Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and
distributor of products for building and industrial markets, today
reported its financial results for the three- and 12-month periods ended
December 31, 2013. All financial metrics in this release reflect only
the Company’s continuing operations unless otherwise noted.
Gibraltar also announced that, beginning with the fourth quarter of
2013, the Company will be reporting its results in two segments,
entitled “Industrial and Infrastructure Products” and “Residential
Products.” The Industrial and Infrastructure Products segment includes
the product families of bar grating, expanded and perforated metals,
plus roadway expansion joints and bridge bearings. The Residential
Products segment consists of attic ventilation, rain dispersion, postal
storage and other related products for residential housing. Gibraltar
has provided historical segment information to reflect the new segments
from the first quarter of 2011 through the fourth quarter of 2013, which
can be accessed under the “Quarterly Results” section in the “Investor
Info” portion of Gibraltar’s website.
Management Comments
“Gibraltar concluded 2013 with solid growth and profitability momentum
in the fourth quarter,” said Chairman and Chief Executive Officer Brian
Lipke. “Our adjusted results for the quarter and the full year surpassed
those of last year and came in at the high end of our most recent
guidance.”
“Our revenue outperformance this quarter was driven by organic growth,
despite the absence of overall end-market improvement,” said Lipke.
“This was another quarter of increased sales related to residential new
construction. Sales related to repair and remodeling in the residential
and low-rise commercial building markets exceeded our expectations,
driven primarily by demand for our centralized mail storage solutions.
Our sales to the industrial and infrastructure markets also were higher.”
“Gibraltar’s earnings improvement in the fourth quarter was driven by
the operational initiatives we have implemented this past year to
strengthen the performance of our business,” Lipke said. “The fourth
quarter of 2013 concluded our third consecutive year of earnings growth,
despite historically low levels of activity in our core markets.
Contributing to the Company’s profitability in 2013 were performance
improvements in our West Coast operations, better-than-expected growth
from residential products, contributions from our recent acquisitions,
and lower interest expense as a result of our successful debt
refinancing in the first quarter.”
Fourth-Quarter Consolidated Results
Gibraltar’s net sales for the fourth quarter of 2013 rose 9% to $188.8
million, compared with $172.6 million for the fourth quarter of 2012.
Fourth-quarter 2013 adjusted net income was $2.4 million, or $0.08 per
diluted share, compared with $1.5 million, or $0.05 per diluted share,
in the fourth quarter of 2012. The adjusted fourth-quarter 2013 results
exclude special items with an after-tax net benefit totaling $1.6
million, or $0.05 per diluted share, resulting primarily from the
non-cash gain associated with the reversal of the Company's tax
valuation allowance. The adjusted net loss for the fourth quarter of
2012 excluded after-tax special charges of $5.2 million, or $0.17 per
diluted share, resulting primarily from intangible asset impairment,
acquisition-related costs, and exit activity costs related to business
restructuring. Including these items in the respective periods, the
fourth-quarter 2013 results were net income of $4.0 million, or $0.13
per diluted share, compared with a loss of $3.7 million, or $0.12 per
share, in the fourth quarter of 2012.
Fourth-Quarter Business Segment Results
Residential Products
Fourth-quarter 2013 net sales in Gibraltar’s Residential Products
segment increased 9% to $85.4 million, compared with $78.5 million for
the fourth quarter of 2012, with 6% organic growth and 3% growth related
to acquisitions. Fourth-quarter 2013 adjusted operating margin increased
80 basis points year-over-year to 7.7%. Sales growth in the segment was
driven by increased demand for the Company’s postal storage products in
residential new construction as well as repair and remodeling
applications. This more than offset soft demand for the Company’s
roof-located products due to weak U.S. re-roofing activity. Segment
adjusted operating margin reflected higher volume and favorable product
mix as well as lower SG&A expenses due primarily to operational
performance improvement in the Company’s West Coast operations.
Industrial and Infrastructure Products
Fourth-quarter 2013 net sales in Gibraltar’s Industrial and
Infrastructure Products segment increased 10% to $103.5 million,
compared with $94.1 million for the fourth quarter of 2012, led by 9%
growth from acquisitions. Fourth-quarter 2013 adjusted operating margin
decreased 20 basis points year-over-year to 7.5%. Sales growth in the
segment was driven by higher shipment volumes with stable pricing in the
Company’s North American manufacturing and infrastructure markets.
