Delaware | 1-14315 | 76-0127701 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
5020 Weston Parkway | Suite 400 | Cary | NC | 27513 |
(Address of principal executive offices) | (Zip Code) |
£ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
£ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
£ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
£ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered |
Common Stock $.01 par value per share | CNR | New York Stock Exchange |
(d) | Exhibits. |
Exhibit Number | Description | |
99.1 | ||
99.2 |
CORNERSTONE BUILDING BRANDS, INC. | |||
By: | /s/ Jeffrey S. Lee | ||
Name: | Jeffrey S. Lee | ||
Title: | Executive Vice President and Chief Financial Officer |
• | Net sales of $1,295.5 million |
• | Gross profit of $304.7 million, or 23.5% of net sales |
• | Net income of $17.5 million and adjusted net income of $32.1 million |
• | Adjusted EBITDA of $172.3 million, or 13.3% of net sales |
• | Realized 20 basis point expansion in gross profit margin to 23.5% compared to 23.3% in the pro forma prior year period |
• | Attained merger synergies of $12.6 million and cost improvement initiatives of $14.3 million during the quarter bringing the 2019 cumulative synergies and cost improvement initiatives achieved to $42.4 million |
• | Made significant progress in the integrations of the Atrium and Silver Line businesses into the Windows segment and Environmental StoneWorks (“ESW”) into the Siding segment during the quarter |
CORNERSTONE BUILDING BRANDS, INC. |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(In thousands, except per share data) |
(Unaudited) |
Three Months Ended | Six Months Ended | ||||||||||||||
June 29, 2019 | April 29, 2018 | June 29, 2019 | April 29, 2018 | ||||||||||||
Net sales | $ | 1,295,457 | $ | 457,069 | $ | 2,360,289 | $ | 878,418 | |||||||
Cost of sales | 990,794 | 352,986 | 1,869,709 | 682,418 | |||||||||||
Gross profit | 304,663 | 104,083 | 490,580 | 196,000 | |||||||||||
23.5 | % | 22.8 | % | 20.8 | % | 22.3 | % | ||||||||
Selling, general and administrative expenses | 158,028 | 74,406 | 312,334 | 149,192 | |||||||||||
Intangible asset amortization | 46,511 | 2,413 | 87,974 | 4,825 | |||||||||||
Restructuring and impairment charges, net | 7,107 | 488 | 10,538 | 1,582 | |||||||||||
Strategic development and acquisition related costs | 12,086 | 1,134 | 26,168 | 1,861 | |||||||||||
Loss on disposition of business | — | 6,686 | — | 6,686 | |||||||||||
Income from operations | 80,931 | 18,956 | 53,566 | 31,854 | |||||||||||
Interest income | 121 | 37 | 336 | 70 | |||||||||||
Interest expense | (58,299 | ) | (4,849 | ) | (116,585 | ) | (12,341 | ) | |||||||
Foreign exchange gain (loss) | 523 | (305 | ) | 1,700 | 166 | ||||||||||
Loss on extinguishment of debt | — | (21,875 | ) | — | (21,875 | ) | |||||||||
Other income (expense), net | (397 | ) | 270 | (52 | ) | 727 | |||||||||
Income (loss) before income taxes | 22,879 | (7,766 | ) | (61,035 | ) | (1,399 | ) | ||||||||
Provision (benefit) for income taxes | 5,346 | (2,082 | ) | (18,551 | ) | (964 | ) | ||||||||
23.4 | % | 26.8 | % | 30.4 | % | 68.9 | % | ||||||||
Net income (loss) | 17,533 | (5,684 | ) | (42,484 | ) | (435 | ) | ||||||||
Net income allocated to participating securities | (270 | ) | — | — | — | ||||||||||
Net income (loss) applicable to common shares | $ | 17,263 | $ | (5,684 | ) | $ | (42,484 | ) | $ | (435 | ) | ||||
Income (loss) per common share: | |||||||||||||||
Basic | $ | 0.14 | $ | (0.09 | ) | $ | (0.34 | ) | $ | (0.01 | ) | ||||
Diluted | $ | 0.14 | $ | (0.09 | ) | $ | (0.34 | ) | $ | (0.01 | ) | ||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 125,516 | 66,210 | 125,510 | 66,311 | |||||||||||
Diluted | 125,516 | 66,210 | 125,510 | 66,311 | |||||||||||
Increase in net sales | 183.4 | % | 8.7 | % | 168.7 | % | 8.2 | % | |||||||
Selling, general and administrative expenses percentage of net sales | 12.2 | % | 16.3 | % | 13.2 | % | 17.0 | % |
