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8-K - FORM 8-K - GIBRALTAR INDUSTRIES, INC. | c24100e8vk.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 30% Increase in Third Quarter Revenue
Sales Volume Leverage and Streamlined Cost Structure Drive Eightfold Increase in EPS
Buffalo, New York, November 2, 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 and nine months ended September 30, 2011.
Management Comments
Gibraltar achieved another quarter of excellent top- and bottom-line results, said Gibraltar
Chairman and Chief Executive Officer Brian Lipke. We grew sales 30%, including double-digit
organic growth as well as a 17% increase from acquisitions. Our adjusted gross margin improved by
330 basis points, and we delivered 550% growth in adjusted income from continuing operations.
Gibraltars impressive performance reflects the success of our three-point growth strategy, said
Lipke. This strategy includes focusing on operational excellence across the company, increasing
our market share, and capitalizing on the strength of our balance sheet to make accretive
acquisitions. As a result, we have been able to report consistently solid financial results in a
challenging end-market environment.
Our long-term goal is to position Gibraltar as the low-cost global supplier, said Gibraltar
President and Chief Operating Officer Henning Kornbrekke. We have made great strides toward that
goal during the past few years through lean initiatives that have lowered our cost structure. At
the same time, we have significantly reduced working capital and more effectively managed commodity
costs. Our third-quarter financial performance is the result of these efforts, and we continued to
make progress in each of these areas during the quarter.
In addition, we are aggressively executing on our organic growth strategy, which centers on
launching new products, expanding our geographic market coverage, and leveraging our competitive
strengths to penetrate new end markets adjacent to our core business, said Kornbrekke. As a
result, we are continuing to shift Gibraltars overall business mix away from the residential
building market and toward industrial construction and infrastructure, and our recent acquisitions
have accelerated our progress in that direction.
Financial Results
Net sales for the third quarter of 2011 increased 30% to $220.1 million from $169.7 million for the
third quarter of 2010, including $28.9 million in revenues from two second-quarter 2011
acquisitions. GAAP income from continuing operations was $7.4 million, or $0.24 per diluted share,
compared with $0.8 million, or $0.03 per diluted share for the third quarter last year. Results
from the third quarter of 2011 and 2010 included after-tax special charges of $0.4 million for each
period, resulting from acquisition-related costs and exit activity costs related to business
restructuring. Adjusting for these items, Gibraltars third-quarter 2011 adjusted income from
continuing operations increased 550% to $7.8 million, or $0.26 per diluted share, from $1.2
million, or $0.04 per diluted share, in the third quarter of 2010.
Adjusted gross margin increased to 19.8% in the third quarter of 2011 from 16.5% in the third
quarter of 2010. The increase was primarily due to a more favorable alignment of raw material costs
and customer selling prices, cost reductions, and the impact of the
recent acquisitions. Adjusted selling, general and administrative expense increased 5% to $24.5 million
for the third quarter of 2011 from $23.3 million a year earlier, primarily reflecting the net
result of the addition of the acquisitions in the second quarter which were nearly offset by lower
compensation costs. Adjusted selling, general, and administrative expenses were 11.1% of net sales,
260 basis points lower than the third quarter of 2010.
For the nine months ended September 30, total net sales increased 20% in 2011 to $592.5 million
from $493.3 million in 2010. Gibraltars GAAP income from continuing operations for the first nine
months of 2011 was $16.1 million, or $0.52 per diluted share, compared with $1.0 million, or $0.03
per diluted share, in 2010. Results for the first nine months of 2011 included after-tax special
charges of $4.3 million for acquisition-related costs, exit activity costs related to business
restructuring, and equity compensation declined by Mr. Lipke. After-tax special charges for the
first nine months of 2010 included $1.5 million largely resulting from an ineffective interest rate
swap and restructuring charges. Adjusting for these items, Gibraltars first nine months of 2011
adjusted income from continuing operations was $20.4 million, or $0.67 per diluted share, compared
with adjusted income from continuing operations of $2.5 million, or $0.08 per diluted share, in
2010.
