UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) January 24, 2002 ---------------- Gibraltar Steel Corporation ----------------------------- (Exact name of registrant as specified in its chapter) Delaware 0-22462 16-1445150 ----------------- ------- ------------- State or other jurisdiction (Commission (IRS Employer of incorporation File Number) Identification No.) 3556 Lake Shore Rd., P.O. Box 2028, Buffalo, NY 14219-0228 - ------------------------------------------------ ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (716) 826-6500 -------------- ---------------------------------------------------------- (Former name or former address, if changed since last report) 1
Item 5. Other Events. On January 24, 2002, the Registrant released certain financial information, copies of which are attached hereto as Exhibits 99.1, 99.2, 99.3 and 99.4. Item 7. Exhibits. (c) Exhibits 99.1 Gibraltar Steel Corporation Financial Highlights for the Three and Twelve Month Periods Ended December 31, 2001 and 2000 99.2 Gibraltar Steel Corporation Consolidated Balance Sheet at December 31, 2001 and 2000 99.3 Gibraltar Steel Corporation Consolidated Statement of Income for the Three Years Ended December 31, 2001 99.4 Gibraltar Steel Corporation Consolidated Statement of Cash Flows for the Three Years Ended December 31, 2001 2
SIGNATURES 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 Steel Corporation --------------------------- (Registrant) Date February 14, 2002 ----------------- /s/ Walter T. Erazmus -------------------------- By: Walter T. Erazmus Title: President 3
Exhibit Index - ------------- 99.1 Gibraltar Steel Corporation Financial Highlights for the Three and Twelve Month Periods Ended December 31, 2001 and 2000 99.2 Gibraltar Steel Corporation Consolidated Balance Sheet at December 31, 2001 and 2000 99.3 Gibraltar Steel Corporation Consolidated Statement of Income for the Three Years Ended December 31, 2001 99.4 Gibraltar Steel Corporation Consolidated Statement of Cash Flows for the Three Years Ended December 31, 2001 4
Exhibit 99.1 GIBRALTAR STEEL CORPORATION Financial Highlights (in thousands, except per share data) Three Months Ended December 31, 2001 December 31, 2000 ----------------- ----------------- Net Sales $ 140,444 $ 150,057 Net Income $ 1,535 $ 3,248 Net Income Per Share-Basic $ .12 $ .26 Weighted Average Shares Outstanding-Basic 12,600 12,570 Net Income Per Share-Diluted $ .12 $ .26 Weighted Average Shares Outstanding-Diluted 12,788 12,641 Twelve Months Ended December 31, 2001 December 31, 2000 ----------------- ----------------- Net Sales $ 616,028 $ 677,540 Net Income $ 12,533 $ 24,365 Net Income Per Share-Basic $ 1.00 $ 1.94 Weighted Average Shares Outstanding-Basic 12,591 12,577 Net Income Per Share-Diluted $ .98 $ 1.92 Weighted Average Shares Outstanding-Diluted 12,773 12,685
Exhibit 99.2 GIBRALTAR STEEL CORPORATION CONSOLIDATED BALANCE SHEET (in thousands, except share and per share data) December 31, 2001 2000 -------- -------- ASSETS Current assets: Cash and cash equivalents $ 8,150 $ 1,701 Accounts receivable 76,696 78,358 Inventories 75,847 100,987 Other current assets 5,922 6,548 -------- -------- Total current assets 166,615 187,594 Property, plant and equipment, net 228,443 229,159 Goodwill 132,717 130,368 Other assets 7,265 8,925 -------- -------- $535,040 $556,046 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 43,612 $ 39,285 Accrued expenses 17,126 15,575 Current maturities of long-term debt 813 327 -------- -------- Total current liabilities 61,551 55,187 Long-term debt 211,462 255,526 Deferred income taxes 38,043 34,325 Other non-current liabilities 5,637 2,660 Shareholders' equity Preferred shares, $.01 par value; authorized: 10,000,000 shares; none outstanding - - Common shares, $.01 par value; authorized: 50,000,000 shares; outstanding: 12,607,061 shares in 2001 and 12,567,147 shares in 2000 126 126 Additional paid-in capital 69,221 68,475 Retained earnings 150,578 139,747 Accumulated comprehensive loss (1,578) - -------- -------- Total shareholders' equity 218,347 208,348 -------- -------- $535,040 $556,046 ======== ========
Exhibit 99.3 GIBRALTAR STEEL CORPORATION CONSOLIDATED STATEMENT OF INCOME (in thousands, except per share data) Year Ended December 31 2001 2000 1999 -------- -------- -------- Net sales $616,028 $677,540 $621,918 Cost of sales 499,945 541,743 493,945 -------- -------- -------- Gross profit 116,083 135,797 127,973 Selling, general and administrative expense 78,574 75,905 72,504 -------- -------- -------- Income before operations 37,509 59,892 55,469 Interest expense 16,446 18,942 13,439 -------- -------- -------- Income before taxes 21,063 40,950 42,030 Provision for income taxes 8,530 16,585 17,022 -------- -------- -------- Net income $ 12,533 $ 24,365 $ 25,008 ======== ======== ======== Net income per share - Basic $ 1.00 $ 1.94 $ 1.99 ======== ======== ======== Weighted average shares outstanding - Basic 12,591 12,577 12,540 ======== ======== ======== Net income per share - Diluted $ .98 $ 1.92 $ 1.95 ======== ======== ======== Weighted average shares outstanding - Diluted 12,773 12,685 12,806 ======== ======== ========
Exhibit 99.4 GIBRALTAR STEEL CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS (in thousands) Year Ended December 31, 2001 2000 1999 -------- -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 12,533 $ 24,365 $ 25,008 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 23,486 21,188 17,452 Provision for deferred income taxes 4,545 5,252 2,383 Undistributed equity investment income 547 (253) (466) Other noncash adjustments 157 116 697 Increase (decrease) in cash resulting from changes in (net of effects from acquisitions): Accounts receivable 2,290 5,660 (118) Inventories 25,140 (206) 6,873 Other current assets 495 (2,829) (272) Accounts payable and accrued expenses 5,885 (16,551) 10,242 Other assets 739 (2,622) (1,130) -------- -------- -------- Net cash provided by operating activities 75,817 34,120 60,669 -------- -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES Acquisitions, net of cash acquired (10,832) (42,880) (65,380) Investments in property, plant and equipment (14,344) (19,619) (21,999) Net proceeds from sale of property and equipment 435 7,753 2,838 -------- -------- -------- Net cash used in investing activities (24,741) (54,746) (84,541) -------- -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Long-term debt reduction (92,843) (63,157) (67,160) Proceeds from long-term debt 49,265 82,389 94,081 Repurchase of common stock - (181) - Net proceeds from issuance of common stock 589 36 1,014 Payment of dividends (1,638) (1,447) (1,253) -------- -------- -------- Net cash (used in) provided by financing activities (44,627) 17,640 26,682 -------- -------- -------- Net increase (decrease) in cash and cash equivalents 6,449 (2,986) 2,810 Cash and cash equivalents at beginning of year 1,701 4,687 1,877 -------- -------- -------- Cash and cash equivalents at end of year $ 8,150 $ 1,701 $ 4,687 ======== ======== ========