NCI Building Systems Reports Second Quarter Fiscal 2014 Results

HOUSTON, June 10, 2014 /PRNewswire/ -- NCI Building Systems, Inc. (NYSE: NCS) today reported financial results for the second quarter ended May 4, 2014. 

Second Quarter Financial, Operational and Industry Highlights:

  • Sales increased 4.2% to $305.8 million, compared to the prior year's second quarter
  • Sequential improvement in gross margin
  • Earnings negatively impacted by the effect of adverse weather and spending on growth initiatives
  • Bookings improved, driving a 6% year-over-year increase in backlog to $335 million
  • Net loss per diluted common share narrowed to $0.07

Norman C. Chambers, Chairman, President and Chief Executive, commented, "Although our second quarter performance was impacted by extreme winter weather in February and March, including disruption to our various manufacturing plants, bookings and backlog began to rebound at the end of the quarter.  April and May bookings were up 8% and 28%, respectively, and the 6% growth in our backlog positions us well for the second half. I am encouraged by the improvement in market demand and the success of our value pricing initiatives."

For the fiscal second quarter, sales grew 4.2% to $305.8 million from $293.4 million in the prior year's second quarter reflecting sales growth in all three operating segments. 

Gross margin improved sequentially to 19.5% from 19.1% in the first quarter, but was lower on a year-over-year basis due to the continued negative impact of severe weather, which drove 22 plant closure days in 2014 compared to two in the comparable period last year. The benefits of pricing improvements in the quarter were offset by weather related inefficiencies in freight, material costs, manufacturing costs and unfavorable product mix.

Engineering, selling, general administrative (ESG&A) expenses rose 3.7% to $65.1 million from $62.8 million in the second quarter of 2013. Corporate expenses declined 12.7% in the second quarter compared to the same period last year and decreased 6% in the first half of fiscal 2014.  However, the reduction in corporate expenses was offset by increased investments in certain growth initiatives, wage increases and costs associated with the ramp-up of our architectural insulated metal panel plant in Richmond, Virginia.

Cash and cash equivalents at the end of the second quarter were $12.5 million compared to $27.5 million in the comparable period last year and down from $77 million at the end of fiscal 2013.  The decline from fiscal 2013 reflects the $24 million repurchase of treasury stock and seasonal investments in working capital during the first half of fiscal 2014.  In addition, the $150 million ABL facility remains undrawn at the end of the second quarter.  Net interest expense was $3.0 million compared to $6.1 million in the second quarter of 2013 as a result of last year's refinancing of our term loan.  Net loss per diluted common share of $0.07 improved versus a net loss per diluted common share of $0.28 in the second quarter of last year.  The weighted average number of common shares used in the calculation of second quarter loss per diluted common share was 72.8 million.  Prior to the May 2013 conversion of preferred shares to common shares, the weighted average number of common shares used in the calculation of second quarter 2013 loss per diluted common share was 19.4 million.

Adjusted EBITDA, a non-GAAP measure, defined as earnings before interest, taxes, depreciation and amortization, and cash and other non-cash items, in accordance with the Company's credit agreement was $6.3 million, down from $10.6 million in the prior year's second quarter.  Please see the reconciliation of Adjusted EBITDA to net income (loss) in the Company's financial statements.

Fiscal Second Quarter 2014 Segment Performance 

The Metal Coil Coatings group's third party sales grew 16.5% year-over-year as coating and tolling sales increased for both the light gauge and heavy gauge product lines.  Volume improvement was enhanced by favorable mix but the gain was offset by elevated steel costs associated with supply chain disruptions and increased marketing expenditures.  Higher utility expenses related to inclement weather and cold temperatures also contributed to lower earnings.

The Metal Components group achieved a 5.1% increase in third party sales versus the prior year's second quarter driven by growth in the legacy single skin products. Pricing was favorable compared to last year's second quarter but operating income of $4.6 million declined 11.3%.  The group had increased costs over the prior year due to investments in growth initiatives, the weather related decline in commercial and industrial insulated panel volumes and costs associated with the ramp-up of our Richmond, Virginia architectural insulated metal panel plant.

The Engineered Buildings group's third party sales increased 1.6% compared to last year's second quarter. We began to benefit from value pricing during the quarter and achieved improvement in sales margin and product mix but the gain was offset by weather induced lower volumes and  increased freight expenses.

Market commentary

Despite weather related weakness in the first half of fiscal 2014, leading indicators for nonresidential construction activity continue to trend positive. Sustained demand in the industrial sector has led to falling vacancy rates for 14 consecutive quarters according to CBRE Econometric Advisors data. The first quarter of calendar 2014 ended with an 11.1% vacancy rate and 80% of all major industrial markets reporting positive absorption; a reflection of the breadth of the nascent industrial recovery.

The Institute for Supply Management's Purchasing Manager's Index (PMI) registered 55.4 in May, reflecting expansion in the manufacturing sector for the 12th consecutive month. The New Orders Index was 56.9 signaling growth in new orders for the 12th consecutive month and suggesting continued growth in capital spending.

The American Institute of Architects' (AIA) Architecture Mixed Use Index, which declined in January and February recovered and crossed into expansionary territory at 50.7 in April. The index has been above 50 for 16 of the past 21 months, forecasting an increase in U.S. construction spending for the remainder of 2014.  Furthermore, the new projects inquiry index increased from 57.9 in March to 59.1 in April, while the new design contract index, recently unveiled by AIA, scored 54.6 providing a strong signal of the direction of future architectural billings.

Finally, the April Federal Senior Loan Survey reflects continued growth of real nonresidential investment in structures as lending standards ease and demand for commercial and industrial projects strengthens.

Summary/Outlook

"Although our performance in the first half of fiscal 2014 was significantly impacted by severe winter weather, our bookings and backlog have continued to improve both sequentially and as compared to last year, both in volumes and in expected margins.    The level of inquiries is solid and legacy component sales for commercial and industrial application, a harbinger of the last cyclical recovery, are growing at a double digit pace.  Also, the recent realignment of manufacturing operations is resulting in measurable improvement, especially in our Buildings group."

"As we mentioned in our first quarter earnings release, we historically generate approximately 60% to 90% of our annual EBITDA in the second half of the year and we currently anticipate that our second half results will reflect this pattern.  We continue to expect mid-single digit growth in low rise new nonresidential starts for our fiscal 2014," Mr. Chambers concluded.

For additional information, please see the CFO Commentary at www.ncibuildingsystems.com under the tab Quarterly Earnings and Transcripts.

Conference Call Information

The NCI Building Systems, Inc. first quarter conference call is scheduled for Wednesday, June 11, 2014, at 9:00 AM ET. Please dial 1-888-329-8893 to participate in the call. To listen to a live broadcast of the call over the Internet or to review the archived call, please visit the Company's website at www.ncibuildingsystems.com. To access the taped replay, please dial 1-888-203-1112 and the passcode 1277255# when prompted. The taped replay will be available two hours after the call through June 18, 2014.  

NCI Building Systems, Inc. is one of North America's largest integrated manufacturers of metal products for the nonresidential building industry. NCI is comprised of a family of companies operating manufacturing facilities across the United States and Mexico, with additional sales and distribution offices throughout the United States and Canada. 

Contact:
Layne de Alvarez
Vice President, Investor Relations
281-897-7710

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "guidance," "potential," "expect," "should," "will," "forecast" and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current expectations, assumptions and/or beliefs concerning future events. As a result, these forward-looking statements rely on a number of assumptions, forecasts, and estimates and, as a result, these forward-looking statements are subject to a number of risks and uncertainties that may cause the Company's actual performance to differ materially from that projected in such statements. Among the factors that could cause actual results to differ materially include, but are not limited to industry cyclicality and seasonality and adverse weather conditions; ability to service or refinance the Company's debt and obtain future financing; the Company's ability to comply with the financial tests and covenants in its existing and future debt obligations; operational limitations or restrictions in connection with our debt; recognition of asset impairment charges; the ability to make strategic acquisitions accretive to earnings; retention and replacement of key personnel; enforcement and obsolescence of intellectual property rights; fluctuations in customer demand; commodity price increases and/or limited availability of raw materials, including steel; increases in energy prices, competitive activity and pricing pressure; challenging economic conditions affecting the non-residential construction industry; volatility in the U.S. economy and abroad generally, and in the credit markets; costs related to environmental clean-ups and liabilities; changes in laws or regulations, including the Dodd-Frank Act; the dilutive effect on the Company's common stockholders of potential future sales of the Company's common stock held by the selling stockholders; substantial governance and other rights held by the selling stockholders; breaches of our information system security measures and damage to our major information management systems; hazards that may cause personal injury or property damage, thereby subjecting the Company to liabilities and possible losses, which may not be covered by  insurance; costs and other effects of legal and administrative proceedings, settlements, investigations, claims and other matters; and the volatility of the Company's stock price. The Company's SEC filings, including our most recent reports on Form 10-K, particularly under Item 1A "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended November 3, 2013, identify other important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements. NCI expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking statements to reflect any changes in its expectations.

 

 NCI BUILDING SYSTEMS, INC. 

 CONSOLIDATED STATEMENTS OF OPERATIONS 

 (In thousands, except per share data) 

 (Unaudited) 





















 Fiscal Three Months Ended 


 Fiscal Six Months Ended 



 May 4, 


 April 28, 


 May 4, 


 April 28, 



2014


2013


2014


2013










 Sales 


$ 305,800


$ 293,399


$ 616,466


$ 590,983

 Cost of sales, excluding gain on insurance recovery 


246,527


232,562


498,955


469,277

 Gain on insurance recovery 


(324)


-


(1,311)


-

      Gross profit 


59,597


60,837


118,822


121,706



19.5%


20.7%


19.3%


20.6%










 Engineering, selling, general and administrative expenses 


65,110


62,782


127,503


123,253

      Loss from operations 


(5,513)


(1,945)


(8,681)


(1,547)










 Interest income 


24


42


50


72

 Interest expense 


(3,059)


(6,191)


(6,185)


(12,465)

 Other income, net 


586


246


90


640










 Loss before income taxes 


(7,962)


(7,848)


(14,726)


(13,300)

 Benefit from income taxes 


(3,057)


(2,506)


(5,563)


(4,331)



38.4%


31.9%


37.8%


32.6%










 Net loss 


$   (4,905)


$   (5,342)


$   (9,163)


$   (8,969)










 Net loss applicable to common shares 


$   (4,905)


$   (5,342)


$   (9,163)


$   (8,969)



















 Loss per common share: 









    Basic 


$     (0.07)


$     (0.28)


$     (0.13)


$     (0.46)

    Diluted 


$     (0.07)


$     (0.28)


$     (0.13)


$     (0.46)










 Weighted average number of common shares outstanding: 









    Basic 


72,838


19,416


73,177


19,326

    Diluted 


72,838


19,416


73,177


19,326










 Increase in sales 


4.2%




4.3%












 Gross profit percentage 


19.5%


20.7%


19.3%


20.6%










 Engineering, selling, general and administrative 









    expenses percentage 


21.3%


21.4%


20.7%


20.9%

 

 

 NCI BUILDING SYSTEMS, INC. 

 CONSOLIDATED BALANCE SHEETS 

 (In thousands) 



















 May 4, 


 November 3, 





2014


2013





 (Unaudited) 



