Dayton Superior Reports Fourth Quarter and Full Year 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)--Feb. 21, 2001 Dayton Superior today reported record sales for calendar year 2000 and the fourth quarter of the year. Sales for all of 2000 were a record $367.8 million, 14.2% higher than 1999 sales of $322.2 million. The solid increase in sales reflects strong internal growth and contributions from recent acquisitions. Gross margin for all of 2000 was 38.7% compared to 38.6% in 1999 while SG&A expenses, including amortization and facility closing reserve, increased as a percent of 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 to 27.7% from 26.6% in 1999. As a result, operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: decreased by 1.0%, with the 2000 operating margin at 11.0% compared with the year earlier operating margin of 12.0%. Without the facility closing reserve in 2000 and the non-recurring pension gain in 1999, operating margins were flat at 11.7%. For the year, 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.
Sales in the fourth quarter of 2000 were $85.6 million, an increase of 19.6% over sales of $71.6 million in the fourth quarter of 1999. As was the case for the year, the Company benefited from strong internal growth as well as contributions from recent acquisitions. Gross margin for the most recent quarter was 38.6% compared to 40.4% for the same period in 1999 while SG&A expenses, including amortization and facility closing reserve, were up slightly as a percent of net sales to 31.3% from 30.9% the previous year. Dayton Superior's operating margins were 7.3% for the recent quarter, compared with the year earlier operating margin of 9.5%. Without the facility closing reserve in 2000, operating margins were 8.5%. For the recent quarter, EBITDA rose by 7.2% to $11.3 million from the year earlier fourth quarter EBITDA level of $10.5 million. J. A. "Chic" Ciccarelli, Dayton Superior's President and Chief Executive Officer said, "The Company turned in another strong overall performance for 2000 as we continued to build on our outstanding performance over the last several years. Revenues benefited from a combination of factors including a decent business environment, continued strong internal growth and initial contributions of recently acquired companies. Our EBITDA hit yet another record level -- $58.0 million. While business in the fourth quarter was impacted by a combination of adverse weather and modest softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. in product demand, we were still able to turn in a solid performance, with sales up 19.6% while EBITDA advanced by 7.2% for the quarter. We are watching our markets and operations carefully and will respond to any market softness appropriately. I am truly proud of our employees, the results were solid and I applaud their efforts." The Company has scheduled a conference call at 11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy , February February: see month. 22, 2001, to discuss the 2000 results and the view of 2001. The conference call can be accessed by dialing 1-212-676-5393. A replay of the call will be available from 1:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. on February 22, 2001 through 5:00 p.m. on March 1, 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. 17882735. 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. "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 integrate acquisitions on a timely basis; the seasonality of the construction industry; and the amount of debt Dayton Superior 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 Registration Statement on Form S-4, 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)
Dayton Superior Corporation
Summary Income Statement, Unaudited
(in thousands)
For the fiscal quarter ended:
Dec. 31, 2000 Dec. 31, 1999
Results of Operations:
Concrete Accessories $38,885 $33,032
Concrete Forming Systems 34,506 30,303
Paving Products 8,015 6,104
Masonry Products 7,104 7,749
Intercompany Eliminations (2,887) (5,579)
Net Sales 85,623 71,609
Cost of Sales 52,557 42,674
Gross Profit 33,066 28,935
Gross Margin 38.6% 40.4%
