EX-99.1 3 a2132055zex-99_1.htm EXHIBIT 99.1
QuickLinks -- Click here to rapidly navigate through this document

Exhibit 99.1

For further information, contact:
J. David Smith or R. Scott Vansant
770-449-7066


EURAMAX INTERNATIONAL, INC. REPORTS
2003 OPERATING RESULTS

16.5% Sales Increase Contributes to Record Annual Earnings

        Norcross, Georgia (March 24, 2004)—Euramax International, Inc. today reported net sales for the year ended December 26, 2003 of $744.3 million, an annual record exceeding 2002 net sales of $639.1 million by 16.5%. Operating earnings of $54.3 million reflect nonrecurring expenses totaling $5.6 million related to transactions among shareholders occurring in the second quarter of 2003. Operating earnings, adjusted to exclude these nonrecurring items, were 12.3% higher than in 2002.

        Net sales for the year increased $105.2 million. Strength and growth in the Company's core markets accounted for a majority of the increase. Net sales in the U.S. increased approximately $46.0 million or 10.4% on higher sales of roof drainage products to home centers and distributors, steel roofing and siding to industrial and architectural contractors, and vinyl windows and awning products to home improvement contractors. Net sales increased $3.6 million due to the acquisition of Berger Holdings Limited in November. Net sales in Europe increased $59.1 million or 29.8%. Approximately $34.3 million of this increase was attributable to strengthening of the Pound Sterling and Euro against the U.S. Dollar. Excluding the impact of the weakening of the U.S. Dollar, net sales increased 12.5% on higher sales volumes of painted aluminum coil, RV windows, RV and residential doors, and automotive components.

        Approximately $46.0 million of Euramax's year-over-year net sales growth occurred in the fourth quarter. Net sales for the quarter ended December 26, 2003, increased 28.9% to $205.4 million compared to $159.3 million in the same period of 2002. Approximately $6.5 million of this increase was attributable to strengthening of the Pound Sterling and Euro against the U.S. Dollar. The balance of the increase was primarily due to higher volumes of painted coil and automotive products in Europe and continuing strength in most U.S. markets. Operating margins for the quarter widened compared to the same period of 2002 as earnings from operations increased to $12.9 million from $8.3 million in the fourth quarter of 2002.

        Commenting on results, Chairman and CEO J. David Smith said, "Euramax continues to build and grow upon the successes of the last several years. We have broadened the base of Euramax's product offerings and markets served, both organically and through complementary acquisitions. Successful execution of this strategy is a testament to the hard work and dedication of our employees together with loyal customers who have propelled Euramax to a second consecutive record year."

        At December 26, 2003, Euramax had cash of $48.2 million and availability under its revolving credit facility of $100.8 million. Long-term debt, including current maturities, was $239.3 million, primarily consisting of the Company's $200.0 million 8.5% senior subordinated notes issued in August, and a $36.6 million term loan issued primarily to fund the Berger Holdings Limited acquisition completed in November.

        On June 12, 2003, as previously reported, Euramax shareholder Citicorp Venture Capital, Ltd. through its affiliate CVCEP, acquired approximately 54% of the stock of the Company from CVC Europe, management and other shareholders. Citicorp Venture Capital, Ltd. subsequently transferred its 34.5% interest in Euramax to Court Square Capital, Ltd. which, like Citicorp Venture Capital, Ltd. is an indirect wholly-owned subsidiary of Citigroup, Inc. CVCEP's 54% purchase and the subsequent issuance by the Company of its 8.5% senior subordinated notes required the application of purchase accounting resulting in a new basis of accounting. Accordingly, the Company's operating results for the year are divided into two periods consisting of the five months ended May 23, 2003 and the seven



months ended December 26, 2003. Net earnings for the five month period were $6.9 million and for the seven month period were $14.8 million. Net earnings for the full year of 2002 were $19.9 million.

        On February 12, 2004, Euramax agreed to purchase and retire its shares held by Court Square Capital, an affiliate of Citigroup Venture Capital, Limited, for approximately $67.9 million. The Company expects to complete such purchase by April 30, 2004.

        Euramax is a leading international producer of aluminum, steel, vinyl and fiberglass products for original equipment manufacturers, distributors, contractors and home centers in North America and Western Europe.