 ASSETS 







 Cash and cash equivalents 


$   12,468


$   77,436


 Accounts receivable, net 


109,651


135,368


 Inventories, net 


136,245


122,105


 Deferred income taxes 


33,619


27,736


 Income tax receivable 


1,114


1,112


 Prepaid expenses and other 


20,986


19,300


 Investments in debt and equity securities, at market 


5,249


4,892


 Assets held for sale 


5,408


2,879



 Total current assets 


324,740


390,828









 Property, plant and equipment, net 


252,966


260,918


 Goodwill  



75,226


75,226


 Intangible assets, net 


46,949


48,975


 Deferred financing costs, net 


3,799


4,316



 Total assets 


$ 703,680


$ 780,263








 LIABILITIES AND STOCKHOLDERS' EQUITY 






 Current portion of long-term debt 


$     2,384


$     2,384


 Note payable 


1,461


613


 Accounts payable 


100,949


144,553


 Accrued compensation and benefits 


41,128


40,954


 Accrued interest 


1,731


1,844


 Other accrued expenses 


56,012


61,266





203,665


251,614









 Long-term debt, net 


234,195


235,391


 Deferred income taxes 


31,425


32,185


 Other long-term liabilities 


8,267


8,315



 Total long-term liabilities 


273,887


275,891









 Common stock 


1,460


1,471


 Additional paid-in capital 


625,370


638,574


 Accumulated deficit 


(391,898)


(382,735)


 Accumulated other comprehensive loss 


(4,657)


(4,436)


 Treasury stock, at cost 


(4,147)


(116)



 Total stockholders' equity  


226,128


252,758










 Total liabilities and stockholders' equity  


$ 703,680


$ 780,263

 

 

NCI BUILDING SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)








 Fiscal Six Months Ended 



 May 4, 


 April 28, 



2014


2013






Cash flows from operating activities:





      Net loss


$ (9,163)


$ (8,969)

      Adjustments to reconcile net loss to net cash used in





            operating activities:





            Depreciation and amortization


17,708


17,932

            Deferred financing cost amortization


592


2,171

            Share-based compensation expense


5,742


6,887

            Gain on insurance recovery


(1,311)


-

            Provision for doubtful accounts


585


1,100

            Benefit from deferred income taxes


(5,884)


(4,772)

            Excess tax benefits from share-based compensation arrangements


(760)


-

      Changes in operating assets and liabilities:





            Accounts receivable


25,132


19,812

            Inventories


(14,140)


(19,764)

            Income tax receivable


(2)


(381)

            Prepaid expenses and other


862


286

            Accounts payable


(43,610)


(15,425)

            Accrued expenses


(6,473)


(2,389)

            Other, net


214


(278)






Net cash used in operating activities


(30,508)


(3,790)






Cash flows from investing activities:





      Capital expenditures


(10,004)


(12,715)

      Proceeds from insurance


1,311


-






Net cash used in investing activities


(8,693)


(12,715)






Cash flows from financing activities:





     Proceeds from stock options exercised


-


674

     Decrease in restricted cash


-


1,375

     Payments on term loan


(1,196)


(10,375)

     Payments on note payable


(547)


(593)

     Proceeds from Amended ABL Facility


47,000


17,000

     Payments on Amended ABL Facility


(47,745)


(17,633)

     Payment of financing costs


(75)


(97)

     Excess tax benefits from share-based compensation arrangements


760


948

     Purchase of treasury stock


(23,743)


(2,369)






Net cash used in financing activities


(25,546)


(11,070)

Effect of exchange rate changes on cash and cash equivalents


(221)


(45)

Net decrease in cash and cash equivalents


(64,968)


(27,620)






Cash and cash equivalents at beginning of period


77,436


55,158






Cash and cash equivalents at end of period


$ 12,468


$ 27,538

 

 

 

NCI Building Systems, Inc.

Business Segments

(In thousands)

(Unaudited)
























Fiscal Three Months Ended


Fiscal Three Months Ended


$

%



May 4, 2014


April 28, 2013


Inc/(Dec)

Change




% of 



% of 







Total



Total




Sales:



Sales



Sales




     Metal coil coating


$   54,307

15


$   49,790

14


$   4,517

9.1%

     Metal components


155,085

43


147,163

43


7,922

5.4%

     Engineered building systems


149,411

42


148,095

43


1,316

0.9%

          Total sales


358,803

100


345,048

100


13,755

4.0%

     Less: Intersegment sales


53,003

15


51,649

15


1,354

2.6%

          Total net sales


$ 305,800

85


$ 293,399

85


$ 12,401

4.2%














 % of 



 % of 




Operating income (loss):



Sales



Sales




     Metal coil coating


$     3,893

7


$     4,755

10


$    (862)

-18.1%

     Metal components


4,559

3


5,137

3


(578)

