Revenue during the quarter grew 23.44 percent to $48.88 million from $39.59 million in the previous year period. Gross margin for the quarter expanded 530 basis points over the previous year period to 8.69 percent. Operating margin for the quarter stood at negative 0.99 percent as compared to a negative 6.31 percent for the previous year period.

Operating loss for the quarter was $0.48 million, compared with an operating loss of $2.50 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $4.71 million compared with $2.30 million in the prior year period. At the same time, adjusted EBITDA margin improved 382 basis points in the quarter to 9.63 percent from 5.81 percent in the last year period.

Chairman, President and Chief Executive Officer Dennis Oates commented: "After two years of very challenging business conditions we are encouraged by the strong start to 2017 in sales, order entry, and backlog. We expect the general increase in business activity to continue as we move through 2017. Bookings in the first quarter of 2017 were the highest in five years at $57.2 million and 24.4 million pounds" they were broad-based by all end user markets including a substantial increase in premium alloys. “In addition, we remain confident that the increased sales volume, coupled with improving mix, growing benefits from productivity gains, and recently announced price increases should improve gross margin, returning Universal to sustained profitability."

The company has spent $1.41 million cash to meet investing activities during the quarter as against cash inflow of $0.75 million in the last year period.

Cash flow from financing activities was $1.54 million for the quarter as against cash outgo of $1.50 million in the last year period.

Cash and cash equivalents stood at $0.21 million as on Mar. 31, 2017, down 76.51 percent or $0.70 million from $0.91 million on Mar. 31, 2016.

Working capital increases
Universal Stainless & Alloy Products, Inc. has recorded an increase in the working capital over the last year. It stood at $87.88 million as at Mar. 31, 2017, up 5.63 percent or $4.68 million from $83.19 million on Mar. 31, 2016. Current ratio was at 3.35 as on Mar. 31, 2017, down from 4.33 on Mar. 31, 2016.

Cash conversion cycle (CCC) has decreased to 95 days for the quarter from 208 days for the last year period. Days sales outstanding went down to 40 days for the quarter compared with 46 days for the same period last year.

Days inventory outstanding has decreased to 96 days for the quarter compared with 197 days for the previous year period. At the same time, days payable outstanding went up to 41 days for the quarter from 35 for the same period last year.