Dayton Superior Corporation Reports Record Fourth Quarter and Full Year Earnings.MIAMISBURG Miamisburg (mīăm`ēzbûrg'), city (1990 pop. 17,834), Montgomery co., SW Ohio, on the Miami River; laid out 1818, inc. 1932. It is a tobacco market with diverse agriculture, and metal and paper products are the leading manufactures. , Ohio--(BUSINESS WIRE)--Feb. 19, 1998-- 1997 Diluted Earnings Per Share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of Advance to $1.17 Dayton Dayton, city (1990 pop. 182,044), seat of Montgomery co., SW Ohio, on the Great Miami River where it is joined by the Stillwater River; inc. 1805. It is the trade center for a fertile farm area, but is best known for its involvement with industry, invention, and Superior (NYSE NYSE See: New York Stock Exchange :DSD (Direct Stream Digital) See SACD. ) today reported record 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 income both for calendar 1997 and for the fourth quarter of the year. Revenues for all of 1997 reached $167.4 million, a 34% increase over 1996 revenues of $124.5 million. Net income in 1997 increased by 51% to $7.0 million from $4.6 million of income before extraordinary item in 1996. An extraordinary charge of $2.3 million, $0.47 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, arising from the prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. of debt was recorded in June June: see month. 1996. Diluted earnings per share rose by 24% to $1.17 from the $0.94 per share before extraordinary item recorded in 1996. Basic earnings per share totaled $1.22 for all of 1997, a 20% increase over 1996 basic earnings per share of $1.02 before the 1996 extraordinary charge of $.51 per basic share. For the fourth quarter of 1997, the company achieved revenues of $59.0 million to produce diluted earnings of $0.08 per share and basic earnings of $0.08 per share. This compares to fourth quarter 1996 revenues of $27.3 million which produced diluted earnings of $0.03 per share and basic earnings of $0.03 per share. John A. "Chic" Ciccarelli, Dayton Superior's President and Chief Executive Officer said, "I am particularly pleased by our 1997 operating performance. Two of the three business platforms that we operated at the beginning of the year achieved new records in terms of sales Terms of sale Conditions under which a firm proposes to sell its goods or services for cash or credit. , earnings and market share. Our third business platform - Dur-O-Wal - was impacted adversely by a cost price squeeze Squeeze 1. In financial terms, a period of time when borrowing is difficult. 2. In general business terms, times when increasing costs cannot be passed onto consumers. The decrease in profits is said to be caused by a "squeeze" on profit margins. which appears to be easing. As has been our pattern, in 1997 we grew internally about twice as fast as the markets we serve. Internal growth was handsomely hand·some adj. hand·som·er, hand·som·est 1. Pleasing and dignified in form or appearance. See Synonyms at beautiful. 2. Generous or copious: a handsome reward. supplemented by three acquisitions: Ironco, Baron baron Title of nobility, ranking in modern times immediately below a viscount or a count (in countries without viscounts). The wife of a baron is a baroness. Originally, in the early Middle Ages, the term designated a tenant of whatever rank who held a tenure of barony Steel and Symons Sy·mons , Arthur 1865-1945. British poet and literary critic who translated many French symbolist works into English and wrote The Symbolist Movement in Literature (1899). Noun 1. Corporation. Symons, acquired for cash on September September: see month. 29, 1997, is by far the largest acquisition that we have ever made. In 1996, the year preceding the acquisition, Symons had sales which roughly equaled Dayton Superior's sales. It added our fourth business platform while strengthening our largest business - Concrete Accessories. During the three months of 1997 that we owned it, Symons increased our revenues by $27.0 million and added modestly to our profits and earnings per share after absorbing ab·sorb tr.v. ab·sorbed, ab·sorb·ing, ab·sorbs 1. To take (something) in through or as through pores or interstices. 