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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Continental Building Products Inc | NYSE:CBPX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 36.99 | 0 | 01:00:00 |
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|
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For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
|
(in thousands, except share data and per share amounts)
|
||||||||||||||
Net sales
|
$
|
120,630
|
|
|
$
|
117,115
|
|
|
$
|
241,245
|
|
|
$
|
228,600
|
|
Costs, expenses and other income:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
89,817
|
|
|
83,744
|
|
|
179,441
|
|
|
163,699
|
|
||||
Selling and administrative
|
9,193
|
|
|
10,163
|
|
|
18,497
|
|
|
19,123
|
|
||||
Total costs and operating expenses
|
99,010
|
|
|
93,907
|
|
|
197,938
|
|
|
182,822
|
|
||||
Operating income
|
21,620
|
|
|
23,208
|
|
|
43,307
|
|
|
45,778
|
|
||||
Other (expense)/income, net
|
(135
|
)
|
|
6
|
|
|
(779
|
)
|
|
160
|
|
||||
Interest expense, net
|
(3,062
|
)
|
|
(3,648
|
)
|
|
(5,978
|
)
|
|
(7,346
|
)
|
||||
Income before income/(losses) from equity method investment and provision for income tax
|
18,423
|
|
|
19,566
|
|
|
36,550
|
|
|
38,592
|
|
||||
Income/(losses) from equity method investment
|
345
|
|
|
(240
|
)
|
|
175
|
|
|
(435
|
)
|
||||
Income before provision for income taxes
|
18,768
|
|
|
19,326
|
|
|
36,725
|
|
|
38,157
|
|
||||
Provision for income taxes
|
(6,370
|
)
|
|
(6,604
|
)
|
|
(12,100
|
)
|
|
(12,934
|
)
|
||||
Net income
|
$
|
12,398
|
|
|
$
|
12,722
|
|
|
$
|
24,625
|
|
|
$
|
25,223
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.32
|
|
|
$
|
0.31
|
|
|
$
|
0.63
|
|
|
$
|
0.61
|
|
Diluted
|
$
|
0.32
|
|
|
$
|
0.31
|
|
|
$
|
0.62
|
|
|
$
|
0.61
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
39,125,571
|
|
|
40,670,650
|
|
|
39,349,674
|
|
|
41,097,472
|
|
||||
Diluted
|
39,210,219
|
|
|
40,717,162
|
|
|
39,454,928
|
|
|
41,128,466
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Net income
|
$
|
12,398
|
|
|
$
|
12,722
|
|
|
$
|
24,625
|
|
|
$
|
25,223
|
|
Foreign currency translation adjustment
|
440
|
|
|
16
|
|
|
564
|
|
|
1,123
|
|
||||
Net unrealized (losses)/gains on derivatives, net of tax
|
(598
|
)
|
|
336
|
|
|
(578
|
)
|
|
161
|
|
||||
Other comprehensive income
|
(158
|
)
|
|
352
|
|
|
(14
|
)
|
|
1,284
|
|
||||
Comprehensive income
|
$
|
12,240
|
|
|
$
|
13,074
|
|
|
$
|
24,611
|
|
|
$
|
26,507
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
|
(unaudited)
|
|
|
||||
|
(in thousands)
|
||||||
Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
55,847
|
|
|
$
|
51,536
|
|
Receivables, net
|
37,411
|
|
|
32,473
|
|
||
Inventories, net
|
27,111
|
|
|
25,239
|
|
||
Prepaid and other current assets
|
5,862
|
|
|
7,485
|
|
||
Total current assets
|
126,231
|
|
|
116,733
|
|
||
Property, plant and equipment, net
|
297,931
|
|
|
307,838
|
|
||
Customer relationships and other intangibles, net
|
75,522
|
|
|
81,555
|
|
||
Goodwill
|
119,945
|
|
|
119,945
|
|
||
Equity method investment
|
8,628
|
|
|
8,020
|
|
||
Debt issuance costs
|
568
|
|
|
658
|
|
||
Total Assets
|
$
|
628,825
|
|
|
$
|
634,749
|
|
Liabilities and Shareholders' Equity:
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
26,262
|
|
|
$
|
27,411
|
|
Accrued and other liabilities
