EX-99.1 2 pressrelease.htm 10.27.05 PRESS RELEASE 10.28.05 Press Release
KATY INDUSTRIES, INC. SUMMARY OF OPERATIONS - UNAUDITED
                  
(In thousands, except per share data)
                  
                   
 
  
Three Months Ended September 30, 
  
Nine Months Ended September 30, 
  
     
2005
 
 
2004
 
 
2005
 
 
2004
 
                           
Net sales
  
$
140,557
  
$
135,426
  
$
334,280
  
$
335,843
  
Cost of goods sold
    
122,896
   
117,569
   
295,310
   
288,095
 
Gross profit
    
17,661
   
17,857
   
38,970
   
47,748
 
Selling, general and administrative expenses
    
13,861
   
14,846
   
40,100
   
43,834
 
Stock option expense (non-cash)
    
-
   
-
   
1,953
   
-
 
Severance, restructuring and related charges
    
662
   
167
   
1,975
   
1,956
 
(Gain) loss on sale of assets
    
(187
)
  
3
   
(353
)
  
(546
)
Operating income (loss)
    
3,325
   
2,841
   
(4,705
)
  
2,504
 
Interest expense
    
(1,487
)
  
(1,017
)
  
(4,143
)
  
(2,814
)
Other, net
    
219
   
(30
)
  
209
   
(261
)
Income (loss) before provision for income taxes
    
2,057
   
1,794
   
(8,639
)
  
(571
)
Provision for income taxes
    
724
   
918
   
722
   
1,617
 
Net income (loss)
    
1,333
   
876
   
(9,361
)
  
(2,188
)
Payment-in-kind (PIK) dividends on convertible preferred stock
    
-
   
(3,822
)
  
-
   
(10,746
)
Net income (loss) attributable to common stockholders
  
$
1,333
  
$
(2,946
)
$
(9,361
)
$
(12,934
)
                           
Income (loss) per share of common stock - basic:
                          
                           
Net income (loss)
  
$
0.17
  
$
0.11
  
$
(1.18
)
$
(0.28
)
PIK dividends on convertible preferred stock
    
-
   
(0.48
)
  
-
   
(1.36
)
Net income (loss) attributable to common stockholders
  
$
0.17
  
$
(0.37
)
$
(1.18
)
$
(1.64
)
                           
Income (loss) per share of common stock - diluted:
                          
                           
Net income (loss)
  
$
0.05
  
$
0.11
  
$
(1.18
)
$
(0.28
)
PIK dividends on convertible preferred stock
    
-
   
(0.48
)
  
-
   
(1.36
)
Net income (loss) attributable to common stockholders
  
$
0.05
  
$
(0.37
)
$
(1.18
)
$
(1.64
)
                           
Weighted average common shares outstanding:
                          
Basic
    
7,951
   
7,870
   
7,948
   
7,875
 
Diluted
    
26,880
   
7,870
   
7,948
   
7,875
 
                           
 
                
September 30, 
    
September 30,
 
Other Information:
 
 
 
 
 
 
 
 
2005
 
 
2004
  
                           
Working capital
              
$
8,061
  
$
19,983
  
Working capital, exclusive of deferred tax assets and liabilities and debt
                          
classified as current
              
$
51,639
  
$
71,347
  
Long-term debt, including current maturities
              
$
58,128
  
$
67,078
  
Stockholders' equity
              
$
59,973
  
$
100,564
  
Capital expenditures