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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gibraltar Industries Inc | NASDAQ:ROCK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.57 | 0.76% | 75.30 | 72.91 | 79.15 | 76.435 | 74.955 | 75.60 | 94,870 | 22:30:00 |
|
|
|
|
|
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Delaware
|
|
16-1445150
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
3556 Lake Shore Road, P.O. Box 2028
Buffalo, New York
|
|
14219-0228
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
x
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
|
Smaller reporting company
|
¨
|
|
|
|
|
|
|
Emerging growth company
|
¨
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net Sales
|
$
|
247,627
|
|
|
$
|
265,738
|
|
|
$
|
454,232
|
|
|
$
|
503,409
|
|
Cost of sales
|
185,802
|
|
|
196,895
|
|
|
343,152
|
|
|
380,416
|
|
||||
Gross profit
|
61,825
|
|
|
68,843
|
|
|
111,080
|
|
|
122,993
|
|
||||
Selling, general, and administrative expense
|
36,895
|
|
|
40,267
|
|
|
76,471
|
|
|
76,656
|
|
||||
Income from operations
|
24,930
|
|
|
28,576
|
|
|
34,609
|
|
|
46,337
|
|
||||
Interest expense
|
3,550
|
|
|
3,666
|
|
|
7,126
|
|
|
7,357
|
|
||||
Other expense
|
353
|
|
|
8,195
|
|
|
407
|
|
|
8,160
|
|
||||
Income before taxes
|
21,027
|
|
|
16,715
|
|
|
27,076
|
|
|
30,820
|
|
||||
Provision for (benefit of) income taxes
|
7,853
|
|
|
(1,897
|
)
|
|
9,906
|
|
|
3,179
|
|
||||
Income from continuing operations
|
13,174
|
|
|
18,612
|
|
|
17,170
|
|
|
27,641
|
|
||||
Discontinued operations:
|
|
|
|
|
|
|
|
||||||||
Loss before taxes
|
(644
|
)
|
|
—
|
|
|
(644
|
)
|
|
—
|
|
||||
Benefit of income taxes
|
(239
|
)
|
|
—
|
|
|
(239
|
)
|
|
—
|
|
||||
Loss from discontinued operations
|
(405
|
)
|
|
—
|
|
|
(405
|
)
|
|
—
|
|
||||
Net income
|
$
|
12,769
|
|
|
$
|
18,612
|
|
|
$
|
16,765
|
|
|
$
|
27,641
|
|
Net earnings per share – Basic:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
0.41
|
|
|
$
|
0.59
|
|
|
$
|
0.54
|
|
|
$
|
0.88
|
|
Loss from discontinued operations
|
(0.01
|
)
|
|
—
|
|
|
(0.01
|
)
|
|
—
|
|
||||
Net income
|
$
|
0.40
|
|
|
$
|
0.59
|
|
|
$
|
0.53
|
|
|
$
|
0.88
|
|
Weighted average shares outstanding – Basic
|
31,709
|
|
|
31,475
|
|
|
31,698
|
|
|
31,447
|
|
||||
Net earnings per share – Diluted:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
0.41
|
|
|
$
|
0.58
|
|
|
$
|
0.53
|
|
|
$
|
0.87
|
|
Loss from discontinued operations
|
(0.01
|
)
|
|
—
|
|
|
(0.01
|
)
|
|
—
|
|
||||
Net income
|
$
|
0.40
|
|
|
$
|
0.58
|
|
|
$
|
0.52
|
|
|
$
|
0.87
|
|
Weighted average shares outstanding – Diluted
|
32,183
|
|
|
32,007
|
|
|
32,219
|
|
|
31,916
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
12,769
|
|
|
$
|
18,612
|
|
|
$
|
16,765
|
|
|
$
|
27,641
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
1,091
|
|
|
7,753
|
|
|
1,770
|
|
|
10,831
|
|
||||
Adjustment to retirement benefit liability, net of tax
|
(3
|
)
|
|
(1
|
)
|
|
(6
|
)
|
|
(2
|
)
|
||||
Adjustment to post employment health care benefit liability, net of tax
|
30
|
|
|
38
|
|
|
59
|
|
|
76
|
|
||||
Other comprehensive income
|
1,118
|
|
|
7,790
|
|
|
1,823
|
|
|
10,905
|
|
||||
Total comprehensive income
|
$
|
13,887
|
|
|
$
|
26,402
|
|
|
$
|
18,588
|
|
|
$
|
38,546
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
(unaudited)
|
|
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
182,379
|
|
|
$
|
170,177
|
|
Accounts receivable, net
|
138,871
|
|
|
124,072
|
|
||
Inventories
|
86,065
|
|
|
89,612
|
|
||
Other current assets
|
8,351
|
|
|
7,336
|
|
||
Total current assets
|
415,666
|
|
|
391,197
|
|
||
Property, plant, and equipment, net
|
95,869
|
|
|
108,304
|
|
||
Goodwill
|
320,848
|
|
|
304,032
|
|
||
Acquired intangibles
|
110,325
|
|
|
110,790
|
|
||
Other assets
|
4,750
|
|
|
3,922
|
|
||
|
$
|
947,458
|
|
|
$
|
918,245
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
88,007
|
|
|
$
|
69,944
|
|
Accrued expenses
|
69,389
|
|
|
70,392
|
|
||
Billings in excess of cost
|
13,963
|
|
|
11,352
|
|
||
Current maturities of long-term debt
|
400
|
|
|
400
|
|
||
Total current liabilities
|
171,759
|
|
|
152,088
|
|
||
Long-term debt
|
209,229
|
|
|
209,237
|
|
||
Deferred income taxes
|
38,203
|
|
|
38,002
|
|
||
Other non-current liabilities
|
46,364
|
|
|
58,038
|
|
||
Shareholders’ equity:
|
|
|
|
||||
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; authorized 50,000 shares; 32,155 shares and 32,085 shares issued and outstanding in 2017 and 2016
|
321
|
|
|
320
|
|
||
Additional paid-in capital
|
267,601
|
|
|
264,418
|
|
||
Retained earnings
|
228,767
|
|
|
211,748
|
|
||
Accumulated other comprehensive loss
|
(5,898
|
)
|
|
(7,721
|
)
|
||
Cost of 554 and 530 common shares held in treasury in 2017 and 2016
|
(8,888
|
)
|
|
(7,885
|
)
|
||
Total shareholders’ equity
|
481,903
|
|
|
460,880
|
|
||
|
$
|
947,458
|
|
|
$
|
918,245
|
|
|
Six Months Ended
June 30, |
||||||
|
2017
|
|
2016
|
||||
Cash Flows from Operating Activities
|
|
|
|
||||
Net income
|
$
|
16,765
|
|
|
$
|
27,641
|
|
Loss from discontinued operations
|
(405
|
)
|
|
—
|
|
||
Income from continuing operations
|
17,170
|
|
|
27,641
|
|
||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
11,006
|
|
|
11,856
|
|
||
Stock compensation expense
|
3,191
|
|
|
3,218
|
|
||
Net gain on sale of assets
|
(39
|
)
|
|
(198
|
)
|
||
Loss on sale of business
|
—
|
|
|
8,533
|
|
||
Exit activity (recoveries) costs, non-cash
|
(2,737
|
)
|
|
1,074
|
|
||
Provision for deferred income taxes
|
—
|
|
|
196
|
|
||
Other, net
|
628
|
|
|
(449
|
)
|
||
Changes in operating assets and liabilities, excluding the effects of acquisitions:
|
|
|
|
||||
Accounts receivable
|
(14,446
|
)
|
|
9,145
|
|
||
Inventories
|
2,245
|
|
|
4,988
|
|
||
Other current assets and other assets
|
(2,174
|
)
|
|
(4,333
|
)
|
||
Accounts payable
|
16,962
|
|
|
(2,427
|
)
|
||
Accrued expenses and other non-current liabilities
