-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, ktvM9Nx+z7b0MA9gl87qiOoVwH5sjcXejiwLKtvaP+beCSIsb8A8rr0ODMuRsz6q +wtqAAMUcA1bcN7+EJXDQA== 0000055604-94-000006.txt : 19941116 0000055604-94-000006.hdr.sgml : 19941116 ACCESSION NUMBER: 0000055604-94-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940930 FILED AS OF DATE: 19941114 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEYSTONE CONSOLIDATED INDUSTRIES INC CENTRAL INDEX KEY: 0000055604 STANDARD INDUSTRIAL CLASSIFICATION: 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: 94560023 BUSINESS ADDRESS: STREET 1: 5430 LBJ FWY STE 1440 STREET 2: THREE LINCOLN CENTRE CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 2144580028 MAIL ADDRESS: STREET 1: 5430 LBJ FWY STE 1440 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 KEYSTONE CONSOLIDATED INDUSTRIES, INC. FORM 10-Q ENDING 9/30/94 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, 1994 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 October 31, 1994: 5,592,751 KEYSTONE CONSOLIDATED INDUSTRIES, INC. AND SUBSIDIARIES INDEX Page number PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Balance Sheets - December 31, 1993 and September 30, 1994 3-4 Consolidated Statements of Operations - Three months and nine months ended September 30, 1993 and 1994 5 Consolidated Statements of Cash Flows - Nine months ended September 30, 1993 and 1994 6 Consolidated Statement of Stockholders' Deficit - Nine months ended September 30, 1994 7 Notes to Consolidated Financial Statements 8-11 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 12-14 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 1993 1994 Current assets: Notes and accounts receivable $ 38,513 $ 44,958 Inventories 35,544 34,943 Deferred income taxes 5,437 3,896 Prepaid expenses 1,257 1,551 Total current assets 80,751 85,348 Property, plant and equipment 222,601 230,975 Less accumulated depreciation 141,832 150,923 Net property, plant and equipment 80,769 80,052 Other assets: Intangible pension asset 12,067 10,702 Deferred income taxes 28,056 29,635 Other 5,011 4,861 Total other assets 45,134 45,198 $206,654 $210,598
KEYSTONE CONSOLIDATED INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (CONTINUED) (In thousands)
December 31, SEPTEMBER 30, LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) 1993 1994 Current liabilities: Notes payable and current long-term debt $ 8,148 $ 11,252 Accounts payable 24,189 28,175 Accounts payable to affiliates 111 - Accrued pension cost 9,556 7,817 Accrued OPEB cost 7,243 7,433 Accrued excise tax and related interest 7,120 1,033 Other accrued liabilities 17,999 20,177 Total current liabilities 74,366 75,887 Noncurrent liabilities: Long-term debt 19,042 16,195 Accrued pension cost 60,102 61,925 Accrued OPEB cost 96,336 97,280 Accrued excise tax and related interest - 1,033 Other 7,716 5,947 Total noncurrent liabilities 183,196 182,380 Stockholders' equity (deficit): Common stock 6,244 6,313 Additional paid-in capital 18,803 19,393 Pension liabilities adjustment (35,317) (41,120) Accumulated deficit (40,047) (32,243) Treasury stock, at cost (591) (12) Total stockholders' deficit (50,908) (47,669) $206,654 $210,598
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, 1993 1994 1993 1994 Revenues and other income: Net sales $86,361 $87,571 $263,313 $277,700 Other 250 7 346 134 86,611 87,578 263,659 277,834 Costs and expenses: Cost of goods sold 77,349 78,939 237,956 249,816 Selling 1,279 1,223 3,782 3,769 General and administrative 4,139 4,119 15,801 13,221 Interest - notes payable and long-term debt 583 724 2,113 2,091 Interest (credit) related to excise tax 156 - 3,797 (3,853) 83,506 85,005 263,449 265,044 Income before income taxes 3,105 2,573 210 12,790 Provision for income taxes (benefit) (86) 1,016 17 4,986 Net income $ 3,191 $ 1,557 $ 193 $ 7,804 Income per common and common equivalent share $ .58 $ .28 $ .04 $ 1.39 Weighted average common and common equivalent shares outstanding 5,489 5,626 5,500 5,596
KEYSTONE CONSOLIDATED INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
Nine months ended September 30, 1993 1994 KEYSTONE CONSOLIDATED INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT Nine months ended September 30, 1994 (In thousands)
Additional Pension Total Common paid-in liabilities Accumulated Treasury stockholders' stock capital adjustment deficit stock deficit Balance at December 31, 1993 $6,244 $18,803 $(35,317) $(40,047) $(591) $(50,908) Net income - - - 7,804 - 7,804 Issuance of common stock 69 590 - - 622 1,281 Purchase of treasury stock - - - - (43) (43) Pension adjustment - - (5,803) - - (5,803) Balance at September 30, 1994 $6,313 $19,393 $(41,120) $(32,243) $ (12) $(47,669)
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"). Contran holds, directly or indirectly, approximately 67% of the Company's outstanding common stock. The consolidated balance sheet at December 31, 1993 has been condensed from the Company's audited consolidated financial statements at that date. The consolidated balance sheet at September 30, 1994 and the consolidated statements of operations and cash flows for the interim periods ended September 30, 1993 and 1994, and the consolidated statement of stockholders' deficit for the interim period ended September 30, 1994 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, 1993 (the "Annual Report"). Note 2 - Income per share: Income per share is based on the weighted average number of common and common equivalent shares outstanding. Note 3 - 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 72% of inventories held at September 30, 1994 (71% at December 31, 1993) and the first- in, first-out or average cost methods are used to determine the cost of all other inventories.
