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Universal Stainless & Alloy Products (USAP)

Universal Stainless & Alloy Products, Inc., established in 1994 and headquartered in Bridgeville, PA, manufactures and markets semi-finished and finished specialty steels, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. The Company's products are used in a variety of industries, including aerospace, power generation, oil and gas, and heavy equipment manufacturing.

Company profile

USAP stock data

Calendar

27 Jul 22
19 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 315K 315K 315K 315K 315K 315K
Cash burn (monthly) (no burn) (no burn) 456.33K (no burn) 1.68M 2.39M
Cash used (since last report) n/a n/a 766.62K n/a 2.82M 4.02M
Cash remaining n/a n/a -451.62K n/a -2.5M -3.7M
Runway (months of cash) n/a n/a -1.0 n/a -1.5 -1.5

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
31 May 22 Christopher L Ayers Common Stock Grant Acquire A No No 0 8,180 0 38,276
31 May 22 M. David Kornblatt Common Stock Grant Acquire A No No 0 8,180 0 40,276
31 May 22 Udi Toledano Common Stock Grant Acquire A No No 0 8,180 0 83,576
31 May 22 Judith L Bacchus Common Stock Grant Acquire A No No 0 8,180 0 19,107
4 May 22 Christopher L Ayers Common Stock Grant Acquire A No No 7.41 405 3K 30,096
59.6% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 41 23 +78.3%
Opened positions 20 3 +566.7%
Closed positions 2 22 -90.9%
Increased positions 7 5 +40.0%
Reduced positions 6 6
13F shares Current Prev Q Change
Total value 45.9M 23.13M +98.5%
Total shares 5.35M 2.92M +83.0%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Minerva Advisors 708.63K $6.12M NEW
Royce & Associates 528.99K $4.59M -3.3%
Dimensional Fund Advisors 501.2K $4.35M -5.4%
AMP Ameriprise Financial 484.19K $4.2M NEW
Privet Fund 436.26K $3.58M 0.0%
Vanguard 347.37K $3.02M NEW
JB Capital Partners 245K $2.13M NEW
RBC Global Asset Management 216.69K $1.62M 0.0%
Wittenberg Investment Management 204.36K $1.77M NEW
Russell Investments 164.89K $1.43M -6.9%
Largest transactions Shares Bought/sold Change
Minerva Advisors 708.63K +708.63K NEW
AMP Ameriprise Financial 484.19K +484.19K NEW
Vanguard 347.37K +347.37K NEW
JB Capital Partners 245K +245K NEW
Wittenberg Investment Management 204.36K +204.36K NEW
Bridgeway Capital Management 91.56K +91.56K NEW
Forest Hill Capital 76.08K +76.08K NEW
Rodgers Brothers 68.75K +68.75K NEW
Renaissance Technologies 149.78K +59.94K +66.7%
Ancora Advisors 45.85K +45.85K NEW

Financial report summary

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Management Discussion
  • The majority of our products are sold to service centers rather than the ultimate end market customers. The end market information in this Annual Report is our estimate based upon our knowledge of our customers and the grade of material sold to them, which they will in-turn sell to the ultimate end market customer.
  • Net sales for the year ended December 31, 2021 decreased $23.8 million, or 13.2%, compared to 2020. The decrease in our sales is primarily due to a decrease in consolidated tons shipped driven by lower business activity as a result of significant challenges facing all our end markets caused primarily by the COVID-19 pandemic. The most significant impact on our business has been the slowdown in the global commercial airline industry, which is the largest driver of the decline in sales for our aerospace end market. The average total sales dollars per shipped ton also decreased due to a lower mix of premium products in 2021 compared with the prior year.
  • Our 2021 gross margin was 5.1% of net sales, improved from a negative 1.5% gross margin in 2020. The negative margin in 2020 was primarily due to the impacts of the COVID-19 pandemic, including direct charges recorded to the Cost of products sold as a result of low activity levels. Although low activity levels continued in 2021, the improvement in gross margin reflects lower plant spending, improvements in our production costs, and increases in activity levels at our facilities during 2021 compared with the second half of 2020.  

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
8th grade Avg
New words: clean, commodity, delayed, disrupted, earned, experienced, high, month, repair, returned, unplanned
Removed: approximate, growth, negative, spending