Delaware (State or other jurisdiction of incorporation) |
1-14315 (Commission File Number) |
76-0127701 (I.R.S. Employer Identification Number) |
10943 North Sam Houston Parkway West | ||
Houston, Texas (Address of principal executive offices) |
77064 (Zip Code) |
o | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit | ||||
Number | Description | |||
99.1 | Press Release dated June 7, 2011. |
NCI BUILDING SYSTEMS, INC. |
||||
By: | /s/ Mark E. Johnson | |||
Name: | Mark E. Johnson | |||
Title: | Executive Vice President, Chief Financial Officer and Treasurer |
|||
Exhibit No. | Description | |||
99.1 | Press Release dated June 7, 2011. |
For the Three Months Ended May 1, 2011 | ||||||||||||||||||||
Metal | Engineered | |||||||||||||||||||
Coil | Metal | Building | ||||||||||||||||||
Coating | Components | Systems | Corporate | Consolidated | ||||||||||||||||
Operating income (loss), GAAP basis |
$ | 4,378 | $ | 7,400 | $ | (154 | ) | $ | (13,468 | ) | $ | (1,844 | ) | |||||||
Increase in actuarial determined
general liability self-insurance
reserve |
| 1,297 | | | 1,297 | |||||||||||||||
Adjusted operating income (loss) (1) |
$ | 4,378 | $ | 8,697 | $ | (154 | ) | $ | (13,468 | ) | $ | (547 | ) | |||||||
(1) | The Company discloses a tabular comparison of Adjusted operating income (loss), which is a non-GAAP measure because it is instrumental in comparing the results from period to period. Adjusted operating income (loss) should not be considered in isolation or as a substitute for operating income (loss) as reported on the face of our statement of operations. |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
May 1, | May 2, | May 1, | May 2, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Sales |
$ | 225,565 | $ | 201,573 | $ | 415,651 | $ | 383,780 | ||||||||
Cost of sales, excluding asset impairments (recovery) |
174,752 | 161,026 | 331,293 | 309,766 | ||||||||||||
Asset impairments (recovery) |
| (116 | ) | | 913 | |||||||||||
Gross profit |
50,813 | 40,663 | 84,358 | 73,101 | ||||||||||||
22.5 | % | 20.2 | % | 20.3 | % | 19.0 | % | |||||||||
Engineering, selling, general and administrative expenses |
52,657 | 48,991 | 100,338 | 93,637 | ||||||||||||
Restructuring charges |
| 829 | | 1,353 | ||||||||||||
Loss from operations |
(1,844 | ) | (9,157 | ) | (15,980 | ) | (21,889 | ) | ||||||||
Interest income |
30 | 12 | 77 | 37 | ||||||||||||
Interest expense |
(3,900 | ) | (4,682 | ) | (8,124 | ) | (9,214 | ) | ||||||||
Refinancing costs |
| | | (174 | ) | |||||||||||
Other income, net |
699 | 635 | 1,278 | 1,783 | ||||||||||||
Loss before income taxes |
(5,015 | ) | (13,192 | ) | (22,749 | ) | (29,457 | ) | ||||||||
Benefit from income taxes |
(1,786 | ) | (5,536 | ) | (6,795 | ) | (11,315 | ) | ||||||||
35.6 | % | 42.0 | % | 29.9 | % | 38.4 | % | |||||||||
Net loss |
$ | (3,229 | ) | $ | (7,656 | ) | $ | (15,954 | ) | $ | (18,142 | ) | ||||
Convertible preferred stock dividends and accretion |
6,260 | 8,407 | 12,490 | 16,541 | ||||||||||||
Convertible preferred stock beneficial conversion feature |
(240 | ) | 241,282 | 1,546 | 241,469 | |||||||||||
Net loss applicable to common shares |
$ | (9,249 | ) | $ | (257,345 | ) | $ | (29,990 | ) | $ | (276,152 | ) | ||||
Loss per common share: |
||||||||||||||||
Basic |
$ | (0.51 | ) | $ | (14.15 | ) | $ | (1.65 | ) | $ | (15.22 | ) | ||||
