Unique Fabricating, Inc. Investor Presentation January 2019 - - PowerPoint PPT Presentation

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Unique Fabricating, Inc. Investor Presentation January 2019 - - PowerPoint PPT Presentation

Unique Fabricating, Inc. Investor Presentation January 2019 UniqueFAB.com | NYSE: UFAB 1 NYSE: UFAB Safe Harbor FORWARD-LOOKING STATEMENTS This presentation includes forward -looking statements within the meaning of U.S. federal


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Unique Fabricating, Inc.

Investor Presentation January 2019 UniqueFAB.com | NYSE: UFAB

1

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2 NYSE: UFAB

Safe Harbor

FORWARD-LOOKING STATEMENTS This presentation includes “forward-looking statements” within the meaning of U.S. federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created hereby. We make forward-looking statements in this presentation and may make such statements in future filings with the SEC. We may also make forward-looking statements in our press releases or other public or stockholder communications. The forward-looking statements are based on management’s beliefs and assumptions and on information currently available to us. When used in this presentation, the words “anticipate,” “believe,” “continue,” “could,” “seek,” “might,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “approximately,” “project,” “should,” “will,” “would” or the negative or plural of these words or similar expressions, as they relate to our company, business and management, are intended to identify forward-looking statements. In light of these risks and uncertainties, the future events and circumstances discussed in this presentation may not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements. All forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We discuss these risks in greater detail in

  • ur Annual Report on Form 10-K in the “Risk Factors” section and elsewhere. We derive many of our forward-looking statements from our operating budgets and forecasts,

which we base on many assumptions. While we believe that our assumptions are reasonable, we caution that it is difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our or

  • ur industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements

expressed or implied by these forward-looking statements. Forward-looking statements include, but are not limited to: cyclicality of the automotive industry affecting automotive sales and production effecting the viability of our customers and financial condition of our customers; cyclicality of the appliance industry affecting sales and production effecting the viability of our customers and financial condition of our customers; global economic uncertainty; loss of large customers or significant platforms; our ability to generate sufficient cash to service our indebtedness, and obtain future financing; operating and financial restrictions imposed on us by our credit agreements; supply shortages; escalating pricing pressures and decline of volume requirements from our customers; our ability to meet significant increases in demand; availability and increasing volatility in cost of raw materials; our ability to continue to compete successfully in the highly competitive automotive parts industry; risks associated with our non-U.S.

  • perations; foreign currency exchange rate fluctuations; product liability claims that may be brought against us; work stoppages or other labor conditions; natural disasters;
  • ur ability to meet our customers’ needs for new and improved products in a timely manner or cost-effective basis; the possibility that our acquisition strategy may not be

successful; our legal rights to our intellectual property portfolio; environmental and other regulations; the possible volatility of our annual effective tax rate; the possibility of future impairment charges to our goodwill and long-lived assets; and the interests of our major stockholders may conflict with our interests; and other factors, including those discussed in “Risk Factors” in our Annual Report on Form 10-K. Forward-looking statements speak only as of the date hereof. We caution you that the foregoing list of important factors may not contain all of the material factors that are important to you. Except as required by law, we assume no obligation to publicly update or revise any forward-looking statement to reflect actual results, changes in assumptions based on new information, future events or otherwise. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

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3 NYSE: UFAB

Leading Component Supplier

End Markets

Automotive:

  • 83.3% of 2017 Net Sales

Industrial

Appliance/Water Heater/HVAC

  • 12.2% of 2017 Net Sales

Other:

  • 4.5% of 2017 Net Sales

Manufacturing Process

  • Die cutting
  • Thermoforming
  • Compression Molding
  • Fusion Molding
  • Molded Polyurethane
  • Auburn Hills, MI (HQ)
  • Bryan, OH
  • Evansville, IN
  • Port Huron, MI*
  • Fort Smith, AR*
  • LaFayette, GA
  • Louisville, KY
  • Monterrey, Mexico
  • Concord, MI
  • Queretaro, Mexico
  • London, Ontario

*Locations anticipated to be closed in June 2018 (Fort Smith, AR) and March 2018 (Port Huron, MI)

