-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RociRBepndI4i5SjisNJkv/hEUcs9EhUfE6DPXeW1e8Cl3zpxfiyj2hSNMuudoB1 KBwXOZJBm9NFg0UEbe5pRQ== 0001157523-06-003673.txt : 20060417 0001157523-06-003673.hdr.sgml : 20060417 20060417163931 ACCESSION NUMBER: 0001157523-06-003673 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060417 ITEM INFORMATION: Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review FILED AS OF DATE: 20060417 DATE AS OF CHANGE: 20060417 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DAYTON SUPERIOR CORP CENTRAL INDEX KEY: 0000854709 STANDARD INDUSTRIAL CLASSIFICATION: STEEL PIPE & TUBES [3317] IRS NUMBER: 310676346 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11781 FILM NUMBER: 06762700 BUSINESS ADDRESS: STREET 1: 7777 WASHINGTON VILLAGE DRIVE STREET 2: SUITE 130 CITY: DAYTON STATE: OH ZIP: 45459 BUSINESS PHONE: 9374287172 MAIL ADDRESS: STREET 1: 7777 WASHINGTON VILLAGE DRIVE STREET 2: SUITE 130 CITY: DAYTON STATE: OH ZIP: 45459 8-K 1 a5125555.txt DAYTON SUPERIOR CORPORATION 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report (Date of earliest event reported): April 17, 2006 Dayton Superior Corporation (Exact name of Registrant as specified in its charter) Ohio 1-11781 31-0676346 (State or other jurisdiction of Commission (IRS Employer incorporation or organization) File Number) Identification No.) 7777 Washington Village Drive, Dayton, Ohio 45459 (Address of principal executive offices) (Zip code) 937-428-6360 (Registrant's telephone number including area code) Not applicable (Former name and former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review During the reporting and closing process relating to the preparation of the December 31, 2005 financial statements for Dayton Superior Corporation (the "Company"), the Company's management concluded that certain put options set forth in the Company's Management Stockholders' Agreement should be classified outside of shareholders' equity (deficit) in accordance with EITF D-98, "Classification and Measurement of Redeemable Securities." As a result, management recommended that the cumulative effect should be recorded as of January 1, 2003 and that the Company should restate its consolidated balance sheet as of December 31, 2004 and its consolidated statements of operations, shareholders' deficit, comprehensive loss and cash flows for the years ended December 31, 2004 and 2003 accordingly. The Company's management also determined that two agreements for the purchase of rental equipment entered into by the Company in 2003 were incorrectly recorded as capital assets as the purchase price was paid by the Company rather than being recorded as capital leases or other long-term liabilities at the inception of the agreements. As a result, management recommended that the Company restate its consolidated balance sheet as of December 31, 2004 and its consolidated statements of operations, shareholders' deficit, comprehensive loss and cash flows for the years ended December 31, 2004 and 2003 accordingly. On April 17, 2006, after discussing management's recommendations with the Company's independent registered public accounting firm, the Audit Committee of the Company's Board of Directors agreed that the consolidated financial statements of the Company for the periods specified above should be restated as described above. Concurrently herewith, the Company is filing with the Securities and Exchange Commission the Company's Annual Report on Form 10-K for the year ended December 31, 2005 in which it has restated its consolidated financial statements for those periods as described above. The effects of the restatement on the Company's consolidated financial statements are as follows:
- -------------------------------------------------- ---------------------------------------------------------- As of December 31, 2004 - -------------------------------------------------- ---------------------------------------------------------- As Reported Adjustments As Restated - -------------------------------------------------- ----------------- -------------------- ------------------- Rental equipment, net $69,662 $625 $70,287 - -------------------------------------------------- ----------------- -------------------- ------------------- Total assets 394,138 625 394,763 - -------------------------------------------------- ----------------- -------------------- ------------------- Current portion of long-term debt 2,455 1,660 4,115 - -------------------------------------------------- ----------------- -------------------- ------------------- Total current liabilities 50,863 1,660 52,523 - -------------------------------------------------- ----------------- -------------------- ------------------- Other long-term debt, net of current portion 316,389 431 316,820 - -------------------------------------------------- ----------------- -------------------- ------------------- Deferred income taxes 17,474 (559) 16,915 - -------------------------------------------------- ----------------- -------------------- ------------------- Total liabilities 