NCI Building Systems Reports First Quarter Fiscal 2012 Results
-- Revenues Increased 28% to $244 Million; Volume Was Up 14% --
-- Adjusted EBITDA Was Up 383% to $12 Million --
-- All Three Business Units Posted Substantial Growth in Revenues and Operating Profits --
-- Bookings Grew 16%; Backlog Increased to $222 Million --
HOUSTON, March 6, 2012 /PRNewswire/ -- NCI Building Systems, Inc. (NYSE: NCS) today reported financial results for the first quarter ended January 29, 2012.
First Quarter 2012 Financial Results
"This was our best first quarter performance since 2008 and represents an excellent start to fiscal 2012," commented Norman C. Chambers, Chairman, President and Chief Executive Officer. "We achieved double-digit revenue growth in each of our business segments, driven by higher volumes, firmer prices and excellent execution. Significant operating leverage, resulting from the efficiencies gained in our manufacturing, engineering and supply chain operations over the last several years, led to substantial increase in adjusted EBITDA and a positive swing in operating income of $18 million for the quarter. Our companywide 14% volume increase reflected improved demand from certain sectors of our addressable market and mild weather conditions that resulted in some shipment pull-through, benefiting first quarter results. Our volume growth compared favorably with the 5.4% decline in new starts in the nonresidential construction market measured in square feet, as reported by McGraw-Hill."
"Each of our three business segments grew faster than their respective markets, taking advantage of opportunities to capture additional business, broaden end markets and extend geographical reach. Revenue growth was again led by our Buildings group, which posted a 38% increase in sales, and its first quarter bookings were 16% above the comparable year-ago period. Backlog at the end of the quarter reached $222 million, up 3.2% sequentially and 8.4% year-over-year. Similar to recent quarters, the rate of converting backlog into production was approximately 30% faster than the same period of 2010. This reflected the greater proportion of 'book for production' projects in our backlog and our progress in shortening delivery times."
"Operating profitability increased substantially from last year's first quarter at each of our business segments, where higher volumes and ongoing efficiencies resulted in double-digit declines in engineering, selling, general and administrative (ESG&A) costs per ton," Mr. Chambers said.
For the first quarter, sales were $243.6 million, up 28% from the $190.1 million reported in last year's first quarter. The gross profit margin was 22%, compared to 17.6% in the year-ago first quarter.
Engineering, selling, general and administrative expenses were $49.3 million, or 20.3% of revenues, compared to $47.7 million, or 25.1% of revenues, in last year's first quarter. The Company reported an operating profit of $4.3 million, a significant improvement over the adjusted operating loss of $12.8 million incurred in the comparable 2011 period. Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortization, and cash and other non-cash items, in accordance with the Company's bank credit agreement, was $12.4 million compared to negative $4.4 million in last year's first quarter.
For the first quarter of 2012, the Company reported net income of $589,000. Including the accrual of preferred stock dividends and accretion of $6.6 million and a non-cash beneficial conversion feature charge of $4 million, the net loss applicable to common shares was $10 million. In last year's first quarter, the Company incurred a net loss of $12.7 million and a net loss applicable to common shares of $20.7 million, which included the accrual of preferred stock dividends and accretion of $6.2 million and a non-cash beneficial conversion feature charge of $1.8 million.
The adjusted loss per diluted common share, excluding the non-cash beneficial conversion charge and other special items, was $0.32; the reported net loss per diluted share was $0.54. This compares to an adjusted net loss per diluted share of $0.99 and a reported net loss per diluted share of $1.14 in last year's first quarter. The weighted average number of common shares used in the calculation of first quarter 2012 per share amounts was 18.7 million compared to 18.1 million last year.
Inventory levels increased 22.3% over the same period of the prior year to $102.1 million, reflecting approximately 10% more volume to support the increased activity levels and approximately 12% higher raw material unit costs. Annualized inventory turnover was 7.9 turns for the first quarter compared to 7.5 turns year-over-year and 8.9 turns sequentially.
Capital expenditures were $5.8 million; net cash from operating activities was negative $4.2 million.
First Quarter Segment Performance
The Company reported an operating profit of $4.3 million, which is a significant improvement over the adjusted operating loss of $12.8 million incurred in the comparable period of the prior year.