December 31, SEPTEMBER 30, 1993 1994 (In thousands) Raw materials $ 9,944 $ 9,741 Work in process 9,963 10,397 Finished products 14,250 13,857 Supplies 14,115 13,676 48,272 47,671 Less LIFO reserve 12,728 12,728 $35,544 $34,943
Note 4 - Notes payable and long-term debt:
December 31, SEPTEMBER 30, 1993 1994 (In thousands) Commercial credit agreements: Revolving credit facility $ 3,911 $ 7,058 Term loan 19,439 17,216 Other 3,840 3,173 27,190 27,447 Less current maturities 8,148 11,252 $19,042 $16,195
The Company maintains a $35 million revolving credit facility which matures December 31, 1996, is collateralized primarily by the Company's trade receivables and inventories, and bears interest at the prime rate plus 1.5% (an effective rate of 9.25% at September 30, 1994). The amount of available borrowings is based on formula-determined amounts of trade receivables and inventories, less the amount of outstanding letters of credit ($.7 million at September 30, 1994). At September 30, 1994, additional borrowings available under this credit facility were $27.3 million. This credit facility requires that the Company's daily cash receipts be used to reduce the outstanding borrowings, which results in the Company maintaining zero cash balances. The Company's term loan with the financial institution that provides the Company's revolving credit facility bears interest at the prime rate plus 1% and is due in installments through December 31, 1996. The loan requires compliance with the restrictive covenants, security agreement and certain other terms of the revolving credit facility, is further collateralized by the Company's property, plant and equipment, and becomes due and payable if the Company terminates its revolving credit facility. The Company's 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 5 - Pension costs: Variances from actuarial assumptions, including the rate of return on pension plan assets, result in additional increases or decreases in accrued pension costs, deferred taxes, stockholders' deficit, pension expense and minimum 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 aggregating $32 million. At September 30, 1994, the remaining balance of such deferred contributions was approximately $11.3 million. The 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 - 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 and, in the nine-month period ended September 30, 1993, nondeductible excise taxes of approximately $3 million (see Note 7). In addition, the 1993 periods include a $1.3 million tax benefit representing an adjustment of cumulative deferred taxes resulting from the Omnibus Budget Reconciliation Act, enacted in August 1993.
