UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 18, 2016 (February 18, 2016)
GIBRALTAR INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware | 0-22462 | 16-1445150 | ||
(State or other jurisdiction of incorporation ) | (Commission File Number) | (IRS Employer Identification No.) | ||
3556 Lake Shore Road
P.O. Box 2028
Buffalo, New York 14219-0228
(Address of principal executive offices) (Zip Code)
(716) 826-6500
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications 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))
TABLE OF CONTENTS
Item 2.02 Results of Operations and Financial Condition | 3 | |||||
Item 7.01 Regulation FD Disclosure | 3 | |||||
Item 9.01 Financial Statements and Exhibits | 3 | |||||
SIGNATURE | 4 | |||||
EX - 99.1 | ||||||
Item 2.02 Results of Operations and Financial Condition
and
Item 7.01 Regulation FD Disclosure
The following information is furnished pursuant to both Item 2.02 and Item 7.01:
On February 18, 2016, Gibraltar Industries, Inc. (the “Company”) issued a news release and held a conference call regarding results for the three and twelve months ended December 31, 2015. A copy of the news release (the “Release”) is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The Company references non-GAAP financial information in both the Release and the conference call. A reconciliation of these non-GAAP financial measures is contained in the Release. The information in this Form 8-K under the captions Items 2.02 and 7.01 and Item 9.01, including the Release, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, unless the Company specifically incorporates it by reference in a document filed under the Securities Act or the Exchange Act.
Item 9.01 Financial Statements and Exhibits
(a)-(c) Not Applicable
(d) Exhibits:
Exhibit No. | Description | |
99.1 | Earnings Release issued by Gibraltar Industries, Inc. on February 18, 2016 | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GIBRALTAR INDUSTRIES, INC. | ||||
Date: | February 18, 2016 | |||
By: | /s/ Timothy F. Murphy | |||
Timothy F. Murphy | ||||
Vice President, Treasurer and Secretary | ||||
Gibraltar Exceeds Guidance with Strong Fourth-Quarter 2015 Financial Results
Q4 Adjusted EPS Increases YOY to $0.29 from $0.02; Sales Grow 40%
Full Year 2015 Revenues Up 21% to $1,041,000; Adjusted EPS Rose 132% to $1.09
Full-Year 2016 Guidance of $1.30 to $1.40 Adjusted EPS
Buffalo, New York, February 18, 2016 - Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and distributor of building products for industrial, infrastructure and residential markets, today reported its financial results for the three- and twelve-month periods ended December 31, 2015. All financial metrics in this release reflect only the Company’s continuing operations unless otherwise noted.
Fourth-quarter Consolidated Results
Gibraltar’s net sales for the fourth quarter of 2015 increased 40 percent to $282.1 million, compared with $202.0 million in the fourth quarter of 2014. Adjusted net income was $9.1 million, or $0.29 per diluted share, compared with $0.7 million, or $0.02 per diluted share, in the fourth quarter of 2014. The adjusted fourth-quarter 2015 results exclude special items with an after-tax net charge totaling $8.8 million, or $0.28 per diluted share, resulting primarily from business restructuring under the 80/20 simplification initiative and intangible asset impairment. The adjusted fourth-quarter 2014 results excluded special items with an after-tax net charge totaling $96.4 million, or $3.10 per share, resulting primarily from non-cash intangible assets impairment. Including these items in the respective periods, the Company’s fourth-quarter 2015 GAAP net income was $0.2 million, or $0.01 per diluted share, compared with a net loss of $95.7 million, or $3.08 per share, in the fourth quarter of 2014.
Management Comments
“Our strong financial results for the fourth quarter are the direct result of the early success we are having in executing our value creation strategy,” said Chief Executive Officer Frank Heard. “Consolidated net sales were up 40 percent from the fourth quarter of 2014 due to our June 2015 acquisition of Rough Brothers Inc. (RBI), which continues to perform well on both the top and bottom lines.”