Locations

Materials

  • Multi-material foam
  • Rubber
  • Plastic
  • Adhesive Tapes

Uses

Reduction of noise, vibration and harshness (“NVH”) Acoustical management, water and air sealing, decorative and other functional applications

Customers

Automotive & Industrial (“OEMs”):

  • 28.1% of 2017 Net Sales

Tier 1 Suppliers to OEMs:

  • 71.9% of 2016 Net Sales

Volume

3+ million parts a day 800+ million parts annually

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4

Unique Fabricating is a leading supplier of components positioned for profitable growth in the automotive and industrial appliance market

Investment Highlights

Strong free cash flow and an annual dividend yield of ~7.8%2 20.2% six-year revenue CAGR1 Blue chip customer base of top-tier manufacturers and OEM’s Significant barriers to entry in most product lines Seasoned management team Consistent track record of profitability Favorable industry tail winds Proven ability to identify, acquire and integrate businesses

1 Includes organic growth and growth from acquisitions from 2011-2017. 2 Assumes payment of cash dividend of $0.15 per share / per quarter based on closing price on 10/6/18 of $7.65

NYSE: UFAB

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SLIDE 5

September 2008

Majority interest acquired by American Capital

1998

Acquired by Westfield Capital Corporation

March 2013

Acquisition sponsored by Taglich Private Equity

December 2013

Acquired Prescotech Industries (PTI)

1975

Founded as Unique Fabricating NA, an automotive die-cut fabricator of non-metallic materials supporting General Motors, Ford and Chrysler

February 2014

Acquired Chardan

April 2016

Acquired Intasco Corporation and Intasco USA, Inc. (together Intasco)

August 2015

Acquired Great Lakes Foam Technologies, a molded polyurethane business

5 NYSE: UFAB

Company History

July 2015 UFAB IPO

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6 NYSE: UFAB

Attractive Growth Profile

$70.0 $16.4 $63.9 $126.5 $143.3 $170.5 $175.3 2012 2013 2014 2015 2016 2017 Predecessor Successor $16.4 $7.7 $1.5 $6.8 $14.5 $15.6 $19.0 $18.0 2012 2013 2014 2015 2016 2017 Predecessor Successor

2012 – 2017 sales CAGR of 20%1 Consistently growing in excess of automotive market growth Industrial market represents significant incremental revenue opportunity 2012-2017 Adjusted EBITDA CAGR of 19%1 Significant fixed cost leverage 20-25% of incremental sales growth in 2018 and beyond is expected to drop to EBITDA line

1 Includes organic growth and growth from acquisitions.

Adjusted EBITDA

($ in millions) Fiscal Years

Revenue

($ in millions) Fiscal Years

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7 NYSE: UFAB

Products: Automotive Components

Buzz, squeak & rattle NVH Components Acoustic Insulation Door Water Barriers Gas Tank Pads Fender Stuffers HVAC Seals & Dash Noise Control Air Management | Ducts Glove Box Liners & Bumper Pads Console Bin Mats & Cupholder Inserts Mirror Gaskets Seating Topper Pads Tail Lamp Gaskets Wheel Housing Liners Thermoformed | Compression Products Die Cut Products Fusion Molded Products

Production Processes:

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8 NYSE: UFAB

Products: HVAC, Appliance & Water Heater Components

Electrical Grade Paper Gasket Foaming Gaskets Rear Access Compressor Cover Gasket for Hot/Cold Water Seals Metal Sealing Gasketing EPDM Gasketing for Metal sealing Surface Protection Fiberglass Insulation Pad Fiberglass Base Pad Insulating Foam Rings Thermal Wrap

HVAC

Insulation Pad

Appliance Water Heater

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  • Key relationships with

suppliers

  • Long relationships with
  • ver 150 raw material and

adhesive suppliers

  • Track new developments

in materials, and pursue exclusive relationships

  • Access to new materials

for a period of time prior to their introduction to the general market

Strong technical expertise

  • Engineering talent, test facilities and rapid

prototyping capabilities enable Unique to rapidly innovate and develop products

  • Ability to resolve customer’s problems, often

within 24 to 48 hours Operational excellence

  • Manage over 3,000 active part numbers
  • Stellar track record of only 6 rejected parts per

million and 99% on-time delivery

  • TS 16949 / ISO 14001 certification

Proximity to key customers

  • Manufacturing facilities are located within ~500

miles of over 80% of North American vehicle production, and even closer to major appliance manufacturing locations