Selling, General &
Administrative 25,108 21,489
Facility Closing Reserve 990 --
Amortization of Intangibles 716 608
Total Selling, General &
Administrative 26,814 22,097
31.3% 30.9%
Operating Income 6,252 6,838
Operating Margin 7.3% 9.5%
Interest Expense 7,987 2,716
Other Expense 34 53
Income (Loss) Before Income
Taxes (1,769) 4,069
Pretax Margin (2.1%) 5.7%
Provision (Benefit) for Income
Taxes (1,075) 1,831
Effective Tax Rate 60.8% 45.0%
Net Income (Loss) (694) 2,238
Dividend on Mandatorily Redeemable
Convertible Trust Preferred
Securities, Net of Income
Tax Benefit -- 320
Net Income (Loss) Available to
Common Shareholders ($694) $1,918
EBITDA $11,269 $10,514
EBITDA Margin 13.2% 14.7%
Dayton Superior Corporation
Summary Income Statement, Unaudited
(in thousands)
For the year ended:
Dec. 31, 2000 Dec. 31, 1999
Results of Operations:
Concrete Accessories $169,039 $144,722
Concrete Forming Systems 136,688 122,720
Paving Products 42,985 36,695
Masonry Products 33,854 28,265
Intercompany Eliminations (14,721) (10,232)
Net Sales 367,845 322,170
Cost of Sales 225,349 197,790
Gross Profit 142,496 124,380
Gross Margin 38.7% 38.6%
Selling, General & Administrative 97,115 83,474
Facility Closing Reserve 2,517 --
Amortization of Intangibles 2,508 2,369
Total Selling, General &
Administrative 102,140 85,843
27.7% 26.6%
Operating Income 40,356 38,537
Operating Margin 11.0% 12.0%
Interest Expense 22,574 11,661
Other Expense 15,634 230
Income Before Income Taxes 2,148 26,646
Pretax Margin 0.6% 8.3%
Provision for Income Taxes 1,471 11,991
Effective Tax Rate 68.5% 45.0%
Income Before Extraordinary Item 677 14,655
Extraordinary Loss,
Net of Income Tax Benefit (4,812) --
Dividend on Mandatorily Redeemable
Convertible Trust Preferred Securities,
Net of Income Tax Benefit 583 320
Net Income (Loss) Available to Common
Shareholders ($4,718) $14,335
EBITDA $57,993 $52,623
EBITDA Margin 15.8% 16.3%
Dayton Superior Corporation
Supplementary Information, Unaudited
% Change 2000 vs. 1999
Fourth Quarter Full Year
Results of Operations:
Concrete Accessories 17.7% 16.8%
Concrete Forming Systems 13.9% 11.4%
Paving Products 31.3% 17.1%
Masonry Products (8.3%) 19.8%
Net Sales 19.6% 14.2%
Gross Profit 14.3% 14.6%
Selling, General & Administrative 16.8% 16.3%
Facility Closing Reserve -- --
Amortization of Intangibles 17.8% 5.9%
Total Selling, General &
Administrative 21.3% 19.0%
Operating Income (8.6%) 4.7%
Interest Expense 194.1% 93.6%
Income Before Income Taxes (143.5%) (91.9%)
Income Before Extraordinary Item (131.0%) (95.4%)
Net Income Available to Common
Shareholders (136.2%) (132.9%)
EBITDA 7.2% 10.2%
Dayton Superior Corporation
Summary Balance Sheet, Unaudited
(in thousands)
As of:
Dec. 31, 2000 Dec. 31, 1999
Summary Balance Sheet:
Cash $1,782 $4,553
Accounts Receivable, Net 55,786 45,085
Inventories 43,316 39,340
Other Current Assets 18,521 10,587
Total Current Assets 119,405 99,565
Rental Equipment, Net 64,453 58,748
Property & Equipment, Net 53,175 43,910
Goodwill & Other Assets 98,385 76,456
Total Assets $335,418 $278,679
Current Maturities of
Long-Term Debt $6,214 $5,032
Accounts Payable 27,189 22,802
Other Current Liabilities 25,102 21,262
Total Current Liabilities 58,505 49,096
Long-Term Debt 239,711 100,141
Other Long-Term Liabilities 24,006 21,114
Mandatorily Redeemable
Convertible Trust Preferred
Securities -- 19,556
Shareholders' Equity 13,196 88,772
Total Liabilities &
Shareholders' Equity $335,418 $278,679
Dayton Superior Corporation
Summary Cash Flow Statement, Unaudited
(in thousands)
For the year ended:
Dec. 31, 2000 Dec. 31, 1999
Net Income (Loss) ($4,136) $14,655
Non-Cash Adjustments to Net
Income 10,460 11,831
Changes in Assets and Liabilities,
Net of the Effects of
Acquisitions (8,463) (2,918)
Net Cash Provided by
Operating Activities (2,139) 23,568
Property, Plant and Equipment
Additions, Net (11,483) (7,469)
Rental Equipment Additions, Net (801) (4,052)
Acquisitions (22,906) (14,054)
Net Cash Used in Investing
Activities (35,190) (25,575)
Financing 35,227 6,550
Other, Net (669) (550)
Net Increase (Decrease) in Cash ($2,771) $3,993
EBITDA $57,993 $52,623
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