The Urgent Need for Change and The Superior Path Forward
PRIORITY #2: OPERATIONAL PROFIT
ENHANCEMENTS
PRIVET
FUND
We have a plan to dramatically reduce Synalloy's exposure to commodity prices as
part of our overall inventory management and supply chain initiatives
Synalloy manages its inventory
roughly half as effectively as its
peers...
$
UPG
STRONGER TOGETHER
{$
C
resulting in the Company losing
money attributable to "inventory
pricing losses" in eight of the nine
years of Craig Bram's tenure,
totaling nearly $3 per share in cash
squandered
1. Source: Company filings
5.5x
Synalloy Corp
4.9x
3.1x 3.1x
$1.6
4.5x
Inventory Turns
3.5x
$6.1
4.8x
2.8x
$9.4 $9.5
Closest Direct Peers - Median
2.3x
01. 02. 03. 04. 05.
4.9x 4.8x 4.7x 4.7x
Our Plan To
Strengthen Synalloy
2.0x
2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A
$ in millions Cumulative Inventory Pricing Loss
$16.4
$22.1
2.6x 2.5x 2.6x
4.7x
$24.8
$19.8
$26.2
2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A
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