Dayton Superior Reports Second Quarter 2006 Net Income.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 is pleased to report its second quarter net income of $1 million, a significant improvement over 2005 and its first quarterly net income since 2002. Second quarter 2006 sales totaled a record $130 million, up 11% over the second quarter of 2005. Product sales were $109 million, an increase of 7% from the second quarter of 2005. Unit volume was higher due to improving markets. 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 $15 million increased 24% from $12 million in the second quarter of 2005 - the result of an improving rental market. Used rental equipment sales were up $2 million over the second quarter of 2005 due to customer demand. Used rental equipment sales may vary significantly from quarter to quarter. Gross profit was $39 million in the second quarter of 2006 as compared to $29 million in the same period of 2005. Product sales contributed $29 million, or 26% of sales, an increase from the $24 million, or 24% of sales, in the second quarter of 2005. The $5 million increase was due to higher product sales. The improvement in gross profit as a percent of sales was due to lower costs from manufacturing efficiencies, which were assisted by higher product outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. . Rental gross profit for the second quarter of 2006 was $6 million, as compared to $3 million in the second quarter of 2005. Depreciation on rental equipment for the second quarter of 2006 was $5 million, as compared to $6 million in the same period of 2005. The difference was primarily due to a change in the estimated useful lives of certain rental equipment effective January January: see month. 1, 2006. Rental gross profit before depreciation was $11 million in the quarter, or 72% of revenue, a 30% increase from the $8 million, or 69% of revenue reported last year. The increase in rental gross profit before depreciation resulted from increased rental revenue and higher utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be compared to 2005. Gross profit on sales of used rental equipment for the second quarter of 2006 was better than in the second quarter of 2005 and fluctuates based on the age and type of equipment sold. Selling, general, and administrative expenses increased to $25 million in the recent quarter from $23 million for the second quarter of 2005. The increase was due to increased distribution costs distribution costs distribute npl → Vertriebskosten pl , consulting fees for profit improvement initiatives, retirement account costs, sales incentive Noun 1. sales incentive - remuneration offered to a salesperson for exceeding some predetermined sales goal bonus, incentive - an additional payment (or other remuneration) to employees as a means of increasing output costs, and healthcare costs. Interest expense was flat at $12 million for the second quarters of both 2006 and 2005. The Company reported a net income of $1 million for the second quarter of 2006, which was a significant improvement from the net loss of $(6) million for the second quarter of 2005. Sales for the first half of 2006 were $232 million, up $28 million, or 14%, from the same period of 2005. Product sales were $193 million, an increase of $20 million, or 11%, from 2005. Unit volume was higher due to improving markets and milder weather. Rental revenue of $28 million for the first half of 2006 increased 27% from $22 million in 2005 due to an improving rental market. Used rental equipment sales increased to $11 million for the first half of 2006 from $8 million in 2005 due to customer demand. Used rental equipment sales may vary significantly from quarter to quarter. Gross profit for the first half of 2006 was $65 million, or 28% of sales, an increase from $50 million, or 24% of sales, in 2005. Product sales contributed $46 million, or 24% of sales, an increase from the $40 million, or 23% of sales, in 2005. The $6 million increase was due to higher product sales. The improvement in gross profit as a percent of sales was due to lower costs from manufacturing efficiencies, which were assisted by higher product outsourcing. Rental gross profit for the first half of 2006 was $11 million, as compared to $4 million in the first half of 2005. Depreciation on rental equipment for the first half of 2006 was $9 million, as compared to $11 million in the same period of 2005. The difference was primarily due to a change in the estimated useful lives of certain rental equipment. Rental gross profit before depreciation was $20 million in the first half, or 71% of