|
(10,086
|
)
|
|
(9,803
|
)
|
||
Net cash provided by operating activities
|
21,720
|
|
|
49,441
|
|
||
Cash Flows from Investing Activities
|
|
|
|
||||
Cash paid for acquisitions, net of cash acquired
|
(18,494
|
)
|
|
(2,314
|
)
|
||
Net proceeds from sale of property and equipment
|
12,778
|
|
|
162
|
|
||
Purchases of property, plant, and equipment
|
(3,274
|
)
|
|
(4,035
|
)
|
||
Net proceeds from sale of business
|
—
|
|
|
8,479
|
|
||
Other, net
|
—
|
|
|
1,118
|
|
||
Net cash (used in) provided by investing activities
|
(8,990
|
)
|
|
3,410
|
|
||
Cash Flows from Financing Activities
|
|
|
|
||||
Long-term debt payments
|
(400
|
)
|
|
(400
|
)
|
||
Payment of debt issuance costs
|
—
|
|
|
(54
|
)
|
||
Purchase of treasury stock at market prices
|
(1,003
|
)
|
|
(462
|
)
|
||
Net proceeds from issuance of common stock
|
247
|
|
|
2,057
|
|
||
Net cash (used in) provided by financing activities
|
(1,156
|
)
|
|
1,141
|
|
||
Effect of exchange rate changes on cash
|
628
|
|
|
1,264
|
|
||
Net increase in cash and cash equivalents
|
12,202
|
|
|
55,256
|
|
||
Cash and cash equivalents at beginning of year
|
170,177
|
|
|
68,858
|
|
||
Cash and cash equivalents at end of period
|
$
|
182,379
|
|
|
$
|
124,114
|
|
|
Common Stock
|
|
Additional
Paid-In Capital
|
|
Retained Earnings
|
|
Accumulated
Other
Comprehensive Loss
|
|
Treasury Stock
|
|
Total
Shareholders’ Equity
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||
Balance at December 31, 2016
|
32,085
|
|
|
$
|
320
|
|
|
$
|
264,418
|
|
|
$
|
211,748
|
|
|
$
|
(7,721
|
)
|
|
530
|
|
|
$
|
(7,885
|
)
|
|
$
|
460,880
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
16,765
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,765
|
|
||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,770
|
|
|
—
|
|
|
—
|
|
|
1,770
|
|
||||||
Adjustment to retirement benefit liability, net of taxes of ($3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
||||||
Adjustment to post employment health care benefit liability, net of taxes of $36
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
59
|
|
||||||
Stock compensation expense
|
—
|
|
|
—
|
|
|
3,191
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,191
|
|
||||||
Cumulative effect of accounting change (see
Note 2
)
|
—
|
|
|
—
|
|
|
(254
|
)
|
|
254
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock options exercised
|
16
|
|
|
—
|
|
|
247
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
247
|
|
||||||
Issuance of restricted stock
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net settlement of restricted stock units
|
52
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
24
|
|
|
(1,003
|
)
|
|
(1,003
|
)
|
||||||
Balance at June 30, 2017
|
32,155
|
|
|
$
|
321
|
|
|
$
|
267,601
|
|
|
$
|
228,767
|
|
|
$
|
(5,898
|
)
|
|
554
|
|
|
$
|
(8,888
|
)
|
|
$
|
481,903
|
|
Standard
|
Description
|
Financial Statement Effect or Other Significant Matters
|
ASU No. 2016-09
Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting
|
The standard simplifies the accounting for share-based payment award transactions including: income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The provisions of this standard are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted.
|
The Company has adopted all amendments included in this standard under each required transition method. The Company concluded there were no material changes to prior periods, except for the following: the Company (a) reclassified its prior interim period excess tax benefit for stock compensation of $292,000 on its consolidated statement of cash flows from a financing activity to an operating activity; and (b) recognized a cumulative-effect adjustment of $254,000 as an increase to retained earnings and decrease to additional paid-in capital on the Company's consolidated statement of shareholders' equity as of January 1, 2017 to reflect the change in value for a restricted stock unit liability award as of December 31, 2016, as if the award had been classified as an equity award since its respective grant date.
Date of adoption: Q1 2017
|
Standard
|
Description
|
Financial Statement Effect or Other Significant Matters
|
ASU No. 2014-09
Revenue from Contracts with Customers (Topic 606)
And All Related ASUs
|
The standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires additional disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and assets recognized from costs incurred to obtain or fulfill a contract. The provisions of the standard, as well as all subsequently issued clarifications to the standard, are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The standard can be adopted using either a full retrospective or modified retrospective approach.
|
The Company currently believes the most significant impact of this standard upon adoption relates to the revenue recognition for custom fabricated products within the Company's Industrial and Infrastructure Products segment. Under this standard, the Company expects to recognize revenue on an over time basis on custom fabricated products in the Industrial and Infrastructure Products segment which is a change from our current revenue recognition policy of point-in-time basis. The Company expects revenue recognition related to the remaining Industrial and Infrastructure Products segment, Residential Products segment and Renewable Energy and Conservation segment to remain substantially unchanged upon adoption of this standard. The Company has identified and is in the process of implementing appropriate changes to the Company's business processes, systems and internal controls to support recognition and disclosure under this standard. The Company currently anticipates adopting the modified retrospective transition method approach. The Company has not yet completed the process of quantifying the effects of any changes that will result from adoption.
