AUBURN HILLS, Mich.,
Feb. 12, 2019 /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 that
its Board of Directors approved a $0.05 per share quarterly dividend, which
compares to $0.15 in the prior
quarter.
The dividend will be paid on March 7,
2019 to stockholders of record as of the close of business
on February 28, 2019.
"The decision to reduce the quarterly dividend is a proactive
and prudent step by the Board to provide the Company financial
flexibility to more aggressively reduce its long-term debt and also
provide enhanced operational and strategic options," said
John Weinhardt, Chief Executive
Officer. "Throughout its history, Unique Fabricating has benefited
from the strong cash generation and high returns we have been able
to achieve on relatively low levels of capex. This dynamic is
fundamental to our business strategy and it benefits our operations
across all market conditions. Given the recently announced plant
closures by some of the largest North American automotive
manufacturers along with steadily increasing interest rates on the
floating portion of our debt, we felt it was appropriate to amend
our capital allocation strategy to ensure maximum flexibility as
the market continues to evolve."
Fourth Quarter and Year-End 2018 Earnings
In addition,
the company announced plans to release its financial results for
the fourth quarter and 12 months ended December 30, 2018 on March
7, 2019, prior to the opening of the market.
Management will host a conference call and live webcast to
discuss these results on the same day at 9
a.m. ET. To access the call, please dial 1-877-705-6003
(toll free) or 1-201-493-6725 and reference conference ID 13687665.
The conference call will also be webcasted live on the Investor
Relations section of Unique Fabricating's web site 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 p.m. ET on March 7,
2019 until 11:59 p.m. ET on
March 14, 2019 by dialing
1-844-512-2921 (United States) or
1-412-317-6671 (international) and using the pin number
13687665.
About Unique Fabricating, Inc.
Unique Fabricating,
Inc. (NYSE MKT: UFAB) engineers and manufactures components for
customers in the automotive and industrial appliance
markets. 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/.
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
646-415-8972
ufab@haydenir.com
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SOURCE Unique Fabricating, Inc.