Gibraltar’s Third-Quarter Results Show Continued Improvement
November 4, 2009 5:35 PM ET
Gibraltar Industries, Inc. ROCK, a leading manufacturer,
processor, and distributor of products for the building, industrial, and
vehicular markets, today reported continued improvement in its earnings
and operating margins for the third quarter ended September 30, 2009,
the result of its many steps to cut costs through the restructuring of
its business, a further reduction of working capital, continued debt
reduction, a smaller FIFO impact, and a modest sequential sales increase
from the second quarter.
“We generated a 73 percent improvement in our operating income before
special charges with a third-quarter sales increase of four percent
compared to the second quarter. In each of the last two quarters, we
have seen clear evidence that Gibraltar is able to leverage small
increases in sales to drive significant improvements in margins and
earnings. This improved performance was the cumulative result of the
many steps we have taken to aggressively restructure our business, cut
costs, reduce working capital, conserve cash, and pay down debt. All of
these actions are part of our long-term focus to position Gibraltar as
the low-cost producer of the products we manufacture,” said Brian J.
Lipke, Gibraltar’s Chairman and Chief Executive Officer.
Even though business volumes in all of Gibraltar’s major end markets
were well below the levels of a year ago, third-quarter sales increased
4% to $225 million, compared to the second quarter of 2009, as the
automotive market rebounded from historic lows and building product
markets held steady. In the third quarter of 2009, income from
continuing operations before special charges was $8.3 million, or $0.28
per diluted share, compared to a net loss of $0.3 million, or a $0.01
loss per diluted share, in the second quarter of 2009. Pre-tax special
charges totaled $4.8 million, or $0.12 per diluted share, and $0.4
million, or $0.01 per diluted share, for the third and second quarters
of 2009, respectively. Special charges included a write down of a
vacated facility and exit activity costs related to the restructuring of
our business along with a write down of deferred financing fees due to
the amendment of our senior credit agreement on July 24. The sum of the
items above resulted in GAAP earnings per diluted share from continuing
operations of $0.16 for the third quarter of 2009, compared to a loss
per diluted share of $0.02 for the second quarter of 2009.
In the first nine months of 2009, sales were $647 million, a decrease of
34% compared to the first nine months of 2008, primarily driven by large
unit-volume declines resulting from sharply weaker end markets. The loss
from continuing operations in the first nine months of 2009 was $3.7
million, a $0.12 loss per diluted share, excluding special charges. The
Company incurred an after-tax non-cash goodwill impairment charge of
$15.1 million, or $0.50 per diluted share, during the three months ended
March 31, 2009 along with the special charges described above during the
second and third quarters of 2009. The sum of the items above resulted
in a GAAP loss per diluted share from continuing operations of $0.77 for
the first nine months of 2009, compared to income of $1.44 per diluted
share for the first nine months of 2008.
In the third quarter, Gibraltar closed another three locations, and it
has now reduced its number of facilities by 40%, or 35 facilities, to 53
locations since the beginning of 2007. The Company also reduced working
capital by another $32 million, or 18%, in the third quarter. The cash
generated from operating activities was largely used to reduce its debt
by another $40 million, or 13%, in the third quarter, and by $91
million, or 25%, since the beginning of 2009. The June 30, 2009 balance
of $40.0 million on the revolving credit facility was paid in full
during the third quarter.
“Both of our business segments generated continued improvements in their
third-quarter results, even though they continue to operate at levels
substantially below a year ago,” said Henning N. Kornbrekke, Gibraltar’s
President and Chief Operating Officer. “Compared to the second quarter,
the operating margin in our Building Products segment improved by 360
basis points excluding special charges on flat sequential revenues, the
result of better alignment between product pricing and material costs,
market share gains and new product introductions in targeted areas, and
better leveraging from cost-cutting initiatives. In our Processed Metal
segment, volumes improved in the third quarter as a result of increased
automotive production, which spread over a much lower cost structure and
a smaller FIFO impact, led to significantly improved operating results
compared to the second quarter.”
“Looking ahead to the fourth quarter, which is historically our slowest
period, we anticipate the normal seasonal slowing of our business, even
though conditions have stabilized in many of our markets and some – like
automotive and residential building – have begun to show some signs of
incremental, albeit modest improvement,” said Mr. Kornbrekke.
“As we move through the balance of 2009 and into the early part of the
new year, we will continue to focus on cash management, further
de-levering of the balance sheet, continually driving down costs to
further reduce our breakeven point, and carefully positioning all our
businesses to optimize their results in the current operating
environment. Based upon our experience in both the second and third
quarters this year, we believe our current facility alignment and cost
structure should allow for continuing gains in profitability with only
marginal improvement in our end-market activity levels,” said Mr. Lipke.
