UNIVERSAL STAINLESS & ALLOY PRODUCTS INC: auditor change — Universal Stainless posts Q2 net income of $0.9M; sales up 32% YoY; auditor changed to Baker Tilly

UNIVERSAL STAINLESS & ALLOY PRODUCTS INC

2023-Q2 EPS reported $0.04 revenue$134,880,000

Q2 net income $0.9M ($0.10/diluted) vs net loss of $0.5M in Q1 and $1.4M loss in Q2 2022.
Sales $69.0M, up 5% sequentially and 32% YoY; gross margin $9.8M (14.3% of sales).
Premium alloy sales $12.9M (18.6% of total); aerospace sales $51.3M (74.3% of total).
Backlog $355M (down from record $366M but up 59% YoY); total debt reduced to $93.3M.
Auditor changed to Baker Tilly after Schneider Downs resigns; no disagreements or reportable events.

item 2.02 item 4.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Schneider Downs & Co., Inc. resigned as auditor of UNIVERSAL STAINLESS & ALLOY PRODUCTS INC.

Action: resignation
Auditor: Schneider Downs & Co., Inc.
Successor: Baker Tilly US, LLP

Exact text from the filing

Item 4.01 Change in Registrant’s Certifying Accountant Previous Independent Registered Public Accounting Firm On July 26, 2023, Schneider Downs & Co., Inc. (“SD”), the independent registered public accounting firm to the Company, informed the Company of its decision to resign as the Company’s independent registered public accounting firm effective upon the filing of the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2023. The resignation was solely due to a practice management decision made by SD and was through no fault of the Company.

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Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

UNIVERSAL STAINLESS & ALLOY PRODUCTS INC engaged Baker Tilly US, LLP as its auditor.

Action: engagement
Auditor: Baker Tilly US, LLP

Exact text from the filing

On July 26, 2023, the Audit Committee of the Board of Directors of the Company (the “Audit Committee”) engaged Baker Tilly US, LLP (“Baker Tilly”) as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023, replacing SD, the Company’s former independent registered public accounting firm.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

UNIVERSAL STAINLESS & ALLOY PRODUCTS INC reported the quarter ended June 30, 2023 results: revenue $69.0 million, net income $0.9 million, EPS $0.10 per diluted share.

Period: the quarter ended June 30, 2023
Revenue: $69.0 million
Net income: $0.9 million
EPS: $0.10 per diluted share
Result: reported results

Exact text from the filing

CEO Chief Financial Officer Comm-Partners LLC (412) 257-7609 (412) 257-7661 (203) 972-0186 UNIVERSAL STAINLESS REPORTS PROFITABLE SECOND QUARTER 2023 RESULTS • Q2 2023 Sales of $69.0 million, up 5% from Q1 2023, up 32% year-over-year; highest since Q2 2019 • Q2 2023 Gross margin improves to $9.8 million, or 14.3% of sales • Q2 2023 Operating income more than doubles

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Source: SEC EDGAR

accession 0001193125-23-194129

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