<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 20549

                                    FORM 10-Q

                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTER ENDED                                     COMMISSION FILE NUMBER
    JUNE 29, 2001                                                1-11781


                           DAYTON SUPERIOR CORPORATION
             (Exact name of registrant as specified in its charter)


                                                            OHIO 31-0676346
(State or other jurisdiction of                            (I.R.S. Employer
Incorporation or organization)                             Identification No.)

7777 Washington Village Dr., Suite 130
      Dayton, Ohio                                               45459
      (Address of principal                                    (Zip Code)
       executive offices)

Registrant's telephone number, including area code: 937-428-6360

                                 NOT APPLICABLE

              (Former name, former address and former fiscal year,
                          if changed from last report)

Indicate by mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports) and (2) has been subject to such filing requirements for
the past 90 days.

                                                                  YES [X] NO [ ]

4,001,102 Class A Common Shares were outstanding as of August 10, 2001
<PAGE>   2
PART I. - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS

                  Dayton Superior Corporation and Subsidiaries
                           Consolidated Balance Sheets
                    As of June 29, 2001 and December 31, 2000
                             (Amounts in thousands)

<TABLE>
<CAPTION>
                                                                                         June 29,
                                                                                            2001          December 31,
                                                                                        (Unaudited)           2000
                                                                                        -----------       -----------
<S>                                                                                     <C>               <C>
                                       ASSETS
Current assets
   Cash                                                                                 $    2,889        $     1,782
   Accounts receivable, net of allowances for doubtful accounts and
     sales returns and allowances of $5,357 and $5,331                                      73,352             55,786
   Inventories (Note 4)                                                                     50,997             43,316
   Prepaid expenses and other current assets                                                 6,506              5,938
   Prepaid income taxes                                                                      4,202              6,742
   Future income tax benefits                                                                6,217              5,841
                                                                                        ----------        -----------
       Total current assets                                                                144,163            119,405
                                                                                        ----------        -----------

Rental equipment, net (Note 4)                                                              65,562             64,453
                                                                                        ----------        -----------

Property, plant and equipment                                                               94,409             86,060
   Less accumulated depreciation                                                           (36,473)           (32,885)
                                                                                        ----------        -----------
       Net property, plant and equipment                                                    57,936             53,175
                                                                                        ----------        -----------

Goodwill and intangible assets, net of accumulated amortization                            138,516             97,044
Other assets                                                                                 1,081              1,341
                                                                                        ----------        -----------
            Total assets                                                                $  407,258        $   335,418
                                                                                        ==========        ===========

                        LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
   Current portion of long-term debt (Note 5)                                           $    7,862        $     6,246
   Accounts payable                                                                         33,272             25,497
   Accrued compensation                                                                     13,232             14,536
   Other accrued liabilities                                                                14,479             12,258
                                                                                        ----------        -----------
       Total current liabilities                                                            68,845             58,537

Long-term debt, net (Note 5)                                                               294,351            239,679
Deferred income taxes                                                                       13,446             17,635
Other long-term liabilities                                                                 13,350              6,371
                                                                                        ----------        -----------
       Total liabilities                                                                   389,992            322,222
                                                                                        ----------        -----------


Shareholders' equity:
  Class A common shares                                                                    102,028             92,826
  Loans to shareholders                                                                     (2,978)            (2,039)
  Class A treasury shares                                                                     (784)                 -
  Cumulative other comprehensive income (loss)                                                (400)              (340)
   Accumulated deficit                                                                     (80,600)           (77,251)
                                                                                        ----------        -----------
       Total shareholders' equity                                                           17,266             13,196
                                                                                        ----------        -----------
       Total liabilities and shareholders' equity                                       $  407,258        $   335,418
                                                                                        ==========        ===========
</TABLE>

        The accompanying notes to consolidated financial statements are
             an integral part of these consolidated balance sheets.


                                       2
<PAGE>   3
                  Dayton Superior Corporation and Subsidiaries
                        Consolidated Statements of Income
    For The Three and Six Fiscal Months Ended June 29, 2001 and June 30, 2000
                             (Amounts in thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                     Three Fiscal Months Ended            Six Fiscal Months Ended
                                                                    ---------------------------         ---------------------------
                                                                     June 29,         June 30,          June 29,          June 30,
                                                                       2001             2000              2001              2000
                                                                    ---------         ---------         ---------         ---------
<S>                                                                 <C>               <C>               <C>               <C>
Net sales                                                           $ 111,064         $  98,000         $ 194,421         $ 174,505

Cost of sales                                                          70,217            60,767           126,964           110,142
                                                                    ---------         ---------         ---------         ---------
   Gross profit                                                        40,847            37,233            67,457            64,363

Selling, general and administrative expenses                           25,149            22,741            50,772            45,647

Facility closing and severance expenses (Note 8)                        3,320              --               3,320              --

Amortization of goodwill and intangibles                                1,054               452             1,991             1,076
                                                                    ---------         ---------         ---------         ---------
   Income from operations                                              11,324            14,040            11,374            17,640

Other expenses
   Interest expense, net                                                8,959             3,728            17,744             6,456
   Non-recurring item - Lawsuit judgment (Note 9)                        --              15,000              --              15,000
   Other expense, net                                                      (6)              134                 4               153
                                                                    ---------         ---------         ---------         ---------
   Income (loss) before provision (benefit) for income taxes
     and extraordinary item                                             2,371            (4,822)           (6,374)           (3,969)

Provision (benefit) for income taxes                                    1,126            (1,850)           (3,028)           (1,470)
                                                                    ---------         ---------         ---------         ---------
   Income (loss) before extraordinary item                              1,245            (2,972)           (3,346)           (2,499)

Extraordinary loss, net of income tax benefit (Note 2)                   --              (4,812)             --              (4,812)
                                                                    ---------         ---------         ---------         ---------
   Net income (loss)                                                    1,245            (7,784)           (3,346)           (7,311)

Dividends on Company-obligated mandatorily redeemable
   convertible trust preferred securities, net of income tax
   benefit                                                               --                (267)             --                (583)
                                                                    ---------         ---------         ---------         ---------
   Net income (loss) available to common shareholders               $   1,245         $  (8,051)        $  (3,346)        $  (7,894)
                                                                    =========         =========         =========         =========
</TABLE>


        The accompanying notes to consolidated financial statements are
               an integral part of these consolidated statements.


                                       3
<PAGE>   4

                  Dayton Superior Corporation and Subsidiaries
                      Consolidated Statements of Cash Flows
         For The Six Fiscal Months Ended June 29, 2001 and June 30, 2000
                             (Amounts in thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                         Six Fiscal Months Ended
                                                                                     -------------------------------
                                                                                     June 29, 2001     June 30, 2000
                                                                                     -------------     -------------
<S>                                                                                  <C>               <C>
Cash Flows From Operating Activities:
   Net loss                                                                           $  (3,346)        $  (7,311)
   Adjustments to reconcile net loss to net cash used in operating activities:
       Extraordinary loss                                                                  --               4,812
       Lawsuit judgment (Note 9)                                                           --              15,000
     Depreciation                                                                        10,035             6,175
     Amortization of goodwill and intangibles                                             1,991             1,076
     Deferred income taxes                                                               (1,148)           (1,484)
     Amortization of deferred financing costs and debt discount                           1,066               492
     Gain on sales of rental equipment and property, plant and equipment                 (4,950)           (3,458)
   Changes in assets and liabilities, net of effects of acquisitions:
      Accounts receivable                                                               (14,273)          (21,885)
      Inventories                                                                        (4,045)           (1,720)
      Prepaid income taxes                                                                 (277)           (1,668)
      Accounts payable                                                                    6,283             7,005
      Accrued liabilities and other long-term liabilities                                (2,386)           (1,665)
      Other, net                                                                           (630)              941
                                                                                      ---------         ---------
           Net cash used in operating activities                                        (11,680)           (3,690)
                                                                                      ---------         ---------

Cash Flows From Investing Activities:
   Property, plant and equipment additions                                               (4,383)           (4,210)
   Proceeds from sales of fixed assets                                                     --                  30
   Rental equipment additions                                                           (10,312)          (10,182)
   Proceeds from sales of rental equipment                                                7,908             5,832
   Acquisitions (Note 3)                                                                (40,163)           (1,472)
   Refunds of purchase price on acquisitions                                               --               2,115
                                                                                      ---------         ---------
           Net cash used in investing activities                                        (46,950)           (7,887)
                                                                                      ---------         ---------

Cash Flows From Financing Activities:
   Repayments of long-term debt                                                         (30,024)         (120,825)
   Issuance of long-term debt                                                            85,925           212,427
   Prepayment premium on extinguishments of long-term debt and interest rate
     swap agreements (Note 2)                                                              --                (476)
   Financing cost on unused long-term debt commitment (Note 2)                             --                (750)
   Financing costs incurred                                                                (741)           (9,616)
   Redemption of Class A common shares                                                     (734)         (164,315)
   Issuance of Class A  common shares, net of issuance costs                              5,371            91,593
   Dividends on Company-obligated mandatorily redeemable convertible trust
     preferred securities, net of income tax benefit                                       --                (583)
                                                                                      ---------         ---------
           Net cash provided by financing activities                                     59,797             7,455
                                                                                      ---------         ---------

Effect of Exchange Rate Changes on Cash                                                     (60)              (40)
                                                                                      ---------         ---------

           Net increase (decrease) in cash                                                1,107            (4,162)

Cash, beginning of period                                                                 1,782             4,553
                                                                                      ---------         ---------
Cash, end of period                                                                   $   2,889         $     391
                                                                                      =========         =========
Supplemental Disclosures:

   Cash paid  (refunded) for income taxes                                             $  (3,351)        $     532
   Cash paid for interest                                                                16,486             5,099
   Conversion of Company-obligated mandatorily redeemable convertible trust
     preferred securities into long-term debt                                              --              23,375
   Issuance of Class A common shares in conjunction with acquisition                      2,842              --
   Issuance of Class A common shares and loans to shareholders                              309             2,007
</TABLE>

        The accompanying notes to consolidated financial statements are
               an integral part of these consolidated statements.


                                       4
<PAGE>   5
                  Dayton Superior Corporation and Subsidiaries
             Consolidated Statements of Comprehensive Income (Loss)
    For The Three and Six Fiscal Months Ended June 29, 2001 and June 30, 2000
                             (Amounts in thousands)
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                Three Fiscal Months Ended       Six Fiscal Months Ended
                                                                -------------------------       -----------------------
                                                                June 29,          June 30,      June 29,        June 30,
                                                                 2001              2000          2001            2000
                                                                -------           -------       -------         -------
<S>                                                             <C>                <C>           <C>             <C>
Net income (loss)                                               $ 1,245           $(2,972)      $(3,346)        $(2,499)
Dividends on Company-obligated mandatorily redeemable
    convertible trust preferred securities, net of income
    tax benefit                                                    --                (267)         --              (583)
Other comprehensive income:
     Foreign currency translation adjustment                         55               (48)          (60)            (40)
                                                                -------           -------       -------         -------
Comprehensive income (loss)                                     $ 1,300           $(3,287)      $(3,406)        $(3,122)
                                                                =======           =======       =======         =======
</TABLE>

        The accompanying notes to consolidated financial statements are
               an integral part of these consolidated statements.


                                       5
<PAGE>   6
                  DAYTON SUPERIOR CORPORATION AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                         JUNE 29, 2001 AND JUNE 30, 2000
           (AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
                                   (UNAUDITED)

(1)  CONSOLIDATED FINANCIAL STATEMENTS

     The interim consolidated financial statements included herein have been
     prepared by the Company, without audit, and include, in the opinion of
     management, all adjustments necessary to state fairly the information set
     forth therein. Any such adjustments were of a normal recurring nature.
     Certain information and footnote disclosures normally included in financial
     statements prepared in accordance with accounting principles generally
     accepted in the United States have been omitted, although the Company
     believes that the disclosures are adequate to make the information
     presented not misleading. It is suggested that these unaudited consolidated
     financial statements be read in conjunction with the consolidated financial
     statements and the notes thereto included in the Company's annual financial
     statements for the year ended December 31, 2000.

(2)  RECAPITALIZATION

     On January 19, 2000, the Company signed a definitive merger agreement with
     an affiliate of Odyssey Investment Partners, LLC ("Odyssey"), the manager
     of a New York based private equity investment fund, for $27.00 per share in
     cash. The transaction was completed on June 16, 2000 and was recorded as a
     recapitalization. Accordingly, the Company has not recorded any goodwill or
     purchase accounting adjustments.

     In connection with the recapitalization, the Company refinanced its
     existing bank indebtedness. Additionally, the Dayton Superior Capital
     Trust, which held solely debentures, was dissolved. The Company-obligated
     mandatorily redeemable convertible trust preferred securities converted to
     debentures having the right to receive cash in the amount of $22.00, plus
     accrued interest, per preferred security.

     As a result, the Company recorded an extraordinary loss of $4,812 from the
     early extinguishments of long-term debt, comprised of the following:

<TABLE>
<S>                                                                     <C>
     Expense deferred financing costs on previous long-term debt        $ 2,719
     Prepayment premium on extinguishments of long-term debt and
          interest rate swap agreements                                     476
     Expense issuance costs on Company-obligated mandatorily
          redeemable convertible trust preferred securities               1,691
     Prepayment premium on conversion of Company-obligated
          mandatorily redeemable convertible trust preferred
          securities into debentures                                      2,125
     Financing cost for unused long-term debt commitment                    750
                                                                        -------
                                                                          7,761
     Income tax benefit                                                  (2,949)
                                                                        -------
     Extraordinary loss                                                 $ 4,812
                                                                        =======
</TABLE>


                                       6
<PAGE>   7
(3)  ACQUISITIONS

     (a)  AnconCCL Inc.--On June 19, 2001, the Company acquired the stock of
          AnconCCL Inc. ("Ancon") for approximately $9,300 in cash, including
          acquisition costs, subject to a working capital adjustment. The
          payment was funded through the Company's acquisition credit facility.
          The business is being operated as part of the Company's concrete
          accessories business.

          The acquisition has been accounted for as a purchase, and the results
          of Ancon have been included in the accompanying financial statements
          since the date of acquisition. The purchase price has been allocated
          based on the estimated fair values of the assets acquired
          (approximately $10,200, including goodwill of $6,500) and liabilities
          assumed (approximately $900). Certain appraisals and evaluations are
          preliminary and may change. Pro forma financial information is not
          required.

     (b)  Aztec Concrete Accessories, Inc.--On January 4, 2001, the Company
          acquired the stock of Aztec Concrete Accessories, Inc. ("Aztec") for
          approximately $32,800, including acquisition costs. The payment of the
          purchase price consisted of cash of approximately $29,900 and 105,263
          common shares valued at approximately $2,900. The cash portion was
          funded through the issuance of 189,629 common shares valued at
          approximately $5,100 to Odyssey and an increase of approximately
          $24,800 to the new credit facility. The business is being operated as
          part of the Company's concrete accessories business.

          The acquisition has been accounted for as a purchase, and the results
          of Aztec have been included in the accompanying consolidated financial
          statements since the date of acquisition. The purchase price has been
          allocated based on the estimated fair values of the assets acquired
          (approximately $43,700, including goodwill of $35,100) and liabilities
          assumed (approximately $10,900). Certain appraisals and evaluations
          are preliminary and may change. Pro forma financial information is not
          required.

     (c)  Conspec Marketing & Manufacturing Co., Inc.--On July 17, 2000, the
          Company acquired all of the stock of Conspec Marketing & Manufacturing
          Co., Inc. and related entities (now known as Dayton Superior Specialty
          Chemical Corp.), for $24,200 in cash, including acquisition costs, a
          payment of approximately $1,000 in the second quarter of 2001 for a
          tax election, less a working capital reduction of approximately $100
          received in the first quarter of 2001. The business is being operated
          as part of the Company's concrete accessories business.

          The acquisition has been accounted for as a purchase, and the results
          of Conspec have been included in the accompanying consolidated
          financial statements since the date of acquisition. The purchase price
          has been allocated based on the estimated fair values of the assets
          acquired (approximately $29,500, including goodwill of $19,000) and
          liabilities assumed (approximately


                                       7
<PAGE>   8
          $5,300). Certain appraisals and evaluations are preliminary and may
          change. Pro forma financial information is not required.

     (d)  Polytite Manufacturing Corp.--On February 9, 2000, the Company
          acquired substantially all of the assets and assumed certain of the
          liabilities of Polytite Manufacturing Corp. ("Polytite") for
          approximately $1,600 in cash, including acquisition costs. The
          business is being operated as part of the Company's concrete
          accessories business.

          The acquisition has been accounted for as a purchase, and the results
          of Polytite have been included in the accompanying consolidated
          financial statements since the date of acquisition. The purchase price
          has been allocated based on the fair values of the assets acquired
          (approximately $2,100, including goodwill of $1,500) and liabilities
          assumed (approximately $500). Pro forma financial information is not
          required.


(4)  ACCOUNTING POLICIES

     The interim consolidated financial statements have been prepared in
     accordance with the accounting policies described in the notes to the
     Company's consolidated financial statements for the year ended December 31,
     2000. While management believes that the procedures followed in the
     preparation of interim financial information are reasonable, the accuracy
     of some estimated amounts is dependent upon facts that will exist or
     calculations that will be accomplished at year end. Examples of such
     estimates include changes in the LIFO reserve (based upon the Company's
     best estimate of inflation to date) and management bonuses. Any adjustments
     pursuant to such estimates during the fiscal quarter were of a normal
     recurring nature.

     (a)  Fiscal Quarter--The Company's fiscal yearend is December 31. The
          Company's fiscal quarters are defined as the periods ending on the
          Friday nearest to the end of March, June and September.

     (b)  Inventories--Substantially all inventories of the domestic Dayton
          Superior and Dur-O-Wal operations are stated at the lower of last in,
          first out (LIFO) cost or market (which approximates current cost). All
          other inventories are stated at the lower of first-in, first-out
          (FIFO) cost or market. The Company had no LIFO reserve as of June 29,
          2001 and December 31, 2000. Following is a summary of the components
          of inventories as of June 29, 2001 and December 31, 2000:

<TABLE>
<CAPTION>
                                                    June 29,        December 31,
                                                      2001              2000
                                                    ----------------------------
<S>                                                 <C>               <C>
         Raw materials                              $ 11,486          $  9,966
         Finished goods and work in progress          42,197            35,503
                                                    --------          --------
                                                      53,683            45,469
         Net realizable value reserve                 (2,686)           (2,153)
                                                    --------          --------
                                                    $ 50,997          $ 43,316
                                                    ========          ========
</TABLE>


                                       8
<PAGE>   9
     (c)  Rental Equipment--Rental equipment is manufactured by the Company for
          resale and for rent to others on a short-term basis. Rental equipment
          is recorded at the lower of FIFO cost or market and is depreciated
          over the estimated useful life of the equipment, three to fifteen
          years, on a straight-line basis. The balances as of June 29, 2001 and
          December 31, 2000 are net of accumulated depreciation of $16,978 and
          $11,527, respectively. Rental revenues and cost of sales associated
          with rental revenue are as follows:

<TABLE>
<CAPTION>
                            Three fiscal months ended   Six fiscal months ended
                            June 29,          June 30,  June 29,        June 30,
                              2001              2000      2001            2000
                            -------           -------   -------         -------
<S>                         <C>               <C>       <C>             <C>
          Rental revenue    $13,068           $13,385   $25,273         $24,665
          Cost of sales       2,508             2,391     6,984           4,566
</TABLE>

          Effective January 1, 2001, the Company changed its accounting
          estimates relating to the depreciable life of a portion of its rental
          fleet. The change was based upon a study performed by the Company that
          showed that the renovation of certain items within the rental fleet
          extended the useful life beyond normal repair and maintenance.
          Accordingly, the Company began capitalizing rather than expensing this
          expenditure. Simultaneously, the useful lives of these items were
          reduced from fifteen years to three years to match the useful life of
          the renovation. As a result of the change the Company's gross profit
          and income from operations for the six fiscal months ended June 29,
          2001 were decreased by a one time cumulative charge of $2,272.

     (d)  New Accounting Pronouncements -- In July 2001, the Financial
          Accounting Standards Board issued Statement of Financial Accounting
          Standards ("SFAS") No. 141, "Business Combinations" and No. 142,
          "Goodwill and Other Intangible Assets." SFAS No. 141 revises the
          accounting for future business combinations to only allow the purchase
          method of accounting. In addition, the two statements will not require
          amortization of goodwill for periods beginning after December 15,
          2001. Instead an annual review of the recoverability of the goodwill
          and intangible assets will be required. This Statement will be adopted
          effective January 1, 2002 for the Company. The Company is still
          evaluating the Statements and does not know what impact the Statements
          will have on the results of operations of financial position. The
          Company does not believe that there will be any impact on cash flows
          from adopting these Statements.

     (e)  Reclassifications--Certain reclassifications have been made to the
          2000 amounts to conform to their 2001 classifications.


                                       9
<PAGE>   10
(5)  CREDIT ARRANGEMENTS

     Following is a summary of the Company's long-term debt as of June 29, 2001
     and December 31, 2000:

<TABLE>
<CAPTION>
                                                                                  June 29,           December 31,
                                                                                    2001                 2000
                                                                                 ----------          ------------
<S>                                                                              <C>                 <C>
     Revolving credit facility, weighted average interest rate of 7.2%           $    7,675           $    6,000
     Acquisition credit facility, weighted average interest rate of 6.3%              9,250                    -
     Term Loan Tranche A, weighted average interest rate of 7.0%                     22,161               22,161
     Term Loan Tranche B, weighted average interest rate of 7.5%                     98,500               53,500
     Senior Subordinated Notes, interest rate of 13.0%                              170,000              170,000
     Debt discount on Senior Subordinated Notes                                     (11,713)             (12,100)
     Debentures previously held by Dayton Superior Capital Trust, interest
          rate of 9.1%, due on demand                                                 1,214                1,214
     Note payable to one of the former stockholders of Symons Corporation,
          interest rate of 10.5%                                                      5,000                5,000
     City of Parsons, Kansas Economic Development Loan, interest rate of 7.0%           126                  150
                                                                                 ----------           ----------
     Total debt                                                                     302,213              245,925
     Less current maturities                                                         (7,862)              (6,246)
                                                                                 ----------           ----------
     Long-term portion                                                           $  294,351           $  239,679
                                                                                 ==========           ==========
</TABLE>

     In May 2001, the Company increased its borrowings on the Term Loan Tranche
     B by $45,000. The total borrowings from this issuance, net of financing
     costs of approximately $700, were used to repay the outstanding balance on
     the acquisition credit facility of $24,000. The remaining $20,300 was used
     to pay down existing debt on the Company's revolving credit facility.

     As of June 29, 2001, the Company's credit facility consisted of (i) a
     $50,000 revolving credit facility maturing June 2006, (ii) a $30,000
     acquisition facility, converting from revolving loans into term loans in
     June 2004 and maturing June 2006 and (iii) term loan facilities in an
     aggregate principal amount of $122,000, consisting of a $23,500
     delayed-draw tranche A facility maturing June 2006 and a $98,500 tranche B
     facility maturing June 2008.

     The credit facility provides that the Company will repay (i) the tranche A
     facility in quarterly installments commencing March 2002, (ii) the tranche
     B facility in quarterly installments, commencing March 2002 and (iii) the
     acquisition facility, in equal quarterly installments commencing June 2004.

     The credit facility has several interest rate options, which re-price on a
     short-term basis.

     At June 29, 2001, of the $50,000 Revolving Credit Facility that was
     available, $7,675 of borrowings was outstanding. The average borrowing,
     maximum borrowing, and weighted average interest rate on the revolving line
     of credit and its predecessor for the periods indicated were as follows:


                                       10
<PAGE>   11
<TABLE>
<CAPTION>
                                            Three fiscal months ended       Six fiscal months ended
                                            -------------------------       -----------------------
                                            June 29,          June 30,      June 29,        June 30,
                                              2001              2000          2001            2000
                                            -------           -------       -------         -------
<S>                                         <C>               <C>           <C>             <C>
     Average borrowing                      $15,323           $12,137       $13,376         $ 8,841
     Maximum borrowing                       26,425            16,420        26,425          16,420
     Weighted average interest rate             9.1%              8.2%          9.6%            8.6%
</TABLE>

     The credit facility contains certain restrictive covenants which, among
     other things, require that the Company maintain a minimum interest coverage
     ratio and a minimum EBITDA level and not exceed a certain leverage ratio.

     The Senior Subordinated Notes (the "Notes") have a principal amount of
     $170,000 and mature in June 2009. The Notes were issued at a discount,
     which is being accreted to the face value using the effective interest
     method and is reflected as interest expense. The Notes were issued with
     warrants that allow the holder to purchase 117,276 of the Company's Class A
     Common Shares for $0.01 per share. The Company's wholly-owned domestic
     subsidiaries (AnconCCL Inc.; Aztec Concrete Accessories, Inc.; Dayton
     Superior Specialty Chemical Corp.; Symons Corporation; and Dur-O-Wal, Inc.)
     have provided a guarantee of the Notes. The wholly-owned foreign
     subsidiaries of the Company are not guarantors with respect to the Notes
     and do not have any credit arrangements senior to the Notes. Following are
     the supplemental consolidated condensed balance sheets as of June 29, 2001
     and December 31, 2000, as well as the supplemental consolidated condensed
     statements of operations for the three and six fiscal months ended June 29,
     2001 and June 30, 2000 and cash flows for the six fiscal months ended June
     29, 2001 and June 30, 2000.


                                       11
<PAGE>   12
                  Dayton Superior Corporation And Subsidiaries
               Supplemental Consolidating Condensed Balance Sheet
                               As of June 29, 2001

<TABLE>
<CAPTION>
                                              Dayton
                                             Superior         Guarantor        Non Guarantor
                                            Corporation     Subsidiaries        Subsidiaries       Eliminations        Consolidated
                                           ------------     ------------        ------------       ------------        ------------
<S>                                        <C>               <C>                <C>                <C>                 <C>
ASSETS
Cash                                       $       109       $     2,025        $       755        $       --          $      2,889
Accounts receivable, net                        32,871            38,790              1,691                --                73,352
Inventories                                     20,802            29,177              1,018                --                50,997
Intercompany                                    71,426           (70,536)              (890)               --                  --
Other current assets                             9,622             7,141                162                --                16,925
                                           -----------       -----------        -----------        ------------        ------------
    TOTAL CURRENT ASSETS                       134,830             6,597              2,736                --               144,163
Property, plant and equipment, net              22,173            35,582                181                --                57,936
Rental equipment, net                            6,699            58,797                 66                --                65,562
Investment in subsidiaries                     120,178              --                 --              (120,178)               --
Other assets                                    56,290            83,307               --                  --               139,597
                                           -----------       -----------        -----------        ------------        ------------
    TOTAL ASSETS                           $   340,170       $   184,283        $     2,983        $   (120,178)       $    407,258
                                           ===========       ===========        ===========        ============        ============
LIABILITIES AND SHAREHOLDERS'
    EQUITY (DEFICIT)
Current maturities of long-term debt       $     7,862       $      --          $      --          $       --          $      7,862
Accounts payable                                12,967            19,870                435                --                33,272
Accrued liabilities                             12,230            15,407                 74                --                27,711
                                           -----------       -----------        -----------        ------------        ------------
    TOTAL CURRENT LIABILITIES                   33,059            35,277                509                --                68,845
Long-term debt, net                            294,351              --                 --                  --               294,351
Other long-term liabilities                      4,434            22,167                195                --                26,796
Total shareholders' equity (deficit)             8,326           126,839              2,279            (120,178)             17,266
                                           -----------       -----------        -----------        ------------        ------------
TOTAL LIABILITIES AND SHAREHOLDERS'
    EQUITY (DEFICIT)                       $   340,170       $   184,283        $     2,983        $   (120,178)       $    407,258
                                           ===========       ===========        ===========        ============        ============
</TABLE>


                                       12
<PAGE>   13
                  Dayton Superior Corporation And Subsidiaries
               Supplemental Consolidating Condensed Balance Sheet
                             As of December 31, 2000

<TABLE>
<CAPTION>
                                            Dayton
                                           Superior           Guarantor       Non Guarantor
                                          Corporation       Subsidiaries       Subsidiaries      Eliminations       Consolidated
                                          ------------      ------------       ------------      ------------       ------------
<S>                                       <C>               <C>                <C>               <C>                <C>
ASSETS
Cash                                      $      1,603      $       (825)      $      1,004      $       --         $      1,782
Accounts receivable, net                        20,912            33,648              1,226                               55,786
Inventories                                     20,903            21,440                973              --               43,316
Intercompany                                    69,643           (70,595)               952              --                 --
Other current assets                            11,364             6,856                301              --               18,521
                                          ------------      ------------       ------------      ------------       ------------
    TOTAL CURRENT ASSETS                       124,425            (9,476)             4,456              --              119,405
Property, plant and equipment, net              24,169            28,824                182              --               53,175
Rental equipment, net                            6,768            57,596                 89              --               64,453
Investment in subsidiaries                      79,598              --                 --             (79,598)              --
Other assets                                    57,653            40,732               --                --               98,385
                                          ------------      ------------       ------------      ------------       ------------
    TOTAL ASSETS                          $    292,613      $    117,676       $      4,727      $    (79,598)      $    335,418
                                          ============      ============       ============      ============       ============

LIABILITIES AND SHAREHOLDERS'
    EQUITY (DEFICIT)
Current maturities of long-term debt      $      6,246      $       --         $       --        $       --         $      6,246
Accounts payable                                13,394            11,733                370              --               25,497
Accrued liabilities                             18,224             8,252                318              --               26,794
                                          ------------      ------------       ------------      ------------       ------------
    TOTAL CURRENT LIABILITIES                   37,864            19,985                688              --               58,537
Long-term debt, net                            239,679              --                 --                --              239,679
Other long-term liabilities                      6,301            17,504                201              --               24,006
Total shareholders' equity (deficit)             8,769            80,187              3,838           (79,598)            13,196
                                          ------------      ------------       ------------      ------------       ------------
TOTAL LIABILITIES AND SHAREHOLDERS'
    EQUITY (DEFICIT)                      $    292,613      $    117,676       $      4,727      $    (79,598)      $    335,418
                                          ============      ============       ============      ============       ============
</TABLE>


                                       13
<PAGE>   14
                  Dayton Superior Corporation And Subsidiaries
          Supplemental Consolidating Condensed Statement of Operations
                     Three Fiscal Months Ended June 29, 2001

<TABLE>
<CAPTION>
                                                         Dayton
                                                        Superior        Guarantor      Non Guarantor
                                                       Corporation    Subsidiaries     Subsidiaries     Consolidated
                                                       -----------    ------------     ------------     ------------
<S>                                                    <C>            <C>              <C>              <C>
Net sales                                                 $53,705          $54,575           $2,784        $111,064
Cost of sales                                              35,260           33,178            1,779          70,217
                                                       -----------    ------------     ------------     ------------
   Gross profit                                            18,445           21,397            1,005          40,847
Selling, general and administrative
   expenses                                                10,126           14,532              491          25,149
Facility closing and severance expenses                     1,935            1,385              -             3,320
Amortization of goodwill and intangibles                      454              600              -             1,054
Management fees                                              (110)            -                 110             -
                                                       -----------    ------------     ------------     ------------
   Income (loss) from operations                            6,040            4,880              404          11,324
Other expenses
   Interest expense                                         8,777              182              -             8,959
   Other expense (income), net                                 (9)               2                1              (6)
                                                       -----------    ------------     ------------     ------------
   Income (loss) before provision (benefit)
     for income taxes                                      (2,728)           4,696              403           2,371
Provision (benefit) for income taxes                       (1,299)           2,229              196           1,126
                                                       -----------    ------------     ------------     ------------
Net income (loss)                                         $(1,429)         $ 2,467           $  207        $  1,245
                                                       ===========    ============     ============     ============
</TABLE>


                                       14
<PAGE>   15

                  Dayton Superior Corporation And Subsidiaries
          Supplemental Consolidating Condensed Statement of Operations
                     Three Fiscal Months Ended June 30, 2000

<TABLE>
<CAPTION>
                                                   Dayton
                                                  Superior        Guarantor      Non Guarantor
                                                 Corporation    Subsidiaries     Subsidiaries     Consolidated
                                                 -----------    ------------     ------------     ------------
<S>                                              <C>            <C>              <C>              <C>
Net sales                                           $51,213         $44,259           $2,528         $ 98,000
Cost of sales                                        36,342          22,995            1,430           60,767
                                                 -----------    ------------     ------------     ------------
   Gross profit                                      14,871          21,264            1,098           37,233
Selling, general and administrative
   expenses                                           8,900          13,102              739           22,741
Amortization of goodwill and intangibles                436              16              -                452
Management fees                                         (40)           -                  40              -
                                                 -----------    ------------     ------------     ------------
   Income (loss) from operations                      5,575           8,146              319           14,040
Other expenses
   Interest expense (income)                          3,732              (4)             -              3,728
   Non-recurring item - Lawsuit judgment                -            15,000              -             15,000
   Other expense, net                                   (73)            206                1              134
                                                 -----------    ------------     ------------     ------------
   Income (loss) before provision (benefit)
     for income taxes and extraordinary item          1,916          (7,056)             318           (4,822)
Provision (benefit) for income taxes                    594          (2,549)             105           (1,850)
                                                 -----------    ------------     ------------     ------------
Income (loss) before extraordinary item               1,322          (4,507)             213           (2,972)
Extraordinary loss, net of income tax benefit        (4,812)           -                 -             (4,812)
                                                 -----------    ------------     ------------     ------------
Net Income (loss)                                    (3,490)         (4,507)             213           (7,784)
Dividends on Company-obligated
   mandatorily redeemable convertible
   trust preferred securities, net of
   income tax benefit                                  (267)           -                 -               (267)
                                                 -----------    ------------     ------------     ------------
Net income (loss) available to common
   shareholders                                     $(3,757)        $(4,507)          $  213         $ (8,051)
                                                 ===========    ============     ============     ============
</TABLE>


                                       15
<PAGE>   16

                  Dayton Superior Corporation And Subsidiaries
          Supplemental Consolidating Condensed Statement of Operations
                      Six Fiscal Months Ended June 29, 2001

<TABLE>
<CAPTION>
                                                   Dayton
                                                  Superior        Guarantor      Non Guarantor
                                                 Corporation    Subsidiaries     Subsidiaries     Consolidated
                                                 -----------    ------------     ------------     ------------
<S>                                              <C>            <C>              <C>              <C>
Net sales                                           $93,483         $96,488           $4,450         $194,421
Cost of sales                                        61,839          62,303            2,822          126,964
                                                 -----------    ------------     ------------     ------------
   Gross profit                                      31,644          34,185            1,628           67,457
Selling, general and administrative
   expenses                                          20,015          29,877              880           50,772
Facility closing and severance expenses               1,935           1,385              -              3,320
Amortization of goodwill and intangibles                913           1,078              -              1,991
Management fees                                        (150)            -                150              -
                                                 -----------    ------------     ------------     ------------
   Income (loss) from operations                      8,931           1,845              598           11,374
Other expenses
   Interest expense                                  17,418             326              -             17,744
   Other expense (income), net                           (3)              7              -                  4
                                                 -----------    ------------     ------------     ------------
   Income (loss) before provision (benefit)
     for income taxes                                (8,484)          1,512              598           (6,374)
Provision (benefit) for income taxes                 (4,030)            718              284           (3,028)
                                                 -----------    ------------     ------------     ------------
Net income (loss)                                   $(4,454)        $   794           $  314          $(3,346)
                                                 ===========    ============     ============     ============
</TABLE>


                                       16
<PAGE>   17
                  Dayton Superior Corporation And Subsidiaries
          Supplemental Consolidating Condensed Statement of Operations
                      Six Fiscal Months Ended June 30, 2000

<TABLE>
<CAPTION>
                                                   Dayton
                                                  Superior        Guarantor      Non Guarantor
                                                 Corporation    Subsidiaries     Subsidiaries     Consolidated
                                                 -----------    ------------     ------------     ------------
<S>                                              <C>            <C>              <C>              <C>
Net sales                                          $  90,984      $ 79,571           $  3,950         $174,505
Cost of sales                                         62,050        45,724              2,368          110,142
                                                 -----------    ----------       ------------     ------------
   Gross profit                                       28,934        33,847              1,582           64,363
Selling, general and administrative
   expenses                                           18,061        26,498              1,088           45,647
Amortization of goodwill and intangibles                 867           209                -              1,076
Management fees                                          (80)          -                   80              -
                                                 -----------    ----------       ------------     ------------
   Income (loss) from operations                      10,086         7,140                414           17,640
Other expenses
   Interest expense                                    6,481           (25)               -              6,456
   Non-recurring - Lawsuit judgment                      -          15,000                -             15,000
   Other expense (income), net                           (73)          224                  2              153
                                                 -----------    ----------       ------------     ------------
   Income (loss) before provision (benefit)
     for income taxes and extraordinary item           3,678        (8,059)               412          (3,969)
Provision (benefit) for income taxes                   1,362        (2,985)               153          (1,470)
                                                 -----------    ----------       ------------     ------------
Income (loss) before extraordinary item                2,316        (5,074)               259          (2,499)
Extraordinary loss, net of income tax benefit         (4,812)          -                  -            (4,812)
                                                 -----------    ----------       ------------     ------------
Net Income (loss)                                     (2,496)       (5,074)               259          (7,311)
Dividends on Company-obligated
   mandatorily redeemable convertible
   trust preferred securities, net of
   income tax benefit                                   (583)          -                  -              (583)
                                                 -----------    ----------       ------------     ------------
Net income (loss) available to common
   shareholders                                    $  (3,079)     $ (5,074)          $    259         $(7,894)
                                                 ===========    ==========       ============     ============
</TABLE>


                                       17
<PAGE>   18
                  Dayton Superior Corporation And Subsidiaries
          Supplemental Consolidating Condensed Statement of Cash Flows
                      Six Fiscal Months Ended June 29, 2001

<TABLE>
<CAPTION>
                                                    Dayton
                                                   Superior        Guarantor      Non Guarantor
                                                  Corporation    Subsidiaries     Subsidiaries     Consolidated
                                                  -----------    ------------     ------------     ------------
<S>                                               <C>            <C>              <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                               $  (4,454)      $     794         $    314        $  (3,346)
   Adjustments to reconcile net income (loss)
     to net cash provided by (used in)
     operating activities:
       Depreciation and amortization                   4,178           8,891               23           13,092
       Deferred income taxes                          (1,148)           -                 -             (1,148)
       Gain on sales of rental equipment and
       fixed assets                                     (307)         (4,584)             (59)          (4,950)
   Change in assets and liabilities, net of
     the effects of acquisitions                     (16,022)         (3,059)          (2,365)         (15,328)
                                                  ----------     -----------      -----------      -----------
       Net cash provided by (used in)
       operating activities                          (17,753)          8,160           (2,087)         (11,680)
                                                  ----------     -----------      -----------      -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Property, plant and equipment additions             (1,560)         (2,802)             (21)          (4,383)
  Rental equipment additions                            (759)         (9,514)             (39)         (10,312)
  Proceeds from sale of rental equipment                 727           7,065              116            7,908
  Acquisitions, net                                  (40,163)           -                 -            (40,163)
                                                  ----------     -----------      -----------      -----------
       Net cash provided by (used in)
       investing activities                          (41,755)         (5,251)              56          (46,950)
                                                  ----------     -----------      -----------      -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Issuance of long-term debt, net                     55,901            -                 -             55,901
  Financing costs incurred                              (741)           -                 -               (741)
  Redemption of Class A common shares                   (734)           -                 -               (734)
  Issuance of Class A common shares                    5,371            -                 -              5,371
  Intercompany                                        (1,783)            (59)           1,842              -
                                                  ----------     -----------      -----------      -----------
       Net cash provided by (used in)
       financing activities                           58,014             (59)           1,842           59,797
                                                  ----------     -----------      -----------      -----------
EFFECT OF EXCHANGE RATE CHANGES ON CASH                  -              -                 (60)             (60)
                                                  ----------     -----------      -----------      -----------
       Net increase (decrease) in cash                (1,494)          2,850             (249)           1,107
CASH, beginning of period                              1,603            (825)           1,004            1,782
                                                  ----------     -----------      -----------      -----------
CASH, end of period                                $     109       $   2,025         $    755        $   2,889
                                                  ==========     ===========      ===========      ===========
</TABLE>


                                       18
<PAGE>   19
                  Dayton Superior Corporation And Subsidiaries
          Supplemental Consolidating Condensed Statement of Cash Flows
                      Six Fiscal Months Ended June 30, 2000