Planned date of adoption: Q1 2018
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Trade accounts receivable
|
$
|
101,578
|
|
|
$
|
81,193
|
|
Contract receivables:
|
|
|
|
||||
Amounts billed
|
35,658
|
|
|
41,569
|
|
||
Costs in excess of billings
|
7,007
|
|
|
6,582
|
|
||
Total contract receivables
|
42,665
|
|
|
48,151
|
|
||
Total accounts receivable
|
144,243
|
|
|
129,344
|
|
||
Less allowance for doubtful accounts
|
(5,372
|
)
|
|
(5,272
|
)
|
||
Accounts receivable
|
$
|
138,871
|
|
|
$
|
124,072
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Raw material
|
$
|
42,528
|
|
|
$
|
41,758
|
|
Work-in-process
|
12,580
|
|
|
12,268
|
|
||
Finished goods
|
30,957
|
|
|
35,586
|
|
||
Total inventories
|
$
|
86,065
|
|
|
$
|
89,612
|
|
Cash
|
$
|
590
|
|
Working capital
|
(2,071
|
)
|
|
Property, plant and equipment
|
55
|
|
|
Acquired intangible assets
|
3,600
|
|
|
Other assets
|
8
|
|
|
Deferred income taxes
|
(196
|
)
|
|
Goodwill
|
16,931
|
|
|
Fair value of purchase consideration
|
$
|
18,917
|
|
|
Fair Value
|
|
Estimated
Useful Life |
||
Trademarks
|
$
|
600
|
|
|
Indefinite
|
Technology
|
1,300
|
|
|
10 years
|
|
Customer relationships
|
1,700
|
|
|
7 years
|
|
Total
|
$
|
3,600
|
|
|
|
Cash
|
$
|
2,495
|
|
Working capital
|
(1,109
|
)
|
|
Property, plant and equipment
|
4,702
|
|
|
Acquired intangible assets
|
6,200
|
|
|
Other assets
|
23
|
|
|
Goodwill
|
11,451
|
|
|
Fair value of purchase consideration
|
$
|
23,762
|
|
|
Fair Value
|
|
Estimated
Useful Life |
||
Trademarks
|
$
|
3,200
|
|
|
Indefinite
|
Technology
|
1,300
|
|
|
15 years
|
|
Customer relationships
|
800
|
|
|
11 years
|
|
Backlog
|
900
|
|
|
0.25 years
|
|
Total
|
$
|
6,200
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Acquisition-related costs
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
115
|
|
|
$
|
31
|
|
|
Residential
Products
|
|
Industrial and
Infrastructure
Products
|
|
Renewable Energy & Conservation
|
|
Total
|
||||||||
Balance at December 31, 2016
|
$
|
181,285
|
|
|
$
|
53,884
|
|
|
$
|
68,863
|
|
|
$
|
304,032
|
|
Acquired goodwill
|
16,931
|
|
|
—
|
|
|
—
|
|
|
16,931
|
|
||||
Adjustments to prior year acquisitions
|
—
|
|
|
—
|
|
|
(832
|
)
|
|
(832
|
)
|
||||
Foreign currency translation
|
—
|
|
|
197
|
|
|
520
|
|
|
717
|
|
||||
Balance at June 30, 2017
|
$
|
198,216
|
|
|
$
|
54,081
|
|
|
$
|
68,551
|
|
|
$
|
320,848
|
|
|
June 30, 2017
|
|
December 31, 2016
|
|
|
||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Estimated Life
|
||||||||
Indefinite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Trademarks
|
$
|
45,352
|
|
|
$
|
—
|
|
|
$
|
44,720
|
|
|
$
|
—
|
|
|
Indefinite
|
Finite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Trademarks
|
5,842
|
|
|
2,749
|
|
|
5,808
|
|
|
2,427
|
|
|
5 to 15 Years
|
||||
Unpatented technology
|
28,020
|
|
|
11,030
|
|
|
26,720
|
|
|
10,041
|
|
|
5 to 20 Years
|
||||
Customer relationships
|
80,644
|
|
|
36,626
|
|
|
78,569
|
|
|
33,585
|
|
|
5 to 17 Years
|
||||
Non-compete agreements
|
1,649
|
|
|
777
|
|
|
1,649
|
|
|
623
|
|
|
4 to 10 Years
|
||||
Backlog
|
—
|
|
|
—
|
|
|
900
|
|
|
900
|
|
|
0.25 Years
|
||||
|
116,155
|
|
|
51,182
|
|
|
113,646
|
|
|
47,576
|
|
|
|
||||
Total acquired intangible assets
|
$
|
161,507
|
|
|
$
|
51,182
|
|
|
$
|
158,366
|
|
|
$
|
47,576
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Amortization expense
|
$
|
2,230
|
|
|
$
|
2,201
|
|
|
$
|
4,392
|
|
|
$
|
4,382
|
|
2017
|
$4,363
|
2018
|
$8,286
|
2019
|
$7,615
|
2020
|
$7,103
|
2021
|
$6,501
|
2022
|
$6,090
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Senior Subordinated 6.25% Notes
|
$
|
210,000
|
|
|
$
|
210,000
|
|
Other debt
|
2,400
|
|
|
2,800
|
|
||
Less unamortized debt issuance costs
|
(2,771
|
)
|
|
(3,163
|
)
|
||
Total debt
|
209,629
|
|
|
209,637
|
|
||
Less current maturities
|
400
|
|
|
400
|
|
||
Total long-term debt
|
$
|
209,229
|
|
|
$
|
209,237
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cost of sales
|
|
$
|
263
|
|
|
$
|
235
|
|
|
$
|
525
|
|
|
$
|
452
|
|
|
Foreign Currency Translation Adjustment
|
|
Minimum Pension
Liability Adjustment |
|
Unamortized Post Retirement Health
Care Costs |
|
Total Pre-Tax Amount
|
|
Tax (Benefit) Expense
|
|
Accumulated Other
Comprehensive (Loss) Income |
||||||||||||
Balance at December 31, 2016
|
$
|
(5,848
|
)
|
|
$
|
197
|
|
|
$
|
(3,150
|
)
|
|
$
|
(8,801
|
)
|
|
$
|
(1,080
|
)
|
|
$
|
(7,721
|
)
|
Minimum pension and post retirement health care plan adjustments
|
—
|
|
|
(9
|
)
|
|
95
|
|
|
86
|
|
|
33
|
|
|
53
|
|
||||||
Foreign currency translation adjustment
|
1,770
|
|
|
—
|
|
|
—
|
|
|
1,770
|
|
|
—
|
|
|
1,770
|
|
||||||
Balance at June 30, 2017
|
$
|
(4,078
|
)
|
|
$
|
188
|
|
|
$
|
(3,055
|
)
|
|
$
|
(6,945
|
)
|
|
$
|
(1,047
|
)
|
|
$
|
(5,898
|
)
|
|
2017
|
|
2016
|
||||||||||
Awards
|
Number of
Awards
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Number of
Awards
|
|
Weighted
Average
Grant Date
Fair Value
|
||||||
Performance stock units
|
108,748
|
|
|
$
|
42.72
|
|
|
—
|
|
|
$
|
—
|
|
Restricted stock units
|
74,292
|
|
|
$
|
42.39
|
|
|
109,210
|
|
|
$
|
21.44
|
|
Options
|
25,000
|
|
|
$
|
42.35
|
|
|
—
|
|
|
$
|
—
|
|
Deferred stock units
|
10,170
|
|
|
$
|
34.42
|
|
|
11,945
|
|
|
$
|
29.30
|
|
Restricted shares
|
2,034
|
|
|
$
|
34.42
|
|
|
3,185
|
|
|
$
|
29.30
|
|
|
2017
|
|
2016
|
||||
Restricted stock units credited
|
88,344
|
|
|
185,685
|
|
||
Share-based liabilities paid (in $1000s)
|
$
|
2,353
|
|
|
$
|
1,984
|
|
•
|
Level 1 - Quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2 - Observable inputs other than quoted prices in active markets for similar assets and liabilities.
|
•
|
Level 3 - Inputs that are unobservable inputs for the asset or liability.
