Synalloy Reports Record Fourth Quarter and Full Year 2021 Results
Synalloy Corporation (NASDAQ: SYNL) reported robust financial results for Q4 and the full year 2021, achieving record highs in net sales, net income, and adjusted EBITDA. Q4 net sales surged 71% to $95.7 million, while net income was $8.1 million, compared to a loss of $8.6 million in Q4 2020. For the full year, net sales increased 31% to $334.7 million, with net income of $20.2 million against a loss of $27.3 million in 2020. The strong performance was driven by high demand and strategic acquisitions, specifically the integration of DanChem.
- Record Q4 net sales of $95.7 million, a 71% increase YoY.
- Full year net sales reached $334.7 million, a 31% increase YoY.
- Net income of $20.2 million in 2021, up from a net loss of $27.3 million in 2020.
- Strong adjusted EBITDA of $44.3 million for the full year, significantly higher than $9.2 million in 2020.
- Increased total debt to $70.4 million due to the acquisition of DanChem.
- Adjusted EBITDA margin decreased to 13.2% from 3.6% in the prior year.
Finishes 2021 with
Full Year 2021 Results Achieved Highest Net Sales, Net Income and Adjusted EBITDA in Synalloy’s History
Strongly Positioned to Further Capitalize on Profitable Growth Opportunities in 2022
Fourth Quarter 2021 Summary
(in millions, except per share and margin) |
Q4 20211 |
Q3 2021 |
Q4 2020 |
|
|
|
|
Gross Profit |
|
|
|
Gross Profit Margin |
|
|
|
Net Income (Loss) |
|
|
|
Diluted Earnings (Loss) per share |
|
|
|
Adjusted EBITDA |
|
|
|
Adjusted EBITDA Margin |
|
|
|
Full Year 2021 Summary
(in millions, except per share and margin) |
20211 |
2020 |
|
|
|
Gross Profit |
|
|
Gross Profit Margin |
|
|
Net Income (Loss) |
|
|
Diluted Earnings (Loss) per share |
|
|
Adjusted EBITDA |
|
|
Adjusted EBITDA Margin |
|
. |
_____________________________
1 The fourth quarter of 2021 included
2 Compared to previous filings, the fourth quarter of 2020 had a
Management Commentary
“In the fourth quarter we experienced another period of profitable growth over 2020 and sustained the high levels of performance from the third quarter, capping off a year of meaningful transformation,” said
“Shifting to 2022, both segments continue to show signs of strength as product demand remains healthy. We are highly focused on our operational efficiencies, footprint expansion and accelerating our business development efforts. Though current geopolitical events make macroeconomic forecasting difficult, we anticipate a favorable pricing environment in the first half of 2022 with normalization expected during the middle of the year. As we continue our efforts to better match our production to our increased commercial efforts, we are moving closer to accomplishing our goal of maintaining competitive margins throughout all pricing environments.
“Reflecting on my first full year at the helm of
Fourth Quarter 2021 Financial Results
Net sales increased
Gross profit increased significantly to
Net income increased significantly to
Adjusted EBITDA increased significantly to
Full Year 2021 Financial Results
Net sales increased
Gross profit increased significantly to
Net income increased significantly to
Adjusted EBITDA increased significantly to
Segment Results
Metals – net sales in the fourth quarter of 2021 increased
Net sales in 2021 increased
Specialty Chemicals – net sales in the fourth quarter of 2021 increased
Net sales in 2021 increased
Liquidity
As of
Conference Call
Date:
Time:
Toll-free dial-in number: 1-877-303-6648
International dial-in number: 1-970-315-0443
Conference ID: 2845778
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact
The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website at www.synalloy.com.