CORNERSTONE BUILDING BRANDS, INC. |
CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
June 29, 2019 | October 28, 2018 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 87,496 | $ | 54,272 | |||
Restricted cash | 3,989 | 245 | |||||
Accounts receivable, net | 589,610 | 233,297 | |||||
Inventories, net | 502,125 | 254,531 | |||||
Income taxes receivable | 20,233 | 1,012 | |||||
Investments in debt and equity securities, at market | 3,709 | 5,285 | |||||
Prepaid expenses and other | 70,046 | 34,821 | |||||
Assets held for sale | 5,018 | 7,272 | |||||
Total current assets | 1,282,226 | 590,735 | |||||
Property, plant and equipment, net | 634,599 | 236,240 | |||||
Lease right-of-use assets | 282,793 | — | |||||
Goodwill | 1,611,213 | 148,291 | |||||
Intangible assets, net | 1,830,821 | 127,529 | |||||
Deferred income taxes | — | 982 | |||||
Other assets, net | 12,088 | 6,598 | |||||
Total assets | $ | 5,653,740 | $ | 1,110,375 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 25,600 | $ | 4,150 | |||
Note payable | — | 497 | |||||
Payable pursuant to a tax receivable agreement | 24,760 | — | |||||
Accounts payable | 241,808 | 170,663 | |||||
Accrued compensation and benefits | 82,804 | 65,136 | |||||
Accrued interest | 47,237 | 1,684 | |||||
Accrued income taxes | 11,720 | 11,685 | |||||
Current portion of lease liabilities | 69,837 | — | |||||
Other accrued expenses | 252,367 | 81,884 | |||||
Total current liabilities | 756,133 | 335,699 | |||||
Long-term debt | 3,315,550 | 403,076 | |||||
Deferred income taxes | 265,464 | 2,250 | |||||
Long-term lease liabilities | 217,968 | — | |||||
Other long-term liabilities | 190,421 | 39,085 | |||||
Total long-term liabilities | 3,989,403 | 444,411 | |||||
Common stock | 1,256 | 663 | |||||
Additional paid-in capital | 1,243,897 | 523,788 | |||||
Accumulated deficit | (308,323 | ) | (186,291 | ) | |||
Accumulated other comprehensive loss, net | (27,419 | ) | (6,708 | ) | |||
Treasury stock, at cost | (1,207 | ) | (1,187 | ) | |||
Total stockholders’ equity | 908,204 | 330,265 | |||||
Total liabilities and stockholders’ equity | $ | 5,653,740 | $ | 1,110,375 |
CORNERSTONE BUILDING BRANDS, INC. | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Six Months Ended | |||||||
June 29, 2019 | April 29, 2018 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (42,484 | ) | $ | (435 | ) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 127,476 | 20,800 | |||||
Non-cash interest expense | 3,954 | 781 | |||||
Loss on extinguishment of debt | — | 21,875 | |||||
Share-based compensation expense | 7,479 | 7,868 | |||||
Loss on disposition of business, net | — | 6,192 | |||||
Non-cash fair value premium on purchased inventory | 16,249 | — | |||||
Gains on asset sales, net | (277 | ) | (250 | ) | |||
Provision for doubtful accounts | (205 | ) | (44 | ) | |||
Deferred income taxes | (48,515 | ) | (1,676 | ) | |||
Changes in operating assets and liabilities, net of effect of acquisitions: | |||||||
Accounts receivable | (133,820 | ) | 17,060 | ||||
Inventories | 29,430 | (24,920 | ) | ||||
Income taxes | 2,245 | (2,822 | ) | ||||
Prepaid expenses and other | (706 | ) | (4,182 | ) | |||
Accounts payable | 15,079 | 12,686 | |||||
Accrued expenses | (2,952 | ) | (12,016 | ) | |||
Other, net | (2,867 | ) | (931 | ) | |||
Net cash provided by (used in) operating activities | (29,914 | ) | 39,986 | ||||
Cash flows from investing activities: | |||||||
Acquisitions, net of cash acquired | (179,184 | ) | — | ||||
Capital expenditures | (57,220 | ) | (16,897 | ) | |||
Proceeds from sale of property, plant and equipment | 873 | 2,678 | |||||
Business disposition, net | — | (4,415 | ) | ||||
Net cash used in investing activities | (235,531 | ) | (18,634 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from stock options exercised | — | 1,040 | |||||
Proceeds from ABL facility | 270,000 | 65,000 | |||||
Payments on ABL facility | (50,000 | ) | (65,000 | ) | |||
Proceeds from term loan | — | 415,000 | |||||
