Dayton Superior Reports Management Changes and Fourth Quarter and Full Year Results.DAYTON, Ohio Dayton is a city in southwestern Ohio, United States. It is the county seat and largest city of Montgomery County. As of the 2005 census estimate, the population of Dayton was 158,873. -- 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 Corporation reported today that sales for the fourth quarter of 2004 totaled $99.8 million, virtually flat with the fourth quarter 2003 sales of $100.0 million. Product sales were $74.9 million for the fourth quarter of 2004, flat with the fourth quarter of 2003. Increases in sales from previously announced price increases were offset by a decrease in volume. 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 of $11.4 million and used rental equipment sales of $13.4 million were also virtually flat with the fourth quarter of 2003. Gross profit on product sales for the fourth quarter of 2004 was $14.7 million, or 19.6% of sales, a decrease from the $15.4 million, or 20.6% of sales, in the fourth quarter of 2003. The decrease in gross profit was a result of volume decline in product sales, which negatively impacted manufacturing leverage. Sales price increases more than offset increased material costs, which were primarily driven by steel prices. Rental gross profit decreased $2.8 million from the fourth quarter of 2003. Increases in rental cost of sales resulted from higher rental fleet depreciation expense due to a higher mix of equipment with shorter depreciable depreciable Of, relating to, or being a long-term tangible asset that is subject to depreciation. lives. Gross profit on the sale of used rental equipment for the fourth quarter of 2004 was $9.0 million, or 66.9% of sales, compared to $8.5 million, or 63.1% of sales, for the fourth quarter of 2003. Selling, general, and administrative expenses were $23.4 million in Q4, a slight decrease from $23.5 million for the fourth quarter of 2003. Interest expense for the fourth quarter of 2004 was virtually flat with the fourth quarter of 2003. Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta loss was $(11.6) million in the fourth quarter of 2004, versus $(9.3) million in the fourth quarter of 2003. The Company reported a net loss of $(28.0) million for the fourth quarter of 2004, versus a net loss of $(4.9) million for the fourth quarter of 2003. In the fourth quarter of 2004, non-cash income tax expense of $16.4 million was recorded in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with FAS 109, as we reserved for the income tax benefit of prior years' net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. until realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. is reasonably assured. Upon realization, this would reduce future income tax expense and payments. A portion of such benefit, $4.4 million, was recorded in the fourth quarter of 2003. Sales for the year ended December December: see month. 31, 2004 totaled $418.6 million, a 10.3% increase from the prior year's sales of $379.5 million. Product sales, benefiting from price increases, were $348.0 million in 2004, an increase of 14.5% from 2003. Rental revenue increased to $42.2 million in 2004, an increase of 18.5% from 2003. The increase was primarily due to the acquisition of Safway in July July: see month. 2003. Used rental equipment sales decreased to $28.4 million in 2004 from $39.7 million in 2003. Sales of used rental equipment tend 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, inconsistent Reciprocally contradictory or repugnant. Things are said to be inconsistent when they are contrary to each other to the extent that one implies the negation of the other. from period to period. Gross profit on product sales for the year ended December 31, 2004 was $82.8 million, or 23.8% of sales, an increase of $15.6 million over 2003's gross profit of $67.2 million, or 22.1% of sales. Despite the increase in material costs, primarily steel, gross profit as a percent of sales improved as a result of productivity gains from lean manufacturing Lean manufacturing is the production of goods using less of everything compared to mass production: less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product. and price increases. Rental gross profit for 2004 was $7.0 million, a decrease of $0.6 million from 2003. The increase in rental cost of sales was due to higher depreciation expense and higher 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 costs, both as a result of the acquisition of Safway. Gross profit on the sales of used rental equipment in 2004 was $18.0 million, or 63.4% of sales, compared to $27.0 million, or 67.8% of sales in 2003. Selling, general, and administrative expenses increased to $89.7 million for the year ended December 31, 2004 from $84.6 million in 2003. The increase was entirely due to the acquisition of Safway. Without Safway, selling, general, and administrative expenses would have declined. Interest expense increased to $47.0 million in 2004 from $40.0 million in 2003. This increase was primarily due to the higher interest rate from the senior second secured notes issued in June June: see month. 