<TABLE>
<CAPTION>
                                                    Dayton
                                                   Superior        Guarantor      Non Guarantor
                                                  Corporation    Subsidiaries     Subsidiaries     Consolidated
                                                  -----------    ------------     ------------     ------------
<S>                                               <C>            <C>              <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income                                     $  (2,496)      $  (5,074)        $   259          $ (7,311)
   Adjustments to reconcile net income to net
    cash provided by operating activities:
       Extraordinary loss                             4,812             -               -               4,812
       Lawsuit judgment                                 -            15,000             -              15,000
       Depreciation and amortization                  3,272           4,452              19             7,743
       Deferred income taxes                         (1,484)            -               -              (1,484)
       Gain on sales of rental equipment and
       fixed assets                                    (632)         (2,824)             (2)           (3,458)
   Change in assets and liabilities, net of
     the effects of acquisitions                    (10,431)         (6,750)         (1,811)          (18,992)
                                                  -----------    ------------     ------------     ------------
       Net cash provided by (used in)
       operating activities                          (6,959)          4,804          (1,535)           (3,690)
                                                  -----------    ------------     ------------     ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Property, plant and equipment additions, net       (2,073)         (2,052)            (55)           (4,180)
  Rental equipment additions                         (1,266)         (8,869)            (47)          (10,182)
  Proceeds from sale of rental equipment              1,160           4,668               4             5,832
  Acquisitions                                       (1,472)            -               -              (1,472)
  Refunds of purchase price on acquisitions           2,115             -               -               2,115
                                                  -----------    ------------     ------------     ------------
       Net cash used in investing activities         (1,536)         (6,253)            (98)           (7,887)
                                                  -----------    ------------     ------------     ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Issuance of long-term debt, net                    91,602             -               -              91,602
  Prepayment premium on extinguishment
     of long-term debt and interest rate
     swap agreements                                   (476)            -               -                (476)
  Financing costs on unused long-term
     debt commitment                                   (750)            -               -                (750)
  Financing costs incurred                           (9,616)            -               -              (9,616)
  Redemption of Class A common shares              (164,315)            -               -            (164,315)
  Issuance of Class A common shares                  91,593             -               -              91,593
  Dividends on Company-obligated mandatorily
     redeemable convertible trust preferred
     securities, net of income tax benefit             (583)            -               -                (583)
  Intercompany                                       (2,875)          2,582             293               -
                                                  -----------    ------------     ------------     ------------
       Net cash provided by
       financing activities                           4,580           2,582             293             7,455
                                                  -----------    ------------     ------------     ------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH                 -               -               (40)              (40)
                                                  -----------    ------------     ------------     ------------
       Net increase (decrease) in cash               (3,915)          1,133          (1,380)           (4,162)
CASH, beginning of period                             3,488            (361)          1,426             4,553
                                                  -----------    ------------     ------------     ------------
CASH, end of period                               $    (427)      $     772         $    46          $    391
                                                  ===========    ============     ============     ============
</TABLE>


                                       19
<PAGE>   20
(6)  STOCK OPTION PLANS

     The Company has a stock option plan, which provides for an option exercise
     price equal to the stock's market price on the date of grant. The options
     are accounted for under APB Opinion No. 25, under which no compensation
     costs have been recognized. Had compensation costs for these plans been
     determined consistent with Statement of Financial Accounting Standards
     No.123, "Accounting for Stock Based Compensation" ("SFAS 123"), the
     Company's net income (loss) available to common shareholders for the three
     and six fiscal months ended June 29, 2001 and June 30, 2000 would have been
     reduced to the following pro forma amounts:

<TABLE>
<CAPTION>
                                                          Three fiscal months ended       Six fiscal months ended
                                                          --------------------------      ------------------------
                                                          June 29,          June 30,      June 29,        June 30,
                                                           2001              2000           2001            2000
                                                          --------          --------      --------        --------
<S>                                     <C>               <C>               <C>           <C>             <C>
     Income (loss) before
         extraordinary item             As Reported       $ 1,245           $(2,972)      $(3,346)        $(2,499)
                                        Pro Forma           1,061            (3,009)       (3,725)         (2,594)
</TABLE>

     Because the SFAS 123 method of accounting has not been applied to options
     granted prior to January 1, 1995, the resulting pro forma compensation
     costs may not be representative of that to be expected in future years.

     A summary of the activity of the Company's stock option plans for the six
fiscal months ended June 29, 2001 is presented in the table below:

<TABLE>
<CAPTION>
                                                               Weighted Average
                                                              Exercise Price Per
                                          Number of Shares           Share
                                          ----------------    ------------------
<S>                                       <C>                 <C>
     Outstanding at December 31, 2000         570,946                $24.22
     Exercised                                 (3,378)                25.88
     Cancelled                                (17,312)                27.00
                                              -------                 -----
     Outstanding at June 29, 2001             550,256                $24.13
                                              =======                ======
</TABLE>


                                       20
<PAGE>   21
(7)  SEGMENT REPORTING

     The Company operates in three segments, each with a general manager:
     concrete accessories, concrete forming systems, and paving products.
     Effective January 1, 2001, the masonry products business was merged into
     the concrete accessories segment as a product line. The segments are
     differentiated by their products and services, all of which serve the
     construction industry.

     Sales between segments are recorded at normal selling price by the selling
     division and at cost for the buying division, with the profit recorded as
     an intersegment elimination. Segment assets include accounts receivable;
     inventories; property, plant, and equipment; rental equipment; and an
     allocation of goodwill. Corporate and unallocated assets include cash,
     prepaid income taxes, future tax benefits, and financing costs. Export
     sales and sales by non-U.S. affiliates are not significant.

     Information about the income (loss) of each segment and the reconciliations
     to the consolidated amounts for the three and six fiscal months ended June
     29, 2001 and June 30, 2000 is as follows:

<TABLE>
<CAPTION>
                                                          Three fiscal months ended                      Six fiscal months ended
                                                          -------------------------                      -----------------------
                                                          June 29,          June 30,                     June 29,        June 30,
                                                            2001              2000                         2001            2000
                                                          --------          --------                     --------        --------
<S>                                                       <C>               <C>                          <C>             <C>
     Concrete Accessories                                 $ 61,341          $ 52,032                     $109,890        $ 94,755
     Concrete Forming Systems                               34,846            33,600                       59,807          60,087
     Paving Products                                        14,877            12,368                       24,724          19,663
                                                          --------          --------                     --------        --------
     Net sales to external customers                      $111,064          $ 98,000                     $194,421        $174,505
                                                          ========          ========                     ========        ========
     Concrete Accessories                                 $  1,467          $  1,245                     $  2,565        $  2,268
     Concrete Forming Systems                                2,132             1,771                        3,430           3,545
     Paving Products                                           878               757                        1,295           1,416
                                                          --------          --------                     --------        --------
     Net sales to other segments                          $  4,477          $  3,773                     $  7,290        $  7,229
                                                          ========          ========                     ========        ========
</TABLE>


                                       21
<PAGE>   22
<TABLE>
<CAPTION>
                                                              Three fiscal months ended               Six fiscal months ended
                                                              -------------------------               -----------------------
                                                              June 29,         June 30,               June 29,       June 30,
                                                                2001             2000                   2001           2000
                                                              --------         --------               --------       --------
<S>                                                           <C>              <C>                    <C>            <C>
     Concrete Accessories                                     $  7,471         $ 10,002               $ 11,835       $ 14,707
     Concrete Forming Systems                                    5,780            6,146                  4,135          8,217
     Paving Products                                             2,355            1,777                  2,634          1,759
     Corporate                                                  (1,650)          (1,678)                (3,238)        (3,161)
     Intersegment Eliminations                                  (2,632)          (2,207)                (3,992)        (3,882)
                                                              --------         --------               --------       --------
     Income from operations                                   $ 11,324         $ 14,040               $ 11,374       $ 17,640
                                                              ========         ========               ========       ========

     Concrete Accessories                                     $  3,277         $  1,313               $  6,438       $  2,249
     Concrete Forming Systems                                    4,967            2,196                  9,980          3,858
     Paving Products                                               715              219                  1,326            349
                                                              --------         --------               --------       --------
     Interest expense                                         $  8,959         $  3,728               $ 17,744       $  6,456
                                                              ========         ========               ========       ========

     Concrete Accessories                                     $  4,200         $  8,555               $  5,393       $ 12,305
     Concrete Forming Systems                                      813          (11,050)                (5,845)       (10,641)
     Paving Products                                             1,640            1,558                  1,308          1,410
     Corporate                                                  (1,650)          (1,678)                (3,238)        (3,161)
     Intersegment Eliminations                                  (2,632)          (2,207)                (3,992)        (3,882)
                                                              --------         --------               --------       --------
     Income (loss) before income taxes and
         extraordinary item                                   $  2,371         $ (4,822)              $ (6,374)      $ (3,969)
                                                              ========         ========               ========       ========

     Concrete Accessories                                     $  1,326         $  1,202               $  2,608       $  2,447
     Concrete Forming Systems                                    2,309            1,645                  6,763          3,248
     Paving Products                                               275              231                    549            445
     Corporate                                                      53               21                    115             35
                                                              --------         --------               --------       --------
     Depreciation                                             $  3,963         $  3,099               $ 10,035       $  6,175
                                                              ========         ========               ========       ========

     Concrete Accessories                                     $    862         $    490               $  1,688       $    988
     Concrete Forming Systems                                      148              (80)                   210             17
     Paving Products                                                44               42                     93             71
                                                              --------         --------               --------       --------
     Amortization of goodwill and intangibles                 $  1,054         $    452               $  1,991       $  1,076
                                                              ========         ========               ========       ========
</TABLE>


                                       22
<PAGE>   23
     Information regarding capital expenditures by segment and the
     reconciliation to the consolidated amounts for the three and six fiscal
     months ended June 29, 2001 and June 30, 2000 is as follows:

<TABLE>
<CAPTION>
                                                        Three fiscal months ended                Six fiscal months ended
                                                        -------------------------                -----------------------
                                                        June 29,         June 30,                June 29,       June 30,
                                                          2001             2000                    2001           2000
                                                        --------         --------                --------       --------
<S>                                                     <C>              <C>                     <C>            <C>
Concrete Accessories                                    $  1,460         $  1,213                $  2,481       $  2,404
Concrete Forming Systems                                     685              454                   1,295            957
Paving Products                                              283              265                     485            733
Corporate                                                    122               71                     122            116
                                                        --------         --------                --------       --------
Property, Plant, and Equipment Additions                $  2,550         $  2,003                $  4,383       $  4,210
                                                        --------         --------                --------       --------


Concrete Accessories                                    $    483         $    428                $    812       $  1,328
Concrete Forming Systems                                   4,685            5,594                   9,500          8,854
                                                        --------         --------                --------       --------
Rental Equipment Additions                              $  5,168         $  6,022                $ 10,312       $ 10,182
                                                        ========         ========                ========       ========
</TABLE>

     Information regarding each segment's assets and the reconciliation to the
     consolidated amounts as of June 29, 2001 and December 31, 2000, is as
     follows:

<TABLE>
<CAPTION>
                                                              As of
                                                    --------------------------
                                                     June 29,      December 31,
                                                       2001            2000
                                                    ---------      -----------
<S>                                                 <C>            <C>
     Concrete Accessories                           $ 225,504      $   161,213
     Concrete Forming Systems                         131,293          130,555
     Paving Products                                   26,676           19,386
     Corporate and Unallocated                         23,785           24,264
                                                    ---------      -----------
     Total Assets                                   $ 407,258      $   335,418
                                                    =========      ===========
</TABLE>

(8)  FACILITY CLOSING AND SEVERANCE EXPENSES

     During the second quarter of 2001, the Company approved and began
     implementing plans to exit seven manufacturing and distribution facilities
     and to reduce overall Company headcount in order to keep its cost structure
     in alignment with its net sales. The total anticipated cost of the facility
     closures and severance is $4,690, and will encompass approximately 200
     employee terminations. Of this amount, approximately $3,320 was expensed
     during the second quarter of 2001 and it is anticipated the remaining
     $1,370 will be expensed during the third and fourth quarters of 2001. At
     June 29, 2001, approximately $2,455 is included in "Other accrued
     liabilities" in the accompanying consolidated balance sheet. The total
     estimated exit costs are comprised of employee involuntary termination
     benefits ($1,740), lease termination costs ($730), relocation activities
     ($1,017) and other post-closing maintenance costs ($1,203).



