Dayton Superior Reports First Quarter Results.Business Editors 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 , Ohio--(BUSINESS WIRE)--May 18, 2004 Dayton Superior Corporation reported today that sales for the first quarter of 2004 totaled $89.1 million, a 23.2% increase from 2003's first quarter sales of $72.3 million. Product sales were $75.3 million in the first quarter of 2004, an increase of 36.6% from the first quarter of 2003, the second straight quarter of significant growth. The increase in sales was due to an increase in volume driven by customers buying ahead of their needs in anticipation The performance of an act or obligation before it is legally due. In patent law, the publication of the existence of an invention that has already been patented or has a patent pending, of future price increases and market share growth. Product sales were also affected to a lesser degree by slight growth in our markets, an increase in the number of days in the quarter, and previously announced price increases. Rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. revenue increased $2.3 million for the first quarter of 2004, an increase of 32.3% from the first quarter of 2003. The contribution from the acquisition of Safway in July July: see month. , 2003 was partially offset by lower organic rental revenues. Used rental equipment sales decreased to $4.4 million in the first quarter of 2004 from $10.0 million in the first quarter of 2003. The decrease is due to the first quarter of 2003 benefiting from one large sale. Used rental equipment tends to be sporadic sporadic /spo·rad·ic/ (spo-rad´ic) occurring singly; widely scattered; not epidemic or endemic. spo·rad·ic or spo·rad·i·cal adj. 1. Occurring at irregular intervals. 2. and, therefore, difficult to predict in any one quarter. Gross profit on product sales for the first quarter of 2004 was $15.8 million, or 21.0% of sales, an increase from $11.7 million, or 21.2% of sales over the first quarter of 2003. The increase in gross profit dollars was primarily due to the increased 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 . Despite an increase in steel costs, gross profit as a percent of sales was virtually flat. This was due primarily to increased productivity and the impact of the sales price increases. Gross profit on rental for the first quarter of 2004 was $1.9 million, relatively flat with the first quarter of 2003, with increased depreciation expense on rental equipment offsetting increased rental revenues, both as a result of the acquisition of Safway. Gross profit on the sales of used rental equipment for the first quarter of 2004 was $2.9 million, or 65.3% of sales, compared to $7.2 million, or 71.8% of sales, in the first quarter of 2003. The decline in gross profit was due to lower used sales volume. The gross profit percent of sales, while down, remained within the historical range. Selling, general, and administrative expense increased to $22.7 million in the recent quarter from $19.4 million in the first quarter of 2003, but decreased from $23.5 million in the fourth quarter of 2003. The increase from the first quarter of 2003 is primarily due to the acquisition of Safway, and the increase in the number of days within the quarter. The decrease from the fourth quarter of 2003 is due to the Company continuing to closely control its spending. Interest expense increased to $11.9 million in the first quarter of 2004 from $8.1 million in the first quarter of 2003. This increase was primarily due to the higher interest rate from the new senior second secured notes and higher borrowings. The Company reported a net loss of $15.9 million in the first quarter of 2004, versus a net loss of $5.4 million in the first quarter of 2003. Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and R. Morrey, Dayton Superior's President and Chief Executive Officer said, "We are cautiously cau·tious adj. 1. Showing or practicing caution; careful. 2. Tentative or restrained; guarded: felt a cautious optimism that the offer would be accepted. optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the economic recovery evidenced by the double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. increase in product sales for the last two quarters. The decline in operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was primarily due to the decrease in gross profit on used rental equipment sales. Although difficult to predict, we expect used equipment sales to continue to be lower for the balance of 2004. This is somewhat by design since we generally receive a better return through rental revenues than through the sale of used rental equipment. However, there typically is a lag in the recovery of rental revenue. This mix, coupled with rising steel costs, will continue to exert pressure on our gross margin. We believe the productivity gains in manufacturing and the past and future price increases will offset the impact of rising costs, such as steel, freight The price or compensation paid for the transportation of goods by a carrier. Freight is also applied to the goods transported by such carriers. The liability of a carrier for freight damaged, lost, or destroyed during shipment is determined by contract, statute, or , insurance and medical benefits." The Company has scheduled a conference call at 11:00 a.