0000051103-95-000003.txt : 19950925
0000051103-95-000003.hdr.sgml : 19950925
ACCESSION NUMBER: 0000051103-95-000003
CONFORMED SUBMISSION TYPE: 10-K
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 19950630
FILED AS OF DATE: 19950921
SROS: NYSE
SROS: PSE
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: INTERNATIONAL ALUMINUM CORP
CENTRAL INDEX KEY: 0000051103
STANDARD INDUSTRIAL CLASSIFICATION: METAL DOORS, SASH, FRAMES, MOLDING & TRIM [3442]
IRS NUMBER: 952385235
STATE OF INCORPORATION: CA
FISCAL YEAR END: 0630
FILING VALUES:
FORM TYPE: 10-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-07256
FILM NUMBER: 95575176
BUSINESS ADDRESS:
STREET 1: 767 MONTEREY PASS RD
CITY: MONTEREY PARK
STATE: CA
ZIP: 91754
BUSINESS PHONE: 2132641670
10-K
1
FORM 10-K FOR FISCAL YEAR ENDED JUNE 30, 1995
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended June 30, 1995 Commission File Number 1-7256
INTERNATIONAL ALUMINUM CORPORATION
(Exact name of Registrant as specified in its charter)
California 95-2385235
(Incorporation) (I.R.S. Employer No.)
767 Monterey Pass Road
Monterey Park, California 91754
(213) 264-1670
(Principal executive office)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Names of Exchanges on Which Registered
Common Stock ($1.00 Par Value) New York Stock Exchange
Pacific Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 of the Securities Exchange Act of 1934 during the
preceding 12 months and (2) has been subject to such filing requirements for the
past 90 days. Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. X
At September 6, 1995 there were 4,254,064 shares of Registrant's Common Stock
outstanding. The aggregate market value of shares held by non-affiliates was
$74,081,535 based on the Composite Tape closing price on that date.
DOCUMENTS INCORPORATED BY REFERENCE
Registrant's Annual Report to Shareholders for fiscal year ended June 30, 1995
is incorporated by reference into Parts I and II.
Registrant's Proxy Statement dated September 22, 1995 for the Annual Meeting of
Shareholders to be held on October 26, 1995 is incorporated by reference, other
than the performance graph and Compensation Committee Report, into Part III.
PART I
ITEM 1. BUSINESS
a. GENERAL DEVELOPMENT OF BUSINESS
International Aluminum Corporation is an integrated
manufacturer and supplier of a broad line of quality aluminum,
wood, vinyl and glass products. The Company was incorporated in
California in 1963 as successor to an aluminum fabricating
business begun in 1957 and maintains its executive offices at 767
Monterey Pass Road, Monterey Park, California 91754. The
Company's telephone number is (213) 264-1670. Reference to the
"Registrant", "International Aluminum Corporation" or the
"Company" includes International Aluminum Corporation and its
subsidiaries unless the context indicates otherwise.
b. INDUSTRY SEGMENTS, LINES OF BUSINESS AND CLASSES OF PRODUCTS
This information is included on pages 4 and 13 respectively,
of the Registrant's 1995 Annual Report to Shareholders and is
hereby incorporated by reference.
c. NARRATIVE DESCRIPTION OF BUSINESS
Processes and Products
Building Products
Residential. Residential products are fabricated from
aluminum, wood and vinyl into a broad line of horizontal sliding
windows, vertical sliding windows, casement windows, garden
windows, bay and bow windows, special configuration windows,
louvre windows, patio doors, tub enclosures, shower doors,
wardrobe mirror doors and related products. These products are
used in new residential construction and in remodeling, home
improvement and replacement.
Commercial. Commercial products are fabricated from aluminum
into curtain walls, window walls, storefront framing, entrance
doors and frames, interior doors and frames and interior wall
systems. These products are utilized in varying combinations to
produce systems used for office and commercial construction,
remodeling and tenant improvement applications.
Aluminum Extrusions. In the extrusion process, heated
aluminum billets are hydraulically forced through steel dies to
produce a piece of metal of the desired length and cross-section
shape. The extrusions are then cut and, when requested, anodized
or painted in a variety of finishes in the Company's anodizing
and painting departments.
- 1 -
The Company currently has five extrusion presses at its
Alhambra, California plant and three presses at its plant in
Waxahachie, Texas.
Aluminum extrusions produced by the Company are used in
fabricating substantially all of its other aluminum products.
In addition, during fiscal 1995 approximately 54% of the
extrusions produced were sold to users in its own or other
industries, including manufacturers of fixtures, electronic
equipment, fitness products, sailboats, skylights and truck
bodies. The Company furnishes design services to assist its
customers in developing or better utilizing custom extrusions.
Glass Products
This product group shapes, bends, bevels, etches, polishes
and tempers bulk flat glass. The fabricated glass is primarily
utilized in the Company's store display systems and in its glass
furniture lines. Glass is also processed to customer
specifications for incorporation into their end products, which
include residential, patio and office furniture, truck and
recreational vehicle windows, light fixtures and appliances.
Sales and Distribution
The Company markets its residential and commercial building
products primarily to independent dealers and distributors, with
whom the Company has no long-term contracts. Aluminum extrusions
are marketed principally by direct sales to other manufacturers,
some of which produce aluminum products of the Company's design.
The Company's glass products are marketed to manufacturers,
distributors and retailers.
Each of the Company's subsidiaries has its own administrative
and sales organizations. Sales are made largely in the United
States and Europe.
No customer accounted for more than 5% of net sales in 1995,
and no material part of the business is dependent upon a single
customer or a few customers, the loss of any one or more of whom
would have a materially adverse effect on the business of the
Company. The Company does business on a current basis and has
no significant backlog of unfilled firm orders.
Materials
The Company purchases its aluminum ingot requirements from
primary aluminum producers or spot metal brokers. Although
increased worldwide demand produces periods of tight supply of
aluminum ingot and scrap, the Company has had satisfactory
experience to date in obtaining sufficient raw materials to meet
its requirements and does not anticipate material shortages which
would significantly hamper its operations.
- 2 -
Flat glass is purchased from domestic glass manufacturers.
The Company has had satisfactory experience to date in obtaining
sufficient glass to meet its requirements.
The Company produces the aluminum extrusions used in the
products it manufactures and sells. Wood, vinyl, hardware,
fasteners and screening are purchased from outside sources.
Seasonality
Sales of products designed for residential and commercial
applications are subject to cyclical swings in new construction
and seasonal fluctuations due to reduced construction activity
in some marketing areas during the winter months (second and
third quarters).
Working Capital
To maintain an adequate supply of aluminum to meet customer
delivery requirements and to assure itself of a continuous
allotment of materials from its suppliers, the Company at times
carries a significant inventory of aluminum ingot. Depending on
price and availability, bulk quantities of ingot are purchased
from either primary aluminum producers or from spot metal
brokers.
The Company does not believe there are any abnormal working
capital requirements associated with any of its product groups
as merchandise is normally produced for specific customer orders
or shipped from inventory and as a general practice extended
payment terms are not granted to customers.
Patents
The Company has no material patents, either issued or
pending, and is not a party to any significant licensing
agreements.
Competition and Risk
The business of International Aluminum is highly competitive.
Competition in all product lines is on the basis of price,
service and product quality. The manner and extent of such
competition depends on the product being marketed and the
relevant marketing area. In selling its residential products to
dealers and distributors, the Company faces competition primarily
from numerous fabricators. Several of the Company's major
competitors in selling commercial products and aluminum
extrusions are substantially larger, more diversified and have
greater resources than the Company.
- 3 -
The Company anticipates that expansion of its product lines
may result in its competing with certain of its present
customers. While the Company cannot accurately predict the
effect, if any, that such development will have on its business,
the Company anticipates no material adverse effect.
Since a substantial portion of the Company's business is
connected with residential and commercial building construction,
any significant decrease in new or remodeling construction could
adversely affect revenues. Experience has shown that high
interest rates for construction financing and residential
mortgage and home improvement loans may adversely affect
revenues.
Environmental Controls
The Company's domestic aluminum extrusion, anodizing,
painting and manufacturing facilities are subject to water and
air pollution control standards mandated by federal, state and
local law. While the Company anticipates no material capital
expenditures to meet established environmental quality control
standards, there can be no assurance that more stringent
standards will not be established which might require such
expenditures.
Employees
As of June 30, 1995, the Company had approximately 1,900
full-time employees.
d. FINANCIAL INFORMATION ABOUT FOREIGN AND DOMESTIC OPERATIONS
The information concerning sales, net income and identifiable
assets of foreign and domestic operations for fiscal years 1995,
1994 and 1993 is set forth in Note 10 to the consolidated
financial statements included on page 13 of the Company's 1995
Annual Report incorporated herein by reference.
- 4 -
ITEM 2. PROPERTIES
The following table sets forth information concerning the
location, size and use of the Company's present facilities:
Square
Location Feet (1) Use
Building Products:
Alhambra, California 221,000 Aluminum extrusions,
foundry & finishing
Waxahachie, Texas 273,000 Aluminum extrusions,
foundry & finishing
South Gate, California 189,000 Residential products
Hayward, California 103,000 Residential products
Phoenix, Arizona 100,000 Residential products
Riverside, California 67,000 Residential products
Vernon, California 134,000 Commercial products
Seattle, Washington 15,000(L) Commercial products
Bedford Park, Illinois 81,000 Commercial products
Boston, Massachusetts 21,000(L) Commercial products
Waxahachie, Texas 134,000 Commercial products
Denver, Colorado 16,000(L) Commercial products
Rock Hill, South Carolina 74,000(E) Commercial products
Atlanta, Georgia 18,000(L) Commercial products
Bridgeport, New Jersey 11,000(L) Commercial products
Houston, Texas 57,000 Commercial products
Dallas, Texas 15,000 Commercial products
Waxahachie, Texas 60,000 Commercial products
Amsterdam, The Netherlands 165,000 Commercial and
residential products
Glass Products:
South Gate, California 86,000(L) Glass fabrication
Rock Hill, South Carolina 84,000(E) Glass fabrication
Administration:
Monterey Park, California 19,000(L) Executive offices
______________________
(1) Includes manufacturing, warehouse and office space; excludes
construction in process, parking and yard storage space.
(E) Indicates encumberment of real property.
(L) Indicates leased premises.
Of the 1,943,000 square feet exhibited above, 1,757,000 square
feet are owned by the Company. The balance of 186,000 square feet
is leased under agreements expiring at various dates. The Company
believes that its facilities are adequate for anticipated levels of
operations.
- 5 -
ITEM 3. LEGAL PROCEEDINGS
The Company has litigation pending, both offensive and
defensive, arising from the conduct of its business, none of
which are expected to have any material effect on the Company's
financial position.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters have been submitted to a vote of security holders
which are required to be reported under the instructions to this
item.
- 6 -
PART II
ITEM 5. MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED
STOCKHOLDER MATTERS
The market and dividend information is included on pages 14
and 16 of the Company's 1995 Annual Report to Shareholders and
is incorporated herein by reference.
There are no restrictions of future cash dividends.
There were approximately 600 shareholders of record of the
Company's common stock at June 30, 1995.
ITEM 6. SELECTED FINANCIAL DATA
Selected financial data pertaining to the Company for the
last five years is set forth on page 4 of the Company's 1995
Annual Report to Shareholders and is incorporated herein by
reference.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
This information is set forth on pages 2 through 5 of the
Company's 1995 Annual Report to Shareholders and is incorporated
herein by reference.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
See Part IV, Item 14.
ITEM 9. DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
There have been no disagreements which are required to be
reported under the instructions to this item.
PART III
The information required under Part III is contained in the
Company's Proxy Statement for the Annual Meeting of Shareholders
to be held October 26, 1995, which information is incorporated
herein by reference.
- 7 -
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
Page
(a) 1. Financial Statements
Consolidated Financial Statements (See Note):
Balance sheets - June 30, 1995 and 1994
Statements for the three years ended June 30, 1995 -
Income
Shareholders' equity
Cash flows
Notes to consolidated financial statements
2. Financial Statement Schedules
Report of Independent Accountants on Financial
Statement Schedules F-1
Schedule for the three years ended June 30, 1995 -
II Valuation and qualifying accounts F-2
3. Exhibits
3. Articles of incorporation and by-laws. This information is set
forth as Exhibits 2.2 and 2.3 to the September 9, 1977 Registration
Statement on Form S-7, and was amended by Proxy Statements dated
September 26, 1978 and September 21, 1988 furnished to shareholders
in connection with the related Annual Meeting of Shareholders held
on October 26, 1978 and October 27, 1988, respectively. These
documents were filed by the Registrant with the Securities and
Exchange Commission and are incorporated herein by reference.