"Each of our three business segments contributed to the strong improvement in operating results in the 2012 first quarter," Mr. Chambers said.
Third-party revenues for the Coatings group increased 18% year-over-year, reflecting its continued success in opening and penetrating new end markets. The group's geographic reach, will be further enhanced when the new Middletown coating facility becomes operational in 2013. Operating income increased 54%, reflecting higher volumes from both external and intersegment demand and the benefits of ongoing efficiency enhancements.
The Components group's third-party revenues increased 18% in the first quarter as compared to the year-ago period, benefiting from improved demand from certain manufacturing sectors and growth in new products, particularly insulated metal panels. Operating income of $5.5 million increased significantly due to the higher activity levels and reduced operating costs this quarter. This performance represents substantial improvement as compared to a very difficult first quarter last year, when the segment was only modestly profitable.
The Buildings group's third-party revenues increased 38% year-over-year, and operating profit was $7.6 million, representing a $12.8 million improvement over the prior year's adjusted loss. This significant turnaround reflected revenue benefits from improved demand in the manufacturing, warehousing and energy sectors of the market and recognition of our value-add to builders and profitability improvement from the production efficiencies that we continue to achieve.
Market Commentary
In the first quarter of our fiscal 2012, low-rise nonresidential construction activity measured in square feet declined 6.4% from the comparable period in fiscal 2011, as reported by McGraw-Hill.
The American Institute of Architects' Architectural Billing Index published for January 2012 was 50.9 and the commercial and industrial component of the Index remained above 50 for the fifth consecutive month.
McGraw-Hill is currently forecasting that nonresidential construction activity measured in square feet will be 2% higher in calendar 2012 compared to calendar 2011. McGraw-Hill projects CY 2012 square footage at 685 million, up from 673 million in 2011, with most of the increase taking place in the second half of the calendar year.
Summary and Outlook
"Our strong first quarter performance has set the stage for a fiscal 2012 first half that will show a marked improvement over the similar period in fiscal 2011 across key financial metrics, including revenues, Adjusted EBITDA, and operating income. This will all occur despite the lack of a meaningful recovery in business conditions in the nonresidential construction market. The progress we are making is being driven by the ability of each of our business units to capitalize on the modest uptick in demand from certain market sectors, develop new products and enter new markets, and reduce our costs per ton through the cumulative effects of our ongoing efficiency programs," Mr. Chambers said.
"We expect to enter the seasonally stronger second half of fiscal 2012 in an excellent position to benefit from the modest improvement in demand from our end markets that is projected by industry analysts," Mr. Chambers concluded.
The NCI Building Systems, Inc. first quarter conference call is scheduled for March 6, 2012, at 5:00 PM ET. Please call 1-412-858-4600 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.ncilp.com. To access the taped replay, please dial 1-412-317-0088 and the passcode 10009517# when prompted. The Webcast archive and taped replay will both be available two hours after the call through March 13, 2012.
