Dayton Superior Corporation (NASDAQ: DSUP), the leading North
American provider of specialized products for the non-residential
concrete construction market, reported today the following results
for its first quarter ended March 28, 2008, compared with results
for the similar period of 2007: Net sales were $95 million, down
from $99 million in 2007, primarily due to fewer good weather days;
Gross profit decreased $1 million to $28 million, due to lower net
sales; Net loss of $18 million, or 95 cents per share, as compared
to $8 million, or 45 cents per share. Of the $18 million, $6
million is related to the refinancing of a portion of the Company�s
debt. Eric R. Zimmerman, Dayton Superior�s President and Chief
Executive Officer, said, �The non-residential construction industry
experienced challenges in the first quarter as a result of poor
weather in several regions of the country and overall economic
concerns driven by the tight credit markets. In spite of lower unit
volume and revenue, our product sales gross margin continued to
show improvement as the Dayton Superior team focused on operational
improvements, cost controls, product line rationalization, new
product developments and strong marketing disciplines.� For the
quarter, sales of Dayton Superior�s concrete construction related
products were $77 million, a decrease of 4%. Unit volume was lower
due to fewer good weather days and was partially offset by sales
price increases. Revenues from rentals of concrete forming and
shoring equipment were $14 million, down 7%. Sales of used rental
equipment sales were up 5%. Gross profit on product sales was $19
million for the quarter and flat with last year as a percent of
product sales at 25%. Rental gross profit was $5 million, compared
with $6 million last year due to the decline in revenue, but gross
profit on the sales of used rental equipment for the quarter
increased by $1 million. Selling, general, and administrative
expenses increased to $27 million in the recent quarter from $26
million last year. The increase was due to increased headcount,
salary increases, and increased depreciation expense from the
capital investments in 2007. Mr. Zimmerman continued, �While the
current commercial construction market conditions are challenging,
the markets for infrastructure and institutional construction have
reasonably good momentum. All in all, while our environment is not
as robust as last year, we continue to believe that the full year
2008 will be another year of improvement for Dayton Superior.� The
Company has scheduled a conference call at 11:00 a.m. EDT,
Thursday, May 8, 2008 to discuss the first quarter results. The
conference call can be accessed by dialing 1-800-226-0630 and
entering ID# 43192054 at least 10 minutes before the start of the
call. A replay of the call will be available from 2:00 p.m. EDT on
Thursday, May 8, 2008 through 11:59 p.m. EDT on Thursday, May 15,
2008 by calling 1-800-642-1687 or 1-706-645-9291 and entering ID#
43192054. Dayton Superior is the leading North American provider of
specialized products consumed in non-residential, concrete
construction, and we are the largest concrete forming and shoring
rental company serving the domestic, non-residential construction
market. Our products can be found on construction sites nationwide
and are used in non-residential construction projects, including:
infrastructure projects, such as highways, bridges, airports, power
plants and water management projects; institutional projects, such
as schools, stadiums, hospitals and government buildings; and
commercial projects, such as retail stores, offices and
recreational, distribution and manufacturing facilities. Note:
Certain statements made herein concerning anticipated future
performance are forward-looking statements. 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 ability to refinance the Company�s debt on
commercially reasonable terms; depressed or fluctuating market
conditions for the Company�s products and services; operating
restrictions imposed by the Company�s existing debt; increased raw
material costs and operating expenses; the ability to increase