-11.3%

     Engineered building systems


36

0


4,196

3


(4,160)

-99.2%

     Corporate


(14,001)

-


(16,033)

-


2,032

12.7%

          Total operating income (loss) (% of sales)

$   (5,513)

(2)


$   (1,945)

(1)


$ (3,568)

-183.5%























Fiscal Six Months Ended


Fiscal Six Months Ended


$

%



 May 4, 2014 


 April 28, 2013 


Inc/(Dec)

Change




% of 



% of 







Total



Total




Sales:



Sales



Sales




     Metal coil coating


$ 108,574

15


$   99,061

14


$   9,513

9.6%

     Metal components


313,278

43


301,067

43


12,211

4.1%

     Engineered building systems


301,648

42


295,661

43


5,987

2.0%

          Total sales


723,500

100


695,789

100


27,711

4.0%

     Intersegment sales


107,034

15


104,806

15


2,228

2.1%

          Total net sales

$ 616,466

85


$ 590,983

85


$ 25,483

4.3%














 % of 



 % of 




Operating income (loss):



Sales



Sales




     Metal coil coating


$   10,388

10


$   10,297

10


$        91

0.9%

     Metal components


8,670

3


11,209

4


(2,539)

-22.7%

     Engineered building systems


1,676

1


8,237

3


(6,561)

-79.7%

     Corporate


(29,415)

-


(31,290)

-


1,875

6.0%

          Total operating income (loss) (% of sales)


$   (8,681)

(1)


$   (1,547)

(0)


$ (7,134)

-461.2%

 

 

NCI BUILDING SYSTEMS, INC.

BUSINESS SEGMENTS

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS) EXCLUDING SPECIAL CHARGES

FISCAL THREE MONTHS ENDED MAY 4, 2014 AND APRIL 28, 2013

(In thousands)

(Unaudited)




























 Fiscal Three Months Ended May 4, 2014 




 Metal Coil
Coating 


 Metal
Components 


 Engineered
Building
Systems 


 Corporate 


 Consolidated 














Operating income (loss), GAAP basis 


$ 3,893


$ 4,559


$      36


$(14,001)


$(5,513)


Gain on insurance recovery


(324)


-


-


-


(324)


Secondary offering costs


-


-


-


50


50


Adjusted operating income (loss) (1)


$ 3,569


$ 4,559


$      36


$(13,951)


$(5,787)
















 Fiscal Three Months Ended April 28, 2013 




 Metal Coil
Coating 


 Metal
Components 


 Engineered
Building
Systems 


 Corporate 


 Consolidated 














Operating income (loss), GAAP basis (2)


$ 4,755


$ 5,137


$ 4,196


$(16,033)


$(1,945)

























(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.

(2)

 The Company did not incur any special charges during the three months ended April 28, 2013.

 

 

 


NCI BUILDING SYSTEMS, INC.

BUSINESS SEGMENTS

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS) EXCLUDING SPECIAL CHARGES

FISCAL SIX MONTHS ENDED MAY 4, 2014 AND APRIL 28, 2013

(In thousands)

(Unaudited)




























 Fiscal Six Months Ended May 4, 2014 




 Metal Coil
Coating 


 Metal
Components 


 Engineered
Building
Systems 


 Corporate 


 Consolidated 














Operating income (loss), GAAP basis


$ 10,388


$   8,670


$ 1,676


$(29,415)


$(8,681)


Gain on insurance recovery


(1,311)


-


-


-


(1,311)


Secondary offering costs


-


-


-


754


754


Adjusted operating income (loss) (1)


$   9,077


$   8,670


$ 1,676


$(28,661)


$(9,238)
















 Fiscal Six Months Ended April 28, 2013 




 Metal Coil
Coating 


 Metal
Components 


 Engineered
Building
Systems 


 Corporate 


 Consolidated 














Operating income (loss), GAAP basis


$ 10,297


$ 11,209


$ 8,237


$(31,290)


$(1,547)













(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.

(2)

The Company did not incur any special charges during the six months ended April 28, 2013.