Growth in the quarter also reflected slightly improved product demand in
the Company’s European markets. Segment adjusted operating margin
reflected stabilization in both unit volume and pricing compared with
the year-earlier quarter.
12-Month Consolidated Results
For the 12 months ended December 31, 2013, total net sales were $827.6
million, a 5% increase compared with $790.1 million in 2012. Adjusted
net income in the 12 months of 2013 was $21.4 million, or $0.69 per
diluted share, a 6% increase compared with $20.2 million, or $0.65 per
diluted share, in the comparable period of 2012. The adjusted results
for the 12 months of 2013 exclude after-tax special charges of $27.0
million, or $0.87 per diluted share, primarily for intangible asset
impairment and debt refinancing costs. Adjusted net income for the 12
months of 2012 excluded after-tax special charges of $7.5 million, or
$0.24 per diluted share, for intangible asset impairment,
acquisition-related costs and exit activity costs related to business
restructuring. Including these items in both periods, the net loss was
$5.6 million, or $0.18 per diluted share, for 2013, compared with net
income of $12.7 million, or $0.41 per diluted share, in 2012.
Outlook
“The latest industry indexes and economic indicators point toward
varying degrees of improvement across our end market spectrum for 2014,”
Lipke said. “We are working on a range of internal growth initiatives to
leverage these underlying trends. Our goal is to continue making
evolutionary changes in our product lines that keep them fresh and
differentiated in the marketplace. At the same time, our recent
operational initiatives position Gibraltar for another year of increased
bottom-line improvement in 2014. We are now reaping benefits of last
year’s West Coast consolidation as we continue to reduce costs and
enhance operational efficiencies across that business.”
“As a result, we now expect Gibraltar will deliver sales growth between
4% and 7% in 2014, led by momentum in residential demand, while
increases in demand for our industrial and infrastructure products are
expected to be weighted toward the second half of the year,” said Lipke.
“With modest margin expansion on full-year sales growth, we expect
adjusted earnings per share for 2014 in the range of $0.76 to $0.90,
which compares to $0.69 reported for 2013. In the short term, we expect
the results for the first quarter of 2014 to be slightly less favorable
due to harsh weather slowing residential construction activity and
continued weakness in the industrial and transportation infrastructure
markets.”
Fourth-Quarter Conference Call Details
Gibraltar has scheduled a conference call today to review its results
for the fourth quarter of 2013, starting at 9:00 a.m. ET. Interested
parties may access the call by dialing (877) 407-5790 or (201) 689-8328.
The presentation slides that will be discussed in the conference call
are expected to be available this morning, prior to the start of the
call. The slides may be downloaded from the Gibraltar website: http://www.gibraltar1.com.
A webcast replay of the conference call and a copy of the transcript
will be available on the website following the call.
About Gibraltar
Gibraltar Industries is a leading manufacturer and distributor of
building products, focused on residential and low-rise commercial
building markets, as well as industrial and transportation
infrastructure markets. The Company generates more than 80% of its sales
from products that hold leading positions in their markets, and serves
customers across North America and Europe. Gibraltar’s strategy is to
grow organically by expanding its product portfolio and penetration of
existing customer accounts, while broadening its market and geographic
coverage through the acquisition of companies with leadership positions
in adjacent product categories. Comprehensive information about
Gibraltar can be found on its website at http://www.gibraltar1.com.
Safe Harbor Statement
Information contained in this news release, other than historical
information, contains forward-looking statements and is subject to a
number of risk factors, uncertainties, and assumptions. Risk factors
that could affect these statements include, but are not limited to, the
following: the availability of raw materials and the effects of changing
raw material prices on the Company’s results of operations; energy
prices and usage; changing demand for the Company’s products and
services; changes in the liquidity of the capital and credit markets;
risks associated with the integration of acquisitions; and changes in
interest and tax rates. In addition, such forward-looking statements
could also be affected by general industry and market conditions, as
well as general economic and political conditions. The Company
undertakes no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable law or regulation.
Non-GAAP Financial Data
To supplement Gibraltar’s consolidated financial statements presented on
a GAAP basis, Gibraltar also presented certain adjusted financial data
in this news release. Adjusted financial data excluded special charges
consisting of intangible asset impairments, restructuring primarily
associated with the closing and consolidation of our facilities,
acquisition-related costs, non-cash adjustments to the tax valuation
allowance, and note re-financing costs. These adjustments are shown in
the non-GAAP reconciliation of adjusted operating results excluding
special charges provided in the financial statements that accompany this
news release. The Company believes that the presentation of results
excluding special charges provides meaningful supplemental data to
investors, as well as management, that are indicative of the Company’s
core operating results and facilitates comparison of operating results
across reporting periods as well as comparison with other companies.