“In addition to pursuing acquisitions as a strategic accelerator, our value creation strategy includes a strong focus on operational improvement in areas such as overhead reduction, strategic pricing, facilities consolidation and increased efficiency across the business,” Heard said. “As a result of these initiatives, our fourth-quarter adjusted EPS grew by $0.27 per share, a substantial increase from the fourth quarter of 2014. Our base businesses provided an incremental $0.10 per share despite a decline in organic sales, with the balance of $0.17 per share coming from the accretive addition of RBI.”
Fourth-quarter Segment Results
Residential Products
Fourth-quarter 2015 net sales in Gibraltar’s Residential Products segment increased 2 percent to $107.2 million, compared with $105.4 million for the fourth quarter of 2014. Fourth-quarter 2015 adjusted operating margin doubled to 10.1 percent compared with the prior-year period. The segment’s adjusted operating margin reflected the benefit of higher volume, improved operational efficiencies and early contributions from the 80/20 simplification initiative.
Industrial and Infrastructure Products
Fourth-quarter 2015 net sales in Gibraltar’s Industrial & Infrastructure Products segment decreased 12 percent to $85.1 million, compared with $96.6 million for the fourth quarter of 2014. However, adjusted operating margin more than tripled to 7.9 percent as the combination of improved manufacturing efficiencies, tighter management of raw material costs, and initial benefits from 80/20 simplification helped offset the effect of the considerable revenue decrease. Sales in this segment reflected lower shipment volumes to industrial markets and a 2 percent decrease due to the effect of weaker foreign currencies in its Canadian and European operations. Fourth-quarter industrial demand was lower year-over-year as domestic energy and mining activity declined, in part due to the effects of reduced oil prices, and transportation infrastructure markets continued to be affected by the short-term governmental funding environment.
Renewable Energy and Conservation
This newly named segment contains the results of RBI, an acquisition the Company completed on June 9, 2015. RBI has established itself during the past six years as North America’s fastest-growing provider of solar racking solutions. RBI was accretive to the Company’s results, adding adjusted earnings of $0.17 per diluted share to the fourth quarter, on revenues of $89.8 million.
The fourth-quarter 2015 net sales of $89.8 million represent an increase of 51 percent, compared with $59.6 million for the fourth quarter of 2014. Fourth-quarter 2015 adjusted operating margin increased to 9.3 percent compared with 8.2 percent in the prior-year period. Sales growth in this segment reflected improved demand for RBI’s ground-mounted solar racking products. The segment’s adjusted operating margin was due to higher volume and improved operational efficiencies.
Business Outlook
“We begin 2016 fully focused on driving transformational change in our portfolio and in our financial results through the execution of our four-pillar strategy, which includes operational improvement, portfolio management, product innovation and acquisitions. In the near term, we are confident that Gibraltar will achieve the three key financial objectives we have set for 2016: increasing adjusted earnings, making more efficient use of our capital, and delivering higher shareholder returns than we did in 2015,” Heard concluded.
Gibraltar is providing its guidance for revenues and adjusted earnings for full year 2016. Gibraltar expects 2016 total revenues in the range of $1.06 billion to $1.08 billion, an increase of approximately 3% compared with $1.04 billion in 2015, led by continuing growth in sales of solar racking. The anticipated profit expansion from operational improvement initiatives plus a full year earnings of RBI are expected to result in adjusted earnings for 2016 in the range of $1.30 to $1.40 per diluted share, compared with $1.09 per diluted share in 2015. For the first quarter of 2016, revenues are expected to increase nearly 15 percent and adjusted EPS are expected between $0.12 and to $0.15, compared with $0.06 for the first quarter of 2015, benefiting from the accretive income from the RBI acquisition in June 2015 plus other profit improvement initiatives.
Fourth-quarter Conference Call Details
Gibraltar has scheduled a conference call today starting at 9:00 a.m. ET to review its results for the fourth quarter of 2015. 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 for the industrial, infrastructure and residential markets. With a four-pillar strategy focused on operational improvement, product innovation, acquisitions and portfolio management, Gibraltar’s mission is to drive best-in-class performance. Gibraltar serves customers worldwide through facilities in the United States, Canada, England, Germany, China, and Japan. 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 and performance 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 gains / losses on sales of property, restructuring primarily associated with the 80/20 simplification initiative, acquisition-related items, intangible asset impairments, and senior leadership transition costs. These adjustments are shown in the non-GAAP reconciliation of adjusted operating results excluding special charges provided in the financial schedules 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, 2016, on Friday, May 6, 2016, and hold its earnings conference call later that morning, starting at 9:00 a.m. ET.
