Dayton Superior reports third quarter results.MIAMISBURG Miamisburg (mīăm`ēzbûrg'), city (1990 pop. 17,834), Montgomery co., SW Ohio, on the Miami River; laid out 1818, inc. 1932. It is a tobacco market with diverse agriculture, and metal and paper products are the leading manufactures. , Ohio--(BUSINESS WIRE)--Oct. 30, 1996--Dayton Superior (NYSE NYSE See: New York Stock Exchange :DSD (Direct Stream Digital) See SACD. ) reported earnings of $0.44 per share on sales of $37.1 million for the third quarter of 1996. Adjusted to reflect the acquisition of Dur-O-Wal in October October: see month. of 1995 and the company's initial public stock offering in June June: see month. of 1996 as though both had occurred at the beginning of 1995, the company earned $.39 per share on sales of $31.8 million in the quarter ended September September: see month. 29, 1995. The Company actually earned $.55 per share on revenues of $25.2 million in 1995's third quarter. While both sales and pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income advanced sharply on a year to year basis, utilization of a tax loss carry forward in 1995, and the greater number of shares now outstanding as a result of the recent public underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , more than offset the impact of higher profits on per share results. Despite some adverse weather conditions during the third quarter of 1996, which resulted in only modest growth in the markets for 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's products; the Company increased sales at a double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" rate. This growth is attributed in part to its new product introduction program and in part to market share gains. Gross margins improved by 0.9% year to year (proforma Proforma A financial projection based on assumptions. ) as expanding sales enabled the company to achieve volume purchasing economies. Additionally, continuing investment in automating the production process proved beneficial. The Selling, General and Administrative expense ratio improved by 0.7% as costs were controlled. These SG&A ratio improvements were achieved despite increased costs associated with being a public company as well as investments to build and strengthen a new division formed in the second quarter, 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. Dayton Superior's 1996 operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: improved to a third quarter record of 14.1% of revenues, up from proforma 12.3% in the third quarter of 1995. For the nine months, Dayton Superior reported proforma earnings per share of $.91 on revenues of $97.2 million. This compares with proforma 1995 earnings for the same period of $.81 per share on revenues of $88.9 million. Results for both periods have been adjusted to reflect the acquisition of Dur-O-Wal and the sale of stock in June of 1996 as though both had occurred at the beginning of 1995. In addition, proforma results exclude a 1996 special charge of $2.3 million ($.39 per presently outstanding share) arising from prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. of previously outstanding debt. As was the case with the third quarter comparison, Dayton Superior achieved higher gross margins, a lower Selling, General and Administrative expense ratio and higher operating profit margins Operating profit margin The ratio of operating profit to net sales. on a rising level of sales in the first nine months of 1996 when compared to the same period in 1995. Dayton Superior reported actual EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $.96 before the extraordinary item, and $.46 after the extraordinary item, on revenues of $97.2 million for the first nine months of 1996. In the first nine months of 1995, Dayton Superior reported sales of $69.1 million and earnings of $1.04 per share. The 1995 EPS benefitted from tax carry forwards and a smaller number of shares outstanding. Looking to the future, Dayton Superior's task is to maintain operating momentum while locating and finalizing acquisitions which are as attractive as those which have been consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. in the past. The company has identified a number of possible acquisition candidates, but intends to proceed with acquisitions only if the company's present high acquisition standards can be fully maintained. 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 used in concrete and 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. The company's products are used primarily in two segments of the construction industry: non-residential buildings such as retail sales, commercial offices, manufacturing and institutional facilities, and infrastructure construction projects such as highways, bridges, utilities, water and waste treatment facilities and airport runways. (tables follow) -0-
Dayton Superior Corporation
Unaudited Financial Information Release
Summary Income Statement for the fiscal quarter ended
(in thousands, except share and per share data)
Actual Actual Pro Forma Pro Forma
Sept 27, Sept 29, Sept 27, Sept 29,
1996 1995 1996 (1) 1995 (1)
Results of Operations:
Concrete products $29,464 $25,150 $29,464 $25,150
Masonry products 7,622 0 7,622 6,647
Net sales 37,086 25,150 37,086 31,797
Cost of goods sold 25,486 17,014 25,486 22,134
Gross profit 11,600 8,136 11,600 9,663
Gross margin 31.3% 32.3% 31.3% 30.4%
Selling, general and
administrative 5,940 4,440 5,940 5,305
16.0% 17.7% 16.0% 16.7%
Amort of intangibles 435 352 435 460
Operating income 5,225 3,344 5,225 3,898
Operating margin 14.1% 13.3% 14.1% 12.3%
Interest expense 823 909 823 843
Other (income) expense 70 (9) 70 (9)
Income before income taxes 4,332 2,444 4,332 3,064
11.7% 9.7% 11.7% 9.6%
Provision for income
taxes(2) (1,769) (312) (1,769) (586)
Effective tax rate (2) 40.8% 12.8% 40.8% 19.1%
Net income (loss) $2,563 $2,132 $2,563 $2,478
Net income (loss) available
to Common shareholders $2,563 $1,921 $2,563 $2,267
Weighted average common
and common equivalent
shares outstanding (3) 5,873,881 3,479,461 5,885,488 5,885,488
Net income (loss) per share $0.44 $0.55 $0.44 $0.39
Summary financial highlights:
Sales growth 47.5% 16.6%
Operating income growth 56.3% 34.0%
See the accompanying footnotes.
