Dayton Superior Corp., a leading North American provider of specialized products consumed in non-residential, concrete construction and the largest concrete forming and shoring rental company serving the domestic, non-residential construction market, posted $57.5 million in rental revenue in 2008, a 3.7-percent decline compared with $59.7 million in 2007. The Dayton, Ohio-based company’s total revenue declined 1.5 percent to $475.9 million, compared with $483 million in 2007.
Product sales increased slightly from $398.4 million in 2007 to $399.9 million.
The company said the rental revenue decline was the result of declines in the non-residential construction markets. Like other companies in the industry, Dayton superior has made headcount reductions, closed facilities and reduced spending. The company suffered a net loss of $12 million for 2008, compared with a $6.7 million net loss in 2007.
The company said, in its 10-K filing with the Securities and Exchange Commission that it has “substantial doubt” about its ability to continue as a going concern. “If we are unsuccessful in refinancing or extending the term of our revolving credit facility, term loan and senior subordinated notes, our ability to continue as a going concern would be doubtful and we likely would be required to seek protection under federal bankruptcy laws,” the company said. “The lender under our revolving credit facility also has imposed additional limitations on the amount of cash we may borrow under the facility.”
Based in Dayton, Ohio, Dayton Superior is No. 30 on the RER 100. At the close of trading Friday, its stock was listed at $0.37.