Synalloy Corporation (SYNL) Q4 2021 Earnings Conference Call March 29, 2022 5:00 PM ET Company Participants Cody Cree – Director of Gateway Investor Relations Ben Rosenzweig – Chairman of the Board Chris Hutter – President and Chief Executive Officer Aaron Tam – Chief Financial Officer Conference Call Participants Mike Hughes – SGF Capital Charles Gold – Truist Arthur Byrnes – Deltec Asset Management Operator Good afternoon, everyone, and thank you for participating in today’s conference call to discuss Syn ...

Synalloy Corp (SYNL) Q2 2021 Earnings Conference Call August 9, 2021 5:00 PM ET Company Participants Cody Cree - Gateway Group Ben Rosenzweig - Interim President & CEO Christopher Hutter - Interim President, CEO & Director Sally Cunningham - SVP & CFO Conference Call Participants Michael Hughes - SGF Capital Management Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss Synalloy's financial results for the second quarter ended June 30, 2021. Joining us to ...

Synalloy Corporation (SYNL) Q1 2021 Earnings Conference Call May 10, 2021 4:30 PM ET Company Participants Cody Cree - Investor Relations Christopher Hutter - Interim President & Chief Executive Officer Sally Cunningham - Chief Financial Officer Conference Call Participants Mike Hughes - SGF Capital Operator Good afternoon, everyone and thank you for participating in today's conference call to discuss Synalloy's Financial Results for the First Quarter Ended March 31, 2021. Joining us today are Synalloy's Int ...

Synalloy Corporation (SYNL) Q4 2020 Earnings Conference Call March 9, 2021 5:00 PM ET Company Participants Sally Cunningham - SVP and CFO Christopher Hutter - Interim CEO Sean Mansouri - IR Conference Call Participants David Secrid - Mike Hughes - SGF Capital Charles Gold - Truist Charles Neuhauser - Mainwall Investment Ronald Braam - Operator Good afternoon everyone. And thank you for participating in today’s conference call to discuss Synalloy's Financial Results for the Fourth Quarter and Full Year end ...

Financial Performance - Consolidated net sales for Q3 2020 were $59.3 million, a decrease of $14.4 million or 19.5% compared to Q3 2019[93] - The Metals Segment's net sales for Q3 2020 totaled $47.1 million, a decrease of $13.0 million or 21.7% from Q3 2019[96] - The Company recorded a net loss of $10.5 million for Q3 2020, compared to a net loss of $1.0 million for Q3 2019[94] - For the first nine months of 2020, consolidated net sales were $200.1 million, a decrease of $37.1 million or 15.6% compared to the same period in 2019[93] - The Metals Segment's net sales for the first nine months of 2020 totaled $159.8 million, a decrease of $36.0 million or 18.4% from the same period in 2019[96] - The company reported a net loss of $18.7 million for the first nine months of 2020, compared to a net loss of $2.1 million for the same period in 2019[121] Segment Performance - Specialty Chemicals Segment net sales for Q3 2020 totaled $12.2 million, a decrease of $1.3 million, or 9.9%, from Q3 2019[101] - Operating income for the Specialty Chemicals Segment increased by $0.2 million, or 25.4%, to $1.1 million in Q3 2020 compared to Q3 2019[103] - Metals Segment reported a net loss of $11,417 thousand for the three months ended September 30, 2020, compared to a net income of $1,671 thousand in the same period of 2019[113] - Adjusted EBITDA for the Metals Segment was $1,355 thousand, representing 2.9% of segment sales, down from $3,004 thousand and 5.0% in the prior year[113] - Specialty Chemicals Segment net income increased to $1,061 thousand for the three months ended September 30, 2020, compared to $846 thousand in the same period of 2019[114] - Adjusted EBITDA for the Specialty Chemicals Segment was $1,498 thousand, which is 12.3% of segment sales, up from $1,309 thousand and 9.7% in the prior year[114] Expenses and Profitability - Consolidated gross profit for Q3 2020 decreased 31.5% to $5.0 million, or 8.4% of sales, compared to $7.3 million, or 9.9% of sales in Q3 2019[94] - Consolidated selling, general, and administrative expenses decreased by $2.1 million to $6.3 million, or 10.6% of sales in Q3 2020[95] - Selling, general, and administrative expenses decreased by 20.6% to $4.0 million for Q3 2020 compared to $5.0 million in Q3 2019[100] - Unallocated corporate expenses decreased by $0.9 million, or 35.6%, to $1.5 million in Q3 2020 compared to $2.4 million in Q3 2019[105] Cash Flow and Liquidity - Cash balance decreased by $0.4 million to $0.2 million as of September 30, 2020, compared to $0.6 million at December 31, 2019[108] - Cash flows from operating activities decreased to $5,970 thousand for the nine months ended September 30, 2020, down from $17,927 thousand in the prior year[120] - Total cash used in financing activities was $(8,141) thousand for the nine months ended September 30, 2020, compared to cash provided of $4,105 thousand in the same period of 2019[120] - The company had $71.3 million of total borrowings outstanding as of September 30, 2020, down $4.2 million from the balance at December 31, 2019[125] - The current ratio was 3.9 at September 30, 2020, compared to 3.6 at December 31, 2019[131] Impairments and Adjustments - Non-cash goodwill impairment in the Metals Segment amounted to $10.7 million for Q3 2020[94] - Adjusted EBITDA for Q3 2020 was $1.64 million, representing 2.8% of sales[112] - Adjusted net loss for the three months ended September 30, 2020, was $(1,032) thousand, compared to $(739) thousand in the same period of 2019[117] Debt and Credit Facilities - The Company has a $100 million asset-backed revolving line of credit with a maturity date of December 21, 2021[125] - The long-term debt to capital ratio increased to 45% at September 30, 2020, from 41% at December 31, 2019[131] - The Company entered into multiple amendments to its Credit Agreement to address technical defaults related to the fixed charge coverage ratio[126] Shareholder Actions - The Company repurchased 59,617 shares at an average price of $10.65, totaling $636,940 in the nine months ended September 30, 2020[129] - As of September 30, 2020, the Company had 790,383 shares remaining under its stock repurchase authorization[127] Tax and Allowances - The effective tax rate for Q3 2020 was 19.4%, compared to 10.6% for Q3 2019[106] - The Company maintains an allowance for credit losses on accounts receivable, adjusting it based on current expected credit losses[135] Other Information - The Company anticipates continued lower customer demand in Q4 2020 compared to Q4 2019 due to the ongoing impacts of COVID-19[87] - The Company has no off-balance sheet arrangements that could materially affect its financial position[132] - No dividends were declared or paid by the Company in 2019[130] - The Company had a minimum fixed charge coverage ratio of 1.47 and a minimum tangible net worth of $67.7 million as of September 30, 2020[126] - The return on average equity was (10.8)% at September 30, 2020, compared to (2.9)% at December 31, 2019[131]