Diluted |
$ | (0.51 | ) | $ | (14.15 | ) | $ | (1.65 | ) | $ | (15.22 | ) | ||||
Weighted average number of common shares outstanding: |
||||||||||||||||
Basic |
18,275 | 18,184 | 18,215 | 18,138 | ||||||||||||
Diluted |
18,275 | 18,184 | 18,215 | 18,138 | ||||||||||||
Increase in sales |
11.9 | % | 8.3 | % | ||||||||||||
Gross profit percentage |
22.5 | % | 20.2 | % | 20.3 | % | 19.0 | % | ||||||||
Engineering, selling, general and administrative
expenses percentage |
23.3 | % | 24.3 | % | 24.1 | % | 24.4 | % |
May 1, | October 31, | |||||||
2011 | 2010 | |||||||
(Unaudited) | ||||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ | 57,409 | $ | 77,419 | ||||
Restricted cash |
2,842 | 2,839 | ||||||
Accounts receivable, net |
70,395 | 81,896 | ||||||
Inventories, net |
107,562 | 81,386 | ||||||
Deferred income taxes |
15,055 | 15,101 | ||||||
Income tax receivable |
278 | 15,919 | ||||||
Prepaid expenses and other |
16,250 | 13,923 | ||||||
Investments in debt and equity securities, at market |
4,190 | 3,738 | ||||||
Assets held for sale |
6,133 | 6,114 | ||||||
Total current assets |
280,114 | 298,335 | ||||||
Property plant and equipment, net |
208,857 | 214,453 | ||||||
Goodwill |
5,200 | 5,200 | ||||||
Intangible assets, net |
25,283 | 26,312 | ||||||
Other assets |
13,874 | 16,224 | ||||||
Total assets |
$ | 533,328 | $ | 560,524 | ||||
LIABILITIES AND STOCKHOLDERS DEFICIT |
||||||||
Note payable |
$ | 1,167 | $ | 289 | ||||
Accounts payable |
74,496 | 70,589 | ||||||
Accrued compensation and benefits |
33,200 | 31,731 | ||||||
Accrued interest |
1,458 | 1,546 | ||||||
Other accrued expenses |
49,130 | 46,723 | ||||||
Total current liabilities |
159,451 | 150,878 | ||||||
Long-term debt |
132,557 | 136,305 | ||||||
Deferred income taxes |
3,505 | 10,947 | ||||||
Other long-term liabilities |
4,807 | 4,820 | ||||||
Total long-term liabilities |
140,869 | 152,072 | ||||||
Series B cumulative convertible participating preferred stock |
258,321 | 256,870 | ||||||
Redeemable common stock |
1,821 | 3,418 | ||||||
Common stock |
924 | 921 | ||||||
Additional paid-in capital |
246,784 | 255,248 | ||||||
Accumulated deficit |
(272,900 | ) | (256,946 | ) | ||||
Accumulated other comprehensive loss |
(1,942 | ) | (1,937 | ) | ||||
Total stockholders deficit |
(27,134 | ) | (2,714 | ) | ||||
Total liabilities and stockholders deficit |
$ | 533,328 | $ | 560,524 | ||||
For the Six Months Ended | ||||||||
May 1, 2011 | May 2, 2010 | |||||||
Cash flows from operating activities: |
||||||||
Net loss |
$ | (15,954 | ) | $ | (18,142 | ) | ||
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
||||||||
Depreciation and amortization |
16,850 | 17,360 | ||||||
Share-based compensation expense |
3,357 | 2,204 | ||||||
Gain on embedded derivative |
(13 | ) | (923 | ) | ||||
Loss on sale of property, plant and equipment |
11 | 112 | ||||||
Refinancing costs |
| 174 | ||||||
Provision for doubtful accounts |
690 | (267 | ) | |||||
Asset impairments, net |
| 913 | ||||||
Benefit from deferred income taxes |
(6,978 | ) | (668 | ) | ||||
Changes in working capital: |
||||||||
Accounts receivable |
10,811 | 9,990 | ||||||
Inventories |
(26,176 | ) | (29,031 | ) | ||||
Income tax receivable |
15,702 | (9,653 | ) | |||||
Prepaid expenses and other |