  • Depth of customer

relationships

  • Reputation with key

customers as a supplier of choice

  • Sales engineers involved

early in the design/development stage

  • f new vehicles or

appliances, leading to

  • pportunities to introduce

new products

Customers Suppliers

9 NYSE: UFAB

Unique’s Core Competencies

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SLIDE 10

BMW Chrysler Ford General Motors Mercedes-Benz Navistar Nissan Tesla Air International Calsonic Kansei Faurecia International Automotive Components Inteva Products Johnson Controls Magna Mahle Valeo

OEMs Tier 1

AO Smith Carrier General Electric Rheem Trane Whirlpool

Appliance, HVAC, & Hot Water Tank

No customer represented more than 10%

  • f total sales

in 2017

Automotive Industrials

10

Blue Chip Customer Base

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11 NYSE: UFAB

Market Opportunity

Automotive Industrial

(Appliance/Water Heater/HVAC)

~$700M Total Addressable Market 1 ~$1.1B Total Addressable Market

Sales of appliances and water heater equipment expected to increase 1.1% from 2017 to 20221. Sales of HVAC expected to grow 1.8% over same period (Source: Independent source) Market Characteristics:

  • No dominant supplier
  • Significant barriers to entry

~20% Current Market Share in 2017 ~2% Current Market Share in 2017

1 Source: IHS Automotive, Appliance Magazine and management estimates. Includes North America market opportunity only.

1

Market Characteristics:

  • UFAB is believed to be the largest supplier
  • No dominant supplier
  • Significant barriers to entry
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12

Unique’s manufacturing facilities are within approximately 500 miles of over 80% of North American vehicle production and even closer to major appliance manufacturing locations

Strategically Located Footprint

London, ON 35,000 SF Monterrey, Mexico 91,000 SF Querétaro, Mexico 64,000 SF

1 1

Evansville, IN 66,500 SF Auburn Hills, MI 150,000 SF Concord, MI 72,000 SF Bryan, OH 42,000 SF Louisville, KY 73,000 SF Lafayette, GA 147,000 SF

1 1

1 Also engages in sales & engineering

NYSE: UFAB

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13 NYSE: UFAB

Vehicle production is forecasted for continued moderate growth

North American Vehicle Production

15.3 15.1 12.6 8.6 11.9 13.1 15.1 16.2 17.0 17.5 17.9 17.2 17.2 17.1 16.9 17.3 17.6 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Historical & Forecasted North American Vehicle Production Volume

(Units in Millions)

Source: IHS Automotive (April 2018)

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19 19 25 17 43 20 20 22 32 39 37

2010 2015 2020F 10.1 10.2 10.3 10.4 10.5 10.8 11.1 11.3 11.4 11.4 11.5 11.6 2005 2010 2015

U.S. Aging Fleet has Reached Record High

Average age of vehicles in the U.S. reached 11.6 years in 2016, the highest rate ever recorded

(in years)

North American New Vehicle Platform Launches

Average 24 / year Average 30 / year New vehicle program launches are expected to accelerate over the coming years providing new growth opportunities for suppliers to automotive OEMs

Source: Independent Source, IHS Automotive

14

Positioned to capture growth driven by continued growth in the North American automotive industry; NVH market expected to grow at a CAGR of approximately 7.0% from 2017 through 2021

North American New Vehicle Platform Launches

NYSE: UFAB

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SLIDE 15
  • Federal mandate of Corporate

Average Fuel Economy “CAFE” – 55 MPG average by 2025

  • Automotive industry focused on

improving fuel economy and using lighter weight materials

  • Use of lighter weight materials will

increase use of plastics and foam materials per vehicle

Fuel efficiency and vehicle light-weighting

  • Interior comfort is an area of

increased focus for OEM manufacturers

  • Expected to continue to

increase the use of foam in seats and acoustical insulation

Interior Comfort

  • Increasing use of telematics and

infotainment requires quieter vehicles to recognize voice commands

  • Legislation for hands-free phone use

increases demand for quieter cabins

  • Expected to increase use of acoustic

insulation materials, more precise air seals and other noise, vibration and harshness products Unique can quickly offer product solutions as its production facilities are located close to North American vehicle assembly locations