|
10,328
|
|
|
12,321
|
|
||
Notes payable, current portion
|
1,720
|
|
|
1,742
|
|
||
Total current liabilities
|
38,310
|
|
|
41,474
|
|
||
Deferred taxes and other long-term liabilities
|
19,251
|
|
|
19,643
|
|
||
Notes payable, non-current portion
|
263,776
|
|
|
264,620
|
|
||
Total Liabilities
|
321,337
|
|
|
325,737
|
|
||
Equity:
|
|
|
|
||||
Undesignated preferred stock, par value $0.001 per share; 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2017 and December 31, 2016
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value per share; 190,000,000 shares authorized; 44,304,664 and 44,191,370 shares issued at June 30, 2017 and December 31, 2016, respectively; 38,655,886 and 39,691,715 shares outstanding at June 30, 2017 and December 31, 2016, respectively
|
44
|
|
|
44
|
|
||
Additional paid-in capital
|
324,086
|
|
|
322,384
|
|
||
Less: Treasury stock
|
(116,592
|
)
|
|
(88,756
|
)
|
||
Accumulated other comprehensive loss
|
(3,423
|
)
|
|
(3,409
|
)
|
||
Accumulated earnings
|
103,373
|
|
|
78,749
|
|
||
Total Equity
|
307,488
|
|
|
309,012
|
|
||
Total Liabilities and Equity
|
$
|
628,825
|
|
|
$
|
634,749
|
|
|
For the Six Months Ended
|
||||||
|
June 30, 2017
|
|
June 30, 2016
|
||||
|
(in thousands)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
24,625
|
|
|
$
|
25,223
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
23,760
|
|
|
23,788
|
|
||
Bad debt expense
|
22
|
|
|
28
|
|
||
Amortization of debt issuance costs and debt discount
|
586
|
|
|
1,207
|
|
||
Loss on disposal of property, plant and equipment
|
18
|
|
|
41
|
|
||
(Income)/losses from equity method investment
|
(175
|
)
|
|
435
|
|
||
Loss on debt extinguishment
|
686
|
|
|
—
|
|
||
Stock-based compensation
|
1,479
|
|
|
1,152
|
|
||
Deferred taxes
|
92
|
|
|
268
|
|
||
Change in assets and liabilities:
|
|
|
|
||||
Receivables
|
(4,964
|
)
|
|
(1,973
|
)
|
||
Inventories
|
(1,811
|
)
|
|
1,053
|
|
||
Prepaid expenses and other current assets
|
966
|
|
|
(534
|
)
|
||
Accounts payable
|
(564
|
)
|
|
(620
|
)
|
||
Accrued and other current liabilities
|
(2,038
|
)
|
|
(152
|
)
|
||
Other long term liabilities
|
(188
|
)
|
|
(413
|
)
|
||
Net cash provided by operating activities
|
42,494
|
|
|
49,503
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(8,070
|
)
|
|
(1,765
|
)
|
||
Software purchased or developed
|
(133
|
)
|
|
(356
|
)
|
||
Capital contributions to equity method investment
|
(647
|
)
|
|
(226
|
)
|
||
Distributions from equity method investment
|
214
|
|
|
356
|
|
||
Net cash used in investing activities
|
(8,636
|
)
|
|
(1,991
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from exercise of stock options
|
230
|
|
|
20
|
|
||
Tax withholdings on share-based compensation
|
(240
|
)
|
|
—
|
|
||
Proceeds from debt refinancing
|
273,625
|
|
|
—
|
|
||
Disbursements for debt refinancing
|
(273,625
|
)
|
|
—
|
|
||
Payments of financing costs
|
(649
|
)
|
|
—
|
|
||
Principal payments for debt
|
(1,368
|
)
|
|
(25,000
|
)
|
||
Payments to repurchase common stock
|
(27,836
|
)
|
|
(22,010
|
)
|
||
Net cash used in financing activities
|
(29,863
|
)
|
|
(46,990
|
)
|
||
Effect of foreign exchange rates on cash and cash equivalents
|
316
|
|
|
475
|
|
||
Net change in cash and cash equivalents
|
4,311
|
|
|
997
|
|
||
Cash, beginning of period
|
51,536
|
|
|
14,729
