SPARTANBURG, S.C., Nov. 8, 2013 (GLOBE NEWSWIRE) -- Synalloy Corporation (Nasdaq:SYNL), a holding company owning subsidiaries that engage in a number of diverse business activities including the production of stainless steel pipe, fiberglass and steel storage tanks, specialty chemicals and fabrication of stainless and carbon steel piping systems, announces the declaration of an annual dividend of $.26 per share payable on December 3, 2013 to holders of record on November 18, 2013.
The Board is pleased with the Company's continued growth in adjusted EBITDA and remains excited about Synalloy's prospects for 2014. In determining the amount of this year's annual dividend, the Board considered the need to maintain a strong balance sheet as the Company pursues a number of growth initiatives going forward. The Board will continue to review at or near the end of each fiscal year the Company's financial performance, cash and debt levels, as well as the capital needed to support future growth to determine the amount of cash dividend, if any that is appropriate.
For more information about Synalloy Corporation, please visit our web site at www.synalloy.com.
Statements included herein that are not historical in nature, are intended to be, and are hereby identified as "forward-looking statements" within the meaning of federal securities laws. These forward-looking statements are based on current expectations, estimates and projections about our industry, our business, our customer relationships, management's beliefs and assumptions made by management. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict and, in many cases, are beyond the control or knowledge of management. Therefore, actual results may differ materially from those expressed or forecasted in such forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or
otherwise. Additional information concerning some of the factors that could cause materially different results is included in our reports on Forms 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission. Such reports are available from the Securities and Exchange Commission's public reference facilities and its website, http://www.sec.gov.
CONTACT: Rick Sieradzki at (864) 596-1558