Exhibit 99.2
A copy of certain financial information of Engineered Wire Products, Inc.
("EWP") is presented below. Such financial information is limited in scope,
covers a limited time period and has been prepared solely for purposes of
internal reporting within Keystone Consolidated Industries, Inc. The financial
information is unaudited and does not purport to show the financial statements
of EWP in accordance with accounting principles generally accepted in the United
States ("GAAP"), and therefore excludes items required by GAAP, such as certain
reclassifications, eliminations, accruals and disclosure items. Undue reliance
should not be placed on this financial information. There can be no assurance
that such financial information is complete.
ENGINEERED WIRE PRODUCTS
STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED MARCH 28, 2004
($'s IN THOUSANDS)
Year to date
March 2004 March 2004
- ----------------- -----------------
$4,523 SALES - OUTSIDE CUSTOMERS $11,090
0 SALES - INTERCOMPANY 0
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4,523 NET SALES 11,090
3,224 VARIABLE PRODUCTION COSTS 8,210
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1,299 VARIABLE CONTRIBUTION 2,880
- ------------- --------------
133 MANUFACTURING FIXED COSTS 414
87 DEPRECIATION 261
- ------------- --------------
220 TOTAL FIXED COSTS 675
- ------------- --------------
1,079 GROSS PROFIT 2,205
- ------------- --------------
195 SELLING EXPENSE 472
181 ADMINISTRATIVE EXPENSE 465
- ------------- --------------
376 TOTAL SELLING & ADMIN.EXPENSE 937
- ------------- --------------
703 OPERATING PROFIT 1,268
0 EARNINGS IN UNCONSOL. SUBSIDIARIES 0
0 INTEREST INCOME 0
22 INTEREST EXPENSE 115
0 OTHER INCOME (EXPENSE) 0
0 GAIN ON SALE OF FIXED ASSETS 0
- ------------- --------------
681 INCOME BEFORE TAXES 1,153
269 INCOME TAXES 455
- ------------- --------------
412 INCOME FROM OPERATIONS 698
0 ACCOUNTING CHANGE 0
0 MINORITY INTEREST 0
- ------------- --------------
- ------------- --------------
$412 NET INCOME $698
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B-1
ENGINEERED WIRE PRODUCTS
BALANCE SHEET
MARCH 28, 2004
($'s IN THOUSANDS)
CURRENT ASSETS:
CASH $315
NOTES & ACCOUNT RECEIVABLE NET 5,930
INVENTORIES AT COST 4,177
LESS LIFO RESERVE 0
--------------
INVENTORIES AT LIFO 4,177
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PREPAID EXPENSES 229
DEFERRED INCOME TAXES 0
OTHER CURRENT ASSETS 0
--------------
TOTAL CURRENT ASSETS 10,651
--------------
PROPERTY PLANT & EQUIPMENT AT COST 18,663
LESS ACCUMULATED DEPRECIATION 11,731
--------------
NET PLANT, PROPERTY & EQUIPMENT 6,932
--------------
OTHER LONG TERM ASSETS 0
--------------
TOTAL ASSETS $17,583
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LIABILITIES AND EQUITIES:
REVOLVING LOAN FACILITY $771
NOTES PAYABLE & CURRENT L.T. DEBT 1,383
KCI LOAN ACCOUNT 87
ACCOUNTS PAYABLE 212
ACCRUED LIABILITIES 914
ACCRUED PENSIONS 54
INCOME TAXES PAYABLE 455
--------------
--------------
TOTAL CURRENT LIABILITIES 3,876
--------------
LONG TERM DEBT 5,229
TOTAL LONG TERM LIABILITIES 5,229
--------------
TOTAL EQUITY 8,478
--------------
TOTAL LIABILITIES & EQUITY $17,583
==============
B-2
ENGINEERED WIRE PRODUCTS
STATEMENT OF CASH FLOWS
FOR THE YEAR-TO-DATE PERIOD ENDED MARCH 28, 2004
(IN $ THOUSANDS)
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $698
PROVISION FOR DEPRECIATION 261
(GAIN) LOSS ON SALE OF ASSETS 0
PROVISION FOR BAD DEBT ALLOWANCE 9
CHANGE IN ASSETS AND LIABILITIES:
(INCREASE) DECREASE ACCTS. & NOTES REC. (2,699)
(INCREASE) DECREASE INVENTORY 2,475
(INCREASE) DECREASE PREPAID EXPENSES 3,152
INCREASE (DECREASE) ACCTS PAY. (222)
INCREASE (DECREASE) ACCRUED PENSIONS 54
INCREASE (DECREASE) OTHER LIABILITIES 187
OTHER, NET 0
--------------
NET ADJUSTMENTS 3,217
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NET CASH PROVIDED (USED) BY OPERATIONS 3,915
--------------
CASH FLOW FROM INVESTING ACTIVITIES:
CAPITAL EXPENDITURES (102)
OTHER, NET 0
--------------
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES (102)
--------------
CASH FLOW FROM FINANCING ACTIVITIES:
REVOLVING CREDIT FACILITY, NET (3,226)
REPAYMENTS OF OTHER DEBT (234)
PROCEEDS OF OTHER DEBT 6,776
INCREASE (DECREASE) KCI LOAN (7,085)
DIVIDENDS PAID 0
--------------
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES (3,769)
--------------
NET INCREASE (DECREASE) IN CASH 44
CASH AT BEGINNING OF PERIOD 271
--------------
CASH AT END OF PERIOD 315
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