Payments on term loan | (12,810 | ) | (144,147 | ) | |||
Payments on senior notes | — | (265,470 | ) | ||||
Payments on note payable | — | (441 | ) | ||||
Payments of financing costs | — | (6,275 | ) | ||||
Payments related to tax withholding for share-based compensation | (167 | ) | (4,612 | ) | |||
Purchases of treasury stock | — | (46,705 | ) | ||||
Net cash provided by (used in) financing activities | 207,023 | (51,610 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | 2,300 | (24 | ) | ||||
Net decrease in cash, cash equivalents and restricted cash | (56,122 | ) | (30,282 | ) | |||
Cash, cash equivalents and restricted cash at beginning of period | 147,607 | 65,794 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 91,485 | $ | 35,512 |
CORNERSTONE BUILDING BRANDS, INC. |
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS |
ADJUSTED NET INCOME (LOSS) PER DILUTED COMMON SHARE AND NET INCOME (LOSS) COMPARISON |
(In thousands, except per share data) |
(Unaudited) |
Three Months Ended | Six Months Ended | ||||||||||||||
June 29, 2019 | April 29, 2018 | June 29, 2019 | April 29, 2018 | ||||||||||||
Net income (loss) per diluted common share, GAAP basis | $ | 0.14 | $ | (0.09 | ) | $ | (0.34 | ) | $ | (0.01 | ) | ||||
Restructuring and impairment charges, net | 0.06 | 0.01 | 0.08 | 0.02 | |||||||||||
Strategic development and acquisition related costs | 0.10 | 0.02 | 0.21 | 0.03 | |||||||||||
Loss on disposition of business | — | 0.10 | — | 0.10 | |||||||||||
Loss on extinguishment of debt | — | 0.33 | — | 0.33 | |||||||||||
Acceleration of CEO retirement benefits | — | — | — | 0.07 | |||||||||||
Non cash loss (gain) on foreign currency transactions | — | — | (0.01 | ) | — | ||||||||||
Non cash charge of purchase price allocated to inventories | — | — | 0.13 | — | |||||||||||
Customer inventory buybacks | — | — | — | — | |||||||||||
Other, net | 0.01 | — | 0.02 | — | |||||||||||
Tax effect of applicable non-GAAP adjustments(1) | (0.04 | ) | (0.12 | ) | (0.11 | ) | (0.15 | ) | |||||||
Adjusted net income (loss) per diluted common share(2) | $ | 0.26 | $ | 0.25 | $ | (0.02 | ) | $ | 0.39 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 29, 2019 | April 29, 2018 | June 29, 2019 | April 29, 2018 | ||||||||||||
Net income (loss) applicable to common shares, GAAP basis | $ | 17,263 | $ | (5,684 | ) | $ | (42,484 | ) | $ | (435 | ) | ||||
Restructuring and impairment charges, net | 7,107 | 488 | 10,538 | 1,582 | |||||||||||
Strategic development and acquisition related costs | 12,086 | 1,134 | 26,168 | 1,861 | |||||||||||
Loss on disposition of business | — | 6,686 | — | 6,686 | |||||||||||
Loss on extinguishment of debt | — | 21,875 | — | 21,875 | |||||||||||
Acceleration of CEO retirement benefits | — | — | — | 4,600 | |||||||||||
Non cash loss (gain) on foreign currency transactions | (523 | ) | 305 | (1,700 | ) | (166 | ) | ||||||||
Non cash charge of purchase price allocated to inventories | — | — | 16,249 | — | |||||||||||
Customer inventory buybacks | 175 | — | 417 | — | |||||||||||
Other, net | 1,357 | — | 2,081 | (323 | ) | ||||||||||
Tax effect of applicable non-GAAP adjustments(1) | (5,396 | ) | (8,140 | ) | (14,357 | ) | (9,838 | ) | |||||||
Adjusted net income (loss) applicable to common shares(2) | $ | 32,069 | $ | 16,664 | $ | (3,088 | ) | $ | 25,842 |
(1) | The Company calculated the tax effect of non-GAAP adjustments by applying the applicable federal and state statutory tax rate for the period to each applicable non-GAAP item. |
(2) | The Company discloses a tabular comparison of Adjusted net income (loss) per diluted common share and Adjusted net income (loss) applicable to common shares, which are non-GAAP measures, because they are referred to in the text of our press releases and are instrumental in comparing the results from period to period. Adjusted net income (loss) per diluted common share and Adjusted net income (loss) applicable to common shares should not be considered in isolation or as a substitute for net income (loss) per diluted common share and net income (loss) applicable to common shares as reported on the face of our consolidated statements of operations. |
