Synalloy Corporation (SYNL)

Synalloy Corporation (NASDAQ:SYNL ) Q2 2022 Earnings Conference Call August 9, 2022 5:00 PM ET Company Participants Cody Cree - Director of Gateway IR Ben Rosenzweig - Executive Chairman of the Board Chris Hutter - President & CEO Aaron Tam - CFO Conference Call Participants Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss Synalloy's Financial Results for the Second Quarter ended June 30, 2022. Joining us today are Synalloy's Executive Chairman of the Board, Ben Rosenzweig; President and CEO, Chris Hutter; CFO, Aaron Tam; and the company's outside Investor Relations adviser, Cody Cree.

OAK BROOK, Ill.--(BUSINESS WIRE)--Synalloy Corporation (Nasdaq: SYNL) (“Synalloy” or the “Company”), an industrials company focused on the production and distribution of industrial tubular products and specialty chemicals, is reporting its results for the second quarter ended June 30, 2022. Second Quarter 2022 Summary (in millions, expect per share and margin) Q2 20221 Q2 2021 Change Net Sales $116.2 $83.1 40% Gross Profit $20.9 $14.1 48% Gross Profit Margin 18.0% 17.0% 100bps Net Income $11.1 $2.9 283% Diluted Earnings per share $1.06 $0.31 242% Adjusted EBITDA $15.5 $9.8 58% Adjusted EBITDA Margin 13.3% 11.7% 160bps Management Commentary “After a strong start to the year, we sustained our momentum and generated a fifth consecutive quarter of year-over-year growth across the top and bottom line,” said Chris Hutter, president and CEO of Synalloy. “We continued to make progress on our transformation efforts through diversifying our supply chain, widening our sales funnel, and steadily growing our footprint and manufacturing capacity. In our metals segment, or what we will be referring to as tubular products going forward, we added new international suppliers which strengthened and diversified our supply chain network, resulting in lower lead times and incremental margin improvements. In specialty chemicals, we strengthened our sales team with key talent, allowing us to better cross-sell, build deeper relationships and provide higher quality customer service. We also enhanced our manufacturing capabilities with upgrades to existing equipment, the implementation of 24/7 operations in multiple facilities and investments in automation to better address the growing demand and long-term expansion goals for this segment. “As recently announced, our rebrand to Ascent Industries Co.(‘Ascent’) better reflects our go-forward strategic vision. Since the start of our transformation journey, our goal has always been to build best-in-class industrial manufacturing companies through maximizing efficiency across our operations and relentlessly innovating our production capabilities and portfolio of products. Rebranding to Ascent better aligns the company with our refreshed mission statement, our focus on unlocking the full potential of our existing operations, and identifying value-additive acquisition opportunities with strong research and development capabilities. “For the back half of the year, we expect to continue executing on our strategic priorities: refining and progressing our commercial strategy, identifying and investing in automation and technology, further integrating our facilities to promote cross-functional work processes, and improving labor and asset mixes to maximize our working capital use. We remain steadfast in our commitment towards driving long-term, sustainable growth through our robust platform and creating value for our shareholders.” 1 The second quarter of 2022 included $8.4 million in net sales, $0.2 million in net income and $0.8 million in adjusted EBITDA from the acquisition of DanChem, which closed on October 22, 2021. Second Quarter 2022 Financial Results Net sales increased 40% to $116.2 million compared to $83.1 million in the prior year period, primarily driven by favorable product mix shifts and broad-based pricing increases. Gross profit increased 48% to $20.9 million, or 18.0% of net sales, compared to $14.1 million, or 17.0% of net sales, in the second quarter of 2021. Gross profit and gross margin benefited from a shift to higher margin products, increased selling prices and an expanded supplier base, which offset the impact of increased raw material and freight costs. Net