|
|
Three Months Ended
June 30, |
||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||
|
Inventory write-downs &/or asset impairment recoveries, net
|
|
Exit activity costs
|
|
Total
|
|
Inventory write-downs &/or asset impairment charges
|
|
Exit activity costs
|
|
Total
|
||||||||||||
Residential Products
|
$
|
(126
|
)
|
|
$
|
207
|
|
|
$
|
81
|
|
|
$
|
118
|
|
|
$
|
140
|
|
|
$
|
258
|
|
Industrial & Infrastructure Products
|
(1,694
|
)
|
|
315
|
|
|
(1,379
|
)
|
|
46
|
|
|
805
|
|
|
851
|
|
||||||
Renewable Energy & Conservation
|
—
|
|
|
1,369
|
|
|
1,369
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Corporate
|
—
|
|
|
135
|
|
|
135
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total exit activity costs & asset impairments
|
$
|
(1,820
|
)
|
|
$
|
2,026
|
|
|
$
|
206
|
|
|
$
|
164
|
|
|
$
|
945
|
|
|
$
|
1,109
|
|
|
Six Months Ended
June 30, |
||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||
|
Inventory write-downs &/or asset impairment recoveries, net
|
|
Exit activity costs
|
|
Total
|
|
Inventory write-downs &/or asset impairment charges
|
|
Exit activity costs
|
|
Total
|
||||||||||||
Residential Products
|
$
|
(147
|
)
|
|
$
|
392
|
|
|
$
|
245
|
|
|
$
|
806
|
|
|
$
|
470
|
|
|
$
|
1,276
|
|
Industrial & Infrastructure Products
|
(2,590
|
)
|
|
2,971
|
|
|
381
|
|
|
268
|
|
|
1,263
|
|
|
1,531
|
|
||||||
Renewable Energy & Conservation
|
—
|
|
|
2,419
|
|
|
2,419
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Corporate
|
—
|
|
|
163
|
|
|
163
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total exit activity costs & asset impairments
|
$
|
(2,737
|
)
|
|
$
|
5,945
|
|
|
$
|
3,208
|
|
|
$
|
1,074
|
|
|
$
|
1,733
|
|
|
$
|
2,807
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cost of sales
|
$
|
(1,472
|
)
|
|
$
|
560
|
|
|
$
|
(478
|
)
|
|
$
|
1,678
|
|
Selling, general, and administrative expense
|
1,678
|
|
|
549
|
|
|
3,686
|
|
|
1,129
|
|
||||
Net asset impairment and exit activity charges
|
$
|
206
|
|
|
$
|
1,109
|
|
|
$
|
3,208
|
|
|
$
|
2,807
|
|
|
2017
|
|
2016
|
||||
Balance at January 1
|
$
|
3,744
|
|
|
$
|
603
|
|
Exit activity costs recognized
|
5,945
|
|
|
1,733
|
|
||
Cash payments
|
(8,288
|
)
|
|
(1,527
|
)
|
||
Balance at June 30
|
$
|
1,401
|
|
|
$
|
809
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Provision for income taxes
|
$
|
7,853
|
|
|
$
|
(1,897
|
)
|
|
$
|
9,906
|
|
|
$
|
3,179
|
|
Effective tax rate
|
37.3
|
%
|
|
(11.3
|
)%
|
|
36.6
|
%
|
|
10.3
|
%
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
13,174
|
|
|
$
|
18,612
|
|
|
$
|
17,170
|
|
|
$
|
27,641
|
|
Loss from discontinued operations
|
(405
|
)
|
|
—
|
|
|
(405
|
)
|
|
—
|
|
||||
Net income available to common shareholders
|
$
|
12,769
|
|
|
$
|
18,612
|
|
|
$
|
16,765
|
|
|
$
|
27,641
|
|
Denominator for basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding
|
31,709
|
|
|
31,475
|
|
|
31,698
|
|
|
31,447
|
|
||||
Denominator for diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding
|
31,709
|
|
|
31,475
|
|
|
31,698
|
|
|
31,447
|
|
||||
Common stock options and restricted stock
|
474
|
|
|
532
|
|
|
521
|
|
|
469
|
|
||||
Weighted average shares and conversions
|
$
|
32,183
|
|
|
$
|
32,007
|
|
|
$
|
32,219
|
|
|
$
|
31,916
|
|
(i)
|
Residential Products, which primarily includes roof and foundation ventilation products, mail and package storage products, rain dispersion products and roofing accessories;
|
(ii)
|
Industrial and Infrastructure Products, which primarily includes expanded and perforated metal, expansion joints and structural bearings; and
|
(iii)
|
Renewable Energy and Conservation, which primarily includes designing, engineering, manufacturing and installation of solar racking systems and greenhouse structures.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net sales:
|
|
|
|
|
|
|
|
||||||||
Residential Products
|
$
|
127,252
|
|
|
$
|
119,965
|
|
|
$
|
231,803
|
|
|
$
|
220,112
|
|
Renewable Energy and Conservation
|
62,763
|
|
|
64,766
|
|
|
114,555
|
|
|
122,640
|
|
||||
Industrial and Infrastructure Products
|
57,926
|
|
|
81,380
|
|
|
108,644
|
|
|
161,397
|
|
||||
Less: Intersegment sales
|
(314
|
)
|
|
(373
|
)
|
|
(770
|
)
|
|
(740
|
)
|
||||
Net Industrial and Infrastructure Products
|
57,612
|
|
|
81,007
|
|
|
107,874
|
|
|
160,657
|
|
||||
Total consolidated net sales
|
$
|
247,627
|
|
|
$
|
265,738
|
|
|
$
|
454,232
|
|
|
$
|
503,409
|
|
|
|
|
|
|
|
|
|
||||||||
Income from operations:
|
|
|
|
|
|
|
|
||||||||
Residential Products
|
$
|
22,579
|
|
|
$
|
20,725
|
|
|
$
|
38,220
|
|
|
$
|
32,956
|
|
Renewable Energy and Conservation
|
3,492
|
|
|
10,296
|
|
|
6,832
|
|
|
18,603
|
|
||||
Industrial and Infrastructure Products
|
3,397
|
|
|
6,190
|
|
|
3,360
|
|
|
9,516
|
|
||||
Unallocated Corporate Expenses
|
(4,538
|
)
|
|
(8,635
|
)
|
|
(13,803
|
)
|
|
(14,738
|
)
|
||||
Total income from operations
|
$
|
24,930
|
|
|
$
|
28,576
|
|
|
$
|
34,609
|
|
|
$
|
46,337
|
|
|
Gibraltar
Industries, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
238,652
|
|
|
$
|
10,627
|
|
|
$
|
(1,652
|
)
|
|
$
|
247,627
|
|
Cost of sales
|
—
|
|
|
178,779
|
|