(1,133 | ) | (885 | ) | ||||
Accounts payable |
3,907 | (3,358 | ) | |||||
Accrued expenses |
3,863 | (12,144 | ) | |||||
Other, net |
69 | 567 | ||||||
Net cash provided by (used in) operating activities |
5,006 | (43,751 | ) | |||||
Cash flows from investing activities: |
||||||||
Capital expenditures |
(8,070 | ) | (3,868 | ) | ||||
Proceeds from sale of property, plant and equipment |
143 | 65 | ||||||
Net cash used in investing activities |
(7,927 | ) | (3,803 | ) | ||||
Cash flows from financing activities: |
||||||||
Payment of convertible notes |
| (59 | ) | |||||
Proceeds from ABL Facility |
5 | 235 | ||||||
Payments on ABL Facility |
(3 | ) | (44 | ) | ||||
Decrease (increase) of restricted cash |
(3 | ) | 10,143 | |||||
Payment of cash dividends on Convertible Preferred Stock |
(11,039 | ) | | |||||
Payment on term loan |
(3,750 | ) | (375 | ) | ||||
Payments on note payable |
(667 | ) | (855 | ) | ||||
Payments on other long-term debt |
| (190 | ) | |||||
Payment of financing costs |
(75 | ) | (50 | ) | ||||
Purchase of treasury stock |
(1,477 | ) | (381 | ) | ||||
Net cash (used in) provided by financing activities |
(17,009 | ) | 8,424 | |||||
Effect of exchange rate changes on cash and cash equivalents |
(80 | ) | (16 | ) | ||||
Net decrease in cash and cash equivalents |
(20,010 | ) | (39,146 | ) | ||||
Cash and cash equivalents at beginning of period |
77,419 | 90,419 | ||||||
Cash and cash equivalents at end of period |
$ | 57,409 | $ | 51,273 | ||||
Three Months Ended | Three Months Ended | $ | % | |||||||||||||||||||||
May 1, 2011 | May 2, 2010 | Inc/(Dec) | Change | |||||||||||||||||||||
% of | % of | |||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||
Sales | Sales | |||||||||||||||||||||||
Sales: |
||||||||||||||||||||||||
Metal coil coating |
$ | 47,927 | 17 | $ | 44,759 | 18 | $ | 3,168 | 7.1 | % | ||||||||||||||
Metal components |
103,375 | 37 | 95,069 | 37 | 8,306 | 8.7 | % | |||||||||||||||||
Engineered building systems |
129,790 | 46 | 113,403 | 45 | 16,387 | 14.5 | % | |||||||||||||||||
Total sales |
281,092 | 100 | 253,231 | 100 | 27,861 | 11.0 | % | |||||||||||||||||
Less: Intersegment sales |
55,527 | 20 | 51,658 | 20 | 3,869 | 7.5 | % | |||||||||||||||||
Total net sales |
$ | 225,565 | 80 | $ | 201,573 | 80 | $ | 23,992 | 11.9 | % | ||||||||||||||
% of | % of | |||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||
Sales | Sales | |||||||||||||||||||||||
Operating income (loss): |
||||||||||||||||||||||||
Metal coil coating |
$ | 4,378 | 9 | $ | 4,092 | 9 | $ | 286 | 7.0 | % | ||||||||||||||
Metal components |
7,400 | 7 | 5,613 | 6 | 1,787 | 31.8 | % | |||||||||||||||||
Engineered building systems |
(154 | ) | (0 | ) | (5,649 | ) | (5 | ) | 5,495 | 97.3 | % | |||||||||||||
Corporate |
(13,468 | ) | | (13,213 | ) | | (255 | ) | -1.9 | % | ||||||||||||||
Total operating
income (loss) (%
of net sales) |
$ | (1,844 | ) | (1 | ) | $ | (9,157 | ) | (5 | ) | $ | 7,313 | 79.9 | % | ||||||||||
Six Months Ended | Six Months Ended | $ | % | |||||||||||||||||||||
May 1, 2011 | May 2, 2010 | Inc/(Dec) | Change | |||||||||||||||||||||
% of | % of | |||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||
Sales | Sales | |||||||||||||||||||||||
Sales: |
||||||||||||||||||||||||
Metal coil coating |
$ | 90,201 | 17 | $ | 83,790 | 17 | $ | 6,411 | 7.7 | % | ||||||||||||||