 

 


NCI BUILDING SYSTEMS, INC.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

COMPUTATION OF EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,

AMORTIZATION AND OTHER NONCASH ITEMS ("ADJUSTED EBITDA")

(In thousands)

(Unaudited)


















3rd Qtr


4th Qtr


1st Qtr


2nd Qtr


Trailing 12 Months



 July 28, 


 November 3, 


 February 2, 


 May 4, 


 May 4, 



2013


2013


2014


2014


2014

Net income (loss)


$ (12,192)


$   8,276


$ (4,258)


$ (4,905)


$ (13,079)

Add:











     Depreciation and amortization


9,066


9,012


8,767


8,941


35,786

     Consolidated interest expense, net


5,130


3,334


3,100


3,035


14,599

     Provision (benefit) for income taxes


(9,933)


5,410


(2,506)


(3,057)


(10,086)

     Debt extinguishment costs, net


21,491


-


-


-


21,491

     Gain on insurance recovery


-


(1,023)


(987)


(324)


(2,334)

     Unreimbursed business interruption costs


-


500


-


-


500

     Secondary offering costs


-


-


704


50


754

     Non-cash charges:











          Share-based compensation


3,448


4,565


3,179


2,563


13,755

          Embedded derivative


(50)


-


-


-


(50)












     Adjusted EBITDA (1)


$   16,960


$ 30,074


$   7,999


$   6,303


$   61,336




































3rd Qtr


4th Qtr


1st Qtr


2nd Qtr


Trailing 12 Months



 July 29, 


 October 28, 


 January 27,  


 April 28, 


 April 28, 



2012


2012


2013


2013


2013

Net income (loss)


$   (3,267)


$   6,270


$ (3,627)


$ (5,342)


$   (5,966)

Add:











     Depreciation and amortization


7,248


10,355


9,122


8,809


35,534

     Consolidated interest expense, net


4,159


6,226


6,244


6,149


22,778

     Provision (benefit) for income taxes


(663)


3,379


(1,825)


(2,506)


(1,615)

     Acquisition-related costs


2,946


153


-


-


3,099

     Debt extinguishment costs, net


6,437


-


-


-


6,437

     Executive retirement


-


-


-


-


-

     Non-cash charges:











          Share-based compensation


2,090


3,116


3,442


3,445


12,093

          Asset impairments (recoveries)


(22)


13


-


-


(9)

          Embedded derivative


(5)


(5)


(5)


(4)


(19)












     Adjusted EBITDA (1)


$   18,923


$ 29,507


$ 13,351


$ 10,551


$   72,332























(1)

The Company's Credit Agreement defines Adjusted EBITDA.  Adjusted EBITDA excludes non-cash charges for goodwill and other asset impairments 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 Loan facility, the Company entered into an Asset-Based 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.

 


NCI BUILDING SYSTEMS, INC.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

ADJUSTED NET LOSS PER DILUTED COMMON SHARE AND NET LOSS COMPARISON 

(Unaudited)













 Fiscal Three Months Ended 


Fiscal Six Months Ended




 May 4, 

 April 28, 


 May 4, 

 April 28, 




2014

2013


2014

2013

Net loss per diluted common share, GAAP basis

$  (0.07)

$  (0.28)


$  (0.13)

$  (0.46)

Gain on insurance recovery, net of taxes

(0.00)

-


(0.01)

-

Secondary offering costs, net of taxes


0.00

-


0.01

-

Foreign exchange loss (gain), net of taxes

(0.00)

-


0.00

-

Adjusted net loss per diluted common share (1)

$  (0.07)

$  (0.28)


$  (0.13)

$  (0.46)




















 Fiscal Three Months Ended 


Fiscal Six Months Ended




 May 4, 

 April 28, 


 May 4, 

 April 28, 




2014

2013


2014

2013

Net loss applicable to common shares, GAAP basis

$(4,905)

$(5,342)


$(9,163)

$(8,969)

Gain on insurance recovery, net of taxes

(199)

-


(807)

-

Secondary offering costs, net of taxes


31

-


465

-

Foreign exchange loss (gain), net of taxes

(211)

-


325

-

Adjusted net loss applicable to common shares (1)

$(5,284)

$(5,342)


$(9,180)

$(8,969)

























(1)

The Company discloses a tabular comparison of Adjusted net loss per diluted common share and Adjusted net 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 loss per diluted common share and Adjusted net loss applicable to common shares should not be considered in isolation or as a substitute for net loss per diluted common share and net loss applicable to common shares as reported on the face of our consolidated statement of operations.

