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 16, 2001 Dayton Superior today reported a 9.0% gain in sales for the first quarter of 2001. Sales totaled $83.4 million in the most recent quarter versus sales of $76.5 million reported in the year earlier period. Sales rose because of contributions from two recent acquisitions -- Conspec and 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. . Excluding these two acquisitions, sales declined by 2.9%, as less favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. weather conditions in the Company's markets year over year adversely impacted construction activity. Gross margin for the most recent quarter was 31.9% compared with 35.5% in the year earlier period. 270 basis points of the gross margin contraction contraction, in physics contraction, in physics: see expansion. contraction, in grammar contraction, in writing: see abbreviation. contraction - reduction is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the Company's decision to change the accounting lives of certain classes of 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. equipment from the 15 years previously used to the present 3 year life. The remaining 90 basis point decline in gross margins is tied to the weather-related declines in revenues. Selling, General and Administrative expenses, excluding goodwill amortization, totaled 30.7%, versus the 29.9% posted in the year earlier quarter. Dayton's This article is about the defunct chain of department stores. For the former parent company formed by the 1969 merger with Hudson's, see Target Corporation. Minneapolis-based Dayton's was among the nation's leading department stores for nearly a century. higher SG&A ratio is largely attributable to the weather-related declines in revenue. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
J. A. "Chic" Ciccarelli, Dayton Superior's Chairman, President and Chief Executive Officer said, "First quarter 2001 results show the weather-related impact of a "normal" first quarter on our markets versus the abnormally ab·nor·mal adj. Not typical, usual, or regular; not normal; deviant. [Alteration (influenced by ab-1) of obsolete anormal, from Medieval Latin warm winters which characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. the preceding three years and which resulted in unusually favorable first quarter conditions for our customers in prior periods. I am pleased by the response of our organization to these conditions. We limited the decline in gross margins -- excluding an accounting change -- to 90 basis points and our SG&A expenses were well controlled, particularly when considering the effects of the Aztec and Conspec acquisitions. We expect that our operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon will return to their historic pattern of achieving above industry organic growth as the year extends. However, we are closely monitoring field conditions and are prepared to further intensify in·ten·si·fy v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies v.tr. 1. To make intense or more intense: our cost control efforts if markets do not increase in line with present expectations. Our market position is strong, our recent acquisitions are performing in line with projections, and we are working to achieve synergies throughout our organization." 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 , May 17, 2001 to discuss the first quarter 2001 results. The conference call can be accessed by dialing 1-212-346-7476. A replay of the call will be available from 1:00 p.m. EDT on May 17, 2001 through 5:00 p.m. on May 24, 2001 by calling 1-800-633-8284 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. No. 18799471. Dayton Superior Corporation, with annual revenues of $368 million, 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 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), 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) 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 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; Dayton Superior's ability to successfully integrate acquisitions on a timely basis; the effects of weather and the seasonality of the construction industry; and the amount of debt we must service. 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. 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:
Mar. 30, 2001 Mar. 31, 2000
Net Sales 83,357 76,505
Cost of Sales 54,475 49,374
Gross Profit Before Non-Recurring
Depreciation Adjustment 28,882 49,374
Gross Margin Before Non-Recurring
Depreciation Adjustment 34.6% 35.5%
Non-Recurring Depreciation Adjustment 2,272 --
Gross Profit 26,610 27,131
Gross Margin 31.9% 35.5%
Selling, General & Administrative 25,623 22,907
Amortization of Intangibles 937 624
Total Selling, General & Administrative 26,560 23,531
31.8% 30.8%
Operating Income 50 3,600
Operating Margin 0.1% 4.7%
Interest Expense 8,785 2,728
Other Expense 10 19
Income (Loss) Before Income Taxes (8,745) 853
Pretax Margin (10.5%) 1.1%
Provision (Benefit) for Income Taxes (4,154) 380
Effective Tax Rate 47.5% 44.5%
Net Income (Loss) (4,591) 473
Dividend on Mandatorily Redeemable
Convertible Trust Preferred Securities,
Net of Income Tax Benefit -- 316
Net Income (Loss) Available to Common
Shareholders ($4,591) $157
Dayton Superior Corporation
Segment Data, Unaudited
(in thousands)
For the fiscal quarter ended:
Mar. 30, 2001 Mar. 31, 2000
Sales:
Concrete Accessories $49,647 $43,746
Concrete Forming Systems 26,259 28,261
Paving Products 10,264 7,954
Intercompany Eliminations (2,813) (3,456)
------- -------
Net Sales 83,357 76,505
EBITDA:
Concrete Accessories $6,472 $6,427
Concrete Forming Systems 2,871 3,770
Paving Products 602 225
Corporate (1,526) (1,450)
Intercompany Eliminations (1,360) (1,675)
------- -------
EBITDA $7,059 $7,297
EBITDA Margin 8.5% 9.5%
Dayton Superior Corporation
Supplementary Information, Unaudited
% Change
2001 vs. 2000
First Quarter
Results of Operations:
Concrete Accessories 13.5%
Concrete Forming Systems (7.1%)
Paving Products 29.0%
Net Sales 9.0%
Gross Profit before Non-Recurring
Depreciation Adjustment 6.5%
Gross Profit (1.9%)
Selling, General & Administrative 11.9%
Amortization of Intangibles 50.2%
Total Selling, General & Administrative 12.9%
Operating Income before Non-Recurring
Depreciation Adjustment (35.5%)
Operating Income (98.6%)
EBITDA (3.3%)
Dayton Superior Corporation
Summary Balance Sheet, Unaudited
(in thousands)
As of:
Mar. 30, 2001 Dec. 31, 2000 Mar. 31, 2000
Summary Balance Sheet:
Cash $ 2,036 $ 1,782 $ 2,188
Accounts Receivable, Net 60,909 55,786 53,090
Inventories 50,053 43,316 43,680
Other Current Assets 18,326 18,521 9,058
Total Current Assets 131,324 119,405 108,016
Rental Equipment, Net 64,534 64,453 60,309
Property & Equipment, Net 57,250 53,175 44,459
Goodwill & Other Assets 131,758 98,385 77,216
Total Assets $384,866 $335,418 $290,000
Current Maturities of
Long-Term Debt $ 6,942 $ 6,246 $ 5,032
Accounts Payable 27,066 25,497 23,085
Other Current Liabilities 31,054 26,794 19,479
Total Current Liabilities 65,062 58,537 47,596
Long-Term Debt 275,851 239,679 113,581
Other Long-Term Liabilities 27,382 24,006 20,321
Mandatorily Redeemable
Convertible Trust
Preferred Securities -- -- 19,558
Shareholders' Equity 16,571 13,196 88,944
Total Liabilities &
Shareholders' Equity $384,866 $335,418 $290,000
Dayton Superior Corporation
Summary Cash Flow Statement, Unaudited
(in thousands)
For the fiscal quarter ended:
Mar. 30, 2001 Mar. 31, 2000
Net Income (Loss) ($4,591) $473
Non-Cash Adjustments to Net Income 5,141 1,399
Changes in Assets and Liabilities, Net
of the Effects of Acquisitions (8,108) (12,503)
Net Cash Used in Operating Activities (7,558) (10,631)
Property, Plant and Equipment
Additions, Net (1,833) (2,207)
Rental Equipment Additions, Net (2,342) (1,519)
Acquisitions (29,806) (1,147)
Net Cash Used in Investing Activities (33,981) (4,873)
Financing 41,908 13,131
Other, Net (115) 8
Net Increase (Decrease) in Cash $254 ($2,365)
EBITDA $7,059 $7,297
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