2. To occupy the full attention, interest, or time of; engross. assimilation Assimilation The absorption of stock by the public from a new issue. Notes: Underwriters hope to sell all of a new issue to the public. See also: Issuer, Underwriting Assimilation and financing costs. The integration of the Symons operations into Dayton Superior is proceeding quite smoothly and we expect that Symons will be a meaningful contributor to our sales and earnings this year." John A. "Chic" Ciccarelli went on to say, "We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our 1998 business prospects. The outlook for the markets we serve is strong, our costs are well controlled and we will benefit from a full year's revenue contribution from Symons in 1998 versus only three months in 1997." Dayton Superior 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 of 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. The Company's products 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 Adj. 1. nonresidential - not residential; "the commercial or nonresidential areas of a town"; "community colleges are typically nonresidential" residential - used or designed for residence or limited to residences; "a residential hotel"; "a residential quarter"; "a building and infrastructure construction activity, which can be affected by factors outside Dayton Superior's control such as the general economy, governmental expenditures and changes in banking and tax laws; Dayton Superior's ability to successfully complete and integrate the acquisition of Symons Corporation on a timely basis; and the seasonality of the construction industry. 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 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. and Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. filed with the Securities and Exchange Commission. (tables follow) -0-
Dayton Superior Corporation
Summary Income Statement
(in thousands, except share and per share data)
For the fiscal quarter ending:
Dec. 31, 1997 Dec. 31, 1996
Results of Operations:
Concrete Products $26,720 $17,609
Paving Products 5,638 3,761
Forming Products 21,066 0
Masonry Products 5,577 5,954
Net Sales 59,001 27,324
Cost of Goods Sold 37,139 19,478
Gross Profit 21,862 7,846
Gross Margin 37.1% 28.7%
Selling, General & Administrative 17,416 6,250
29.5% 22.9%
Amortization of Intangibles 493 482
Operating Income 3,953 1,114
Operating Margin 6.7% 4.1%
Interest Expense 3,250 827
Other (Income) Expense (84) 42
Income Before Income Taxes 787 245
1.3% 0.9%
Provision for Income Taxes (338) (57)
Effective Tax Rate 42.9% 23.3%
Net Income $449 $188
Weighted Average Common Shares Outstanding
5,724,998 5,665,550
Weighted Average Common and
Common Equivalent Shares Outstanding 5,947,577 5,880,199
Net Income per Share, Basic $0.08 $0.03
Net Income per Share, Diluted $0.08 $0.03
Dayton Superior Corporation
Summary Income Statement
(in thousands, except share and per share data)
For the twelve months ending:
Dec. 31, 1997 Dec. 31, 1996
Results of Operations:
Concrete Products $92,251 $76,635
Paving Products 29,177 21,932
Forming Products 21,066 0
Masonry Products 24,918 25,919
Net Sales 167,412 124,486
Cost of Goods Sold 110,528 86,021
Gross Profit 56,884 38,465
Gross Margin 34.0% 30.9%
Selling, General & Administrative 37,277 23,637
22.3% 19.0%
Amortization of Intangibles 1,885 1,749
Operating Income 17,722 13,079
Operating Margin 10.6% 10.5%
Interest Expense 5,556 4,829
Other (Income) Expense (64) 96
Income Before Income Taxes and
Extraordinary Item 12,230 8,154
7.3% 6.6%
Provision for Income Taxes (5,277) (3,538)
Effective Tax Rate 43.1% 43.4%
Income Before Extraordinary Item 6,953 4,616
Extraordinary Item (1) 0 (2,314)
Net Income $6,953 $2,302
Weighted Average Common Shares Outstanding
5,703,601 4,547,526
Weighted Average Common and
Common Equivalent Shares Outstanding 5,933,244 4,925,464
Income per Share, Basic
Before Extraordinary Item $1.22 $1.02
Income per Share, Diluted
Before Extraordinary Item $1.17 $0.94
Net Income per Share, Basic $1.22 $0.51
Net Income per Share, Diluted $1.17 $0.47
Dayton Superior Corporation
Summary Balance Sheet
(in thousands)
As of As of
Dec. 31, 1997 Dec. 31, 1996
Summary Balance Sheet:
Cash $0 $203
Accounts Receivable 36,656 12,348
Inventories 32,873 14,155
Other Current Assets 4,823 2,736
Total Current Assets 74,352 29,442
Rental Equipment, Net 38,327 2,090
Property & Equipment, Net 41,352 18,698
Goodwill & Other Assets 70,533 57,605
Total Assets $224,564 $107,835
Accounts Payable $15,753 $7,701
Current Maturities 32 3,282
Other Current Liabilities 20,743 7,585
Current Liabilities 36,528 18,568
Long Term Debt 120,204 31,487
Other Liabilities 7,303 4,908
Shareholders' Equity 60,529 52,872
Total Liabilities & Equity $224,564 $107,835
(1) An extraordinary loss on the extinguishment of debt in June 1996
resulted from a prepayment premium on the Company's senior notes.
CONTACT: Dayton Superior Corporation John A. Ciccarelli, 937/866-0711, Ext. 400 Fax: 937/866-9448 |
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