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.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act. These statements and other statements identified by 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 the Company's debt; fluctuations in customer demand and other patterns; raw material pricing and supply; competitive activity and pricing pressure; general economic conditions affecting the construction industry; financial crises or fluctuations in the U.S. and abroad; changes in laws or regulations; 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 October 30, 2011, 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 |
||||
(Unaudited) |
||||
(In thousands, except per share data) |
||||
For the Three Months Ended |
||||
January 29, |
January 30, |
|||
2012 |
2011 |
|||
Sales |
$ 243,603 |
$ 190,086 |
||
Cost of sales |
189,981 |
156,541 |
||
Gross profit |
53,622 |
33,545 |
||
22.0% |
17.6% |
|||
Engineering, selling, general and administrative expenses |
49,337 |
47,681 |
||
Income (loss) from operations |
4,285 |
(14,136) |
||
Interest income |
28 |
47 |
||
Interest expense |
(3,324) |
(4,224) |
||
Other income, net |
26 |
579 |
||
Income (loss) before income taxes |
1,015 |
(17,734) |
||
Provision (benefit) for income taxes |
426 |
(5,009) |
||
42.0% |
28.2% |
|||
Net income (loss) |
$ 589 |
$ (12,725) |
||
Convertible preferred stock dividends and accretion |
6,608 |
6,230 |
||
Convertible preferred stock beneficial conversion feature |
4,020 |
1,786 |
||
Net loss applicable to common shares |
$ (10,039) |
$ (20,741) |
||
Loss per common share: |
||||
Basic |
$ (0.54) |
$ (1.14) |
||
Diluted |
$ (0.54) |
$ (1.14) |
||
Weighted average number of common shares outstanding: |
||||
Basic |
18,693 |
18,149 |
||
Diluted |
18,693 |
18,149 |
||
Increase in sales |
28.2% |
|||
Gross profit percentage |
22.0% |
17.6% |
||
Engineering, selling, general and administrative |
||||
expenses percentage |
20.3% |
25.1% |
||
NCI BUILDING SYSTEMS, INC. |
||||||
CONSOLIDATED BALANCE SHEETS |
||||||
(In thousands) |
||||||
January 29, |
October 30, |
|||||
2012 |
2011 |
|||||
(Unaudited) |
||||||
ASSETS |
||||||
Cash and cash equivalents |
$ 66,706 |
$ 78,982 |
||||
Restricted cash |
2,837 |
2,836 |
||||
Accounts receivable, net |
79,722 |
95,381 |
||||
Inventories, net |
102,055 |
88,531 |
||||
Deferred income taxes |
20,168 |
20,405 |
||||
Income tax receivable |
1,123 |
1,272 |
||||
Prepaid expenses and other |
14,916 |
14,847 |
||||
Investments in debt and equity securities, at market |
4,228 |
4,483 |
||||
Assets held for sale |
4,875 |
4,874 |
||||
Total current assets |
296,630 |
311,611 |
||||
Property plant and equipment, net |
208,659 |
208,514 |
||||
Goodwill |
5,200 |
5,200 |
||||
Intangible assets, net |
23,739 |
24,254 |
||||
Other assets |
10,387 |
11,575 |
||||
Total assets |
$ 544,615 |
$ 561,154 |
||||
LIABILITIES AND STOCKHOLDERS' DEFICIT |
||||||
Note payable |
$ - |
$ 292 |
||||
Accounts payable |
79,322 |
88,158 |
||||
Accrued compensation and benefits |
30,320 |
34,616 |
||||
Accrued interest |
346 |
1,309 |
||||
Other accrued expenses |
47,031 |
49,668 |
||||
Total current liabilities |
157,019 |
174,043 |
||||
Long-term debt |
130,199 |
130,699 |
||||
Deferred income taxes |
7,378 |
7,312 |
||||
Other long-term liabilities |
10,076 |
10,081 |
||||
Total long-term liabilities |
147,653 |
148,092 |
||||
Series B cumulative convertible participating preferred stock |
280,558 |
273,950 |
||||