        Note regarding forward looking statements:    Statements made by Euramax which are not historical facts are forward looking statements that involve risks and uncertainties. Statements including the words "anticipate," "expect," "foresee," "believe," "feel," "intend" and similar words also indicate forward looking statements that involve risks and uncertainties. Actual results could differ materially from those expressed or implied in forward looking statements. Important factors that could cause financial performance to differ materially from past results and from those expresses or implied in this press release include, without limitation, the risks of doing business in multiple jurisdictions, the Company's ability to service its substantial debt and to comply with the restrictive covenants contained in the agreements governing that debt, the impact of foreign currency exchange rates, particularly the Pound Sterling and the Euro, impact of environmental regulations, dependence on key personnel, risks of business acquisitions, availability and cost of raw materials, particularly steel and aluminum, and a variety of other factors. For further information on these and other risks, see the "Risk Factors" section of the Company's Report on Form 10-K for the year ended December 26, 2003, which will be filed on or about March 25, 2004.



Euramax International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings

 
  Successor
  Predecessor
 
Thousands of U.S. Dollars

  For the
quarter ended
December 26, 2003

  For the
quarter ended
December 27, 2002

 
Net Sales   $ 205,377   $ 159,338  

Cost and expenses:

 

 

 

 

 

 

 
  Cost of goods sold     164,765     130,305  
  Selling and general     23,067     16,574  
  Depreciation and amortization     4,651     4,128  
   
 
 
      192,483     151,007  
   
 
 
    Earnings from operations     12,894     8,331  

Interest expense, net

 

 

(5,402

)

 

(5,602

)
Other income (expense), net     539     (23 )
   
 
 
    Earnings before income taxes     8,031     2,706  

Provision for income taxes

 

 

2,034

 

 

317

 
   
 
 
    Net earnings   $ 5,997   $ 2,389  
   
 
 
Earnings from operations before depreciation and amortization   $ 17,545   $ 12,459  
   
 
 

Euramax International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings

 
  Successor
  Predecessor
 
Thousands of U.S. Dollars

  For the seven
months ended
December 26, 2003

  For the five
months ended
May 23, 2003

  For the twelve
months ended
December 27, 2002

 
Net Sales   $ 483,688   $ 260,615   $ 639,149  

Cost and expenses:

 

 

 

 

 

 

 

 

 

 
  Cost of goods sold     388,829     208,420     508,254  
  Selling and general     49,649     26,153     63,593  
  Depreciation and amortization     10,639     6,276     13,968  
   
 
 
 
      449,117     240,849     585,815  
   
 
 
 
    Earnings from operations     34,571     19,766     53,334  

Interest expense, net

 

 

(12,659

)

 

(9,126

)

 

(22,748

)
Other income (expense), net     (48 )   506     703  
   
 
 
 
    Earnings before income taxes     21,864     11,146     31,289  

Provision for income taxes

 

 

7,108

 

 

4,254

 

 

11,432

 
   
 
 
 
    Net earnings   $ 14,756   $ 6,892   $ 19,857  
   
 
 
 
Earnings from operations before depreciation and amortization   $ 45,210   $ 26,042   $ 67,302  
   
 
 
 

Euramax International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets

 
  Successor
  Predecessor
 
Thousands of U.S. Dollars

  December 26, 2003
  December 27, 2002
 
ASSETS  
Current assets:              
  Cash and equivalents   $ 48,227   $ 11,646  
  Accounts receivable, net     121,689     88,508  
  Inventories     89,543     78,480  
  Other current assets     8,188     5,081  
   
 
 
    Total current assets     267,647     183,715  
Property, plant and equipment, net     141,437     112,037  
Goodwill, net     176,394     110,799  
Deferred income taxes     3,595     4,975  
Other assets     19,756     4,914  
   
 
 
    $ 608,829   $ 416,440  
   
 
 

LIABILITIES AND SHAREHOLDERS' EQUITY

 
Current liabilities:              
  Cash overdrafts   $ 436   $ 1,880  
  Accounts payable     91,689     57,104  
  Accrued expenses and other current liabilities     51,239     34,251  
  Current maturities of long-term debt     7,487      
   
 
 
    Total current liabilities     150,851     93,235  
Long-term debt, less current maturities     231,807     196,972  
Deferred income taxes     29,282     19,421  
Other liabilities     26,939     20,593  
   
 
 
    Total liabilities     438,879     330,221  
   
 
 
Shareholders' equity:              
  Common stock     500     500  
  Additional paid-in-capital     155,495     53,220  
  Treasury stock     (1,964 )   (2,056 )
  Restricted stock grant     (3,381 )    
  Retained earnings     14,756     44,439  
  Accumulated other comprehensive loss     4,544     (9,884 )
   
 
 
    Total shareholders' equity     169,950     86,219  
   
 
 
    $ 608,829   $ 416,440  
   
 
 



QuickLinks

EURAMAX INTERNATIONAL, INC. REPORTS 2003 OPERATING RESULTS