|
8,739
|
|
|
(1,716
|
)
|
|
185,802
|
|
|||||
Gross profit
|
—
|
|
|
59,873
|
|
|
1,888
|
|
|
64
|
|
|
61,825
|
|
|||||
Selling, general, and administrative expense
|
34
|
|
|
33,681
|
|
|
3,180
|
|
|
—
|
|
|
36,895
|
|
|||||
(Loss) income from operations
|
(34
|
)
|
|
26,192
|
|
|
(1,292
|
)
|
|
64
|
|
|
24,930
|
|
|||||
Interest expense (income)
|
3,403
|
|
|
162
|
|
|
(15
|
)
|
|
—
|
|
|
3,550
|
|
|||||
Other expense
|
—
|
|
|
115
|
|
|
238
|
|
|
—
|
|
|
353
|
|
|||||
(Loss) income before taxes
|
(3,437
|
)
|
|
25,915
|
|
|
(1,515
|
)
|
|
64
|
|
|
21,027
|
|
|||||
(Benefit of) provision for income taxes
|
(1,340
|
)
|
|
9,360
|
|
|
(167
|
)
|
|
—
|
|
|
7,853
|
|
|||||
(Loss) income from continuing operations
|
(2,097
|
)
|
|
16,555
|
|
|
(1,348
|
)
|
|
64
|
|
|
13,174
|
|
|||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loss from discontinued operations before taxes
|
—
|
|
|
(644
|
)
|
|
—
|
|
|
—
|
|
|
(644
|
)
|
|||||
Benefit of income taxes
|
—
|
|
|
(239
|
)
|
|
—
|
|
|
—
|
|
|
(239
|
)
|
|||||
Loss from discontinued operations
|
—
|
|
|
(405
|
)
|
|
—
|
|
|
—
|
|
|
(405
|
)
|
|||||
Equity in earnings (loss) from subsidiaries
|
14,802
|
|
|
(1,348
|
)
|
|
—
|
|
|
(13,454
|
)
|
|
—
|
|
|||||
Net income (loss)
|
$
|
12,705
|
|
|
$
|
14,802
|
|
|
$
|
(1,348
|
)
|
|
$
|
(13,390
|
)
|
|
$
|
12,769
|
|
|
Gibraltar
Industries, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
247,912
|
|
|
$
|
19,922
|
|
|
$
|
(2,096
|
)
|
|
$
|
265,738
|
|
Cost of sales
|
—
|
|
|
183,557
|
|
|
15,075
|
|
|
(1,737
|
)
|
|
196,895
|
|
|||||
Gross profit
|
—
|
|
|
64,355
|
|
|
4,847
|
|
|
(359
|
)
|
|
68,843
|
|
|||||
Selling, general, and administrative expense
|
14,134
|
|
|
29,206
|
|
|
(3,073
|
)
|
|
—
|
|
|
40,267
|
|
|||||
(Loss) income from operations
|
(14,134
|
)
|
|
35,149
|
|
|
7,920
|
|
|
(359
|
)
|
|
28,576
|
|
|||||
Interest expense (income)
|
3,401
|
|
|
285
|
|
|
(20
|
)
|
|
—
|
|
|
3,666
|
|
|||||
Other expense (income)
|
8,533
|
|
|
225
|
|
|
(563
|
)
|
|
—
|
|
|
8,195
|
|
|||||
(Loss) income before taxes
|
(26,068
|
)
|
|
34,639
|
|
|
8,503
|
|
|
(359
|
)
|
|
16,715
|
|
|||||
(Benefit of) provision for income taxes
|
(8,275
|
)
|
|
5,293
|
|
|
1,085
|
|
|
—
|
|
|
(1,897
|
)
|
|||||
Equity in earnings from subsidiaries
|
36,764
|
|
|
7,418
|
|
|
—
|
|
|
(44,182
|
)
|
|
—
|
|
|||||
Net income
|
$
|
18,971
|
|
|
$
|
36,764
|
|
|
$
|
7,418
|
|
|
$
|
(44,541
|
)
|
|
$
|
18,612
|
|
|
Gibraltar
Industries, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
436,400
|
|
|
$
|
21,869
|
|
|
$
|
(4,037
|
)
|
|
$
|
454,232
|
|
Cost of sales
|
—
|
|
|
329,286
|
|
|
17,721
|
|
|
(3,855
|
)
|
|
343,152
|
|
|||||
Gross profit
|
—
|
|
|
107,114
|
|
|
4,148
|
|
|
(182
|
)
|
|
111,080
|
|
|||||
Selling, general, and administrative expense
|
77
|
|
|
70,187
|
|
|
6,207
|
|
|
—
|
|
|
76,471
|
|
|||||
(Loss) income from operations
|
(77
|
)
|
|
36,927
|
|
|
(2,059
|
)
|
|
(182
|
)
|
|
34,609
|
|
|||||
Interest expense (income)
|
6,805
|
|
|
354
|
|
|
(33
|
)
|
|
—
|
|
|
7,126
|
|
|||||
Other expense
|
—
|
|
|
245
|
|
|
162
|
|
|
—
|
|
|
407
|
|
|||||
(Loss) income before taxes
|
(6,882
|
)
|
|
36,328
|
|
|
(2,188
|
)
|
|
(182
|
)
|
|
27,076
|
|
|||||
(Benefit of) provision for income taxes
|
(2,684
|
)
|
|
12,738
|
|
|
(148
|
)
|
|
—
|
|
|
9,906
|
|
|||||
(Loss) income from continuing operations
|
(4,198
|
)
|
|
23,590
|
|
|
(2,040
|
)
|
|
(182
|
)
|
|
17,170
|
|
|||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loss from discontinued operations before taxes
|
—
|
|
|
(644
|
)
|
|
—
|
|
|
—
|
|
|
(644
|
)
|
|||||
Benefit of income taxes
|
—
|
|
|
(239
|
)
|
|
—
|
|
|
—
|
|
|
(239
|
)
|
|||||
Loss from discontinued operations
|
—
|
|
|
(405
|
)
|
|
—
|
|
|
—
|
|
|
(405
|
)
|
|||||
Equity in earnings (loss) from subsidiaries
|
21,145
|
|
|
(2,040
|
)
|
|
—
|
|
|
(19,105
|
)
|
|
—
|
|
|||||
Net income (loss)
|
$
|
16,947
|
|
|
$
|
21,145
|
|
|
$
|
(2,040
|
)
|
|
$
|
(19,287
|
)
|
|
$
|
16,765
|
|
|
Gibraltar
Industries, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
463,125
|
|
|
$
|
47,215
|
|
|
$
|
(6,931
|
)
|
|
$
|
503,409
|
|
Cost of sales
|
—
|
|
|
348,996
|
|
|
37,715
|
|
|
(6,295
|
)
|
|
380,416
|
|
|||||
Gross profit
|
—
|
|
|
114,129
|
|
|
9,500
|
|
|
(636
|
)
|
|
122,993
|
|
|||||
Selling, general, and administrative expense
|
14,174
|
|
|
61,117
|
|
|
1,365
|
|
|
—
|
|
|
76,656
|
|
|||||
(Loss) income from operations
|
(14,174
|
)
|
|
53,012
|
|
|
8,135
|
|
|
(636
|
)
|
|
46,337
|
|
|||||
Interest expense (income)
|
6,804
|
|
|
595
|
|
|
(42
|
)
|
|
—
|
|
|
7,357
|
|
|||||
Other expense (income)
|
8,487
|
|
|
441
|
|
|
(768
|
)
|
|
—
|
|
|
8,160
|
|
|||||
(Loss) income before taxes
|
(29,465
|
)
|
|
51,976
|
|
|
8,945
|
|
|
(636
|
)
|
|
30,820
|
|
|||||
(Benefit of) provision for income taxes
|
(9,482
|
)
|
|
11,385
|
|
|
1,276
|
|
|
—
|
|
|
3,179
|
|
|||||
Equity in earnings from subsidiaries
|
48,260
|
|
|
7,669
|
|
|
—
|
|
|
(55,929
|
)
|
|
—
|
|
|||||
Net income
|
$
|
28,277
|
|
|
$
|
48,260
|
|
|
$
|
7,669
|
|
|
$
|
(56,565
|
)
|
|
$
|
27,641
|
|
|
Gibraltar
Industries, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net income (loss)
