Dayton Superior Reports Second 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)--Aug. 15, 2002 Dayton Superior today reported a 4.1% decline in sales for the second quarter of 2002 as compared to the second quarter of 2001. Sales totaled $106.5 million in the most recent quarter versus sales of $111.1 million reported in the year earlier period. Sales declined as the economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. adversely impacted construction activity in the quarter. Gross margin for the most recent quarter was 34.4% compared with 37.3% in the year earlier period. This was due to a variety of factors, including lower sales volume, product mix and higher depreciation charges. Selling, General and Administrative expenses totaled 21.4%, a 180 basis point improvement over the 23.2% posted in the year earlier quarter due primarily to cost saving actions taken in 2001 and 2002. 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 first six months of 2002 totaled $185.0 million versus sales of $194.4 million reported in the year earlier period. The bulk of the sales decrease is again attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the adverse impact of the economic slowdown on construction activity. Gross margin for the first two quarters of 2002 was 34.1% compared with 35.2% in the first two quarters of last year. The 110 basis point decline in gross margins was the result of a variety of factors including lower sales volume and product mix. Selling, General and Administrative expenses totaled 24.9%, versus the 26.6% posted in the year earlier six month period, again reflecting the cost saving measures taken in 2001 and 2002. EBITDA totaled $27.1 million for the first six months of 2002, up from the $26.7 million achieved in the year earlier period. EBITDA margins for the most recent six months were 14.6% versus 13.7% in the first six months of 2001. J. A. "Chic" Ciccarelli, Dayton Superior's Chairman said, "First half 2002 results show the impact of a continued slow construction market. I continue to be pleased by the response of our organization to these conditions. We limited the decline in gross margin to 110 basis points, and our SG&A expenses, which were down 170 basis points as a percentage of revenues, were particularly well controlled. We have recently taken additional actions to control costs, and I am proud of how our employees have continued to perform in a very difficult environment." 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 , Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , August 16, 2002 to discuss the first half 2002 results. The conference call can be accessed by dialing 1-952-556-2808. A replay of the call will be available from 2:00 p.m. EDT on August 16, 2002 through 11:59 p.m. EDT on August 23, 2002 by calling 1-800-615-3210 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. #6149233. Dayton Superior Corporation, with annual revenues of $394 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, interest rate increases, and changes in banking and tax laws; Dayton Superior's ability to successfully integrate acquisitions on a timely basis; the effects of weather and the seasonality of the construction industry; and the amount of debt we 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 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 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:
June 28, 2002 June 29, 2001
Net Sales $106,506 $111,064
Cost of Sales 69,919 69,610
Gross Profit 36,587 41,454
Gross Margin 34.4% 37.3%
Selling, General & Administrative 22,788 25,756
Selling, General & Administrative % 21.4% 23.2%
Facility Closing and Severance Expenses 453 3,320
Amortization of Intangibles 78 1,054
Operating Income 13,268 11,324
Operating Margin 12.5% 10.2%
Interest Expense 8,407 8,959
Other Expense (Income) 45 (6)
Income Before Income Taxes 4,816 2,371
Pretax Margin 4.5% 2.1%
Provision for Income Taxes 1,926 1,126
Effective Tax Rate 40.0% 47.5%
Net Income $2,890 $1,245
Dayton Superior Corporation
Summary Income Statement, Unaudited
