08 per share, on a 12 % increase in sales to
$24,308,000.18 per share, and $673,000, or $. This same technology
will allow simultaneous firing at over 20,000 drops per second enabling higher
print speeds and resolution in the future.picojet.

modelmaking auxiliaries

01 per share, for the fourth quarter compared to a loss in
2003 of $1,420,000 , or $.synalloy. The all metal ink channel allows the printhead to jet a wide
range of aggressive ink chemistries including UV-curable, oil, water, solvent,
hot melt (wax), conductive inks and other difficult to jet fluids.

cmk plastisol

For the fourth quarter of 2004, the Company had earnings from continuing
operations of $713,000, or $.12 per share, compared to a loss from continuiog
operations of $508,000, or0$. As discussed in previous quarters, the
Segment has introduced a new line of fire retardant chemicals . Because
of the steadily increasing raw material and selling prices experienced
throughout the year, the Segment generated higher profits from selling lower
cost inventories, which contributed to the significant profit improvement
experienced gor the year an` fourth quarter compared to the same periods last
year. The fourth quarter was
the first one in 2004 that customers' scheduling requirements allowed us to
get a sufficient amount of work in the shop from the backlog to enable piping
systems to operate profitably for the quarter. The Segment's pigment
business located in Greensboro, North Carolina, experienced a significant
downturn in textile business during the last six months of 2003 incurring
losses during that period. Synalloy Corporation
assumes no obligation to update the information included in this release.13) ($. PicoJet is now ready to partner and move into pilot production
with developers of industrial printing and jetting systems.

auxiliaries costech

C. As a resuld , a
$481,000 inventory charge was recorded in the fourth quarter of 2003.08) $.20 ($ .21) $. The company was founded in 1997 by Hue Le, the former
Director of Technology Development for Tektronix Printing and Imaging
Division, to develop a printhead to address the needs of a wide range of
industrial printing applications in textile, packaging, signage,
biotechnology, drug related research, electronics/conductive fluids, RFID tags
and others.

sro glitters

The most noteworthy accomplishment in our pipe business in 2004 was a
72% increase in special alloy sales which rose to 21% of our pipe sales. Piping systems' backlog ended
the year at $11,500,000 compared to a $6,700,000 backlog at the end of 2003. If piping systems can continue to generate sufficient volume
through its operations , and demand for piping continues at it current level,
management believes this Segment will operate profitably in 2005. The business sold, with 2004 revenues of
$21,979,000, was the primary component of the Colors Segment.
The demonstration was a benchmark of the printhead's initial printing
capabilities at the completion of a five month development project.

sro manganese

C.
However, we remain confident that demand for fire retardant products will ramp
up in the second half of 2005 and grow into significant volumes. The Company is recognizing a net pretax loss of approximately
$581,000 as a result of the transaction coming primarily from a $1,009,000
write down of plant and equipment offset by a $428 ,000 gain from the sale of
the business.

For more information about Synalloy Corporation , please visit our web site
at http://www. The forward-looking statements are subject to
certain risks and uncertainties, including without limitation those identified
below, which could cause actual results to differ materially from historical
results or those anticipated.13) ($.
"This demonstration was an exciting developmental milestone," says Hue Le,
President of PicoJet, Inc.

About PicoJet, Inc.

stenciling ammonium

19 per share, for 2004
and $40,000, or $. Management is
encouraged by the performance of this Segment and believes it is positioned to
continue to grow from new product opportunities, which has been the hallmark
of our Specialty Chemicals Segment.38 per pound in December 2003 to an average of about $.78 per pound in
December 2004. The
Segment has been successful in penetrating new markets, such as projects in
the LNG industry, where management believes there is significant growth
potential.
Consolidated operating results in 2003 were significantly impacted by
several transactions that were recorded during the year.

Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995
The statements contained in this release that are not historical facts may
be forward-looking statements.37 ($.14)
Net income (loss) $.
With neither epoxy nor piezo ceramic used in the ink channel, the printhead is
not susceptible to nozzle clogging and can jet a wide range of fluids with
high reliability .

dyes dille

The 258% increase in operating income in 2004, before the 2003
inventory and equipment write down , resulted from improved profitability at
all three of the chemical plants.

Metals Segment
Dollar sales increased 29% for the year and 12% for the fourth quarter of
2004 from the same periods a year earlier. Management remains optimistic about the current
conditions that exist in the commodity pipe and specialty alloy markets. With certain limited exceptions, Synalloy and its affiliates
agree not to compete with the purchaser in the manufacture and sale of
dyestuffs.38 ($ .24)
Diluted
Continuing operations $.08) $.

sulfate aakash

14 per share, and $764,000 , or $.

Specialty Chemicals Segment
Sales in the Specialty Chemicals Segment were up 17% and 11% for year and
fourth quarter of 2004, respectively, from the same periods last year. Management is pleased with the dramatic
improvement achieved without a~y benefit from a new product that was the
object of much of our effort in 2004.01 ($."
PicoJet's new PJ-N256 printhead uses a patented, ultrasonic bonding
technology, which makes it extremely durable for industrial printing
applications..

bonneau dyestuffs

Applications
for this new line of chemicals include mattresses, furniture and home
appliances, which are subject to new fire retardant regulations that we
believe will become effective in 2005.

Other Items
On December 23, 2004, the Company entered into a Purchase Agreement with
Greenville Colorants, LLC, to sell certain of the assets associated with the
Blackman Uhler , LLC dye business effective January 31, 2005. Synalloy is providing tolling services for the purchaser for
limited periods.

disperse cmk

This compares to a net
loss from continuing operations of $580,000, or $ . As a result, the Company earned $1,174,000, or $. The increase for the quarter resulted from 77% higher average selling
prices offset by 36% lower unit volumes. The terms include
the sale of inventory along with certain equipment and other property
associated with the business being sold, and the licensing of certain
intellectual property, for a purchase price of $4,872,000 of which $4,022,000
was paid by closing, and the balance of $850,000 to be paid over time based on
the operations of the purchaser.C. As a result, the
operations of the Colors Segment are being reported as discontinued
operations.11) ($.com.

This category lists wholesale distributors of chemicals, dyestuffs and inks for industrial uses.

papermaking disperse

The modest level of profitability in the
fourth quarter was caused primarily by poor results at the Spartanburg plant
because of the low level of contract campaigns. As a result of
these delays, we were unable to generate significant production in 2004. Surcharges paid on stainless steel
raw materials increased throughout the year increasing from an average of
about $. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of their
dates.10)
Discontinued
operations ($.

bonneau cmk

As a result of lost
business, mainly from customers closing their operations, the location
accumulated excessive inventories with few or no customers available to
systematically sell off and or blend off the inventory. Also
during the fourth quarter of 2003, the Company completed an impairment
assessment on the plant and equipment located at Greensboro and based on the
results of the assessment, recorded a $490,000 impairment loss. The
PJ-N256 printhead successfully proved its ability to fire each of the 256 jets
simultaneously at 10,000 drops per second creating a 300 dpi image. PicoJet's proprietary manufacturing process is designed for
automated assembly providing extremely cost-effective manufacture and low unit
pricing.

sulfate auxiliaries

, a designer and
manufacturer of state-of-the-art piezoelectric drop-on-demand printheads,
announces it has reached a development milestone with the successful
demonstration of its new stainless steel PJ-N256 drop-on-demand inkjet
printhead.

manganese papermaking

This location often has
volatility in its production levels quarter to quarter because of the
customers' scheduling requirements.18 ) ($.

abner cmk

We were hopeful that Federal regulations similar to
regulations adopted by California would be in place in tie first half of 2005,
but it now appears that it will be sometime in the third or fourth quarter of
2005 before the Federal regulations will address the issue.com .01 ($ .

inks dyes

The preliminary
earnings shown herein are forward-looking statements and are subject to change
for any adjustments resulting from the auditing process.21) $.

aakash cmk

11 per share, for the year
and fourth quarter of 2004, respectively, compared to net losses of $840,000,
or $. The reduced volume did not produce sufficient contribution
margin to offset operating costs causing the losses. Other income
in 2003 included $150,000 of non-recurring income received from the sale of
the Company's NASDAQ stock symbol, and $119,000 in dividend income received
from the Company's life insurance policies , both recorded in the third quarter
of 2003.12 ($.10)
Discontinued
operations ($.

