-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R22mq+orBlyYe3w2eFpO+1Jl09Sqjx1SEhWyvX0aRiNJD9ZNIxSSzeox780Qv9Du vnkVmyzTFAAkVUICOMU9Wg== 0000055604-95-000016.txt : 19951108 0000055604-95-000016.hdr.sgml : 19951108 ACCESSION NUMBER: 0000055604-95-000016 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951107 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEYSTONE CONSOLIDATED INDUSTRIES INC CENTRAL INDEX KEY: 0000055604 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 370364250 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-03919 FILM NUMBER: 95587708 BUSINESS ADDRESS: STREET 1: 5430 LBJ FWY STE 1740 STREET 2: THREE LINCOLN CENTRE CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 2144580028 MAIL ADDRESS: STREET 1: 5430 LBJ FWY STE 1740 STREET 2: THREE LINCOLN CENTRE CITY: DALLAS STATE: TX ZIP: 75240 FORMER COMPANY: FORMER CONFORMED NAME: KEYSTONE STEEL & WIRE CO DATE OF NAME CHANGE: 19710506 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES - --- EXCHANGE ACT OF 1934 For the quarter ended September 30, 1995 ------------------ Commission file number 1-3919 ------ KEYSTONE CONSOLIDATED INDUSTRIES, INC. - ------------------------------------------------------------ (Exact name of registrant as specified in its charter) DELAWARE 37-0364250 - ------------------------------- ------------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 5430 LBJ Freeway, Suite 1740, Three Lincoln Centre, Dallas, TX. 75240-2697 - ---------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (214) 458-0028 -------------------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- Number of shares of common stock outstanding at November 2, 1995: 5,636,507 --------- KEYSTONE CONSOLIDATED INDUSTRIES, INC. AND SUBSIDIARIES INDEX ----- Page number ------ PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Balance Sheets - December 31, 1994 and September 30, 1995 3-4 Consolidated Statements of Operations - Three months and nine months ended September 30, 1994 and 1995 5 Consolidated Statements of Cash Flows - Nine months ended September 30, 1994 and 1995 6 Consolidated Statement of Stockholders' Deficit - Nine months ended September 30, 1994 7 Notes to Consolidated Financial Statements 8-10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11-14 PART II. OTHER INFORMATION Item 1. Legal Proceedings 15 Item 6. Exhibits and Reports on Form 8-K 15 KEYSTONE CONSOLIDATED INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands)
December 31, SEPTEMBER 30, ASSETS 1994 1995 ------------ ------------- Current assets: Notes and accounts receivable $ 41,915 $ 40,962 Inventories 35,861 32,823 Deferred income taxes 4,552 3,407 Prepaid expenses and other 2,057 1,666 -------- -------- Total current assets 84,385 78,858 -------- -------- Property, plant and equipment 231,708 242,608 Less accumulated depreciation 150,561 159,807 -------- -------- Net property, plant and equipment 81,147 82,801 -------- -------- Other assets: Unrecognized pension obligation 10,247 8,882 Deferred income taxes 23,783 15,236 Notes receivable 1,397 436 Other 4,642 6,081 -------- -------- Total other assets 40,069 30,635 -------- -------- $205,601 $192,294 ======== ========
KEYSTONE CONSOLIDATED INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (CONTINUED) (In thousands)
December 31, SEPTEMBER 30, LIABILITIES AND STOCKHOLDERS' DEFICIT 1994 1995 ------------ ------------- Current liabilities: Notes payable and current long-term debt $ 10,714 $ 23,654 Accounts payable 28,418 20,168 Accounts payable to affiliates 191 - Accrued pension cost 13,735 9,836 Accrued OPEB cost 6,825 7,883 Other accrued liabilities 21,973 21,888 -------- -------- Total current liabilities 81,856 83,429 -------- -------- Noncurrent liabilities: Long-term debt 15,340 12,057 Accrued pension cost 40,470 11,621 Accrued OPEB cost 98,310 97,601 Other 10,204 9,784 -------- -------- Total noncurrent liabilities 164,324 131,063 -------- -------- Stockholders' deficit: Common stock 6,313 6,362 Additional paid-in capital 19,393 20,013 Accumulated deficit (32,486) (28,596) Net pension liabilities adjustment (33,787) (19,965) Treasury stock, at cost (12) (12) -------- -------- Total stockholders' deficit (40,579) (22,198) -------- -------- $205,601 $192,294 ======== ========
KEYSTONE CONSOLIDATED INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)