Contact:
Kenneth Smith
Chief Financial Officer
716.826.6500 ext. 3217
kwsmith@gibraltar1.com
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net sales | $ | 282,093 | $ | 201,994 | $ | 1,040,873 | $ | 862,087 | |||||||
Cost of sales | 230,547 | 173,514 | 853,897 | 722,042 | |||||||||||
Gross profit | 51,546 | 28,480 | 186,976 | 140,045 | |||||||||||
Selling, general, and administrative expense | 42,163 | 24,325 | 134,028 | 102,492 | |||||||||||
Intangible asset impairment | 4,863 | 107,970 | 4,863 | 107,970 | |||||||||||
Income (loss) from operations | 4,520 | (103,815 | ) | 48,085 | (70,417 | ) | |||||||||
Interest expense | 3,614 | 3,433 | 15,003 | 14,421 | |||||||||||
Other expense (income) | 220 | 84 | (4,018 | ) | (88 | ) | |||||||||
Income (loss) before taxes | 686 | (107,332 | ) | 37,100 | (84,750 | ) | |||||||||
Provision for (benefit of) income taxes | 466 | (11,624 | ) | 13,624 | (2,958 | ) | |||||||||
Income (loss) from continuing operations | 220 | (95,708 | ) | 23,476 | (81,792 | ) | |||||||||
Discontinued operations: | — | — | |||||||||||||
Loss before taxes | — | — | (44 | ) | (51 | ) | |||||||||
Provision for (benefit of) income taxes | — | 1 | (16 | ) | (19 | ) | |||||||||
Loss from discontinued operations | — | (1 | ) | (28 | ) | (32 | ) | ||||||||
Net income (loss) | $ | 220 | $ | (95,709 | ) | $ | 23,448 | $ | (81,824 | ) | |||||
Net earnings per share – Basic: | |||||||||||||||
Income (loss) from continuing operations | $ | 0.01 | $ | (3.08 | ) | $ | 0.75 | $ | (2.63 | ) | |||||
Loss from discontinued operations | — | — | — | — | |||||||||||
Net income (loss) | $ | 0.01 | $ | (3.08 | ) | $ | 0.75 | $ | (2.63 | ) | |||||
Weighted average shares outstanding – Basic | 31,291 | 31,122 | 31,233 | 31,066 | |||||||||||
Net earnings per share – Diluted: | |||||||||||||||
Income (loss) from continuing operations | $ | 0.01 | $ | (3.08 | ) | $ | 0.74 | $ | (2.63 | ) | |||||
Loss from discontinued operations | — | — | — | — | |||||||||||
Net income (loss) | $ | 0.01 | $ | (3.08 | ) | $ | 0.74 | $ | (2.63 | ) | |||||
Weighted average shares outstanding – Diluted | 31,738 | 31,122 | 31,545 | 31,066 | |||||||||||
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
December 31, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 68,858 | $ | 110,610 | |||
Accounts receivable, net | 164,969 | 101,141 | |||||
Inventories | 107,058 | 128,743 | |||||
Other current assets | 10,537 | 19,937 | |||||
Total current assets | 351,422 | 360,431 | |||||
Property, plant, and equipment, net | 118,932 | 129,575 | |||||
Goodwill | 292,390 | 236,044 | |||||
Acquired intangibles | 123,013 | 82,215 | |||||
Other assets | 4,015 | 2,206 | |||||
$ | 889,772 | $ | 810,471 | ||||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 89,204 | $ | 81,246 | |||
Accrued expenses | 67,605 | 52,439 | |||||
Billings in excess of cost | 28,186 | — | |||||
Current maturities of long-term debt | 400 | 400 | |||||
Total current liabilities | 185,395 | 134,085 | |||||
Long-term debt | 208,882 | 209,511 | |||||
Deferred income taxes | 42,654 | 49,772 | |||||
Other non-current liabilities | 42,755 | 29,874 | |||||
Shareholders’ equity: | |||||||
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding | — | — | |||||
Common stock, $0.01 par value; authorized 50,000 shares; 31,779 and 31,342 shares issued in 2015 and 2014 | 317 | 313 | |||||
