Dayton Superior Announces Filing of Quarterly Report on Form 10-Q.Business Editors DAYTON, Ohio--(BUSINESS WIRE)--Aug. 13, 2003 Dayton Superior today reported the filing of its second quarter 10-Q with the Securities and Exchange Commission. This filing includes a reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of freight expense In accounting, the concept of a freight expense account can be generalized as a payment for sending out a product to a customer. It falls under the umbrella category of Expenses and is treated like other expense accounts in relation to the accounting equation. in the results for the second quarter and first half. The reclassification increases both the company's previously reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight and cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold by an equal amount, but does not affect previously reported gross profit, income from operations, net income (loss), or cash flows. The Company determined that its income statement classification did not appropriately reflect EITF EITF Emerging Issues Task Force EITF Edinburgh International Television Festival EITF Europe International Taekwon-Do Federation 00-10 "Accounting for Shipping and Handling Fees and Costs." EITF 00-10 requires that all shipping and handling costs billed to customers be recorded as sales and the actual costs incurred be recorded as a component of cost of sales. Prior to the second quarter of 2003, the Company netted its freight costs against sales. As a result of adopting EITF 00-10, the Company will increase both net sales and cost of sales by an equal amount to reflect the inclusion of shipping revenues and costs, respectively. Accordingly, the previously released second quarter results are reclassified as follows:
Three Fiscal Months Six Fiscal Months
Ended: Ended:
June 27, June 28, June 27, June 28,
2003 2002 2003 2002
--------- --------- --------- ---------
Net sales, previously reported $100,265 $106,506 $168,488 $185,008
Adjustment 5,249 5,498 9,020 9,609
-------- -------- -------- --------
Net sales, adjusted $105,514 $112,004 $177,508 $194,617
======== ======== ======== ========
Cost of goods sold,
previously reported $ 69,253 $ 69,919 $116,476 $121,904
Adjustment 5,249 5,498 9,020 9,609
-------- -------- -------- --------
Cost of goods sold, adjusted $ 74,502 $ 75,417 $125,496 $131,513
======== ======== ======== ========
The Company intends to amend its Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 28, 2003 and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended 2002 to reflect the reclassification for all periods. The Company is evaluating the impact of these reclassifications on sales and cost of sales for the years ended December 31, 2002, 2001, and 2000. The Company has scheduled a conference call at 3:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT , August 14, 2003. The conference call can be accessed by dialing 1-800-482-2239. A replay of the call will be available from 6:00 p.m. EDT on August 14, 2003 through 11:59 p.m. on August 21, 2003 by calling 1-800-615-3210 and entering reservation #237268. Dayton Superior Corporation is the largest North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. manufacturer and distributor of metal accessories and forms used in concrete construction and metal accessories used in masonry masonry: see brick; concrete; stonework; tile. masonry Craft of building in stone, brick, or block. By 4000 BC, Egypt had developed an elaborate cut-stone technique. construction and has an expanding construction chemicals business. The Company's products, which are marketed under the Dayton Superior(R), Dayton/Richmond(R), Symons(R), American Highway Technology(R) and Dur-O-Wal(R) names, among others, are used primarily in two segments of the construction industry: non-residential buildings and infrastructure construction projects. Note: Certain statements made herein concerning anticipated future performance are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These forward-looking statements are based on estimates, projections, beliefs and assumptions of management and are not guarantees of future performance. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of important factors. Representative examples of these factors include (without limitation) the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. nature of nonresidential building and infrastructure construction activity, which can be affected by factors outside Dayton Superior's control such as the general economy, governmental expenditures, interest rate increases, and changes in banking and tax laws; the amount of debt we must service; the effects of weather and the seasonality of the construction industry; our ability to implement cost savings programs successfully and on a timely basis; and Dayton Superior's ability to successfully integrate acquisitions on a timely basis. This list of factors is not intended to be exhaustive, and additional information concerning relevant risk factors can be found in Dayton Superior's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Registration Statement on Form S-4 filed with the Securities and Exchange Commission. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion