Attached files
file | filename |
---|---|
8-K - FORM 8-K - GIBRALTAR INDUSTRIES, INC. | l42610e8vk.htm |
Exhibit 99.1
Contact:
Kenneth Smith
Chief Financial Officer
716.826.6500 ext. 3217
kwsmith@gibraltar1.com.
Chief Financial Officer
716.826.6500 ext. 3217
kwsmith@gibraltar1.com.
Gibraltar Announces First-Quarter Results
Sales up 12% Year over Year; Operating Margin Before Special Charges Rises 430 bps
Non-GAAP EPS of $0.11 versus Prior-Year Loss
Buffalo, New York, May 4, 2011 Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading
manufacturer and distributor of products for building and industrial markets, today reported its
financial results for the three months ended March 31, 2011. As announced on March 10, 2011,
Gibraltar completed its sale of the United Steel Products connector business. The operating
results of this business have been reclassified to discontinued operations in the financial results
being reported. Also, Gibraltars acquisition of The D.S. Brown Company was closed April 1, 2011,
and, therefore, its financial position and results are not reported in Gibraltars financial
results as of and for the three months ended March 31, 2011, but will be going forward.
Management Comments on Financial Results
Our first-quarter 2011 results were in alignment with our expectations and, as we discussed last
quarter, we capitalized on the ongoing improvements we have made in our businesses, said Gibraltar
Chairman and Chief Executive Officer Brian Lipke. Although activity in our end-markets remained
generally weak, our first-quarter sales and profits were up both sequentially and year-over-year
compared with the first quarter of 2010. We executed well on our plans to get deeper product
penetration with our customers, and Gibraltars sales continued to grow faster than the market as a
whole. Our focus on repair, remodel and replacement segments of both the residential and
non-residential markets across the broad geographic areas we serve helped our order rates despite
weak new build housing activity.
Gibraltars improved top-line results for the first quarter included a shift in our business mix
toward sales of products for the nonresidential market, said Gibraltar President and Chief
Operating Officer Henning Kornbrekke. Our sales into industrial markets, in particular, were a
bright spot in what otherwise remained an environment of very slow and uneven market growth in the
first quarter. From a small base, we have been steadily increasing our industrial market
penetration and these gains contributed to our first-quarter results.
During
the first quarter, we closed two facilities in Europe, and are now servicing
customers from our remaining European facilities, said Kornbrekke. Adopting lean manufacturing
techniques across the company have allowed to us shorten our production lead times while freeing up
space in our existing facilities, making such consolidations possible. Along with
eliminating the inventories associated with closed facilities, we completed key investments in IT systems in 2010 that are enhancing our supply chain planning and procurement
processes and inventory management capabilities.
These improvements have enabled us to successfully manage the recent volatility in raw material
costs, Kornbrekke said. Although commodity volatility is likely to continue in the second and
third quarters of this year, we expect to be able to manage this volatility with less impact on
margins in 2011 than in 2010. These efforts will continue to center primarily on the cost side of
the equation. We remain focused on providing outstanding service to our customers, and we are
dedicated to providing them with competitive pricing.
For the first quarter of 2011, net sales increased 12% to $163.6 million from $146.7 million for
the first quarter of 2010. The Companys GAAP income from continuing operations for the first
quarter of 2011 was $1.4 million, or $0.05 per diluted share, compared with a loss of $2.4 million,
or $0.08 per diluted share, for the first quarter of 2010. GAAP income from continuing operations
for the first quarter of 2011 included after-tax special charges of $1.8 million, or $0.06 per
diluted share, resulting from acquisition costs, exit activity costs related to business
restructuring, and equity compensation declined by Mr. Lipke. After-tax special charges for the
first quarter of 2010 included $0.8 million largely for an ineffective interest rate swap.
The Companys first quarter 2011 non-GAAP income from continuing operations before special charges
was $3.2 million, or $0.11 per share, compared with a loss of $1.6 million, or $0.05 per share, in
the first quarter of 2010.
Gross margin before special charges increased to 19% in the first quarter of 2011 from 18% in the
first quarter of 2010. The increase was primarily due to higher unit sales volume and operating
efficiency.
