Dayton Superior Reports Improved 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)--April 27, 2000 Dayton Superior (NYSE NYSE See: New York Stock Exchange :DSD (Direct Stream Digital) See SACD. ) today reported a 12% sales gain for the first quarter of 2000, accompanied ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. by a 55% increase in operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. , compared to the same period in 1999. Sales totaled $76.5 million in the most recent quarter versus sales of $68.2 million reported in the year earlier quarter. Operating profits during the first quarter, which is the Company's seasonally slowest quarter, rose to $3.6 million from first quarter 1999 operating profits of $2.3 million. After interest expense and the impact of taxes, the Company earned a first quarter profit of $0.2 million, or $0.03 per basic and 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, compared to a deficit of ($0.4 million) or ($0.06) per basic and diluted share in the first quarter of 1999. Gross margins for the most recent quarter moved up to 36.5% from 35.6% the prior year while SG&A expenses were trimmed to 31.8% of sales compared to 32.2% in 1999. As a result, operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: were up strongly, with the recent quarter's 4.7% operating margin comparing with the year earlier operating margin of 3.4%, while pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern margins were 1.1% during the recent quarter versus (0.9%) in the year earlier quarter. J. A. "Chic" Ciccarelli, Dayton Superior's President and Chief Executive Officer said, "The Company is off to a strong start in 2000 as we continue to build on our record performance of the last several years. Our sales advanced by 12% for the quarter and we earned a profit in the historically seasonally slow first quarter compared to a loss for the year earlier quarter. Revenues benefited from a combination of factors including a good business environment, favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. weather conditions, continued market share gains and initial contributions from recently acquired companies. Our gross margins improved nicely while SG&A expenses improved as a percent of sales. The Company continues to grow as we maintain our emphasis on running the business, cutting costs and maximizing max·i·mize tr.v. max·i·mized, max·i·miz·ing, max·i·miz·es 1. To increase or make as great as possible: synergies." Mr. 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 2000 business prospects and the outlook for the markets we serve is strong." On January January: see month. 19, 2000, Dayton Superior entered into a merger agreement providing for the recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. of the company by Stone Acquisition Corp., a wholly-owned subsidiary of Odyssey Odyssey (ŏd`ĭsē): see Homer. Odyssey Homer’s long, narrative poem centered on Odysseus. [Gk. Lit.: Odyssey] See : Epic Odyssey Investment Partners Fund, L.P., a New York-based private equity investment fund, pursuant to which Dayton Superior's shareholders will receive $27.00 in cash for each common share held by them. The merger is conditioned on approval by Dayton Superior's shareholders, receipt of financing, government regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals and other customary conditions. The Company has obtained clearance CLEARANCE, com. law. The name of a certificate given by the collector of a port, in which is stated the master or commander (naming him) of a ship or vessel named and described, bound for a port, named, and having on board goods described, has entered and cleared his ship or vessel from the Federal Trade Commission and the U. S. Department of Justice to proceed to closing. Dayton Superior Corporation, with annual revenues of $322 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 and changes in banking and tax laws; Dayton Superior's ability to successfully integrate acquisitions 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.
Dayton Superior Corporation
Summary Income Statement, Unaudited
(in thousands, except share and per share data)
For the fiscal quarter ended:
Mar. 31, 2000 Apr. 2, 1999
Results of Operations:
Concrete Accessories $36,169 $31,741
Concrete Forming Systems 28,493 26,108
Paving Products 7,954 6,770
Masonry Products 7,843 5,966
Intercompany Eliminations (3,954) (2,389)
Net Sales 76,505 68,196
Cost of Sales 48,544 43,898
Gross Profit 27,961 24,298
Gross Margin 36.5% 35.6%
Selling, General & Administrative 23,737 21,322
Amortization of Intangibles 624 647
Total Selling, General &
Administrative 24,361 21,969
31.8% 32.2%
Operating Income 3,600 2,329
Operating Margin 4.7% 3.4%
Interest Expense 2,728 2,975
Other Expense 19 --
Income Before Income Taxes 853 (646)
Pretax Margin 1.1% (0.9%)
Provision (Benefit) for Income Taxes 380 (291)
Effective Tax Rate 44.5% 45.0%
Net Income (Loss) 473 (355)
Dividend on Mandatorily Redeemable
Convertible Trust Preferred Securities,
Net of Income Tax Benefit 316 --
Net Income (Loss) Available to Common
Shareholders $157 ($355)
Basic Weighted Average Common
Shares Outstanding 5,945,093 5,947,516
Basic Net Income per Share $0.03 ($0.06)
Diluted Weighted Average Common and
Common Equivalent Shares Outstanding 6,189,874 5,947,516
Diluted Net Income per Share $0.03 ($0.06)
Dayton Superior Corporation
Supplementary Information, Unaudited
% Change 2000 vs. 1999:
First Quarter
Results of Operations:
Concrete Accessories 14.0%
Concrete Forming Systems 9.1%
Paving Products 17.5%
Masonry Products 31.5%
Net Sales 12.2%
Cost of Sales 10.6%
Gross Profit 15.1%
Selling, General & Administrative 11.3%
Amortization of Intangibles (3.6%)
Total Selling, General & Administrative 10.9%
Operating Income 54.6%
Interest Expense (8.3%)
Income Before Income Taxes NM
Net Income NM
Net Income Available to Common
Shareholders NM
Basic Net Income per Share NM
Diluted Net Income per Share NM
NM = Not Meaningful
Dayton Superior Corporation
Summary Balance Sheet, Unaudited
(in thousands)
As of:
Mar. 31, 2000 Dec. 31, 1999 Apr. 2, 1999
Summary Balance Sheet:
Cash $2,188 $4,553 $0
Accounts Receivable, Net 53,090 45,085 48,792
Inventories 43,680 39,340 38,361
Other Current Assets 9,058 10,587 7,600
Total Current Assets 108,016 99,565 94,753
Rental Equipment, Net 60,309 58,748 56,593
Property & Equipment, Net 44,459 43,910 42,147
Goodwill & Other Assets 77,216 76,456 73,802
Total Assets $290,000 $278,679 $267,295
Current Maturities of
Long-Term Debt $5,032 $5,032 $5,032
Accounts Payable 25,483 22,802 23,485
Other Current Liabilities 17,081 21,262 18,224
Total Current Liabilities 47,596 49,096 46,741
Long-Term Debt 113,581 100,141 128,735
Other Long-Term
Liabilities 20,321 21,114 17,689
Mandatorily Redeemable
Convertible Trust Preferred
Securities 19,558 19,556 --
Shareholders' Equity 88,944 88,772 74,130
Total Liabilities &
Shareholders' Equity $290,000 $278,679 $267,295
Dayton Superior Corporation
Summary Cash Flow Statement, Unaudited
(in thousands)
For the quarter ended:
Mar. 31, 2000 Apr. 2, 1999
Net Income $473 ($355)
Non-Cash Adjustments to
Net Income 1,399 1,356
Changes in Assets and
Liabilities, Net
of the Effects of Acquisitions (12,503) (7,076)
Net Cash Provided by
Operating Activities (10,631) (6,075)
Property, Plant and Equipment
Additions, Net (2,207) (1,375)
Rental Equipment Additions, Net (1,519) (3,041)
Acquisitions (1,467) (5,528)
Other Investing Activities 320 --
Net Cash Used in Investing
Activities (4,873) (9,944)
Dividend on Mandatorily Redeemable
Convertible Trust Preferred
Securities (316) --
Issuance of Long-Term Debt, Net 13,440 15,562
Other, Net 15 (103)
Net Decrease in Cash ($2,365) ($560)
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