Dayton Superior Reports Second Quarter 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 second quarter of 2004 totaled $115.2 million, an 8.8% increase from the second quarter 2003 sales of $105.9 million. Product sales were $101.2 million for the second quarter of 2004, an increase of 14.4% from the second quarter of 2003. The increase in sales was primarily due to previously announced price increases and, to a lesser extent, an increase 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 increased $3.4 million for the second quarter of 2004, an increase of 52.4% from the second quarter of 2003. The increase resulted from the contribution from the Safway acquisition and an increase in volume from existing product lines. Used rental equipment sales decreased to $4.1 million for the second quarter of 2004 from $10.9 million for the second quarter of 2003, as one large sale in 2003 did not recur. Gross profit on product sales for the second quarter of 2004 was $25.8 million, or 25.5% of sales, an increase from the $21.2 million, or 23.9% of sales, in the second quarter of 2003. Despite the increase in material costs, primarily steel, gross profit as a percent of sales was higher due to increased productivity. Rental gross profit for the second quarter of 2004 was $3.2 million, an increase of $1.8 million over the second quarter of 2003. Increased revenues more than offset the increase in rental cost of sales resulting from higher depreciation expense from the acquisition of Safway. Gross profit on the sales of used rental equipment for the second quarter of 2004 was $2.4 million, or 59.1% of sales, compared to $8.1 million, or 73.6% of sales, for the second quarter of 2003. Used rental equipment tends 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, difficult to predict in any one quarter. Selling, general, and administrative expenses increased to $21.9 million in the recent quarter from $19.7 million for the second quarter of 2003, due to the acquisition of Safway. Interest expense increased to $11.7 million for the second quarter of 2004 from $9.0 million for the second quarter of 2003, due to the higher interest rate from the senior second secured notes issued in 2003, and higher borrowings. The Company reported a net loss of $(2.7) million for the second quarter of 2004, versus a net loss of $(0.5) million for the second quarter of 2003. Sales for the six months ended July July: see month. 2, 2004 totaled $204.3 million, a 14.7% increase from a year earlier six-month sales of $178.2 million. Product sales were $176.5 million for the first six months of 2004, an increase of 22.9% from the same period of 2003. The increase in sales was due to an increase in volume and previously announced price increases. Rental revenue increased $5.7 million for the first six months of 2004, an increase of 41.9% from the first six months of 2003. The contribution from the acquisition of Safway was enhanced by a slight increase in volume in existing product lines. Used rental equipment sales decreased to $8.5 million for the first six months of 2004 from $21.0 million for the first six months of 2003, as two large transactions from 2003 did not recur. Used rental equipment tends to be sporadic and, therefore, difficult to predict in any one quarter. Gross profit on product sales for the first six months of 2004 was $41.7 million, or 23.6% of sales, an increase of 70 basis points over the same period of 2003. Despite the increase in material costs, primarily steel, gross profit as a percent of sales improved as a result of increased productivity. Rental gross profit for the first six months of 2004 was $5.1 million, an increase of $1.8 million over the second quarter of 2003. Increased revenues more than offset the increase in rental cost of sales resulting from higher depreciation expense as a result of the acquisition of Safway. Gross profit on the sales of used rental equipment for the first six months of 2004 was $5.3 million, or 62.3% of sales, compared to $15.3 million, or 72.8% of sales, for the first six months of 2003. Selling, general, and administrative expenses increased to $44.5 million in the recent six months from $39.1 million for the first six months of 2003. The increase was due to the acquisition of Safway, and to a lesser extent, the higher sales volume. Interest expense increased to $23.6 million for the first six months of 2004 from $17.1 million for the first six months of 2003. This increase was primarily due to the higher interest rate from the senior second secured notes, and higher borrowings. The Company reported a net loss of $(18.6) million for the first six months of 2004, versus a net loss of $(5.9) million for the first six months of 2003. 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, Dayton Superior's President and Chief Executive Officer said, "We are happy with our second quarter and first half results. Our gross profit rose despite the decrease in used rental equipment sales, which was by design. Steel costs continue to rise, but we believe our price increases will offset the impact. We expect our operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the second half and full year of 2004 to be an improvement over the comparable periods of 2003." 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 , Wednesday Wednesday: see week. , August 18, 2004 to discuss the second quarter results. The conference call can be accessed by dialing 1-703-639-1423. A replay of the call will be available from 4:00 p.m. EDT on Wednesday, August 18, 2004 through 11:59 p.m. on Saturday Saturday: see week; Sabbath. , August 28 by calling 1-703-925-2533 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. 537747. 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 Used rental equipment tends to be sporadic and, therefore, difficult to predict in any one quarter. 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:
July 2, 2004 June 27, 2003
Product sales $101,170 $88,420
Rental revenue 9,914 6,504
Used rental equipment sales 4,122 10,940
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Net Sales 115,206 105,864
--------------- -------------
Product cost of sales 75,331 67,258
Rental cost of sales 6,740 5,103
Used rental equipment cost of sales 1,686 2,884
--------------- -------------
Cost of Sales 83,757 75,245
--------------- -------------
Product gross profit 25,839 21,162
Rental gross profit 3,174 1,401
Used rental equipment gross profit 2,436 8,056
--------------- -------------
Gross Profit 31,449 30,619
Product gross profit % 25.5% 23.9%
Rental gross profit % 32.0% 21.5%
Used rental equipment gross profit % 59.1% 73.6%
Gross Profit % 27.3% 28.9%
Selling, General & Administrative 21,871 19,661
Selling, General & Administrative % 19.0% 18.6%
Facility Closing and Severance Expenses 492 349
Loss on Disposals of Property, Plant, and
Equipment 19 58
Amortization of Intangibles 307 130
--------------- -------------
Operating Income 8,760 10,421
Operating Income % 7.6% 9.8%
Interest Expense 11,691 9,012
Loss on Early Extinguishment of Long-term
Debt - 2,480
Other (Income) Expense (250) 38
--------------- -------------
Loss Before Income Taxes (2,681) (1,109)
Pretax Margin (2.3%) (1.0%)
Benefit for Income Taxes - (649)
--------------- -------------
Effective Tax Rate - 58.5%
Net Loss $(2,681) $(460)
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Dayton Superior Corporation
Summary Income Statement, Unaudited
(in thousands)
For the fiscal six months ended:
July 2, 2004 June 27, 2003
Product sales $176,461 $143,552
Rental revenue 19,343 13,630
Used rental equipment sales 8,519 20,988
---------------- ---------------
Net Sales 204,323 178,170
---------------- ---------------
Product cost of sales 134,789 110,712
Rental cost of sales 14,265 10,287
Used rental equipment cost of sales 3,213 5,718
---------------- ---------------
Cost of Sales 152,267 126,717
---------------- ---------------
Product gross profit 41,672 32,840
Rental gross profit 5,078 3,343
Used rental equipment gross profit 5,306 15,270
---------------- ---------------
Gross Profit 52,056 51,453
Product gross profit % 23.6% 22.9%
Rental gross profit % 26.3% 24.5%
Used rental equipment gross profit % 62.3% 72.8%
Gross Profit % 25.5% 28.9%
Selling, General & Administrative 44,537 39,056
Selling, General & Administrative % 21.8% 21.9%
Facility Closing and Severance Expenses 964 744
Loss on Disposals of Property, Plant,
and Equipment 78 66
Amortization of Intangibles 555 259
---------------- ---------------
Operating Income 5,922 11,328
Operating Income % 2.9% 6.4%
Interest Expense 23,584 17,073
Loss on Early Extinguishment of
Long-term Debt 842 2,480
Other Expense 45 71
---------------- ---------------
Loss Before Income Taxes (18,549) (8,296)
Pretax Margin (9.1%) (4.7%)
Benefit for Income Taxes - (2,446)
---------------- ---------------
Effective Tax Rate - 29.5%
Net Loss $(18,549) $(5,850)
================ ===============
Dayton Superior Corporation
Summary Balance Sheet, Unaudited
(in thousands)
As of:
July 2, 2004 Dec. 31, 2003
Summary Balance Sheet:
Cash $- $1,995
Accounts Receivable, Net 76,965 64,849
Inventories 61,316 49,437
Other Current Assets 15,369 10,934
------------- -------------
Total Current Assets 153,650 127,215
Rental Equipment, Net 75,415 78,042
Property & Equipment, Net 60,566 62,238
Goodwill & Other Assets 124,142 125,889
------------- -------------
Total Assets $413,773 $393,384
============= =============
Current Portion of Long-Term Debt $2,539 $3,067
Accounts Payable 27,141 20,526
Other Current Liabilities 29,277 32,028
------------- -------------
Total Current Liabilities 58,957 55,621
Long-Term Debt 374,055 338,823
Other Long-Term Liabilities 6,753 6,207
Shareholders' Equity (Deficit) (25,992) (7,267)
------------- -------------
Total Liabilities &
Shareholders' Equity (Deficit) $413,773 $393,384
============= =============
Dayton Superior Corporation
Summary Cash Flow Statement, Unaudited
(in thousands)
For the six months ended:
July 2, 2004 June 27, 2003
Net Loss $(18,549) $(5,850)
Non-Cash Adjustments to Net Loss 12,382 (508)
Changes in Assets and Liabilities (24,026) (18,069)
------------ -------------
Net Cash Used in Operating Activities (30,193) (24,427)
------------ -------------
Property, Plant and Equipment Additions, Net (2,195) (3,727)
Rental Equipment Additions, Net 376 4,198
Acquisition (245) -
------------ -------------
Net Cash Provided By (used in)
Investing Activities (2,064) 471
------------ -------------
Issuance of Long-Term Debt, Net 32,739 21,706
Financing Costs Incurred (2,301) (680)
Changes in Loans to Shareholders (19) 37
Issuance of Common Shares 73 -
------------ -------------
Net Cash Provided By Financing Activities 30,492 21,063
------------ -------------
Other, Net (230) 489
------------ -------------
Net Decrease in Cash $(1,995) $(2,404)
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