Liquidity and Capital Resources
| Gibraltars liquidity was $158 million as of September 30, 2011, including cash on hand of $33 million and availability under the revolving credit facility. |
| The Company invested $12.1 million in working capital since December 31, 2010, as 20% sales growth in the first nine months of 2011 increased the investment in accounts receivable and inventories. Days of net working capital, which consists of accounts receivable, inventory and accounts payable, were 63 for the third quarter of 2011, sustaining the Companys improvement in managing working capital. |
| The Company used cash and debt available under its revolving credit facility to help finance the D.S. Brown and Pacific Award Metals acquisitions in the second quarter. The strong cash flow of the third quarter enabled the Company to fully repay all amounts drawn on the revolving credit facility in September. |
| Subsequent to quarter end, the Company amended its Senior Credit Agreement to extend the due date of the $200 million revolving credit facility for five years as well as secure a $35 million term loan commitment, reduce Gibraltars cost of borrowing, and provide additional financial flexibility. |
Outlook
We are enthusiastic about our growth prospects going forward, said Lipke. We plan to maintain
our focus on operational excellence and product leadership, while at the same time, strengthening
our balance sheet and considering accretive acquisitions. We have been able to deliver solid
financial results without a significant recovery in our end markets. If our end markets do begin
improving, we have an excellent opportunity to leverage margin growth both from incremental sales
and from portfolio management as we acquire new businesses that take us further up the value chain.
Looking forward near term, we are confident that Gibraltar will continue to report significantly
improved year-over-year financial results, keeping in mind the lower historical seasonal demand in
the first and fourth quarters of each year.
Third Quarter Conference Call Details
Gibraltar has scheduled a conference call to review its results for the third quarter of 2011
tomorrow, November 3, 2011, starting at 9:00 a.m. ET. Interested parties may access the call by
dialing (877) 407-5790 or (201) 689-8328. The presentation slides that will be discussed in the
conference call are expected to be available this evening, November 2, 2011. The slides may be
downloaded from the Gibraltar website: http://www.gibraltar1.com. A web cast replay of the
conference call and a copy of the transcript will be available on the website following the call.
About Gibraltar
Gibraltar Industries is a leading manufacturer and distributor of building products, focused on
residential and nonresidential repair and remodeling, as well as construction of industrial
facilities and public infrastructure. The Company generates more than 80% of its sales from
products that hold the #1 or #2 positions in their markets, and serves customers across the U.S.
and throughout the world from 42 facilities in 20 states, Canada, England and Germany. Gibraltars
strategy is to grow organically by expanding its product portfolio and penetration of existing
customer accounts, while broadening its market and geographic coverage through the acquisition of
companies with leadership positions in adjacent 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 is 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 adjusted financial data in this news release. Adjusted financial data
excluded special charges consisting of intangible asset impairment, restructuring primarily
associated with the closing and consolidation of our facilities, acquisition-related costs,
surrendered equity compensation, deferred tax valuation allowances, and interest expense recognized
as a result of our interest rate swap becoming ineffective. These adjustments are shown in the
Non-GAAP reconciliation of adjusted operating 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 adjusted measures should not be viewed as a substitute for our GAAP results, and
may be different than adjusted measures used by other companies.
Next Earnings Announcement
Gibraltar expects to release its financial results for the three and twelve months ending December
31, 2011, on February 23, 2012, and hold its earnings conference call on February 24, 2012,
starting at 9:00 a.m. ET.