Selling, general and administrative expense before special charges decreased 12% to $21.5 million
for the first quarter of 2011 from $24.4 million in the first quarter of 2010. The decrease was
primarily the result of lower variable compensation and wages on reduced staffing levels.
Liquidity and Capital Resources
| Gibraltars liquidity increased to $208 million as of March 31, 2011, including cash on hand of $105 million. Cash on hand included $58 million received on March 10, 2011, from the sale of the United Steel Products connectors business. |
| The Companys net working capital increased by $24.3 million since December 31, 2010, as 12% sales growth in Q1 2011 increased the investment in accounts receivable while days of net working capital improved to 56. We define working capital to consist of accounts receivable, inventory, and accounts payable. |
| As a result, Gibraltar reduced its net debt outstanding by $43.5 million, or 30%, to $102.8 million as of March 31, 2011, from $146.3 million as of December 31, 2010. |
Outlook
With the work we have done to consolidate our footprint and improve our underlying operations and
our success at obtaining market share gains, Gibraltar is in an excellent position to deliver
improved sales and profitability in 2011, Lipke said. At the same time, with faster working
capital turns and a good record of generating cash from operations, we are also in a position to
supplement our organic growth with growth from accretive acquisitions.
Although the signs of end-market recovery have been inconsistent and modest at best, we have, in
fact, seen some evidence of improvement, said Lipke. We
entered 2011 with more efficient,
centralized manufacturing and distribution facilities, as well as enhanced customer service
capabilities aided by past restructuring activities. As a result, we are confident in our ability
to report continued profitability improvement in the second quarter and full year.
First quarter Conference Call Details
Gibraltar has scheduled a conference call to review its results for the first quarter of 2011
tomorrow, May 5, 2011, starting at 9:00 a.m. ET. Interested parties may access the call by dialing
(866) 730-5768 or (857) 350-1592. Participants are required to provide the pass code: 97664508.
The presentation slides that will be discussed in the conference call are expected to be available
on the evening of Wednesday, May 4, 2011. The slides may be downloaded from the Conference Calls
page of the Investor Info section of the Gibraltar website:
http://www.gibraltar1.com/investors/index.cfm?page=48. A replay of the conference call and a copy
of the transcript will be available on the Gibraltar website following the call.
About Gibraltar
Gibraltar Industries is North Americas leading manufacturer and distributor of ventilation
products, mail storage (single and cluster), rain dispersion, bar grating, expanded metal, metal
lath, expansion joints, and structural bearing products. The Company serves customers in a variety
of industries in all 50 states and throughout the world from 36 facilities in 19 states, Canada,
England, and Germany and holds leadership positions in major product categories. Comprehensive
information about Gibraltar can be found on its website, at http://www.gibraltar1.com.
Safe Harbor Statement
Information contained in this news release, other than historical information, contains
forward-looking statements and are subject to a number of risk factors, uncertainties, and
assumptions. Risk factors that could affect these statements include, but are not limited to, the
following: the availability of raw materials and the effects of changing raw material prices on the
Companys results of operations; energy prices and usage; changing demand for the Companys
products and services; changes in the liquidity of the capital and credit markets; risks associated
with the integration of acquisitions; and changes in interest and tax rates. In addition, such
forward-looking statements could also be affected by general industry and market conditions, as
well as general economic and political conditions. The Company undertakes no obligation to update
any forward-looking statements, whether as a result of new information, future events or otherwise,
except as may be required by applicable law or regulation.
Non-GAAP Financial Data
To supplement Gibraltars consolidated financial statements presented on a GAAP basis, Gibraltar
also presented certain non-GAAP financial data in this news release. Non-GAAP financial data
excluded special charges consisting of intangible asset impairment, restructuring primarily
associated with the closing and consolidation of our facilities, acquisition costs, surrendered
equity compensation, deferred tax valuation allowances, and interest expense recognized as a result
of our interest rate swap becoming ineffective. These non-GAAP adjustments are shown in the
non-GAAP reconciliation of results excluding special charges provided in the financial statements
that accompany this news release. We believe that the presentation of results excluding special
charges provides meaningful supplemental data to investors, as well as management, that are
indicative of the Companys core operating results and facilitates comparison of operating results
across reporting periods as well as comparison with other companies. Special charges are excluded
since they may not be considered directly related to our ongoing business operations. These
non-GAAP measures should not be viewed as a substitute for our GAAP results, and may be different
than non-GAAP measures used by other companies.