Gibraltar has scheduled a conference call to review its results for the
third quarter of 2009 tomorrow, November 5, 2009, starting at 9:00 a.m.
ET. A link to the call can be accessed on Gibraltar’s Web site, at http://www.gibraltar1.com.
The presentation slides that will be discussed during the call are
expected to be available on Wednesday, November 4, by 6:00 p.m. ET. The
slides may be downloaded from the Conference Calls page of the Investor
Info section of the Gibraltar Web site: http://www.gibraltar1.com/investors/index.cfm?page=48.
If you are not able to participate in the call, you may listen to a
replay or review a copy of the prepared remarks via the link above. Both
will be available on the Gibraltar Web site shortly following the call.
The conference call replay link, presentation slides, and prepared
remarks will remain on the Gibraltar Web site for one year.
Gibraltar Industries serves customers in a variety of industries in all
50 states and throughout the world. It has approximately 2,500 employees
and operates 53 facilities in 22 states, Canada, England, Germany, and
Poland. Gibraltar’s common stock is a component of the S&P SmallCap 600
and the Russell 2000® Index.
To supplement Gibraltar’s 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 a goodwill impairment recorded during the quarter ended
March 31, 2009, exit activity costs and related asset impairment charges
primarily associated with the closing and consolidation of facilities,
and the write down of deferred financing fees due to the amendment of
our senior credit agreement. 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 presentation of results excluding special charges provides
meaningful supplemental data to investors, as well as management, that
is indicative of the Company’s 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.
Information contained in this release, other than historical
information, should be considered forward-looking and may be subject to
a number of risk factors and uncertainties. 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 Company’s results of operations; energy prices
and usage; changing demand for the Company’s products and services;
changes in the liquidity of the capital and credit markets; risks
associated with the integration of acquisitions; and changes in interest
or 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.
|
| |
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
| |
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
| | | | |
|
2009
|
|
| |
|
2008
|
| | |
|
2009
|
|
| |
|
2008
|
| |
Net sales
| | |
$
| |
225,152
| | |
$
| |
341,814
| | |
$
| |
647,050
| | |
$
| |
982,925
| | |
Cost of sales
| | | | |
178,732
|
| | | |
266,106
|
| | | |
550,166
|
| | | |
776,403
|
| |
Gross profit
| | | | |
46,420
| | | | |
75,708
| | | | |
96,884
| | | | |
206,522
| | |
Selling, general and administrative expense
| | | | |
31,565
| | | | |
40,839
| | | | |
89,401
| | | | |
117,274
| | |
Goodwill impairment
| | | | |
―
| | | |
―
| | | |
25,501
|
| | | |
―
| |
Income (loss) from operations
| | | | |
14,855
| | | | |
34,869
| | | | |
(18,018
|
)
| | | |
89,248
| | |
Other expense (income)
| | | | | | | | | | | | | | | | | | |
Interest expense
| | | | |
7,863
| | | | |
6,994
| | | | |
19,609
| | | | |
22,317
| | |
Equity in partnership’s income and other income
| | | | |
(56
|
)
| | | |
(383
|
)
| | | |
(163
|
)
| | | |
(806
|
)
| |
Total other expense
| | | | |
7,807
|
| | | |
6,611
|
| | | |
19,446
|
| | | |
21,511
|
| |
Income (loss) before taxes
| | | | |
7,048
| | | | |
28,258
| | | | |
(37,464
|
)
| | | |
67,737
| | |
Provision for (benefit of) income taxes
| | | | |
2,100
|
| | | |
9,896
|
| | | |
(14,276
|
)
| | | |
24,368
|
| |
Income (loss) from continuing operations
| | | | |
4,948
| | | | |
18,362
| | | | |
(23,188
|
)
| | | |
43,369
| | |
Discontinued operations:
| | | | | | | | | | | | | | | | | | |
(Loss) income from discontinued operations before taxes
| | | | |