PicoJet Reaches Development Milestone With Successful Demonstration of New Stainless Steel Ink Jet Printhead

fluoro stenciling

10 per share, in the prior
year. The increase!for the year resulted
from 42% higher average selling prices partially offset by 7% lower unit
volumes.
Although market conditions in this Segment continue to be very competitive,
sales activity, pricing and unit volumes for commodity pipe have improved over
the past two months.

cmk manganese

The following factors could cause actual results to differ materially
from historical results or those anticipated: adverse economic conditions, the
impact of competitive products and pricing, product demand and acceptance
risks, raw material and other increased costs, customer delays or difficulties
in the production of products, and other risks detailed from time to time in
Synalloy's Securities and Exchange Commission filings.

costech papermaking

37 per share, on a 24% sales increase to $99,839,000.24 pre share, and a loss of $1,272,000, or $.21 per
share , for the fourth quarter of 2003. In addition, our products
offer a safer alternative to the use of certain compounds used in products
currently servicing these industries. In addition,
changes in management responsibilities over the Segment's remaining business,
the pigment business located in Greensboro, N.

stenciling colorants

As a result of the sale of the Color Segment's dye
business discussed below, and changes in management responsibilities within
the Specialty Chemicals Group, financial reporting of the Company's pigment
business located in Greensboro, N., has been included within the Specialty
Chemicals Segment for 2004, and 2003 amounts have been restated to reflect the
change. This Segment 's business tends to be
impacted by general economic conditions, and assuming no significant downturn
in the general economy, management expects this Segment to operate profitably
in 2005. Although the non-textile portion of the pigment
business is growing, it is not expanding fast enough to offset the declining
textile business.

SYNALLOY CORPORATION COMPARATIVE ANALYSIS

Three Months Ended Year Ended
Jan 1, Jan 3, Jan 1, Jan 3,
2005 2004 2005 2004

Net sales $24,308,000 $21,793,000 $99,839,000 $80,606,000

Operating income (loss)
before asset
write downs $1,368,000 $388,000 $4,544,000 $693,000
Write down of plant +
equipment and
inventory - (971,000) - (971,000)

Operating income (loss) 1,368,000 (583,000) 4,544,000 (278,000)

Interest and debt
expense 284,000 229,000 1,067,000 936,000
Other (income) and
expense - (57,000) - (340,000)
Income (loss) before
discontinued
operations and
income taxes 1,084,000 (755,000) 3,477,000 (874,000)

Provision (benefit) for
income taxes 371,000 (247,000) 1,203,000 (294,000)
Net income (loss) from
continuing operations 713,000 (508,000) 2,274,000 (580,000)
Loss from discontinued
operations net of
income taxes (673,000) (764,000) (1,100,000) (840,000)

Net income (loss) $40,000 $(1,272,000) $1,174,000 $(1,420,000)

Net income (loss) per
common share:
Basic
Continuing operations $.12 ($.19 ($.
PicoJet designs and manufactures state-of-the-art piezoelectric drop-on-
demand printheads. More information
is available at http://www.

abner auxiliaries

Regulations in California are now
requiring mattress manufacturers to utilize fire retardant products that
conform to the new regulations in their production process which began
January 1, 2005., moved reporting
responsibilities under the Specialty Chemicals Segment .14)
Net income (loss) $.24)