income increased significantly to $11.1 million, or $1.06 diluted earnings per share, compared to $2.9 million, or $0.31 diluted earnings per share, in the second quarter of 2021. The increase was primarily a result of the strong sales and gross profit performance. Adjusted EBITDA increased 58% to $15.5 million compared to $9.8 million in the second quarter of 2021. Adjusted EBITDA margin also improved 160 basis points to 13.3% compared to 11.7% in the prior year period. Segment Results Metals – Net sales in the second quarter of 2022 increased 28% to $87.2 million compared to $68.1 million in the second quarter of 2021. Operating income in the second quarter increased 72% to $12.9 million compared to $7.5 million in the prior year period. Adjusted EBITDA in the second quarter increased 46% to $14.7 million compared to $10.1 million in the prior year period. As a percentage of segment net sales, adjusted EBITDA improved 210 basis points to 16.9% compared to 14.8% in the second quarter of 2021. Specialty Chemicals – Net sales in the second quarter of 2022 increased 94% to $29.0 million compared to $15.0 million in the second quarter of 2021. Operating income in the second quarter increased significantly to $2.6 million compared to $(0.4) million in the prior year period. Adjusted EBITDA in the second quarter increased significantly to $3.6 million compared to $0.8 million in the prior year period. Adjusted EBITDA margin improved 740 basis points to 12.6% compared to 5.2% in the second quarter of 2021. Liquidity As of June 30, 2022, total debt was $68.3 million under the Company’s credit facility, compared to $70.4 million in debt at December 31, 2021. As of the end of the second quarter of 2022, the Company had $41.2 million of remaining available borrowing capacity under its credit facility, compared to $39.4 million at December 31, 2021. Rebrand to Ascent Industries Co. As a reminder, Synalloy’s rebrand to Ascent Industries Co. will go into effect on August 10, 2022. The Company’s stock ticker symbol will change from “SYNL” to “ACNT” on the Nasdaq stock exchange, and trading under the new stock ticker symbol will commence on August 10th. The Company’s corporate website, including the investor relations portion of the site, will be relocating to www.ascentco.com. Additionally, the public will be able to reach the investor relations department at ACNT@gatewayir.com. In celebration of the Company’s rebrand, the executive leadership team will be visiting the Nasdaq MarketSite in Times Square, New York to ring the Nasdaq Stock Market Closing Bell on August 15, 2022. On the day of the ceremony, a live stream of the Nasdaq Closing Bell will be available at https://www.nasdaq.com/marketsite/bell-ringing-ceremony. To view a video of the Company’s rebranded vision coming to life, please click here. Conference Call Synalloy will conduct a conference call today at 5:00 p.m. Eastern time to discuss its results for the second quarter ended June 30, 2022. Synalloy management will host the conference call, followed by a question-and-answer period. Date: Tuesday, August 09, 2022 Time: 5:00 p.m. Eastern time Live Call Registration Link: Here Webcast Registration Link: Here To access the call by phone, please register via the live call registration link above or here and you will be provided with dial-in instructions and details. If you have any difficulty connecting with the conference call, please contact Gateway Group at 1-949-574-3860. The conference call will also be broadcast live and available for replay via the webcast registration link above or here. The webcast will be archived for one year in the investor relations section of the Company’s website at www.synalloy.com. About Synalloy Corporation Synalloy Corporation (Nasdaq: SYNL) is a company that engages in a number of diverse business activities including the production of stainless steel and galvanized pipe and tube, the distribution of seamless tubular products, and the production of specialty chemicals. For more information about Synalloy Corporation, please visit its website at www.synalloy.com. Forward-Looking Statements This press release may include "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 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 and to review the risks. as set forth in more detail in Synalloy Corporation's Securities and Exchange Commission filings, including our Annual Report on Form 10-K, which filings are available from the SEC or on our website. Synalloy Corporation assumes no obligation to update any forward-looking information included in this release. 