|
$
|
12,705
|
|
|
$
|
14,802
|
|
|
$
|
(1,348
|
)
|
|
$
|
(13,390
|
)
|
|
$
|
12,769
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
1,091
|
|
|
—
|
|
|
1,091
|
|
|||||
Adjustment to retirement benefit liability, net of tax
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||||
Adjustment to post employment health care benefit liability, net of tax
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|||||
Other comprehensive income
|
—
|
|
|
27
|
|
|
1,091
|
|
|
—
|
|
|
1,118
|
|
|||||
Total comprehensive income (loss)
|
$
|
12,705
|
|
|
$
|
14,829
|
|
|
$
|
(257
|
)
|
|
$
|
(13,390
|
)
|
|
$
|
13,887
|
|
|
Gibraltar
Industries, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net income
|
$
|
18,971
|
|
|
$
|
36,764
|
|
|
$
|
7,418
|
|
|
$
|
(44,541
|
)
|
|
$
|
18,612
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
7,753
|
|
|
—
|
|
|
7,753
|
|
|||||
Adjustment to retirement benefit liability, net of tax
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Adjustment to post employment health care benefit liability, net of tax
|
—
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|||||
Other comprehensive income
|
—
|
|
|
37
|
|
|
7,753
|
|
|
—
|
|
|
7,790
|
|
|||||
Total comprehensive income
|
$
|
18,971
|
|
|
$
|
36,801
|
|
|
$
|
15,171
|
|
|
$
|
(44,541
|
)
|
|
$
|
26,402
|
|
|
Gibraltar
Industries, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net income (loss)
|
$
|
16,947
|
|
|
$
|
21,145
|
|
|
$
|
(2,040
|
)
|
|
$
|
(19,287
|
)
|
|
$
|
16,765
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
1,770
|
|
|
—
|
|
|
1,770
|
|
|||||
Adjustment to retirement benefit liability, net of tax
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|||||
Adjustment to post employment health care benefit liability, net of tax
|
—
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|||||
Other comprehensive income
|
—
|
|
|
53
|
|
|
1,770
|
|
|
—
|
|
|
1,823
|
|
|||||
Total comprehensive income (loss)
|
$
|
16,947
|
|
|
$
|
21,198
|
|
|
$
|
(270
|
)
|
|
$
|
(19,287
|
)
|
|
$
|
18,588
|
|
|
Gibraltar
Industries, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net income
|
$
|
28,277
|
|
|
$
|
48,260
|
|
|
$
|
7,669
|
|
|
$
|
(56,565
|
)
|
|
$
|
27,641
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
10,831
|
|
|
—
|
|
|
10,831
|
|
|||||
Adjustment to retirement benefit liability, net of tax
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||||
Adjustment to post employment health care benefit liability, net of tax
|
—
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
76
|
|
|||||
Other comprehensive income
|
—
|
|
|
74
|
|
|
10,831
|
|
|
—
|
|
|
10,905
|
|
|||||
Total comprehensive income
|
$
|
28,277
|
|
|
$
|
48,334
|
|
|
$
|
18,500
|
|
|
$
|
(56,565
|
)
|
|
$
|
38,546
|
|
|
Gibraltar
Industries, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
158,843
|
|
|
$
|
23,536
|
|
|
$
|
—
|
|
|
$
|
182,379
|
|
Accounts receivable, net
|
—
|
|
|
131,513
|
|
|
7,358
|
|
|
—
|
|
|
138,871
|
|
|||||
Intercompany balances
|
(10,789
|
)
|
|
15,604
|
|
|
(4,815
|
)
|
|
—
|
|
|
—
|
|
|||||
Inventories
|
—
|
|
|
81,927
|
|
|
4,138
|
|
|
—
|
|
|
86,065
|
|
|||||
Other current assets
|
2,730
|
|
|
1,498
|
|
|
4,123
|
|
|
—
|
|
|
8,351
|
|
|||||
Total current assets
|
(8,059
|
)
|
|
389,385
|
|
|
34,340
|
|
|
—
|
|
|
415,666
|
|
|||||
Property, plant, and equipment, net
|
—
|
|
|
92,450
|
|
|
3,419
|
|
|
—
|
|
|
95,869
|
|
|||||
Goodwill
|
—
|
|
|
298,399
|
|
|
22,449
|
|
|
—
|
|
|
320,848
|
|
|||||
Acquired intangibles
|
—
|
|
|
101,232
|
|
|
9,093
|
|
|
—
|
|
|
110,325
|
|
|||||
Other assets
|
—
|
|
|
4,750
|
|
|
—
|
|
|
—
|
|
|
4,750
|
|
|||||
Investment in subsidiaries
|
705,610
|
|
|
58,978
|
|
|
—
|
|
|
(764,588
|
)
|
|
—
|
|
|||||
|
$
|
697,551
|
|
|
$
|
945,194
|
|
|
$
|
69,301
|
|
|
$
|
(764,588
|
)
|
|
$
|
947,458
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
—
|
|
|
$
|
84,230
|
|
|
$
|
3,777
|
|
|
$
|
—
|
|
|
$
|
88,007
|
|
Accrued expenses
|
7,369
|
|
|
60,533
|
|
|
1,487
|
|
|
—
|
|
|
69,389
|
|
|||||
Billings in excess of cost
|
—
|
|
|
11,524
|
|
|
2,439
|
|
|
|
|
13,963
|
|
||||||
Current maturities of long-term debt
|
—
|
|
|
400
|
|
|
—
|
|
|
—
|
|
|
400
|
|
|||||
Total current liabilities
|
7,369
|
|
|
156,687
|
|
|
7,703
|
|
|
—
|
|
|
171,759
|
|
|||||
Long-term debt
|
208,279
|
|
|
950
|
|
|
—
|
|
|
—
|
|
|
209,229
|
|
|||||
Deferred income taxes
|
—
|
|
|
35,583
|
|
|
2,620
|
|
|
—
|
|
|
38,203
|
|
|||||
Other non-current liabilities
|
—
|
|
|
46,364
|
|
|
—
|
|
|
—
|
|
|
46,364
|
|
|||||
Shareholders’ equity
|
481,903
|
|
|
705,610
|
|
|
58,978
|
|
|
(764,588
|
)
|
|
481,903
|
|
|||||
|
$
|
697,551
|
|
|
$
|
945,194
|
|
|
$
|
69,301
|
|
|
$
|
(764,588
|
)
|
|
$
|
947,458
|
|
|
Gibraltar
Industries, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
143,826
|
|
|
$
|
26,351
|
|
|
$
|
—
|
|
|
$
|
170,177
|
|
Accounts receivable, net
|
—
|
|
|
117,526
|
|
|
6,546
|
|
|
—
|
|
|
124,072
|
|
|||||
Intercompany balances
|
(615
|
)
|
|
6,152
|
|
|
(5,537
|
)
|
|
—
|
|
|
—
|
|
|||||
Inventories
|
—
|
|
|
85,483
|
|
|
4,129
|
|
|
—
|
|
|
89,612
|
|
|||||
Other current assets
|
13,783