(60
|
)
| | | |
1,176
| | | | |
448
| | | | |
3,500
| | |
(Benefit of) provision for income taxes
| | | | |
(24
|
)
| | | |
304
|
| | | |
(108
|
)
| | | |
822
|
| |
(Loss) income from discontinued operations
| | | | |
(36
|
)
| | | |
872
|
| | | |
556
|
| | | |
2,678
|
| | | | | | | | | | | | | | | | | |
| |
Net income (loss)
| | |
$
| |
4,912
|
| |
$
| |
19,234
|
| |
$
| |
(22,632
|
)
| |
$
| |
46,047
|
| | | | | | | | | | | | | | | | | |
| |
Net income (loss) per share – Basic:
| | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations
| | |
$
| |
0.16
| | |
$
| |
0.61
| | |
$
| |
(0.77
|
)
| |
$
| |
1.45
| | |
(Loss) income from discontinued operations
| | | | |
(0.00
|
)
| | | |
0.03
|
| | | |
0.02
|
| | | |
0.09
|
| |
Net income (loss)
| | |
$
| |
0.16
|
| |
$
| |
0.64
|
| |
$
| |
(0.75
|
)
| |
$
| |
1.54
|
| | | | | | | | | | | | | | | | | |
| |
Weighted average shares outstanding – Basic
| | | | |
30,158
|
| | | |
29,999
|
| | | |
30,126
|
| | | |
29,971
|
| |
Net income (loss) per share – Diluted:
| | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations
| | |
$
| |
0.16
| | |
$
| |
0.61
| | |
$
| |
(0.77
|
)
| |
$
| |
1.44
| | |
(Loss) income from discontinued operations
| | | | |
(0.00
|
)
| | | |
0.03
|
| | | |
0.02
|
| | | |
0.09
|
| |
Net income (loss)
| | |
$
| |
0.16
|
| |
$
| |
0.64
|
| |
$
| |
(0.75
|
)
| |
$
| |
1.53
|
| | | | | | | | | | | | | | | | | |
| |
Weighted average shares outstanding – Diluted
| | | | |
30,338
|
| | | |
30,266
|
| | | |
30,126
|
| | | |
30,171
|
|
|
|
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
| |
(in thousands, except share and per share data)
| |
| |
|
| |
|
September 30,
|
|
| |
|
December 31,
| | | | | |
2009
| | | | |
2008
| | | | | |
(unaudited)
| | | | | | Assets | | | | | | | | | | | | | | | | | | | | |
| |
Current assets:
| | | | | | | | | | | |
Cash and cash equivalents
| | |
$
| |
15,101
| | | |
$
| |
11,308
| | |
Accounts receivable, net of reserve of $7,070 and
| | | | | | | | | | | |
$6,713 in 2009 and 2008, respectively
| | | | |
120,890
| | | | | |
123,272
| | |
Inventories
| | | | |
109,821
| | | | | |
189,935
| | |
Other current assets
| | | | |
23,529
| | | | | |
22,228
| | |
Assets of discontinued operations
| | | | |
1,410
|
| | | | |
1,486
|
| |
Total current assets
| | | | |
270,751
| | | | | |
348,229
| | | | | | | | | | | |
| |
Property, plant and equipment, net
| | | | |
231,649
| | | | | |
243,619
| | |
Goodwill
| | | | |
425,572
| | | | | |
443,925
| | |
Acquired intangibles
| | | | |
84,561
| | | | | |
87,373
| | |
Investment in partnership
| | | | |
2,532
| | | | | |
2,477
| | |
Other assets
| | | | |
18,147
|
| | | | |
20,736
|
| | | |
$
| |
1,033,212
|
| | |
$
| |
1,146,359
|
| | | | | | | | | | |
| Liabilities and Shareholders' Equity | | | | | | | | | | | | | | | | | | | | |
| |
Current liabilities:
| | | | | | | | | | | |
Accounts payable
| | |
$
| |
79,760
| | | |
$
| |
76,168
| | |
Accrued expenses
| | | | |
44,177
| | | | | |
46,305
| | |
Current maturities of long-term debt
| | | | |
2,708
|
| | | | |
2,728
|
| |
Total current liabilities
| | | | |
126,645
| | | | | |
125,201
| | | | | | | | | | | |
| |
Long-term debt
| | | | |
262,661
| | | | | |
353,644
| | |
Deferred income taxes
| | | | |
69,207
| | | | | |
79,514
| | |
Other non-current liabilities
| | | | |
18,996
| | | | | |
19,513
| | |
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;
| | | | | | | | | | |
30,290,059 and 30,061,550 shares issued and outstanding at
September
30, 2009 and December 31, 2008, respectively
| | | | |
303
| | | | | |
301
| | |
Additional paid-in capital
| | | | |
226,336
| | | | | |
223,561
| | |
Retained earnings
| | | | |
333,375
| | | | | |
356,007
| | |
Accumulated other comprehensive loss
| | | | |
(3,127
|
)
| | | | |
(10,825
|
)
| | | | | |
556,887
| | | | | |
569,044
| | |
Less: cost of 150,903 and 75,050 common shares held in treasury at
| | | | | | | | | | | |
September 30, 2009 and December 31, 2008, respectively