Next Earnings Announcement
Gibraltar expects to release its financial results for the three months ending June 30, 2011, on
Wednesday, August 3, 2011, and hold its earnings conference call on Thursday, August 4, 2011,
starting at 9:00 a.m. ET.
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended | ||||||||
March 31 | ||||||||
2011 | 2010 | |||||||
Net sales |
$ | 163,563 | $ | 146,674 | ||||
Cost of sales |
133,518 | 120,217 | ||||||
Gross profit |
30,045 | 26,457 | ||||||
Selling, general, and administrative expense |
22,823 | 24,272 | ||||||
Income from operations |
7,222 | 2,185 | ||||||
Interest expense |
(4,454 | ) | (6,570 | ) | ||||
Equity in partnerships income and other income |
23 | 71 | ||||||
Income (loss) before taxes |
2,791 | (4,314 | ) | |||||
Provision for (benefit of) income taxes |
1,350 | (1,922 | ) | |||||
Income (loss) from continuing operations |
1,441 | (2,392 | ) | |||||
Discontinued operations: |
||||||||
Income (loss) before taxes |
12,946 | (30,085 | ) | |||||
Provision for (benefit of) income taxes |
5,978 | (11,246 | ) | |||||
Income (loss) from discontinued operations |
6,968 | (18,839 | ) | |||||
Net income (loss) |
$ | 8,409 | $ | (21,231 | ) | |||
Net income (loss) per share Basic: |
||||||||
Income (loss) from continuing operations |
$ | 0.05 | $ | (0.08 | ) | |||
Income (loss) from discontinued operations |
0.23 | (0.62 | ) | |||||
Net income (loss) |
$ | 0.28 | $ | (0.70 | ) | |||
Weighted average shares outstanding Basic |
30,425 | 30,261 | ||||||
Net income (loss) per share Diluted: |
||||||||
Income (loss) from continuing operations |
$ | 0.05 | $ | (0.08 | ) | |||
Income (loss) from discontinued operations |
0.22 | (0.62 | ) | |||||
Net income (loss) |
$ | 0.27 | $ | (0.70 | ) | |||
Weighted average shares outstanding Diluted |
30,594 | 30,261 | ||||||
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(unaudited)
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(unaudited)
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 104,504 | $ | 60,866 | ||||
Accounts receivable, net of reserve of $3,626 and
$3,504 in 2011 and 2010, respectively |
95,308 | 70,371 | ||||||
Inventories |
92,346 | 77,848 | ||||||
Other current assets |
21,307 | 20,229 | ||||||
Assets of discontinued operations |
2,576 | 13,063 | ||||||
Total current assets |
316,041 | 242,377 | ||||||
Property, plant, and equipment, net |
142,634 | 145,783 | ||||||
Goodwill |
299,463 | 298,346 | ||||||
Acquired intangibles |
65,539 | 66,301 | ||||||
Equity method investment |
| 1,345 | ||||||
Other assets |
8,067 | 16,766 | ||||||
Assets of discontinued operations |
| 39,972 | ||||||
$ | 831,744 | $ | 810,890 | |||||
Liabilities and Shareholders Equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 71,874 | $ | 56,775 | ||||
Accrued expenses |
40,623 | 36,785 | ||||||
Current maturities of long-term debt |
408 | 408 | ||||||
Liabilities of discontinued operations |
52 | 6,150 | ||||||
Total current liabilities |
112,957 | 100,118 | ||||||
Long-term debt |
206,874 | 206,789 | ||||||
Deferred income taxes |
38,669 | 37,119 | ||||||
Other non-current liabilities |
19,804 | 23,221 | ||||||
Liabilities of discontinued operations |
| 2,790 | ||||||
Shareholders equity: |
||||||||
Preferred stock, $0.01 par value; authorized: 10,000,000
shares; none outstanding |
| | ||||||
Common stock, $0.01 par value; authorized 50,000,000
shares; 30,670,993 and 30,516,197 shares issued at
March 31, 2011 and December 31, 2010, respectively |
307 | 305 | ||||||
Additional paid-in capital |
234,283 | 231,999 | ||||||
Retained earnings |
221,323 | 212,914 | ||||||
Accumulated other comprehensive income (loss) |
562 | (2,060 | ) | |||||
Cost of 272,697 and 218,894 common shares held in
treasury at March 31, 2011 and December 31, 2010,
respectively |
(3,035 | ) | (2,305 | ) | ||||
Total shareholders equity |
453,440 | 440,853 | ||||||
$ | 831,744 | $ | 810,890 | |||||
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Cash Flows from Operating Activities |
||||||||
Net income (loss) |
$ | 8,409 | $ | (21,231 | ) | |||
Income (loss) from discontinued operations |
6,968 | (18,839 | ) | |||||
Income (loss) from continuing operations |
1,441 | (2,392 | ) | |||||
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
||||||||
Depreciation and amortization |
5,891 | 6,076 | ||||||
Provision for deferred income taxes |
| 125 | ||||||
Equity in partnerships loss (income) |
14 | (43 | ) | |||||
Stock compensation expense |
2,276 | 1,679 | ||||||
Non-cash charges to interest expense |
564 | 2,407 | ||||||
Other non-cash adjustments |
523 | (434 | ) | |||||
Increase (decrease) in cash resulting from changes in: |
||||||||
Accounts receivable |
(24,610 | ) | (15,378 | ) | ||||
Inventories |
(14,054 | ) | (6,757 | ) | ||||
Other current assets and other assets |
7,686 | (1,753 | ) | |||||
Accounts payable |
15,790 | 18,362 | ||||||
Accrued expenses and other non-current liabilities |
(4,755 | ) | 1,531 | |||||
Net cash (used in) provided by operating activities of continuing
operations |
(9,234 | ) | 3,423 | |||||
Net cash (used in) provided by operating activities of
discontinued operations |
(3,086 | ) | 15,411 | |||||
Net cash (used in) provided by operating activities |
(12,320 | ) | 18,834 | |||||
Cash Flows from Investing Activities |
||||||||
Net proceeds from sale of business |
58,000 | 30,100 | ||||||
Net proceeds from sale of property and equipment |
463 | 7 | ||||||
Purchases of property, plant, and equipment |
(1,785 | ) | (1,519 | ) | ||||
Net cash provided by investing activities of continuing operations |
56,678 | 28,588 | ||||||
Net cash used in investing activities of discontinued operations |
| (286 | ) | |||||
Net cash provided by investing activities |
56,678 | 28,302 | ||||||
Cash Flows from Financing Activities |
||||||||
Long-term debt payments |
| (50,000 | ) | |||||
Purchase of treasury stock at market prices |
(730 | ) | (991 | ) | ||||
Payment of deferred financing fees |
| (48 | ) | |||||
Excess tax benefit from stock compensation |
| 106 | ||||||
Net proceeds from issuance of common stock |
10 | | ||||||
Net cash used in financing activities |
(720 | ) | (50,933 | ) | ||||
Net increase (decrease) in cash and cash equivalents |
43,638 | (3,797 | ) | |||||
Cash and cash equivalents at beginning of year |
60,866 | 23,596 | ||||||
Cash and cash equivalents at end of period |
$ | 104,504 | $ | 19,799 | ||||
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Results Excluding Special Charges
(unaudited)
(in thousands, except per share data)
Non-GAAP Reconciliation of Results Excluding Special Charges
(unaudited)
(in thousands, except per share data)
Three Months Ended March 31, 2011 | ||||||||||||||||||||
As | Results | |||||||||||||||||||
Reported | Surrendered | Exit | Excluding | |||||||||||||||||
In GAAP | Acquisition | Equity | Activity | Special | ||||||||||||||||
Statements | Costs | Compensation | Costs | Charges | ||||||||||||||||
Net sales |
$ | 163,563 | $ | | $ | | $ | | $ | 163,563 | ||||||||||
Cost of sales |
133,518 | | | (858 | ) | 132,660 | ||||||||||||||
Gross profit |
30,045 | | | 858 | 30,903 | |||||||||||||||
Selling, general, and administrative expense |
22,823 | (390 | ) | (885 | ) | (10 | ) | 21,538 | ||||||||||||
Income from operations |
7,222 | 390 | 885 | 868 | 9,365 | |||||||||||||||
Operating margin |
4.4 | % | 0.2 | % | 0.5 | % | 0.6 | % | 5.7 | % | ||||||||||
Interest expense |
(4,454 | ) | | | | (4,454 | ) | |||||||||||||
Equity in partnerships income and other
income |
23 | | | | 23 | |||||||||||||||
Income before income taxes |
2,791 | 390 | 885 | 868 | 4,934 | |||||||||||||||
Provision for income taxes |
1,350 | | | 348 | 1,698 | |||||||||||||||
Income from continuing operations |
$ | 1,441 | $ | 390 | $ | 885 | $ | 520 | $ | 3,236 | ||||||||||
Income from continuing operations per share
diluted |
$ | 0.05 | $ | 0.01 | $ | 0.03 | $ | 0.02 | $ | 0.11 | ||||||||||
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Results Excluding Special Charges
(unaudited)
(in thousands, except per share data)
Non-GAAP Reconciliation of Results Excluding Special Charges
(unaudited)
(in thousands, except per share data)
Three Months Ended March 31, 2010 | ||||||||||||||||||||||||||||
Disconti | As | |||||||||||||||||||||||||||
nued | Reported | |||||||||||||||||||||||||||
Operatio | In | Intangible | Results | |||||||||||||||||||||||||
As | ns | GAAP | Asset | Ineffective | Exit | Excluding | ||||||||||||||||||||||
Reported | Restate | Statem | Impairment | Interest | Activity | Special | ||||||||||||||||||||||
Previously | ment | ents | Adjustment | Rate Swap | Costs | Charges | ||||||||||||||||||||||
Net sales |
$ | 157,528 | $ | (10,854 | ) | $ | 146,674 | $ | | $ | | $ | | $ | 146,674 | |||||||||||||
Cost of sales |
128,113 | (7,896 | ) | 120,217 | | | (47 | ) | 120,170 | |||||||||||||||||||
Gross profit |
29,415 | (2,958 | ) | 26,457 | | | 47 | 26,504 | ||||||||||||||||||||
Selling, general, and administrative expense |
26,836 | (2,564 | ) | 24,272 | 177 | | | 24,449 | ||||||||||||||||||||
Income from operations |
2,579 | (394 | ) | 2,185 | (177 | ) | | 47 | 2,055 | |||||||||||||||||||
Operating margin |
1.6 | % | 1.5 | % | (0.1 | )% | 0.0 | % | 0.0 | % | 1.4 | % | ||||||||||||||||
Interest expense |
(7,051 | ) | 481 | (6,570 | ) | | 1,424 | | (5,146 | ) | ||||||||||||||||||
Equity in partnerships income and other income |
71 | | 71 | | | | 71 | |||||||||||||||||||||
Loss before income taxes |
(4,401 | ) | 87 | (4,314 | ) | (177 | ) | 1,424 | 47 | (3,020 | ) | |||||||||||||||||
Benefit of income taxes |
(2,085 | ) | 163 | (1,922 | ) | (73 | ) | 520 | 19 | (1,456 | ) | |||||||||||||||||
Loss from continuing operations |
$ | (2,316 | ) | $ | (76 | ) | $ | (2,392 | ) | $ | (104 | ) | $ | 904 | $ | 28 | $ | (1,564 | ) | |||||||||
Loss from continuing operations per share
diluted |
$ | (0.08 | ) | $ | (0.00 | ) | $ | (0.08 | ) | $ | (0.00 | ) | $ | 0.03 | $ | 0.00 | $ | (0.05 | ) | |||||||||
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Results Excluding Special Charges
(unaudited)
(in thousands, except per share data)
Non-GAAP Reconciliation of Results Excluding Special Charges
(unaudited)
(in thousands, except per share data)
Three Months Ended June 30, 2010 | ||||||||||||||||||||
As | Results | |||||||||||||||||||