Redeemable common stock |
179 |
759 |
||||
Common stock |
924 |
924 |
||||
Additional paid-in capital |
233,148 |
237,244 |
||||
Accumulated deficit |
(266,307) |
(266,896) |
||||
Accumulated other comprehensive loss |
(5,579) |
(5,485) |
||||
Treasury stock, at cost |
(2,980) |
(1,477) |
||||
Total stockholders' deficit |
(40,794) |
(35,690) |
||||
Total liabilities and stockholders' deficit |
$ 544,615 |
$ 561,154 |
||||
NCI BUILDING SYSTEMS, INC. |
||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||
(Unaudited) |
||||
(In thousands) |
||||
For the Three Months Ended |
||||
January 29, 2012 |
January 30, 2011 |
|||
Cash flows from operating activities: |
||||
Net income (loss) |
$ 589 |
$ (12,725) |
||
Adjustments to reconcile net income (loss) to net cash used in |
||||
operating activities: |
||||
Depreciation and amortization |
7,371 |
8,449 |
||
Share-based compensation expense |
1,972 |
1,685 |
||
(Gain) loss on sale of property, plant and equipment |
2 |
(18) |
||
Provision for doubtful accounts |
(6) |
457 |
||
Provision (benefit) from deferred income taxes |
292 |
(5,035) |
||
Changes in working capital: |
||||
Accounts receivable |
15,204 |
19,523 |
||
Inventories |
(13,524) |
(2,062) |
||
Income tax receivable |
174 |
366 |
||
Prepaid expenses and other |
591 |
(642) |
||
Accounts payable |
(8,836) |
(6,990) |
||
Accrued expenses |
(7,987) |
(2,892) |
||
Other, net |
(47) |
(448) |
||
Net cash used in operating activities |
(4,205) |
(332) |
||
Cash flows from investing activities: |
||||
Capital expenditures |
(5,770) |
(2,247) |
||
Proceeds from sale of property, plant and equipment |
25 |
41 |
||
Net cash used in investing activities |
(5,745) |
(2,206) |
||
Cash flows from financing activities: |
||||
Decrease of restricted cash |
(1) |
(2) |
||
Excess tax benefits from share-based compensation arrangements |
- |
464 |
||
Payment of cash dividends on Convertible Preferred Stock |
- |
(5,550) |
||
Payments on term loan |
(500) |
(2,750) |
||
Payments on note payable |
(292) |
(289) |
||
Payment of financing costs |
(25) |
(50) |
||
Purchase of treasury stock |
(1,503) |
(1,478) |
||
Net cash used in financing activities |
(2,321) |
(9,655) |
||
Effect of exchange rate changes on cash and cash equivalents |
(5) |
(10) |
||
Net decrease in cash and cash equivalents |
(12,276) |
(12,203) |
||
Cash and cash equivalents at beginning of period |
78,982 |
77,419 |
||
Cash and cash equivalents at end of period |
$ 66,706 |
$ 65,216 |
||
NCI BUILDING SYSTEMS, INC. |
||||||||||
BUSINESS SEGMENTS |
||||||||||
(Unaudited) |
||||||||||
(In thousands) |
||||||||||
Three Months Ended |
Three Months Ended |
$ |
% |
|||||||
January 29, 2012 |
January 30, 2011 |
Inc/(Dec) |
Change |
|||||||
% of |
% of |
|||||||||
Total |
Total |
|||||||||
Sales: |
Sales |
Sales |
||||||||
Metal coil coating |
$ 49,083 |
16 |
$ 42,274 |
18 |
$ 6,809 |
16.1% |
||||
Metal components |
105,752 |
36 |
90,305 |
39 |
15,447 |
17.1% |
||||
Engineered building systems |
140,298 |
48 |
101,412 |
43 |
38,886 |
38.3% |
||||
Total sales |
295,133 |
100 |
233,991 |
100 |
61,142 |
26.1% |
||||
Less: Intersegment sales |
51,530 |
17 |
43,905 |
19 |
7,625 |
17.4% |
||||
Total net sales |
$ 243,603 |
83 |
$ 190,086 |
81 |
$ 53,517 |
28.2% |
||||
% of |
% of |
|||||||||
Total |
Total |
|||||||||
Operating income (loss): |
Sales |
Sales |
||||||||
Metal coil coating |
$ 5,302 |
11 |
$ 3,444 |
8 |
$ 1,858 |
53.9% |
||||
Metal components |
5,541 |
5 |