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. SYNALLOY CORPORATION Condensed Consolidated Balance Sheets ($ in thousands) (Unaudited) June 30, 2022 December 31, 2021 Assets Current assets: Cash and cash equivalents $ 245 $ 2,021 Accounts receivable, net of allowance for credit losses of $748 and $216, respectively 63,932 50,126 Inventories, net 134,529 103,249 Prepaid expenses and other current assets 4,883 3,728 Assets held for sale 785 855 Total current assets 204,374 159,979 Property, plant and equipment, net 42,177 43,720 Right-of-use assets, operating leases, net 29,950 30,811 Goodwill 12,637 12,637 Intangible assets, net 12,940 14,382 Deferred charges, net 253 302 Other non-current assets, net 4,110 4,171 Total assets $ 306,441 $ 266,002 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 56,167 $ 32,318 Accounts payable - related parties 2 2 Accrued expenses and other current liabilities 10,800 12,407 Current portion of note payable 871 — Current portion of long-term debt 2,464 2,464 Current portion of earn-out liabilities 415 1,961 Current portion of operating lease liabilities 1,061 1,104 Current portion of finance lease liabilities 259 233 Total current liabilities 72,039 50,489 Long-term debt 65,849 67,928 Long-term portion of operating lease liabilities 31,445 32,059 Long-term portion of finance lease liabilities 1,363 1,414 Deferred income taxes 1,791 2,433 Other long-term liabilities 70 89 Total non-current liabilities 100,518 103,923 Commitments and contingencies Shareholders' equity: Common stock, par value $1 per share; authorized 24,000,000 shares; issued 11,085,000 shares 11,085 11,085 Capital in excess of par value 46,162 46,058 Retained earnings 84,397 63,080 141,644 120,223 Less: cost of common stock in treasury - 825,570 and 918,471 shares, respectively 7,760 8,633 Total shareholders' equity 133,884 111,590 Total liabilities and shareholders' equity $ 306,441 $ 266,002 Note: The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date. See accompanying notes to condensed consolidated financial statements. SYNALLOY CORPORATION Condensed Consolidated Statements of Income - Comparative Analysis (Unaudited) ($ in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net sales Metals Segment $ 87,182 $ 68,097 $ 175,679 $ 123,311 Specialty Chemicals Segment 29,020 14,990 56,741 29,554 $ 116,202 $ 83,087 $ 232,420 $ 152,865 Operating income (loss) Metals Segment $ 12,934 $ 7,504 $ 27,426 $ 10,081 Specialty Chemicals Segment 2,627 (414) 5,014 642 Unallocated expense (income) Corporate 3,322 1,360 6,351 3,127 Acquisition costs and other 157 — 688 — Proxy contest costs and recoveries — 632 — 168 Earn-out adjustments (109) 1,044 (7) 1,270 Operating income 12,191 4,054 25,408 6,158 Interest expense 407 353 810 739 Change in fair value of interest rate swap — — — (2) Loss on extinguishment of debt — — — 223 Other, net (23) — (58) 162 Income before income taxes 11,807 3,701 24,656 5,036 Income tax provision 750 815 3,339 1,056 Net income $ 11,057 $ 2,886 $ 21,317 $ 3,980 Net income per common share Basic $ 1.08 $ 0.31 $ 2.08 $ 0.43 Diluted $ 1.06 $ 0.31 $ 2.05 $ 0.43 Average shares outstanding Basic 10,244 9,233 10,226 9,212 Diluted 10,431 9,331 10,377 9,315 Other data: Adjusted EBITDA1 $ 15,453 $ 9,763 $ 32,414 $ 14,639 1The 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. SYNALLOY CORPORATION Consolidated Statements of Cash Flows (Unaudited) ($ in thousands) Six Months Ended June 30, 2022 2021 Operating activities Net income $ 21,317 $ 3,980 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 4,208 3,591 Amortization expense 1,442 1,360 Amortization of debt issuance costs 49 46 Asset impairments — 233 Loss on extinguishment of debt — 223 Deferred income taxes (642) (76) Earn-out adjustments (7) 1,270 Payments of earn-out liabilities in excess of acquisition date fair value (372) — Provision for (reduction of) losses on accounts receivable 532 (362) Provision for