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net sales |
$ | 220,096 | $ | 169,741 | $ | 592,466 | $ | 493,339 | ||||||||
Cost of sales |
177,133 | 142,243 | 474,030 | 405,403 | ||||||||||||
Gross profit |
42,963 | 27,498 | 118,436 | 87,936 | ||||||||||||
Selling, general, and administrative expense |
24,602 | 23,262 | 75,463 | 72,078 | ||||||||||||
Income from operations |
18,361 | 4,236 | 42,973 | 15,858 | ||||||||||||
Interest expense |
(4,869 | ) | (4,429 | ) | (14,321 | ) | (15,351 | ) | ||||||||
Other (expense) income |
(15 | ) | 30 | 46 | 161 | |||||||||||
Income (loss) before taxes |
13,477 | (163 | ) | 28,698 | 668 | |||||||||||
Provision for (benefit of) income taxes |
6,094 | (944 | ) | 12,628 | (314 | ) | ||||||||||
Income from continuing operations |
7,383 | 781 | 16,070 | 982 | ||||||||||||
Discontinued operations: |
||||||||||||||||
(Loss) income before taxes |
(276 | ) | 677 | 13,621 | (27,949 | ) | ||||||||||
Provision for (benefit of) income taxes |
193 | 261 | 6,563 | (10,414 | ) | |||||||||||
(Loss) income from discontinued operations |
(469 | ) | 416 | 7,058 | (17,535 | ) | ||||||||||
Net income (loss) |
$ | 6,914 | $ | 1,197 | $ | 23,128 | $ | (16,553 | ) | |||||||
Net income (loss) per share Basic: |
||||||||||||||||
Income from continuing operations |
$ | 0.24 | $ | 0.03 | $ | 0.53 | $ | 0.03 | ||||||||
(Loss) income from discontinued
operations |
(0.01 | ) | 0.01 | 0.23 | (0.58 | ) | ||||||||||
Net income (loss) |
$ | 0.23 | $ | 0.04 | $ | 0.76 | $ | (0.55 | ) | |||||||
Weighted average shares outstanding Basic |
30,554 | 30,325 | 30,474 | 30,295 | ||||||||||||
Net income (loss) per share Diluted: |
||||||||||||||||
Income from continuing operations |
$ | 0.24 | $ | 0.03 | $ | 0.52 | $ | 0.03 | ||||||||
(Loss) income from discontinued
operations |
(0.01 | ) | 0.01 | 0.24 | (0.57 | ) | ||||||||||
Net income (loss) |
$ | 0.23 | $ | 0.04 | $ | 0.76 | $ | (0.54 | ) | |||||||
Weighted average shares outstanding Diluted |
30,639 | 30,442 | 30,620 | 30,442 | ||||||||||||
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
September 30, | December 31, | |||||||
2011 | 2010 | |||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 33,055 | $ | 60,866 | ||||
Accounts receivable, net of reserve of $4,298 and $3,504 in 2011 and 2010 |
118,325 | 70,371 | ||||||
Inventories |
110,967 | 77,848 | ||||||
Other current assets |
24,352 | 20,229 | ||||||
Assets of discontinued operations |
| 13,063 | ||||||
Total current assets |
286,699 | 242,377 | ||||||
Property, plant, and equipment, net |
154,483 | 145,783 | ||||||
Goodwill |
348,551 | 298,346 | ||||||
Acquired intangibles |
96,991 | 66,301 | ||||||
Other assets |
6,915 | 16,766 | ||||||
Equity method investment |
| 1,345 | ||||||
Assets of discontinued operations |
| 39,972 | ||||||
$ | 893,639 | $ | 810,890 | |||||
Liabilities and Shareholders Equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 80,533 | $ | 56,775 | ||||
Accrued expenses |
66,774 | 36,785 | ||||||
Current maturities of long-term debt |
408 | 408 | ||||||
Liabilities of discontinued operations |
| 6,150 | ||||||
Total current liabilities |
147,715 | 100,118 | ||||||
Long-term debt |
206,667 | 206,789 | ||||||
Deferred income taxes |
51,370 | 37,119 | ||||||
Other non-current liabilities |
22,314 | 23,221 | ||||||
Liabilities of discontinued operations |
| 2,790 | ||||||
Shareholders equity: |
||||||||
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding |
| | ||||||
Common stock, $0.01 par value; authorized 50,000 shares; 30,700 and 30,516 shares issued in 2011 and 2010 |
307 | 305 | ||||||
Additional paid-in capital |
235,902 | 231,999 | ||||||
Retained earnings |
236,042 | 212,914 | ||||||
Accumulated other comprehensive loss |
(3,547 | ) | (2,060 | ) | ||||
