SYNL - SYNL STOCK NEWS

Synalloy Corporation (Nasdaq: SYNL) has appointed David Kuzy as executive vice president to lead its chemicals segment. Kuzy brings over 30 years of experience, having previously served as CEO at Carus Group, where he implemented successful growth strategies. His background includes leadership roles at Albemarle Corporation and BASF. Kuzy's appointment aims to enhance Synalloy's customer-focused processes and product development, with confidence expressed by interim president Chris Hutter. As part of his agreement, Kuzy received 10,324 shares of common stock, with specific vesting conditions.

Synalloy Corporation (Nasdaq: SYNL) reported its Q1 2021 results, showing net sales of $69.8 million, down from $74.7 million in Q1 2020. Gross profit increased 22% to $8.7 million, with a gross profit margin of 12.5%. Net income rose to $1.1 million ($0.12 per share) compared to a net loss of $1.2 million last year. Adjusted EBITDA surged 85% to $4.9 million, reflecting operational efficiencies despite ongoing COVID-19 challenges. The company secured a new $150 million credit facility, enhancing liquidity with $41.2 million available as of March 31, 2021.

Synalloy Corporation (Nasdaq: SYNL) will hold a conference call on May 10, 2021, at 5:00 p.m. Eastern to discuss its financial results for Q1 2021. The results will be reported prior to the call, which will feature a Q&A session hosted by management. Interested parties can connect via a toll-free number and find the call's details on Synalloy's website. The company is involved in the production of piping and specialty chemicals, with a focus on resilience against economic challenges, including the ongoing effects of COVID-19.

Synalloy Corporation (Nasdaq: SYNL) has appointed Tim Lynch as the executive vice president of its metals segment, effective immediately. Lynch, who brings over 20 years of steel industry experience, will oversee all metals subsidiaries. His previous roles include significant positions at Outokumpu and TMS International, where he enhanced operational efficiencies. This leadership change aims to drive profitability and growth within the company. As a part of the hiring incentive, Lynch was granted 15,228 shares of stock, with vesting conditions based on performance metrics.

Synalloy Corporation (Nasdaq: SYNL) has appointed Tim Lynch as executive vice president to lead its metals segment, effective immediately. Lynch, with over 20 years of experience in the steel industry, previously held senior roles at Outokumpu and TMS International. His expertise is expected to enhance operational efficiency and procurement in Synalloy's metals subsidiaries. The interim president and CEO, Chris Hutter, believes Lynch's extensive knowledge will drive profitability and growth. Lynch is optimistic about the company's growth prospects and aims to improve processes within the metals segment.

Synalloy Corporation (Nasdaq: SYNL) reported its fourth quarter and full-year financial results for 2020. Q4 net sales stood at $55.9M, down from $67.9M in Q4 2019, primarily due to curtailments in operations. A net loss of $8.6M was reported, significantly higher than the $0.9M loss in the same quarter last year. Adjusted EBITDA increased to $3.0M, reflecting operational efficiencies. For the full year, net sales were $256.0M, down from $305.2M in 2019, with a total net loss of $27.3M. Debt was reduced by $14.2M by year-end.

Synalloy Corporation (Nasdaq: SYNL) will host a conference call on March 9, 2021, at 5:00 p.m. Eastern time to discuss its Q4 and full-year financial results for 2020. Participants can dial in using toll-free (877) 303-6648 or international (970) 315-0443, with a conference ID of 4387292. The call will be available for replay on Synalloy's investor relations website.

As an industrials company, Synalloy produces and distributes pipe, tube, and specialty chemicals, showcasing diverse business activities.

Synalloy Corporation (NASDAQ:SYNL) announced the establishment of a new four-year revolving credit facility, allowing for up to $150 million in borrowing capacity. This facility replaces the previous $100 million revolving credit line and $20 million term loan. It matures on January 15, 2025, and was arranged by BMO Harris Bank. Interim CEO Chris Hutter highlighted that this refinancing offers favorable terms, enhances the company’s balance sheet, and provides financial flexibility for long-term growth. Notably, there are no financial covenants as long as borrowings remain above a certain threshold.

Synalloy Corporation (Nasdaq: SYNL) reported third quarter 2020 net sales of $59.3 million, down 19.5% from Q3 2019. The company recorded a net loss of $10.5 million, or $1.16 per share, compared to a $1.0 million loss in the previous year. The decline in sales is attributed to decreased demand in the oil and gas sector, operational challenges due to COVID-19, and proxy contest expenses. Adjusted EBITDA decreased to $1.6 million. Amid the downturn, the Specialty Chemicals Segment showed resilience with increased profits from hand sanitizer production, despite overall revenue declines.