                                       23
<PAGE>   24
(9)  CONTINGENCIES

     Symons was a defendant in a civil suit brought by EFCO Corp., a competitor
     of Symons in one portion of their business. EFCO Corp. alleged that Symons
     engaged in false advertising, misappropriation of trade secrets,
     intentional interference with contractual relations, and certain other
     activities. After a jury trial, preliminary damages of approximately
     $14,000 were awarded against Symons in January 1999. In ruling on
     post-trial motions in April 1999, the Judge dismissed EFCO's claim of
     intentional interference with contractual relations, but increased the
     damages awarded to EFCO by $100 and enjoined both parties from engaging in
     certain conduct.

     Symons appealed the trial court's decision to the United States Court of
     Appeals for the Eighth Circuit. A three-judge panel issued its decision on
     July 18, 2000, affirming the district court's ruling in all respects.
     Accordingly, the Company recorded a $15,000 charge in the second quarter
     of 2001. On August 1, 2000, Symons filed a petition for a rehearing before
     the full court of appeals. The petition for a rehearing was denied by the
     court of appeals on September 20, 2000.

     In October 2000, Symons satisfied the judgment of $14,100, post-judgment
     interest of $1,134, and their defense costs of $107, by payment to EFCO
     from the Company's cash on hand and from the Company's revolving credit
     facility.

     Symons has made a claim to its primary and excess insurance carriers for
     "advertising injury" under its insurance policies to recover its defense
     costs and for indemnification of the false advertising and the
     misappropriation of trade secrets portions of the EFCO judgment.

     Royal Insurance Co., Symons' primary commercial general liability insurance
     carrier, filed a lawsuit against Symons in the Superior Court in San
     Francisco, California, on September 11, 2000, seeking a declaration from
     the court of its rights and obligations under its insurance policies for
     Symons' claim for defense and indemnification of the EFCO lawsuit. The
     complaint was amended by Royal in October 2000 by adding the Federal
     Insurance Company as an additional plaintiff. Symons filed a cross
     complaint against Royal and Federal in January 2001 and later amended the
     cross complaint by adding American International Surplus Lines Co.,
     Westchester Fire Insurance Co., International Insurance Co., and Aon Risk
     Services of California, Inc.

     The Royal insurance policy provides $1,000 of primary insurance (subject to
     a self-insured retention) and the payment of defense costs. The excess
     insurance policies provide an additional $10,000 of coverage for each
     policy year.


                                       24
<PAGE>   25
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

OVERVIEW

We believe we are the largest North American manufacturer and distributor of
metal accessories and forms used in concrete construction and of metal
accessories used in masonry construction. Although almost all of our products
are used in concrete or masonry construction, the function and nature of the
products differ widely. As of June 29, 2001, we have three principal operating
divisions, which are organized around the following product lines:

     -        Concrete Accessories;

     -        Concrete Forming Systems; and

     -        Paving Products.


ACQUISITIONS

We have completed four acquisitions since the beginning of 2000. These
acquisitions are summarized in the following table:

<TABLE>
<CAPTION>
                                                                 Purchase Price
  Date             Business Acquired          Division           (In millions)
  ----             -----------------          --------           --------------
<S>                <C>                   <C>                     <C>
February 2000       Polytite             Concrete Accessories      $   1.6
July 2000           Conspec              Concrete Accessories         24.2
January 2001        Aztec                Concrete Accessories         32.8
June 2001           AnconCCL             Concrete Accessories          9.3*
</TABLE>

*Subject to working capital adjustment


                                       25
<PAGE>   26
RESULTS OF OPERATIONS

The following table summarizes the Company's results of operations as a
percentage of net sales.

<TABLE>
<CAPTION>
                                                                  Three fiscal months ended           Six fiscal months ended
                                                                  -------------------------           -----------------------
                                                                  JUNE 29,         JUNE 30,           JUNE 29,       JUNE 30,
                                                                    2001             2000               2001           2000
                                                                  --------         --------           --------       --------
<S>                                                               <C>              <C>                <C>            <C>
Net sales                                                          100.0%            100.0%             100.0%        100.0%
Cost of sales                                                       63.2              62.0               65.3          63.1
                                                                  --------         --------           --------       --------
Gross profit                                                        36.8              38.0               34.7          36.9
Selling, general and administrative expenses                        22.6              23.2               26.1          26.2
Facility closing reserve                                             3.0               -                  1.7           -
Amortization of goodwill and intangibles                             1.0               0.5                1.0           0.6
                                                                  --------         --------           --------       --------
Income from operations                                              10.2              14.3                5.9          10.1
Interest expense, net                                                8.1               3.9                9.2           3.8
Non-recurring item-Lawsuit judgment                                  -                15.3                -             8.6
                                                                  --------         --------           --------       --------
Income (loss) before provision (benefit) for income
     taxes and extraordinary item                                    2.1              (4.9)              (3.3)         (2.3)
Provision (benefit) for income taxes                                 1.0              (1.9)              (1.6)         (0.9)
                                                                  --------         --------           --------       --------
Income (loss) before extraordinary item                              1.1              (3.0)              (1.7)         (1.4)
Extraordinary item, net of income tax benefit                        -                (4.9)               -            (2.8)
                                                                  --------         --------           --------       --------
Net income (loss)                                                    1.1              (7.9)              (1.7)         (4.2)
Dividends from Company-obligated mandatorily
     redeemable convertible trust preferred
     securities, net of income tax benefit                           -                (0.3)               -            (0.3)
                                                                  --------         --------           --------       --------
Net income (loss) available to common shareholders                   1.1%             (8.2%)             (1.7%)        (4.5%)
                                                                  ========         ========           ========       ========
</TABLE>

COMPARISON OF THREE FISCAL MONTHS ENDED JUNE 29, 2001 AND JUNE 30, 2000

NET SALES

Net sales increased $13.1 million, or 13.3%, to $111.1 million in the second
quarter of 2001 from $98.0 million in the second quarter of 2000. The following
table summarizes our net sales by segment:

<TABLE>
<CAPTION>
                                                        Three fiscal months ended
                                          --------------------------------------------------------
                                              June 29, 2001                   June 30, 2000
                                          ---------------------            -----------------------
                                                                   (In thousands)
                                          Net Sales        %               Net Sales           %       % Change
                                          ---------     -------            ---------       --------    --------
<S>                                       <C>           <C>                <C>             <C>         <C>
Concrete accessories                      $  62,808       56.5%            $  53,277         54.4%       17.9%
Concrete forming systems                     36,978       33.3                35,371         36.1         4.5
Paving products                              15,755       14.2                13,125         13.4        20.0
Intersegment eliminations                    (4,477)      (4.0)               (3,773)        (3.9)       18.7
                                          ---------      -----             ---------        -----
Net sales                                 $ 111,064      100.0%            $  98,000        100.0%       13.3%
                                          =========      =====             =========        =====
</TABLE>


                                       26
<PAGE>   27

Net sales of concrete accessories increased 17.9% to $62.8 million in the second
quarter of 2001 from $53.3 million in the second quarter of 2000, primarily due
to the acquisition of Aztec, which contributed $5.8 million, and the acquisition
of Conspec, which contributed $6.4 million. This was partially offset by
decreases in the existing business due to the Company's weaker markets in the
second quarter of 2001 compared to 2000.

Net sales of concrete forming systems increased 4.5% to $37.0 million for the
second quarter of 2001 compared to $35.4 million in the second quarter of 2000,
primarily due to increased volumes as a result of new marketing initiatives
implemented in the second quarter of 2001.

Net sales of paving products increased $2.6 million, or 20.0%, in the second
quarter of 2001 compared to the second quarter of 2000 primarily due to an
increase in volume as a result of the Transportation Equity Act for the 21st
Century, known as TEA-21 and the increased presence in California with the
construction of the new Modesto, California facility.

GROSS PROFIT

Gross profit for the second quarter of 2001 was $40.8 million, a 9.7% increase
from $37.2 million in the second quarter of 2000, due to the increased net
sales. Gross margin was 36.8% in the second quarter of 2001, decreasing from
38.0% in 2000 primarily due to a higher mix of lower gross margin paving
products, a lower mix of higher gross margin concrete forming systems products
and higher energy costs.

OPERATING EXPENSES

Selling, general, and administrative expenses increased to $25.1 million in the
second quarter of 2001 from $22.7 million in the first quarter of 2000 as a
result of recent acquisitions and inflation. SG&A expenses decreased as a
percent of net sales to 22.6% in the second quarter of 2001 from 23.2% in the
second quarter of 2000, due to certain cost reduction initiatives implemented by
management in order to keep the Company's cost structure in alignment with its
net sales.

