$ACNT

SYNALLOY CORP

CIK:0000095953|SEC Filings

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 25,667	$ 18,652	$ 45,083	$ 36,486
Cost of sales	20,119	13,786	36,723	28,553
Gross profit	5,548	4,866	8,360	7,933
Selling, general and administrative	5,527	6,444	10,650	11,315
Research and development	107	0	170	0
Acquisition costs and other	176	31	177	268
Asset impairments	0	1,622	0	1,622
Gain on lease modification	0	(544)	0	(544)
Operating loss from continuing operations	(262)	(2,687)	(2,637)	(4,728)
Other expense (income)
Interest expense (income), net	(155)	(15)	(448)	99
Other, net	(176)	(136)	(392)	(285)
Income (loss) from continuing operations before income taxes	69	(2,536)	(1,797)	(4,542)
Income tax benefit	(601)	(89)	(487)	(89)
Income (loss) from continuing operations	670	(2,447)	(1,310)	(4,453)
Income from discontinued operations, net of tax	0	8,733	0	8,446
Net income (loss)	$ 670	$ 6,286	$ (1,310)	$ 3,993
Net income (loss) per common share from continuing operations:
Basic (in dollars per share)	$ 0.07	$ (0.25)	$ (0.14)	$ (0.45)
Diluted (in dollars per share)	0.07	(0.25)	(0.14)	(0.45)
Net income per common share from discontinued operations:
Basic (in dollars per share)	0	0.90	0	0.85
Diluted (in dollars per share)	0	0.90	0	0.85
Net income (loss) per common share:
Basic (in dollars per share)	0.07	0.65	(0.14)	0.40
Diluted (in dollars per share)	$ 0.07	$ 0.65	$ (0.14)	$ 0.40
Weighted average shares outstanding:
Basic (in shares)	9,047	9,751	9,232	9,913
Diluted (in shares)	9,114	9,751	9,232	9,913

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income (loss)	$ (1,310)	$ 3,993
Income from discontinued operations, net of tax	0	8,446
Net loss from continuing operations	(1,310)	(4,453)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation expense	1,737	1,870
Amortization expense	490	306
Amortization of debt issuance costs	100	179
Asset impairments	0	1,622
Deferred income taxes	(487)	(90)
Reduction of losses on accounts receivable	(961)	(506)
Non-cash lease expense	(51)	(1)
Stock-based compensation expense	366	222
Changes in operating assets and liabilities:
Accounts receivable and advances	(6,458)	(4,908)
Inventories	(1,134)	(939)
Other assets and liabilities	(783)	(1,937)
Accounts payable	2,584	(1,712)
Accrued expenses	(2,006)	1,387
Accrued income taxes	189	19
Net cash used in operating activities - continuing operations	(7,724)	(8,941)
Net cash provided by operating activities - discontinued operations	0	6,845
Net cash used in operating activities	(7,724)	(2,096)
Investing activities
Purchases of property, plant and equipment	(1,176)	(466)
Acquisitions, net of cash acquired	(13,536)	0
Net cash used in investing activities - continuing operations	(14,712)	(466)
Net cash provided by investing activities - discontinued operations	0	54,425
Net cash provided by (used in) investing activities	(14,712)	53,959
Financing activities
Borrowings from credit facilities	54,850	89,670
Proceeds from note payable	997	1,085
Proceeds from exercise of stock options	398	0
Payments on credit facilities	(54,850)	(89,670)
Payments on note payable	(433)	(370)
Principal payments on finance lease obligations	(163)	(144)
Repurchase of common stock	(6,850)	(8,044)
Net cash used in financing activities - continuing operations	(6,051)	(7,473)
Net cash used in financing activities - discontinued operations	0	(19)
Net cash used in financing activities	(6,051)	(7,492)
Increase (decrease) in cash, cash equivalents and restricted cash	(28,487)	44,371
Cash, cash equivalents and restricted cash at beginning of period	57,606	16,108
Cash, cash equivalents and restricted cash at end of period	$ 29,119	$ 60,479

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 28,069	$ 57,606
Accounts receivable, net of allowance for credit losses of $119 and $1,004, respectively	18,642	10,040
Advances and other receivables	5,406	5,389
Inventories	10,488	8,742
Prepaid expenses and other current assets	2,115	1,243
Total current assets	64,720	83,020
Property, plant and equipment, net	15,693	15,762
Right-of-use assets, operating leases, net	9,074	9,368
Goodwill	4,735	0
Intangible assets, net	10,008	2,833
Deferred income taxes	279	0
Deferred charges, net	301	401
Other non-current assets, net	1,506	553
Total assets	106,316	111,937
Current liabilities:
Accounts payable	9,125	5,490
Accrued expenses and other current liabilities	3,689	5,389
Current portion of note payable	997	433
Deferred revenue	34	0
Current portion of operating lease liabilities	754	712
Current portion of finance lease liabilities	340	331
Total current liabilities	14,939	12,355
Long-term portion of operating lease liabilities	11,105	11,496
Long-term portion of finance lease liabilities	635	808
Deferred income taxes	0	241
Other long-term liabilities	41	45
Total non-current liabilities	11,781	12,590
Total liabilities	26,720	24,945
Commitments and contingencies – See Note 14
Shareholders' equity:
Common stock, par value $1 per share; 24,000,000 shares authorized; 9,009,453 and 9,400,898 shares outstanding as of June 30, 2026 and December 31, 2025, respectively	11,085	11,085
Capital in excess of par value	47,791	48,276
Retained earnings	44,476	45,786
Shareholders' equity before treasury stock	103,352	105,147
Less: cost of common stock in treasury - 2,075,650 and 1,684,205 shares, respectively	(23,756)	(18,155)
Total shareholders' equity	79,596	86,992
Total liabilities and shareholders' equity	$ 106,316	$ 111,937