9,899,418 9,896,283 8,426,937
Net income per share
Diluted - GAAP $0.21 $0.17 $0.10 $0.66 $0.68 $0.60
===== ===== ===== ===== ===== =====
Diluted - Adjusted $0.17 $0.17 $0.15 $0.69 $0.78 $0.76
===== ===== ===== ===== ===== =====
UNIQUE FABRICATING, INC.
Purchase Accounting Impacts and Other Effects
Thirteen Thirteen Thirteen Fifty-Two Fifty-Two Fifty-Two
Weeks Weeks Weeks Weeks Weeks Weeks
Ended Ended Ended Ended Ended Ended
December January January 3, December January 1, January 3,
31, 2017 1, 2017 2016 31, 2017 2017 2016
-------- ------- ---- -------- ---- ----
Non-cash purchase accounting impacts
Customer relationships
amortization $837,520 $837,523 $605,144 $3,348,091 $3,045,746 $2,067,981
Trade name
amortization 72,926 72,926 55,664 291,705 269,130 222,655
Non-compete
amortization 44,162 44,162 81,332 176,648 176,648 233,617
Unpatented technology 76,529 76,529 - 306,116 206,040 -
Less: Tax impact 473,831 (303,881) (200,756) (422,170) (1,165,626) (777,589)
Net income effect $1,504,968 $727,259 $541,384 $3,700,390 $2,531,938 $1,746,664
========== ======== ======== ========== ========== ==========
Net income per share impact
GAAP - Basic $0.15 $0.07 $0.06 $0.38 $0.26 $0.21
===== ===== ===== ===== ===== =====
GAAP - Diluted $0.15 $0.07 $0.06 $0.37 $0.26 $0.21
===== ===== ===== ===== ===== =====
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SOURCE Unique Fabricating, Inc.