About
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable federal securities laws. All statements that are not historical facts are forward-looking statements. Forward looking statements can be identified through the use of words such as "estimate," "project," "intend," "expect," "believe," "should," "anticipate," "hope," "optimistic," "plan," "outlook," "should," "could," "may" and similar expressions. The forward-looking statements are subject to certain risks and uncertainties, including without limitation those identified below, which could cause actual results to differ materially from historical results or those anticipated. Readers are cautioned not to place undue reliance on these forward-looking statements. The following factors could cause actual results to differ materially from historical results or those anticipated: adverse economic conditions, including risks relating to the impact and spread of and the government’s response to COVID-19; inability to weather an economic downturn; the impact of competitive products and pricing; product demand and acceptance risks; raw material and other increased costs; raw material availability; financial stability of the Company’s customers; customer delays or difficulties in the production of products; loss of consumer or investor confidence; employee relations; ability to maintain workforce by hiring trained employees; labor efficiencies; risks associated with acquisitions; environmental issues; negative or unexpected results from tax law changes; inability to comply with covenants and ratios required by the Company’s debt financing arrangements; and other risks detailed from time-to-time in
Non-GAAP Financial Information
Financial statement information included in this earnings release includes non-GAAP (Generally Accepted Accounting Principles) measures and should be read along with the accompanying tables which provide a reconciliation of non-GAAP measures to GAAP measures.
Adjusted EBITDA is a non-GAAP financial measure that the Company believes is useful to investors in evaluating its results to determine the value of a company. An item is excluded in the measure if its periodic value is inconsistent and sufficiently material that not identifying the item would render period comparability less meaningful to the reader or if including the item provides a clearer representation of normalized periodic earnings. The Company excludes in Adjusted EBITDA two categories of items: 1) Base EBITDA components, including: interest expense (including change in fair value of interest rate swap), income taxes, depreciation and amortization, and 2) Material transaction costs including: goodwill impairment, asset impairment, gain on lease modification, stock-based compensation, non-cash lease cost, acquisition costs and other fees, proxy contest costs and recoveries, loss on extinguishment of debt, earn-out adjustments, realized and unrealized (gains) and losses on investments in equity securities and other investments, retention costs and restructuring & severance costs from net income.
Management believes that these non-GAAP measures provide additional useful information to allow readers to compare the financial results between periods. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.
Condensed Consolidated Balance Sheets ($ in thousands) |
|||||
|
|
|
|
||
|
|
|
|
||
Assets |
|
|
|
||
Cash |
$ |
2,021 |
|
$ |
236 |
Accounts receivable, net of allowance for credit losses of |
|
50,126 |
|
|
28,183 |
Inventories, net |
|
103,249 |
|
|
85,080 |
Prepaid expenses and other current assets |
|
3,728 |
|
|
13,384 |
Assets held for sale |
|
855 |
|
|
|
Total current assets |
|
159,979 |
|
|
126,883 |
|
|
|
|
||
Property, plant and equipment, net |
|
43,720 |
|
|
35,096 |
Right-of-use assets, operating leases, net |
|
30,811 |
|
|
31,769 |
|
|
12,637 |
|
|
1,355 |
Intangible assets, net |
|
14,382 |
|
|
11,426 |
Deferred charges, net |
|
302 |
|
|
455 |
Other non-current assets |
|
4,171 |
|
$ |
— |
Total assets |
$ |
266,002 |
|