Special charges are excluded since they may not be considered directly
related to our ongoing business operations. These adjusted measures
should not be viewed as a substitute for our GAAP results, and may be
different than adjusted measures used by other companies.
Next Earnings Announcement
Gibraltar expects to release its financial results for the three month
period ending March 31, 2014, on Friday, May 2, 2014, and hold its
earnings conference call later that morning, starting at 9:00 a.m. ET.
|
|
GIBRALTAR INDUSTRIES, INC.
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands, except per share data)
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
Twelve months Ended December 31,
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
|
2013
|
|
|
|
2012
|
Net sales
|
|
|
|
$
|
188,835
|
|
|
$
|
172,639
|
|
|
|
$
|
827,567
|
|
|
$
|
790,058
|
Cost of sales
|
|
|
|
|
153,383
|
|
|
|
140,514
|
|
|
|
|
669,470
|
|
|
|
640,498
|
Gross profit
|
|
|
|
|
35,452
|
|
|
|
32,125
|
|
|
|
|
158,097
|
|
|
|
149,560
|
Selling, general, and administrative expense
|
|
|
|
|
29,299
|
|
|
|
26,301
|
|
|
|
|
113,457
|
|
|
|
104,671
|
Impairment of intangible assets
|
|
|
|
|
–
|
|
|
|
4,628
|
|
|
|
|
23,160
|
|
|
|
4,628
|
Income from operations
|
|
|
|
|
6,153
|
|
|
|
1,196
|
|
|
|
|
21,480
|
|
|
|
40,261
|
Interest expense
|
|
|
|
|
3,811
|
|
|
|
4,593
|
|
|
|
|
22,489
|
|
|
|
18,582
|
Other income
|
|
|
|
|
(36)
|
|
|
|
(87)
|
|
|
|
|
(177)
|
|
|
|
(488)
|
Income (loss) before taxes
|
|
|
|
|
2,378
|
|
|
|
(3,310)
|
|
|
|
|
(832)
|
|
|
|
22,167
|
(Benefit of) provision for income taxes
|
|
|
|
|
(1,631)
|
|
|
|
426
|
|
|
|
|
4,797
|
|
|
|
9,517
|
Income (loss) from continuing operations
|
|
|
|
|
4,009
|
|
|
|
(3,736)
|
|
|
|
|
(5,629)
|
|
|
|
12,650
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before taxes
|
|
|
|
|
–
|
|
|
|
(298)
|
|
|
|
|
(7)
|
|
|
|
(289)
|
Benefit of income taxes
|
|
|
|
|
–
|
|
|
|
(110)
|
|
|
|
|
(3)
|
|
|
|
(284)
|
Loss from discontinued operations
|
|
|
|
|
–
|
|
|
|
(188)
|
|
|
|
|
(4)
|
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
$
|
4,009
|
|
|
$
|
(3,924)
|
|
|
|
$
|
(5,633)
|
|
|
$
|
12,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per share – Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
|
$
|
0.13
|
|
|
$
|
(0.12)
|
|
|
|
$
|
(0.18)
|
|
|
$
|
0.41
|
Loss from discontinued operations
|
|
|
|
|
–
|
|
|
|
(0.01)
|
|
|
|
|
–
|
|
|
|
–
|
Net income (loss)
|
|
|
|
$
|
0.13
|
|
|
$
|
(0.13)
|
|
|
|
$
|
(0.18)
|
|
|
$
|
0.41
|
Weighted average shares outstanding – Basic
|
|
|
|
|
30,972
|
|
|
|
30,788
|
|
|
|
|
30,930
|
|
|
|
30,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per share – Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
|
$
|
0.13
|
|
|
$
|
(0.12)
|
|
|
|
$
|
(0.18)
|
|
|
$
|
0.41
|
Loss from discontinued operations
|
|
|
|
|
–
|
|
|
|
(0.01)
|
|
|
|
|
–
|
|
|
|
–
|
Net income (loss)
|
|
|
|
$
|
0.13
|
|
|
$
|
(0.13)
|
|
|
|
$
|
(0.18)
|
|
|
$
|
0.41
|
Weighted average shares outstanding – Diluted
|
|
|
|
|
31,183
|
|
|
|
30,788
|
|
|
|
|
30,930
|
|
|
|
30,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIBRALTAR INDUSTRIES, INC.
|
CONSOLIDATED BALANCE SHEETS
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
2013
|
|
|
|
2012
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
97,039
|
|
|
|
$
|
48,028
|
Accounts receivable, net of reserve
|
|
|
|
|
90,082
|
|
|
|
|
89,473
|
Inventories
|
|
|
|
|
121,152
|
|
|
|
|
116,357
|
Other current assets
|
|
|
|
|
14,127
|
|
|
|
|
13,380
|
Total current assets
|
|
|
|
|
322,400
|
|
|
|
|
267,238
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant, and equipment, net
|
|
|
|
|
131,752
|
|
|
|
|
151,613
|
Goodwill
|
|
|
|
|
341,174
|
|
|
|
|
359,863
|
Acquired intangibles
|
|
|
|
|
91,777
|
|
|
|
|
98,759
|
Other assets
|
|
|
|
|
7,059
|
|
|
|
|
6,201
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
894,162
|
|
|
|
$
|
883,674
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
69,625
|
|
|
|
$
|
69,060
|
Accrued expenses
|
|
|
|
|
49,879
|
|
|
|
|
47,432
|
Current maturities of long-term debt
|
|
|
|
|
409
|
|
|
|
|
1,093
|
Total current liabilities
|
|
|
|
|
119,913
|
|
|
|
|
117,585
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
|
213,598
|
|
|
|
|
206,710
|
Deferred income taxes
|
|
|
|
|
55,124
|
|
|
|
|
57,068
|
Other non-current liabilities
|
|
|
|
|
33,778
|
|
|
|
|
25,489
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value; authorized 10,000 shares; none
outstanding
|
|
|
|
|
–
|
|
|
|
|
–
|
Common stock, $0.01 par value; authorized 50,000 shares, 31,131
and 30,938 shares issued in 2013 and 2012
|
|
|
|
|
311
|
|
|
|
|
309
|
Additional paid-in capital
|
|
|
|
|
243,389
|
|
|
|
|
240,107
|
Retained earnings
|
|
|
|
|
236,449
|
|
|
|
|
242,082
|
Accumulated other comprehensive loss
|
|
|
|
|
(3,585)
|
|
|
|
|
(1,575)
|
Cost of 395 and 350 common shares held in treasury in 2013 and 2012
|
|
|
|
|
(4,815)
|
|
|
|
|
(4,101)
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity
|
|
|
|
|
471,749
|
|
|
|
|
476,822
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities & shareholders’ equity
|
|
|
|
$
|
894,162
|
|
|
|
$
|
833,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIBRALTAR INDUSTRIES, INC.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
2013
|
|
|
|
2012
|
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
|
|
$
|
(5,633)
|
|
|
|
$
|
12,645
|
Loss from discontinued operations
|
|
|
|
|
(4)
|
|
|
|
|
(5)
|
(Loss) income from continuing operations
|
|
|
|
|
(5,629)
|
|
|
|
|
12,650
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
27,050
|
|
|
|
|
26,344
|
Intangible asset impairment
|
|
|
|
|
23,160
|
|
|
|
|
4,628
|
Loss on early note redemption
|
|
|
|
|
7,166
|
|
|
|
|
-
|
Provision for deferred income taxes
|
|
|
|
|
(1,237)
|
|
|
|
|
994
|
Stock compensation expense
|
|
|
|
|
2,564
|
|
|
|
|
3,148
|
Non-cash charges to interest expense
|
|
|
|
|
1,006
|
|
|
|
|
1,547
|
Other non-cash adjustments
|
|
|
|
|
3,800
|
|
|
|
|
4,176
|
Increase (decrease) in cash resulting from changes in the following
(excluding the effects of acquisitions):
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
(1,020)
|
|
|
|
|
6,268
|
Inventories
|
|
|
|
|
(4,971)
|
|
|
|
|
(1,022)
|
Other current assets and other assets
|
|
|
|
|
(398)
|
|
|
|
|