4. Instruments defining the rights of security holders, including
indentures. This information is set forth on page 10 of the August
1, 1968 Registration Statement on Form S-1, as amended, filed by the
Registrant with the Securities and Exchange Commission and is
incorporated herein by reference.
13. Annual report to security holders, Form 10-Q or quarterly
report to security holders.
22. Subsidiaries of the registrant.
23. Consent of Price Waterhouse LLP (included on page F-1 herein).
27. Financial Data Schedule
(b) No reports on Form 8-K were required to be filed during the last
quarter of 1995.
NOTE: The consolidated statements referred to above are included in the
1995 Annual Report to Shareholders and are incorporated herein by
reference.
- 8 -
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereto duly authorized.
INTERNATIONAL ALUMINUM CORPORATION
Date: September 21, 1995 By: DAVID C. TREINEN
David C. Treinen
Senior Vice President-Finance and
Administration; Secretary and
Chief Financial Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
Signature Title Date
CORNELIUS C. VANDERSTAR Chairman of the Board and September 21, 1995
Cornelius C. Vanderstar Chief Executive Officer
JOHN P. CUNNINGHAM Director; President and September 21, 1995
John P. Cunningham Chief Operating Officer
DAVID C. TREINEN Director; Senior Vice September 21, 1995
David C. Treinen President-Finance and
Administration; Secretary
and Chief Financial Officer
MITCHELL K. FOGELMAN Vice President-Controller; September 21, 1995
Mitchell K. Fogelman Asst. Vice President-Finance
and Chief Accounting Officer
HUGH E. CURRAN Director September 21, 1995
Hugh E. Curran
JOEL F. McINTYRE Director September 21, 1995
Joel F. McIntyre
ALEXANDER VAN DE POL Director September 21, 1995
Alexander van de Pol
DONALD J. WILLFONG Director September 21, 1995
Donald J. Willfong
- 9 -
REPORT OF INDEPENDENT ACCOUNTANTS ON
FINANCIAL STATEMENT SCHEDULE
To the Board of Directors of
International Aluminum Corporation
Our audits of the consolidated financial statements referred to
in our report dated August 17, 1995 appearing on page 15 of the
1995 Annual Report to Shareholders of International Aluminum
Corporation (which report and consolidated financial statements
are incorporated by reference in this Annual Report on Form 10-K)
also included an audit of the Financial Statement Schedule listed
in Item 14(a)2 of this Form 10-K. In our opinion, this Financial
Statement Schedule presents fairly, in all material respects, the
information set forth therein when read in conjunction with the
related consolidated financial statements.
PRICE WATERHOUSE LLP
Los Angeles, California
August 17, 1995
Exhibit 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the
Registration Statement on Form S-8 (No. 33-57109) of
International Aluminum Corporation of our report dated August 17,
1995 appearing on page 15 of the Annual Report to Shareholders
which is incorporated in this Annual Report on Form 10-K. We
also consent to the incorporation by reference of our report on
the Financial Statement Schedule which appears on page F-1 of
this Form 10-K.
PRICE WATERHOUSE LLP
Los Angeles, California
September 21, 1995
F-1
INTERNATIONAL ALUMINUM CORPORATION AND SUBSIDIARIES
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
For The Three Years Ended June 30, 1995
Balance at Amounts Amounts Balance at
Beginning Charged Written End
Description of Year to Income Off of Year
Reserves for
doubtful accounts
1995 $815,000 $376,000 $418,000 $773,000
1994 673,000 647,000 505,000 815,000
1993 669,000 766,000 762,000 673,000
F-2
INTERNATIONAL ALUMINUM CORPORATION
SUBSIDIARIES
The following is a list of the significant subsidiaries of the
Registrant and the jurisdiction under which each is organized. The
Company owns 100 percent of the voting securities of each such
subsidiary.
Jurisdiction of
Name of Subsidiary Organization
International Window Corporation California
International Extrusion Corporation California
United States Aluminum Corporation California
General Window Corporation* California
International California Glass Corporation California
United States Aluminum Corporation-Illinois California
International Window-Arizona, Inc. California
United States Aluminum Corporation-Texas Texas
International Extrusion Corporation-Texas California
United States Aluminum Corporation-Carolina California
International Carolina Glass Corporation California
Ragland Manufacturing Company, Inc. Texas
United States Aluminum Corporation-Northeast California
Maestro Products, Inc. California
Eland-Brandt, B.V. The Netherlands
______________________________________________
* dba International Window-Northern California
Exhibit 22
EX-13
2
ANNUAL REPORT FOR FISCAL YEAR ENDED JUNE 30, 1995
1995
ANNUAL
REPORT
INTERNATIONAL ALUMINUM CORPORATION
COMPANY PROFILE
INTERNATIONAL ALUMINUM CORPORATION is an integrated manufacturer and supplier
of a broad line of quality aluminum, wood, vinyl and glass products. The
Company is headquartered in Monterey Park, California and has approximately
1,900 employees. Operations are conducted through fourteen domestic
subsidiaries and one international subsidiary.
COMMERCIAL PRODUCTS - Curtain walls, window walls, storefront framing,
entrance doors and frames, interior doors and frames and interior glazing
systems.
RESIDENTIAL PRODUCTS - Aluminum, wood, vinyl and composite products including
horizontal sliding windows, vertical sliding windows, casement windows,
garden windows, bay and bow windows, special configuration windows, louvre
windows, patio doors, wardrobe mirror doors, tub enclosures and shower doors.
ALUMINUM EXTRUSIONS - Mill finish, anodized, painted and fabricated
extrusions.
GLASS PRODUCTS - Innovative store display systems. Fabrication, tempering
and etching of flat glass. Distinctive lines of glass furniture.