| | | | |
1,184
|
| | | | |
557
|
| |
Total shareholders’ equity
| | | | |
555,703
|
| | | | |
568,487
|
| | | |
$
| |
1,033,212
|
| | |
$
| |
1,146,359
|
|
|
| |
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
| |
|
|
| |
Nine Months Ended
September 30,
| | | | | |
2009
|
|
|
| |
|
2008
|
| Cash flows from operating activities | | | | | | | | | | | |
Net (loss) income
| | |
$
| |
(22,632
|
)
| | |
$
| |
46,047
| | |
Income from discontinued operations
| | | | |
556
|
| | | | |
2,678
|
| |
(Loss) income from continuing operations
| | | | |
(23,188
|
)
| | | | |
43,369
| |
Adjustments to reconcile net (loss) income to net cash provided by
operating activities:
| | | | | | | | | | | |
Depreciation and amortization
| | | | |
24,167
| | | | | |
25,762
| | |
Goodwill impairment
| | | | |
25,501
| | | | | |
―
| |
Provision for deferred income taxes
| | | | |
(10,749
|
)
| | | | |
(604
|
)
| |
Equity in partnership’s income and other income
| | | | |
(55
|
)
| | | | |
(596
|
)
| |
Distributions from partnership
| | | | |
―
| | | | |
609
| | |
Stock compensation expense
| | | | |
3,426
| | | | | |
3,544
| | |
Noncash charges to interest expense
| | | | |
2,797
| | | | | |
1,479
| | |
Other noncash adjustments
| | | | |
301
| | | | | |
4,294
| | |
Increase (decrease) in cash resulting from changes
| | | | | | | | | | | |
in (net of dispositions):
| | | | | | | | | | | |
Accounts receivable
| | | | |
6,847
| | | | | |
(37,709
|
)
| |
Inventories
| | | | |
82,531
| | | | | |
(32,246
|
)
| |
Other current assets and other assets
| | | | |
(4,153
|
)
| | | | |
361
| | |
Accounts payable
| | | | |
3,484
| | | | | |
34,826
| | |
Accrued expenses and other non-current liabilities
| | | | |
164
|
| | | | |
23,577
|
| |
Net cash provided by operating activities from continuing operations
| | | | |
111,073
| | | | | |
66,666
| | |
Net cash provided by operating activities from discontinued
operations
| | | | |
519
|
| | | | |
10,287
|
| |
Net cash provided by operating activities
| | | | |
111,592
|
| | | | |
76,953
|
| | | | | | | | | | |
| Cash flows from investing activities | | | | | | | | | | | |
Additional consideration for acquisitions
| | | | |
(4,354
|
)
| | | | |
(8,604
|
)
| |
Purchases of property, plant and equipment
| | | | |
(8,076
|
)
| | | | |
(13,617
|
)
| |
Net proceeds from sale of property and equipment
| | | | |
273
|
| | | | |
2,096
|
| |
Net cash used in investing activities for continuing operations
| | | | |
(12,157
|
)
| | | | |
(20,125
|
)
| |
Net cash used in investing activities for discontinued operations
| | | | |
―
| | | | |
(329
|
)
| |
Net cash used in investing activities
| | | | |
(12,157
|
)
| | | | |
(20,454
|
)
| | | | | | | | | | |
| Cash flows from financing activities | | | | | | | | | | | |
Long-term debt reduction
| | | | |
(122,172
|
)
| | | | |
(111,952
|
)
| |
Proceeds from long-term debt
| | | | |
30,948
| | | | | |
52,991
| | |
Payment of deferred financing costs
| | | | |
(2,292
|
)
| | | | |
(104
|
)
| |
Payment of dividends
| | | | |
(1,499
|
)
| | | | |
(4,491
|
)
| |
Net proceeds from issuance of common stock
| | | | |
―
| | | | |
200
| | |
Purchase of treasury stock at market prices
| | | | |
(627
|
)
| | | | |
(49
|
)
| |
Tax benefit from equity compensation
| | | | |
―
| | | | |
262
|
| |
Net cash used in financing activities for continuing operations
| | | | |
(95,642
|
)
| | | | |
(63,143
|
)
| |
Net cash used in financing activities for discontinued operations
| | | | |
―
| | | | |
(1,106
|
)
| |
Net cash used in financing activities
| | | | |
(95,642
|
)
| | | | |
(64,249
|
)
| | | | | | | | | | |
| |
Net increase (decrease) in cash and cash equivalents
| | | | |
3,793
| | | | | |
(7,750
|
)
| | | | | | | | | | |
| |
Cash and cash equivalents at beginning of year
| | | | |
11,308
|
| | | | |
35,287
|
| | | | | | | | | | |
| |
Cash and cash equivalents at end of period
| | |
$
| |
15,101
|
| | |
$
| |
27,537
|
|
|
| |
GIBRALTAR INDUSTRIES, INC.