$ |
206,984 |
|
|
|
|
||
Liabilities and Shareholders' Equity |
|
|
|
||
Accounts payable |
$ |
32,318 |
|
$ |
19,732 |
Accounts payable - related parties |
|
2 |
|
|
— |
Accrued expenses and other current liabilities |
|
12,407 |
|
|
6,123 |
Current portion of long-term debt |
|
2,464 |
|
|
875 |
Current portion of earn-out liability |
|
1,961 |
|
|
3,434 |
Current portion operating lease liabilities |
|
1,104 |
|
|
867 |
Current portion of finance lease liabilities |
|
233 |
|
|
19 |
Total current liabilities |
|
50,489 |
|
|
31,050 |
|
|
|
|
||
Long-term debt |
|
67,928 |
|
|
60,495 |
Long-term portion of earn-out liability |
|
— |
|
|
287 |
Long-term portion of operating lease liabilities |
|
32,059 |
|
|
32,771 |
Long-term portion of finance lease liabilities |
|
1,414 |
|
|
37 |
Deferred income taxes |
|
2,433 |
|
|
1,957 |
Other long-term liabilities |
|
89 |
|
|
92 |
Shareholders' equity |
|
111,590 |
|
|
80,295 |
Total liabilities and shareholders' equity |
$ |
266,002 |
|
$ |
206,984 |
Note: The condensed consolidated balance sheet at
Condensed Consolidated Statement of Operations - Comparative Analysis (Unaudited) ($ in thousands, except per share data) |
||||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
|||||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
Net sales |
|
|
|
|
|
|
|
|||||||||
|
Metals Segment |
$ |
73,799 |
|
|
$ |
44,698 |
|
|
$ |
267,238 |
|
|
$ |
204,459 |
|
|
Specialty Chemicals Segment |
|
21,868 |
|
|
|
11,203 |
|
|
|
67,477 |
|
|
|
51,541 |
|
|
|
$ |
95,667 |
|
|
$ |
55,901 |
|
|
$ |
334,715 |
|
|
$ |
256,000 |
|
Operating income (loss) |
|
|
|
|
|
|
||||||||||
|
Metals Segment |
$ |
11,767 |
|
|
$ |
(4,815 |
) |
|
$ |
33,561 |
|
|
$ |
(24,599 |
) |
|
Specialty Chemicals Segment |
|
1,658 |
|
|
|
525 |
|
|
|
3,656 |
|
|
|
4,033 |
|
|
|
|
|
|
|
|
|
|
||||||||
Unallocated expense (income) |
|
|
|
|
|
|
|
|||||||||
|
Corporate |
|
1,690 |
|
|
|
2,784 |
|
|
|
6,828 |
|
|
|
7,917 |
|
|
Acquisition costs and other |
|
800 |
|
|
|
42 |
|
|
|
1,001 |
|
|
|
845 |
|
|
Proxy contest costs and recoveries |
|
— |
|
|
|
— |
|
|
|
168 |
|
|
|
3,105 |
|
|
Earn-out adjustments |
|
442 |
|
|
|
(226 |
) |
|
|
1,872 |
|
|
|
(1,195 |
) |
|
Gain on lease modification |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(171 |
) |
|
Operating income (loss) |
|
10,493 |
|
|
|
(6,890 |
) |
|
|
27,348 |
|
|
|
(31,067 |
) |
|
Interest expense |
|
418 |
|
|
|
406 |
|
|
|
1,486 |
|
|
|
2,110 |
|
|
Change in fair value of interest rate swap |
|
— |
|
|
|
(14 |
) |
|
|
(2 |
) |
|
|
51 |
|
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
223 |
|
|
|
— |
|
|
Other, net |
|
(10 |
) |
|
|
(10 |
) |
|
|
143 |
|
|
|
(1,255 |
) |
Income (loss) before income taxes |
|
10,085 |
|
|
|
(7,272 |
) |
|
|
25,498 |
|
|
|
(31,973 |
) |
|
|
Income tax provision (benefit) |
|
2,018 |
|
|
|
1,320 |
|
|
|
5,253 |
|
|
|
(4,706 |
) |
Net income (loss) |
$ |
8,067 |
|
|
$ |
(8,592 |
) |
|
$ |
20,245 |
|
|
$ |
(27,267 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per common share |
|
|
|
|
|
|
|
|||||||||
|
Basic |
$ |
0.85 |
|
|
$ |
(0.93 |
) |
|
$ |
2.17 |
|
|
$ |
(2.98 |
) |
|
Diluted |
$ |
0.84 |
|
|
$ |
(0.93 |
) |
|
$ |
2.14 |
|
|
$ |
(2.98 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Average shares outstanding1 |
|
|
|
|
|
|
|
|||||||||
|
Basic |
|
9,518 |
|
|
|
9,198 |
|
|
|
9,340 |
|
|
|
9,141 |
|
|
Diluted |
|
9,617 |
|
|
|
9,198 |
|
|
|
9,456 |
|
|
|
9,141 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other data: |
|
|
|
|
|
|
|
|||||||||
|
Adjusted EBITDA2 |
$ |
14,861 |
|
|
$ |
3,017 |
|
|
$ |
44,308 |
|
|
$ |
9,247 |
|
1During the fourth quarter of 2021, the Company distributed subscription rights to holders of common stock, which were priced at a discount to the market value, to acquire additional common shares. The Rights Offering, because of the discount, contains a bonus element that is similar to a stock dividend. As such, the basic and diluted EPS has been retroactively adjusted for the bonus element for all prior periods presented.
