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Synalloy's Fourth Quarter Earnings Per Share Increase By 45% Excluding Palmer Acquisition Costs

Specialty Chemicals Segment

Sales for the Specialty Chemicals Segment in the fourth quarter of 2012 were $13,087,000, an increase of $2,820,000 or 28% from the fourth quarter of 2011. Sales for 2012 were $51,374,000, an increase of 20% from prior year sales of $42,848,000.   Pounds shipped during the fourth quarter and total year of 2012 were 28% and 18% higher, respectively, than the same periods of the prior year.

Operating income for the fourth quarter of 2012 was $1,102,000, up $1,199,000 from 2011's net operating loss of $97,000 and was $4,843,000 for 2012 compared to $2,221,000 for 2011, an increase of 118%. Operating income for the fourth quarter and year were favorably affected by additional defoamer production for a global chemical manufacturer which began in late May 2012 and reached targeted production levels during the third quarter of 2012. Prior year results for the fourth quarter and year were also negatively affected by the Segment recording an $817,000 charge in December 2011 to reserve for potential uncollectable receivable balances for four customers.

Other Items

Unallocated corporate expenses increased to $926,000 (1.7% of sales) from $521,000 (1.3% of sales) for the fourth quarter of 2012 compared to 2011, respectively. For 2012, compared to 2011, these expenses increased to $3,193,000 (1.6% of sales) from $2,668,000 (1.6% of sales), respectively. Higher ongoing corporate costs for professional fees, travel and non-income related taxes and licenses associated with the Palmer acquisition increased these costs for the fourth quarter and year. The Company also recorded acquisition costs associated with the purchase of Palmer of $252,000 and $881,000 in the fourth quarter and entire year of 2012, respectively. 

Other income for the year ended December 29, 2012 is comprised of life insurance proceeds received in excess of its cash surrender value for a former officer of the Company.

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