Segment Information
(unaudited)
(in thousands)
| |
|
| | | | | Three Months Ended September 30, | | | | |
| |
| |
| |
| |
|
Increase (Decrease)
| | | | | |
2009
|
| | | |
2008
|
| | | |
$
|
|
|
|
%
|
| | | | | | | | | | | | | | | | |
| |
Net Sales
| | | | | | | | | | | | | | | | | |
Building Products
| | |
$
| |
190,520
| | |
$
| |
277,494
| | |
$
| |
(86,974
|
)
| | |
(31.3
|
)%
| |
Processed Metal Products
| | | | |
34,632
|
| | | |
64,320
|
| | | |
(29,688
|
)
| | |
(46.2
|
)%
| | | | | | | | | | | | | | | | |
| |
Consolidated
| | |
$
| |
225,152
| | |
$
| |
341,814
| | |
$
| |
(116,662
|
)
| | |
(34.1
|
)%
| | | | | | | | | | | | | | | | |
| |
Income (Loss) from Operations *
| | | | | | | | | | | | | | | | | |
Building Products
| | |
$
| |
23,287
| | |
$
| |
33,500
| | |
$
| |
(10,213
|
)
| | |
(30.5
|
)%
| |
Processed Metal Products
| | | | |
(3,425
|
)
| | | |
10,708
| | | | |
(14,133
|
)
| | |
(132.0
|
)%
| |
Corporate
| | | | |
(5,007
|
)
| | | |
(9,339
|
)
| | | |
4,332
|
| | |
(46.4
|
)%
| | | | | | | | | | | | | | | | |
| |
Consolidated
| | |
$
| |
14,855
| | |
$
| |
34,869
| | |
$
| |
(20,014
|
)
| | |
(57.4
|
)%
| | | | | | | | | | | | | | | | |
| |
Operating Margin *
| | | | | | | | | | | | | | | | | |
Building Products
| | | | |
12.2
|
%
| | | |
12.1
|
%
| | | | | | | | |
Processed Metal Products
| | | | |
(9.9)
|
%
| | | |
16.6
|
%
| | | | | | | | |
Consolidated
| | | | |
6.6
|
%
| | | |
10.2
|
%
| | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | | | | | | | | | | | | |
Increase (Decrease)
| | | | | |
2009
|
| | | |
2008
|
| | | |
$
|
| | |
%
|
| | | | | | | | | | | | | | | | |
| |
Net Sales
| | | | | | | | | | | | | | | | | |
Building Products
| | |
$
| |
547,661
| | |
$
| |
787,875
| | |
$
| |
(240,214
|
)
| | |
(30.5
|
)%
| |
Processed Metal Products
| | | | |
99,389
|
| | | |
195,050
|
| | | |
(95,661
|
)
| | |
(49.0
|
)%
| | | | | | | | | | | | | | | | |
| |
Consolidated
| | |
$
| |
647,050
| | |
$
| |
982,925
| | |
$
| |
(335,875
|
)
| | |
(34.2
|
)%
| | | | | | | | | | | | | | | | |
| |
Income (Loss) from Operations *
| | | | | | | | | | | | | | | | | |
Building Products
| | |
$
| |
12,214
| | |
$
| |
93,938
| | |
$
| |
(81,724
|
)
| | |
(87.0
|
)%
| |
Processed Metal Products
| | | | |
(16,685
|
)
| | | |
19,056
| | | | |
(35,741
|
)
| | |
(187.6
|
)%
| |
Corporate
| | | | |
(13,547
|
)
| | | |
(23,746
|
)
| | | |
10,199
|
| | |
(43.0
|
)%
| | | | | | | | | | | | | | | | |
| |
Consolidated
| | |
$
| |
(18,018
|
)
| |
$
| |
89,248
| | |
$
| |
(107,266
|
)
| | |
(120.2
|
)%
| | | | | | | | | | | | | | | | |
| |
Operating Margin *
| | | | | | | | | | | | | | | | | |
Building Products
| | | | |
2.2
|
%
| | | |
11.9
|
%
| | | | | | | | |
Processed Metal Products
| | | | |
(16.8)
|
%
| | | |
9.8
|
%
| | | | | | | | |
Consolidated
| | | | |
(2.8)
|
%
| | | |
9.1
|
%
| | | | | | | |
* Amounts include all special charges. See the following Non-GAAP
Reconciliations that show certain financial data excluding special
charges.