2,409
|
Accounts payable
|
|
|
|
|
417
|
|
|
|
|
(3,770)
|
Accrued expenses and other non-current liabilities
|
|
|
|
|
8,396
|
|
|
|
|
(7,140)
|
Net cash provided by operating activities of continuing operations
|
|
|
|
|
60,304
|
|
|
|
|
50,232
|
Net cash used in operating activities of discontinued operations
|
|
|
|
|
(9)
|
|
|
|
|
(151)
|
Net cash provided by operating activities
|
|
|
|
|
60,295
|
|
|
|
|
50,081
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant, and equipment
|
|
|
|
|
(14,940)
|
|
|
|
|
(11,351)
|
Cash paid for acquisitions, net of cash acquired
|
|
|
|
|
(5,536)
|
|
|
|
|
(45,071)
|
Net proceeds from sale of property and equipment
|
|
|
|
|
12,610
|
|
|
|
|
659
|
Net cash used in investing activities
|
|
|
|
|
(7,866)
|
|
|
|
|
(55,763)
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
|
Proceeds from long-term debt
|
|
|
|
|
210,000
|
|
|
|
|
-
|
Long-term debt payments
|
|
|
|
|
(205,094)
|
|
|
|
|
(473)
|
Payment of note redemption fees
|
|
|
|
|
(3,702)
|
|
|
|
|
-
|
Payment of deferred financing fees
|
|
|
|
|
(3,899)
|
|
|
|
|
(18)
|
Excess tax benefit from stock compensation
|
|
|
|
|
72
|
|
|
|
|
10
|
Net proceeds from issuance of common stock
|
|
|
|
|
648
|
|
|
|
|
278
|
Purchase of treasury stock at market prices
|
|
|
|
|
(714)
|
|
|
|
|
(970)
|
Net cash used in financing activities
|
|
|
|
|
(2,689)
|
|
|
|
|
(1,173)
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
|
(729)
|
|
|
|
|
766
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
49,011
|
|
|
|
|
(6,089)
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
|
|
48,028
|
|
|
|
|
54,117
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of year
|
|
|
|
$
|
97,039
|
|
|
|
$
|
48,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIBRALTAR INDUSTRIES, INC.
|
Segment Information
|
(unaudited)
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
|
$
|
|
|
|
%
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
$
|
85,356
|
|
|
$
|
78,534
|
|
|
|
$
|
6,822
|
|
|
|
9%
|
|
Industrial & Infrastructure Products
|
|
|
|
|
103,479
|
|
|
|
94,105
|
|
|
|
|
9,374
|
|
|
|
10%
|
|
Consolidated
|
|
|
|
$
|
188,835
|
|
|
$
|
172,639
|
|
|
|
$
|
16,196
|
|
|
|
9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income *
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
$
|
6,544
|
|
|
$
|
5,436
|
|
|
|
$
|
1,108
|
|
|
|
20%
|
|
Industrial & Infrastructure Products
|
|
|
|
|
7,809
|
|
|
|
7,273
|
|
|
|
|
536
|
|
|
|
7%
|
|
Segment Income
|
|
|
|
|
14,353
|
|
|
|
12,709
|
|
|
|
|
1,644
|
|
|
|
13%
|
|
Unallocated Corporate Expense
|
|
|
|
|
(7,509)
|
|
|
|
(5,820)
|
|
|
|
|
(1,689)
|
|
|
|
(29)%
|
|
Consolidated
|
|
|
|
$
|
6,844
|
|
|
$
|
6,889
|
|
|
|
$
|
(45)
|
|
|
|
(1)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating margin *
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
|
7.7%
|
|
|
|
6.9%
|
|
|
|
|
|
|
|
|
|
|
Industrial & Infrastructure Products
|
|
|
|
|
7.5%
|
|
|
|
7.7%
|
|
|
|
|
|
|
|
|
|
|
Segment Margin
|
|
|
|
|
7.6%
|
|
|
|
7.4%
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
3.6%
|
|
|
|
4.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIBRALTAR INDUSTRIES, INC.