Metal components |
193,680 | 38 | 181,875 | 38 | 11,805 | 6.5 | % | |||||||||||||||||
Engineered building systems |
231,202 | 45 | 215,341 | 45 | 15,861 | 7.4 | % | |||||||||||||||||
Total sales |
515,083 | 100 | 481,006 | 100 | 34,077 | 7.1 | % | |||||||||||||||||
Less: Intersegment sales |
99,432 | 19 | 97,226 | 20 | 2,206 | 2.3 | % | |||||||||||||||||
Total net sales |
$ | 415,651 | 81 | $ | 383,780 | 80 | $ | 31,871 | 8.3 | % | ||||||||||||||
% of | % of | |||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||
Sales | Sales | |||||||||||||||||||||||
Operating income (loss): |
||||||||||||||||||||||||
Metal coil coating |
$ | 7,822 | 9 | $ | 7,211 | 9 | $ | 611 | 8.5 | % | ||||||||||||||
Metal components |
7,753 | 4 | 7,404 | 4 | 349 | 4.7 | % | |||||||||||||||||
Engineered building systems |
(5,564 | ) | (2 | ) | (11,467 | ) | (5 | ) | 5,903 | 51.5 | % | |||||||||||||
Corporate |
(25,991 | ) | | (25,037 | ) | | (954 | ) | -3.8 | % | ||||||||||||||
Total operating
income (loss) (%
of net sales) |
$ | (15,980 | ) | (4 | ) | $ | (21,889 | ) | (6 | ) | $ | 5,909 | 27.0 | % | ||||||||||
For the Three Months Ended May 1, 2011 | ||||||||||||||||||||
Engineered | ||||||||||||||||||||
Metal Coil | Metal | Building | ||||||||||||||||||
Coating | Components | Systems | Corporate | Consolidated | ||||||||||||||||
Operating income (loss), GAAP basis |
$ | 4,378 | $ | 7,400 | $ | (154 | ) | $ | (13,468 | ) | $ | (1,844 | ) | |||||||
Increase in actuarial determined general liability
self-insurance reserve |
| 1,297 | | | 1,297 | |||||||||||||||
Adjusted operating income (loss) (1) |
$ | 4,378 | $ | 8,697 | $ | (154 | ) | $ | (13,468 | ) | $ | (547 | ) | |||||||
For the Three Months Ended May 2, 2010 | ||||||||||||||||||||
Engineered | ||||||||||||||||||||
Metal Coil | Metal | Building | ||||||||||||||||||
Coating | Components | Systems | Corporate | Consolidated | ||||||||||||||||
Operating income (loss), GAAP basis |
$ | 4,092 | $ | 5,613 | $ | (5,649 | ) | $ | (13,213 | ) | $ | (9,157 | ) | |||||||
Restructuring charges |
| 156 | 673 | | 829 | |||||||||||||||
Asset impairments (recovery) |
| 4 | (120 | ) | | (116 | ) | |||||||||||||
Adjusted operating income (loss) (1) |
$ | 4,092 | $ | 5,773 | $ | (5,096 | ) | $ | (13,213 | ) | $ | (8,444 | ) | |||||||
(1) | The Company discloses a tabular comparison of Adjusted operating income (loss), which is a non-GAAP measure because it is instrumental in comparing the results from period to period. Adjusted operating income (loss) should not be considered in isolation or as a substitute for operating income (loss) as reported on the face of our statement of operations. |
For the Six Months Ended May 1, 2011 | ||||||||||||||||||||
Engineered | ||||||||||||||||||||
Metal Coil | Metal | Building | ||||||||||||||||||
Coating | Components | Systems | Corporate | Consolidated | ||||||||||||||||
Operating income (loss), GAAP basis |
$ | 7,822 | $ | 7,753 | $ | (5,564 | ) | $ | (25,991 | ) | $ | (15,980 | ) | |||||||
Pre-acquisition contingency adjustment |
| | 252 | | 252 | |||||||||||||||
Increase in actuarial determined general liability
self-insurance reserve |
| 2,398 | | | 2,398 | |||||||||||||||
Adjusted operating income (loss) (1) |
$ | 7,822 | $ | 10,151 | $ | (5,312 | ) | $ | (25,991 | ) | $ | (13,330 | ) | |||||||