Cost of 281 and 219 common shares held in treasury in 2011 and 2010 |
(3,131 | ) | (2,305 | ) | ||||
Total shareholders equity |
465,573 | 440,853 | ||||||
$ | 893,639 | $ | 810,890 | |||||
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended | ||||||||
September 30, | ||||||||
2011 | 2010 | |||||||
Cash Flows from Operating Activities |
||||||||
Net income (loss) |
$ | 23,128 | $ | (16,553 | ) | |||
Income (loss) from discontinued operations |
7,058 | (17,535 | ) | |||||
Income from continuing operations |
16,070 | 982 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
19,515 | 18,049 | ||||||
Stock compensation expense |
3,895 | 3,599 | ||||||
Non-cash charges to interest expense |
1,689 | 3,762 | ||||||
Other non-cash adjustments |
1,437 | 1,167 | ||||||
Increase (decrease) in cash resulting from changes in the following (excluding
the effects of acquisitions): |
||||||||
Accounts receivable |
(35,041 | ) | (23,419 | ) | ||||
Inventories |
(11,449 | ) | (1,030 | ) | ||||
Other current assets and other assets |
9,606 | 7,348 | ||||||
Accounts payable |
13,485 | 18,575 | ||||||
Accrued expenses and other non-current liabilities |
11,331 | 3,670 | ||||||
Net cash provided by operating activities of continuing operations |
30,538 | 32,703 | ||||||
Net cash (used in) provided by operating activities of discontinued operations |
(3,491 | ) | 21,725 | |||||
Net cash provided by operating activities |
27,047 | 54,428 | ||||||
Cash Flows from Investing Activities |
||||||||
Cash paid for acquisitions, net of cash acquired |
(107,605 | ) | | |||||
Purchases of property, plant, and equipment |
(7,838 | ) | (6,264 | ) | ||||
Purchase of equity method investment |
(250 | ) | (1,000 | ) | ||||
Net proceeds from sale of property and equipment |
978 | 179 | ||||||
Net proceeds from sale of businesses |
59,029 | 29,164 | ||||||
Net cash (used in) provided by investing activities of continuing operations |
(55,686 | ) | 22,079 | |||||
Net cash provided by (used in) investing activities of discontinued operations |
2,089 | (427 | ) | |||||
Net cash (used in) provided by investing activities |
(53,597 | ) | 21,652 | |||||
Cash Flows from Financing Activities |
||||||||
Long-term debt payments |
(74,260 | ) | (58,967 | ) | ||||
Proceeds from long-term debt |
73,849 | 8,559 | ||||||
Purchase of treasury stock at market prices |
(826 | ) | (1,114 | ) | ||||
Payment of deferred financing fees |
(34 | ) | (164 | ) | ||||
Excess tax benefit from stock compensation |
| 55 | ||||||
Net proceeds from issuance of common stock |
10 | 270 | ||||||
Net cash used in financing activities |
(1,261 | ) | (51,361 | ) | ||||
Net (decrease) increase in cash and cash equivalents |
(27,811 | ) | 24,719 | |||||
Cash and cash equivalents at beginning of year |
60,866 | 23,596 | ||||||
Cash and cash equivalents at end of period |
$ | 33,055 | $ | 48,315 | ||||
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Adjusted Statement of Operations
(unaudited)
(in thousands, except per share data)
Non-GAAP Reconciliation of Adjusted Statement of Operations
(unaudited)
(in thousands, except per share data)
Three Months Ended September 30, 2011 | ||||||||||||||||
As Reported | Acquisition | Adjusted | ||||||||||||||
In GAAP | Related | Restructuring | Statement of | |||||||||||||
Statements | Costs | Costs | Operations | |||||||||||||
Net sales |
$ | 220,096 | $ | | $ | | $ | 220,096 | ||||||||
Cost of sales |
177,133 | | (522 | ) | 176,611 | |||||||||||
Gross profit |
42,963 | | 522 | 43,485 | ||||||||||||
Selling, general, and
administrative expense |
24,602 | (156 | ) | 7 | 24,453 | |||||||||||
Income from operations |
18,361 | 156 | 515 | 19,032 | ||||||||||||
Operating margin |
8.3 | % | 0.1 | % | 0.2 | % | 8.6 | % | ||||||||
Interest expense |
(4,869 | ) | | | (4,869 | ) | ||||||||||
Other expense |