|
Segment Information
|
(unaudited)
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
$
|
|
|
|
%
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
$
|
392,399
|
|
|
|
$
|
373,769
|
|
|
|
$
|
18,630
|
|
|
|
5%
|
|
Industrial & Infrastructure Products
|
|
|
|
|
435,168
|
|
|
|
|
416,289
|
|
|
|
|
18,879
|
|
|
|
5%
|
|
Consolidated
|
|
|
|
$
|
827,567
|
|
|
|
$
|
790,058
|
|
|
|
$
|
37,509
|
|
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income *
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
$
|
38,966
|
|
|
|
$
|
30,987
|
|
|
|
$
|
7,979
|
|
|
|
26%
|
|
Industrial & Infrastructure Products
|
|
|
|
|
29,653
|
|
|
|
|
36,337
|
|
|
|
|
(6,684)
|
|
|
|
(18)%
|
|
Segment Income
|
|
|
|
|
68,619
|
|
|
|
|
67,324
|
|
|
|
|
1,295
|
|
|
|
2%
|
|
Unallocated Corporate Expense
|
|
|
|
|
(20,567)
|
|
|
|
|
(17,731)
|
|
|
|
|
(2,836)
|
|
|
|
(16)%
|
|
Consolidated
|
|
|
|
$
|
48,052
|
|
|
|
$
|
49,593
|
|
|
|
$
|
(1,541)
|
|
|
|
(3)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating margin *
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
|
9.9%
|
|
|
|
|
8.3%
|
|
|
|
|
|
|
|
|
|
|
Industrial & Infrastructure Products
|
|
|
|
|
6.8%
|
|
|
|
|
8.7%
|
|
|
|
|
|
|
|
|
|
|
Segment Margin
|
|
|
|
|
8.3%
|
|
|
|
|
8.5%
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
5.8%
|
|
|
|
|
6.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Amounts exclude special charges. See the following Non-GAAP
Reconciliations that show certain financial data excluding special
charges.
|
GIBRALTAR INDUSTRIES, INC.
|
Non-GAAP Reconciliation of Adjusted Statement of Operations
|
(unaudited)
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2013
|
|
|
|
|
|
As Reported in GAAP Statements
|
|
|
|
Acquisition Related Costs
|
|
|
|
Restructuring Costs
|
|
|
|
Deferred Tax Valuation Allowance
|
|
|
|
Adjusted Statement of Operations
|
Income from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
$
|
5,660
|
|
|
$
|
413
|
|
|
$
|
471
|
|
|
$
|
—
|
|
|
$
|
6,544
|
Industrial & Infrastructure Products
|
|
|
|
|
7,772
|
|
|
|
—
|
|
|
|
37
|
|
|
|
—
|
|
|
|
7,809
|
Segment Income
|
|
|
|
|
13,432
|
|
|
|
413
|
|
|
|
508
|
|
|
|
—
|
|
|
|
14,353
|
Unallocated Corporate Expense
|
|
|
|
|
(7,279)
|
|
|
|
(230)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(7,509)
|
Consolidated
|
|
|
|
|
6,153
|
|
|
|
183
|
|
|
|
508
|
|
|
|
—
|
|
|
|
6,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
3,811
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,811
|
Other income
|
|
|
|
|
(36)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(36)
|
Income before income taxes
|
|
|
|
|
2,378
|
|
|
|
183
|
|
|
|
508
|
|
|
|
—
|
|
|
|
3,069
|
(Benefit of) provision for income taxes
|
|
|
|
|
(1,631)
|
|
|
|
70
|
|
|
|
190
|
|
|
|
2,048
|
|
|
|
677
|
Income (loss) from continuing operations
|
|
|
|
$
|
4,009
|
|
|
$
|
113
|
|
|
$
|
318
|
|
|
$
|
(2,048)
|
|
|
$
|
2,392
|
Income (loss) from continuing operations per share – diluted
|
|
|
|
$
|
0.13
|
|
|
$
|
—
|
|
|
$
|
0.02
|
|
|
$
|
(0.07)
|
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
|
6.6%
|
|
|
|
0.5%
|
|
|
|
0.5%
|
|
|
|
—
|
|
|
|
7.7%
|
Industrial & Infrastructure Products
|
|
|
|
|
7.5%
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7.5%
|
Segment Margin
|
|
|
|
|
7.1%
|
|
|
|
0.2%
|
|
|
|
0.3%
|
|
|
|
—
|
|
|
|
7.6%
|
Consolidated
|
|
|
|
|
3.3%
|
|
|
|
0.1%
|
|
|
|
0.3%
|
|
|
|
—
|
|
|
|
3.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIBRALTAR INDUSTRIES, INC.