449,668 1,532 451,200 - -------------------------------------------------- ----------------- -------------------- ------------------- Class A common shares subject to put option - 3,031 3,031 - -------------------------------------------------- ----------------- -------------------- ------------------- Class A common shares 116,024 (5,467) 110,557 - -------------------------------------------------- ----------------- -------------------- ------------------- Loans to shareholders (2,767) 2,436 (331) - -------------------------------------------------- ----------------- -------------------- ------------------- Accumulated deficit (166,466) (907) (167,373) - -------------------------------------------------- ----------------- -------------------- ------------------- Total shareholders' deficit (55,530) (3,938) (59,468) - -------------------------------------------------- ----------------- -------------------- ------------------- Total liabilities and shareholders' deficit $394,138 $625 $394,763 - -------------------------------------------------- ----------------- -------------------- -------------------
- ------------------------- ----------------------------------------- -- -------------------------------------------- For the Year Ended December 31, 2004 For the Year Ended December 31, 2003 - ------------------------- ------------ ------------- -------------- -- ------------- -------------- --------------- As Reported Adjustments As Restated As Reported Adjustments As Restated - ------------------------- ------------ ------------- -------------- -- ------------- -------------- --------------- Rental cost of sales $35,275 $444 $35,719 $28,010 $667 $28,677 - ------------------------- ------------ ------------- -------------- -- ------------- -------------- --------------- Cost of Sales 310,891 444 311,335 277,678 667 278,345 - ------------------------- ------------ ------------- -------------- -- ------------- -------------- --------------- Rental gross profit 6,956 (444) 6,512 7,623 (667) 6,956 - ------------------------- ------------ ------------- -------------- -- ------------- -------------- --------------- Gross profit 107,748 (444) 107,304 101,779 (667) 101,112 - ------------------------- ------------ ------------- -------------- -- ------------- -------------- --------------- Income from operations 15,236 (444) 14,792 14,634 (667) 13,967 - ------------------------- ------------ ------------- -------------- -- ------------- -------------- --------------- Interest expense 47,030 177 47,207 40,008 178 40,186 - ------------------------- ------------ ------------- -------------- -- ------------- -------------- --------------- Loss before provision (benefit) for income taxes (31,943) (621) (32,564) (27,821) (845) (28,666) - ------------------------- ------------ ------------- -------------- -- ------------- -------------- --------------- Provision (benefit) for income taxes 16,427 (242) 16,185 (10,713) (317) (11,030) - ------------------------- ------------ ------------- -------------- -- ------------- -------------- --------------- Net loss $(48,370) $(379) $(48,749) $(17,108) $(528) $(17,636)
- ------------------------- ----------------------------------------- -- --------------------------------------------- For the Year Ended December 31, 2004 For the Year Ended December 31, 2003 - ------------------------- ------------ ------------- -------------- -- ------------- ---------------- -------------- As Reported Adjustments As Restated As Reported Adjustments As Restated - ------------------------- ------------ ------------- -------------- -- ------------- ---------------- -------------- Net cash used in operating activities $(28,558) $99 $(28,459) $(32,488) $(30) $(32,518) - ------------------------- ------------ ------------- -------------- -- ------------- ---------------- -------------- Net cash provided by (used in) investing activities 1,442 1,466 2,908 (8,451) 1,099 (7,352) - ------------------------- ------------ ------------- -------------- -- ------------- ---------------- -------------- Net cash provided by financing activities 29,432 (1,565) 27,867 39,917 (1,069) 38,848 - ------------------------- ------------ ------------- -------------- -- ------------- ---------------- -------------- Cash paid for interest 41,061 177 41,238 32,690 178 32,868 - ------------------------- ------------ ------------- -------------- -- ------------- ---------------- -------------- Purchase of equipment on capital lease 481 - 481 3,183 2,757 5,940 - ------------------------- ------------ ------------- -------------- -- ------------- ---------------- -------------- Purchase of equipment on extended terms - - - - 1,968 1,968 - ------------------------- ------------ ------------- -------------- -- ------------- ---------------- --------------
SIGNATURES 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. DAYTON SUPERIOR CORPORATION Date: April 17, 2006 By:/s/ Edward J. Puisis ---------------------------------------- Edward J. Puisis Executive Vice President and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----