During the second quarter of 2001, the Company approved and began implementing
plans to exit seven manufacturing and distribution facilities and to reduce
overall Company headcount in order to keep its cost structure in alignment with
its net sales. The total anticipated cost of the facility closures and severance
is $4,690, and will encompass approximately 200 employee terminations. Of this
amount, approximately $3,320 was expensed during the second quarter of 2001 and
it is anticipated the remaining $1,370 will be expensed during the third and
fourth quarters of 2001. At June 29, 2001, approximately $2,455 is included in
"Other accrued liabilities" in the accompanying consolidated balance sheet. The
total estimated exit costs are comprised of employee involuntary termination
benefits ($1,740), lease termination costs ($730), relocation activities
($1,017) and other post-closing maintenance costs ($1,203).

Amortization of goodwill and intangibles increased to $1.1 million in the second
quarter of 2001 from $0.5 million in the second quarter of 2000 due to increased
goodwill amortization resulting from the acquisitions of Conspec and Aztec.


                                       27
<PAGE>   28

OTHER EXPENSES

Interest expense increased to $9.0 million in the second quarter of 2001 from
$3.7 million in the second quarter of 2000 primarily due to increased long-term
debt and higher interest rates resulting from the recapitalization.


INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES AND EXTRAORDINARY ITEM

Income before income taxes and extraordinary item in the second quarter of 2001
was $2.4 million as compared to a loss of $4.8 million in the second quarter of
2000 and was comprised of the following:

<TABLE>
<CAPTION>
                                                 Three fiscal months ended
                                                 -----------------------------
                                                 June 29, 2001   June 30, 2000
                                                 -------------   -------------
                                                        (In thousands)
<S>                                              <C>             <C>
          Concrete accessories                      $ 4,200        $   8,555
          Concrete forming systems                      813          (11,050)
          Paving products                             1,640            1,558
          Corporate                                  (1,650)          (1,678)
          Intersegment eliminations                  (2,632)          (2,207)
                                                    -------        ---------
          Income (loss) before income taxes         $ 2,371        $  (4,822)
                                                    =======        =========
</TABLE>

Concrete accessories' income before income taxes of $4.2 million in the second
quarter of 2001 decreased from $8.6 million in the second quarter of 2000 due to
higher interest expense of $2.0 million, and $2.9 million of facility closing
and severance expenses recorded in the second quarter of 2001, offset by
contributions from the recent acquisitions.

Concrete forming systems' income (loss) before income taxes was $0.8 million in
the second quarter of 2001 in comparison to ($11.1) million in the second
quarter of 2000 due primarily to the lawsuit judgment. Without such judgment,
concrete forming systems' income before income taxes would have decreased $3.1
million from the second quarter of 2000, primarily due to higher interest
expense of $2.8 million, and $0.4 million of facility closing and severance
expenses recorded in the second quarter of 2001.

Income before income taxes from paving products was virtually flat between
periods at $1.6 million, despite higher interest expense of $0.5 million, due to
the higher net sales.

Corporate expenses were virtually flat between periods at $1.7 million.

Elimination of profit on intersegment sales was $2.6 million in the second
quarter of 2001 compared to $2.2 million in the second quarter of 2000.


                                       28
<PAGE>   29

NET INCOME

The effective tax rate increased to 47.5% in the second quarter of 2001 from
38.4% in the second quarter of 2000 primarily due to the permanent benefit of
stock option exercises in the second quarter of 2000. Income (loss) before
extraordinary item for the second quarter of 2001 was $1.2 million compared to a
loss of $3.0 million in the second quarter of 2000 due to the factors described
above. As described in footnote 2 to the consolidated financial statements, the
Company's recapitalization resulted in an extraordinary loss of $4.8 million in
the second quarter of 2000.

COMPARISON OF SIX FISCAL MONTHS ENDED JUNE 29, 2001 AND JUNE 30, 2000

NET SALES

Net sales increased $19.9 million, or 11.4%, to $194.4 million in the first half
of 2001 from $174.5 million in the first half of 2000. The following table
summarizes our net sales by segment:

<TABLE>
<CAPTION>
                                       Six fiscal months ended
                              ----------------------------------------
                                June 29, 2001          June 30, 2000
                              ------------------    ------------------
                                          (In thousands)
                              Net Sales      %      Net Sales      %    % Change
                              ---------   ------    ---------   ------  --------
<S>                           <C>         <C>        <C>        <C>     <C>
Concrete accessories          $112,455     57.8%     $ 97,023    55.6%   15.9%
Concrete forming systems        63,237     32.5        63,632    36.5    (0.6)
Paving products                 26,019     13.4        21,079    12.1    23.4
Intersegment eliminations       (7,290)    (3.7)       (7,229)   (4.2)    0.8
                              --------    -----      --------   -----    ----
Net sales                     $194,421    100.0%     $174,505   100.0%   11.4%
                              ========    =====      ========   =====    ====
</TABLE>

Net sales of concrete accessories increased 15.9% to $112.5 million in the first
half of 2001 from $97.0 million in the first half of 2000, due to the
acquisitions of Aztec, which contributed $10.6 million, and Conspec, which
contributed $10.6 million. This was partially offset by decreases in the
existing business due to the harsh winter weather experienced in the first
quarter of 2001 and the Company's weaker markets in the first half of 2001
compared to 2000.

Net sales of concrete forming systems were $63.2 million for the first half of
2001 compared to $63.6 million in the first half of 2000 primarily due the harsh
winter weather experienced in the first quarter of 2001 and the Company's weaker
markets in the first half of 2001 compared to 2000, partially offset by
additional sales volumes as a result of new marketing initiatives implemented in
the second quarter of 2001.

Net sales of paving products increased $4.9 million, or 23.4%, in the first half
of 2001 compared to the first half of 2000 due to an increase in volume as a
result of the Transportation Equity Act for the 21st Century, known as TEA-21
and the increased presence in California with the construction of the new
Modesto, California facility.


                                       29
<PAGE>   30

GROSS PROFIT

Gross profit for the first half of 2001 was $67.5 million, a 4.8% decrease from
$64.4 million in the first half of 2000, due primarily to the change in
accounting estimate relating to the depreciable lives of a portion of the rental
fleet, which reduced gross profit by approximately $2.3 million for the six
fiscal months ended June 29, 2001. Gross margin was 34.7% in the first half of
this year, decreasing from 36.9% last year. Excluding the change in accounting
estimate, gross margin was 35.9% in the first half of 2001. The remaining
decrease from the first half of 2000 was due to a higher mix of lower gross
margin paving products, a lower mix of higher gross margin concrete forming
systems products, and higher energy costs.

OPERATING EXPENSES

SG&A expenses increased $5.1 million to $50.8 million in the first half of 2001
from $45.6 million in the first half of 2000, as a result of recent acquisitions
and inflation. SG&A expenses decreased as a percent of net sales to 26.1% in the
first half of 2001 from 26.2% in the first half of 2000, due to certain cost
reduction initiatives implemented by management in order to keep the Company's
cost structure in alignment with its net sales.

During the second quarter of 2001, the Company approved and began implementing
plans to exit seven manufacturing and distribution facilities and to reduce
overall Company headcount in order to keep its cost structure in alignment with
its net sales. The total anticipated cost of the facility closures and severance
is $4,690, and will encompass approximately 200 employee terminations. Of this
amount, approximately $3,320 was expensed during the second quarter of 2001 and
it is anticipated the remaining $1,370 will be expensed during the third and
fourth quarters of 2001. At June 29, 2001, approximately $2,455 is included in
"Other accrued liabilities" in the accompanying consolidated balance sheet. The
total estimated exit costs are comprised of employee involuntary termination
benefits ($1,740), lease termination costs ($730), relocation activities
($1,017) and other post-closing maintenance costs ($1,203).

Amortization of goodwill and intangibles increased to $2.0 million in the first
half of 2001 from $1.1 million in the first half of 2000 due to increased
goodwill amortization resulting from the acquisitions of Conspec and Aztec.

OTHER EXPENSES

Interest expense increased to $17.7 million in the first half of 2001 from $6.5
million in the first half of 2000 primarily due to increased long-term debt and
higher interest rates resulting from the recapitalization.

Symons was defendant in a civil suit brought by EFCO Corp., a competitor of
Symons in one portion of their business. EFCO Corp. alleged that Symons engaged
in false advertising, misappropriation of trade secrets, intentional
interference with contractual relations, and certain other activities. After a
jury trial, preliminary damages of approximately $14,000 were awarded against
Symons in January 1999. In ruling on post-trial motions in April 1999, the Judge
dismissed EFCO's claim of intentional interference with contractual relations,
but increased the damages awarded to EFCO by $100 and enjoined both parties from
engaging in certain conduct.

Symons appealed the trial court's decision to the United States Court of Appeals
for the Eighth Circuit. A three-judge panel issued its decision on July 18,
2000, affirming the district court's ruling in all respects. Accordingly, the
Company recorded a $15.0


                                       30
<PAGE>   31
million charge in the second quarter of 2001. On August 1, 2000, Symons filed a
petition for a rehearing before the full court of appeals. The petition for a
rehearing was denied by the court of appeals on September 20, 2000.

In October 2000, Symons satisfied the judgment of $14,100, post-judgment
interest of $1,134, and their defense costs of $107, by payment to EFCO from the
Company's cash on hand and from the Company's revolving credit facility.

Symons has made a claim to its primary and excess insurance carriers for
"advertising injury" under its insurance policies to recover its defense costs
and for indemnification of the false advertising and the misappropriation of
trade secrets portions of the EFCO judgment.

Royal Insurance Co., Symons' primary commercial general liability insurance
carrier, filed a lawsuit against Symons in the Superior Court in San Francisco,
California, on September 11, 2000, seeking a declaration from the court of its
rights and obligations under its insurance policies for Symons' claim for
defense and indemnification of the EFCO lawsuit. The complaint was amended by
Royal in October 2000 by adding the Federal Insurance Company as an additional
plaintiff. Symons filed a cross complaint against Royal and Federal in January
2001 and later amended the cross complaint by adding American International
Surplus Lines Co., Westchester Fire Insurance Co., International Insurance Co.,
and Aon Risk Services of California, Inc.

The Royal insurance policy provides $1,000 of primary insurance (subject to a
self-insured retention) and the payment of defense costs. The excess insurance
policies provide an additional $10,000 of coverage for each policy year.