|
Non-GAAP Reconciliation of Adjusted Statement of Operations
|
(unaudited)
|
(in thousands, except per share data)
|
|
|
|
|
|
Three Months Ended December 31, 2012
|
|
|
|
|
|
As Reported in GAAP Statements
|
|
|
|
Acquisition Related Costs
|
|
|
|
Restructuring Costs
|
|
|
|
Intangible Asset Impairment
|
|
|
|
Adjusted Statement of Operations
|
Income from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
$
|
159
|
|
|
$
|
—
|
|
|
$
|
649
|
|
|
$
|
4,628
|
|
|
$
|
5,436
|
Industrial & Infrastructure Products
|
|
|
|
|
7,116
|
|
|
|
41
|
|
|
|
116
|
|
|
|
—
|
|
|
|
7,273
|
Segment Income
|
|
|
|
|
7,275
|
|
|
|
41
|
|
|
|
765
|
|
|
|
4,628
|
|
|
|
12,709
|
Unallocated Corporate Expense
|
|
|
|
|
(6,079)
|
|
|
|
259
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5,820)
|
Consolidated
|
|
|
|
|
1,196
|
|
|
|
300
|
|
|
|
765
|
|
|
|
4,628
|
|
|
|
6,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
4,593
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,593
|
Other income
|
|
|
|
|
(87)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(87)
|
(Loss) income before income taxes
|
|
|
|
|
(3,310)
|
|
|
|
300
|
|
|
|
765
|
|
|
|
4,628
|
|
|
|
2,383
|
Provision for income taxes
|
|
|
|
|
426
|
|
|
|
94
|
|
|
|
296
|
|
|
|
112
|
|
|
|
928
|
(Loss) income from continuing operations
|
|
|
|
$
|
(3,736)
|
|
|
$
|
206
|
|
|
$
|
469
|
|
|
$
|
4,516
|
|
|
$
|
1,455
|
(Loss) income from continuing operations per share – diluted
|
|
|
|
$
|
(0.12)
|
|
|
$
|
—
|
|
|
$
|
0.02
|
|
|
$
|
0.15
|
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
|
0.2%
|
|
|
|
—
|
|
|
|
0.8%
|
|
|
|
5.9%
|
|
|
|
6.9%
|
Industrial & Infrastructure Products
|
|
|
|
|
7.6%
|
|
|
|
—
|
|
|
|
0.1%
|
|
|
|
—
|
|
|
|
7.7%
|
Segment Margin
|
|
|
|
|
4.2%
|
|
|
|
—
|
|
|
|
0.4%
|
|
|
|
2.7%
|
|
|
|
7.4%
|
Consolidated
|
|
|
|
|
0.7%
|
|
|
|
0.2%
|
|
|
|
0.4%
|
|
|
|
2.7%
|
|
|
|
4.0%
|
|
|
GIBRALTAR INDUSTRIES, INC.
|
Non-GAAP Reconciliation of Adjusted Statement of Operations
|
(unaudited)
|
(in thousands, except per share data)
|
|
|
|
|
|
Twelve Months Ended December 31, 2013
|
|
|
|
|
|
As Reported in GAAP Statements
|
|
|
|
Acquisition Related and Restructuring Costs
|
|
|
|
Intangible Asset Impairment
|
|
|
|
Note Refinancing
|
|
|
|
Deferred Tax Valuation Allowance
|
|
|
|
Adjusted Statement of Operations
|
Income from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
$
|
34,965
|
|
|
$
|
3,001
|
|
|
$
|
1,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
38,966
|
Industrial & Infrastructure Products
|
|
|
|
|
7,169
|
|
|
|
324
|
|
|
|
22,160
|
|
|
|
—
|
|
|
|
—
|
|
|
|
29,653
|
Segment Income
|
|
|
|
|
42,134
|
|
|
|
3,325
|
|
|
|
23,160
|
|
|
|
—
|
|
|
|
—
|
|
|
|
68,619
|
Unallocated Corporate Expense
|
|
|
|
|
(20,654)
|
|
|
|
87
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(20,567)
|
Consolidated
|
|
|
|
|
21,480
|
|
|
|
3,412
|
|
|
|
23,160
|
|
|
|
—
|
|
|
|
—
|
|
|
|
48,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
22,489
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(7,166)
|
|
|
|
—
|
|
|
|