(15 | ) | | | (15 | ) | ||||||||||
Income before income taxes |
13,477 | 156 | 515 | 14,148 | ||||||||||||
Provision for income taxes |
6,094 | | 240 | 6,334 | ||||||||||||
Income from continuing operations |
$ | 7,383 | $ | 156 | $ | 275 | $ | 7,814 | ||||||||
Income from continuing
operations per share diluted |
$ | 0.24 | $ | 0.01 | $ | 0.01 | $ | 0.26 | ||||||||
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Adjusted Statement of Operations
(unaudited)
(in thousands, except per share data)
Non-GAAP Reconciliation of Adjusted Statement of Operations
(unaudited)
(in thousands, except per share data)
Three Months Ended September 30, 2010 | ||||||||||||||||
As Reported | Acquisition | Adjusted | ||||||||||||||
In GAAP | Related | Restructuring | Statement of | |||||||||||||
Statements | Costs | Costs | Operations | |||||||||||||
Net sales |
$ | 169,741 | $ | | $ | | $ | 169,741 | ||||||||
Cost of sales |
142,243 | | (438 | ) | 141,805 | |||||||||||
Gross profit |
27,498 | | 438 | 27,936 | ||||||||||||
Selling, general, and
administrative expense |
23,262 | | | 23,262 | ||||||||||||
Income from operations |
4,236 | | 438 | 4,674 | ||||||||||||
Operating margin |
2.5 | % | 0.0 | % | 0.3 | % | 2.8 | % | ||||||||
Interest expense |
(4,429 | ) | | | (4,429 | ) | ||||||||||
Other expense |
30 | | | 30 | ||||||||||||
(Loss) income before income taxes |
(163 | ) | | 438 | 275 | |||||||||||
Benefit of income taxes |
(944 | ) | | 12 | (932 | ) | ||||||||||
Income from continuing operations |
$ | 781 | $ | | $ | 426 | $ | 1,207 | ||||||||
Income from continuing
operations per share diluted |
$ | 0.03 | $ | | $ | 0.01 | $ | 0.04 | ||||||||
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Adjusted Statement of Operations
(unaudited)
(in thousands, except per share data)
Non-GAAP Reconciliation of Adjusted Statement of Operations
(unaudited)
(in thousands, except per share data)
Nine Months Ended September 30, 2011 | ||||||||||||||||||||
As Reported | Adjusted | |||||||||||||||||||
In GAAP | Acquisition | Surrendered | Restructuring | Statement of | ||||||||||||||||
Statements | Related Costs | Compensation | Costs | Operations | ||||||||||||||||
Net sales |
$ | 592,466 | $ | | $ | | $ | | $ | 592,466 | ||||||||||
Cost of sales |
474,030 | (2,467 | ) | | (1,697 | ) | 469,866 | |||||||||||||
Gross profit |
118,436 | 2,467 | | 1,697 | 122,600 | |||||||||||||||
Selling, general, and
administrative expense |
75,463 | (770 | ) | (885 | ) | (476 | ) | 73,332 | ||||||||||||
Income from operations |
42,973 | 3,237 | 885 | 2,173 | 49,268 | |||||||||||||||
Operating margin |
7.3 | % | 0.5 | % | 0.1 | % | 0.4 | % | 8.3 | % | ||||||||||
Interest expense |
(14,321 | ) | | | | (14,321 | ) | |||||||||||||
Other income |
46 | | | | 46 | |||||||||||||||
Income before income taxes |
28,698 | 3,237 | 885 | 2,173 | 34,993 | |||||||||||||||
Provision for income taxes |
12,628 | 1,054 | | 926 | 14,608 | |||||||||||||||
Income from continuing operations |
$ | 16,070 | $ | 2,183 | $ | 885 | $ | 1,247 | $ | 20,385 | ||||||||||
Income from continuing
operations per share diluted |
$ | 0.52 | $ | 0.08 | $ | 0.03 | $ | 0.04 | $ | 0.67 | ||||||||||
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Adjusted Statement of Operations
(unaudited)
(in thousands, except per share data)
Non-GAAP Reconciliation of Adjusted Statement of Operations
(unaudited)
(in thousands, except per share data)
Nine Months Ended September 30, 2010 | ||||||||||||||||||||
As Reported | Intangible | Ineffective | Adjusted | |||||||||||||||||
In GAAP | Asset | Interest Rate | Restructuring | Statement of | ||||||||||||||||
Statements | Impairment | Swap | Costs | Operations | ||||||||||||||||
Net sales |
$ | 493,339 | $ | | $ | | $ | | $ | 493,339 | ||||||||||
Cost of sales |
405,403 | | | (902 | ) | 404,501 | ||||||||||||||