revenue, a 34% increase from the $15 million, or 68% of revenue reported last year. The increase in rental gross profit before depreciation resulted from increased rental revenue and higher utilization compared to 2005. Gross profit on sales of used rental equipment for the first half 2006 was better than 2005 and fluctuates based on the age and type of equipment sold. Selling, general, and administrative expenses increased to $49 million for the first half of 2006 from $46 million in 2005. The increase was due to increased distribution costs, consulting fees for profit improvement initiatives, retirement account costs, sales incentive costs, and healthcare costs. These costs exceeded the non-recurring severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when cost of $1 million recorded in the first half of 2005. Interest expense was virtually flat at $25 million for first half of 2006. The Company reported a net loss of $(8) million for the first half of 2006, compared to a net loss of $(20) million in the first half of 2005. Eric ERIC Educational Research Information Clearinghouse ERIC Educational Resources Information Center ERIC ERISA Industry Committee ERIC Epidemiologic Research and Information Center (Durham, NC) R. Zimmerman Zimmerman may refer to: People
In mathematics, the resultant of two monic polynomials achievement of our financial targets. We are also very aware that our markets were friendly in the first half. The non-residential markets are improving, as the latest F. W. Dodge and Portland Cement portland cement Binding agent of present-day concrete. It is a finely ground powder made by burning and grinding a limestone mixed with clay or shale. Its inventor, Joseph Aspdin (1799–1855), patented the process in 1824, naming the material for its resemblance to the Association reports confirm, and we believe we are well positioned to actively participate in this improving trend. Our first half results support this view. We believe we will continue to see improvements in these end markets through the heart of the 2006 construction season and into 2007. As we look to the second half, we will continue to focus on those activities that will continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. improve our customer service, our cost structure, and our industry leadership. We are excited about our potential." The Company has scheduled a conference call at 11:00 a.m. ET, Tuesday Tuesday: see week. , August 8, 2006 to discuss the second quarter results. The conference call can be accessed by dialing 1-866-261-3331. A replay of the call will be available from 5:00 p.m. ET on Tuesday, August 8, 2006 through 11:59 p.m. ET on Tuesday, August 22, 2006 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. #946799. PLEASE NOTE: We are establishing an email distribution list for future mailings, please send an email with your contact information to the address listed below if you would like to receive our mailings: Investors@daytonsuperior.com 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; cost increases in raw materials and operating costs operating costs npl → gastos mpl operacionales ; and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. market response to sales 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. , and 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. filed with the Securities and Exchange Commission. (tables follow)
Dayton Superior Corporation
Summary Income Statement, Unaudited
(in thousands)
For the fiscal quarter ended:
June 30, 2006 July 1, 2005
--------------- -------------
Product sales $109,459 $101,997
Rental revenue 14,890 12,015
Used rental equipment sales 5,866 3,692
--------------- -------------
Net Sales 130,215 117,704
--------------- -------------
Product cost of sales 80,921 77,863
Rental cost of sales 8,791 9,294
Used rental equipment cost of sales 1,775 1,695
--------------- -------------
Cost of Sales 91,487 88,852
--------------- -------------
Product gross profit 28,538 24,134
Rental gross profit 6,099 2,721
Used rental equipment gross profit 4,091 1,997
--------------- -------------
Gross Profit 38,728 28,852
Rental gross profit without depreciation 10,703 8,236
Product gross profit % 26.1% 23.7%
Rental gross profit % 41.0% 22.6%
Used rental equipment gross profit % 69.7% 54.1%
Gross Profit % 29.7% 24.5%
Rental gross profit % without depreciation 71.9% 68.5%
Selling, General & Administrative 24,945 23,243
Selling, General & Administrative % 19.2% 19.7%
Facility Closing and Severance Expenses 26 81
Gain on Disposals of Property, Plant, and
Equipment (667) (1,147)
Amortization of Intangibles 176 164