|
| |
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Results Excluding Special Charges
Three Months Ended September 30, 2009
(unaudited)
(in thousands, except per share data)
| |
|
| |
| |
| |
| |
| |
| |
| |
| | | | | | |
As
| | | |
Impairment
| | | | | | | |
Results
| | | | | |
Reported
| | | |
And Exit
| | | |
Deferred
| | | |
Excluding
| | | | | |
In GAAP
Statements
| | | |
Activity
Costs
| | | |
Financing
Costs
| | | |
Special
Charges
| | | | | | | | | | | | | | | | | |
| |
Income (loss) from operations
| | | | | | | | | | | | | | | | | | |
Building Products
| | |
$
| |
23,287
| | |
$
| |
1,525
| | |
$
| |
–
| | |
$
| |
24,812
| | |
Processed Metal Products
| | | | |
(3,425
|
)
| | | |
1,426
| | | | |
–
| | | | |
(1,999
|
)
| |
Corporate
| | | | |
(5,007
|
)
| | | |
293
|
| | | |
379
|
| | | |
(4,335
|
)
| | | | | | | | | | | | | | | | | |
| |
Consolidated
| | | | |
14,855
| | | | |
3,244
| | | | |
379
| | | | |
18,478
| | | | | | | | | | | | | | | | | | |
| |
Interest expense
| | | | |
7,863
| | | | |
–
| | | | |
(1,154
|
)
| | | |
6,709
| |
Equity in partnerships’ income and
other income
| | | | |
(56
|
)
| | | |
–
|
| | | |
–
|
| | | |
(56
|
)
| |
Income before income taxes
| | | | |
7,048
| | | | |
3,244
| | | | |
1,533
| | | | |
11,825
| | |
Provision for income taxes
| | | | |
2,100
|
| | | |
938
|
| | | |
443
|
| | | |
3,481
|
| |
Income from continuing operations
| | |
$
| |
4,948
|
| |
$
| |
2,306
|
| |
$
| |
1,090
|
| |
$
| |
8,344
|
| | | | | | | | | | | | | | | | | |
|
Income from continuing operations
per share – diluted
| | |
$
| |
0.16
|
| |
$
| |
0.08
|
| |
$
| |
0.04
|
| |
$
| |
0.28
|
| | | | | | | | | | | | | | | | | |
| |
Operating margin
| | | | | | | | | | | | | | | | | | |
Building Products
| | | | |
12.2
|
%
| | | |
0.8
|
%
| | | |
0.0
|
%
| | | |
13.0
|
%
| |
Processed Metal Products
| | | | |
(9.9)
|
%
| | | |
4.1
|
%
| | | |
0.0
|
%
| | | |
(5.8)
|
%
| |
Consolidated
| | | | |
6.6
|
%
| | | |
1.4
|
%
| | | |
0.2
|
%
| | | |
8.2
|
%
|
|
| |
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Results Excluding Special Charges
Nine Months Ended September 30, 2009
(unaudited)
(in thousands, except per share data)
| |
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| | | | | | |
As
| | | |
Impairment
| | | | | | | | | | | |
Results
| | | | | |
Reported
| | | |
And Exit
| | | |
Deferred
| | | | | | | |
Excluding
| | | | | |
In GAAP
Statements
| | | |
Activity
Costs
| | | |
Financing
Costs
| | | |
Goodwill
Impairment
| | | |
Special
Charges
| | | | | | | | | | | | | | | | | | | | | |
| |
Income (loss) from operations
| | | | | | | | | | | | | | | | | | | | | | |
Building Products
| | |
$
| |
12,214
| | |
$
| |
2,174
| | |
$
| |
–
| | |
$
| |
25,501
| | |
$
| |
39,889
| | |
Processed Metal Products
| | | | |
(16,685
|
)
| | | |
2,032
| | | | |
–
| | | | |
–
| | | | |
(14,653
|
)
| |
Corporate
| | | | |
(13,547
|
)
| | | |
293
|
| | | |
379
|
| | | |
–
|
| | | |
(12,875
|
)
| | | | | | | | | | | | | | | | | | | | | |
| |
Consolidated
| | | | |
(18,018
|
)
| | | |
4,499
| | | | |
379
| | | | |
25,501
| | | | |
12,361
| | | | | | | | | | | | | | | | | | | | | | |
| |
Interest expense