As | Discontinued | Reported | Exit | Excluding | ||||||||||||||||
Reported | Operations | In GAAP | Activity | Special | ||||||||||||||||
Previously | Restatement | Statements | Costs | Charges | ||||||||||||||||
Net sales |
$ | 191,771 | $ | (14,847 | ) | $ | 176,924 | $ | | $ | 176,924 | |||||||||
Cost of sales |
152,705 | (9,762 | ) | 142,943 | (417 | ) | 142,526 | |||||||||||||
Gross profit |
39,066 | (5,085 | ) | 33,981 | 417 | 34,398 | ||||||||||||||
Selling, general, and administrative expense |
27,373 | (2,829 | ) | 24,544 | (77 | ) | 24,467 | |||||||||||||
Income from operations |
11,693 | (2,256 | ) | 9,437 | 494 | 9,931 | ||||||||||||||
Operating margin |
6.1 | % | 5.3 | % | 0.3 | % | 5.6 | % | ||||||||||||
Interest expense |
(4,686 | ) | 334 | (4,352 | ) | | (4,352 | ) | ||||||||||||
Equity in partnerships income and other income |
60 | | 60 | | 60 | |||||||||||||||
Income before income taxes |
7,067 | (1,922 | ) | 5,145 | 494 | 5,639 | ||||||||||||||
Provision for income taxes |
3,279 | (727 | ) | 2,552 | 229 | 2,781 | ||||||||||||||
Income from continuing operations |
$ | 3,788 | $ | (1,195 | ) | $ | 2,593 | $ | 265 | $ | 2,858 | |||||||||
Income from continuing operations per share
diluted |
$ | 0.12 | $ | (0.03 | ) | $ | 0.09 | $ | 0.00 | $ | 0.09 | |||||||||
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Results Excluding Special Charges
(unaudited)
(in thousands, except per share data)
Non-GAAP Reconciliation of Results Excluding Special Charges
(unaudited)
(in thousands, except per share data)
Three Months Ended September 30, 2010 | ||||||||||||||||||||
As | Results | |||||||||||||||||||
As | Discontinued | Reported | Exit | Excluding | ||||||||||||||||
Reported | Operations | In GAAP | Activity | Special | ||||||||||||||||
Previously | Restatement | Statements | Costs | Charges | ||||||||||||||||
Net sales |
$ | 182,061 | $ | (12,320 | ) | $ | 169,741 | $ | | $ | 169,741 | |||||||||
Cost of sales |
150,758 | (8,515 | ) | 142,243 | (438 | ) | 141,805 | |||||||||||||
Gross profit |
31,303 | (3,805 | ) | 27,498 | 438 | 27,936 | ||||||||||||||
Selling, general, and administrative expense |
25,840 | (2,578 | ) | 23,262 | | 23,262 | ||||||||||||||
Income from operations |
5,463 | (1,227 | ) | 4,236 | 438 | 4,674 | ||||||||||||||
Operating margin |
3.0 | % | 2.5 | % | 0.3 | % | 2.8 | % | ||||||||||||
Interest expense |
(4,746 | ) | 317 | (4,429 | ) | | (4,429 | ) | ||||||||||||
Equity in partnerships income and other income |
33 | (3 | ) | 30 | | 30 | ||||||||||||||
Income (loss) before income taxes |
750 | (913 | ) | (163 | ) | 438 | 275 | |||||||||||||
Benefit of income taxes |
(592 | ) | (352 | ) | (944 | ) | 12 | (932 | ) | |||||||||||
Income from continuing operations |
$ | 1,342 | $ | (561 | ) | $ | 781 | $ | 426 | $ | 1,207 | |||||||||
Income from continuing operations per share
diluted |
$ | 0.04 | $ | (0.01 | ) | $ | 0.03 | $ | 0.01 | $ | 0.04 | |||||||||
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Results Excluding Special Charges
(unaudited)
(in thousands, except per share data)
Non-GAAP Reconciliation of Results Excluding Special Charges
(unaudited)
(in thousands, except per share data)
Three Months Ended December 31, 2010 | ||||||||||||||||||||||||||||
As | Deferred | Results | ||||||||||||||||||||||||||
As | Discontinued | Reported | Intangible | Tax | Exit | Excluding | ||||||||||||||||||||||