For the Six Months Ended May 2, 2010 | ||||||||||||||||||||
Engineered | ||||||||||||||||||||
Metal Coil | Metal | Building | ||||||||||||||||||
Coating | Components | Systems | Corporate | Consolidated | ||||||||||||||||
Operating income (loss), GAAP basis |
$ | 7,211 | $ | 7,404 | $ | (11,467 | ) | $ | (25,037 | ) | $ | (21,889 | ) | |||||||
Restructuring charges |
| 265 | 1,088 | | 1,353 | |||||||||||||||
Asset impairments |
| 4 | 909 | | 913 | |||||||||||||||
Adjusted operating income (loss) (1) |
$ | 7,211 | $ | 7,673 | $ | (9,470 | ) | $ | (25,037 | ) | $ | (19,623 | ) | |||||||
(1) | The Company discloses a tabular comparison of Adjusted operating income (loss), which is a non-GAAP measure because it is instrumental in comparing the results from period to period. Adjusted operating income (loss) should not be considered in isolation or as a substitute for operating income (loss) as reported on the face of our statement of operations. |
3rd Qtr | 4th Qtr | 1st Qtr | 2nd Qtr | Trailing 12 Months | ||||||||||||||||
August 1, | October 31, | January 30, | May 1, | May 1, | ||||||||||||||||
2010 | 2010 | 2011 | 2011 | 2011 | ||||||||||||||||
Net loss |
$ | (3,299 | ) | $ | (5,436 | ) | $ | (12,725 | ) | $ | (3,229 | ) | $ | (24,689 | ) | |||||
Add: |
||||||||||||||||||||
Depreciation and amortization |
7,457 | 7,309 | 7,236 | 7,187 | 29,189 | |||||||||||||||
Consolidated interest expense, net |
4,392 | 4,258 | 4,177 | 3,870 | 16,697 | |||||||||||||||
Benefit from income taxes |
(221 | ) | (1,794 | ) | (5,009 | ) | (1,786 | ) | (8,810 | ) | ||||||||||
Non-cash charges: |
||||||||||||||||||||
Stock-based compensation |
1,374 | 1,375 | 1,685 | 1,671 | 6,105 | |||||||||||||||
Asset impairments (recovery) |
(64 | ) | 221 | | | 157 | ||||||||||||||
Embedded derivative |
(7 | ) | (7 | ) | (7 | ) | (6 | ) | (27 | ) | ||||||||||
Pre-acquisition contingency adjustment |
| 178 | 252 | | 430 | |||||||||||||||
Cash restructuring charges |
551 | 1,628 | | | 2,179 | |||||||||||||||
Transaction costs |
| (250 | ) | | | (250 | ) | |||||||||||||
Adjusted EBITDA (1) |
$ | 10,183 | $ | 7,482 | $ | (4,391 | ) | $ | 7,707 | $ | 20,981 | |||||||||
3rd Qtr | 4th Qtr | 1st Qtr | 2nd Qtr | Trailing 12 Months | ||||||||||||||||
August 2, | November 1, | January 31, | May 2, | May 2, | ||||||||||||||||
2009 | 2009 | 2010 | 2010 | 2010 | ||||||||||||||||
Net income (loss) |
$ | 2,607 | $ | (101,851 | ) | $ | (10,486 | ) | $ | (7,656 | ) | $ | (117,386 | ) | ||||||
Add: |
||||||||||||||||||||
Depreciation and amortization |
7,586 | 7,640 | 7,521 | 7,480 | 30,227 | |||||||||||||||
Consolidated interest expense, net |
6,487 | 9,578 | 4,507 | 4,670 | 25,242 | |||||||||||||||
Provision (benefit) for income taxes |
1,825 | (7,495 | ) | (5,779 | ) | (5,536 | ) | (16,985 | ) | |||||||||||
Non-cash charges: |
||||||||||||||||||||
Stock-based compensation |
1,241 | 1,045 | 801 | 1,403 | 4,490 | |||||||||||||||
Asset impairments (recovery) |
26 | 347 | 1,029 | (116 | ) | 1,286 | ||||||||||||||
Embedded derivative |
| | (919 | ) | (4 | ) | (923 | ) | ||||||||||||
Cash restructuring charges |
1,213 | 1,564 | 524 | | 3,301 | |||||||||||||||
Transaction costs |
401 | 107,718 | 174 | 829 | 109,122 | |||||||||||||||
Adjusted EBITDA (1) |
$ | 21,386 | $ | 18,546 | $ | (2,628 | ) | $ | 1,070 | $ | 38,374 | |||||||||