Additional paid-in capital | 253,458 | 247,232 | |||||
Retained earnings | 178,073 | 154,625 | |||||
Accumulated other comprehensive loss | (15,416 | ) | (9,551 | ) | |||
Cost of 484 and 429 common shares held in treasury in 2015 and 2014 | (6,346 | ) | (5,390 | ) | |||
Total shareholders’ equity | 410,086 | 387,229 | |||||
$ | 889,772 | $ | 810,471 | ||||
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Twelve Months Ended | |||||||
December 31, | |||||||
2015 | 2014 | ||||||
Cash Flows from Operating Activities | |||||||
Net income (loss) | $ | 23,448 | $ | (81,824 | ) | ||
Loss from discontinued operations | (28 | ) | (32 | ) | |||
Income (loss) from continuing operations | 23,476 | (81,792 | ) | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 30,548 | 25,432 | |||||
Intangible asset impairment | 4,863 | 107,970 | |||||
Stock compensation expense | 3,891 | 3,150 | |||||
Net (gain) loss on sale of assets | (6,431 | ) | 45 | ||||
Restructuring charges (recoveries), non-cash | 8,504 | (455 | ) | ||||
Benefit of deferred income taxes | (2,051 | ) | (6,640 | ) | |||
Other, net | 4,222 | 60 | |||||
Changes in operating assets and liabilities, excluding the effects of acquisitions: | |||||||
Accounts receivable | (17,215 | ) | (14,323 | ) | |||
Inventories | 22,271 | (8,599 | ) | ||||
Other current assets and other assets | 759 | (2,456 | ) | ||||
Accounts payable | (5,157 | ) | 11,205 | ||||
Accrued expenses and other non-current liabilities | 19,004 | (1,014 | ) | ||||
Net cash provided by operating activities of continuing operations | 86,684 | 32,583 | |||||
Net cash used in operating activities of discontinued operations | — | (41 | ) | ||||
Net cash provided by operating activities | 86,684 | 32,542 | |||||
Cash Flows from Investing Activities | |||||||
Cash paid for acquisitions, net of cash acquired | (140,621 | ) | — | ||||
Net proceeds from sale of property and equipment | 26,500 | 5,992 | |||||
Purchases of property, plant, and equipment | (12,373 | ) | (23,291 | ) | |||
Other, net | 1,154 | 277 | |||||
Net cash used in investing activities | (125,340 | ) | (17,022 | ) | |||
Cash Flows from Financing Activities | |||||||
Proceeds from long-term debt | 73,242 | — | |||||
Long-term debt payments | (73,642 | ) | (407 | ) | |||
Payment of debt issuance costs | (1,166 | ) | (35 | ) | |||
Purchase of treasury stock at market prices | (956 | ) | (575 | ) | |||
Net proceeds from issuance of common stock | 1,801 | 595 | |||||
Excess tax benefit from stock compensation | 537 | 100 | |||||
Net cash used in financing activities | (184 | ) | (322 | ) | |||
Effect of exchange rate changes on cash | (2,912 | ) | (1,627 | ) | |||
Net (decrease) increase in cash and cash equivalents | (41,752 | ) | 13,571 | ||||
Cash and cash equivalents at beginning of year | 110,610 | 97,039 | |||||
Cash and cash equivalents at end of year | $ | 68,858 | $ | 110,610 | |||
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Adjusted Statements of Operations
(in thousands, except per share data)
(Unaudited)
Three Months Ended December 31, 2015 | ||||||||||||||||||||
As Reported In GAAP Statements | Acquisition Related Items | Restructuring Costs | Intangible Asset Impairment | Adjusted Statement of Operations | ||||||||||||||||
Net Sales | ||||||||||||||||||||
Residential Products | $ | 107,194 | $ | — | $ | — | $ | — | $ | 107,194 | ||||||||||
