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 MARCH 31, 2005 ($s IN THOUSANDS)
Year-to-Date March, 2005 March 2005 -------------- -------------- $5,347 SALES - OUTSIDE CUSTOMERS $12,051 0 SALES - INTERCOMPANY 0 ---------- -------- 5,347 NET SALES 12,051 3,893 VARIABLE PRODUCTION COSTS 8,692 ---------- -------- 1,454 VARIABLE CONTRIBUTION 3,359 ---------- -------- 159 MANUFACTURING FIXED COSTS 442 87 DEPRECIATION 261 ---------- -------- 246 TOTAL FIXED COSTS 703 ---------- -------- 1,208 GROSS PROFIT 2,656 ---------- -------- 169 SELLING EXPENSE 531 161 ADMINISTRATIVE EXPENSE 486 ---------- -------- 330 TOTAL SELLING & ADMIN.EXPENSE 1,017 ---------- -------- 878 OPERATING PROFIT 1,639 0 EARNINGS IN UNCONSOL. SUBSIDIARIES 0 0 INTEREST INCOME 0 33 INTEREST EXPENSE 90 0 OTHER INCOME (EXPENSE) 0 0 GAIN ON SALE OF FIXED ASSETS 0 ---------- -------- 845 INCOME BEFORE TAXES 1,549 334 INCOME TAXES 612 ---------- -------- 511 INCOME FROM OPERATIONS 937 0 ACCOUNTING CHANGE 0 0 MINORITY INTEREST 0 ---------- -------- $511 NET INCOME $937 ========== ========
ENGINEERED WIRE PRODUCTS, INC. BALANCE SHEET March 31, 2005 ($s IN THOUSANDS) CURRENT ASSETS: CASH $367 MARKETABLE SECURITIES 0 NOTES & ACCOUNT RECEIVABLE NET 7,046 INTERCOMPANY ACCOUNTS RECEIVABLE 0 INVENTORIES AT COST 17,554 LESS LIFO RESERVE 0 ------- INVENTORIES AT LIFO 17,554 ------- PREPAID EXPENSES 0 DEFERRED INCOME TAXES 0 OTHER CURRENT ASSETS 0 ------- TOTAL CURRENT ASSETS 24,967 ------- PROPERTY PLANT & EQUIPMENT AT COST 18,852 LESS ACCUMULATED DEPRECIATION 12,730 ------- NET PLANT, PROPERTY & EQUIPMENT 6,122 ------- DEFERRED FINANCING EXPENSE 0 DEFERRED INCOME TAXES 0 PREPAID PENSION ASSET 0 RESTRICTED INVESTMENTS 0 GOODWILL 0 OTHER LONG TERM ASSETS 0 ------- TOTAL ASSETS $31,089 ======= LIABILITIES AND EQUITIES: REVOLVING LOAN FACILITY $4,087 NOTES PAYABLE & CURRENT L.T. DEBT 1,389 KCI LOAN ACCOUNT 1,170 INTERCOMPANY ACCOUNTS PAYABLE 3,042 ACCOUNTS PAYABLE 658 ACCRUED OPEB 0 ACCRUED PREFERRED STOCK DIVIDENDS 0 ACCRUED LIABILITIES 1,085 ACCRUED PENSIONS 54 INCOME TAXES PAYABLE 612 ------- TOTAL CURRENT LIABILITIES 12,097 ------- LONG TERM DEBT 3,860 ACCRUED OPEB 0 LONG TERM PENSIONS 0 LONG TERM OTHER 0 DEFERRED FEDERAL INCOME TAX 0 ------- TOTAL LONG TERM LIABILITIES 3,860 ------- MINORITY INTEREST 0 ------- PREFERRED STOCK 0 ------- SFAS #87 ADJUSTMENT 0 COMMON STOCK 0 OTHER CAPITAL 0 INVESTMENT EQUITY 0 RETAINED EARNINGS 15,132 LESS TREASURY STOCK 0 ------- TOTAL EQUITY 15,132 ------- TOTAL LIABILITIES & EQUITY $31,089 =======
ENGINEERED WIRE PRODUCTS, INC. STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED MARCH 31, 2005 ($s IN THOUSANDS)
CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $937 PROVISION FOR DEPRECIATION 261 (GAIN) LOSS ON SALE OF ASSETS 0 PROVISION FOR BAD DEBT ALLOWANCE 12 PROV. FOR INVENT. RESERVES (EXCLUDING LIFO) 0 PROVISION FOR LIFO RESERVE 0 CHANGE IN ASSETS AND LIABILITIES: (INCREASE) DECREASE ACCTS. & NOTES REC. (1,455) (INCREASE) DECREASE INVENTORY (3,091) (INCREASE) DECREASE PREPAID EXPENSES 37 (INCREASE) DECREASE OTHER ASSETS 0 INCREASE (DECREASE) ACCTS PAY. 150 INCREASE (DECREASE) ACCRUED PENSIONS 54 INCREASE (DECREASE) DEFERRED TAXES 0 INCREASE (DECREASE) OPEB LIABILITIES 0 INCREASE (DECREASE) OTHER LIABILITIES (1,711) (INCREASE) DECREASE INTERCO ACCT. REC 0 INCREASE (DECREASE) INTERCO ACCTS PAY. 2,108 ------- NET ADJUSTMENTS (3,635) ------- NET CASH PROVIDED (USED) BY OPERATIONS (2,698) ------- CASH FLOW FROM INVESTING ACTIVITIES: PROCEEDS FROM SALE OF PP & E 0 CAPITAL EXPENDITURES (55) INTERCO PP&E TRANSFERS NET 0 ------- NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES (55) ------- CASH FLOW FROM FINANCING ACTIVITIES: REVOLVING CREDIT FACILITY, NET 2,098 REPAYMENTS OF OTHER DEBT (348) PROCEEDS OF OTHER DEBT 0 INCREASE (DECREASE) KCI LOAN 1,093 PROCEEDS FROM ISSUANCE OF COMMON STOCK 0 DIVIDENDS PAID 0 ------- NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 2,843 ------- NET INCREASE (DECREASE) IN CASH 90 CASH AT BEGINNING OF PERIOD 277 ------- CASH AT END OF PERIOD $367 =======