| | | | |
19,609
| | | | |
–
| | | | |
(1,154
|
)
| | | |
–
| | | | |
18,455
| |
Equity in partnerships’ income
and other income
| | | | |
(163
|
)
| | | |
–
|
| | | |
–
|
| | | |
–
|
| | | |
(163
|
)
| |
Loss before income taxes
| | | | |
(37,464
|
)
| | | |
4,499
| | | | |
1,533
| | | | |
25,501
| | | | |
(5,931
|
)
| |
Benefit of income taxes
| | | | |
(14,276
|
)
| | | |
1,242
|
| | | |
423
|
| | | |
10,416
|
| | | |
(2,195
|
)
| |
Loss from continuing operations
| | |
$
| |
(23,188
|
)
| |
$
| |
3,257
|
| |
$
| |
1,110
|
| |
$
| |
15,085
|
| |
$
| |
(3,736
|
)
| | | | | | | | | | | | | | | | | | | | | |
|
Loss from continuing operations
per share – diluted
| | |
$
| |
(0.77
|
)
| |
$
| |
0.11
|
| |
$
| |
0.04
|
| |
$
| |
0.50
|
| |
$
| |
(0.12
|
)
| | | | | | | | | | | | | | | | | | | | | |
| |
Operating margin
| | | | | | | | | | | | | | | | | | | | | | |
Building Products
| | | | |
2.2
|
%
| | | |
0.4
|
%
| | | |
0.0
|
%
| | | |
4.7
|
%
| | | |
7.3
|
%
| |
Processed Metal Products
| | | | |
(16.8)
|
%
| | | |
2.0
|
%
| | | |
0.0
|
%
| | | |
0.0
|
%
| | | |
(14.8)
|
%
| |
Consolidated
| | | | |
(2.8)
|
%
| | | |
0.7
|
%
| | | |
0.1
|
%
| | | |
3.9
|
%
| | | |
1.9
|
%
|
|
| |
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Results Excluding Special Charges
Three Months Ended September 30, 2008
(unaudited)
(in thousands, except per share data)
| |
| |
| |
| |
| |
| |
| | | | | |
As
| | | |
Impairments
| | | |
Results
| | | | |
Reported In
| | | |
And Exit
| | | |
Excluding
| | | | |
GAAP
Statements
| | | |
Activity
Costs
| | | |
Special
Charges
| | | | | | | | | | | | |
| |
Income from operations
| | | | | | | | | | | | | |
Building Products
| |
$
| |
33,500
| | |
$
| |
2,680
| | |
$
| |
36,180
| | |
Processed Metal Products
| | | |
10,708
| | | | |
–
| | | | |
10,708
| | |
Corporate
| | | |
(9,339
|
)
| | | |
1,139
|
| | | |
(8,200
|
)
| | | | | | | | | | | | |
| |
Consolidated
| | | |
34,869
| | | | |
3,819
| | | | |
38,688
| | | | | | | | | | | | | |
| |
Interest expense
| | | |
6,994
| | | | |
–
| | | | |
6,994
| |
Equity in partnerships’ income and
other income
| | | |
(383
|
)
| | | |
–
|
| | | |
(383
|
)
| |
Income before income taxes
| | | |
28,258
| | | | |
3,819
| | | | |
32,077
| | |
Provision for income taxes
| | | |
9,896
|
| | | |
1,337
|
| | | |
11,233
|
| |
Income from continuing operations
| |
$
| |
18,362
|
| |
$
| |
2,482
|
| |
$
| |
20,844
|
| | | | | | | | | | | | |
|
Income from continuing operations
per share – diluted
| |
$
| |
0.61
|
| |
$
| |
0.08
|
| |
$
| |
0.69
|
| | | | | | | | | | | | |
| |
Operating margin
| | | | | | | | | | | | | |
Building Products
| | | |
12.1
|
%
| | | |
1.0
|
%
| | | |
13.1
|
%
| |
Processed Metal Products
| | | |
16.6
|
%
| | | |
0.0
|
%
| | | |
16.6
|
%
| |
Consolidated
| | | |
10.2
|
%
| | | |
1.1
|
%
| | | |
11.3
|
%
|
|
| |
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Results Excluding Special Charges
Nine Months Ended September 30, 2008
(unaudited)
(in thousands, except per share data)
| |
| |
| |
| |
| |
| |
| | | | | |
As
| | | |
Impairments
| | | |
Results
| | | | |
Reported In
| | | |
And Exit
| | | |
Excluding
| | | | |