Industrial & Infrastructure Products | 85,403 | — | — | — | 85,403 | |||||||||||||||
Less Inter-Segment Sales | (303 | ) | — | — | — | (303 | ) | |||||||||||||
85,100 | — | — | — | 85,100 | ||||||||||||||||
Renewable Energy & Conservation | 89,799 | — | — | — | 89,799 | |||||||||||||||
Consolidated sales | 282,093 | — | — | — | 282,093 | |||||||||||||||
Income from operations | ||||||||||||||||||||
Residential Products | 6,882 | — | 3,524 | 440 | 10,846 | |||||||||||||||
Industrial & Infrastructure Products | 136 | — | 2,122 | 4,423 | 6,681 | |||||||||||||||
Renewable Energy & Conservation | 6,643 | 1,714 | — | — | 8,357 | |||||||||||||||
Segment income | 13,661 | 1,714 | 5,646 | 4,863 | 25,884 | |||||||||||||||
Unallocated corporate expense | (9,141 | ) | 53 | 1,272 | — | (7,816 | ) | |||||||||||||
Consolidated income from operations | 4,520 | 1,767 | 6,918 | 4,863 | 18,068 | |||||||||||||||
Interest expense | 3,614 | — | — | — | 3,614 | |||||||||||||||
Other expense | 220 | — | — | — | 220 | |||||||||||||||
Income before income taxes | 686 | 1,767 | 6,918 | 4,863 | 14,234 | |||||||||||||||
Provision for income taxes | 466 | 664 | 2,620 | 1,434 | 5,184 | |||||||||||||||
Income from continuing operations | $ | 220 | $ | 1,103 | $ | 4,298 | $ | 3,429 | $ | 9,050 | ||||||||||
Income from continuing operations per share – diluted | $ | 0.01 | $ | 0.03 | $ | 0.14 | $ | 0.11 | $ | 0.29 | ||||||||||
Operating margin | ||||||||||||||||||||
Residential Products | 6.4 | % | — | % | 3.3 | % | 0.4 | % | 10.1 | % | ||||||||||
Industrial & Infrastructure Products | 0.2 | % | — | % | 2.5 | % | 5.2 | % | 7.9 | % | ||||||||||
Renewable Energy & Conservation | 7.4 | % | 1.9 | % | — | % | — | % | 9.3 | % | ||||||||||
Segments Margin | 4.8 | % | 0.6 | % | 2.0 | % | 1.7 | % | 9.2 | % | ||||||||||
Consolidated | 1.6 | % | 0.6 | % | 2.4 | % | 1.7 | % | 6.4 | % | ||||||||||
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Adjusted Statements of Operations
(in thousands, except per share data)
(Unaudited)
Three Months Ended December 31, 2014 | ||||||||||||||||||||
As Reported In GAAP Statements | Acquisition Related Items | Intangible Asset Impairment | Restructuring Costs | Adjusted Statement of Operations | ||||||||||||||||
Net Sales | ||||||||||||||||||||
Residential Products | $ | 105,432 | $ | — | $ | — | $ | — | $ | 105,432 | ||||||||||
Industrial & Infrastructure Products | 96,819 | — | — | — | 96,819 | |||||||||||||||
Less Inter-Segment Sales | (257 | ) | — | — | — | (257 | ) | |||||||||||||
96,562 | — | — | — | 96,562 | ||||||||||||||||
Consolidated sales | 201,994 | — | — | — | 201,994 | |||||||||||||||
(Loss) income from operations | ||||||||||||||||||||
Residential Products | (10,324 | ) | — | 15,435 | 120 | 5,231 | ||||||||||||||
Industrial & Infrastructure Products | (90,361 | ) | — | 92,535 | 285 | 2,459 | ||||||||||||||
Segment (loss) income | (100,685 | ) | — | 107,970 | 405 | 7,690 | ||||||||||||||
Unallocated corporate expense | (3,130 | ) | (73 | ) | — | — | (3,203 | ) | ||||||||||||
Consolidated (loss) income from operations | (103,815 | ) | (73 | ) | 107,970 | 405 | 4,487 | |||||||||||||
Interest expense | 3,433 | — | — | — | 3,433 | |||||||||||||||
Other expense | 84 | — | — | — | 84 | |||||||||||||||
(Loss) income before income taxes | (107,332 | ) | (73 | ) | 107,970 | 405 | 970 | |||||||||||||
(Benefit of) provision for income taxes | (11,624 | ) | (26 | ) | 11,811 | 111 | 272 | |||||||||||||