(1) | On October 20, 2009, the Company amended and restated its Term Note facility which defines adjusted EBITDA. Adjusted EBITDA excludes non-cash charges for goodwill and other asset impairments, lower of cost or market charges and stock compensation as well as certain non-recurring charges. As such, the historical information is presented in accordance with the definition above. Concurrent with the amendment and restatement of the Term Note facility, the Company entered into an Asset-Backed Lending facility which has substantially the same definition of adjusted EBITDA except that the ABL facility caps certain non-recurring charges. The Company is disclosing adjusted EBITDA, which is a non-GAAP measure, because it is used by management and provided to investors to provide comparability of underlying operational results. |
Fiscal Three Months Ended | Fiscal Six Months Ended | |||||||||||||||
May 1, | May 2, | May 1, | May 2, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Loss per diluted common share, GAAP basis |
$ | (0.51 | ) | $ | (14.15 | ) | $ | (1.65 | ) | $ | (15.22 | ) | ||||
Refinancing costs, net of taxes |
| | | 0.01 | ||||||||||||
Convertible preferred stock beneficial conversion feature |
(0.01 | ) | 13.27 | 0.08 | 13.31 | |||||||||||
Restructuring charges, net of taxes |
| 0.03 | | 0.05 | ||||||||||||
Asset impairments (recovery), net of taxes |
| (0.01 | ) | | 0.03 | |||||||||||
Gain on embedded derivative, net of taxes |
(0.00 | ) | (0.00 | ) | (0.00 | ) | (0.03 | ) | ||||||||
Increase in actuarial determined general liability self-insurance reserve, net of taxes |
0.04 | | 0.08 | | ||||||||||||
Pre-acquisition contingency adjustment, net of taxes |
| | 0.01 | | ||||||||||||
Adjusted loss per diluted common share (1) |
$ | (0.48 | ) | $ | (0.86 | ) | $ | (1.48 | ) | $ | (1.85 | ) | ||||
Fiscal Three Months Ended | Fiscal Six Months Ended | |||||||||||||||
May 1, | May 2, | May 1, | May 2, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net loss applicable to common shares, GAAP basis |
$ | (9,249 | ) | $ | (257,345 | ) | $ | (29,990 | ) | $ | (276,152 | ) | ||||
Refinancing costs, net of taxes |
| | | 113 | ||||||||||||
Convertible preferred stock beneficial conversion feature |
(240 | ) | 241,282 | 1,546 | 241,469 | |||||||||||
Restructuring charges, net of taxes |
| 539 | | 879 | ||||||||||||
Asset impairments (recovery), net of taxes |
| (75 | ) | | 594 | |||||||||||
Gain on embedded derivative, net of taxes |
(4 | ) | (3 | ) | (8 | ) | (600 | ) | ||||||||
Increase in actuarial determined general liability self-insurance reserve, net of taxes |
799 | | 1,477 | | ||||||||||||
Pre-acquisition contingency adjustment, net of taxes |
| | 181 | | ||||||||||||
Adjusted net loss applicable to common shares (1) |
$ | (8,694 | ) | $ | (15,602 | ) | $ | (26,794 | ) | $ | (33,697 | ) | ||||
(1) | The Company discloses a tabular comparison of Adjusted loss per diluted common share and net loss, 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 loss per diluted common share and net loss should not be considered in isolation or as a substitute for loss per diluted common share and net loss as reported on the face of our statement of operations. |
% | ||||||||||||||||||||||||
2nd Qtr 2011 | 2nd Qtr 2010 | Inc/(Dec) | Change | |||||||||||||||||||||
