EX-99.2 3 exhibit992mar.txt EXHIBIT 99.2 A copy of certain financial information of Engineered Wire Products, Inc. ("EWP") is presented below. Such financial information is limited 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, INC. STATEMENT OF OPERATIONS FOR THE PERIOD ENDED FEBRUARY 28, 2005 ($s IN THOUSANDS)
Year-to-Date February, 2005 February 2005 -------------- -------------- $3,684 SALES - OUTSIDE CUSTOMERS $6,704 0 SALES - INTERCOMPANY 0 ------- ------ 3,684 NET SALES 6,704 2,633 VARIABLE PRODUCTION COSTS 4,799 ------- ------ 1,051 VARIABLE CONTRIBUTION 1,905 ------- ------ 130 MANUFACTURING FIXED COSTS 283 87 DEPRECIATION 174 ------- ------ 217 TOTAL FIXED COSTS 457 ------- ------ 834 GROSS PROFIT 1,448 ------- ------ 162 SELLING EXPENSE 362 149 ADMINISTRATIVE EXPENSE 325 ------- ------ 311 TOTAL SELLING & ADMIN.EXPENSE 687 ------- ------ 523 OPERATING PROFIT 761 0 EARNINGS IN UNCONSOL. SUBSIDIARIES 0 0 INTEREST INCOME 0 26 INTEREST EXPENSE 57 0 OTHER INCOME (EXPENSE) 0 0 GAIN ON SALE OF FIXED ASSETS 0 ------- ------ 497 INCOME BEFORE TAXES 704 196 INCOME TAXES 278 ------- ------ 301 INCOME FROM OPERATIONS 426 0 ACCOUNTING CHANGE 0 0 MINORITY INTEREST 0 ------- ------ $301 NET INCOME $426 ======= ======
ENGINEERED WIRE PRODUCTS, INC. BALANCE SHEET February 28, 2005 ($s IN THOUSANDS) CURRENT ASSETS: CASH $302 MARKETABLE SECURITIES 0 NOTES & ACCOUNT RECEIVABLE NET 4,795 INTERCOMPANY ACCOUNTS RECEIVABLE 0 INVENTORIES AT COST 16,533 LESS LIFO RESERVE 0 ------- INVENTORIES AT LIFO 16,533 ------- PREPAID EXPENSES 1 DEFERRED INCOME TAXES 0 OTHER CURRENT ASSETS 0 ------- TOTAL CURRENT ASSETS 21,631 ------- PROPERTY PLANT & EQUIPMENT AT COST 18,841 LESS ACCUMULATED DEPRECIATION 12,643 ------- NET PLANT, PROPERTY & EQUIPMENT 6,198 ------- DEFERRED FINANCING EXPENSE 0 DEFERRED INCOME TAXES 0 PREPAID PENSION ASSET 0 RESTRICTED INVESTMENTS 0 GOODWILL 0 OTHER LONG TERM ASSETS 0 ------- TOTAL ASSETS $27,829 ======= LIABILITIES AND EQUITIES: REVOLVING LOAN FACILITY $1,596 NOTES PAYABLE & CURRENT L.T. DEBT 1,389 KCI LOAN ACCOUNT 47 INTERCOMPANY ACCOUNTS PAYABLE 1,802 ACCOUNTS PAYABLE 374 ACCRUED OPEB 0 ACCRUED PREFERRED STOCK DIVIDENDS 0 ACCRUED LIABILITIES 2,721 ACCRUED PENSIONS 38 INCOME TAXES PAYABLE 1,266 ------- TOTAL CURRENT LIABILITIES 9,233 ------- LONG TERM DEBT 3,975 ACCRUED OPEB 0 LONG TERM PENSIONS 0 LONG TERM OTHER 0 DEFERRED FEDERAL INCOME TAX 0 ------- TOTAL LONG TERM LIABILITIES 3,975 ------- MINORITY INTEREST 0 ------- PREFERRED STOCK 0 ------- SFAS #87 ADJUSTMENT 0 COMMON STOCK 0 OTHER CAPITAL 0 INVESTMENT EQUITY 0 RETAINED EARNINGS 14,621 LESS TREASURY STOCK 0 ------- TOTAL EQUITY 14,621 ------- TOTAL LIABILITIES & EQUITY $27,829 =======
ENGINEERED WIRE PRODUCTS, INC. STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED FEBRUARY 28, 2005 ($s IN THOUSANDS)
CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $426 PROVISION FOR DEPRECIATION 174 (GAIN) LOSS ON SALE OF ASSETS 0 PROVISION FOR BAD DEBT ALLOWANCE 9 PROV. FOR INVENT. RESERVES (EXCLUDING LIFO) 0 PROVISION FOR LIFO RESERVE 0 CHANGE IN ASSETS AND LIABILITIES: (INCREASE) DECREASE ACCTS. & NOTES REC. 799 (INCREASE) DECREASE INVENTORY (2,070) (INCREASE) DECREASE PREPAID EXPENSES 36 (INCREASE) DECREASE OTHER ASSETS 0 INCREASE (DECREASE) ACCTS PAY. (134) INCREASE (DECREASE) ACCRUED PENSIONS 38 INCREASE (DECREASE) DEFERRED TAXES 0 INCREASE (DECREASE) OPEB LIABILITIES 0 INCREASE (DECREASE) OTHER LIABILITIES 579 (INCREASE) DECREASE INTERCO ACCT. REC 0 INCREASE (DECREASE) INTERCO ACCTS PAY. 868 ------- NET ADJUSTMENTS 299 ------- NET CASH PROVIDED (USED) BY OPERATIONS 725 ------- CASH FLOW FROM INVESTING ACTIVITIES: PROCEEDS FROM SALE OF PP & E 0 CAPITAL EXPENDITURES (44) INTERCO PP&E TRANSFERS NET 0 ------- NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES (44) ------- CASH FLOW FROM FINANCING ACTIVITIES: REVOLVING CREDIT FACILITY, NET (393) REPAYMENTS OF OTHER DEBT (233) PROCEEDS OF OTHER DEBT 0 INCREASE (DECREASE) KCI LOAN (30) PROCEEDS FROM ISSUANCE OF COMMON STOCK 0 DIVIDENDS PAID 0 ------- NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES (656) ------- NET INCREASE (DECREASE) IN CASH 25 CASH AT BEGINNING OF PERIOD 277 ------- CASH AT END OF PERIOD $302 =======