Ascent Industries Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ascent Industries Co. has filed its annual 10-K report for the fiscal year 2023, detailing its financial performance and business operations.</b>

AI Summary

ASCENT INDUSTRIES CO. (ACNT) filed a Annual Report (10-K) with the SEC on April 1, 2024. Ascent Industries Co. filed its 10-K report for the fiscal year ending December 31, 2023. The company's business address is located at 1400 16th Street, Suite 270, Oak Brook, IL 60523. Ascent Industries Co. was formerly known as Synalloy Corp and Blackman Uhler Industries Inc. The filing covers the period from January 1, 2023, to December 31, 2023. The company is classified under SIC code 3317: Steel Pipe & Tubes.

Why It Matters

For investors and stakeholders tracking ASCENT INDUSTRIES CO., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Ascent Industries Co.'s financial health and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. Understanding the company's historical data, including former names and SIC classification, offers context for its current operations and market standing within the steel pipe and tubes industry.

Risk Assessment

Risk Level: low — ASCENT INDUSTRIES CO. shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains historical financial data and business descriptions without immediate significant new information that would alter the risk profile substantially.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to understand Ascent Industries Co.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240401 — Filing Date (FILED AS OF DATE)
• 3317 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• DE — State of Incorporation (STATE OF INCORPORATION)

Key Players & Entities

• ASCENT INDUSTRIES CO. (company) — FILER
• SYNALLOY CORP (company) — FORMER COMPANY
• BLACKMAN UHLER INDUSTRIES INC (company) — FORMER COMPANY
• 1400 16TH STREET SUITE 270 (company) — BUSINESS ADDRESS
• OAK BROOK (company) — BUSINESS ADDRESS CITY
• IL (company) — BUSINESS ADDRESS STATE
• 60523 (company) — BUSINESS ADDRESS ZIP
• 804-822-3260 (company) — BUSINESS PHONE

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-01: Filing Date — Date the 10-K report was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed, containing detailed financial information for the fiscal year.)

SIC

Standard Industrial Classification code, a system used to classify industries by the type of business operations. (Provides industry context for Ascent Industries Co., identifying it within the 'Steel Pipe & Tubes' sector.)

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share ACNT NASDAQ Global Market S
• $55 million — n for the transaction was approximately $55 million of cash proceeds subject to certain clo
• $22.5 million — s for the Tubular Products segment were $22.5 million and $34.4 million at the end of 2023 an
• $34.4 million — Products segment were $22.5 million and $34.4 million at the end of 2023 and 2022, respective
• $5.0 million — or the Specialty Chemicals segment were $5.0 million and $10.4 million at the end of 2023 an
• $10.4 million — Chemicals segment were $5.0 million and $10.4 million at the end of 2023 and 2022, respective

Filing Documents

• acnt-20231231.htm (10-K) — 1761KB
• acnt-20231231x10kex21.htm (EX-21) — 4KB
• acnt-20231231x10kex231.htm (EX-23.1) — 3KB
• acnt-20231231x10kex232.htm (EX-23.2) — 2KB
• acnt-20231231x10kex311.htm (EX-31.1) — 11KB
• acnt-20231231x10kex312.htm (EX-31.2) — 11KB
• acnt-20231231x10kex321.htm (EX-32.1) — 5KB
• acnt-20231231x10kex971.htm (EX-97.1) — 22KB
• acnt-20231231_g1.jpg (GRAPHIC) — 11KB
• 0000095953-24-000018.txt (&nbsp;) — 10741KB
• acnt-20231231.xsd (EX-101.SCH) — 67KB
• acnt-20231231_cal.xml (EX-101.CAL) — 134KB
• acnt-20231231_def.xml (EX-101.DEF) — 300KB
• acnt-20231231_lab.xml (EX-101.LAB) — 905KB
• acnt-20231231_pre.xml (EX-101.PRE) — 652KB
• acnt-20231231_htm.xml (XML) — 1724KB

Business

Business 3 Item 1A

Risk Factors

Risk Factors 6 Item 1B Unresolved Staff Comments 11

Cybersecurity

Item 1C Cybersecurity 11 Item 2

Properties

Properties 12 Item 3

Legal Proceedings

Legal Proceedings 12 Item 4 Mine Safety Disclosures 12 Part II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 13 Item 6 Reserved 13 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 25 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 26 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 63 Item 9A

Controls and Procedures

Controls and Procedures 63 Item 9B Other Information 65 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 65 Part III Item 10 Directors, Executive Officers and Corporate Governance 66 Item 11

Executive Compensation

Executive Compensation 66 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 66 Item 13 Certain Relationships and Related Transactions, and Director Independence 67 Item 14 Principal Accounting Fees and Services 67 Part IV Item 15 Exhibits and Financial Statement Schedules 67 Item 16 Form 10-K Summary 71