Three months ended Nine months ended September 30, September 30, ------------------ ------------------- 1994 1995 1994 1995 ---- ---- ---- ---- Revenues and other income: Net sales $87,571 $82,921 $277,700 $269,171 Other 7 37 134 361 ------- ------- -------- -------- 87,578 82,958 277,834 269,532 ------- ------- -------- -------- Costs and expenses: Cost of goods sold 78,939 76,382 249,816 243,886 Selling, general and administrative 5,342 4,435 16,990 16,695 Interest - notes payable and long-term debt 724 886 2,091 2,520 Interest credit related to excise tax - - (3,853) - ------- ------- -------- -------- 85,005 81,703 265,044 263,101 ------- ------- -------- -------- Income before income taxes 2,573 1,255 12,790 6,431 Provision for income taxes 1,016 496 4,986 2,541 ------- ------- -------- -------- Net income $ 1,557 $ 759 $ 7,804 $ 3,890 ======= ======= ======== ======== Income per common and common equivalent share $ .28 $ .14 $ 1.39 $ .69 ======= ======== ======== ======== Weighted average common and common equivalent shares outstanding 5,626 5,661 5,596 5,654 ======= ======= ======== ========
KEYSTONE CONSOLIDATED INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
Nine months ended September 30, ----------------- 1994 1995 ---- ---- Cash flows from operating activities: Net income $ 7,804 $ 3,890 Depreciation 9,550 9,689 Deferred income taxes 3,673 855 Other, net 1,404 301 Change in assets and liabilities: Notes and accounts receivable (6,678) 958 Inventories 601 3,038 Accounts payable 3,875 (8,441) Accrued pension cost (8,065) (8,724) Accrued excise tax and related interest (5,054) (1,033) Other, net 887 1,108 ------- -------- Net cash provided by operating activities 7,997 1,641 ------- -------- Cash flows from investing activities: Capital expenditures (8,876) (11,951) Proceeds from disposition of property and equipment 6 651 ------- -------- Net cash used by investing activities (8,870) (11,300) ------- -------- Cash flows from financing activities: Revolving credit facility, net 3,147 12,940 Other notes payable and long-term debt: Additions 200 81 Principal payments (3,090) (3,364) Common stock issued, net 616 2 ------- -------- Net cash provided by financing activities 873 9,659 ------- -------- Net change in cash and cash equivalents - - Cash and cash equivalents, beginning of period - - ------- -------- Cash and cash equivalents, end of period $ - $ - ======= ======== Supplemental disclosures: Cash paid for: Interest, net of amount capitalized $ 2,199 $ 2,826 Income taxes 1,593 1,181 Stock contributed to employee benefit plan $ 622 $ 597
KEYSTONE CONSOLIDATED INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT Nine months ended September 30, 1995 (In thousands)
Additional Common paid-in Accumulated stock capital deficit ------ --------- ----------- Balance at December 31, 1994 $6,313 $19,393 $(32,486) Net income - - 3,890 Issuance of common stock 49 620 - Pension adjustment - - - ------ ------- -------- Balance at September 30, 1995 $6,362 $20,013 $(28,596) ====== ======= ========
Net pension Total liabilities Treasury stockholders' adjustment stock deficit ----------- -------- ------------- Balance at December 31, 1994 $(33,787) $ (12) $(40,579) Net income - - 3,890 Issuance of common stock - - 669 Pension adjustment 13,822 - 13,822 -------- ----- -------- Balance at September 30, 1995 $(19,965) $ (12) $(22,198) ======== ===== ========
KEYSTONE CONSOLIDATED INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1 - Organization and basis of presentation: Keystone Consolidated Industries, Inc. (the "Company") is a majority-owned subsidiary of Contran Corporation ("Contran"). At September 30, 1995 Contran held, directly or indirectly, approximately 68% of the Company's outstanding common stock. The consolidated balance sheet at December 31, 1994 has been condensed from the Company's audited consolidated financial statements at that date. The consolidated balance sheet at September 30, 1995 and the consolidated statements of operations and cash flows for the interim periods ended September 30, 1994 and 1995, and the consolidated statement of stockholders' deficit for the interim period ended September 30, 1995 have been prepared by the Company without audit. In the opinion of management, all adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows have been made. However, it should be understood that accounting measurements at interim dates may be less precise than at year end. The results of operations for the interim periods are not necessarily indicative of the operating results for a full year or of future operations. Certain information normally included in financial statements prepared in accordance with generally accepted accounting principles has been condensed or omitted. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 1994 (the "Annual Report"). Note 2 - Inventories: Inventories are stated at the lower of cost or market. The last-in, first- out ("LIFO") method is used to determine the cost of approximately three-fourths of total inventories and the first-in, first-out or average cost methods are used to determine the cost of other inventories.