TABLE OF CONTENTS
Financial Highlights
Letter to Shareholders
Selected Financial Data
Management's Discussion and Analysis of Financial
Condition and Results of Operations
Consolidated Financial Statements
Notes to Consolidated Financial Statements
Quarterly Stock Information
Report of Independent Accountants
Corporate Information
List of Subsidiaries
FINANCIAL HIGHLIGHTS
Fiscal Years Ended June 30, 1995, 1994 and 1993
1995 1994 1993
Net sales $210,906,000 $174,773,000 $152,195,000
Income from operations $ 22,034,000 $ 11,128,000 $ 4,148,000
Net income $ 13,502,000 $ 8,795,000 $ 3,602,000
Per Share Data:
Net income $3.18 $2.08 $ .85
Dividends $1.00 $1.00 $1.00
Stock Information At Year End:
Book value $26.75 $24.45 $23.44
Stock price $31 3/4 $24 1/8 $23 1/4
Price-Earnings ratio 10.0 11.6 27.4
TO OUR SHAREHOLDERS
Taken as a whole, fiscal 1995 reflected a continuation of the accelerated
improvement begun in 1994. Construction activity and resultant market demand
for our products continued to improve throughout the United States with the
notable exception of our home markets in California. Our stated 1995 goal
of returning our California residential operations to their prior levels of
income contribution was not met. This was due in large measure to the
continuation of sluggish homebuilding activity as well as an accelerating
market trend away from aluminum window and door products in favor of other
materials. Notwithstanding the above, 1995 was all in all a good year. On
a sales increase of 21 percent, our pretax income from operations essentially
doubled from $11.1 million to $22.0 million. As you may recall, last year's
reported net income was inflated from $1.74 per share to $2.08 by the
adoption of a mandated accounting change.
Improved performances from both our California and Texas aluminum extrusion
and finishing plants made a major contribution to increased consolidated
income. For most of the year, both operated at near capacity and benefited
from a runup in aluminum ingot prices which allowed eroded margins to be
largely restored. In anticipation of continued growth, we have made an
additional investment in Texas of nearly $5 million for a fourth extrusion
press with state of the art handling equipment, additional plant and a
complete rebuilding of our older anodizing line.
The resurgence of our Commercial Products Group, particularly in the East,
continued during the past year. In addition to our four manufacturing
plants, we now have five satellite storefront warehouse facilities in place,
another in the process of opening and two more planned for the coming year.
A major reason for the added investment at our extrusion plant in Texas is
to enable us to handle the anticipated increase in volume generated by U.S.
Aluminum's more complete geographical coverage.
As mentioned earlier, the lackluster recovery of our two California
residential products plants is a major concern. We have made some
significant organizational changes and are on the threshold of several
product line introductions in order to better cope with rapidly changing
customer demands in our residential markets. We are making major investments
in automated vinyl window and door manufacturing equipment and will shortly
be entering the market in both northern and southern California with the
intention of becoming the foremost supplier of not only aluminum products but
vinyl as well.
Results posted by our two glass fabricating companies were mixed.
International California Glass again showed marked improvement from last
year. However, its sister company in South Carolina, while still profitable,
was down in both sales volume and income. California has succeeded in
redirecting its market efforts more rapidly toward the display industry than
has Carolina which has historically been far more dependent on furniture.
Even though its venture with Mitsubishi Kasei into the "clean room" business
turned out to be far less than a success, Ragland Manufacturing in Houston
posted both increased sales and improved earnings from its core business of
supplying commercial interior door frames and wall systems. We are presently
considering several options to broaden the scope of its activities in the
office interior market.
Due primarily to a sharp decline in volume from what had been a major
customer in the Far East, our overall export volume was down the past year.
Also the financial debacle in Mexico effectively halted what had been a
growing volume of business from that country. Eland-Brandt in Amsterdam had
yet another poor year. We are presently weighing our alternatives relative
to our continued involvement in the European market.
The Company's financial condition remains stronger than ever. At yearend,
shareholders' equity had increased to $113.8 million while working capital
stood at $68.4 million. Long-term debt had declined to only $542,000 and our
current ratio was a healthy 4.6 to 1. Capital investment was particularly
heavy this past twelve months and totalled nearly $12 million. Major
expenditures included the previously mentioned $5 million at our Texas
extrusion plant, the construction of a new 100,000 square foot plant for
International Window-Arizona and the purchase of a 70,000 square foot
manufacturing facility for Maestro Products.
CORNELIUS C. VANDERSTAR JOHN P. CUNNINGHAM
Cornelius C. Vanderstar John P. Cunningham
Chairman President
September 1, 1995
SELECTED FINANCIAL DATA
Year Ended June 30 1995 1994 1993 1992 1991
Sales and Earnings -
Building products
Commercial $ 87,002,000 $ 66,843,000 $ 60,340,000 $ 62,179,000 $ 73,552,000
Residential 53,108,000 52,081,000 49,308,000 52,696,000 55,749,000
Extrusions 53,747,000 38,616,000 28,585,000 28,963,000 30,397,000
193,857,000 157,540,000 138,233,000 143,838,000 159,698,000
Glass products 17,049,000 17,233,000 13,962,000 14,485,000 14,657,000
Total net sales $210,906,000 $174,773,000 $152,195,000 $158,323,000 $174,355,000
Income before
accounting change $ 13,502,000 $ 7,365,000 $ 3,602,000 $ 876,000 $ 6,243,000
Accounting change 1,430,000
Net income $ 13,502,000 $ 8,795,000 $ 3,602,000 $ 876,000 $ 6,243,000
Per share:
Income before
accounting change $3.18 $1.74 $ .85 $ .21 $1.46
Accounting change .34
Net income $3.18 $2.08 $ .85 $ .21 $1.46
Dividends declared $1.00 $1.00 $1.00 $1.00 $1.00
Average shares outstanding 4,240,371 4,226,733 4,219,401 4,211,372 4,269,819
Financial Data at Year End -
Working capital $ 68,395,000 $ 63,452,000 $ 61,447,000 $ 61,044,000 $ 61,655,000
Total assets 138,104,000 129,030,000 123,938,000 122,286,000 129,377,000
Long-term debt 542,000 1,103,000 1,665,000 2,226,000 2,787,000
Shareholders' equity 113,771,000 103,435,000 98,947,000 99,427,000 102,188,000
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Significant Changes in Results of Operations
1995 vs. 1994
Net sales for fiscal 1995 increased by $36,133,000
or 20.7% from net sales of fiscal 1994. The entire
increase results from increased domestic sales
activity where significant increases were posted by
the Commercial Products Group and the Aluminum
Extrusion Group. Sales of commercial products
increased 30.1% reflecting the increased demand for
the Company's products in the southwestern and
eastern regions of the United States. The Aluminum
Extrusion Group sales increased 39.2% reflecting
both significantly higher selling prices related to
the dramatic rise in aluminum costs and
substantially increased volume of sales into the
southwestern states marketing area.