Metal Coil Coating |
||||||||||||||||||||||||
Total Sales |
47,927 | 17 | % | 44,759 | 18 | % | 3,168 | 7 | % | |||||||||||||||
Less: Intersegment sales |
30,942 | 27,663 | 3,279 | 12 | % | |||||||||||||||||||
Third Party Sales |
16,985 | 7 | % | 17,096 | 8 | % | (111 | ) | -1 | % | ||||||||||||||
Operating Income (Loss) |
4,378 | 26 | % | 4,092 | 24 | % | 286 | 7 | % | |||||||||||||||
Metal Components |
||||||||||||||||||||||||
Total Sales |
103,375 | 37 | % | 95,069 | 37 | % | 8,306 | 9 | % | |||||||||||||||
Less: Intersegment sales |
20,762 | 20,693 | 69 | 0 | % | |||||||||||||||||||
Third Party Sales |
82,613 | 37 | % | 74,376 | 37 | % | 8,237 | 11 | % | |||||||||||||||
Operating Income (Loss) |
7,400 | 9 | % | 5,613 | 8 | % | 1,787 | 32 | % | |||||||||||||||
Engineered Building Systems |
||||||||||||||||||||||||
Total Sales |
129,790 | 46 | % | 113,403 | 45 | % | 16,387 | 14 | % | |||||||||||||||
Less: Intersegment sales |
3,823 | 3,302 | 521 | 16 | % | |||||||||||||||||||
Third Party Sales |
125,967 | 56 | % | 110,101 | 55 | % | 15,866 | 14 | % | |||||||||||||||
Operating Income (Loss) |
(154 | ) | 0 | % | (5,649 | ) | -5 | % | 5,495 | 97 | % | |||||||||||||
Consolidated |
||||||||||||||||||||||||
Total Sales |
281,092 | 100 | % | 253,231 | 100 | % | 27,861 | 11 | % | |||||||||||||||
Less: Intersegment sales |
55,527 | 51,658 | 3,869 | 7 | % | |||||||||||||||||||
Third Party Sales |
225,565 | 100 | % | 201,573 | 100 | % | 23,992 | 12 | % | |||||||||||||||
Operating Income (Loss) |
(1,844 | ) | -1 | % | (9,157 | ) | -5 | % | 7,313 | 80 | % |
YTD | YTD | % | ||||||||||||||||||||||
2nd Qtr 2011 | 2nd Qtr 2010 | Inc/(Dec) | Change | |||||||||||||||||||||
Metal Coil Coating |
||||||||||||||||||||||||
Total Sales |
90,201 | 17 | % | 83,790 | 17 | % | 6,411 | 8 | % | |||||||||||||||
Less: Intersegment sales |
56,023 | 53,886 | 2,137 | 4 | % | |||||||||||||||||||
Third Party Sales |
34,178 | 8 | % | 29,904 | 8 | % | 4,274 | 14 | % | |||||||||||||||
Operating Income (Loss) |
7,822 | 23 | % | 7,211 | 24 | % | 611 | 8 | % | |||||||||||||||
Metal Components |
||||||||||||||||||||||||
Total Sales |
193,680 | 38 | % | 181,875 | 38 | % | 11,805 | 6 | % | |||||||||||||||
Less: Intersegment sales |
37,051 | 37,361 | (310 | ) | -1 | % | ||||||||||||||||||
Third Party Sales |
156,629 | 38 | % | 144,514 | 38 | % | 12,115 | 8 | % | |||||||||||||||
Operating Income (Loss) |
7,753 | 5 | % | 7,404 | 5 | % | 349 | 5 | % | |||||||||||||||
Engineered Building Systems |
||||||||||||||||||||||||
Total Sales |
231,202 | 45 | % | 215,341 | 45 | % | 15,861 | 7 | % | |||||||||||||||
Less: Intersegment sales |
6,358 | 5,979 | 379 | 6 | % | |||||||||||||||||||
Third Party Sales |
224,844 | 54 | % | 209,362 | 54 | % | 15,482 | 7 | % | |||||||||||||||
Operating Income (Loss) |
(5,564 | ) | -2 | % | (11,467 | ) | -5 | % | 5,903 | 51 | % | |||||||||||||
Consolidated |
||||||||||||||||||||||||
Total Sales |
515,083 | 100 | % | 481,006 | 100 | % | 34,077 | 7 | % | |||||||||||||||
Less: Intersegment sales |
99,432 | 97,226 | 2,206 | 2 | % | |||||||||||||||||||
Third Party Sales |
415,651 | 100 | % | 383,780 | 100 | % | 31,871 | 8 | % | |||||||||||||||
Operating Income (Loss) |
(15,980 | ) | -4 | % | (21,889 | ) | -6 | % | 5,909 | 27 | % |
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