December 31, SEPTEMBER 30, 1994 1995 ------------ ------------- (In thousands) Raw materials $12,672 $11,307 Work in process 8,086 13,539 Finished products 14,501 8,108 Supplies 14,407 13,674 ------- ------- 49,666 46,628 Less LIFO reserve 13,805 13,805 ------- ------- $35,861 $32,823 ======= =======
Note 3 - Notes payable and long-term debt:
December 31, SEPTEMBER 30, 1994 1995 ------------ ------------- (In thousands) Commercial credit agreements: Revolving credit facility $ 6,531 $19,471 Term loan 16,382 13,883 Other 3,141 2,357 ------- ------- 26,054 35,711 Less current maturities 10,714 23,654 ------- ------- $15,340 $12,057 ======= =======
The Company's $35 million revolving credit facility matures December 31, 1996, is collateralized primarily by the Company's trade receivables and inventories, and bears interest at the prime rate plus 1.5% (an effective rate of 10.25% at September 30, 1995). The amount of available borrowings is based on formula-determined amounts of trade receivables and inventories, less the amount of outstanding letters of credit. Additional borrowings available were $15.2 million at September 30, 1995. The Company's daily cash receipts are required to be used to reduce the outstanding borrowings, which results in the Company maintaining zero cash balances. The Company's term loan bears interest at the prime rate plus 1% and is due in installments through December 31, 1996. The loan is collateralized by the Company's property, plant and equipment, and has cross default provisions relating to the revolving credit facility. The credit agreements contain restrictive covenants including a prohibition against the payment of dividends without lender consent and certain minimum working capital and net worth requirements. Note 4 - Income taxes: The difference between the provision for income taxes and the amounts that would be expected using the U.S. federal statutory income tax rate is primarily related to state income taxes. The net deferred tax asset at each of December 31, 1994 and September 30, 1995 is net of a $30 million valuation allowance. There was no change in the valuation allowance during the first nine months of 1994 or 1995. Note 5 - Pension plans: Variances from actuarial assumptions, including the rate of return on pension plan assets and discount rate, will result in increases or decreases in accrued pension costs, deferred taxes, stockholders' deficit, pension expense and funding requirements in future periods. During the early 1980's the Company received permission from the Internal Revenue Service (the "IRS") to defer certain annual pension plan contributions. At September 30, 1995, the remaining balance of such deferred contributions was approximately $8.7 million. Such deferred amounts, with interest, are payable to the plans through 2000 and are collateralized by a lien on all of the Company's assets. Note 6 - Excise tax settlement: As discussed in the Annual Report, the Company satisfied a portion of its 1983 and 1984 funding obligations to the Keystone Master Pension Trust (the "Keystone Trust") with contributions of certain real property that the IRS contended were prohibited transactions. In May 1993, the U.S. Supreme Court reversed lower court decisions favorable to the Company and ruled the contributions were prohibited transactions. The case was remanded to the Tax Court to determine the amount due. During 1993, the Company accrued $7.1 million for the estimated cost of the 5% excise taxes and related interest and, to avoid a second tier excise tax, made a "correction" payment of $2.3 million to its pension plans. In June 1994, the Company and the IRS entered into a Closing Agreement which was approved by the Tax Court in July 1994. Pursuant to the terms of the Closing Agreement, the Company made an additional "correction" payment of approximately $3.3 million to its pension plans, and agreed to pay $3.1 million in excise tax and accrued interest over a two-year period beginning in June 1994. As a result, 1994 earnings include a $4 million reduction in previously accrued expenses related to this matter. Note 7 - Contingencies: Environmental matters. As discussed in the Annual Report, the Company is involved in the closure of inactive waste disposal units at its facility in Peoria, Illinois. In addition, the