(Loss) income from continuing operations | $ | (95,708 | ) | $ | (47 | ) | $ | 96,159 | $ | 294 | $ | 698 | ||||||||
(Loss) income from continuing operations per share – diluted | $ | (3.08 | ) | $ | — | $ | 3.09 | $ | 0.01 | $ | 0.02 | |||||||||
Operating margin | ||||||||||||||||||||
Residential Products | (9.8 | )% | — | % | 14.6 | % | 0.1 | % | 5.0 | % | ||||||||||
Industrial & Infrastructure Products | (93.6 | )% | — | % | 95.8 | % | 0.3 | % | 2.5 | % | ||||||||||
Segments Margin | (49.8 | )% | — | % | 53.5 | % | 0.2 | % | 3.8 | % | ||||||||||
Consolidated | (51.4 | )% | — | % | 53.5 | % | 0.2 | % | 2.2 | % | ||||||||||
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Adjusted Statements of Operations
(in thousands, except per share data)
(Unaudited)
Twelve Months Ended December 31, 2015 | ||||||||||||||||||||||||
As Reported In GAAP Statements | Acquisition Related Items | Restructuring Costs | Intangible Asset Impairment | Gain on Sale of Facility | Adjusted Statement of Operations | |||||||||||||||||||
Net Sales | ||||||||||||||||||||||||
Residential Products | $ | 475,653 | $ | — | $ | — | $ | — | $ | — | $ | 475,653 | ||||||||||||
Industrial & Infrastructure Products | 378,224 | — | — | — | — | 378,224 | ||||||||||||||||||
Less Inter-Segment Sales | (1,536 | ) | — | — | — | — | (1,536 | ) | ||||||||||||||||
376,688 | — | — | — | — | 376,688 | |||||||||||||||||||
Renewable Energy & Conservation | 188,532 | — | — | — | — | 188,532 | ||||||||||||||||||
Consolidated sales | 1,040,873 | — | — | — | — | 1,040,873 | ||||||||||||||||||
Income from operations | ||||||||||||||||||||||||
Residential Products | 46,804 | — | 7,751 | 440 | (6,799 | ) | 48,196 | |||||||||||||||||
Industrial & Infrastructure Products | 15,581 | — | 2,553 | 4,423 | — | 22,557 | ||||||||||||||||||
Renewable Energy & Conservation | 12,659 | 5,362 | — | — | — | 18,021 | ||||||||||||||||||
Segment income | 75,044 | 5,362 | 10,304 | 4,863 | (6,799 | ) | 88,774 | |||||||||||||||||
Unallocated corporate expense | (26,959 | ) | 732 | 2,523 | — | (23,704 | ) | |||||||||||||||||
Consolidated income from operations | 48,085 | 6,094 | 12,827 | 4,863 | (6,799 | ) | 65,070 | |||||||||||||||||
Interest expense | 15,003 | — | — | — | — | 15,003 | ||||||||||||||||||
Other income | (4,018 | ) | — | — | — | — | (4,018 | ) | ||||||||||||||||
Income before income taxes | 37,100 | 6,094 | 12,827 | 4,863 | (6,799 | ) | 54,085 | |||||||||||||||||
Provision for income taxes | 13,624 | 2,302 | 4,858 | 1,434 | (2,526 | ) | 19,692 | |||||||||||||||||
Income from continuing operations | $ | 23,476 | $ | 3,792 | $ | 7,969 | $ | 3,429 | $ | (4,273 | ) | $ | 34,393 | |||||||||||
Income from continuing operations per share – diluted | $ | 0.74 | $ | 0.12 | $ | 0.26 | $ | 0.11 | $ | (0.14 | ) | $ | 1.09 | |||||||||||
Operating margin | ||||||||||||||||||||||||
Residential Products | 9.8 | % | — | % | 1.6 | % | 0.1 | % | (1.4 | )% | 10.1 | % | ||||||||||||
Industrial & Infrastructure Products | 4.1 | % | — | % | 0.7 | % | 1.2 | % | — | % | 6.0 | % | ||||||||||||
Renewable Energy & Conservation | 6.7 | % | 2.8 | % | — | % | — | % | — | % | 9.6 | % | ||||||||||||
Segments Margin | 7.2 | % | 0.5 | % | 1.0 | % | 0.5 | % | (0.7 | )% | 8.5 | % | ||||||||||||
Consolidated | 4.6 | % | 0.6 | % | 1.2 | % | 0.5 | % | (0.7 | )% | 6.3 | % | ||||||||||||
GIBRALTAR INDUSTRIES, INC.
