Synalloy Reports Substantial Gains in Profits From Continuing Operations for Both the Fourth Quarter and Year of 2014
02/09/2015 - Synalloy Corp. (Nasdaq:SYNL), a growth oriented company that engages in a number of diverse business activities including the production of stainless steel pipe, fiberglass and steel storage tanks, and specialty chemicals along with the distribution of seamless carbon pipe, announces that the fourth quarter of 2014 produced net sales from continuing operations of $48,569,000, an increase of $2,167,000 or 5% when compared to net sales from continuing operations for the fourth quarter of 2013 of $46,402,000.
Net sales from continuing operations for the entire year of 2014 were $199,505,000 which was $2,754,000 or 1% higher than the same period of the prior year of $196,751,000. For the fourth quarter of 2014 the Company recorded net earnings from continuing operations of $1,409,000, or $0.16 per share compared to a net loss from continuing operations of $1,097,000, or a loss of $0.13 per share for the same quarter in the prior year. Net earnings from continuing operations for 2014 amounted to $12,619,000, or $1.45 per share, which represents an increase of 335% when compared to net earnings from continuing operations of $2,898,000, or $0.42 per share, for 2013. The Company's fiscal year is the 52 or 53 week period ending on the Saturday nearest to December 31. The fourth quarter and fiscal year of 2014 contained 14 weeks and 53 weeks, respectively, compared to the 13 week and 52 week periods for the prior year. As a result of the Company's common stock offering in September 2013, an additional 2,300,000 shares were sold and therefore are included in the weighted average share calculation for the fourth quarter and entire year of 2014. These additional shares have a dilutive effect when comparing all "per share" calculations for the entire year of 2014 with the same period of the prior year.