losses on inventories 1,234 368 Gain on disposal of property, plant and equipment (5) (81) Non-cash lease expense 214 249 Change in fair value of interest rate swap — (2) Issuance of treasury stock for director fees 364 — Stock-based compensation expense 452 456 Changes in operating assets and liabilities: Accounts receivable (14,339) (12,536) Inventories (32,442) (5,482) Other assets and liabilities (1,022) (570) Accounts payable 23,591 5,575 Accounts payable - related parties — 632 Accrued expenses (1,795) 1,370 Accrued income taxes 110 4,751 Net cash provided by operating activities 2,889 4,995 Investing activities Purchases of property, plant and equipment (2,330) (563) Proceeds from disposal of property, plant and equipment 5 138 Net cash used in investing activities (2,325) (425) Financing activities Borrowings from long-term debt 237,938 38,398 Proceeds from note payable 967 — Proceeds from the exercise of stock options 161 — Payments on long-term debt (240,017) (40,269) Payments on note payable (96) — Principal payments on finance lease obligations (126) (19) Payments on earn-out liabilities (1,167) (1,944) Payments for termination of interest rate swap — (46) Payments for deferred financing costs — (165) Net cash used in financing activities (2,340) (4,045) (Decrease) increase in cash and cash equivalents (1,776) 525 Cash and cash equivalents, beginning of period 2,021 236 Cash and cash equivalents, end of period $ 245 $ 761 Supplemental Disclosure of Cash Flow Information Cash paid for: Interest $ 699 $ 620 Income taxes $ 3,874 $ 24 Noncash Investing Activities: Capital expenditures, not yet paid $ 336 $ — SYNALLOY CORPORATION Non-GAAP Financial Measures Reconciliation Reconciliation of Net Income to Adjusted EBITDA (Unaudited) ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2022 2021 2022 2021 Consolidated Net income $ 11,057 $ 2,886 $ 21,317 $ 3,980 Adjustments: Interest expense 407 353 810 739 Change in fair value of interest rate swap — — — (2) Income taxes 750 815 3,339 1,056 Depreciation 2,092 1,774 4,208 3,591 Amortization 721 680 1,442 1,360 EBITDA 15,027 6,508 31,116 10,724 Acquisition costs and other 157 — 688 — Proxy contest costs and recoveries1 — 632 — 168 Loss on extinguishment of debt — — — 223 Earn-out adjustments (109) 1,044 (7) 1,270 Loss on investment in equity securities and other investments — — — 363 Asset impairments — 233 — 233 Gain on lease modification (2) — (2) — Stock-based compensation 263 269 395 456 Non-cash lease expense 107 124 214 249 Retention expense — 476 — 476 Restructuring and severance costs 10 477 10 477 Adjusted EBITDA $ 15,453 $ 9,763 $ 32,414 $ 14,639 % sales 13.3 % 11.7 % 13.9 % 9.6 % 1Proxy contest costs and recoveries for the three months ended June 30, 2021 are reimbursements of documented, out-of-pocket costs to Privet and UPG related to the 2020 shareholder activism. Proxy contest costs and recoveries for the six months ended June 30, 2021 are reimbursements of documented, out-of-pocket costs to Privet and UPG partially offset by insurance recoveries for costs related to the 2020 shareholder activism. SYNALLOY CORPORATION Non-GAAP Financial Measures Reconciliation Reconciliation of Net Income to Adjusted EBITDA (Unaudited) ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2022 2021 2022 2021 Metals Segment Net income $ 13,074 $ 6,463 $ 27,498 $ 9,002 Adjustments: Depreciation expense 1,163 1,350 2,376 2,742 Amortization expense 625 680 1,250 1,360 EBITDA 14,862 8,493 31,124 13,104 Earn-out adjustments (109) 1,044 (7) 1,270 Stock-based compensation (11) 46 24 83 Non-cash lease expense (1) — (1) — Retention expense — 476 — 476 Restructuring and severance costs — 50 — 50 Metals Segment Adjusted EBITDA $ 14,741 $ 10,109 $ 31,140 $ 14,983 % segment sales 16.9 % 14.8 % 17.7 % 12.2 % Specialty Chemicals Segment Net income (loss) $ 2,617 $ (414) $ 4,995 $ 641 Adjustments: Interest expense 9 — 18 — Depreciation expense 915 390 1,800 776 Amortization expense 96 — 192 — EBITDA 3,637 (24) 7,005 1,417 Acquisition costs and other — — — — Asset impairments — 233 — 233 Stock-based compensation 11 136 18 167 Restructuring and severance costs — 427 — 427 Specialty Chemicals Segment Adjusted EBITDA $ 3,648 $ 772 $ 7,023 $ 2,244 % segment sales 12.6 % 5.2 % 12.4 % 7.6 %