Company is subject to federal and state "Superfund" legislation at three sites involving cleanup of landfills and disposal facilities which allegedly received hazardous substances generated by discontinued operations of the Company. The Company has accrued its estimated costs related to these issues. The Company believes its comprehensive general liability insurance policies provide indemnification for certain costs the Company incurs at the "Superfund" sites and has recorded receivables for the estimated insurance recoveries. There was no significant change in the status of these environmental matters during the first nine months of 1995. As previously discussed in the Annual Report, the Company has also been involved in the disposal of a quantity of radioactive arc dust and completed shipping the remaining contaminated dust to a licensed waste disposal facility during the third quarter of 1995. The disposal facility has represented that treatment and disposal was completed in October 1995. Other litigation. The Company is engaged in various legal proceedings incidental to its normal business activities. In the opinion of the Company, none of such proceedings are material in relation to the Company's consolidated financial position, results of operations or liquidity. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - ------------------------------------------------------------------------------ RESULTS OF OPERATIONS: The Company's principal operations are the manufacture and sale of carbon steel rod, wire and wire products for agricultural, industrial, construction, commercial, original equipment manufacturers and retail consumer markets. Historically, the Company has experienced greater sales and profits during the first half of the year due to the seasonality of sales in principal wire products markets, including the agricultural and construction markets. During the first nine months of 1995, billet production at the Company's steel mill in Peoria, Illinois of 481,000 tons declined 2% from production in the comparable 1994 period. This decline in billet production was primarily a result of down-time associated with equipment repairs and electrical power refusals and interruptions. The Company purchases electrical energy from a regulated utility under an interruptible service contract which provides for more economical electricity rates but allows the utility to refuse or interrupt power during periods of peak demand. As the Company's billet production capacity is less than its rod production capacity, the Company periodically purchases billets from other manufacturers to increase the utilization of its Peoria rod mill and thus assure the Company's ability to meet customers' orders. The decision to purchase billets depends on billet prices, product demand and other market conditions. During the first nine months of 1995 the Company purchased 56,000 tons of billets compared to 71,000 tons purchased in the first nine months of 1994. Due to lower than planned short-term sales forecasts, the Company currently does not anticipate purchasing billets during the remainder of 1995 whereas 24,000 tons were purchased during the last quarter of 1994. As a result of lower billet production and purchases as well as power refusals and interruptions, Peoria rod production of 499,000 tons during the first nine months of 1995 was down 6% from the comparable 1994 period. Net sales for the third quarter of 1995 decreased $4.7 million, or 5%, from the 1994 quarter as an 8% decline in tons sold more than offset a 3% increase in average selling prices. Tons of rod sold decreased 4% (72,000 tons compared to 75,000 tons), while tons of wire and wire products sold were down 11% (97,000 tons compared to 109,000 tons). Wire and wire products selling prices during the third quarter of 1995 were approximately 4% higher than the selling prices during the same quarter in 1994, while rod selling prices increased 5%. Similarly, net sales for the first nine months of 1995 were $8.5 million, or 3% lower than in 1994. Tons of rod sold decreased 7% (211,000 tons compared to 228,000 tons), while tons of wire and wire products sold decreased 5% (318,000 tons compared to 335,000 tons). Wire and wire products selling prices increased 2% and rod selling prices increased 6% during the first nine months of 1995 as compared to the first nine months of 1994. The Company believes the 6% decline in total sales tonnage during the first three quarters of 1995 and a 35% year-to-year decline in order backlog as of September 30, 1995 is a result of several factors, including customers reducing