INCOME (LOSS) BEFORE INCOME TAXES AND EXTRAORDINARY ITEM

The loss before income taxes and extraordinary item in the first half of 2001
was $6.4 million as compared to a loss of $4.0 million in the first half of 2000
and was comprised of the following:

<TABLE>
<CAPTION>
                                               Six fiscal months ended
                                           -------------------------------
                                           June 29, 2001     June 30, 2000
                                           -------------     -------------
                                                   (In thousands)
<S>                                        <C>               <C>
          Concrete accessories              $    5,393         $  12,305
          Concrete forming systems              (5,845)          (10,641)
          Paving products                        1,308             1,410
          Corporate                             (3,238)           (3,161)
          Intersegment eliminations             (3,992)           (3,882)
                                            ----------         ---------
          Loss before income taxes          $   (6,374)        $  (3,969)
                                            ==========         =========
</TABLE>


                                       31
<PAGE>   32

Concrete accessories' income before income taxes of $5.4 million in the first
half of 2001 decreased from $12.3 million in the first half of 2000 due to
higher interest expense of $4.2 million and $2.9 million facility closing and
severance expenses recorded in the first half of 2001.

Concrete forming systems' loss before income taxes was ($5.8) million in the
first half of 2001 compared to ($10.6) million in the first half of 2000. The
first half of 2001 included a $2.3 million charge for a change in accounting
estimate. The first half of 2000 included a $15.0 million non-recurring lawsuit
judgment. Excluding these items, the income (loss) before income taxes from
concrete forming systems was ($3.5) million in the first half of 2001 versus
$4.4 million in the first half of 2000 due to higher interest expense of $6.1
million, facility closing and severance expense of $0.4 million and higher
operating costs, such as energy.

Income before income taxes from paving products decreased to $1.3 million in the
first half of 2001 from $1.4 million in the first half of 2000 due to higher
interest expense of $1.0 million, offset partially by the increased sales
volumes as a result of increased TEA-21 spending.

Corporate expenses were virtually flat between periods at $3.2 million.

Elimination of profit on intersegment sales was $4.0 million in the first half
of 2001 as compared to $3.9 million in the first half of 2000.

NET INCOME

The effective tax rate increased to 47.5% in the first half of 2001 from 37.0%
in the first half of 2000 primarily due to the permanent benefit of stock option
exercises in 2000. The loss before extraordinary item for the first half of 2001
was ($3.3) million compared to ($2.5) million in the first half of 2000 due to
the factors described above. As described in footnote 2 to the consolidated
financial statements, the Company's recapitalization resulted in an
extraordinary loss of $4.8 million in the first half of 2000.

LIQUIDITY AND CAPITAL RESOURCES

The Company's key statistics for measuring liquidity and capital resources are
net cash provided by operating activities, capital expenditures, amounts
available under our revolving credit facility and cash gap. Cash gap is defined
as the number of days of outstanding accounts receivable, plus the number of
days of inventory on hand, less the number of days of outstanding accounts
payable.

The Company's capital requirements relate primarily to capital expenditures,
debt service and the cost of acquisitions. Historically, the Company's primary
sources of financing have been cash from operations, borrowings under its credit
facility and the issuance of long-term debt and equity.


                                       32
<PAGE>   33

Net cash used in operating activities in the first half of 2001 was $11.7
million and was comprised of the following:

-        ($3.3) million of net loss,

-        $7.0 million of net non-cash reductions to net income, and

-        ($15.4) million of normal seasonal working capital growth.

The Company invested in the following:

-        $6.8 million in net capital expenditures and

-        $40.2 million of acquisitions.

In May 2001, the Company increased its borrowings on the Term Loan Tranche B by
$45.0 million. The proceeds from this issuance, net of financing costs of
approximately $0.7 million, were used to repay the outstanding balance on the
acquisition credit facility of $24.0. The remaining $20.3 million was used to
pay down existing debt on the Company's revolving credit facility.

As of June 29, 2001, the Company had long-term debt of: (a) $170.0 million in
principal amount of Senior Subordinated Notes, with a net book value of $158.3
million, (b) $137.6 million outstanding of a $202.0 million new credit facility,
which consists of a $50.0 million revolving credit facility, a $30.0 million
acquisition facility, a $23.5 million term loan under the delayed-draw tranche A
facility and a $98.5 million term loan under the tranche B facility, (c) $1.2
million of debentures previously held by the Dayton Superior Capital Trust, (d)
$5.0 million to one of the former stockholders of Symons Corporation, and (e)
$0.1 million to the City of Parsons, Kansas.

At June 29, 2001, of the $50.0 million revolving credit facility that was
available, $7.7 million of borrowings were outstanding. Approximately $9.2
million of the $30.0 million acquisition facility had been drawn, and $22.2
million of the delayed-draw tranche A facility had been drawn. All of the $98.5
million tranche B facility was outstanding.

At June 29, 2001, working capital was $75.3 million, compared to $60.9 million
at December 31, 2000. The increase in working capital is attributable to normal
seasonal working capital growth and the acquisitions of Aztec and Ancon.

For the first half of 2001 the Company's average cash gap days were 56, an
improvement of 10 days from 66 days in the first half of 2000 due to the
Company's continued focus on working capital management.

The Company believes its liquidity, capital resources and cash flows from
operations are sufficient to fund planned capital expenditures, working capital
requirements and debt service in the absence of additional acquisitions.

The Company intends to fund future acquisitions with cash, securities, or a
combination of cash and securities. To the extent the Company uses cash for all
or part of any acquisitions, the Company expects to raise such cash from
operations or from borrowings under the new credit facility, or, if feasible and
attractive, issuances of long-term debt or additional common shares.



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SEASONALITY

The Company's operations are seasonal in nature with approximately 60% of sales
historically occurring in the second and third quarters. Working capital and
borrowings fluctuate with sales volume.

INFLATION

The Company does not believe inflation had a significant impact on its
operations over the past two years. In the past, the Company has been able to
pass along all or a portion of the effects of increases in the price of steel,
its principal raw material. There can be no assurance the Company will be able
to continue to pass on the cost of such increases in the future.

FORWARD-LOOKING STATEMENTS

This Form 10-Q includes, and future filings by the Company on Form 10-K, Form
10-Q, and Form 8-K, and future oral and written statements by the Company and
its management may include, certain forward-looking statements, including
(without limitation) statements with respect to anticipated future operating and
financial performance, growth opportunities and growth rates, acquisition and
divestitive opportunities and other similar forecasts and statements of
expectation. Words such as "expects," "anticipates," "intends," "plans,"
"believes," "seeks," "estimates" and "should," and variations of these words and
similar expressions, are intended to identify these forward-looking statements.
Forward-looking statements by the Company and its management are based on
estimates, projections, beliefs and assumptions of management and are not
guarantees of future performance. The Company disclaims any obligation to update
or revise any forward-looking statement based on the occurrence of future
events, the receipt of new information, or otherwise.

Actual future performance, outcomes and results may differ materially from those
expressed in forward-looking statements made by the Company and its management
as the result of a number of important factors. Representative examples of these
factors include (without limitation) the cyclical nature of nonresidential
building and infrastructure construction activity, which can be affected by
factors outside the Company's control such as weakness in the general economy, a
decrease in governmental spending, interest rate increases, and changes in
banking and tax laws; an unsuccessful outcome in the Company's legal proceedings
and disputes; the Company's ability to successfully identify, finance, complete
and integrate acquisitions; increases in the price of steel (the principal raw
material in the Company's products) and the Company's ability to pass along such
price increases to its customers; and the effects of weather and seasonality on
the construction industry; increasing consolidation of the Company's customers;
the mix of products the Company sells; the competitive nature of the Company's
industry; and the amount of debt we must service. This list is not intended to
be exhaustive. In addition to these factors, actual future performance, outcomes
and results may differ materially because of other, more general, factors
including (without limitation) general industry and market conditions and growth
rates, domestic economic conditions, governmental and public policy changes and
the continued availability of financing in the amounts, at the terms and on the
conditions necessary to support the Company's future business.


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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

At June 29, 2001, the Company had financial instruments that were sensitive to
changes in interest rates. These financial instruments consist of $170.0 million
of principal amount of fixed rate Senior Subordinated Notes, with a book value
of $158.3 million, a $202.0 million credit facility, of which $137.6 million was
outstanding, and $6.3 million in other fixed-rate, long-term debt.

The Senior Subordinated Notes bear interest at 13.0% on the $170.0 million of
principal and mature in 2009. The estimated fair value of the notes is $173.4
million.

The credit facility has several interest rate options which re-price on a
short-term basis. Accordingly, the fair value of the credit facility
approximates its $137.6 million face value. The weighted average interest rates
at June 29, 2001 range from 6.3% to 7.5%.

Other long-term debt consists of a.) a $5.0 million, 10.5% note payable due in
2004 with an estimated fair value of $5.5 million, b.) $1.2 million of
debentures previously held by the Dayton Superior Capital Trust, bearing
interest at 9.1%, with a fair value of $1.5 million and c.) a $0.1 million, 7.0%
loan due in installments of $32 thousand per year with an estimated fair value
of $0.1 million.

Management does not believe there will be any significant changes in interest
rates in the near future. However, no assurances can be given that economic
conditions or interest rates will remain stable for any particular period.

In the ordinary course of its business, the Company also is exposed to price
changes in raw materials (particularly steel bar and rod and steel flat plate)
and products purchased for resale. The prices of these items can change
significantly due to changes in the markets in which the Company's suppliers
operate. The Company generally does not use financial instruments to manage its
exposure to changes in commodity prices.


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PART II. - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

Refer to "Other Expenses" in Item 2 of Part I, "Management's Discussion and
Analysis of Financial Condition and Results of Operations."

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

On June 4, 2001, the Company sold a total of 21,818 of its Common Shares to two
executives who were hired effective on that date for a total purchase price of
$599,995 payable in cash, which was financed by a loan to each of the executives
from the Company. The shares were issued in reliance upon the exemption from
registration set forth in Section 4(2) of the Securities Act of 1933, as
amended, for transactions not involving a public offering.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)  Exhibits. See Index to Exhibit following the signature page to this report
     for a list of Exhibits.

(b)  Reports on Form 8-K. During the quarter ended June 29, 2001, the Company
     did not file any Current Reports on Form 8-K.


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<PAGE>   37
                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                             DAYTON SUPERIOR CORPORATION

DATE:  August 13, 2001                 BY:    /s/ Alan F. McIlroy
       ---------------                       -----------------------------------
                                             Alan F. McIlroy
                                             Chief Financial Officer


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<PAGE>   38
                                INDEX TO EXHIBITS


Exhibit No.       Description

 (10)             Material Contracts

                  10.1       Consent dated as of May 24, 2001, among Dayton
                             Superior Corporation, the lenders party to the
                             Credit Agreement dated as of June 16, 2000 and
                             Bankers Trust Company, as administrative agent


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