Localization

  • f Production

Telematics and Infotainment Rapid pace of new vehicle launches

  • Automotive market is expected to see a significant number of new program launches
  • Expected to create new product opportunities as OEMs will need to quickly fix unplanned noise

issues

15

Automotive trends expected to drive Company growth above industry averages

Favorable Automotive Industry Trends

NYSE: UFAB

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16

Unique’s products address industry trends

Increasing Noise, Vibration, and Harshness (NVH) Content Per Vehicle

  • Design Change: Consumer feedback

influenced VM to design larger mirror

  • n truck for towing purposes
  • Situation: Larger mirrors created

additional interior wind noise

  • Result: VM required more complex

NVH solution increasing Unique’s CPV by 100% 1

  • Design Change: N.A. consumers

demand wind noise improvement Situation: Die cut gaskets used to block wind in forward car position are inadequate

  • Result: VM chooses European

molded foam technology (fusion molding) as solution to wind noise, increasing Unique’s CPV by 200% 2

After

$0.90 CPV

Before

Simple Die Cut Rubber Seal

Before After

  • 2013 compact has an estimated 50%

more NVH material and acoustic insulation content than 2010 model

  • Added NVH content: door insulation,

headliner insulation, A&B pillar stuffers and fender seals 2010 Compact Car 2013 Version of Same Car

After Before

No Seat Topper Pad Topper Pad

  • Design Change: Consumers require

additional comfort in B & C segment vehicles

  • Situation: Molded seat cushions do

not provide both structure and softness

  • Result: VM requires die cut seat

topper pad increasing Unique’s CPV by $5.00 3

$2.00 CPV $1.80 CPV $6.00 CPV $0 CPV $5.00 CPV

NYSE: UFAB

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CAGR 2007-2011 2012-2017 UFAB Sales2 0.03% 20.2% NA Vehicle Production Volumes (3.49)% 2.64%

Historical Track Record of Above Market Growth

$58.1 $48.2 $58.2 $143.3 15.1 11.9 13.1 17.5 17.9 17.2 2007 2010 2011 2015 2016 2017

$ in millions / units in millions 17 NYSE: UFAB

Proven track record of generating growth in excess of the overall market

Exceeding Market Growth

Source: IHS Automotive (December 2016)

1 Based on audited predecessor company financials. 2 Includes organic growth and growth from acquisitions.

1 1 1

Predecessor Successor NA Vehicle Production Volumes $175.3 $170.5

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18 NYSE: UFAB

Growth Opportunities

Growth from Existing Customers Growth from New Customers Growth through Acquisitions & New Markets Growth from New Products

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Representative Customers Historical Sales Trends (2013-2017 CAGR) Estimated Current Penetration1 Growth Expectations Customer A 41.1% ~40% Driven by…

  • Increasing demand

for NVH content

  • Complementary

products and processes

  • Proprietary

materials and products

  • Innovative technical

support Customer B 6.91% ~30% Customer C 36.05% ~40% Customer D (12.49)% ~40%

1 Based on management estimates.

19 NYSE: UFAB

Collaborative approach to customer management has resulted in deep relationships throughout a customer’s organization

Growth from Existing Customers

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SLIDE 20

($ in thousands)

$0 $3,389 $7,078 2010 2013 2017 $2,054 $4,002 $13,711 2010 2013 2017 $1,539 $3,425 $4,482 2010 2013 2017

Customer Target 1 Customer Target 2 Customer Target 3

20 NYSE: UFAB

Successful track record of growing sales with new customers that have been proactively targeted in strategic planning process

Growth from New Customers

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SLIDE 21

Patent Pending TwinShape™ Duct Technology

Customer Value Proposition*

Proprietary Technology

  • Leveraged material and process

expertise to develop patent-pending technology

  • Coordinate with VMs and Tier Is to

engineer components into vehicle early in design process

Commercial Acceptance

  • First production award was received by

high-performance electric vehicle manufacturer

  • Opens the door to build relationships

with new customers who were previously inaccessible 21

Auto air ducts represent a new growth opportunity in an additional market

Growth from New Products

Weight:

  • 80% lighter weight

Cost:

  • Lower tooling cost
  • Lower total product cost

Performance:

  • Eliminates condensation
  • Increased NVH performance
  • Eliminates BSRs
  • Heats up and cools down faster

*Compared to blow molded PP and HDPE air ducts

NYSE: UFAB

Awarded 4 new production orders for TwinShape since product launch in 2015 4 additional development & prototyping programs in place for future consideration

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SLIDE 22

Selectively pursue acquisitions

  • Since 2013, Unique has completed four accretive, add-on acquisitions

Add new markets

  • Prescotech Industries – appliance, water heater and HVAC

Add new products and processes

  • Chardan – fusion molding
  • Great Lakes Foam – molded polyurethane
  • Intasco - precision rotary die cutting

Further penetrate customers

  • Acquisitions have relationships with Unique’s customers within their

specific category

22

Unique has established an effective internal process for identifying, acquiring and integrating target companies within existing and new markets

Growth through Acquisitions & New Markets

NYSE: UFAB

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$948 $1,431 1 $1,302 $1,724 $3,362 $4,140 $2,583 $1,841 2012 2013 2014 2015 2016 2017

$ in 000’s / % of Sales

Georgia Facility Cap Ex

Adjusted EBITDA: CapEx as %

  • f Revenue:

Capital Expenditures

1 Includes capital expenditures of $551,499 from predecessor and $879,652 from successor.

1

$7,658 $8,316 $14,496 $15,590 $18,991 1.4% 1.8% 3.1% 2.5% 2.0%

23 NYSE: UFAB

High Return on CapEx

2.4% $18,032

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$133.6 $135.1 $143.3 $170.5$175.3 9M 2017 9M 2018 2015 2016 2017

($ in millions, except per share amounts)

Revenue Adjusted Diluted EPS Adjusted EBITDA

  • 9M 2018 revenue increase driven primarily by increased market penetration, partially offset by a 0.4% increase in North American

auto production year over year

  • 9M 2018 Adjusted Diluted EPS increase driven primarily by increased revenue described above
  • 9M 2018 Adjusted EBITDA decrease is primarily the result of lower gross margins as a percentage of sales and restructuring charges

in 2018, partially offset by increased revenue described above

  • FY 2017 revenue increases driven primarily by the acquisition of Intasco as well as the introduction of new products and increased

market penetration

  • FY 2017 Adjusted Diluted EPS YOY decrease driven primarily by lower gross margins
  • FY 2017 Adjusted EBITDA decrease driven primarily by lower gross margins

24 NYSE: UFAB

Financial Review

$0.52 $0.54 $0.76 $0.78 $0.69 9M 2017 9M 2018 2015 2016 2017 $14.1 $13.9 $15.6 $19.0 $18.0 9M 2017 9M 2018 2015 2016 2017

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Total Revenue in the range of $171 to $175 million

  • Assumes industry analysts projection of North American light vehicle production of 17.1

million vehicles

Adjusted Diluted Earnings Per Share of $0.58 to $0.62 Adjusted EBITDA of $17.0 to $18.0 million Quarterly Cash Dividends

  • Consistent track record of quarterly cash dividend payments

25 NYSE: UFAB

2018 Outlook1

1 Revised outlook provided as part of Q3 2018 earnings release issued on November 9, 2018

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Highlights Capitalization

($ and shares in thousands)

Property, plant and equipment, net 25,028 Goodwill and intangibles 45,432 Total long-term assets 72,269 Total assets $127,836 Current liabilities $23,283 Debt Senior credit facility $55,298 Other debt 500 Total debt $55,798 Total liabilities $77,328 Stockholders' equity Common stock $10 Additional paid-in-capital 45,845 Retained earnings 4,653 Total stockholders' equity $50,508 Total liabilities and stockholders' equity $127,836 Shares Outstanding 9,772 Total capitalization $106,306 Debt / Total Capital 52.5% Net Debt / LTM Adjusted EBITDA 3.1 Working Capital $32,284 Current Ratio 2.4

Planned quarterly dividend Share count excludes:

  • 581,280 shares of common

issuable upon the exercise of

  • utstanding options at a weighted
  • avg. exercise price of $7.13 /

share

  • 201,000 shares of common

reserved for future grants or issuance under 2013 and 2014 Award Plans

  • 1,185 shares of common reserved

for issuance upon the exercise of

  • utstanding warrants at a

weighted avg. exercise price of $3.33 / share

  • 141,000 shares of common

reserved for issuance upon the exercise of outstanding warrants at a weighted avg. exercise price