2The term Adjusted EBITDA is a non-GAAP financial measure that the Company believes is useful to investors in evaluating its results to determine the value of a company. An item is excluded in the measure if its periodic value is inconsistent and sufficiently material that not identifying the item would render period comparability less meaningful to the reader or if including the item provides a clearer representation of normalized periodic earnings. The Company excludes in Adjusted EBITDA two categories of items: 1) Base EBITDA components, including: interest expense (including change in fair value of interest rate swap), income taxes, depreciation and amortization, and 2) Material transaction costs including: goodwill impairment, asset impairment, gain on lease modification, stock-based compensation, non-cash lease cost, acquisition costs and other fees, proxy contest costs and recoveries, loss on extinguishment of debt, earn-out adjustments, realized and unrealized (gains) and losses on investments in equity securities and other investments, retention costs and restructuring & severance costs from net income. For a reconciliation of this non-GAAP measure to the most comparable GAAP equivalent, refer to the Reconciliation of Net Income (Loss) to Adjusted EBITDA.
Consolidated Statement of Cash Flows (Unaudited) ($ in thousands) |
|||||||
|
Year Ended |
||||||
|
|
2021 |
|
|
|
2020 |
|
Operating activities |
|
|
|
||||
Net income (loss) |
$ |
20,245 |
|
|
$ |
(27,267 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
||||
Depreciation expense |
|
7,547 |
|
|
|
7,572 |
|
Amortization expense |
|
2,794 |
|
|
|
3,028 |
|
Amortization of debt issuance costs |
|
95 |
|
|
|
177 |
|
Asset impairments |
|
233 |
|
|
|
6,214 |
|
|
|
— |
|
|
|
16,203 |
|
Loss on extinguishment of debt |
|
223 |
|
|
|
— |
|
Unrealized gain on equity securities |
|
— |
|
|
|
(208 |
) |
Deferred income taxes |
|
(2,071 |
) |
|
|
1,167 |
|
Proceeds from business interruption insurance |
|
— |
|
|
|
1,040 |
|
Loss on sale of equity securities |
|
— |
|
|
|
38 |
|
Earn-out adjustments |
|
1,872 |
|
|
|
(1,195 |
) |
Payments of earn-out liabilities in excess of acquisition date fair value |
|
(138 |
) |
|
|
(292 |
) |
(Reduction of) provision for losses on accounts receivable |
|
(398 |
) |
|
|
890 |
|
Provision for losses on inventories |
|
1,649 |
|
|
|
271 |
|
(Gain) loss on disposal of property, plant and equipment |
|
(848 |
) |
|
|
237 |
|
Non-cash lease expense |
|
481 |
|
|
|
510 |
|
Non-cash lease termination loss |
|
5 |
|
|
|
24 |
|
Gain on lease modification |
|
— |
|
|
|
(171 |
) |
Change in fair value of interest rate swap |
|
(2 |
) |
|
|
51 |
|
Payments for termination of interest rate swap |
|
(46 |
) |
|
|
— |
|
Issuance of treasury stock for director fees |
|
132 |
|
|
|
345 |
|
Stock-based compensation expense |
|
799 |
|
|
|
1,791 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(16,185 |
) |
|
|
5,552 |
|
Inventories |
|
(18,873 |
) |
|
|
9,122 |
|
Other assets and liabilities |
|
(55 |
) |
|
|
(912 |
) |
Accounts payable |
|
10,835 |
|
|
|
(1,418 |
) |
Accounts payable - related parties |
|
2 |
|
|
|
— |
|
Accrued expenses |
|
1,506 |
