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0000095953-10-000020.txt : 20100726 0000095953-10-000020.hdr.sgml : 20100726 20100726143532 ACCESSION NUMBER: 0000095953-10-000020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100726 DATE AS OF CHANGE: 20100726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SYNALLOY CORP CENTRAL INDEX KEY: 0000095953 STANDARD INDUSTRIAL CLASSIFICATION: STEEL PIPE & TUBES [3317] IRS NUMBER: 570426694 STATE OF INCORPORATION: DE FISCAL YEAR END: 0809 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19687 FILM NUMBER: 10969193 BUSINESS ADDRESS: STREET 1: CROFT INDUSTRIAL PARK STREET 2: P O BOX 5627 CITY: SPARTANBURG STATE: SC ZIP: 29304 BUSINESS PHONE: 864-585-3605 MAIL ADDRESS: STREET 1: P O BOX 5627 CITY: SPARTANBURG STATE: SC ZIP: 29304 FORMER COMPANY: FORMER CONFORMED NAME: BLACKMAN UHLER INDUSTRIES INC DATE OF NAME CHANGE: 19710510 8-K 1 body.htm FORM 8-K DATED 7/29/2010 body.htm

	SECURITIES AND EXCHANGE COMMISSION
	WASHINGTON, D.C. 20549

	FORM 8-K
	CURRENT REPORT
	PURSUANT TO SECTION 13 OR 15(D) OF THE
	SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) July 26, 2010

		SYNALLOY CORPORATION
		(Exact name of registrant as specified in its charter)

Delaware		0-19687	57-0426694
(State or other jurisdiction of incorporation)		(Commission File Number)	(IRS Employer Identification No.)

		Croft Industrial Park, P.O. Box 5627, Spartanburg, SC 29304	29304
		(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (864) 585-3605

	INAPPLICABLE
	(Former name or 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 2.02.

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

ITEM 9.01.	FINANCIAL STATEMENTS AND EXHIBITS
	(c)	Exhibits
		99 Synalloy Corporation Press Release dated July 26, 2010

Please see Exhibit 99 for Registrant's second quarter 2010 earnings release.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf by the undersigned hereunto duly authorized.

SYNALLOY CORPORATION

By: /S/ RICHARD D. SIERADZKI

Richard D. Sieradzki

Chief Financial Officer and Principal Accounting Officer

Dated: July 26, 2010

Exhibit Number	Name
-------------	--------
99	Press Release of Synalloy Corporation dated July 26, 2010

EX-99 2 exhibit99.htm 2 QTR 2010 EARNINGS RELEASE exhibit99.htm

SYNALLOY CORPORATION COMPARATIVE ANALYSIS

	THREE MONTHS ENDED						SIX MONTHS ENDED
	Jul 3, 2010			Jul 4, 2009			Jul 3, 2010			Jul 4, 2009

Net sales
Metals Segment	$	25,137,000		$	14,135,000		$	50,099,000		$	36,762,000
Specialty Chemicals Segment		11,212,000			7,557,000			21,450,000			15,323,000
	$	36,349,000		$	21,692,000		$	71,549,000		$	52,085,000
Operating income
Metals Segment	$	963,000		$	(108,000	)	$	561,000		$	666,000
Specialty Chemicals Segment		1,241,000			445,000			2,327,000			935,000
		2,204,000			337,000			2,888,000			1,601,000
Unallocated expenses
Corporate		496,000			671,000			1,059,000			1,364,000
Interest and debt expense		13,000			89,000			14,000			194,000
Change in fair value of interest
rate swap		-			(28,000	)		-			(77,000	)
Other income		(1,000	)		(2,000	)		(10,000	)		(3,000	)
Income (loss) from continuing
operations before income taxes		1,696,000			(393,000	)		1,825,000			123,000
Provision for (benefit from) income taxes		618,000			(134,000	)		665,000			42,000
Net income (loss) from
continuing operations		1,078,000			(259,000	)		1,160,000			81,000
Net income (loss) from
discontinued operations		-			100,000			-			(46,000	)

Net income (loss)	$	1,078,000		$	(159,000	)	$	1,160,000		$	35,000

Net income (loss) per basic common share:
Continuing operations	$	0.17		$	(0.04	)	$	0.18		$	0.01
Discontinued operations		0.00			0.02			0.00			0.00
Net income (loss)	$	0.17		$	(0.03	)	$	0.18		$	0.01

Net income (loss) per diluted common share:
Continuing operations	$	0.17		$	(0.04	)	$	0.18		$	0.01
Discontinued operations		0.00			0.02			0.00			0.00
Net income (loss)	$	0.17		$	(0.03	)	$	0.18		$	0.01

Average shares outstanding
Basic		6,283,011			6,262,959			6,277,399			6,257,035
Diluted		6,313,135			6,262,959			6,300,258			6,261,401

Backlog-Piping Systems & Process Equipment	$	33,046,000		$	40,300,000


Balance Sheet	Jul 3, 2010		Jan 2, 2010
Assets
Cash	$	99,000	$	14,097,000
Accounts receivable, net		19,892,000		14,041,000
Inventories		35,690,000		25,504,000
Sundry current assets		2,724,000		3,259,000
Total current assets		58,405,000		56,901,000
Property, plant and equipment, net		18,342,000		15,797,000
Other assets		5,611,000		5,554,000
Total assets	$	82,358,000	$	78,252,000

Liabilities and shareholders' equity
Accounts payable	$	10,518,000	$	6,582,000
Accrued expenses		4,361,000		6,195,000
Total current liabilities		14,879,000		12,777,000
Long-term debt		2,313,000		-
Other long-term liabilities		2,685,000		2,754,000
Shareholders' equity		62,481,000		62,721,000
Total liabilities & shareholders' equity	$	82,358,000	$	78,252,000