SYNALLOY CORPORATION COMPARATIVE ANALYSIS | ||||||||||||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||
Jul 3, 2010 | Jul 4, 2009 | Jul 3, 2010 | Jul 4, 2009 | |||||||||||||
Net sales | ||||||||||||||||
Metals Segment | $ | 25,137,000 | $ | 14,135,000 | $ | 50,099,000 | $ | 36,762,000 | ||||||||
Specialty Chemicals Segment | 11,212,000 | 7,557,000 | 21,450,000 | 15,323,000 | ||||||||||||
$ | 36,349,000 | $ | 21,692,000 | $ | 71,549,000 | $ | 52,085,000 | |||||||||
Operating income | ||||||||||||||||
Metals Segment | $ | 963,000 | $ | (108,000 | ) | $ | 561,000 | $ | 666,000 | |||||||
Specialty Chemicals Segment | 1,241,000 | 445,000 | 2,327,000 | 935,000 | ||||||||||||
2,204,000 | 337,000 | 2,888,000 | 1,601,000 | |||||||||||||
Unallocated expenses | ||||||||||||||||
Corporate | 496,000 | 671,000 | 1,059,000 | 1,364,000 | ||||||||||||
Interest and debt expense | 13,000 | 89,000 | 14,000 | 194,000 | ||||||||||||
Change in fair value of interest | ||||||||||||||||
rate swap | - | (28,000 | ) | - | (77,000 | ) | ||||||||||
Other income | (1,000 | ) | (2,000 | ) | (10,000 | ) | (3,000 | ) | ||||||||
Income (loss) from continuing | ||||||||||||||||
operations before income taxes | 1,696,000 | (393,000 | ) | 1,825,000 | 123,000 | |||||||||||
Provision for (benefit from) income taxes | 618,000 | (134,000 | ) | 665,000 | 42,000 | |||||||||||
Net income (loss) from | ||||||||||||||||
continuing operations | 1,078,000 | (259,000 | ) | 1,160,000 | 81,000 | |||||||||||
Net income (loss) from | ||||||||||||||||
discontinued operations | - | 100,000 | - | (46,000 | ) | |||||||||||
Net income (loss) | $ | 1,078,000 | $ | (159,000 | ) | $ | 1,160,000 | $ | 35,000 | |||||||
Net income (loss) per basic common share: | ||||||||||||||||
Continuing operations | $ | 0.17 | $ | (0.04 | ) | $ | 0.18 | $ | 0.01 | |||||||
Discontinued operations | 0.00 | 0.02 | 0.00 | 0.00 | ||||||||||||
Net income (loss) | $ | 0.17 | $ | (0.03 | ) | $ | 0.18 | $ | 0.01 | |||||||
Net income (loss) per diluted common share: | ||||||||||||||||
Continuing operations | $ | 0.17 | $ | (0.04 | ) | $ | 0.18 | $ | 0.01 | |||||||
Discontinued operations | 0.00 | 0.02 | 0.00 | 0.00 | ||||||||||||
Net income (loss) | $ | 0.17 | $ | (0.03 | ) | $ | 0.18 | $ | 0.01 | |||||||
Average shares outstanding | ||||||||||||||||
Basic | 6,283,011 | 6,262,959 | 6,277,399 | 6,257,035 | ||||||||||||
Diluted | 6,313,135 | 6,262,959 | 6,300,258 | 6,261,401 | ||||||||||||
Backlog-Piping Systems & Process Equipment | $ | 33,046,000 | $ | 40,300,000 | ||||||||||||
1
Balance Sheet | Jul 3, 2010 | Jan 2, 2010 | ||||||
Assets | ||||||||
Cash | $ | 99,000 | $ | 14,097,000 | ||||
Accounts receivable, net | 19,892,000 | 14,041,000 | ||||||
Inventories | 35,690,000 | 25,504,000 | ||||||
Sundry current assets | 2,724,000 | 3,259,000 | ||||||
Total current assets | 58,405,000 | 56,901,000 | ||||||
Property, plant and equipment, net | 18,342,000 | 15,797,000 | ||||||
Other assets | 5,611,000 | 5,554,000 | ||||||
Total assets | $ | 82,358,000 | $ | 78,252,000 | ||||
Liabilities and shareholders' equity | ||||||||
Accounts payable | $ | 10,518,000 | $ | 6,582,000 | ||||
Accrued expenses | 4,361,000 | 6,195,000 | ||||||
Total current liabilities | 14,879,000 | 12,777,000 | ||||||
Long-term debt | 2,313,000 | - | ||||||
Other long-term liabilities | 2,685,000 | 2,754,000 | ||||||
Shareholders' equity | 62,481,000 | 62,721,000 | ||||||
Total liabilities & shareholders' equity | $ | 82,358,000 | $ | 78,252,000 |
2