OAK BROOK, Ill.--(BUSINESS WIRE)--Synalloy Corporation Sets Second Quarter 2022 Earnings Conference Call for August 9, 2022, at 5:00 p.m. ET

Synalloy Corporation (NASDAQ:SYNL ) Q1 2022 Earnings Conference Call May 10, 2022 5:00 PM ET Company Participants Cody Cree - Director of Gateway Investor Relations Ben Rosenzweig - Executive Chairman of the Board Chris Hutter - President & Chief Executive Officer Aaron Tam - Chief Financial Officer Conference Call Participants Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss Synalloy's Financial Results for the First Quarter Ended March 31, 2022. Joining us today are Synalloy's, Executive Chairman of the Board, Ben Rosenzweig; President and CEO, Chris Hutter; CFO, Aaron Tam; and the company's outside Investor Relations adviser, Cody Cree.

OAK BROOK, Ill.--(BUSINESS WIRE)--Synalloy Corporation (Nasdaq: SYNL) (“Synalloy” or the “Company”), an industrials company focused on the production and distribution of piping, tubing and specialty chemicals, will hold a conference call on Tuesday, May 10, 2022, at 5:00 p.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2022. The results will be reported in a press release prior to the conference call. Synalloy management will host the conference call, followed by a question and answer period. Date: Tuesday, May 10, 2022 Time: 5:00 p.m. Eastern time Toll-free dial-in number: 1-866-374-5140 International dial-in number: 1-404-400-0571 Conference ID: 38157095 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 Gateway Group at 1-949-574-3860. 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 Synalloy Corporation Synalloy Corporation (Nasdaq: SYNL) is a company that engages in a number of diverse business activities including the production of stainless steel and galvanized pipe and tube, the master distribution of seamless carbon pipe and tube, and the production of specialty chemicals. For more information about Synalloy Corporation, please visit its website at www.synalloy.com.

Synalloy Corporation's (SYNL) CEO Chris Hutter on Q4 2021 Results - Earnings Call Transcript

