The Urgent Need for Change and The Superior Path Forward
A HISTORY OF SHOCKINGLY POOR OPERATIONAL
PLANNING AND FORECASTING
T
The management team's apparent lack of understanding of the core business and its
capabilities has not only led to poor strategic decision-making, but also a track
record of repeated guidance misses
$ in millions
Management Adj. EBITDA Guidance
$28.0 $28.0 $27.5
1/9/2015
PRIVET
FUND
31% Miss
2/9/2015
4/27/2015
$21.0 $20.5
UPG
STRONGER TOGETHER
8/21/2015
FY 2015
8/21/2015
I
I
$19.4
Actual
67% Miss
$16.8 $16.8
2/29/2016
5/9/2016
$11.0
8/9/2016
FY 2016
$5.5
1. Source: Company filings
Actual
I
$16.3 $16.3
3/14/2017
Initial Guidance
23% Miss
5/9/2017
$17.0 $17.0 $17.0
8/8/2017
9/28/2017
FY 2017
11/7/2017
Guidance Revision
I
I
I
$12.5
Actual
$21.0
11/7/2017
$19.9
3/13/2018
$28.8
4/10/2018
$37.0 $36.9
FY EBITDA Below
Initial Guidance
8/7/2018
FY 2018
11/6/2018
$34.1 $34.0 $34.0
Actual
1/4/2019
3/5/2019
FY EBITDA Above
Initial Guidance
01. 02. 03. 04. 05.
Meaningful Change is
Required at Synalloy
Detail on following page
60% Miss
4/26/2019
$30.0 $30.0
4/30/2019
$21.9 $21.6
6/19/2019
FY 2019
8/13/2019
$14.9
11/12/2019
$13.5
Actual
I
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