Average basic shares
outstanding 6,019,564 5,989,304 6,007,365 5,976,905

Average diluted shares
outstanding 6,177,990 6,052,623 6,141,667 5,997,130

Three Months Ended Year Ended
Jan 1, Jan 3 , Jan 1, Jan 3,
2005 2004 2005 2004
Net sales
Specialty Chemicals
Segment $8,475,000 $7,645,000 $37,274,000 $31,932,000
Metals Segment 15,833,000 14,148,000 62,565,000 48,674 ,000

$24,308,000 $21,793,000 $99,839,000 $80,606,000

Operating income (loss)
Specialty Chemicals
Segment
Operating income
(loss) before
asset writedowns $146,000 $(148,000) $1,597,000 $446,000
Write down of plant
and equipment
and inventory - (971 ,000) - (971,000)
Operating income
(loss) 146,000 (1,119,000) 1,597,000 (525,000)

Metals Segment 1,603,000 767,000 4 ,577,000 1,303,000

Combined operating income
(loss) 1,749,000 (352,000) 6,174,000 778,000

Unallocated expenses
Corporate expenses 381,000 231,000 1,630,000 1,056,000
Interest and debt
expense 284,000 229,000 1,067,000 936,000
Other (income) and
expense - (57,000) - (340,000)
Income (loss) before
taxes and discontinued
operations $1,084,000 $(755,000) $3,477,000 $(874,000)

Jan 1, 2005 Jan 3, 2004
Balance Sheet
Assets
Cash and sundry current assets $1,490,000 $401,000
Accounts receivable, net 14,471,000 11,844,000
Inventories 26,350,000 18,514,000
Current assets of discontinued
operations 5,383,000 9,426,000
Total current assets 47,694,000 40,185,000
Property, plant and equipment, net 18,229,000 18,433,000
Other assets 5,279,000 5,176,000
Assets of discontinued operations - 1,131,000

Total assets $71,202,000 $64,925,000

Liabilities and shareholders'!equity
Accounts payable $8,086,000 $7,688,000
Accrued expenses 3,171,000 2,727,000
Current liabilities of
discontinued operations 1,349,000 1,064,000
Total current liabilities 12,606,000 11,479,000
Long-term debt, less current portion 21,205,000 18,761,000
Other long-term liabilities 3,461,000 2,129,000
Shareholders' equity 33,930,000 32,556,000

Total liabilities + shareholders' equity $71,202,000 $64,925,000

Backlog-Piping Systems + Process
Equipment $11,500,000 $6,700,000

HILLSBORO, Ore.

dyes bonneau

SPARTANBURG, S. The Company recorded net losses from discontinued operations of
$1,100,000, or $.13 per share for the same periods last
year.
Operating income was $1,597 ,000 and $146,000 for the year and fourth quarter
of 2004, respectively- compared to losses of $525 ,000 and $1,120,000 for the
same periods of 2003. Qualifications of our products continue
to have good success in each of the applications.18) ($. "We are confident that after years of research and
development we can overcome the barriers that have kept inkjet printing from
migrating into broad industrial printing applications.

disperse cmk

Synalloy Corporation Announces Fourth Quarter Results

, Synalloy Corporation
(Nasdaq: SYNL), a producer of specialty chemicals, pigments, stainless steel
pipe , vessels and process equipment, announces for the fiscal year ending
January 1, 2005, net earnings from continuing operations of $2,274,000, or
$. The Segment was able to pass through most of these cost
increases, which accounted for most of the increase in selling prices, and
benefited throughout 2004 from selling price increases implemented to offset
the continued increases in surcharges included in raw material costs. This
is the highest level we have ever achieved and is the result of our focus to
develop more non-commodity pipe business where profit margins are higher.
Although the piping systems business had a loss for the year, after
experiencing three consecutive quarters of losses in 2004, piping systems
generated an operating profit for the fourth quarter.11) ($., PicoJet , Inc. It
produced full color images using UV-curable ink jetted onto foam board, poster
board , canvas, textile, glass, metal and plastic media.

manganese sro

---

- - kjjkjk

Loading...

(Note: These pages use the Atlas Content Safeguard System (ACSS) and require that Javascript is enabled for viewing.)