Dayton Superior Corporation
Unaudited Financial Information Release
Summary Income Statement for the nine fiscal months ended
(in thousands, except share and per share data)
Actual Actual Pro Forma Pro Forma
Sept 27, Sept 29, Sept 27, Sept 29,
1996 1995 1996 (1) 1995 (1)
Results of Operations:
Concrete products $77,197 $69,109 $77,197 $69,109
Masonry products 19,965 0 19,965 19,817
Net sales 97,162 69,109 97,162 88,926
Cost of goods sold 66,543 47,525 66,543 62,569
Gross profit 30,619 21,584 30,619 26,357
Gross margin 31.5% 31.2% 31.5% 29.6%
Selling, general and
administrative 17,387 13,169 17,262 15,778
17.9% 19.1% 17.8% 17.7%
Amort of intangibles 1,267 1,051 1,267 1,373
Operating income 11,965 7,364 12,090 9,206
Operating margin 12.3% 10.7% 12.4% 10.4%
Interest expense 4,002 2,798 2,604 2,600
Other (income) expense 54 0 54 27
Income before taxes and
extraordinary item 7,909 4,566 9,432 6,579
8.1% 6.6% 9.7% 7.4%
Provision for income
taxes(2) (3,481) (312) (4,059) (1,189)
Effective tax rate (2) 44.0% 6.8% 43.0% 18.1%
Income before
extraordinary item 4,428 4,254 5,373 5,390
Extraordinary Item (2,314) 0 0 0
Net income (loss) $2,114 $4,254 $5,373 $5,390
Net income (loss) available
to Common shareholders $2,114 $3,620 $5,373 $4,756
Weighted average common &
common equivalent shares
outstanding (3) 4,598,367 3,479,461 5,885,488 5,885,488
Net income per share before
extraordinary item $0.96 $1.04 $0.91 $0.81
Net income per share $0.46 $1.04 $0.91 $0.81
Summary financial highlights:
Sales growth 40.6% 9.3%
Operating income growth 62.5% 31.3%
See the accompanying footnotes.
Dayton Superior Corporation
Unaudited Financial Information Release
Summary Balance Sheet
(in thousands, except share and per share data)
As of As of
September September
Summary balance sheet: 27, 1996 29, 1995
Cash $889 $1,199
Accounts receivable 21,735 14,371
Inventories 17,205 11,468
Other current assets 2,403 490
Total current assets 42,232 27,528
Property & equipment, net 18,576 10,235
Goodwill & other intangibles 57,860 41,013
Total assets $118,668 $78,776
Accounts payable $12,538 $8,900
Current maturities 3,282 0
Other current liabilities 8,418 5,012
Current liabilities 24,238 13,912
Long term debt 36,061 24,623
Other liabilities 5,435 8,918
Shareholders' equity 52,934 31,323
Total liabilities & equity $118,668 $78,776
1. The unaudited proforma combined summary income statement information is based upon the historical consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge of the Company adjusted to give effect to the Dur-O-Wal acquisition, including the related incurrence In`cur´rence n. 1. The act of incurring, bringing on, or subjecting one's self to (something troublesome or burdensome); as, the incurrence of guilt, debt, responsibility, etc. s> Noun 1. of debt, and the June 1996 initial public offering as if they had occurred on January January: see month. 1, 1995. The unaudited proforma combined summary income statement does not give effect to any other transactions and does not purport To convey, imply, or profess; to have an appearance or effect. The purport of an instrument generally refers to its facial appearance or import, as distinguished from the tenor of an instrument, which means an exact copy or duplicate. PURPORT, pleading. to represent the Company's financial results had the transactions occurred on such date, or the results that can be expected for the Company in the future. 2. In 1995, the provision for income taxes was reduced to reflect the utilization of net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. . If the Company had not been able to use net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carryforwards Carryforwards Tax losses allowed to be applied to offset future income in some specified number of future years. in 1995, net income available to common shareholders for the three fiscal months and nine fiscal months ended September 29, 1995 would have been $1,690 or $0.49 per share ($2,068 or $0.35 per share on a proforma basis) and $2,323 or $0.67 per share ($3,459 or $0.59 per share on a proforma basis), respectively. 3. Proforma weighted average common and common equivalent shares outstanding are the September 27, 1996 common share and common share equivalent shares outstanding. CONTACT: Dayton Superior Corporation, Miamisburg John A. Ciccarelli, 513/866-0711, Ext. 400 |
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