Cost of sales decreased to 67.8% of sales in 1995 as
compared with 70.8% in 1994. This decrease is
primarily attributable to decreases in labor and
overhead cost percentages in the Aluminum Extrusion
Group resulting from rising prices and increased
volume. These increases were offset during the
second half of the year by increased material costs.
Selling, general and administrative expenses were
21.8% of sales in 1995 as compared with 22.8% in
1994. Expenses in the current year have risen by
$6,010,000 primarily associated with the increased
volumes of business.
The increase in investment income relates to
increases in the market values of interest rate
sensitive securities during the year.
1994 vs. 1993
Fiscal year 1994 net sales increased by $22,578,000
or 14.8% from the fiscal year 1993 level. This
increase is comprised of a $24,165,000 increase in
domestic sales which was offset by a $1,587,000
decrease in foreign sales. The domestic sales
increase reflects improvements posted by each of the
Company's domestic product groups. The most
significant domestic increases were posted by the
Aluminum Extrusion Group and the Commercial Products
Group which reflect the upswing in activity in the
manufacturing and commercial construction segments
of the economy.
Gross profit was 29.2% of sales in 1994 as compared
with 27.9% in 1993, primarily reflecting the
production cost efficiencies in the Aluminum
Extrusion and Commercial Products lines resulting
from significantly increased volume. This increase
was offset by increases in production costs at the
two California residential products companies
necessitated by the introduction of a new line of
more energy efficient products required to meet
stringent energy standards mandated by the
California Energy Commission.
Selling, general and administrative expenses were
22.8% of sales in 1994 as compared with 25.2% in
1993. Expenses in the current year have risen by
$1,548,000 primarily due to additional distribution
costs associated with the increased volumes of
business.
The decrease in investment income relates to
significant decreases in the market values of
interest rate sensitive securities during the year.
Inflation
Because the Company's products are predominately
made-to-order, the impact of inflation on operating
results is typically not significant. The Company
attempts to alleviate inflationary pressures by
increasing selling prices to help offset rising
costs (subject to competitive conditions),
increasing productivity and improving design.
Liquidity and Capital Resources
Working capital at June 30, 1995 was $68,395,000,
an increase of $4,943,000 over the June 30, 1994
level and an increase of $6,948,000 over the
June 30, 1993 level. The ratio of current assets to
current liabilities was 4.6 at the end of 1995
compared to 4.2 at the end of 1994 and 4.6 at the
end of 1993. The Company continues to be in
excellent position to meet its short-term operating
and discretionary cash requirements. Funds in
excess of current operating requirements are
invested in marketable securities and short-term
interest-bearing instruments.
Capital expenditures for property, plant and
equipment of approximately $11,886,000 in 1995,
$4,559,000 in 1994 and $3,479,000 in 1993 were
financed through internal cash flow. The Company's
projected capital expenditures for fiscal 1996
include $3,000,000 for scheduled expansion of
production capacity in addition to the normal annual
expenditures for replacement items. The Company
anticipates financing these expenditures through
internal cash flow.
The Company had $10,000,000 in available credit at
the end of 1995 under a short-term borrowing
arrangement with a bank.
The Company's financial condition remains strong.
The Company believes that its cash, other liquid
assets, operating cash flows and borrowing capacity
taken together provide more than adequate resources
to fund ongoing operating requirements and future
capital expenditures related to the expansion of
existing businesses.
CONSOLIDATED BALANCE SHEETS
June 30, 1995 and 1994
Assets 1995 1994
Current assets:
Cash and cash equivalents $ 3,550,000 $ 6,413,000
Investments 2,213,000 9,287,000
Accounts receivable, less reserve of
$773,000 in 1995 and $815,000 in 1994 34,877,000 34,715,000
Unbilled receivables 1,222,000 1,055,000
Inventories 41,773,000 28,741,000
Prepaid expenses 2,060,000 1,580,000
Future income tax benefits 1,596,000 1,326,000
Total current assets 87,291,000 83,117,000
Property, plant and equipment, at cost:
Land 8,195,000 7,252,000
Buildings and improvements 29,374,000 27,915,000
Machinery and equipment 56,080,000 52,754,000
Construction in process 3,763,000
97,412,000 87,921,000
Accumulated depreciation (52,567,000) (48,133,000)
44,845,000 39,788,000
Other assets:
Costs in excess of net assets of purchased businesses 4,839,000 4,972,000
Other 1,129,000 1,153,000
5,968,000 6,125,000
$138,104,000 $129,030,000
See accompanying notes to consolidated financial statements.