353 |
0 |
5,188 |
1469.7% |
||||
Engineered building systems |
7,596 |
5 |
(5,410) |
(5) |
13,006 |
240.4% |
||||
Corporate |
(14,154) |
- |
(12,523) |
- |
(1,631) |
-13.0% |
||||
Total operating income (loss) (% of net sales) |
$ 4,285 |
2 |
$ (14,136) |
(7) |
$ 18,421 |
130.3% |
||||
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 |
||||||||||
For the Three Months Ended January 29, 2012 and January 30, 2011 |
||||||||||
(Unaudited) |
||||||||||
(In thousands) |
||||||||||
For the Three Months Ended January 29, 2012 |
||||||||||
Metal Coil Coating |
Metal Components |
Engineered |
Corporate |
Consolidated |
||||||
Operating income (loss), GAAP basis |
$ 5,302 |
$ 5,541 |
$ 7,596 |
$ (14,154) |
$ 4,285 |
|||||
Pre-acquisition contingency adjustment |
- |
- |
- |
- |
- |
|||||
Increase in actuarial determined general liability |
||||||||||
self-insurance reserve |
- |
- |
- |
- |
- |
|||||
"Adjusted" operating income (loss) (1) |
$ 5,302 |
$ 5,541 |
$ 7,596 |
$ (14,154) |
$ 4,285 |
|||||
For the Three Months Ended January 30, 2011 |
||||||||||
Metal Coil Coating |
Metal Components |
Engineered |
Corporate |
Consolidated |
||||||
Operating income (loss), GAAP basis |
$ 3,444 |
$ 353 |
$ (5,410) |
$ (12,523) |
$ (14,136) |
|||||
Pre-acquisition contingency adjustment |
- |
- |
252 |
- |
252 |
|||||
Increase in actuarial determined general liability |
||||||||||
self-insurance reserve |
- |
1,101 |
- |
- |
1,101 |
|||||
"Adjusted" operating income (loss) (1) |
$ 3,444 |
$ 1,454 |
$ (5,158) |
$ (12,523) |
$ (12,783) |
|||||
(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 consolidated statement of operations. |
||||||||||
NCI BUILDING SYSTEMS, INC. |
||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS |
||||||||||
COMPUTATION OF EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, |
||||||||||
AMORTIZATION AND OTHER NONCASH ITEMS ("ADJUSTED EBITDA") |
||||||||||
(Unaudited) |
||||||||||
(In thousands) |
||||||||||
2nd Qtr |
3rd Qtr |
4th Qtr |
1st Qtr |
Trailing 12 Months |
||||||
May 1, |
July 31, |
October 30, |
January 29, |
January 29, |
||||||
2011 |
2011 |
2011 |
2012 |
2012 |
||||||
Net income (loss) |
$ (3,229) |
$ 2,593 |
$ 3,411 |
$ 589 |
$ 3,364 |
|||||
Add: |
||||||||||
Depreciation and amortization |
7,187 |
7,187 |
6,753 |
6,158 |
27,285 |
|||||
Consolidated interest expense, net |
3,870 |
3,864 |
3,685 |
3,296 |
14,715 |
|||||
Provision (benefit) for income taxes |
(1,786) |
- |
398 |
426 |
(962) |
|||||
Non-cash charges: |
||||||||||
Stock-based compensation |
1,671 |
1,776 |
1,776 |
1,972 |
7,195 |
|||||
Asset impairments (recoveries) |
- |
(93) |
1,214 |
- |
1,121 |
|||||
Embedded derivative |
(6) |
(6) |
(6) |
(5) |
(23) |
|||||
Pre-acquisition contingency adjustment |
- |
- |
- |
- |
- |
|||||
Cash restructuring charges (recoveries) |
- |
(575) |
283 |
- |
(292) |
|||||
Adjusted EBITDA (1) |
$ 7,707 |
$ 14,746 |
$ 17,514 |
$ 12,436 |
$ 52,403 |
|||||
2nd Qtr |
3rd Qtr |
4th Qtr |
1st Qtr |
Trailing 12 Months |
||||||
May 2, |
August 1, |
October 31, |
January 30, |
January 30, |
||||||
2010 |
2010 |
2010 |
2011 |
2011 |
||||||
Net loss |
$ (7,656) |
$ (3,299) |
$ (5,436) |
$ (12,725) |
$ (29,116) |
|||||
Add: |
||||||||||
Depreciation and amortization |
7,480 |
7,457 |
7,309 |
7,236 |
29,482 |
|||||
Consolidated interest expense, net |
4,670 |
4,392 |
4,258 |
4,177 |
17,497 |
|||||
Benefit from income taxes |
(5,536) |
(221) |
(1,794) |
(5,009) |
(12,560) |
|||||
Non-cash charges: |