Non-GAAP Reconciliation of Adjusted Statements of Operations
(in thousands, except per share data)
(Unaudited)
Twelve Months Ended December 31, 2014 | ||||||||||||||||||||
As Reported In GAAP Statements | Acquisition Related Items | Intangible Asset Impairment | Restructuring Costs | Adjusted Statement of Operations | ||||||||||||||||
Net Sales | ||||||||||||||||||||
Residential Products | $ | 431,915 | $ | — | $ | — | $ | — | $ | 431,915 | ||||||||||
Industrial & Infrastructure Products | 431,432 | — | — | — | 431,432 | |||||||||||||||
Less Inter-Segment Sales | (1,260 | ) | — | — | — | (1,260 | ) | |||||||||||||
430,172 | — | — | — | 430,172 | ||||||||||||||||
Consolidated sales | 862,087 | — | — | — | 862,087 | |||||||||||||||
Income (loss) from operations | ||||||||||||||||||||
Residential Products | 16,416 | 206 | 15,435 | 752 | 32,809 | |||||||||||||||
Industrial & Infrastructure Products | (74,634 | ) | — | 92,535 | 919 | 18,820 | ||||||||||||||
Segment (loss) income | (58,218 | ) | 206 | 107,970 | 1,671 | 51,629 | ||||||||||||||
Unallocated corporate expense | (12,199 | ) | (1,594 | ) | — | — | (13,793 | ) | ||||||||||||
Consolidated (loss) income from operations | (70,417 | ) | (1,388 | ) | 107,970 | 1,671 | 37,836 | |||||||||||||
Interest expense | 14,421 | — | — | — | 14,421 | |||||||||||||||
Other income | (88 | ) | — | — | — | (88 | ) | |||||||||||||
(Loss) income before income taxes | (84,750 | ) | (1,388 | ) | 107,970 | 1,671 | 23,503 | |||||||||||||
(Benefit of) provision for income taxes | (2,958 | ) | (510 | ) | 11,811 | 593 | 8,936 | |||||||||||||
(Loss) income from continuing operations | $ | (81,792 | ) | $ | (878 | ) | $ | 96,159 | $ | 1,078 | $ | 14,567 | ||||||||
(Loss) income from continuing operations per share – diluted | $ | (2.63 | ) | $ | (0.02 | ) | $ | 3.09 | $ | 0.03 | $ | 0.47 | ||||||||
Operating margin | ||||||||||||||||||||
Residential Products | 3.8 | % | — | % | 3.6 | % | 0.2 | % | 7.6 | % | ||||||||||
Industrial & Infrastructure Products | (17.3 | )% | — | % | 21.5 | % | 0.2 | % | 4.4 | % | ||||||||||
Segments Margin | (6.8 | )% | — | % | 12.5 | % | 0.2 | % | 6.0 | % | ||||||||||
Consolidated | (8.2 | )% | (0.2 | )% | 12.5 | % | 0.2 | % | 4.4 | % | ||||||||||