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