2003, and higher borrowings. Pre-tax loss was $(31.9) million for 2004 as compared to $(27.8) million for 2003. This resulted in a net loss of $(48.4) million for the year ended December 31, 2004, versus a net loss of $(17.1) million for 2003. In the fourth quarter of 2004, non-cash income tax expense of $16.4 million was recorded in accordance with FAS 109, to reserve for the income tax benefit of prior years' net operating loss carryforwards until realization is reasonably assured. Upon realization, this would reduce future income tax expense and payments. The majority of such income tax benefit, $10.7 million, was recorded in 2003. Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide J. Puisis, Dayton Superior's Vice President and Chief Financial Officer said, "We are pleased with our 2004 results, which saw gross profit on product sales increase $15.6 million in the face of flat unit volume, as price and productivity gains continued to outpace out·pace tr.v. out·paced, out·pac·ing, out·pac·es To surpass or outdo (another), as in speed, growth, or performance. outpace Verb [-pacing, cost increases. This represents an improvement in the quality of earnings for our core business, product sales, as opposed op·pose v. op·posed, op·pos·ing, op·pos·es v.tr. 1. To be in contention or conflict with: oppose the enemy force. 2. to used rental equipment sales which declined significantly from 2003 and was a focus of management this past year. By retaining more of our rental equipment, we believe we are positioned to take advantage of an expected recovery in rental revenues as our end markets improve." Separately, the Company today also announced that the Board of Directors has appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. Chairman J. A. "Chic" Ciccarelli as President and Chief Executive Officer on an interim basis effective immediately. Mr. Ciccarelli replaces President and Chief Executive Officer, 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, who has left the Company. Mr. Ciccarelli will also continue as Chairman of the Board of Directors, a position he has held since 2000. The Board will begin a search for a new CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. immediately. Mr. Ciccarelli led the management team in the leveraged buyout leveraged buyout, the takeover of a company, financed by borrowed funds. Often, the target company's assets are used as security for the loans acquired to finance the purchase. of Dayton Superior Corp. in 2000 and served as the company's Chief Executive Officer until 2002. Mr. Ciccarelli said, "We thank Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. for his contributions to Dayton, especially for beginning to lead the successful transformation of our supply chain that has led to improved operating performance." The Company has scheduled a conference call at 11:00 a.m. ET; Wednesday Wednesday: see week. , March 9, 2005 to discuss the fourth quarter and full year results. The conference call can be accessed by dialing 1-866-259-7123. A replay of the call will be available from 4:00 p.m. ET on Wednesday, March 9, 2005 through 11:59 p.m. ET, on Wednesday, March 16, 2005, 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. 657477. 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:
December 31, December 31,
2004 2003
Product sales $74,935 $74,854
Rental revenue 11,439 11,612
Used rental equipment sales 13,394 13,534
-------------- --------------
Net Sales 99,768 100,000
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Product cost of sales 60,280 59,460
Rental cost of sales 11,423 8,856
Used rental equipment cost of sales 4,432 4,994
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Cost of Sales 76,135 73,310
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Product gross profit 14,655 15,394
Rental gross profit 16 2,756
Used rental equipment gross profit 8,962 8,540
-------------- --------------
Gross Profit 23,633 26,690
Product gross profit % 19.6% 20.6%