(in thousands)
For the fiscal six months ended:
June 28, 2002 June 29, 2001
Net Sales $185,008 $194,421
Cost of Sales 121,904 125,950
Gross Profit 63,104 68,471
Gross Margin 34.1% 35.2%
Selling, General & Administrative 46,016 51,786
Selling, General & Administrative % 24.9% 26.6%
Facility Closing and Severance Expenses 574 3,320
Amortization of Intangibles 151 1,991
Operating Income 16,363 11,374
Operating Margin 8.8% 5.9%
Interest Expense 16,413 17,744
Other Expense (Income) 150 4
Income Before Income Taxes (200) (6,374)
Pretax Margin (0.1%) (3.3%)
Benefit for Income Taxes (80) (3,028)
Effective Tax Rate 40.0% 47.5%
Net Loss Before Cumulative Effect
of Change in Accounting Principle (120) (3,346)
Cumulative Effect of Change in
Accounting Principle, Net of Income
Tax Benefit of $2,754 (17,140) --
Net Loss ($17,260) ($3,346)
Dayton Superior Corporation
Segment Data, Unaudited
(in thousands)
For the fiscal quarter ended:
June 28, 2002 June 29, 2001
Sales:
Concrete Accessories $58,817 $62,808
Concrete Forming Systems 32,523 36,978
Paving Products 19,653 15,755
Intercompany Eliminations (4,487) (4,477)
--------------------
Net Sales $106,506 $111,064
EBITDA:
Concrete Accessories $11,579 $12,579
Concrete Forming Systems 8,198 8,637
Paving Products 3,121 2,674
Corporate (1,536) (1,597)
Intercompany Eliminations (2,579) (2,632)
--------------------
EBITDA $18,783 $19,661
EBITDA Margin 17.6% 17.7%
For the fiscal six months ended:
June 28, 2002 June 29, 2001
Sales:
Concrete Accessories $106,141 $112,455
Concrete Forming Systems 59,171 63,237
Paving Products 27,551 26,019
Intercompany Eliminations (7,855) (7,290)
--------------------
Net Sales $185,008 $194,421
EBITDA:
Concrete Accessories $17,430 $19,051
Concrete Forming Systems 13,106 11,508
Paving Products 3,551 3,276
Corporate (2,942) (3,123)
Intercompany Eliminations (4,053) (3,992)
--------------------
EBITDA $27,092 $26,720
EBITDA Margin 14.6% 13.7%
Dayton Superior Corporation
Supplementary Information, Unaudited
% Change 2002 vs. 2001
Second Quarter First Half
Results of Operations:
Concrete Accessories (6.4%) (5.6%)
Concrete Forming Systems (12.0%) (6.4%)
Paving Products 24.7% 5.9%
Net Sales (4.1%) (4.8%)
Gross Profit (11.7%) (7.8%)
Selling, General & Administrative (11.5%) (11.1%)
Facility Closing & Severance Expenses (86.4%) (82.7%)
Amortization of Intangibles (92.6%) (92.4%)
Operating Income 17.2% 43.9%
EBITDA (4.5%) 1.4%
Dayton Superior Corporation
Summary Balance Sheet, Unaudited
(in thousands)
As of:
June 28, Dec. 31, June 29,
2002 2001 2001
Summary Balance Sheet:
Cash $ 4,597 $ 4,989 $ 2,889
Accounts Receivable, Net 70,338 51,628 73,352
Inventories 55,360 47,900 50,997
Other Current Assets 16,357 18,824 16,925
Total Current Assets 146,652 123,341 144,163
Rental Equipment, Net 67,345 71,323 65,562
Property & Equipment, Net 60,918 60,121 57,936
Goodwill & Other Assets 121,274 142,058 139,597
Total Assets $396,189 $396,843 $407,258
Current Portion of
Long-Term Debt $ 5,485 $ 5,001 $ 7,862
Accounts Payable 32,311 27,340 33,272
Other Current Liabilities 25,337 34,057 27,711
Total Current Liabilities 63,133 66,398 68,845
Long-Term Debt 311,161 286,945 294,351
Other Long-Term Liabilities 22,325 26,779 26,796
Shareholders' Equity (430) 16,721 17,266
Total Liabilities &
Shareholders' Equity $396,189 $396,843 $407,258
Dayton Superior Corporation
Summary Cash Flow Statement, Unaudited
(in thousands)
For the fiscal six months ended:
June 28, 2002 June 29, 2001
Net Loss ($17,260) ($3,346)
Non-Cash Adjustments to Net Loss 20,688 6,994
Changes in Assets and Liabilities, Net
of the Effects of Acquisitions (28,963) (15,328)
Net Cash Used In Operating Activities (25,535) (11,680)
Property, Plant and Equipment
Additions, Net (4,630) (4,383)
Rental Equipment Additions, Net 5,404 (2,404)
Acquisitions, Net of Refunds of Purchase
Price on Acquisitions -- (40,163)
Net Cash Used in Investing Activities 774 (46,950)
Financing Activities 24,194 59,797
Other, Net 175 (60)
Net Increase Decrease in Cash ($392) $ 1,107
EBITDA $27,092 $26,720
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