|
|
|
(10,070
|
)
|
|
3,623
|
|
|
—
|
|
|
7,336
|
|
|||||
Total current assets
|
13,168
|
|
|
342,917
|
|
|
35,112
|
|
|
—
|
|
|
391,197
|
|
|||||
Property, plant, and equipment, net
|
—
|
|
|
104,642
|
|
|
3,662
|
|
|
—
|
|
|
108,304
|
|
|||||
Goodwill
|
—
|
|
|
282,300
|
|
|
21,732
|
|
|
—
|
|
|
304,032
|
|
|||||
Acquired intangibles
|
—
|
|
|
101,520
|
|
|
9,270
|
|
|
—
|
|
|
110,790
|
|
|||||
Other assets
|
—
|
|
|
3,922
|
|
|
—
|
|
|
—
|
|
|
3,922
|
|
|||||
Investment in subsidiaries
|
663,118
|
|
|
58,477
|
|
|
—
|
|
|
(721,595
|
)
|
|
—
|
|
|||||
|
$
|
676,286
|
|
|
$
|
893,778
|
|
|
$
|
69,776
|
|
|
$
|
(721,595
|
)
|
|
$
|
918,245
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
—
|
|
|
$
|
66,363
|
|
|
$
|
3,581
|
|
|
$
|
—
|
|
|
$
|
69,944
|
|
Accrued expenses
|
7,369
|
|
|
60,004
|
|
|
3,019
|
|
|
—
|
|
|
70,392
|
|
|||||
Billings in excess of cost
|
—
|
|
|
9,301
|
|
|
2,051
|
|
|
—
|
|
|
11,352
|
|
|||||
Current maturities of long-term debt
|
—
|
|
|
400
|
|
|
—
|
|
|
—
|
|
|
400
|
|
|||||
Total current liabilities
|
7,369
|
|
|
136,068
|
|
|
8,651
|
|
|
—
|
|
|
152,088
|
|
|||||
Long-term debt
|
208,037
|
|
|
1,200
|
|
|
—
|
|
|
—
|
|
|
209,237
|
|
|||||
Deferred income taxes
|
—
|
|
|
35,354
|
|
|
2,648
|
|
|
—
|
|
|
38,002
|
|
|||||
Other non-current liabilities
|
—
|
|
|
58,038
|
|
|
—
|
|
|
—
|
|
|
58,038
|
|
|||||
Shareholders’ equity
|
460,880
|
|
|
663,118
|
|
|
58,477
|
|
|
(721,595
|
)
|
|
460,880
|
|
|||||
|
$
|
676,286
|
|
|
$
|
893,778
|
|
|
$
|
69,776
|
|
|
$
|
(721,595
|
)
|
|
$
|
918,245
|
|
|
Gibraltar
Industries, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash (used in) provided by operating activities
|
$
|
(6,640
|
)
|
|
$
|
31,687
|
|
|
$
|
(3,327
|
)
|
|
$
|
—
|
|
|
$
|
21,720
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash paid for acquisitions
|
—
|
|
|
(18,494
|
)
|
|
—
|
|
|
—
|
|
|
(18,494
|
)
|
|||||
Net proceeds from sale of property and equipment
|
—
|
|
|
12,627
|
|
|
151
|
|
|
—
|
|
|
12,778
|
|
|||||
Purchases of property, plant, and equipment
|
—
|
|
|
(3,123
|
)
|
|
(151
|
)
|
|
—
|
|
|
(3,274
|
)
|
|||||
Net cash used in investing activities
|
—
|
|
|
(8,990
|
)
|
|
—
|
|
|
—
|
|
|
(8,990
|
)
|
|||||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt payments
|
—
|
|
|
(400
|
)
|
|
—
|
|
|
—
|
|
|
(400
|
)
|
|||||
Purchase of treasury stock at market prices
|
(1,003
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,003
|
)
|
|||||
Net proceeds from issuance of common stock
|
247
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
247
|
|
|||||
Intercompany financing
|
7,396
|
|
|
(7,280
|
)
|
|
(116
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
6,640
|
|
|
(7,680
|
)
|
|
(116
|
)
|
|
—
|
|
|
(1,156
|
)
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
628
|
|
|
—
|
|
|
628
|
|
|||||
Net increase (decrease) in cash and cash equivalents
|
—
|
|
|
15,017
|
|
|
(2,815
|
)
|
|
—
|
|
|
12,202
|
|
|||||
Cash and cash equivalents at beginning of year
|
—
|
|
|
143,826
|
|
|
26,351
|
|
|
—
|
|
|
170,177
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
—
|
|
|
$
|
158,843
|
|
|
$
|
23,536
|
|
|
$
|
—
|
|
|
$
|
182,379
|
|
|
Gibraltar
Industries, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash (used in) provided by operating activities
|
$
|
(27,296
|
)
|
|
$
|
62,474
|
|
|
$
|
14,263
|
|
|
$
|
—
|
|
|
$
|
49,441
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash paid for acquisitions
|
—
|
|
|
(2,314
|
)
|
|
—
|
|
|
—
|
|
|
(2,314
|
)
|
|||||
Net proceeds from sale of property and equipment
|
—
|
|
|
133
|
|
|
29
|
|
|
—
|
|
|
162
|
|
|||||
Purchases of property, plant, and equipment
|
—
|
|
|
(3,852
|
)
|
|
(183
|
)
|
|
—
|
|
|
(4,035
|
)
|
|||||
Net proceeds from sale of business
|
—
|
|
|
—
|
|
|
8,479
|
|
|
—
|
|
|
8,479
|
|
|||||
Other, net
|
—
|
|
|
1,118
|
|
|
—
|
|
|
—
|
|
|
1,118
|
|
|||||
Net cash (used in) provided by investing activities
|
—
|
|
|
(4,915
|
)
|
|
8,325
|
|
|
—
|
|
|
3,410
|
|
|||||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt payments
|
—
|
|
|
(400
|
)
|
|
—
|
|
|
—
|
|
|
(400
|
)
|
|||||
Payment of debt issuance costs
|
—
|
|
|
(54
|
)
|
|
—
|
|
|
—
|
|
|
(54
|
)
|
|||||
Purchase of treasury stock at market prices
|
(462
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(462
|
)
|
|||||
Net proceeds from issuance of common stock
|
2,057
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,057
|
|
|||||
Intercompany financing
|
25,701
|
|
|
4,060
|
|
|
(29,761
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
27,296
|
|
|
3,606
|
|
|
(29,761
|
)
|
|
—
|
|
|
1,141
|
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
1,264
|
|
|
—
|
|
|
1,264
|
|
|||||
Net increase (decrease) in cash and cash equivalents
|
—
|
|
|
61,165
|
|
|
(5,909
|
)
|
|
—
|
|
|
55,256
|
|
|||||
Cash and cash equivalents at beginning of year
|
—
|
|
|
39,597
|
|
|
29,261
|
|
|
—
|
|
|
68,858
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
—
|
|
|
$
|
100,762
|
|
|
$
|
23,352
|
|
|
$
|
—
|
|
|
$
|
124,114
|
|
•
|
Residential Products;
|
•
|
Renewable Energy and Conservation; and
|
•
|
Industrial and Infrastructure Products.