Reported | Operations | In GAAP | Asset | Valuation | Activity | Special | ||||||||||||||||||||||
Previously | Restatement | Statements | Impairment | Allowance | Costs | Charges | ||||||||||||||||||||||
Net sales |
$ | 153,708 | $ | (9,593 | ) | $ | 144,115 | $ | | $ | | $ | | $ | 144,115 | |||||||||||||
Cost of sales |
135,097 | (6,914 | ) | 128,183 | | | (5,459 | ) | 122,724 | |||||||||||||||||||
Gross profit |
18,611 | (2,679 | ) | 15,932 | | | 5,459 | 21,391 | ||||||||||||||||||||
Selling, general, and administrative expense |
29,311 | (2,020 | ) | 27,291 | | | (647 | ) | 26,644 | |||||||||||||||||||
Intangible asset impairment |
77,141 | | 77,141 | (77,141 | ) | | | | ||||||||||||||||||||
Loss from operations |
(87,841 | ) | (659 | ) | (88,500 | ) | 77,141 | | 6,106 | (5,253 | ) | |||||||||||||||||
Operating margin |
(57.1 | )% | (61.4 | )% | 53.5 | % | 0.0 | % | 4.3 | % | (3.6 | )% | ||||||||||||||||
Interest expense |
(4,677 | ) | 314 | (4,363 | ) | | | | (4,363 | ) | ||||||||||||||||||
Equity in partnerships loss and other loss |
(83 | ) | (1 | ) | (84 | ) | | | | (84 | ) | |||||||||||||||||
Loss before income taxes |
(92,601 | ) | (346 | ) | (92,947 | ) | 77,141 | | 6,106 | (9,700 | ) | |||||||||||||||||
Benefit of income taxes |
(16,391 | ) | (218 | ) | (16,609 | ) | 14,485 | (2,400 | ) | 1,374 | (3,150 | ) | ||||||||||||||||
Loss from continuing operations |
$ | (76,210 | ) | $ | (128 | ) | $ | (76,338 | ) | $ | 62,656 | $ | 2,400 | $ | 4,732 | $ | (6,550 | ) | ||||||||||
Loss from continuing operations per share
diluted |
$ | (2.51 | ) | $ | (0.01 | ) | $ | (2.52 | ) | $ | 2.07 | $ | 0.08 | $ | 0.15 | $ | (0.22 | ) | ||||||||||
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Results Excluding Special Charges
(unaudited)
(in thousands, except per share data)
Non-GAAP Reconciliation of Results Excluding Special Charges
(unaudited)
(in thousands, except per share data)
Year Ended December 31, 2010 | ||||||||||||||||||||
As | Results | |||||||||||||||||||
As | Discontinued | Reported | Excluding | |||||||||||||||||
Reported | Operations | In GAAP | Special | Special | ||||||||||||||||
Previously | Restatement | Statements | Charges | Charges | ||||||||||||||||
Net sales |
$ | 685,068 | $ | (47,614 | ) | $ | 637,454 | $ | | $ | 637,454 | |||||||||
Cost of sales |
566,673 | (33,087 | ) | 533,586 | (6,361 | ) | 527,225 | |||||||||||||
Gross profit |
118,395 | (14,527 | ) | 103,868 | 6,361 | 110,229 | ||||||||||||||
Selling, general, and administrative expense |
109,537 | (9,991 | ) | 99,546 | (724 | ) | 98,822 | |||||||||||||
Intangible asset impairment |
76,964 | | 76,964 | (76,964 | ) | | ||||||||||||||
(Loss) income from operations |
(68,106 | ) | (4,536 | ) | (72,642 | ) | 84,049 | 11,407 | ||||||||||||
Operating margin |
(9.9 | )% | (11.4 | )% | 13.2 | % | 1.8 | % | ||||||||||||
Interest expense |
(21,160 | ) | 1,446 | (19,714 | ) | 1,424 | (18,290 | ) | ||||||||||||
Equity in partnerships income and other income |
81 | (4 | ) | 77 | | 77 | ||||||||||||||
Loss before income taxes |
(89,185 | ) | (3,094 | ) | (92,279 | ) | 85,473 | (6,806 | ) | |||||||||||
Benefit of income taxes |
(15,789 | ) | (1,134 | ) | (16,923 | ) | 14,166 | (2,757 | ) | |||||||||||
Loss from continuing operations |
$ | (73,396 | ) | $ | (1,960 | ) | $ | (75,356 | ) | $ | 71,307 | $ | (4,049 | ) | ||||||
Loss from continuing operations per share
diluted |
$ | (2.42 | ) | $ | (0.07 | ) | $ | (2.49 | ) | $ | 2.36 | $ | (0.13 | ) | ||||||