RICHMOND, Va.--(BUSINESS WIRE)--Synalloy Corporation (Nasdaq: SYNL) (“Synalloy” or the “Company”), an industrials company focused on the production and distribution of piping, tubing and specialty chemicals, is reporting its results for the fourth quarter and full year ended December 31, 2021. Fourth Quarter 2021 Summary (in millions, except per share and margin) Q4 20211 Q3 2021 Q4 2020 Net Sales $95.7 $86.2 $55.9 Gross Profit $19.9 $18.0 $6.1 Gross Profit Margin 20.8% 20.9% 11.0% Net Income (Loss) $8.1 $8.2 $(8.6) Diluted Earnings (Loss) per share $0.84 $0.87 $(0.93)2 Adjusted EBITDA $14.9 $14.8 $3.0 Adjusted EBITDA Margin 15.5% 17.2% 5.4% Full Year 2021 Summary (in millions, except per share and margin) 20211 2020 Net Sales $334.7 $256.0 Gross Profit $60.8 $22.7 Gross Profit Margin 18.2% 8.8% Net Income (Loss) $20.2 $(27.3) Diluted Earnings (Loss) per share $2.14 $(2.98) Adjusted EBITDA $44.3 $9.2 Adjusted EBITDA Margin 13.2% 3.6% _____________________________ 1 The fourth quarter of 2021 included $5.7 million in net sales, $0.6 million in net income and $1.1 million in adjusted EBITDA from the acquisition of DanChem, which closed on October 22, 2021. 2 Compared to previous filings, the fourth quarter of 2020 had a $0.01 impact to diluted loss per share as a result of the Rights Offering that closed on December 17, 2021. 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 Chris Hutter, president and CEO of Synalloy. “We continued to benefit from strong demand in both business segments, and we were able to capitalize on this with expanded manufacturing capacity and efficiency. Within our specialty chemicals segment, the integration of DanChem has proceeded as we had hoped. In fact, we’ve already begun to benefit from the efficiencies and opportunities associated with the combination, enabling us to provide a broader range of manufacturing capabilities and engineering services to our combined customers. “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 Synalloy, I’m proud of the foundation we’ve built and progress we’ve made since embarking on our turnaround strategy. We are prioritizing sustained profitable growth by delivering best-in-class products, continuing to invest in technology and automation to further drive efficiencies and new product offerings, and being opportunistic with acquisitions that meet our internal return thresholds. Our team is committed to delivering long-term value to our shareholders by building upon a culture of high effort and results-based performance, and we look forward to delivering upon that commitment.” Fourth Quarter 2021 Financial Results Net sales increased 71% to $95.7 million compared to $55.9 million in the fourth quarter of 2020. This was primarily attributable to a continued strong commodities pricing environment and adjustments made to the Company’s product mix in the metals segment to better meet end-market demand. Gross profit increased significantly to $19.9 million, or 20.8% of net sales, compared to $6.1 million, or 11.0% of net sales, in the fourth quarter of 2020. Both gross profit and gross margin benefitted from pricing power as a result of increased customer demand and operational efficiencies to offset higher raw material costs. Net income increased significantly to $8.1 million, or $0.84 diluted earnings per share, compared to a net loss of $(8.6) million, or $(0.93) diluted loss per share, in the fourth quarter of 2020. Excluding a $5.5 million non-cash goodwill impairment charge in the fourth quarter of 2020, net income in the fourth quarter of 2021 increased $11.2 million over the prior year period. The increase was primarily attributable to the strong net sales performance and expense management initiatives. The prior year period also had a $0.01 impact to diluted loss per share as a result of the Rights Offering that closed on December 17, 2021, compared to what the Company had previously reported. Adjusted EBITDA increased significantly to $14.9 million compared to $3.0 million in the fourth quarter of 2020. Adjusted EBITDA as a percentage of net sales improved 1,010 basis points to 15.5% compared to 5.4% in the prior year period. Full Year 2021 Financial Results Net sales increased 31% to $334.7 million compared to $256.0 million in 2020. The increase was primarily the result of a strong pricing and customer demand environment throughout the year, along with the execution of various initiatives to refocus the Company on capturing growth opportunities. Gross profit increased significantly to $60.8 million or 18.2% of net sales, compared to $22.7 million or 8.8% of net sales in 2020. This was primarily attributable to the aforementioned net sales growth and the Company’s efforts to drive operational efficiencies throughout the year. Net income increased significantly to $20.2 million or $2.14 diluted earnings per share, compared to a net loss of $(27.3) million or $(2.98) diluted loss per share in 2020. The increase was driven by the strong pricing and customer demand the Company experienced throughout the year, which offset labor and supply chain constraints. Adjusted EBITDA increased significantly to $44.3 million compared to $9.2 million in 2020. Adjusted EBITDA as a percentage of net sales increased 960 basis points to 13.2% compared to 3.6% in the prior year. Segment Results Metals – net sales in the fourth quarter of 2021 increased 65% to $73.8 million compared