Universal Mfg. Co. Releases Annual Report
October 12, 2015
Universal Mfg. Co. (UFMG) released its Annual Report and Proxy Statement for fiscal year ending July 31, 2015 today. Overall results for the Company including its wholly owned subsidiaries Man Lift Mfg. Co., Metal Works Mfg. Co., and Ultra Armoring, LLC, were very disappointing with sales declining 13.7% year over year and a net loss of $1.45 Million. Donald L. Dunn, President & CEO reported that the year was materially impacted by the Ultra transaction and the relocation of Man Lift to the new Shelby, NC location as previously reported. Dunn said, "Our results reflect nearly $1.4 Million of expenses related to the acquisition, move and increased earn out liability related to the Ultra transaction. The increase in the earn out liability resulted from the large contract signed in early July as we previously reported. Significant costs related to the contract appear in our year-end balance sheet; however, we have not recognized any of the $31.1 Million of revenue related to the job.” Dunn continued, "UMC ReTech had a very solid year; in Shelby we are in a position to continue to grow our businesses with the acquisition costs, moving expenses and transition issues principally behind us. We remain optimistic about all of our businesses and look forward to a substantially better 2016."
|2014-15 Annual Report|
|2014-15 Proxy Statement|
Contract Awarded to Ultra Armoring, LLC
July 13, 2015
Ultra Armoring, LLC of Shelby, North Carolina, a wholly owned subsidiary of Universal Mfg. Co. (UFMG) was awarded a $30,509,232 firm-fixed-price contract for the purchase of non-tactical vehicles in support of U.S. Special Operations Command Procurement Division. Fiscal 2015 operations and maintenance funds in the amount of $30,509,232 were obligated at time of award. This contract was awarded through a competitive small business set-aside in accordance with 10 U.S.C. 2304 as implemented by FAR 6.203, set asides for small business concerns. Five proposals were received. U.S. Special Operations Command, Tampa, Florida is the contracting agency (H92222-15-C-0059). The contract was awarded July 2, 2015.
Metal Works Mfg. Co. Expands in Cleveland County
The Move Will Create 86 New Jobs
July 1, 2015
Raleigh, N.C. – Governor Pat McCrory, North Carolina Commerce Secretary John E. Skvarla, III and the Economic Development Partnership of North Carolina announced today that Metal Works Mfg. Co. will be expanding in Cleveland County. The company plans to create 86 new jobs in Shelby within the next three years. Metal Works Mfg. Co’s annual investment in new jobs for the Cleveland County work force will be $3.9 million by the end of 2019.
“Nothing Compares to North Carolina’s manufacturing workforce,” said Governor McCrory. This new company will find well qualified employees to not only make armor for specialty vehicles but also manufacture lifts and material handling equipment. I admire companies that make things in our great state.”
Metal Works Mfg. Co. is a newly formed wholly-owned subsidiary of Universal Mfg. Co. (UMC) headquartered in Lincoln, Nebraska. UMC acquired Ultra Machine & Fabrication Inc. and Ultra Armoring LLC, headquartered in Shelby to expand its manufacturing footprint into North Carolina. The company also owns Man Lift Mfg. Co., a manufacturer of application specific aerial and material handling mobile hydraulic equipment currently based in Milwaukee, Wisconsin. Man Lift Mfg. Co., will be relocated to the Shelby facility and operated seamlessly with Metal Works Mfg. Co., and Ultra Armoring, LLC. Additionally, UMC is one of the country's leading remanufacturers and distributors of automotive and truck parts through its ReTech operation in Algona, Iowa.
“Metal Works will be adding a new type of manufacturing to the mix in Cleveland County,” said Secretary Skvarla. “This company will make items for well known customers such as Boeing, Caterpiller and Bombardier and we are pleased the business chose to grow in North Carolina.”
Salaries will vary by job function but the average annual wage will be $45,393. The average annual wage in Cleveland County is $34,899.
“We are excited to become a member of the manufacturing community in Cleveland County and thank Governor McCrory and the EDPNC for their support,” said Donald Dunn, President & CEO of Universal Mfg. Co. “The facility and manufacturing capability in our Shelby operation is absolutely first class. It provides us the opportunity to consolidate our existing Man Lift operation and its management team into this new facility. We have been very impressed with the North Carolina workforce. A first rate facility coupled with a great workforce results in enhanced efficiency and improved products for Metal Works, Man Lift and Ultra Armoring.”
The project was made possible in part by an award to Metal Works Mfg. Co. from the state Job Development Investment Grant (JDIG) program, as voted by the state Economic Investment Committee. Receipt of the award is based on proof of job creation and other performance requirements. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state, and which would not be undertaken in North Carolina without the reimbursement.
Under the terms of the company’s JDIG, Metal Works Mfg. Co. is eligible to receive up to twelve annual reimbursements equal to 75 percent of the state personal income tax withholdings from the eligible new jobs. Receipt of each annual reimbursement is based on state-certified proof that the company has fulfilled incremental job creation requirements. Over twelve years, the JDIG could yield aggregate benefits to Metal Works Manufacturing Co. of more than $1.3 million upon the creation of 86 jobs.