Deferred tax assets (liabilities) December 31, September 30, 1993 1994 (In thousands) Tax effect of temporary differences relating to: Inventories $ 1,623 $ 1,630 Property and equipment (11,845) (10,722) Accrued pension cost 18,206 17,761 Accrued OPEB cost 40,396 40,838 Other accrued liabilities and deductible differences 6,978 6,360 Other taxable differences (583) (583) Net operating loss carryforwards 2,376 671 Alternative minimum tax credit carryforwards 6,342 7,576 Valuation allowance (30,000) (30,000) Net deferred tax asset 33,493 33,531 Less current deferred tax asset 5,437 3,896 Noncurrent deferred tax asset $ 28,056 $ 29,635
There was no change in the valuation allowance during the first nine months of 1993 or 1994. Note 7 - 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 an aggregate of $7.1 million for the estimated cost of the 5% nondeductible excise taxes ($3.2 million) and related interest ($3.9 million). In addition, to avoid a second tier $9.6 million excise tax, the Company made a "correction" payment of $2.3 million to its pension plans in June 1993. In June 1994, the Company and the IRS agreed on the amount due and 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 in June 1994, and agreed to pay a total of $3.1 million in excise taxes and interest, in three equal installments, over a two-year period beginning in June 1994. As a result, the nine-month period ended September 30, 1994 includes a $4 million reduction in previously accrued expenses related to this matter. Note 8 - Contingencies - environmental matters: As discussed in the Annual Report, the Company is involved in the disposal of radioactive electric furnace dust at its Peoria, Illinois facility. In July 1994, the Company entered into a disposal agreement with a licensed waste disposal facility to receive, treat and dispose of the contaminated dust. The Company is in the process of shipping the contaminated dust to the disposal facility which is currently constructing treatment facilities. The disposal facility has represented that treatment and disposal will be completed by January 1995. The net cost to the Company of this matter was accrued principally in 1992 and 1993. As discussed in the Annual Report, the United States has filed an action against five potential responsible parties ("PRPs"), including a former subsidiary of the Company, seeking to recover investigation and remediation costs incurred by the United States Environmental Protection Agency ("U.S. EPA") at the Byron Salvage Yard, located in Byron, Illinois. Neither the Company nor the other designated PRPs have performed an investigation of the nature and extent of the contamination at the Byron Site. U.S. EPA has possession of the site and conducted the remedial investigation, but has not yet released a feasibility study that would enable the PRPs to identify or estimate the cost of an appropriate remedy or remedies. In July 1993, the U.S. EPA made available for inspection records evidencing approximately $10 million in investigation and remediation costs incurred at the site and produced copies of the laboratory results of groundwater samples taken as a part of the remedial investigation. During the second quarter of 1994, U.S. EPA released its remedial investigation study showing soil contamination, however U.S. EPA has not completed a feasibility study or risk assessment for the site. Until U.S. EPA releases its final Record of Decision, the Company will not know whether U.S. EPA will require any further remediation measures. The Company accrued its $500,000 estimated share of the documented investigation and remediation costs during 1993. There were no other significant changes in the status of environmental matters during the first nine months of 1994. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 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. Changes in working capital levels result primarily from the relative timing of production, sales, and purchases and net changes in receivables, inventories and accounts payable provided $4.1 million of cash in the 1993 period and used $2.2 million of cash in the 1994 period. Comparative scrap costs and inventory levels contributed to the fluctuation in cash provided by, or used in, operating activities relative to these items. Pension contributions during the first nine months of 1994 amounted to $15 million, an increase of $3.5 million from the 1993 period. An additional $5.1 million will be contributed during the remainder of 1994 for a total of $20.1 million compared to $15 million in 1993. The higher pension contributions in 1994 include $3 million of planned contributions in excess of minimum funding requirements. Pension contributions for 1994 and 1993 include $3.3 million and $2.3 million, respectively, resulting from settlement of the excise tax litigation. Cash used by operating activities during the first nine months of 1994 also included a $1 million excise tax payment (see Note 7 to the Consolidated Financial Statements). At September 30, 1994, the Company had working capital of $9.5 million. Notes payable and current maturities of long-term debt, deductions in the computation of such working capital, aggregated $11.3 million at September 30, 1994, and included outstanding borrowings of $7.1 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. Additional borrowings available under the revolving credit facility were $27.3 million at September 30, 1994. The revolving credit facility requires that the Company's daily cash receipts be used to reduce the outstanding borrowings, which results in the Company maintaining zero cash balances. Borrowings under the revolving credit facility currently mature December 31, 1996. Capital expenditures for the first nine months of 1994 were $8.9 million and are currently estimated to be approximately $12 million for the full year, including approximately $3 million related to information processing systems at the Company's Peoria, Illinois facility and $3 million for environmental items. The seasonality of the Company's business and the uncertainty of the future trend in scrap costs causes the Company to be cautious about the 1994 fourth quarter, typically the lowest volume quarter, but the Company expects to be profitable for the year 1994. Management has