/TABLE
CONSOLIDATED BALANCE SHEETS
June 30, 1995 and 1994
Liabilities and Shareholders' Equity 1995 1994
Current liabilities:
Accounts payable $ 7,820,000 $ 8,449,000
Accrued liabilities 9,555,000 8,877,000
Current portion of long-term debt 423,000 562,000
Income taxes payable 1,098,000 1,777,000
Total current liabilities 18,896,000 19,665,000
Long-term debt 542,000 1,103,000
Other liabilities:
Deferred income taxes 4,496,000 4,466,000
Other 399,000 361,000
4,895,000 4,827,000
Commitments (Note 7)
Shareholders' equity:
Capital Stock -
Preferred, $10.00 par value -
Authorized - 500,000 shares
Outstanding - none
Common, $1.00 par value -
Authorized - 10,000,000 shares
Outstanding - 4,252,789 shares in 1995
and 4,230,780 shares in 1994 4,726,000 4,704,000
Paid-in capital 3,612,000 3,359,000
Retained earnings, including cumulative
translation adjustment of $3,029,000
in 1995 and $2,228,000 in 1994 105,433,000 95,372,000
113,771,000 103,435,000
$138,104,000 $129,030,000
CONSOLIDATED STATEMENTS OF INCOME
For the years ended June 30, 1995, 1994 and 1993
1995 1994 1993
Net sales $210,906,000 $174,773,000 $152,195,000
Cost of sales 142,942,000 123,725,000 109,675,000
Gross profit 67,964,000 51,048,000 42,520,000
Selling, general and administrative expenses 45,930,000 39,920,000 38,372,000
Income from operations 22,034,000 11,128,000 4,148,000
Investment income 580,000 479,000 1,428,000
Interest expense ( 92,000) (102,000) (134,000)
Income before income taxes and cumulative effect of
accounting change 22,522,000 11,505,000 5,442,000
Provision for income taxes 9,020,000 4,140,000 1,840,000
Income before cumulative effect of accounting change 13,502,000 7,365,000 3,602,000
Cumulative effect of accounting change for income taxes 1,430,000
Net income $ 13,502,000 $ 8,795,000 $ 3,602,000
Earnings per share:
Income before cumulative effect of accounting change $3.18 $1.74 $ .85
Cumulative effect of accounting change .34
Net income $3.18 $2.08 $ .85
/TABLE
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
For the years ended June 30, 1995, 1994 and 1993
Common Stock
Number Paid-in Retained
of Shares Amount Capital Earnings Total
Balance, June 30, 1992 4,218,423 $4,692,000 $3,207,000 $ 91,528,000 $ 99,427,000
Exercise of stock options 2,040 2,000 23,000 25,000
Translation adjustment 113,000 113,000
Cash dividends (4,220,000) (4,220,000)
Net income 3,602,000 3,602,000
Balance, June 30, 1993 4,220,463 4,694,000 3,230,000 91,023,000 98,947,000
Exercise of stock options 10,317 10,000 129,000 139,000
Translation adjustment (218,000) (218,000)
Cash dividends (4,228,000) (4,228,000)
Net income 8,795,000 8,795,000
Balance, June 30, 1994 4,230,780 4,704,000 3,359,000 95,372,000 103,435,000
Exercise of stock options 22,009 22,000 253,000 275,000
Translation adjustment 801,000 801,000
Cash dividends (4,242,000) (4,242,000)
Net income 13,502,000 13,502,000
Balance, June 30, 1995 4,252,789 $4,726,000 $3,612,000 $105,433,000 $113,771,000
See accompanying notes to consolidated financial statements.
/TABLE
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended June 30, 1995, 1994 and 1993
1995 1994 1993
Cash flows from operating activities:
Net income $13,502,000 $ 8,795,000 $ 3,602,000
Adjustments for noncash transactions:
Depreciation and amortization 4,793,000 4,696,000 4,607,000
Change in deferred income taxes (240,000) (699,000) (94,000)
Change in accounting for income taxes (1,430,000)
Changes in assets and liabilities:
Receivables 261,000 (4,883,000) 743,000
Inventories (12,844,000) (2,846,000) (1,552,000)
Prepaid expenses and other (419,000) (1,020,000) 40,000
Accounts payable (859,000) 646,000 1,842,000
Accrued liabilities and other 539,000 221,000 1,265,000
Income taxes payable (670,000) 1,871,000 (293,000)
Net cash provided by operating activities 4,063,000 5,351,000 10,160,000
Cash flows from investing activities:
Capital expenditures (11,886,000) (4,559,000) (3,479,000)
Proceeds from sales of capital assets 2,530,000 170,000 317,000
Changes in investments 7,074,000 (446,000) (2,760,000)
Net cash used in investing activities (2,282,000) (4,835,000) (5,922,000)
Cash flows from financing activities:
Repayment of long-term debt (700,000) (422,000) (700,000)
Exercise of stock options 275,000 139,000 25,000
Dividends paid to shareholders (4,242,000) (4,228,000) (4,220,000)
Net cash used in financing activities (4,667,000) (4,511,000) (4,895,000)
Effect of exchange rate changes on cash 23,000 (5,000) (100,000)
Net change in cash and cash equivalents (2,863,000) (4,000,000) (757,000)
Cash and cash equivalents at beginning of year 6,413,000 10,413,000 11,170,000
Cash and cash equivalents at end of year $ 3,550,000 $ 6,413,000 $10,413,000
See accompanying notes to consolidated financial statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Significant accounting policies and procedures -
(a) Principles of consolidation
The accompanying consolidated financial statements include the accounts of
the Company and all its domestic and foreign subsidiaries. All significant
intercompany transactions and accounts have been eliminated in consolidation.
To expedite reporting, the Company follows the practice of consolidating its
foreign subsidiary using a year ending one month prior to the June 30th year
end of its domestic subsidiaries.
(b) Cash, cash equivalents and investments
Cash and cash equivalents include cash on hand and marketable securities with
original maturities of three months or less.
Investments include preferred stocks which are classified as trading
securities but are not considered to be cash equivalents as they are
susceptible to significant market value changes. Investment income includes
unrealized holding gains/(losses) of $8,000 in 1995, ($581,000) in 1994 and
$487,000 in 1993.
(c) Long-term contracts
Certain sales of the Company's Netherlands subsidiary, Eland- Brandt, B.V.,
are made under contracts covering extended periods of time. These contracts
are accounted for by the percentage-of-completion method on the basis of
total costs of shipments compared to total estimated costs. Costs and
estimated earnings in excess of billings on uncompleted contracts are
classified as "Unbilled receivables". It is anticipated that all such
receivables will be collected within one year.
(d) Inventories
Inventories, stated at the lower of cost (first-in, first-out) or market, are
summarized as follows:
1995 1994
Raw materials $31,002,000 $21,415,000
Work in process 3,463,000 2,332,000
Finished goods 7,308,000 4,994,000
$41,773,000 $28,741,000
(e) Depreciation and amortization policies
Depreciation and amortization are provided over the estimated useful lives of
the assets or the remaining terms of the leases, whichever is shorter, using
the straight-line method for financial reporting purposes and accelerated
methods for tax purposes.
The excess of the purchase price over the underlying book value of the
companies acquired is classified as "Costs in excess of net assets of
purchased businesses." The related amounts of $6,095,000 are generally being
amortized using the straight-line method over periods of up to forty years.
Accumulated amortization totalled $1,256,000 at June 30, 1995 and $1,123,000
at June 30, 1994.