|
|
|
86 |
|
Accrued income taxes |
|
9,253 |
|
|
|
(4,877 |
) |
Net cash provided by operating activities |
|
19,055 |
|
|
|
17,978 |
|
Investing activities |
|
|
|
||||
Purchases of property, plant and equipment |
|
(1,497 |
) |
|
|
(3,748 |
) |
Proceeds from disposal of property, plant and equipment |
|
1,400 |
|
|
|
312 |
|
Proceeds from sale of equity securities |
|
— |
|
|
|
4,430 |
|
Acquisitions, net of cash acquired |
|
(32,564 |
) |
|
|
— |
|
Net cash (used in) provided by investing activities |
|
(32,661 |
) |
|
|
994 |
|
Financing activities |
|
|
|
||||
Borrowings from long-term debt |
|
215,528 |
|
|
|
— |
|
Proceeds from the issuance of common stock related to Rights Offering |
|
10,010 |
|
|
|
— |
|
Proceeds from the exercise of stock options |
|
109 |
|
|
|
— |
|
Payments on long-term debt |
|
(206,505 |
) |
|
|
(4,000 |
) |
Payments on BB&T line of credit |
|
— |
|
|
|
(10,184 |
) |
Principal payments on finance lease obligations |
|
(92 |
) |
|
|
(109 |
) |
Payments for finance lease terminations |
|
— |
|
|
|
(204 |
) |
Payments on earn-out liabilities |
|
(3,494 |
) |
|
|
(3,946 |
) |
Repurchase of common stock |
|
— |
|
|
|
(635 |
) |
Payments for deferred financing costs |
|
(165 |
) |
|
|
(284 |
) |
Net cash provided by (used in) financing activities |
|
15,391 |
|
|
|
(19,362 |
) |
Increase (decrease) in cash and cash equivalents |
|
1,785 |
|
|
|
(390 |
) |
Cash and cash equivalents, beginning of period |
|
236 |
|
|
|
626 |
|
Cash and cash equivalents, end of period |
$ |
2,021 |
|
|
$ |
236 |
|
Non-GAAP Financial Measures Reconciliation Reconciliation of Net Income (Loss) to Adjusted EBITDA (Unaudited) ($ in thousands) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
|
|
Year Ended
|
|||||||||||||
($ in thousands) |
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
Consolidated |
|
|
|
|
|
|
|
|||||||||
Net income (loss) |
$ |
8,067 |
|
|
$ |
(8,592 |
) |
|
$ |
20,245 |
|
|
$ |
(27,267 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|||||||||
|
Interest expense |
|
418 |
|
|
|
406 |
|
|
|
1,486 |
|
|
|
2,110 |
|
|
Change in fair value of interest rate swap |
|
— |
|
|
|
(14 |
) |
|
|
(2 |
) |
|
|
51 |
|
|
Income taxes |
|
2,018 |
|
|
|
1,320 |
|
|
|
5,253 |
|
|
|
(4,706 |
) |
|
Depreciation |
|
2,088 |
|
|
|
1,820 |
|
|
|
7,547 |
|
|
|
7,572 |
|
|
Amortization |
|
754 |
|
|
|
705 |
|
|
|
2,794 |
|
|
|
3,028 |
|
EBITDA |
|
13,345 |
|
|
|
(4,355 |
) |
|
|
37,323 |
|
|
|
(19,212 |
) |
|
|
Acquisition costs and other |
|
800 |
|
|
|
53 |
|
|
|
1,001 |
|
|
|
861 |
|
|
Proxy contest costs and recoveries1 |
|
— |
|
|
|
— |
|
|
|
168 |
|
|
|
3,105 |
|
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
223 |
|
|
|
— |
|
|
Earn-out adjustments |
|
442 |
|
|
|
(226 |
) |
|
|
1,872 |
|
|
|
(1,195 |
) |
|
Loss (gain) on investment in equity securities and other investments |
|
— |
|
|
|
— |
|
|
|
363 |
|
|
|
(170 |
) |
|
Asset impairments |
|
— |
|
|
|
135 |
|
|
|
233 |
|
|
|
6,214 |
|
|
|
|
— |
|
|
|
5,455 |
|
|
|
— |
|
|
|
16,203 |
|
|
Gain on lease modification |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(171 |
) |
|
Stock-based compensation |
|
103 |
|
|
|
755 |
|
|
|
799 |
|
|
|
1,791 |
