EX-99.2 4 exhibit992.txt EWP FINANCIAL INFORMATION Exhibit 99.2 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 MARCH 28, 2004 ($'s IN THOUSANDS)
Year to date March 2004 March 2004 ----------------- ----------------- $4,523 SALES - OUTSIDE CUSTOMERS $11,090 0 SALES - INTERCOMPANY 0 ------------- -------------- 4,523 NET SALES 11,090 3,224 VARIABLE PRODUCTION COSTS 8,210 ------------- -------------- 1,299 VARIABLE CONTRIBUTION 2,880 ------------- -------------- 133 MANUFACTURING FIXED COSTS 414 87 DEPRECIATION 261 ------------- -------------- 220 TOTAL FIXED COSTS 675 ------------- -------------- 1,079 GROSS PROFIT 2,205 ------------- -------------- 195 SELLING EXPENSE 472 181 ADMINISTRATIVE EXPENSE 465 ------------- -------------- 376 TOTAL SELLING & ADMIN.EXPENSE 937 ------------- -------------- 703 OPERATING PROFIT 1,268 0 EARNINGS IN UNCONSOL. SUBSIDIARIES 0 0 INTEREST INCOME 0 22 INTEREST EXPENSE 115 0 OTHER INCOME (EXPENSE) 0 0 GAIN ON SALE OF FIXED ASSETS 0 ------------- -------------- 681 INCOME BEFORE TAXES 1,153 269 INCOME TAXES 455 ------------- -------------- 412 INCOME FROM OPERATIONS 698 0 ACCOUNTING CHANGE 0 0 MINORITY INTEREST 0 ------------- -------------- ------------- -------------- $412 NET INCOME $698 ============= ==============
B-1 ENGINEERED WIRE PRODUCTS BALANCE SHEET MARCH 28, 2004 ($'s IN THOUSANDS) CURRENT ASSETS: CASH $315 NOTES & ACCOUNT RECEIVABLE NET 5,930 INVENTORIES AT COST 4,177 LESS LIFO RESERVE 0 -------------- INVENTORIES AT LIFO 4,177 -------------- PREPAID EXPENSES 229 DEFERRED INCOME TAXES 0 OTHER CURRENT ASSETS 0 -------------- TOTAL CURRENT ASSETS 10,651 -------------- PROPERTY PLANT & EQUIPMENT AT COST 18,663 LESS ACCUMULATED DEPRECIATION 11,731 -------------- NET PLANT, PROPERTY & EQUIPMENT 6,932 -------------- OTHER LONG TERM ASSETS 0 -------------- TOTAL ASSETS $17,583 ============== LIABILITIES AND EQUITIES: REVOLVING LOAN FACILITY $771 NOTES PAYABLE & CURRENT L.T. DEBT 1,383 KCI LOAN ACCOUNT 87 ACCOUNTS PAYABLE 212 ACCRUED LIABILITIES 914 ACCRUED PENSIONS 54 INCOME TAXES PAYABLE 455 -------------- -------------- TOTAL CURRENT LIABILITIES 3,876 -------------- LONG TERM DEBT 5,229 TOTAL LONG TERM LIABILITIES 5,229 -------------- TOTAL EQUITY 8,478 -------------- TOTAL LIABILITIES & EQUITY $17,583 ==============
B-2 ENGINEERED WIRE PRODUCTS STATEMENT OF CASH FLOWS FOR THE YEAR-TO-DATE PERIOD ENDED MARCH 28, 2004 (IN $ THOUSANDS) CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $698 PROVISION FOR DEPRECIATION 261 (GAIN) LOSS ON SALE OF ASSETS 0 PROVISION FOR BAD DEBT ALLOWANCE 9 CHANGE IN ASSETS AND LIABILITIES: (INCREASE) DECREASE ACCTS. & NOTES REC. (2,699) (INCREASE) DECREASE INVENTORY 2,475 (INCREASE) DECREASE PREPAID EXPENSES 3,152 INCREASE (DECREASE) ACCTS PAY. (222) INCREASE (DECREASE) ACCRUED PENSIONS 54 INCREASE (DECREASE) OTHER LIABILITIES 187 OTHER, NET 0 -------------- NET ADJUSTMENTS 3,217 -------------- NET CASH PROVIDED (USED) BY OPERATIONS 3,915 -------------- CASH FLOW FROM INVESTING ACTIVITIES: CAPITAL EXPENDITURES (102) OTHER, NET 0 -------------- NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES (102) -------------- CASH FLOW FROM FINANCING ACTIVITIES: REVOLVING CREDIT FACILITY, NET (3,226) REPAYMENTS OF OTHER DEBT (234) PROCEEDS OF OTHER DEBT 6,776 INCREASE (DECREASE) KCI LOAN (7,085) DIVIDENDS PAID 0 -------------- NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES (3,769) -------------- NET INCREASE (DECREASE) IN CASH 44 CASH AT BEGINNING OF PERIOD 271 -------------- CASH AT END OF PERIOD 315 ==============