 

 

 NCI Building Systems, Inc. 

 Reconciliation of Segment Sales to Third Party Segment Sales (Internal Information) 

(In thousands)

(Unaudited)
























 Fiscal 



 Fiscal 



%




 2nd Qtr 2014 



 2nd Qtr 2013 


 Inc/(Dec) 

 Change 

 Metal Coil Coating 










 Total Sales 


$    54,307

15%


$    49,790

14%

4,517

9.1%


 Less: Intersegment sales 


28,799



27,903


896

3.2%


 Third Party Sales 


$    25,508

9%


$    21,887

7%

3,621

16.5%












 Operating Income (Loss) 


$      3,893

15%


$      4,755

22%

(862)

-18.1%











 Metal Components 










 Total Sales 


$  155,085

43%


$  147,163

43%

7,922

5.4%


 Less: Intersegment sales 


19,351



17,982


1,369

7.6%


 Third Party Sales 


$  135,734

44%


$  129,181

44%

6,553

5.1%












 Operating Income (Loss) 


$      4,559

3%


$      5,137

4%

(578)

-11.3%











 Engineered Building Systems 









 Total Sales 


$  149,411

42%


$  148,095

43%

1,316

0.9%


 Less: Intersegment sales 


4,853



5,764


(911)

-15.8%


 Third Party Sales 


$  144,558

47%


$  142,331

49%

2,227

1.6%












 Operating Income (Loss) 


$           36

0%


$      4,196

3%

(4,160)

-99.1%











 Consolidated 










 Total Sales 


$  358,803

100%


$  345,048

100%

13,755

4.0%


 Less: Intersegment 


53,003



51,649


1,354

2.6%


 Third Party Sales 


$  305,800

100%


$  293,399

100%

12,401

4.2%












 Operating Income (Loss) 


$    (5,513)

-2%


$    (1,945)

-1%

(3,568)

183.4%
























 Fiscal YTD 



 Fiscal YTD 



%




 2nd Qtr 2014 



 2nd Qtr 2013 


 Inc/(Dec) 

Change

 Metal Coil Coating 










 Total Sales 


$  108,574

15%


$    99,061

14%

9,513

9.6%


 Less: Intersegment sales 


58,476



57,953


523

0.9%


 Third Party Sales 


$    50,098

8%


$    41,108

7%

8,990

21.9%












 Operating Income (Loss) 


$    10,388

21%


$    10,297

25%

91

0.9%











 Metal Components 










 Total Sales 


$  313,278

43%


$  301,067

43%

12,211

4.1%


 Less: Intersegment sales 


38,198



35,358


2,840

8.0%


 Third Party Sales 


$  275,080

45%


$  265,709

45%

9,371

3.5%












 Operating Income (Loss) 


$      8,670

3%


$    11,209

4%

(2,539)

-22.7%











 Engineered Building Systems 









 Total Sales 


$  301,648

42%


$  295,661

42%

5,987

2.0%


 Less: Intersegment sales 


10,360



11,495


(1,135)

-9.9%


 Third Party Sales 


$  291,288

47%


$  284,166

48%

7,122

2.5%












 Operating Income (Loss) 


$      1,676

1%


$      8,237

3%

(6,561)

-79.7%











 Consolidated 










 Total Sales 


$  723,500

100%


$  695,789

100%

27,711

4.0%


 Less: Intersegment sales 


107,034



104,806


2,228

2.1%


 Third Party Sales 


$  616,466

100%


$  590,983

100%

25,483

4.3%












 Operating Income (Loss) 


$    (8,681)

-1%


$    (1,547)

0%

(7,134)

461.2%

 

 

SOURCE NCI Building Systems, Inc.



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