UMC Releases First Quarter Report
November 26, 2012
Today Universal Mfg Co (UFMG) released its results of operations for its first quarter of fiscal 2012-13. It reported sales of $5.74 Million a 47% increase over the same period for the prior year. Net income was $188,733 for the quarter or $.22 per share compared to a loss of $.10 per share for the same period last year.
Donald Dunn, President and CEO said, "Our new fiscal year has started with a good first quarter. Our ReTech operation had a solid quarter and Man Lift performed as we anticipated when we made the acquisition almost two years ago." According to Dunn, ReTech sales were down 6% over the same period prior year, although above budget and operation income was flat with prior year; margins at ReTech remained good in transfer cases; however, both volume and margins shrank in remanufactured fuel pumps and brake calipers. At Man Lift, sales were up 184% over the same period the prior year and 34% over budget and margins improved significantly over the same period for the prior year; however, margins remain below budget. Dunn continued, "Our new management at each operation has done an excellent job of controlling costs and focusing on growing the respective operations. The start to the year is a major improvement over last year; that being said, we certainly believe our performance can continue to improve."
Effective October 25, 2002, the Universal made the necessary filing with the Security and Exchange Commission to deregister its common stock. As a result of this deregistration, the Company requested a voluntary delisting of its common stock from the NASDAQ Small Cap Market. The stock continues to be listed on the pink sheets using the symbol UFMG. The Company understands and believes that some firms continue to make a market of the Company’s stock.
For further information contact Donald Dunn at 402-261-3851 or firstname.lastname@example.org.
|2012-13 1st Quarter Report|