15,323
|
Other income
|
|
|
|
|
(177)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(177)
|
(Loss) income before income taxes
|
|
|
|
|
(832)
|
|
|
|
3,412
|
|
|
|
23,160
|
|
|
|
7,166
|
|
|
|
—
|
|
|
|
32,906
|
Provision for income taxes
|
|
|
|
|
4,797
|
|
|
|
1,318
|
|
|
|
753
|
|
|
|
2,616
|
|
|
|
2,048
|
|
|
|
11,532
|
(Loss) income from continuing operations
|
|
|
|
$
|
(5,629)
|
|
|
$
|
2,094
|
|
|
$
|
22,407
|
|
|
$
|
4,550
|
|
|
$
|
(2,048)
|
|
|
$
|
21,374
|
(Loss) income from continuing operations per share – diluted
|
|
|
|
$
|
(0.18)
|
|
|
$
|
0.07
|
|
|
$
|
0.72
|
|
|
$
|
0.15
|
|
|
$
|
(0.07)
|
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
|
8.9%
|
|
|
|
0.8%
|
|
|
|
0.3%
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9.9%
|
Industrial & Infrastructure Products
|
|
|
|
|
1.6%
|
|
|
|
0.1%
|
|
|
|
5.1%
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6.8%
|
Segment Margin
|
|
|
|
|
5.1%
|
|
|
|
0.4%
|
|
|
|
2.8%
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8.3%
|
Consolidated
|
|
|
|
|
2.6%
|
|
|
|
0.4%
|
|
|
|
2.8%
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIBRALTAR INDUSTRIES, INC.
|
Non-GAAP Reconciliation of Adjusted Statement of Operations
|
(unaudited)
|
(in thousands, except per share data)
|
|
|
|
|
|
Twelve Months Ended December 31, 2012
|
|
|
|
|
|
As Reported in GAAP Statements
|
|
|
|
Acquisition Related Costs
|
|
|
|
Restructuring Costs
|
|
|
|
Intangible Asset Impairment
|
|
|
|
Adjusted Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
$
|
23,902
|
|
|
$
|
—
|
|
$
|
|
2,457
|
|
|
$
|
4,628
|
|
|
$
|
30,987
|
Industrial & Infrastructure Products
|
|
|
|
|
34,634
|
|
|
|
296
|
|
|
|
1,407
|
|
|
|
—
|
|
|
|
36,337
|
Segment Income
|
|
|
|
|
58,536
|
|
|
|
296
|
|
|
|
3,864
|
|
|
|
4,628
|
|
|
|
67,324
|
Unallocated Corporate Expense
|
|
|
|
|
(18,275)
|
|
|
|
404
|
|
|
|
140
|
|
|
|
—
|
|
|
|
(17,731)
|
Consolidated
|
|
|
|
|
40,261
|
|
|
|
700
|
|
|
|
4,004
|
|
|
|
4,628
|
|
|
|
49,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
18,582
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
18,582
|
Other income
|
|
|
|
|
(488)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(488)
|
Income before income taxes
|
|
|
|
|
22,167
|
|
|
|
700
|
|
|
|
4,004
|
|
|
|
4,628
|
|
|
|
31,499
|
Provision for income taxes
|
|
|
|
|
9,517
|
|
|
|
235
|
|
|
|
1,441
|
|
|
|
112
|
|
|
|
11,305
|
Income from continuing operations
|
|
|
|
$
|
12,650
|
|
|
$
|
465
|
|
$
|
|
2,563
|
|
|
$
|
4,516
|
|
|
$
|
20,194
|
Income from continuing operations per share – diluted
|
|
|
|
$
|
0.41
|
|
|
$
|
0.01
|
|
$
|
|
0.08
|
|
|
$
|
0.15
|
|
|
$
|
0.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Products
|
|
|
|
|
6.4%
|
|
|
|
—
|
|
|
|
0.7%
|
|
|
|
1.2%
|
|
|
|
8.3%
|
Industrial & Infrastructure Products
|
|
|
|
|
8.3%
|
|
|
|
0.1%
|
|
|
|
0.3%
|
|
|
|
—
|
|
|
|
8.7%
|
Segment Margin
|
|
|
|
|
7.4%
|
|
|
|
—
|
|
|
|
0.5%
|
|
|
|
0.6%
|
|
|
|
8.5%
|
Consolidated
|
|
|
|
|
5.1%
|
|
|
|
0.1%
|
|
|
|
0.5%
|
|
|
|
0.6%
|
|
|
|
6.3%
|
Copyright Business Wire 2014