CORNERSTONE BUILDING BRANDS, INC. | |||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS | |||||||||||||||
(In thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 29, 2019 | April 29, 2018 | June 29, 2019 | April 29, 2018 | ||||||||||||
Operating income, GAAP | $ | 80,931 | $ | 18,956 | $ | 53,566 | $ | 31,854 | |||||||
Restructuring and impairment | 7,107 | 488 | 10,538 | 1,582 | |||||||||||
Strategic development and acquisition related costs | 12,086 | 1,134 | 26,168 | 1,861 | |||||||||||
Loss on disposition of business | — | 6,686 | — | 6,686 | |||||||||||
Acceleration of CEO retirement benefits | — | — | — | 4,600 | |||||||||||
Non cash charge of purchase price allocated to inventories | — | — | 16,249 | — | |||||||||||
Customer inventory buybacks | 175 | — | 417 | — | |||||||||||
Other, net | 1,357 | — | 2,081 | — | |||||||||||
Adjusted operating income | 101,656 | 27,264 | 109,019 | 46,583 | |||||||||||
Other income (expense), net | (397 | ) | 270 | (52 | ) | 727 | |||||||||
Depreciation and amortization | 67,529 | 10,442 | 127,476 | 20,800 | |||||||||||
Share-based compensation expense | 3,474 | 1,998 | 7,479 | 4,268 | |||||||||||
Adjusted EBITDA | $ | 172,262 | $ | 39,974 | $ | 243,922 | $ | 72,378 |
CORNERSTONE BUILDING BRANDS, INC. | ||||||||||||||
BUSINESS SEGMENTS | ||||||||||||||
(In thousands) | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended | ||||||||||||||
June 29, 2019 | April 29, 2018 | |||||||||||||
% of Net Sales | % of Net Sales | % Change | ||||||||||||
Net Sales | ||||||||||||||
Commercial | $ | 480,285 | 37.1 | % | $ | 457,069 | 100.0 | % | 5.1 | % | ||||
Siding | 306,525 | 23.7 | % | — | — | % | 100.0 | % | ||||||
Windows | 508,647 | 39.2 | % | — | — | % | 100.0 | % | ||||||
Total net sales | $ | 1,295,457 | 100.0 | % | $ | 457,069 | 100.0 | % | 183.4 | % | ||||
Gross Profit | ||||||||||||||
Commercial | $ | 121,434 | 25.3 | % | $ | 104,083 | 22.8 | % | 16.7 | % | ||||
Siding | 85,042 | 27.7 | % | — | — | % | 100.0 | % | ||||||
Windows | 98,187 | 19.3 | % | — | — | % | 100.0 | % | ||||||
Total gross profit | $ | 304,663 | 23.5 | % | $ | 104,083 | 22.8 | % | 192.7 | % | ||||
Operating Income (Loss) | ||||||||||||||
Commercial | $ | 58,809 | 12.2 | % | $ | 40,022 | 8.8 | % | 46.9 | % | ||||
Siding | 25,937 | 8.5 | % | — | — | % | 100.0 | % | ||||||
Windows | 31,912 | 6.3 | % | — | — | % | 100.0 | % | ||||||
Corporate | (35,727 | ) | — | (21,066 | ) | — | % | (69.6 | )% | |||||
Total operating income | $ | 80,931 | 6.2 | % | $ | 18,956 | 4.1 | % | 326.9 | % | ||||
Six Months Ended | ||||||||||||||
June 29, 2019 | April 29, 2018 | |||||||||||||
% of Net Sales | % of Net Sales | % Change | ||||||||||||
Net Sales | ||||||||||||||
Commercial | $ | 905,246 | 38.4 | % | $ | 878,418 | 100.0 | % | 3.1 | % | ||||
Siding | 524,802 | 22.2 | % | — | — | % | 100.0 | % | ||||||
Windows | 930,241 | 39.4 | % | — | — | % | 100.0 | % | ||||||
Total net sales | $ | 2,360,289 | 100.0 | % | $ | 878,418 | 100.0 | % | 168.7 | % | ||||
Gross Profit | ||||||||||||||
Commercial | $ | 211,835 | 23.4 | % | $ | 196,000 | 22.3 | % | 8.1 | % | ||||
Siding | 118,218 | 22.5 | % | — | — | % | 100.0 | % | ||||||
Windows | 160,527 | 17.3 | % | — | — | % | 100.0 | % | ||||||
Total gross profit | $ | 490,580 | 20.8 | % | $ | 196,000 | 22.3 | % | 150.3 | % | ||||
Operating Income (Loss) | ||||||||||||||
Commercial | $ | 83,119 | 9.2 | % | $ | 77,821 | 8.9 | % | 6.8 | % | ||||
Siding | 14,283 | 2.7 | % | — | — | % | 100.0 | % | ||||||
Windows | 27,593 | 3.0 | % | — | — | % | 100.0 | % | ||||||
Corporate | (71,429 | ) | — | (45,967 | ) | — | % | (55.4 | )% | |||||
Total operating income | $ | 53,566 | 2.3 | % | $ | 31,854 | 3.6 | % | 68.2 | % |
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