manufacturing efficiency, leverage purchasing power and broaden the
Company�s distribution network; the competitive nature of the
non-residential construction industry in general, as well as
specific market areas. 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, Quarterly Reports on Form 10-Q, and current Reports on Form
8-K filed with the Securities and Exchange Commission. (tables
follow) Dayton Superior Corporation Summary Income Statement,
Unaudited (amounts in thousands, except per share amounts) � For
the three fiscal months ended: March 28, 2008 � March 30, 2007
Amount � % ofSales Amount � % ofSales � Product Sales $ 77,303 81.1
% $ 80,176 81.0 % Rental Revenue 13,580 14.2 % 14,573 14.7 % Used
Rental Equipment Sales 4,496 � 4.7 % 4,273 � 4.3 % Net Sales 95,379
� 100.0 % 99,022 � 100.0 % � Product Cost of Sales 58,237 75.3 %
60,432 75.4 % Rental Cost of Sales 8,537 62.9 % 8,093 55.5 % Used
Rental Equipment Cost of Sales 550 � 12.2 % 1,126 � 26.4 % Cost of
Sales 67,324 � 70.6 % 69,651 � 70.3 % � Product Gross Profit 19,066
24.7 % 19,744 24.6 % Rental Gross Profit 5,043 37.1 % 6,480 44.5 %
Used Rental Equipment Gross Profit 3,946 � 87.8 % 3,147 � 73.6 %
Gross Profit 28,055 29.4 % 29,371 29.7 % � Selling, General &
Administrative 26,835 28.1 % 25,858 26.2 % Facility Closing and
Severance Expenses 702 0.7 % 368 0.4 % (Gain) Loss on Disposals of
Property, Plant, and Equipment (531 ) (0.5 %) 83 � ---- � Income
from Operations 1,049 1.1 % 3,062 3.1 % � Interest Expense, net
12,394 13.0 % 11,050 11.2 % Loss on Extinguishment of Long-Term
Debt 6,224 6.5 % ---- ---- Other Expense 30 � ---- � 112 � 0.1 %
Loss Before Income Taxes (17,599 ) (18.4 %) (8,100 ) (8.2 %)
Provision for Income Taxes 64 � 0.1 % 59 � ---- � Net Loss $
(17,663 ) (18.5 %) $ (8,159 ) (8.2 %) � Weighted Average Shares
Outstanding 18,563 � 18,209 � Basic and Diluted Net Loss Per Share
$ (0.95 ) $ (0.45 ) � Rental Depreciation $ 4,246 $ 3,984 Other
Depreciation 2,347 � 1,863 � Total Depreciation $ 6,593 � $ 5,847 �
Rental Gross Profit Without Depreciation 9,289 68.4 % 10,464 71.8 %
Dayton Superior Corporation Summary Balance Sheet, Unaudited (in
thousands) � As of: March 28,2008 � December 31,2007 Summary
Balance Sheet: Cash $ 1,081 $ 3,381 Accounts Receivable, Net 64,121
68,593 Inventories 78,905 66,740 Other Current Assets 7,884 � 6,458
� Total Current Assets 151,991 145,172 � Rental Equipment, Net
66,381 67,640 Property & Equipment, Net 55,771 56,812 Goodwill
& Other Assets 50,276 � 47,629 � Total Assets $ 324,419 � $
317,253 � � Revolving Credit Facility $ 102,500 $ - Current Portion
of Long-Term Debt 102,849 8,990 Accounts Payable 36,255 39,204
Other Current Liabilities 28,728 � 34,933 � Total Current
Liabilities 270,332 83,127 � Other Long-Term Debt 152,318 315,607
Other Long-Term Liabilities 8,919 � 8,162 � Total Liabilities
431,569 � 406,896 � Stockholders� Deficit (107,150 ) (89,643 )
Total Liabilities & Stockholders� Deficit $ 324,419 � $ 317,253
� Dayton Superior Corporation Summary Cash Flow Statement,
Unaudited (in thousands) � For the three fiscal months ended: March
28, 2008 � March 30, 2007(As restated) � Net Loss $ (17,663 ) $
(8,159 ) Non-Cash Adjustments to Net Loss 10,410 4,721 Changes in
Assets and Liabilities (16,577 ) (21,821 ) Net Cash Used in
Operating Activities (23,830 ) (25,259 ) � Property, Plant and
Equipment Additions, Net (3,064 ) (5,031 ) Rental Equipment
Proceeds (Additions), Net 2,214 � (4,310 ) Net Cash Used in
Investing Activities (850 ) (9,341 ) � Net Borrowings Under
Revolving Credit Facility 102,500 6,950 Net Repayments of Other
Long-Term Debt (71,829 ) (207 ) Financing Costs Paid (3,560 ) (594
) Prepayment Premium on Redemption of Long-Term Debt (4,641 ) -
Issuance of Shares of Common Stock - 731 Net Change in Loans to
Stockholders (8 ) 831 � Net Cash Provided By Financing Activities
22,462 � 7,711 � � Other, Net (82 ) 76 � Net Decrease in Cash $
(2,300 ) $ (26,813 )
Dayton Superior Corp (MM) (NASDAQ:DSUP)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Dayton Superior Corp (MM) (NASDAQ:DSUP)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024