Signatures

Signatures 72 1 Table of Contents Disclosure Regarding Forward-Looking Statements This Annual Report on Form 10-K includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable federal securities laws. All statements that are not historical facts are forward-looking statements. Forward looking statements can be identified through the use of words such as "estimate," "project," "intend," "expect," "believe," "should," "anticipate," "hope," "optimistic," "plan," "outlook," "should," "could," "may" and similar expressions. The forward-looking statements are subject to certain risks and uncertainties, including without limitation those identified below, which could cause actual results to differ materially from historical results or those anticipated. Readers are cautioned not to place undue reliance on these forward-looking statements. The following factors could cause actual results to differ materially from historical results or those anticipated: adverse economic conditions, including risks relating to the impact and spread of and the government's response to COVID-19; inability to weather an economic downturn; the impact of competitive products and pricing; product demand and acceptance risks; raw material and other increased costs; raw material availability; financial stability of the Company's customers; customer delays or difficulties in the production of products; loss of consumer or investor confidence; employee relations; ability to maintain workforce by hiring trained employees; labor efficiencies; risks associated with acquisitions; environmental issues; negative or unexpected results from tax law changes; inability to comply with covenants and ratios required by the Company's debt financing arrangements; and other risks detailed in Item 1A , Risk Factors, in this Annual Report on Form 10-K and from time-to-time in Ascent Industries Co.'s Securities and Exchange Commission filing

Business

Item 1. Business Ascent Industries Co. is a diverse industrials company focused on the production of stainless steel pipe and tube and specialty chemicals. Ascent Industries Co. was incorporated in 1958 as the successor to a chemical manufacturing business founded in 1945 known as Blackman Uhler Industries Inc. On August 5, 2022, we filed with the Secretary of State of the State of Delaware a Certificate of Amendment to our Certificate of Incorporation to change our corporate name from Synalloy Corporation to Ascent Industries Co., effective August 10, 2022. The Company's executive office is located at 1400 16th Street, Suite 270, Oak Brook, Illinois 60523. Unless indicated otherwise, the terms "Ascent", "Company," "we" "us," and "our" refer to Ascent Industries Co. and its consolidated subsidiaries. The Company's business is divided into two reportable operating segments, Tubular Products and Specialty Chemicals. The Tubular Products segment serves markets through pipe and tube production and customers in the appliance, architectural, automotive and commercial transportation, brewery, chemical, petrochemical, pulp and paper, mining, power generation (including nuclear), water and waste-water treatment, liquid natural gas ("LNG"), food processing, pharmaceutical, oil and gas and other industries. The Specialty Chemicals segment produces specialty products for the pulp and paper, coatings, adhesives, sealants and elastomers (CASE), textile, automotive, household, industrial and institutional ("HII"), agricultural, water and waste-water treatment, construction, oil and gas and other industries. General Tubular Products – Tubular Products is comprised of BRISMET, located in Bristol, Tennessee and ASTI, located in Troutman and Statesville, North Carolina. BRISMET manufactures welded pipe and tube, primarily from stainless steel, duplex, and nickel alloys. Pipe is produced in sizes from 3/8 inch outside diameter to 144 inches outside diameter and wall thickness fro

Risk Factors

Item 1A. Risk Factors There are inherent risks and uncertainties associated with our business that could adversely affect our operating performance and financial condition. Set forth below are descriptions of those risks and uncertainties that we believe to be material, but the risks and uncertainties described are not the only risks and uncertainties that could affect our business. Reference should be made to "Forward-Looking Statements" above, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Item 7 and our consolidated financial statements and related notes in Item 8 below. Industry and Segment Risks The demand for our products may be cyclical, creating uncertainty regarding future profitability. Various changes in general economic conditions affect (or disproportionately affect) the industries in which our customers operate. These changes include decreases in the rate of consumption or use of our customers' products due to economic downturns. Other factors causing fluctuation in our customers' positions are changes in market demand, capital spending, tariff induced price changes, lower overall pricing due to domestic and international overcapacity, lower priced imports, currency fluctuations, and increases in use or decreases in prices of substitute materials. As a result of these factors, our profitability has been and may in the future be subject to significant fluctuation. Domestic competition and excess manufacturing capacity could force lower product pricing and may have an adverse effect on our revenues and profitability. From time-to-time, intense competition and excess manufacturing capacity in the commodity stainless steel industry have resulted in reduced selling prices, excluding raw material surcharges, for many of our stainless steel products sold by the Tubular Products segment. In such situations, in order to maintain market share, we would have to lower our prices to match the competition. These fact

View Full Filing

View this 10-K filing on SEC EDGAR