EX-99.2 3 exhibit992jul.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 STATEMENT OF OPERATIONS FOR THE PERIOD ENDED JULY 31, 2005 ($'s IN THOUSANDS)
Year to Date July 2005 July 2005 ---------- --------- $6,834 SALES - OUTSIDE CUSTOMERS $36,640 0 SALES - INTERCOMPANY 0 ---------- --------- 6,834 NET SALES 36,640 5,229 VARIABLE PRODUCTION COSTS 27,001 ---------- --------- 1,605 VARIABLE CONTRIBUTION 9,639 ---------- --------- 153 MANUFACTURING FIXED COSTS 1,007 87 DEPRECIATION 609 ---------- --------- 240 TOTAL FIXED COSTS 1,616 ---------- --------- 1,365 GROSS PROFIT 8,023 ---------- --------- 208 SELLING EXPENSE 1,273 184 ADMINISTRATIVE EXPENSE 1,146 ---------- --------- 392 TOTAL SELLING & ADMIN.EXPENSE 2,419 ---------- --------- 973 OPERATING PROFIT 5,604 0 EARNINGS IN UNCONSOL. SUBSIDIARIES 0 0 INTEREST INCOME 0 47 INTEREST EXPENSE 280 0 OTHER INCOME (EXPENSE) 0 0 GAIN ON SALE OF FIXED ASSETS 0 ---------- --------- 926 INCOME BEFORE TAXES 5,324 366 INCOME TAXES 2,102 ---------- --------- 560 INCOME FROM OPERATIONS 3,222 0 ACCOUNTING CHANGE 0 0 MINORITY INTEREST 0 ---------- --------- $560 NET INCOME $3,222 ========== =========
Page 1 of 3 ENGINEERED WIRE PRODUCTS BALANCE SHEET July 31, 2005 ($'s IN THOUSANDS)
CURRENT ASSETS: CASH $420 MARKETABLE SECURITIES 0 NOTES & ACCOUNT RECEIVABLE NET 8,890 INTERCOMPANY ACCOUNTS RECEIVABLE 0 INVENTORIES AT COST 17,162 LESS LIFO RESERVE 0 -------- INVENTORIES AT LIFO 17,162 -------- PREPAID EXPENSES 0 DEFERRED INCOME TAXES 0 OTHER CURRENT ASSETS 0 -------- TOTAL CURRENT ASSETS 26,472 -------- PROPERTY, PLANT, & EQUIPMENT AT COST 18,927 LESS ACCUMULATED DEPRECIATION 13,078 -------- NET PROPERTY, PLANT, & EQUIPMENT 5,849 -------- DEFERRED FINANCING EXPENSE 0 DEFERRED INCOME TAXES 0 PREPAID PENSION ASSET 0 RESTRICTED INVESTMENTS 0 GOODWILL 0 OTHER LONG TERM ASSETS 0 -------- TOTAL ASSETS $32,321 ======== LIABILITIES AND EQUITIES: REVOLVING LOAN FACILITY $3,357 NOTES PAYABLE & CURRENT L.T. DEBT 1,388 KCI LOAN ACCOUNT 1,186 INTERCOMPANY ACCOUNTS PAYABLE 474 ACCOUNTS PAYABLE 3,041 ACCRUED OPEB 0 ACCRUED PREFERRED STOCK DIVIDENDS 0 ACCRUED LIABILITIES 1,564 ACCRUED PENSIONS 130 INCOME TAXES PAYABLE 366 -------- TOTAL CURRENT LIABILITIES 11,506 -------- LONG TERM DEBT 3,398 ACCRUED OPEB 0 LONG TERM PENSIONS 0 LONG TERM OTHER 0 DEFERRED FEDERAL INCOME TAX 0 -------- TOTAL LONG TERM LIABILITIES 3,398 -------- MINORITY INTEREST 0 -------- PREFERRED STOCK 0 -------- SFAS #87 ADJUSTMENT 0 COMMON STOCK 0 OTHER CAPITAL 0 INVESTMENT EQUITY 0 RETAINED EARNINGS 17,417 LESS TREASURY STOCK 0 -------- TOTAL EQUITY 17,417 -------- TOTAL LIABILITIES & EQUITY $32,321 ========
Page 2 of 3 ENGINEERED WIRE PRODUCTS STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED JULY 31, 2005 ($'s IN THOUSANDS)
CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $3,222 PROVISION FOR DEPRECIATION 609 (GAIN) LOSS ON SALE OF ASSETS 0 PROVISION FOR BAD DEBT ALLOWANCE (98) PROV. FOR INVENT. RESERVES (EXCLUDING LIFO) (46) PROVISION FOR LIFO RESERVE 0 CHANGE IN ASSETS AND LIABILITIES: (INCREASE) DECREASE ACCTS. & NOTES REC. (3,189) (INCREASE) DECREASE INVENTORY (2,653) (INCREASE) DECREASE PREPAID EXPENSES 37 (INCREASE) DECREASE OTHER ASSETS 0 INCREASE (DECREASE) ACCTS PAY. 2,533 INCREASE (DECREASE) ACCRUED PENSIONS 130 INCREASE (DECREASE) DEFERRED TAXES 0 INCREASE (DECREASE) OPEB LIABILITIES 0 INCREASE (DECREASE) OTHER LIABILITIES (1,478) (INCREASE) DECREASE INTERCO ACCT. REC 0 INCREASE (DECREASE) INTERCO ACCTS PAY. (460) ------- NET ADJUSTMENTS (4,615) ------- NET CASH PROVIDED (USED) BY OPERATIONS (1,393) ------- CASH FLOW FROM INVESTING ACTIVITIES: PROCEEDS FROM SALE OF PP & E 0 CAPITAL EXPENDITURES (130) INTERCO PP&E TRANSFERS NET 0 ------- NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES (130) ------- CASH FLOW FROM FINANCING ACTIVITIES: REVOLVING CREDIT FACILITY, NET 1,368 REPAYMENTS OF OTHER DEBT (811) PROCEEDS OF OTHER DEBT 0 INCREASE (DECREASE) KCI LOAN 1,109 PROCEEDS FROM ISSUANCE OF COMMON STOCK 0 DIVIDENDS PAID 0 ------- NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 1,666 ------- NET INCREASE (DECREASE) IN CASH 143 CASH AT BEGINNING OF PERIOD 277 ------- CASH AT END OF PERIOD $420 =======
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