||||||||||
Stock-based compensation |
1,403 |
1,374 |
1,375 |
1,685 |
5,837 |
|||||
Asset impairments (recoveries) |
(116) |
(64) |
221 |
- |
41 |
|||||
Embedded derivative |
(4) |
(7) |
(7) |
(7) |
(25) |
|||||
Pre-acquisition contingency adjustment |
- |
- |
178 |
252 |
430 |
|||||
Cash restructuring charges |
829 |
551 |
1,628 |
- |
3,008 |
|||||
Transaction costs |
- |
- |
(250) |
- |
(250) |
|||||
- |
||||||||||
Adjusted EBITDA (1) |
$ 1,070 |
$ 10,183 |
$ 7,482 |
$ (4,391) |
$ 14,344 |
|||||
(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. |
||||||||||
NCI BUILDING SYSTEMS, INC. |
|||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS |
|||
"ADJUSTED" LOSS PER DILUTED COMMON SHARE AND NET LOSS COMPARISON |
|||
(Unaudited) |
|||
Fiscal Three Months Ended |
|||
January 29, |
January 30, |
||
2012 |
2011 |
||
Loss per diluted common share, GAAP basis |
$ (0.54) |
$ (1.14) |
|
Convertible preferred stock beneficial conversion feature |
0.22 |
0.10 |
|
Gain on embedded derivative, net of taxes |
(0.00) |
(0.00) |
|
Increase in actuarial determined general liability self-insurance reserve, net of taxes |
- |
0.04 |
|
Pre-acquisition contingency adjustment, net of taxes |
- |
0.01 |
|
"Adjusted" loss per diluted common share (1) |
$ (0.32) |
$ (0.99) |
|
Fiscal Three Months Ended |
|||
January 29, |
January 30, |
||
2012 |
2011 |
||
Net loss applicable to common shares, GAAP basis |
$ (10,039) |
$ (20,741) |
|
Convertible preferred stock beneficial conversion feature |
4,020 |
1,786 |
|
Gain on embedded derivative, net of taxes |
(3) |
(5) |
|
Increase in actuarial determined general liability self-insurance reserve, net of taxes |
- |
790 |
|
Pre-acquisition contingency adjustment, net of taxes |
- |
181 |
|
"Adjusted" net loss applicable to common shares (1) |
$ (6,022) |
$ (17,989) |
|
(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 consolidated statement of operations. |
|||
NCI Building Systems, Inc. |
|||||||||
Reconciliation of Segment Sales to Third Party Segment Sales (Internal Information) |
|||||||||
(Unaudited) |
|||||||||
(In thousands) |
|||||||||
% |
|||||||||
1st Qtr 2012 |
1st Qtr 2011 |
Inc/(Dec) |
Change |
||||||
Metal Coil Coating |
|||||||||
Total Sales |
49,083 |
16% |
42,274 |
18% |
6,809 |
16% |
|||
Less: Intersegment sales |
28,845 |
25,081 |
3,764 |
15% |
|||||
Third Party Sales |
20,238 |
8% |
17,193 |
9% |
3,045 |
18% |
|||
Operating Income (Loss) |
5,302 |
26% |
3,444 |
20% |
1,858 |
54% |
|||
Metal Components |
|||||||||
Total Sales |
105,752 |
36% |
90,305 |
39% |
15,447 |
17% |
|||
Less: Intersegment sales |
18,456 |
16,289 |
2,167 |
13% |
|||||
Third Party Sales |
87,296 |
36% |
74,016 |
39% |
13,280 |
18% |
|||
Operating Income (Loss) |
5,541 |
6% |
353 |
0% |
5,188 |
1470% |
|||
Engineered Building Systems |
|||||||||
Total Sales |
140,298 |
48% |
101,412 |
43% |
38,886 |
38% |
|||
Less: Intersegment sales |
4,229 |
2,535 |
1,694 |
67% |
|||||
Third Party Sales |
136,069 |
56% |
98,877 |
52% |
37,192 |
38% |
|||
Operating Income (Loss) |
7,596 |
6% |
(5,410) |
-5% |
13,006 |
240% |
|||
Consolidated |
|||||||||
Total Sales |
295,133 |
100% |
233,991 |
100% |
61,142 |
26% |
|||
Less: Intersegment sales |
51,530 |
43,905 |
7,625 |
17% |
|||||
Third Party Sales |
243,603 |
100% |
190,086 |
100% |
53,517 |
28% |
|||
Operating Income (Loss) |
4,285 |
2% |
(14,136) |
-7% |
18,421 |
130% |
|||
SOURCE NCI Building Systems, Inc.
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