to $44.7 million in the fourth quarter of 2020. Net income in the fourth quarter increased significantly to $11.3 million compared to a net loss of ($4.6) million in the prior year period. Adjusted EBITDA in the fourth quarter also increased substantially to $13.8 million compared to $2.9 million in the prior year period. As a percentage of segment net sales, adjusted EBITDA improved 1,210 basis points to 18.7% compared to 6.6% in the fourth quarter of 2020. Net sales in 2021 increased 30% to $267.2 million compared to $204.5 million in 2020. Net income in 2021 increased significantly to $31.9 million compared to a net loss of $(22.4) million in the prior year. Adjusted EBITDA in 2021 also increased substantially to $43.0 million compared to $8.0 million in the prior year. As a percentage of segment net sales, adjusted EBITDA increased 1,220 basis points to 16.1% compared to 3.9% in 2020. Specialty Chemicals – net sales in the fourth quarter of 2021 increased 95% to $21.9 million compared to $11.2 million in the fourth quarter of 2020, with $5.7 million of net sales in the fourth quarter of 2021 being attributable to the acquisition of DanChem. Net income in the fourth quarter increased significantly to $1.6 million compared to $0.5 million in the prior year period, with $0.6 million of net income in the fourth quarter of 2021 being attributable to the acquisition of DanChem. Adjusted EBITDA in the fourth quarter increased significantly to $2.5 million compared to $0.9 million in the prior year period, with $1.1 million of adjusted EBITDA in the fourth quarter of 2021 being attributable to the acquisition of DanChem. As a percentage of segment net sales, adjusted EBITDA improved 303 basis points to 11.7% compared to 8.4% in the fourth quarter of 2020. Net sales in 2021 increased 31% to $67.5 million compared to $51.5 million in 2020. Net income in 2021 was $3.6 million compared to $4.0 million in the prior year. Adjusted EBITDA in 2021 increased 12% to $6.5 million compared to $5.8 million in the prior year. As a percentage of segment net sales, adjusted EBITDA was 9.7% compared to 11.3% in 2020. Liquidity As of December 31, 2021, total debt under the Company’s revolving credit facility was $70.4 million, compared to $61.4 million at December 31, 2020, with the increase attributable to the Company’s acquisition of DanChem in October 2021 for approximately $33 million. As of the end of 2021, the Company had $39.4 million of remaining available borrowing capacity under its revolving credit facility, compared to $11.0 million at December 31, 2020. Conference Call Synalloy will conduct a conference call today at 5:00 p.m. Eastern time to discuss its results for the fourth quarter and full year ended December 31, 2021. Synalloy management will host the conference call, followed by a question-and-answer period. Date: Tuesday, March 29, 2022 Time: 5:00 p.m. Eastern 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 Gateway Group at 1-949-574-3860. 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 Synalloy Corporation Synalloy Corporation (Nasdaq: SYNL) is a company that engages in a number of diverse business activities including the production of stainless steel and galvanized pipe and tube, the master distribution of seamless carbon pipe and tube, and the production of specialty chemicals. For more information about Synalloy Corporation, please visit its web site at www.synalloy.com. 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 Synalloy Corporation's Securities and Exchange Commission filings, including our Annual Report on Form 10-K, which filings are available from the SEC. Synalloy Corporation assumes no obligation to update any forward-looking information included in this release. 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. SYNALLOY CORPORATION Condensed Consolidated Balance Sheets December 31, 2021 December 31, 2020 Assets Cash $ 2,021 $ 236 Accounts receivable, net of allowance for credit losses of $216 and $496, respectively 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 Goodwill 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 December 31, 2021 and 2020 has been derived from the audited consolidated financial statements at that date. SYNALLOY CORPORATION Condensed Consolidated Statement of Operations - Comparative Analysis (Unaudited) ($ in thousands, except per share data) Three Months Ended December 31, Year Ended December 31, 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. SYNALLOY CORPORATION Consolidated Statement of Cash Flows (Unaudited) ($ in thousands) Year Ended December 31, 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 Goodwill impairment — 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 December 31, Year Ended December 31, ($ 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 Goodwill impairment — 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 December 31, 2021 are reimbursements of documented, out-of-pocket costs to Privet and UPG partially offset by insurance recoveries for costs related to the 2020 shareholder activism. SYNALLOY CORPORATION Non-GAAP Financial Measures Reconciliation Reconciliation of Net Income (Loss) to Adjusted EBITDA (Unaudited) ($ in thousands) Three Months Ended December 31, Year Ended December 31, 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 Goodwill impairment — 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 %