Rental gross profit % 0.1% 23.7%
Used rental equipment gross profit % 66.9% 63.1%
Gross Profit % 23.7% 26.7%
Selling, General & Administrative 23,441 23,509
Selling, General & Administrative % 23.5% 23.5%
Facility Closing and Severance Expenses 643 1,051
(Gain) loss on Disposals of Property,
Plant, and Equipment 138 (799)
Amortization of Intangibles 132 501
-------------- --------------
Operating Income (Loss) (721) 2,428
Operating Income % (0.7)% 2.4 %
Interest Expense 11,481 11,698
Interest Income (517) (15)
Loss on Early Extinguishment of Long-term
Debt - -
Other (Income) Expense (134) 16
-------------- --------------
Loss Before Income Taxes (11,551) (9,271)
Pretax Margin (11.6)% (9.3)%
Provision (Benefit) for Income Taxes 16,427 (4,406)
-------------- --------------
Net Loss $(27,978) $(4,865)
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Depreciation and Amortization $9,792 $8,325
Dayton Superior Corporation
Summary Income Statement, Unaudited
(in thousands)
For the fiscal twelve months
ended:
December 31, December 31,
2004 2003
Product sales $348,036 $304,101
Rental revenue 42,231 35,633
Used rental equipment sales 28,372 39,724
-------------- --------------
Net Sales 418,639 379,458
-------------- --------------
Product cost of sales 265,228 236,877
Rental cost of sales 35,275 28,009
Used rental equipment cost of sales 10,388 12,791
-------------- --------------
Cost of Sales 310,891 277,677
-------------- --------------
Product gross profit 82,808 67,224
Rental gross profit 6,956 7,624
Used rental equipment gross profit 17,984 26,933
-------------- --------------
Gross Profit 107,748 101,781
Product gross profit % 23.8% 22.1%
Rental gross profit % 16.5% 21.4%
Used rental equipment gross profit % 63.4% 67.8%
Gross Profit % 25.7% 26.8%
Selling, General & Administrative 89,735 84,545
Selling, General & Administrative % 21.4% 22.3%
Facility Closing and Severance Expenses 2,036 2,294
Gain on Disposals of Property, Plant, and
Equipment (248) (636)
Amortization of Intangibles 989 944
-------------- --------------
Operating Income 15,236 14,634
Operating Income % 3.6% 3.9%
Interest Expense 47,030 40,008
Interest Income (559) (53)
Loss on Early Extinguishment of Long-term
Debt 842 2,480
Other Expense (134) 20
-------------- --------------
Loss Before Income Taxes (31,943) (27,821)
Pretax Margin (7.6)% (7.3)%
Provision (Benefit) for Income Taxes 16,427 (10,713)
-------------- --------------
Net Loss $(48,370) $(17,108)
============== ==============
Depreciation and Amortization $31,018 $26,878
Dayton Superior Corporation
Summary Balance Sheet, Unaudited
(in thousands)
As of:
December 31, December 31,
2004 2003
Summary Balance Sheet:
Cash $4,504 $1,995
Accounts Receivable, Net 68,031 64,849
Inventories 59,389 49,437
Other Current Assets 14,222 10,934
-------------- --------------
Total Current Assets 146,146 127,215
Rental Equipment, Net 69,662 78,042
Property & Equipment, Net 59,458 62,238
Goodwill & Other Assets 118,872 125,889
-------------- --------------
Total Assets $394,138 $393,384
============== ==============
Current Portion of Long-Term Debt $2,455 $3,067
Accounts Payable 21,086 20,526
Other Current Liabilities 27,322 32,028
-------------- --------------
Total Current Liabilities 50,863 55,621
Long-Term Debt 375,189 338,823
Other Long-Term Liabilities 23,616 6,207
Shareholders' Deficit (55,530) (7,267)
-------------- --------------
Total Liabilities &
Shareholders' Deficit $394,138 $393,384
============== ==============
Dayton Superior Corporation
Summary Cash Flow Statement, Unaudited
(in thousands)
For the twelve months ended:
December 31, December 31,
2004 2003
Net Loss $(48,370) $(17,107)
Non-Cash Adjustments to Net Loss 36,092 (5,275)
Changes in Assets and Liabilities (16,280) (10,106)
-------------- --------------
Net Cash Used in Operating Activities (28,558) (32,488)
-------------- --------------
Property, Plant and Equipment
Additions, Net (4,586) (6,935)
Rental Equipment Additions, Net 6,273 12,152
Acquisition (245) (13,668)
-------------- --------------
Net Cash Provided by (Used in) Investing
Activities 1,442 (8,451)
-------------- --------------
Issuance of Long-Term Debt, Net 31,954 28,569
Financing Costs Incurred (2,557) (1,860)
Changes in Loans to Shareholders (38) 149
Issuance of Common Shares 73 13,059
-------------- --------------
Net Cash Provided By Financing
Activities 29,432 39,917
-------------- --------------
Other, Net 193 613
-------------- --------------
Net Increase (decrease) in Cash $2,509 $(409)
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