Note 2. Earnings per common share -
Earnings per share are based upon the weighted average number of common and
common equivalent shares outstanding during the year. Common equivalent
shares are excluded from the computation in the periods in which they have an
antidilutive effect. Earnings per share have been computed based upon
4,240,371 shares in 1995, 4,226,733 shares in 1994 and 4,219,401 shares in
1993.
Note 3. Statement of Cash Flows -
Cash payments for interest were $181,000 in 1995, $81,000 in 1994 and
$168,000 in 1993. Cash payments for income taxes were $9,876,000 in 1995,
$2,957,000 in 1994 and $2,214,000 in 1993.
Note 4. Short-term debt and line of credit -
The Company has a loan agreement with a domestic bank providing for a
$10,000,000 unsecured short-term line of credit at 55 basis points below the
bank's prevailing prime interest rate (8.45 percent at June 30, 1995). There
was no amount outstanding under the agreement at June 30, 1995.
Note 5. Accrued liabilities -
Components of accrued liabilities at June 30, 1995 and 1994 are:
1995 1994
Wages and compensated absences $4,515,000 $4,666,000
Taxes, other than income taxes 1,281,000 1,411,000
Insurance 1,151,000 752,000
Dividends 1,063,000 1,058,000
Other 1,545,000 990,000
$9,555,000 $8,877,000
Note 6. Long-term debt -
Long-term debt consists primarily of an Industrial Development Revenue Bond
that financed the development of two plant facilities in Rock Hill, South
Carolina. The bond is secured by first mortgage liens on the two properties.
Interest payments, at 73% of the floating prime rate, and principal
installments of $138,000 are paid quarterly.
Future payments due on the long-term debt total $423,000 for 1996 and
$542,000 for 1997.
Note 7. Commitments -
The Company is committed under lease agreements expiring at various dates to
1998. Certain of the leases have renewal options for periods ranging from
two to ten years and others provide for rent revisions at various dates.
Under the leases the Company is obligated to pay property taxes, insurance
and maintenance. All facility leases are classified as operating leases.
Real property rental expense for the three years ended June 30, 1995 was
$705,000 in 1995, $645,000 in 1994 and $606,000 in 1993. Real property
rental commitments for the next three fiscal years are $666,000 in 1996,
$613,000 in 1997 and $550,000 in 1998.
Note 8. Stock options -
At June 30, 1995 there were 543,414 common shares reserved and available for
issuance to certain executive and managerial employees under the Company's
Stock Option Plans. All options outstanding under the plans are immediately
exercisable and expire in fiscal year 1998.
At June 30, 1995 there were 43,414 incentive stock options outstanding.
Payment upon exercise may be either cash or the delivery of Company common
stock of equivalent value. Shares surrendered by optionees (7,253 shares in
1995 and 2,133 in 1994) are immediately retired.
The transactions for shares under options for the two years ended June 30,
1995 were:
Option price Number of
per share shares
Outstanding, June 30, 1993 $15.38 85,126
Exercised 15.38 (12,450)
Outstanding, June 30, 1994 15.38 72,676
Exercised 15.38 (29,262)
Outstanding, June 30, 1995 $15.38 43,414
Note 9. Income taxes -
In July 1993, the Company adopted Statement of Financial Accounting Standards
No. 109 (FAS 109), Accounting for Income Taxes. The adoption of FAS 109
changed the Company's method of accounting for income taxes from the deferral
method to an asset and liability approach which requires the recognition of
deferred tax liabilities and assets for the expected future consequences of
temporary differences between the carrying amounts for financial reporting
purposes and the tax bases of assets and liabilities. As of July 1, 1993,
the Company recorded a tax benefit of $1,430,000 or $.34 per share, which
represented the net decrease to the deferred tax liability as of that date.
This amount was reflected in fiscal year 1994 net income as the cumulative
effect of a change in accounting principle.
The components of income before United States and foreign income taxes are:
1995 1994 1993
Domestic $23,290,000 $12,210,000 $6,624,000
Foreign (768,000) (705,000) (1,182,000)
$22,522,000 $11,505,000 $5,442,000
The provision for income taxes is comprised of the following:
1995 1994 1993
Current -
Federal $ 8,055,000 $ 4,142,000 $1,978,000
State 1,205,000 770,000 333,000
Foreign (73,000) (377,000)
9,260,000 4,839,000 1,934,000
Deferred -
Federal (220,000) (588,000) (70,000)
State (20,000) (73,000) 20,000
Foreign (38,000) (44,000)
(240,000) (699,000) (94,000)
$ 9,020,000 $ 4,140,000 $1,840,000
A reconciliation between the provisions for income taxes, computed by applying the Federal statutory rate
to income before taxes, and the book provisions for income taxes follows:
1995 1994 1993
Taxes on book income at statutory rate $ 7,883,000 $ 3,912,000 $1,850,000
Increases (decreases) resulting from:
State income taxes, net of Federal income tax benefit 770,000 460,000 233,000
Dividend exclusion (98,000) (195,000) (134,000)
Other 465,000 (37,000) (109,000)
Provision for income taxes $ 9,020,000 $ 4,140,000 $1,840,000
Deferred income taxes result from temporary differences in the recognition of income and expenses for tax
and financial statement purposes. The tax effects of the significant temporary differences which comprise
the deferred tax assets and liabilities at yearend are as follows:
1995 1994
Accounts receivable $ 312,000 $ 316,000
Inventory 445,000 309,000
Accrued liabilities 653,000 623,000
Other 186,000 78,000
Net deferred tax asset $1,596,000 $1,326,000
Property, plant and equipment $4,387,000 $4,389,000
Other 109,000 77,000
Net deferred tax liability $4,496,000 $4,466,000
No provision for U.S. taxes has been made for undistributed earnings of foreign subsidiaries since it is
expected that the major portion of such earnings will continue to be reinvested for an indefinite period of
time.
Note 10. Segment and geographical information -
The Company is a vertically integrated manufacturer of building products with international operations in
The Netherlands.
Sales, net income and identifiable assets for domestic and foreign operations for the last three years are
as follows:
1995 1994 1993
Sales:
United States $199,114,000 $163,238,000 $139,073,000
Foreign 11,792,000 11,535,000 13,122,000
$210,906,000 $174,773,000 $152,195,000
Net income:
United States $ 14,270,000 $ 9,390,000 $ 4,360,000
Foreign (768,000) (595,000) (758,000)
$ 13,502,000 $ 8,795,000 $ 3,602,000
Identifiable assets:
United States $129,934,000 $121,127,000 $114,799,000
Foreign 8,170,000 7,903,000 9,139,000
$138,104,000 $129,030,000 $123,938,000
The Company's equity investment in its consolidated foreign subsidiary was $5,288,000 at June 30, 1995.