  • f $11.88 / share

26 NYSE: UFAB

Capital Structure

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SLIDE 27

27

Unique Fabricating is a leading supplier of components positioned for profitable growth in the automotive and industrial appliance market

Investment Highlights

Strong free cash flow and an annual dividend yield of ~7.8%2 20.2% six-year revenue CAGR1 Blue chip customer base of top-tier manufacturers and OEM’s Significant barriers to entry in most product lines Seasoned management team Consistent track record of profitability Favorable industry tail winds Proven ability to identify, acquire and integrate businesses

1 Includes organic growth and growth from acquisitions from 2012-2017. 2 Assumes payment of cash dividend of $0.15 per share / per quarter based on closing price on 10/6/18 of $7.65

NYSE: UFAB

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28

CONTACTS

Contact Us

Tom Tekiele (CFO) ttekiele@uniquefab.com (248) 853-2333

Investor Relations | Hayden IR

Brett Maas brett@haydenir.com (646) 536-7331 Rob Fink rob@haydenir.com (646) 415-8972

UniqueFAB.com | NYSE: UFAB NYSE: UFAB

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Appendix

UniqueFAB.com | NYSE: UFAB

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30 NYSE: UFAB

Adjusted EBITDA Reconciliation

($ in thousands) 2012 2013 2014 2015 2016 2017 9M 2017 9M 2018 Net Income $3,157 $ (908) $ 4,465 $ 5,029 $ 6,684 $ 6,487 $ 4,430 $ 3,890 Income tax expense (benefit) 1,699 (164) 2,074 2,755 2,135 2,745 1,857 699 Interest expense, net 1,177 2,555 3,667 2,314 3,257 1,133 2,089 2,433 Depreciation and amortization 501 2,195 3,525 3,903 5,502 6,320 4,704 4,947 Change in control payments 1,000 1,890

  • Non-cash stock awards
  • 65

34 206 166 150 115 99 Non-recurring integration expenses

  • 135

110 87 173 158 32 128 Non-recurring step-up of inventory basis to fair market value

  • 748

384 146 319

  • Non-recurring IPO costs
  • 230
  • Transaction fees

93 1,800 237 546 867 23 23 27 One-time consulting and licensing ERP system implementation costs

  • 1,015

815

  • Other / Restructuring expenses

31

  • 374

35 374

  • 1,156

Gain on sale of building

  • (147)
  • 522

Adjusted EBITDA $7,658 $8,316 $14,496 $15,590 $18,991 $18,031 $ 14,065 $ 13,901

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31 NYSE: UFAB

Adjusted Diluted EPS Reconciliation

($ in thousands) 2014 2015 2016 2017 9M 2017 9M 2018 Net Income $ 4,465 $ 5,029 $ 6,684 $ 6,487 $ 4,430 $ 3,890 Non-cash stock awards 34 206 166 150 115 99 Non-recurring integration expenses 110 87 173 157 32 128 Non-recurring step-up of inventory basis to fair market value 384 146 319

  • Non-recurring IPO costs
  • 230
  • Transaction fees

237 546 867 23 23 27 One-time consulting and licensing ERP system implementation costs

  • 1,015

815 522 Debt extinguishment costs

  • 387

60

  • Restructuring expenses
  • 374

35

  • 1,155

One-time tax reform adjustments

  • (720)

Less: Gain on sale of building

  • (147)
  • Less: Tax impact

(243) (623) (428) (281) (291) (426) Adjusted Net Income $ 4,987 $ 6,382 $ 7,729 $ 6,831 $ 5,124 $ 5,395 Diluted Weighted Average Shares Outstanding 6,864 8,427 9,896 9,899 9,903 9,916 Diluted-GAAP EPS $ 0.65 $ 0.60 $ 0.68 $ 0.66 $ 0.45 $ 0.39 Diluted-Adjusted EPS $ 0.73 $ 0.76 $ 0.78 $ 0.69 $ 0.52 $ 0.54

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SLIDE 32

NYSE: UFAB

Appendix Slides