EX-99.2 3 exhibit992.txt EWP FINANCIAL INFORMATION A copy of certain financial information of Engineered Wire Products, Inc. ("EWP") is presented below. Such financial information is limited in scope, covers a limited time period and has been prepared solely for purposes of internal reporting within Keystone Consolidated Industries, Inc. The financial information is unaudited and does not purport to show the financial statements of EWP in accordance with accounting principles generally accepted in the United States ("GAAP"), and therefore excludes items required by GAAP, such as certain reclassifications, eliminations, accruals and disclosure items. Undue reliance should not be placed on this financial information. There can be no assurance that such financial information is complete. ENGINEERED WIRE PRODUCTS STATEMENT OF OPERATIONS FOR THE PERIOD ENDED APRIL 30, 2004 ($'s IN THOUSANDS)
Year to date April 2004 April 2004 ---------- ----------- $6,787 SALES - OUTSIDE CUSTOMERS $17,877 0 SALES - INTERCOMPANY 0 ---------- ----------- 6,787 NET SALES 17,877 4,581 VARIABLE PRODUCTION COSTS 12,791 ---------- ----------- 2,206 VARIABLE CONTRIBUTION 5,086 ---------- ----------- 147 MANUFACTURING FIXED COSTS 561 87 DEPRECIATION 348 ---------- ----------- 234 TOTAL FIXED COSTS 909 ---------- ----------- 1,972 GROSS PROFIT 4,177 ---------- ----------- 185 SELLING EXPENSE 657 183 ADMINISTRATIVE EXPENSE 648 ---------- ----------- 368 TOTAL SELLING & ADMIN.EXPENSE 1,305 ---------- ----------- 1,604 OPERATING PROFIT 2,872 0 EARNINGS IN UNCONSOL. SUBSIDIARIES 0 0 INTEREST INCOME 0 23 INTEREST EXPENSE 138 3 OTHER INCOME (EXPENSE) 3 0 GAIN ON SALE OF FIXED ASSETS 0 ---------- ----------- 1,584 INCOME BEFORE TAXES 2,737 626 INCOME TAXES 1,081 ---------- ----------- 958 INCOME FROM OPERATIONS 1,656 0 ACCOUNTING CHANGE 0 0 MINORITY INTEREST 0 ---------- ----------- ---------- ----------- $958 NET INCOME $1,656 ========== ===========
Page 1 of 3 ENGINEERED WIRE PRODUCTS BALANCE SHEET APRIL 30, 2004
CURRENT ASSETS: CASH $276 NOTES & ACCOUNT RECEIVABLE NET 7,045 INVENTORIES AT COST 8,390 LESS LIFO RESERVE 0 --------------- INVENTORIES AT LIFO 8,390 --------------- PREPAID EXPENSES 1 DEFERRED INCOME TAXES 0 OTHER CURRENT ASSETS 0 --------------- TOTAL CURRENT ASSETS 15,712 --------------- PROPERTY PLANT & EQUIPMENT AT COST 18,663 LESS ACCUMULATED DEPRECIATION 11,818 --------------- NET PLANT, PROPERTY & EQUIPMENT 6,845 --------------- OTHER LONG TERM ASSETS 0 --------------- TOTAL ASSETS $22,557 =============== LIABILITIES AND EQUITIES: REVOLVING LOAN FACILITY $276 NOTES PAYABLE & CURRENT L.T. DEBT 1,382 KCI LOAN ACCOUNT 57 INTERCOMPANY ACCOUNTS PAYABLE 4,017 ACCOUNTS PAYABLE 163 ACCRUED LIABILITIES 1,068 ACCRUED PENSIONS 75 INCOME TAXES PAYABLE 1,081 --------------- TOTAL CURRENT LIABILITIES 8,119 --------------- LONG TERM DEBT 5,002 LONG TERM OTHER 0 --------------- --------------- TOTAL LONG TERM LIABILITIES 5,002 --------------- TOTAL EQUITY 9,436 --------------- TOTAL LIABILITIES & EQUITY $22,557 ===============
Page 2 of 3 ENGINEERED WIRE PRODUCTS STATEMENT OF CASH FLOWS FOUR MONTHS ENDED APRIL 30, 2004 (IN THOUSANDS)
YTD ACTUAL ------ CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $1,656 PROVISION FOR DEPRECIATION 348 PROVISION FOR BAD DEBT ALLOWANCE 13 CHANGE IN ASSETS AND LIABILITIES: (INCREASE) DECREASE ACCTS. & NOTES REC. (3,818) (INCREASE) DECREASE INVENTORY (1,738) (INCREASE) DECREASE PREPAID EXPENSES 3,380 (INCREASE) DECREASE OTHER ASSETS 0 INCREASE (DECREASE) ACCTS PAY. (271) INCREASE (DECREASE) ACCRUED PENSIONS 75 INCREASE (DECREASE) OTHER LIABILITIES 967 INCREASE (DECREASE) INTERCO ACCTS PAY. 4,017 --------------- NET ADJUSTMENTS 2,973 --------------- NET CASH PROVIDED (USED) BY OPERATIONS 4,629 --------------- CASH FLOW FROM INVESTING ACTIVITIES: PROCEEDS FROM SALE OF PP & E 0 CAPITAL EXPENDITURES (102) OTHER, NET 0 --------------- NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES (102) --------------- CASH FLOW FROM FINANCING ACTIVITIES: REVOLVING CREDIT FACILITY, NET (3,721) REPAYMENTS OF OTHER DEBT (462) PROCEEDS OF OTHER DEBT 6,776 INCREASE (DECREASE) KCI LOAN (7,115) OTHER, NET 0 --------------- NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES (4,522) --------------- NET INCREASE (DECREASE) IN CASH 5 CASH AT BEGINNING OF PERIOD 271 --------------- CASH AT END OF PERIOD 276
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