GAAP
Statements
| | | |
Activity
Costs
| | | |
Special
Charges
| | | | | | | | | | | | |
| |
Income from operations
| | | | | | | | | | | | | |
Building Products
| |
$
| |
93,938
| | |
$
| |
3,998
| | |
$
| |
97,936
| | |
Processed Metal Products
| | | |
19,056
| | | | |
1,333
| | | | |
20,389
| | |
Corporate
| | | |
(23,746
|
)
| | | |
1,139
|
| | | |
(22,607
|
)
| | | | | | | | | | | | |
| |
Consolidated
| | | |
89,248
| | | | |
6,470
| | | | |
95,718
| | | | | | | | | | | | | |
| |
Interest expense
| | | |
22,317
| | | | |
–
| | | | |
22,317
| |
Equity in partnerships’ income and
other income
| | | |
(806
|
)
| | | |
–
|
| | | |
(806
|
)
| |
Income before income taxes
| | | |
67,737
| | | | |
6,470
| | | | |
74,207
| | |
Provision for income taxes
| | | |
24,368
|
| | | |
2,329
|
| | | |
26,697
|
| |
Income from continuing operations
| |
$
| |
43,369
|
| |
$
| |
4,141
|
| |
$
| |
47,510
|
| | | | | | | | | | | | |
|
Income from continuing operations
per share – diluted
| |
$
| |
1.44
|
| |
$
| |
0.13
|
| |
$
| |
1.57
|
| | | | | | | | | | | | |
| |
Operating margin
| | | | | | | | | | | | | |
Building Products
| | | |
11.9
|
%
| | | |
0.5
|
%
| | | |
12.4
|
%
| |
Processed Metal Products
| | | |
9.8
|
%
| | | |
0.7
|
%
| | | |
10.5
|
%
| |
Consolidated
| | | |
9.1
|
%
| | | |
0.7
|
%
| | | |
9.8
|
%
|
|
| |
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Results Excluding Special Charges
Three Months Ended June 30, 2009
(unaudited)
(in thousands, except per share data)
| |
| |
| |
| |
| |
| |
| | | | | |
As
| | | |
Impairments
| | | |
Results
| | | | |
Reported In
| | | |
And Exit
| | | |
Excluding
| | | | |
GAAP
Statements
| | | |
Activity
Costs
| | | |
Special
Charges
| | | | | | | | | | | | |
| |
Income (loss) from operations
| | | | | | | | | | | | | |
Building Products
| |
$
| |
17,548
| | |
$
| |
376
| | |
$
| |
17,924
| | |
Processed Metal Products
| | | |
(3,628
|
)
| | | |
47
| | | | |
(3,581
|
)
| |
Corporate
| | | |
(3,625
|
)
| | | |
–
|
| | | |
(3,625
|
)
| | | | | | | | | | | | |
| |
Consolidated
| | | |
10,295
| | | | |
423
| | | | |
10,718
| | | | | | | | | | | | | |
| |
Interest expense
| | | |
5,779
| | | | |
–
| | | | |
5,779
| |
Equity in partnerships’ income and
other income
| | | |
(126
|
)
| | | |
–
|
| | | |
(126
|
)
| |
Income before income taxes
| | | |
4,642
| | | | |
423
| | | | |
5,065
| | |
Provision for income taxes
| | | |
5,226
|
| | | |
119
|
| | | |
5,345
|
| |
Loss from continuing operations
| |
$
| |
(584
|
)
| |
$
| |
304
|
| |
$
| |
(280
|
)
| | | | | | | | | | | | |
|
Loss from continuing operations
per share – diluted
| |
$
| |
(0.02
|
)
| |
$
| |
0.01
|
| |
$
| |
(0.01
|
)
| | | | | | | | | | | | |
| |
Operating margin
| | | | | | | | | | | | | |
Building Products
| | | |
9.2
|
%
| | | |
0.2
|
%
| | | |
9.4
|
%
| |
Processed Metal Products
| | | |
(13.8)
|
%
| | | |
0.2
|
%
| | | |
(13.6)
|
%
| |
Consolidated
| | | |
4.7
|
%
| | | |
0.2
|
%
| | | |
4.9
|
%
|
Gibraltar Industries, Inc.
Kenneth P. Houseknecht, 716-826-6500,
ext. 3229
Investor Relations
khouseknecht@gibraltar1.com Copyright 2009 Business Wire
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