also budgeted profitable results of operations for 1995 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, foreign competition, and selling prices; 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 estimates, 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 and 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. RESULTS OF OPERATIONS: The Company's 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 principally to the seasonality of sales in principal wire products markets, including the agricultural and construction markets. During the first nine months of 1994, billet production at the Peoria steel mill of 492,000 tons approximated production in the 1993 period. As the Company's billet production capacity is less than its rod production capacity, the Company periodically purchases billets from other suppliers to increase the utilization of the rod mill and thus assure the Company's ability to meet its customers' orders. The decision to purchase billets depends on billet prices, product demand and other market conditions. During the first nine months of 1994 the Company purchased 71,000 tons of billets compared to 88,000 tons purchased in the first nine months of 1993. Due principally to the lower billet purchases, the Company's 1994 steel rod production of 533,000 tons has declined from 1993 production of 546,000 tons. Net sales for the third quarter of 1994 increased $1.2 million, or 1.4%, from the comparable 1993 period due largely to changes in product mix. Tons of rod sold decreased 16.7% (75,000 tons compared to 90,000 tons), while tons of wire and wire products sold increased 12.4% (109,000 tons compared to 97,000 tons). The increase in wire and wire products tonnage was principally due to increased sales of wire. Wire and wire products selling prices during the third quarter of 1994 were comparable to the selling prices during the same quarter in 1993, while rod selling prices decreased 2.5%. The decreases in rod selling prices and tons of rod sold were primarily due to increased imports of lower priced rod by U.S. consumers. Net sales for the first nine months of 1994 increased $14.4 million, or 5.5%, from the comparable 1993 period as higher prices and a change in product mix offset lower total tonnage. Tons of rod sold decreased 9.9% (228,000 tons compared to 253,000 tons), while tons of wire and wire products sold increased 6.3% (335,000 tons compared to 315,000 tons) due principally to increased sales of wire. Wire and wire products selling prices increased 2.1% and rod selling prices increased 8.1% during the first nine months of 1994 as compared to the first nine months of 1993. Gross profit was $8.6 million for the third quarter of 1994, a decrease of $.4 million from the comparable 1993 period, as gross profit margins declined to 9.9% from 10.4%. Gross profit was $27.9 million for the first nine months of 1994, an increase of $2.5 million, as year-to-date gross profit margins increased to 10% from 9.6% one year ago. The decline in the third quarter gross profit margin is primarily the result of lower rod selling prices and higher costs for scrap steel, the Company's primary raw material. The comparative gross profit margin improved during the 1994 nine-month period as higher product selling prices and lower rod conversion costs offset the higher scrap costs and the effects of inclement weather during the 1994 first quarter which resulted in production outages and increased costs. Gross profit in the first nine months of 1993 also reflected a second quarter charge of approximately $1.2 million for a one-time payment of $1,000 per union member, pursuant to the May 1993 collective bargaining agreement with the Independent Steel Worker's Alliance ("ISWA") at the Company's Peoria, Illinois facility. Scrap steel prices have risen significantly since the beginning of 1993, and were approximately 8.7% and 19.6% higher during the third quarter and first nine months, respectively, of 1994 as compared to the respective 1993 periods. The Company currently expects scrap steel prices for the 1994 fourth quarter to approximate third quarter prices. Selling expenses, as a percentage of net sales, were comparable between the 1994 and 1993 periods. General and administrative expenses, as a percentage of net sales, were comparable between third quarters of 1994 and 1993. For the first nine months of 1994, general and administrative expenses were $13.2 million, representing a decrease of $2.6 million over the comparable 1993 amount. The first nine months of 1993 include a $3.2 million charge for excise taxes resulting from the adverse U.S. Supreme Court decision. See Note 7 to the Consolidated Financial Statements. 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 and, in the 1993 nine-month period, the nondeductible excise taxes of $3.2 million. In addition, the 1993 periods include a $1.3 million tax benefit representing an adjustment of cumulative deferred taxes resulting from the Omnibus Budget Reconciliation Act, enacted in August 1993. PART II. ITEM 1. Legal Proceedings Reference is made to disclosure provided under the caption "Current litigation" in Note 14 to the Consolidated Financial Statements included in the Annual Report. Note 8 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, 1994 (b) Reports on Form 8-K filed during the quarter ended September 30, 1994: 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 14, 1994 By /s/Harold M. Curdy Harold M. Curdy Vice President - Finance/Treasurer (Principal Financial Officer) Date: November 14, 1994 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 14, 1994 By ___________________________________ Harold M. Curdy Vice President - Finance/Treasurer (Principal Financial Officer) Date: November 14, 1994 By ___________________________________ Bert E. Downing, Jr. Corporate Controller (Principal Accounting Officer) 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, 1994, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH CONSOLIDATED FINANCIAL STATEMENTS. 1,000 9-MOS DEC-31-1994 JAN-01-1994 SEP-30-1994 0 0 45,626 668 34,943 85,348 230,975 150,923 210,598 75,887 16,195 6,313 0 0 (53,982) 210,598 277,700 277,700 249,816 249,816 0 233 (1,762) 12,790 4,986 7,804 0 0 0 7,804 1.39 1.39
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