|
|
Non-cash lease expense |
|
108 |
|
|
|
124 |
|
|
|
481 |
|
|
|
510 |
|
|
Retention expense |
|
6 |
|
|
|
— |
|
|
|
500 |
|
|
|
235 |
|
|
Restructuring and severance costs |
|
57 |
|
|
|
1,076 |
|
|
|
1,345 |
|
|
|
1,076 |
|
Adjusted EBITDA |
$ |
14,861 |
|
|
$ |
3,017 |
|
|
$ |
44,308 |
|
|
$ |
9,247 |
|
|
|
% sales |
|
15.5 |
% |
|
|
5.4 |
% |
|
|
13.2 |
% |
|
|
3.6 |
% |
1Proxy contest costs and recoveries for the year ended
Non-GAAP Financial Measures Reconciliation Reconciliation of Net Income (Loss) to Adjusted EBITDA (Unaudited) ($ in thousands) |
||||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
|||||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
Metals Segment |
|
|
|
|
|
|
|
|||||||||
Net income (loss) |
$ |
11,335 |
|
|
$ |
(4,590 |
) |
|
$ |
31,893 |
|
|
$ |
(22,388 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|||||||||
|
Interest expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
|
Depreciation expense |
|
1,293 |
|
|
|
1,398 |
|
|
|
5,485 |
|
|
|
5,855 |
|
|
Amortization expense |
|
680 |
|
|
|
705 |
|
|
|
2,721 |
|
|
|
3,028 |
|
EBITDA |
|
13,308 |
|
|
|
(2,487 |
) |
|
|
40,099 |
|
|
|
(13,494 |
) |
|
|
Acquisition costs and other |
|
— |
|
|
|
13 |
|
|
|
— |
|
|
|
16 |
|
|
Earn-out adjustments |
|
442 |
|
|
|
(226 |
) |
|
|
1,872 |
|
|
|
(1,195 |
) |
|
Asset impairments |
|
— |
|
|
|
135 |
|
|
|
— |
|
|
|
6,214 |
|
|
|
|
— |
|
|
|
5,455 |
|
|
|
— |
|
|
|
16,203 |
|
|
Stock-based compensation |
|
54 |
|
|
|
54 |
|
|
|
129 |
|
|
|
303 |
|
|
Retention expense |
|
6 |
|
|
|
— |
|
|
|
500 |
|
|
|
— |
|
|
Restructuring and severance costs |
|
— |
|
|
|
— |
|
|
|
363 |
|
|
|
— |
|
Metals Segment Adjusted EBITDA |
$ |
13,810 |
|
|
$ |
2,944 |
|
|
$ |
42,963 |
|
|
$ |
8,047 |
|
|
|
% segment sales |
|
18.7 |
% |
|
|
6.6 |
% |
|
|
16.1 |
% |
|
|
3.9 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Specialty Chemicals Segment |
|
|
|
|
|
|
|
|||||||||
Net income |
$ |
1,588 |
|
|
$ |
525 |
|
|
$ |
3,589 |
|
|
$ |
4,046 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|||||||||
|
Interest expense |
|
9 |
|
|
|
— |
|
|
|
11 |
|
|
|
9 |
|
|
Depreciation expense |
|
768 |
|
|
|
381 |
|
|
|
1,932 |
|
|
|
1,552 |
|
|
Amortization expense |
|
73 |
|
|
|
— |
|
|
|
73 |
|
|
|
— |
|
EBITDA |
|
2,438 |
|
|
|
906 |
|
|
|
5,605 |
|
|
|
5,607 |
|
|
|
Acquisition costs and other |
|
61 |
|
|
|
— |
|
|
|
61 |
|
|
|
— |
|
|
Asset impairments |
|
— |
|
|
|
— |
|
|
|
233 |
|
|
|
— |
|
|
Stock-based compensation |
|
(8 |
) |
|
|
29 |
|
|
|
165 |
|
|
|
207 |
|
|
Restructuring and severance costs |
|
57 |
|
|
|
— |
|
|
|
484 |
|
|
|
— |
|
Specialty Chemicals Segment Adjusted EBITDA |
$ |
2,548 |
|
|
$ |
935 |
|
|
$ |
6,548 |
|
|
$ |
5,814 |
|
|
|
% segment sales |
|
11.7 |
% |
|
|
8.4 |
% |
|
|
9.7 |
% |
|
|
11.3 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220329005777/en/
Company:
Chief Financial Officer
1-804-822-3260
Investor Relations
1-949-574-3860
SYNL@gatewayir.com
Source:
FAQ
What were Synalloy's Q4 2021 results?
How did Synalloy perform in the full year 2021?
What caused Synalloy's sales increase in 2021?
What is Synalloy's stock symbol?
How has the DanChem acquisition impacted Synalloy?