--------------- -------------
Income from Operations 14,248 6,511
Income from Operations % 10.9% 5.5%
Interest Expense, net 12,457 12,093
Other Expense 206 16
--------------- -------------
Income (Loss) Before Income Taxes 1,585 (5,598)
Pretax Margin 1.2% (4.8%)
Provision for Income Taxes 91 --
--------------- -------------
Net Income (Loss) $1,494 $(5,598)
=============== =============
Rental Depreciation $4,604 $5,515
Other Depreciation and Amortization 1,951 2,330
--------------- -------------
Total Depreciation and Amortization $6,555 $7,845
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Dayton Superior Corporation
Summary Income Statement, Unaudited
(in thousands)
For the six fiscal months ended:
June 30, 2006 July 1, 2005
---------------- ---------------
Product sales $192,683 $173,086
Rental revenue 28,153 22,145
Used rental equipment sales 10,710 8,255
---------------- ---------------
Net Sales 231,546 203,486
---------------- ---------------
Product cost of sales 146,403 133,012
Rental cost of sales 16,730 17,795
Used rental equipment cost of sales 3,192 2,918
---------------- ---------------
Cost of Sales 166,325 153,725
---------------- ---------------
Product gross profit 46,280 40,074
Rental gross profit 11,423 4,350
Used rental equipment gross profit 7,518 5,337
---------------- ---------------
Gross Profit 65,221 49,761
Rental gross profit without depreciation 20,116 15,011
Product gross profit % 24.0% 23.2%
Rental gross profit % 40.6% 19.6%
Used rental equipment gross profit % 70.2% 64.7%
Gross Profit % 28.2% 24.5%
Rental gross profit % without depreciation 71.5% 67.8%
Selling, General & Administrative 48,571 46,257
Selling, General & Administrative % 21.0% 22.7%
Facility Closing and Severance Expenses 277 331
Gain on Disposals of Property, Plant,
and Equipment (1,336) (1,086)
Amortization of Intangibles 327 306
---------------- ---------------
Income from Operations 17,382 3,953
Income from Operations % 7.5% 1.9%
Interest Expense, net 24,594 24,234
Other Expense 154 5
---------------- ---------------
Loss Before Income Taxes (7,366) (20,286)
Pretax Margin (3.2%) (10.0%)
Provision for Income Taxes 215 --
---------------- ---------------
Net Loss $(7,581) $(20,286)
================ ===============
Rental Depreciation $8,693 $10,661
Other Depreciation and Amortization 3,583 4,635
---------------- ---------------
Total Depreciation and Amortization $12,276 $15,296
================ ===============
Dayton Superior Corporation
Summary Balance Sheet, Unaudited
(in thousands)
As of:
June 30, 2006 December 31, 2005
------------- -----------------
Summary Balance Sheet:
Cash $- $-
Accounts Receivable, Net 75,388 62,326
Inventories 61,373 57,372
Other Current Assets 6,841 5,680
------------- -----------------
Total Current Assets 143,602 125,378
Rental Equipment, Net 68,139 68,400
Property & Equipment, Net 39,264 38,164
Goodwill & Other Assets 48,977 49,578
------------- -----------------
Total Assets $299,982 $281,520
============= =================
Current Portion of Long-Term Debt $2,760 $2,864
Revolving Credit Facility 69,950 --
Accounts Payable 31,047 27,267
Other Current Liabilities 33,360 31,663
------------- -----------------
Total Current Liabilities 137,117 61,794
Revolving Credit Facility -- 48,700
Other Long-Term Debt 319,709 317,690
Other Long-Term Liabilities 21,759 24,673
------------- -----------------
Total Liabilities 478,585 452,857
------------- -----------------
Shareholders' Deficit (178,603) (171,337)
------------- -----------------
Total Liabilities &
Shareholders' Deficit $299,982 $281,520
============= =================
Dayton Superior Corporation
Summary Cash Flow Statement, Unaudited
(in thousands)
For the six months ended:
June 30, 2006 July 1, 2005
------------- ------------
Net Loss $(7,581) $(20,286)
Non-Cash Adjustments to Net Loss 5,741 11,299
Changes in Assets and Liabilities (14,601) (8,245)
------------- ------------
Net Cash Used in Operating Activities (16,441) (17,232)
------------- ------------
Property, Plant and Equipment
Additions, Net (4,082) (2,073)
Rental Equipment Additions, Net 179 (4,590)
------------- ------------
Net Cash Used in Investing Activities (3,903) (6,663)
------------- ------------
Net Borrowings Under
Revolving Credit Facility 21,250 8,675
Other Repayments of Long-Term Debt (1,159) (757)
Proceeds from Sale-leaseback - 11,636
Other, Net (17) 35
------------- ------------
Net Cash Provided By Financing Activities 20,074 19,589
------------- ------------
Other, Net 270 (198)
------------- ------------
Net Decrease in Cash $-- $(4,504)
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