UPDATE -- Synalloy's Metal Segment Remains Strong for the Fourth Quarter of 2011
SPARTANBURG, S.C., Feb. 3, 2012 (GLOBE NEWSWIRE) -- In a release published earlier this morning by Synalloy Corporation (Nasdaq:SYNL), please note that the Comparative Analysis table has been adjusted to reflect proper alignment of the line items for Metals and Specialty Chemicals Segments sales.
| SYNALLOY CORPORATION COMPARATIVE ANALYSIS | ||||
| THREE MONTHS ENDED | YEAR ENDED | |||
| (unaudited) | Dec 31, 2011 | Jan 1, 2011 | Dec 31, 2011 | Jan 1, 2011 |
| Net sales | ||||
| Metals Segment | $ 29,974,000 | $ 27,573,000 | $ 127,727,000 | $ 108,544,000 |
| Specialty Chemicals Segment | 10,267,000 | 10,066,000 | 42,848,000 | 42,577,000 |
| $ 40,241,000 | $ 37,639,000 | $ 170,575,000 | $ 151,121,000 | |
| Operating income | ||||
| Metals Segment | $ 1,948,000 | $ 1,441,000 | $ 9,338,000 | $ 3,774,000 |
| Specialty Chemicals Segment | (97,000) | 777,000 | 2,221,000 | 3,960,000 |
| 1,851,000 | 2,218,000 | 11,559,000 | 7,734,000 | |
| Unallocated expenses | ||||
| Corporate | 521,000 | 94,000 | 2,668,000 | 1,541,000 |
| Interest and debt expense | 48,000 | 18,000 | 141,000 | 54,000 |
| Other expense (income) | -- | -- | -- | (11,000) |
| Income before income taxes | 1,282,000 | 2,106,000 | 8,750,000 | 6,150,000 |
| Provision for income taxes | 265,000 | 644,000 | 2,953,000 | 2,116,000 |
| Net income | $ 1,017,000 | $ 1,462,000 | $ 5,797,000 | $ 4,034,000 |
| Net income per common share: | ||||
| Basic | $ 0.16 | $ 0.23 | $ 0.92 | $ 0.64 |
| Diluted | $ 0.16 | $ 0.23 | $ 0.91 | $ 0.64 |
| Average shares outstanding: | ||||
| Basic | 6,325,000 | 6,289,000 | 6,313,000 | 6,282,000 |
| Diluted | 6,369,000 | 6,321,000 | 6,362,000 | 6,309,000 |
| Backlog-Fabrication | $ 22,743,000 | $ 25,306,000 | ||
CONTACT: Rick Sieradzki at (864) 596-1558Source: Synalloy Corporation
Released February 3, 2012