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SYNL Synalloy

Synalloy Corp. engages in the production of stainless steel pipe, fabricator of stainless and carbon steel piping systems, and specialty chemicals. It operates through Metals and Specialty Chemicals segments. The Metals Segment operates as Bristol Metals LLC (BRISMET), Palmer of Texas Tanks, Inc. (Palmer), and Specialty Pipe & Tube, Inc. (Specialty). The BRISMET manufactures welded pipe, primarily from stainless steel, but also from other corrosion-resistant metals. The Palmer manufactures of fiberglass and steel storage tanks for the oil and gas, waste water treatment, and municipal water industries. The Specialty distributes hot finish, seamless, carbon steel pipe, and tubing. The Specialty Chemicals segment operates as Manufacturers Chemicals, LLC, which produces chemicals for the chemical, paper, metals, mining, agricultural, fiber, paint, textile, automotive, petroleum, cosmetics, mattress, furniture, janitorial and other industries. The company was founded in 1945 and is headquartered in Richmond, VA.

Company profile

Ticker
SYNL
Exchange
Website
CEO
craig Bram
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
570426694

SYNL stock data

(
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Calendar

9 Mar 21
22 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Synalloy earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 236K 236K 236K 236K 236K 236K
Cash burn (monthly) (positive/no burn) 32.5K 2.3M 2.59M (positive/no burn) (positive/no burn)
Cash used (since last report) n/a 121.62K 8.6M 9.69M n/a n/a
Cash remaining n/a 114.38K -8.36M -9.45M n/a n/a
Runway (months of cash) n/a 3.5 -3.6 -3.7 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Mar 21 Cunningham Sarah M Common Stock Sell Dispose S No No 10.05 8,431 84.73K 13,887
19 Feb 21 Michael Padden Common Stock Payment of exercise Dispose F No No 8.47 173 1.47K 8,212
19 Feb 21 Cunningham Sarah M Common Stock Payment of exercise Dispose F No No 8.47 351 2.97K 22,318
19 Feb 21 Gibson James G Common Stock Payment of exercise Dispose F No No 8.47 308 2.61K 39,805
9 Feb 21 Steven Baroff Common Stock Payment of exercise Dispose F No No 8.39 498 4.18K 33,925

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

24.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 25 28 -10.7%
Opened positions 3 1 +200.0%
Closed positions 6 8 -25.0%
Increased positions 6 4 +50.0%
Reduced positions 11 15 -26.7%
13F shares
Current Prev Q Change
Total value 18.87M 18.74M +0.7%
Total shares 2.23M 2.97M -24.8%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Royce & Associates 467.38K $3.65M -49.9%
Dimensional Fund Advisors 443.61K $3.46M -9.0%
Vanguard 409.41K $3.19M -0.0%
BLK Blackrock 178.72K $1.39M +0.7%
WFC Wells Fargo & Co. 146.68K $1.14M -7.3%
Renaissance Technologies 137.6K $1.07M +25.1%
Farr Miller & Washington 98.71K $770K -0.8%
Cambridge Investment Research Advisors 80.31K $626K +43.2%
Geode Capital Management 61.1K $476K 0.0%
Minerva Advisors 56.84K $443K 0.0%
Largest transactions
Shares Bought/sold Change
Royce & Associates 467.38K -465.79K -49.9%
GMHLY GAM Holding 0 -150K EXIT
Kennedy Capital Management 0 -111.89K EXIT
Dimensional Fund Advisors 443.61K -43.69K -9.0%
Fondren Management 0 -36.56K EXIT
Renaissance Technologies 137.6K +27.6K +25.1%
Cambridge Investment Research Advisors 80.31K +24.22K +43.2%
Boothbay Fund Management 18.47K +18.47K NEW
Deltec Asset Management 13.85K +13.85K NEW
WFC Wells Fargo & Co. 146.68K -11.54K -7.3%