Gross profit |
87,936 | | | 902 | 88,838 | |||||||||||||||
Selling, general, and administrative
expense |
72,078 | 177 | | (77 | ) | 72,178 | ||||||||||||||
Income from operations |
15,858 | (177 | ) | | 979 | 16,660 | ||||||||||||||
Operating margin |
3.2 | % | 0.0 | % | 0.0 | % | 0.2 | % | 3.4 | % | ||||||||||
Interest expense |
(15,351 | ) | | 1,424 | | (13,927 | ) | |||||||||||||
Other income |
161 | | | | 161 | |||||||||||||||
Income before income taxes |
668 | (177 | ) | 1,424 | 979 | 2,894 | ||||||||||||||
(Benefit of) provision for income taxes |
(314 | ) | (73 | ) | 520 | 260 | 393 | |||||||||||||
Income from continuing operations |
$ | 982 | $ | (104 | ) | $ | 904 | $ | 719 | $ | 2,501 | |||||||||
Income from continuing operations per
share diluted |
$ | 0.03 | $ | (0.00 | ) | $ | 0.03 | $ | 0.02 | $ | 0.08 | |||||||||
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Adjusted Statement of Operations
(unaudited)
(in thousands, except per share data)
Non-GAAP Reconciliation of Adjusted Statement of Operations
(unaudited)
(in thousands, except per share data)
Three Months Ended December 31, 2010 | ||||||||||||||||||||
As | Deferred | |||||||||||||||||||
Reported | Exit | Tax | Intangible | Adjusted | ||||||||||||||||
In GAAP | Activity | Valuation | Asset | Statement of | ||||||||||||||||
Statements | Costs | Allowance | Impairment | Operations | ||||||||||||||||
Net sales |
$ | 144,115 | $ | | $ | | $ | | $ | 144,115 | ||||||||||
Cost of sales |
128,183 | (5,459 | ) | | | 122,724 | ||||||||||||||
Gross profit |
15,932 | 5,459 | | | 21,391 | |||||||||||||||
Selling, general, and
administrative expense |
27,291 | (647 | ) | | | 26,644 | ||||||||||||||
Intangible asset impairment |
77,141 | | | (77,141 | ) | | ||||||||||||||
Loss from operations |
(88,500 | ) | 6,106 | | 77,141 | (5,253 | ) | |||||||||||||
Operating margin |
(61.4 | )% | 4.3 | % | 0.0 | % | 53.5 | % | (3.6 | )% | ||||||||||
Interest expense |
(4,363 | ) | | | | (4,363 | ) | |||||||||||||
Other expense |
(84 | ) | | | | (84 | ) | |||||||||||||
Loss before income taxes |
(92,947 | ) | 6,106 | | 77,141 | (9,700 | ) | |||||||||||||
Benefit of income taxes |
(16,609 | ) | 1,374 | (2,400 | ) | 14,485 | (3,150 | ) | ||||||||||||
Loss from continuing operations |
$ | (76,338 | ) | $ | 4,732 | $ | 2,400 | $ | 62,656 | $ | (6,550 | ) | ||||||||
Loss from continuing
operations per share
diluted |
$ | (2.52 | ) | $ | 0.15 | $ | 0.08 | $ | 2.07 | $ | (0.22 | ) | ||||||||
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Adjusted Statement of Operations
(unaudited)
(in thousands, except per share data)
Non-GAAP Reconciliation of Adjusted Statement of Operations
(unaudited)
(in thousands, except per share data)
Year Ended December 31, 2010 | ||||||||||||
As | ||||||||||||
Reported | Adjusted | |||||||||||
In GAAP | Special | Statement of | ||||||||||
Statements | Charges | Operations | ||||||||||
Net sales |
$ | 637,454 | $ | | $ | 637,454 | ||||||
Cost of sales |
533,586 | (6,361 | ) | 527,225 | ||||||||
Gross profit |
103,868 | 6,361 | 110,229 | |||||||||
Selling, general, and
administrative expense |
99,546 | (724 | ) | 98,822 | ||||||||
Intangible asset impairment |
76,964 | (76,964 | ) | | ||||||||
(Loss) income from operations |
(72,642 | ) | 84,049 | 11,407 | ||||||||
Operating margin |
(11.4 | )% | 13.2 | % | 1.8 | % | ||||||
Interest expense |
(19,714 | ) | 1,424 | (18,290 | ) | |||||||
Other income |
77 | | 77 | |||||||||
Loss before income taxes |
(92,279 | ) | 85,473 | (6,806 | ) | |||||||
Benefit of income taxes |
(16,923 | ) | 14,166 | (2,757 | ) | |||||||
Loss from continuing operations |
$ | (75,356 | ) | $ | 71,307 | $ | (4,049 | ) | ||||
Loss from continuing
operations per share
diluted |
$ | (2.49 | ) | $ | 2.36 | $ | (0.13 | ) | ||||