Note 11. Unaudited quarterly financial information -
Quarterly financial information for the fiscal years ended June 30, 1995 and 1994 is summarized as follows:
First Second Third Fourth Fiscal
Quarter Quarter Quarter Quarter Year
1995
Net sales $51,763,000 $52,992,000 $53,966,000 $52,185,000 $210,906,000
Cost of sales 34,934,000 35,803,000 35,982,000 36,223,000 142,942,000
Net income 3,609,000 3,310,000 3,311,000 3,272,000 13,502,000
Earnings per share .85 .78 .78 .77 3.18
1994
Net sales $42,132,000 $44,539,000 $40,426,000 $47,676,000 $174,773,000
Cost of sales 30,853,000 32,281,000 27,857,000 32,734,000 123,725,000
Net income 2,629,000 1,526,000 1,528,000 3,112,000 8,795,000
Earnings per share .62 .36 .36 .74 2.08
During the first quarter of fiscal 1994, the Company adopted Statement of Financial Accounting Standards
No. 109 - Accounting for Income Taxes which increased net income by $1,430,000 or $.34 per share.
During the third quarter of fiscal 1994, the Company sold its International Aluminum, S. de R.L. de C.V.
subsidiary. This operation, which was located in Tijuana, Mexico, was sold for its approximate net book
carrying value.
QUARTERLY STOCK INFORMATION
1995 1994
High Low Dividend High Low Dividend
First Quarter $29 5/8 $24 1/8 $ .25 $24 1/2 $22 1/8 $ .25
Second Quarter 31 1/4 27 .25 24 3/8 21 5/8 .25
Third Quarter 33 1/4 29 3/8 .25 28 23 5/8 .25
Fourth Quarter 36 3/4 31 3/4 .25 26 3/4 23 7/8 .25
Year $36 3/4 $24 1/8 $1.00 $28 $21 5/8 $1.00
/TABLE
REPORT OF INDEPENDENT ACCOUNTANTS
P
PRICE WATERHOUSE LLP W
To the Board of Directors and Shareholders of
International Aluminum Corporation
In our opinion, the accompanying consolidated balance sheets
and the related consolidated statements of income,
shareholders' equity and cash flows present fairly, in all
material respects, the financial position of International
Aluminum Corporation and its subsidiaries at June 30, 1995 and
1994, and the results of their operations and their cash flows
for each of the three years in the period ended June 30, 1995,
in conformity with generally accepted accounting principles.
These financial statements are the responsibility of the
Company's management; our responsibility is to express an
opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with
generally accepted auditing standards which require that we
plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used
and significant estimates made by management, and evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for the opinion
expressed above.
As discussed in Note 9 to the consolidated financial
statements, the Company changed its method of accounting for
income taxes during the year ended June 30, 1994.
PRICE WATERHOUSE LLP
400 South Hope Street
Los Angeles, CA 90071-2889
August 17, 1995
CORPORATE INFORMATION
DIRECTORS OFFICERS
Cornelius C. Vanderstar John P. Cunningham
Chairman of the Board President
John P. Cunningham David C. Treinen
Senior Vice President - Finance and
David C. Treinen Administration; Secretary
Hugh E. Curran Ronald L. Rudy
Retired Vice President - Sales of Senior Vice President - Operations
International Aluminum Corporation
Mitchell K. Fogelman
Joel F. McIntyre Vice President - Controller;
Senior Partner in the Law Firm of Asst. Vice President - Finance
McIntyre, Lubeck, Borges & Burns
Michael S. Snodgrass
Alexander van de Pol Vice President - Human Resources
Retired President and
Chairman of the Board of Roland A. Young
Commonwealth Metals-Pacific Treasurer; Assistant Secretary
Donald J. Willfong
Executive Vice President of
Sutro & Co.
STOCK TRANSFER AGENT AND REGISTRAR
Continental Stock Transfer & Trust Company
2 Broadway
New York, N.Y. 10004
(212) 509-4000
ANNUAL SHAREHOLDERS MEETING
STOCK EXCHANGE LISTINGS
2 p.m., Thursday, October 26, 1995
New York Stock Exchange International Aluminum Corporation
Pacific Stock Exchange 767 Monterey Pass Road
Trading Symbol - IAL Monterey Park, California 91754
/TABLE
SUBSIDIARIES BY PRODUCT GROUP
COMMERCIAL - RESIDENTIAL -
United States Aluminum Corporation International Window Corporation
Vernon, California South Gate, California
Seattle, Washington
International Window-Northern California
United States Aluminum Corporation-Illinois Hayward, California
Bedford Park, Illinois
Boston, Massachusetts International Window-Arizona, Inc.
Phoenix, Arizona
United States Aluminum Corporation-Texas
Waxahachie, Texas Maestro Products, Inc.
Denver, Colorado Riverside, California
Houston, Texas
Eland-Brandt, B.V.
United States Aluminum Corporation-Carolina Amsterdam, The Netherlands
Rock Hill, South Carolina
Atlanta, Georgia
United States Aluminum Corporation-Northeast
Bridgeport, New Jersey
Ragland Manufacturing Company, Inc.
Houston, Texas
Dallas, Texas
Waxahachie, Texas
ALUMINUM EXTRUSIONS - GLASS -
International Extrusion Corporation International California Glass Corporation
Alhambra, California South Gate, California
International Extrusion Corporation-Texas International Carolina Glass Corporation
Waxahachie, Texas Rock Hill, South Carolina
International Aluminum Corporation
767 Monterey Pass Road
Monterey Park, California 91754
(213) 264-1670
EX-27
3
FINANCIAL DATA SCHEDULE FOR JUNE 30, 1995
5
1000
YEAR
JUN-30-1995
JUN-30-1995
3550
2213
36099
0
41773
87291
97412
52567
138104
18896
542
8338
0
0
105433
138104
210906
210906
142942
188872
(488)
376
92
22522
9020
13502
0
0
0
13502
3.18
0