More than $235,000 in additional funds from the company’s JDIG could be added to the state’s Utility Fund for infrastructure improvements in economically distressed counties. When a JDIG is awarded to a company whose site is located in the state’s more economically prosperous counties such as Cleveland, a percentage of the company’s grant is allocated to the Utility Fund to encourage economic development in less prosperous counties. For more information on the county tier designations, visit: http://www.nccommerce.com/research-publications/incentive-reports/county-tier-designations
In addition to N.C. Commerce and the Economic Development Partnership of N.C., other partners that helped with this project include: North Carolina Community College System, Cleveland County Economic Development Partnership, Cleveland County and the City of Shelby.
Universal Mfg. Co. Releases Third Quarter Report
June 16, 2015
Universal Mfg. Co. (UFMG) released its FY 2015 Third Quarter Report today. Sales for the quarter were $5.76 Million compared to $7.92 Million for the same period last year. The consolidated operations reported a net loss of $636,386 for the quarter compared to net income of $949,586 for the same period the prior year. Results were materially impacted by costs associated with the previously announced acquisition of two operations in Shelby, NC, Ultra Armoring, LLC and assets of Ultra Machine & Fabrication, Inc., now operated as Metal Works Mfg. Co. Added costs were incurred related to the possible relocation of Man Lift Mfg. Co. to co-locate in the Shelby facility. Don Dunn, President & CEO said, “Assuming an operation of the size and complexity of the Ultra organization is a large task. We have made great strides in a short time in improving culture and processes; much work remains although we remain confident and optimistic about our future growth and profitability.” Dunn added that “the final quarter of fiscal year 2015 will be difficult but we are looking forward to fiscal year 2016 and the opportunities it brings in all of our operations.”
|2014-15 3rd Quarter Report|
Universal Mfg. Co. Releases Second Quarter Report
March 12, 2015
Universal Mfg. Co. (UFMG) released its FY 2015 Second Quarter Report today. Results were an improvement over first quarter results; however, sales and profits were again disappointing. Sales declined 40% year over year. Net Income for the Quarter was $131,154 compared to net income of $540,497 for the same Quarter last year. “Our second quarter of this fiscal year was again disappointing,” said President & CEO Donald Dunn. “Sales at our Man Lift operation continued to be very slow; fortunately, we did a much better job of controlling costs,” Dunn continued. ReTech, reported a slight increase in sales and saw a substantial improvement in margins over the same period the prior year. “It is very encouraging to see continued steady sales at ReTech coupled with vastly improved margins. We continue to believe in our Man Lift products and anticipate an improvement in performance going forward” Dunn said.
|2014-15 2nd Quarter Report|
Universal Mfg. Co. Acquires Ultra Machine & Fabrication, Inc. and Ultra Armoring, LLC; Establishes Operational Center in Shelby, North Carolina
March 2, 2015
Universal Mfg. Co. (UFMG) has announced the acquisition of Ultra Machine & Fabrication, Inc., ("UMF") and Ultra Armoring, LLC ("UA"), headquartered in Shelby, NC. The acquisition was completed by Metal Works Mfg. Co. ("MWM") a newly formed wholly-owned subsidiary of UMC. UMC, through MWM will leverage its manufacturing expertise and the capability of the Shelby location to expand its contract manufacturing business in selected industries. MWM will continue to operate UA as an independent brand out of the same location. Frank Stewart, owner of both companies, will continue as a consultant to the new operation. "This acquisition permits UMC through MWM and UA to enter new and exciting markets - contract manufacturing and government contracting," stated UMC President Don Dunn. The new operation will perform all current contract obligations of the acquired companies, including those between UA and SOCOM and the USMC. Mr. Stewart said, "UMC brings talent and opportunities that will make the Ultra companies more successful than they have been and will allow us to keep these jobs here in Cleveland County." Dunn added "we have extended employment offers to the Ultra employees and we are working with the State of North Carolina on a plan to potentially add further jobs in the near future. We intend to leverage the existing customer base of UMF to enhance and expand our contract manufacturing and expand strategic relationships with OEMs." Based on booked sales and projections inclusive of this latest acquisition, it is anticipated that UMC revenues will grow to be in excess of $40 million for FY2016. UMC is one of the country's leading remanufacturers and distributors of automotive and truck parts through its ReTech operation in Algona, Iowa. The company also owns Man Lift Mfg. Co., a manufacturer of application specific aerial and material handling mobile hydraulic equipment based in Milwaukee, Wisconsin.
Universal Mfg. Co. Releases First Quarter Report
December 15, 2014
Universal Mfg. Co. (UFMG) released its FY 2015 First Quarter Report today. It was a very disappointing quarter. Sales declined 29% year over year and the Company experienced a net loss of $180,626 for the Quarter compared to net income of $195,622 for the same Quarter last year. “Our first quarter of the new fiscal year was disappointing,” said President & CEO Donald Dunn. “Our results were materially and negatively impacted by a slowdown in orders at our Man Lift operation,” Dunn continued. Dunn indicated that this is not seen as a trend at Man Lift and ReTech, while reporting a slight decline in sales saw margins improve. “As previously noted, Man Lift’s business can be lumpy and this was simply one of those quarters that happen. At the same time, ReTech is providing steady sales and profits” Dunn said.
|2014-15 1st Quarter Report|