Financial report summary

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Risks
  • The cyclical nature of the industries in which our customers operate causes demand for our products to be cyclical, creating uncertainty regarding future profitability.
  • Domestic competition could force lower product pricing and may have an adverse effect on our revenues and profitability.
  • Oil prices are extremely volatile. A substantial or extended decline in the price of oil could adversely affect our financial condition and results of operations.
  • Significant changes in nickel prices could have an impact on the sales of the Metals Segment.
  • Our business, financial condition and results of operations could be adversely affected by an increased level of imported products.
  • A substantial portion of our overall sales is dependent upon a limited number of customers, and the loss of one or more of such customers would have a material adverse effect on our business, results of operation and profitability.
  • We rely on a small number of suppliers for our raw materials and any interruption in our supply chain could affect our operations.
  • The Specialty Chemicals Segment uses significant quantities of a variety of specialty and commodity chemicals in its manufacturing processes, which are subject to price and availability fluctuations that may have an adverse impact on our financial performance and a lengthy sales cycle which makes it difficult to predict quarterly revenue levels and operating results.
  • We may not be able to make the operational and product changes necessary to continue to be an effective competitor.
  • We depend on third parties to distribute certain of our products and because we have no control over such third parties we are subject to adverse changes in such parties’ operations or interruptions of service, each of which may have an adverse effect on our operations.
  • Changes in supplier distribution programs could adversely affect sales and earnings in our Specialty business.
  • Our existing property and liability insurance coverages contain exclusions and limitations on coverage.
  • Our operations expose us to the risk of environmental, health and safety liabilities and obligations, which could have a material adverse effect on our financial condition, results of operations or cash flows.
  • Federal, state and local legislative and regulatory initiatives relating to hydraulic fracturing, as well as governmental reviews of such activities could result in delays or eliminate new wells from being started, thus reducing the demand for our fiberglass and steel storage tanks, pressure vessels and heavy walled pipe and tube.
  • Certain of our employees in the Metals Segment are covered by collective bargaining agreements, and the failure to renew these agreements could result in labor disruptions and increased labor costs.
  • If we do not successfully manage the transitions associated with the election of three new members of our Board of Directors, the appointment of a new Chairman of the Board, the retirement of our Chief Executive Officer and appointment of a new Interim Chief Executive Officer and a new Chief Financial Officer, it could have an adverse impact on our business operations, including our internal controls over financial reporting, as well as be viewed negatively by our customers and shareholders.
  • The loss of key members of our management team, or difficulty attracting and retaining experienced technical personnel, could reduce our competitiveness and have an adverse effect on our business and results of operations.
  • Our current capital structure includes indebtedness, which is secured by all or substantially all of our assets and which contains restrictive covenants that may prevent us from obtaining adequate working capital, making acquisitions or capital improvements.
  • We may need new or additional financing in the future to expand our business or refinance existing indebtedness, and our inability to obtain capital on satisfactory terms or at all may have an adverse impact on our operations and our financial results.
  • Our strategy of using acquisitions and dispositions to position our businesses may not always be successful, which may have a material adverse impact on our financial results and profitability.
  • Impairment in the carrying value of our fixed assets, intangible assets, or goodwill could adversely affect our financial condition and consolidated results of operations.
  • Our business, financial condition, results of operations and cash flows may be adversely affected by global public health epidemics and pandemics, including the COVID-19 outbreak.
  • We encounter significant competition in all areas of our businesses and may be unable to compete effectively, which could result in reduced profitability and loss of market share.
  • Our allowance for credit losses may not be adequate to cover actual losses.
  • Our internal controls over financial reporting could fail to prevent or detect misstatements.
  • Our business could be negatively affected as a result of actions of activist shareholders.
  • Cyber security risks and cyber incidents could adversely affect our business and disrupt operations.
Management Discussion
  • Consolidated net sales for the full-year 2020 decreased $49.2 million, or 16 percent, over the full-year 2019 to $256.0 million. Net sales for the fourth quarter of 2020 decreased $12.0 million, or 18 percent, over the fourth quarter of 2019 to $55.9 million. The decrease in sales was driven by our Metals Segment, which had a decrease of $46.6 million, or 19 percent, for the full-year of 2020 and a decrease of $10.6 million, or 19 percent, for the fourth quarter of 2020.
  • For the full-year 2020, net loss totaled $27.3 million, or $3.00 diluted loss per share. This compared to full-year 2019 net loss of $3.0 million, or $0.34 diluted loss per share. The full-year 2020 was negatively impacted by:
  • •Non-cash goodwill impairment in our Welded Pipe and Tube reporting unit of $16.2 million;
Content analysis
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Uncertain
Constraining
Legalese
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