their inventory levels, increased rod imports and lower market share due to the Company's announced wire sales price increase for April orders. The Company rescinded the April price increase, which was not widely followed in the industry and met with customer resistance, and consequently has begun to regain lost market share. However, the Company is currently forecasting that revenues for the fourth quarter of 1995 will be approximately 6% lower than the 1994 fourth quarter. Gross profit was $6.5 million for the third quarter of 1995, down $2.1 million from the comparable 1994 period, as margins declined to 7.9% from 9.9%. This decline is primarily the result of higher selling prices being more than offset by higher costs for scrap steel, the Company's primary raw material, and increased rod conversion costs caused, in part, by down-time associated with the electrical power refusals and interruptions and caster equipment repairs. Similarly, gross profit of $25.3 million for the first nine months of 1995 was down $2.6 million as year-to-date gross profit margins decreased to 9.4% from 10%. Scrap steel prices were approximately 9% and 1% higher during the third quarter and first nine months, respectively, of 1995 as compared to the same 1994 periods. Scrap steel costs are currently expected to approximate current levels during the last quarter of 1995. Selling, general and administrative expenses, as a percentage of net sales, declined to 5% in the third quarter of 1995 as compared to 6% in the comparable 1994 period primarily as a result of lower expenses related to environmental issues and the Company's information systems project at its Peoria facility. Selling, general and administrative expenses for the first nine months, as a percentage of net sales, were comparable between the 1995 and 1994 periods. Interest expense increased in the 1995 periods due to higher interest rates and increased borrowings under the Company's revolving credit facility. LIQUIDITY AND CAPITAL RESOURCES: The Company's cash flows from operating activities are affected by the seasonality of its business as sales of certain products used in the agricultural and construction industries are typically highest during the second quarter and lowest during the fourth quarter of each year. These seasonal fluctuations, as well as the normal December shutdown for maintenance and repairs at the Company's Peoria facility impact the timing of production, sales and purchases. At September 30, 1995, the Company had a working capital deficit of $4.6 million. Notes payable and current long-term debt, deductions in the computation of working capital, aggregated $23.7 million at September 30, 1995, and included outstanding borrowings of $19.5 million under the Company's $35 million revolving credit facility. The amount of available borrowings is based on formula-determined amounts of trade receivables and inventories, less the amount of outstanding letters of credit, and additional borrowings available at September 30, 1995 amounted to $11 million. The Company's daily cash receipts are required to be used to reduce the outstanding borrowings, which results in the Company maintaining zero cash balances. Borrowings under the revolving credit facility mature December 31, 1996. In September 1995, the Company had reduced purchases of raw materials and capital expenditures as compared to December 1994, which resulted in lower accounts payable balances at September 30, 1995. Pension contributions and capital expenditures for the first nine months of 1995 amounted to $15.4 million and $12 million, respectively, and are currently estimated to be approximately $18.7 million and $17 million, respectively, for the full year. Variances from actuarial assumptions, including the rate of return on pension plan assets and discount rate, will result in increases or decreases in accrued pension costs, deferred taxes, stockholders' deficit, pension expense and funding requirements in future periods. During the first nine months of 1995, the Company's pension plans had an investment return of approximately 32% (an annual rate of approximately 43%). This rate of return is significantly in excess of the actuarially assumed annual rate of return of 10% and, as a result, significantly reduced the Company's pension liability and pension liabilities adjustment component of stockholders' deficit at September 30, 1995. The Company's pension plans' assets are invested primarily in a collective investment trust (the `Collective Trust'') for Contran and its affiliates. Approximately one-fourth of the Collective Trust's