|
|
2017
|
|
2016
|
||||||||||
Net sales
|
$
|
247,627
|
|
|
100.0
|
%
|
|
$
|
265,738
|
|
|
100.0
|
%
|
Cost of sales
|
185,802
|
|
|
75.0
|
%
|
|
196,895
|
|
|
74.1
|
%
|
||
Gross profit
|
61,825
|
|
|
25.0
|
%
|
|
68,843
|
|
|
25.9
|
%
|
||
Selling, general, and administrative expense
|
36,895
|
|
|
14.9
|
%
|
|
40,267
|
|
|
15.1
|
%
|
||
Income from operations
|
24,930
|
|
|
10.1
|
%
|
|
28,576
|
|
|
10.8
|
%
|
||
Interest expense
|
3,550
|
|
|
1.4
|
%
|
|
3,666
|
|
|
1.4
|
%
|
||
Other expense
|
353
|
|
|
0.2
|
%
|
|
8,195
|
|
|
3.1
|
%
|
||
Income before taxes
|
21,027
|
|
|
8.5
|
%
|
|
16,715
|
|
|
6.3
|
%
|
||
Provision for (benefit of) income taxes
|
7,853
|
|
|
3.2
|
%
|
|
(1,897
|
)
|
|
(0.7
|
)%
|
||
Income from continuing operations
|
13,174
|
|
|
5.3
|
%
|
|
18,612
|
|
|
7.0
|
%
|
||
Loss from discontinued operations
|
(405
|
)
|
|
(0.1
|
)%
|
|
—
|
|
|
0.0
|
%
|
||
Net income
|
$
|
12,769
|
|
|
5.2
|
%
|
|
$
|
18,612
|
|
|
7.0
|
%
|
|
|
|
|
|
|
|
Change due to
|
||||||||||||||||
|
2017
|
|
2016
|
|
Total
Change
|
|
Divestitures
|
|
Acquisitions
|
|
Operations
|
||||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential Products
|
$
|
127,252
|
|
|
$
|
119,965
|
|
|
$
|
7,287
|
|
|
$
|
—
|
|
|
$
|
1,702
|
|
|
$
|
5,585
|
|
Renewable Energy and Conservation
|
62,763
|
|
|
64,766
|
|
|
(2,003
|
)
|
|
(2,900
|
)
|
|
4,522
|
|
|
(3,625
|
)
|
||||||
Industrial and Infrastructure Products
|
57,926
|
|
|
81,380
|
|
|
(23,454
|
)
|
|
(17,715
|
)
|
|
—
|
|
|
(5,739
|
)
|
||||||
Less: Intersegment sales
|
(314
|
)
|
|
(373
|
)
|
|
59
|
|
|
—
|
|
|
—
|
|
|
59
|
|
||||||
Net Industrial and Infrastructure Products
|
57,612
|
|
|
81,007
|
|
|
(23,395
|
)
|
|
(17,715
|
)
|
|
—
|
|
|
(5,680
|
)
|
||||||
Consolidated
|
$
|
247,627
|
|
|
$
|
265,738
|
|
|
$
|
(18,111
|
)
|
|
$
|
(20,615
|
)
|
|
$
|
6,224
|
|
|
$
|
(3,720
|
)
|
|
2017
|
|
2016
|
||||||||||
Net sales
|
$
|
454,232
|
|
|
100.0
|
%
|
|
$
|
503,409
|
|
|
100.0
|
%
|
Cost of sales
|
343,152
|
|
|
75.5
|
%
|
|
380,416
|
|
|
75.6
|
%
|
||
Gross profit
|
111,080
|
|
|
24.5
|
%
|
|
122,993
|
|
|
24.4
|
%
|
||
Selling, general, and administrative expense
|
76,471
|
|
|
16.9
|
%
|
|
76,656
|
|
|
15.2
|
%
|
||
Income from operations
|
34,609
|
|
|
7.6
|
%
|
|
46,337
|
|
|
9.2
|
%
|
||
Interest expense
|
7,126
|
|
|
1.5
|
%
|
|
7,357
|
|
|
1.5
|
%
|
||
Other expense
|
407
|
|
|
0.1
|
%
|
|
8,160
|
|
|
1.6
|
%
|
||
Income before taxes
|
27,076
|
|
|
6.0
|
%
|
|
30,820
|
|
|
6.1
|
%
|
||
Provision for income taxes
|
9,906
|
|
|
2.2
|
%
|
|
3,179
|
|
|
0.6
|
%
|
||
Income from continuing operations
|
17,170
|
|
|
3.8
|
%
|
|
27,641
|
|
|
5.5
|
%
|
||
Loss from discontinued operations
|
(405
|
)
|
|
(0.1
|
)%
|
|
—
|
|
|
0.0
|
%
|
||
Net income
|
$
|
16,765
|
|
|
3.7
|
%
|
|
$
|
27,641
|
|
|
5.5
|
%
|
|
|
|
|
|
|
|
Change due to
|
||||||||||||||||
|
2017
|
|
2016
|
|
Total
Change
|
|
Divestitures
|
|
Acquisitions
|
|
Operations
|
||||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential Products
|
$
|
231,803
|
|
|
$
|
220,112
|
|
|
$
|
11,691
|
|
|
$
|
—
|
|
|
$
|
2,278
|
|
|
$
|
9,413
|
|
Renewable Energy and Conservation
|
114,555
|
|
|
122,640
|
|
|
(8,085
|
)
|
|
(4,300
|
)
|
|
8,829
|
|
|
(12,614
|
)
|
||||||
Industrial and Infrastructure Products
|
108,644
|
|
|
161,397
|
|
|
(52,753
|
)
|
|
(44,819
|
)
|
|
—
|
|
|
(7,934
|
)
|
||||||
Less: Intersegment sales
|
(770
|
)
|
|
(740
|
)
|
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
||||||
Net Industrial and Infrastructure Products
|
107,874
|
|
|
160,657
|
|
|
(52,783
|
)
|
|
(44,819
|
)
|
|
—
|
|
|
(7,964
|
)
|
||||||
Consolidated
|
$
|
454,232
|
|
|
$
|
503,409
|
|
|
$
|
(49,177
|
)
|
|
$
|
(49,119
|
)
|
|
$
|
11,107
|
|
|
$
|
(11,165
|
)
|
|
2017
|
|
2016
|
||||
Cash provided by (used in):
|
|
|
|
||||
Operating activities of continuing operations
|
$
|
21,720
|
|
|
$
|
49,441
|
|
Investing activities of continuing operations
|
(8,990
|
)
|
|
3,410
|
|
||
Financing activities of continuing operations
|
(1,156
|
)
|
|
1,141
|
|
||
Effect of exchange rate changes
|
628
|
|
|
1,264
|
|
||
Net increase in cash and cash equivalents
|
$
|
12,202
|
|
|
$
|
55,256
|
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Changes in Internal Control over Financial Reporting
|
a.
|
10.1
|
First Amendment to the Gibraltar Industries, Inc. 2015 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed May 9, 2017)
|
a.
|
31.1
|
Certification of President and Chief Executive Officer pursuant to Section 302 of the Sarbanes–Oxley Act of 2002.
|
b.
|
31.2
|
Certification of Senior Vice President and Chief Financial Officer pursuant to Section 302 of the Sarbanes–Oxley Act of 2002.
|
c.
|
32.1
|
Certification of the President and Chief Executive Officer pursuant to Title 18, United States Code, Section 1350, as adopted pursuant to Section 906 of the Sarbanes–Oxley Act of 2002.
|
d.
|
32.2
|
Certification of the Senior Vice President and Chief Financial Officer pursuant to Title 18, United States Code, Section 1350, as adopted pursuant to Section 906 of the Sarbanes–Oxley Act of 2002.
|
e.
|
101.INS
|
XBRL Instance Document *
|
f.
|
101.SCH
|
XBRL Taxonomy Extension Schema Document *
|
g.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document *
|
h.
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document *
|
i.
|
101.PRA
|
XBRL Taxonomy Extension Presentation Linkbase Document *
|
j.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document *
|
*
|
Submitted electronically with this Quarterly Report on Form 10-Q.
|
/s/ Frank G. Heard
|
Frank G. Heard
|
President and Chief Executive Officer
|
/s/ Timothy F. Murphy
|
Timothy F. Murphy
|
Senior Vice President and
Chief Financial Officer
|
1 Year Gibraltar Industries Chart |
1 Month Gibraltar Industries Chart |
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