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 , Wednesday Wednesday: see week. , May 19, 2004, to discuss the first quarter results. The conference call can be accessed by dialing 1-703-925-2400. A replay of the call will be available from 4:00 p.m. EDT on Wednesday, May 19, 2004 through 11:59 p.m. EDT on Saturday Saturday: see week; Sabbath. , May 29, 2004 by calling 1-888-266-2081 and entering reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. #468027. 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 a leading manufacturer 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 in terms of revenues. The company's products are used in two segments of the construction industry: infrastructure construction, such as highways, bridges, utilities, water and waste treatment facilities and airport runways, and non-residential building, such as schools, stadiums, prisons, retail sites, commercial offices, hotels and manufacturing facilities. The company sells most products under the registered trade names Dayton Superior(R), Dayton/Richmond(R), 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. (R), Aztec Aztec (ăz`tĕk'), Indian people dominating central Mexico at the time of the Spanish conquest. Their language belonged to the Nahuatlan subfamily of Uto-Aztecan languages. (R), BarLock(R), Conspec(R), Edoco(R), Dur-O-Wal(R) and American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Highway Technology(R). 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, interest rate increases, and changes in banking and tax laws; the amount of debt Dayton Superior must service; the effects of weather and the seasonality of the construction industry; Dayton Superior's ability to implement cost savings programs successfully and on a timely basis; Dayton Superior's ability to successfully integrate acquisitions on a timely basis; the mix of product sales, rental revenues, and sales of used rental equipment; and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. market response to price increases. 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. , Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. , current Reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , and Registration Statement on Form S-4 filed with the Securities and Exchange Commission. (tables follow)
Dayton Superior Corporation
Summary Income Statement, Unaudited
(in thousands)
For the fiscal
quarter ended:
April 2, March 28,
2004 2003
Product sales $75,291 $55,132
Rental revenue 9,429 7,126
Used rental equipment sales 4,397 10,048
--------- ---------
Net Sales 89,117 72,306
--------- ---------
Product cost of sales 59,458 43,454
Rental cost of sales 7,525 5,184
Used rental equipment cost of sales 1,527 2,834
--------- ---------
Cost of Sales 68,510 51,472
--------- ---------
Product gross profit 15,833 11,678
Rental gross profit 1,904 1,942
Used rental equipment gross profit 2,870 7,214
--------- ---------
Gross Profit 20,607 20,834
Product gross profit % 21.0% 21.2%
Rental gross profit % 20.2% 27.3%
Used rental equipment gross profit % 65.3% 71.8%
Gross Profit % 23.1% 28.8%
Selling, General & Administrative 22,666 19,395
Selling, General & Administrative % 25.4% 26.8%
Facility Closing and Severance Expenses 472 395
Loss on Disposals of Property, Plant, and Equipment 59 33
Amortization of Intangibles 248 129
--------- ---------
Operating Income (2,838) 882
Operating Income % (3.2%) 1.2%
Interest Expense 11,893 8,061
Loss on Early Extinguishment of Long-term Debt
842 -
Other Expense 295 8
--------- ---------
Loss Before Income Taxes (15,868) (7,187)
Pretax Margin (17.8%) (9.9%)
Benefit for Income Taxes - (1,797)
Effective Tax Rate - 25.0%
Net Loss $(15,868) $(5,390)
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Memo: Depreciation and Amortization of
Intangibles $7,108 $5,862
Dayton Superior Corporation
Summary Balance Sheet, Unaudited
(in thousands)
As of:
April 2, Dec. 31,
2004 2003
Summary Balance Sheet:
Cash $ 0 $ 1,995
Accounts Receivable, Net 74,075 64,849
Inventories 56,667 49,437
Other Current Assets 13,480 10,934
----------- ----------
Total Current Assets 144,222 127,215
Rental Equipment, Net 77,319 78,042
Property & Equipment, Net 61,272 62,238
Goodwill & Other Assets 124,528 125,889
----------- ----------
Total Assets $407,341 $393,384
=========== ==========
Current Portion of Long-Term Debt $ 2,657 $ 3,067
Accounts Payable 22,647 20,526
Other Current Liabilities 28,543 32,028
----------- ----------
Total Current Liabilities 53,847 55,621
Long-Term Debt 370,389 338,823
Other Long-Term Liabilities 6,038 6,207
Shareholders' Equity (Deficit) (22,933) (7,267)
----------- ----------
Total Liabilities &
Shareholders' Equity (Deficit) $407,341 $393,384
=========== ==========
Dayton Superior Corporation
Summary Cash Flow Statement, Unaudited
(in thousands)
For the quarter
ended:
April 2, March 28,
2004 2003
Net Loss $(15,868) $(5,390)
Non-Cash Adjustments to Net Loss 6,607 (1,092)
Changes in Assets and Liabilities (20,263) (2,871)
--------- ----------
Net Cash Used in Operating Activities (29,524) (9,353)
--------- ----------
Property, Plant and Equipment
Additions, Net (1,017) (2,511)
Rental Equipment Additions, Net 500 (2,360)
Acquisition (245) -
--------- ----------
Net Cash Used in
Investing Activities (762) (4,871)
--------- ----------
Issuance of Long-Term Debt, Net 30,288 16,049
Financing Costs Incurred (2,199) -
Repayment of Loans to Shareholders - 53
Issuance of Common Shares 12 -
--------- ----------
Net Cash Provided By Financing Activities 28,101 16,102
--------- ----------
Other, Net 190 198
Net Decrease in Cash $(1,995) $2,076
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