RICHMOND, Va.--(BUSINESS WIRE)--Synalloy Corporation (Nasdaq: SYNL) (“Synalloy” or the “Company”), an industrials company focused on the production and distribution of piping, tubing and specialty chemicals, will hold a conference call on Tuesday, March 29, 2022, at 5:00 p.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 31, 2021. The results will be reported in a press release prior to the conference call. Synalloy management will host the co

Synalloy Corporation (Nasdaq: SYNL) has announced its Q3 2021 financial results. These are the details.

Synalloy Corp (SYNL) CEO Christopher Hutter on Q3 2021 Results - Earnings Call Transcript

RICHMOND, Va.--(BUSINESS WIRE)--Synalloy Corporation (Nasdaq: SYNL) (“Synalloy” or the “Company”), an industrials company focused on the production and distribution of piping, tubing and specialty chemicals, will hold a conference call on Tuesday, November 9, 2021, at 5:00 p.m. Eastern time to discuss its financial results for the third quarter ended September 30, 2021. The results will be reported in a press release prior to the conference call. Synalloy management will host the conference call, followed by a question and answer period. Date: Tuesday, November 9, 2021 Time: 5:00 p.m. Eastern time Toll-free dial-in number: (877) 303-6648 International dial-in number: (970) 315-0443 Conference ID: 5047445 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 Gateway Investor Relations at 1-949-574-3860. 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 Synalloy Corporation Synalloy Corporation (Nasdaq: SYNL) is a company that engages in a number of diverse business activities including the production of stainless steel and galvanized pipe and tube, the master distribution of seamless carbon pipe and tube, and the production of specialty chemicals. For more information about Synalloy Corporation, please visit its web site at www.synalloy.com.

Synalloy Corp (SYNL) CEO Christopher Hutter on Q2 2021 Results - Earnings Call Transcript

RICHMOND, Va.--(BUSINESS WIRE)--Synalloy Corporation (Nasdaq: SYNL) (“Synalloy” or the “Company”), an industrials company focused on the production and distribution of piping, tubing and specialty chemicals, will hold a conference call on Monday, August 9, 2021 at 5:00 p.m. Eastern time to discuss its financial results for the second quarter ended June 30, 2021. The results will be reported in a press release prior to the conference call. Synalloy management will host the conference call, follo

RICHMOND, Va.--(BUSINESS WIRE)--Synalloy Corporation (Nasdaq: SYNL) (“Synalloy” or the “Company”), an industrials company focused on the production and distribution of piping, tubing and specialty chemicals, will hold a conference call on Monday, August 9, 2021 at 5:00 p.m. Eastern time to discuss its financial results for the second quarter ended June 30, 2021. The results will be reported in a press release prior to the conference call. Synalloy management will host the conference call, followed by a question and answer period. Date: Monday, August 9, 2021 Time: 5:00 p.m. Eastern time Toll-free dial-in number: (877) 303-6648 International dial-in number: (970) 315-0443 Conference ID: 3593976 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 Gateway Investor Relations at 1-949-574-3860. 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 Synalloy Corporation Synalloy Corporation (Nasdaq: SYNL) is a company that engages in a number of diverse business activities including the production of stainless steel and galvanized pipe and tube, the master distribution of seamless carbon pipe and tube, and the production of specialty chemicals. For more information about Synalloy Corporation, please visit its web site at www.synalloy.com. Forward Looking Statements This earnings release includes and incorporates by reference "forward-looking statements" within the meaning of the federal securities laws. All statements that are not historical facts are forward-looking statements. The words "estimate," "project," "intend," "expect," "believe," "should," "anticipate," "hope," "optimistic," "plan," "outlook," "should," "could," "may" and similar expressions identify forward-looking statements. 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, which reflect opinions only as of the date hereof. 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; a prolonged decrease in nickel and oil prices; the impact of competitive products and pricing; product demand and acceptance risks; raw material and other increased costs; raw materials availability; financial stability of our 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 mergers, acquisitions, dispositions and other expansion activities; environmental issues; negative or unexpected results from tax law changes; inability to comply with covenants and ratios required by our debt financing arrangements; and other risks detailed in the Form 10-K for the fiscal year ended December 31, 2020 filed with the Securities and Exchange Commission ("SEC") on March 9, 2021, particularly under the heading of “Risk Factors” and from time-to-time in Synalloy Corporation's Securities and Exchange Commission filings. Synalloy Corporation assumes no obligation to update any forward-looking information included in this release.

The coronavirus pandemic crisis has caused a decline in net sales after strong increases in 2017, 2018, and 2019. Gross profit margins are improving fast and net income is again positive since the fourth quarter of 2018.

Synalloy Corporation (SYNL) CEO Sally Cunningham on Q1 2021 Results - Earnings Call Transcript