assets relate to a single security, which had increased in value by approximately 60% since December 31, 1994 and, as such, was a significant factor in the 32% overall return for the first nine months of 1995. As of November 2, 1995, the market price of this security had declined from its September 30, 1995 value to approximately 26% above its year-end 1994 value. The Company evaluates the discount rate used in valuing both its pension and OPEB liabilities and adjusts the rate annually, if appropriate. In view of current interest rate levels, the current discount rate of 8.5% will likely be reduced, effective December 31, 1995, to approximately 7.5%. Each one percent reduction in the discount rate will increase the accumulated pension benefit obligation by approximately $15 million and the accumulated OPEB obligation by approximately $8 million. The seasonality of the Company's business and the uncertainty of the future trend in selling prices and scrap costs causes the Company to be cautious about the forecasted results of operations of the 1995 fourth quarter, typically the lowest volume quarter. Management has budgeted profitable results of operations for 1996 with sufficient cash flows from operations and financing activities to meet its anticipated operating needs. This budget is based upon management's assessment of various financial and operational factors including, but not limited to, assumptions relating to product shipments, product mix and selling prices; rod imports; production schedules; productivity rates; raw materials, electricity, labor, employee benefit and other fixed and variable costs; working capital requirements; interest rates; repayments of long-term debt; capital expenditures; and available borrowings under the Company's revolving credit facility. However, potential liabilities under environmental laws and regulations with respect to the disposal and clean-up of wastes beyond present accruals, any significant increases in the required minimum fundings to the Company's pension funds or in the cost of providing medical coverage to active and retired employees, could have a material adverse affect on the future liquidity, financial condition or results of operations of the Company. Additionally, any significant decline in the Company's markets or market share, any inability to maintain satisfactory billet and rod production levels, or any other unanticipated costs, if significant, could result in a need for funds greater than the Company currently has available. There can be no assurance the Company would be able to obtain an adequate amount of additional financing. PART II. ITEM 1. Legal Proceedings ----------------- Reference is made to disclosure provided under the caption "Current litigation" in Note 13 to the Consolidated Financial Statements included in the Annual Report. Note 7 to the Consolidated Financial Statements is incorporated herein by reference. ITEM 6. Exhibits and Reports on Form 8-K. -------------------------------- (a) The following exhibit is included herein: 27.1 Financial Data Schedule for the nine month period ended September 30, 1995. (b) Reports on Form 8-K filed during the quarter ended September 30, 1995: None. S I G N A T U R E S Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Keystone Consolidated Industries, Inc. -------------------------------------- (Registrant) Date: November 7, 1995 By /s/Harold M. Curdy ------------------------------------- Harold M. Curdy Vice President - Finance/Treasurer (Principal Financial Officer) Date: November 7, 1995 By /s/Bert E. Downing, Jr. ------------------------------------- Bert E. Downing, Jr. Corporate Controller (Principal Accounting Officer) S I G N A T U R E S Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Keystone Consolidated Industries, Inc. -------------------------------------- (Registrant) Date: November 7, 1995 By ----------------------------------- Harold M. Curdy Vice President - Finance/Treasurer (Principal Financial Officer) Date: November 7, 1995 By ----------------------------------- Bert E. Downing, Jr. Corporate Controller (Principal Accounting Officer) 10q995A EX-27 2
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM KEYSTONE CONSOLIDATED INDUSTRIES, INC.'S CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH CONSOLIDATED FINANCIAL STATEMENTS. 1,000 9-MOS DEC-31-1995 JAN-01-1995 SEP-30-1995 0 0 41,510 548 32,823 5,073 242,608 159,807 192,294 83,429 12,057 6,362 0 0 (28,560) 192,294 269,171 269,532 243,886 243,886 16,700 (5) 2,520 6,431 2,541 3,890 0 0 0 3,890 .69 .69
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