|
|
||
Cash, end of period
|
$
|
55,847
|
|
|
$
|
15,726
|
|
(a)
|
Basis of Presentation
|
(b)
|
Basis of Presentation for Interim Periods
|
(c)
|
Supplemental Cash Flow Disclosure
|
Table 2.1: Certain Cash and Non-Cash Transactions
|
|||||||
|
For the Six Months Ended
|
||||||
|
June 30, 2017
|
|
June 30, 2016
|
||||
|
(in thousands)
|
||||||
Cash paid during the period for:
|
|
|
|
||||
Interest paid on term loan
|
$
|
4,973
|
|
|
$
|
5,876
|
|
Income taxes paid, net
|
10,259
|
|
|
12,160
|
|
||
Non-cash activity:
|
|
|
|
||||
Amounts in accounts payable for capital expenditures
|
1,899
|
|
|
547
|
|
(d)
|
Recent Accounting Pronouncements
|
Table 3: Details of Receivables, Net
|
|||||||
|
June 30, 2017
|
|
December 31, 2016
|
||||
|
(in thousands)
|
||||||
Trade receivables, gross
|
$
|
38,169
|
|
|
$
|
33,199
|
|
Allowance for cash discounts and doubtful accounts
|
(758
|
)
|
|
(726
|
)
|
||
Receivables, net
|
$
|
37,411
|
|
|
$
|
32,473
|
|
Table 9.1: Details of Debt
|
|||||||
|
June 30, 2017
|
|
December 31, 2016
|
||||
|
(in thousands)
|
||||||
First Lien Credit Agreement (a)
|
$
|
272,257
|
|
|
$
|
273,625
|
|
Less: Original issue discount (net of amortization)
|
(1,810
|
)
|
|
(1,946
|
)
|
||
Less: Debt issuance costs
|
(4,951
|
)
|
|
(5,317
|
)
|
||
Total debt
|
265,496
|
|
|
266,362
|
|
||
Less: Current portion of long-term debt
|
(1,720
|
)
|
|
(1,742
|
)
|
||
Long-term debt
|
$
|
263,776
|
|
|
$
|
264,620
|
|
(a)
|
As of June 30, 2017, the Amended and Restated Credit Agreement, as amended, had a maturity date of August 18, 2023 and an interest rate of LIBOR (with a
0.75%
floor) plus
2.50%
, compared to as of December 31, 2016, at which time the First Lien Credit Agreement had the same maturity date and an interest rate of LIBOR (with a
0.75%
floor) plus
2.75%
.
|
Table 15: Basic and Dilutive Earnings Per Share
|
|
|
|
|
|
|
|
||||||||
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
|
(dollars in thousands, except for per share amounts)
|
||||||||||||||
Net income
|
$
|
12,398
|
|
|
$
|
12,722
|
|
|
$
|
24,625
|
|
|
$
|
25,223
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of shares outstanding - basic
|
39,125,571
|
|
|
40,670,650
|
|
|
39,349,674
|
|
|
41,097,472
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Restricted stock awards
|
5,880
|
|
|
7,449
|
|
|
7,971
|
|
|
7,236
|
|
||||
Restricted stock units
|
39,988
|
|
|
25,095
|
|
|
57,169
|
|
|
15,789
|
|
||||
Performance restricted stock units
|
17,837
|
|
|
—
|
|
|
17,180
|
|
|
—
|
|
||||
Stock options
|
20,943
|
|
|
13,968
|
|
|
22,934
|
|
|
7,969
|
|
||||
Total effect of dilutive securities
|
84,648
|
|
|
46,512
|
|
|
105,254
|
|
|
30,994
|
|
||||
Weighted average number of shares outstanding - diluted
|
39,210,219
|
|
|
40,717,162
|
|
|
39,454,928
|
|
|
41,128,466
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share
|
$
|
0.32
|
|
|
$
|
0.31
|
|
|
$
|
0.63
|
|
|
$
|
0.61
|
|
Diluted earnings per share
|
$
|
0.32
|
|
|
$
|
0.31
|
|
|
$
|
0.62
|
|
|
$
|
0.61
|
|
Table 17.1: Segment Reporting
|
|||||||||||||||
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Net Sales:
|
|
|
|
|
|
|
|
||||||||
Wallboard
|
$
|
117,194
|
|
|
$
|
113,593
|
|
|
$
|
233,670
|
|
|
$
|
221,192
|
|
Other
|
3,436
|
|
|
3,522
|
|
|
7,575
|
|
|
7,408
|
|
||||
Total net sales
|
$
|
120,630
|
|
|
$
|
117,115
|
|
|
$
|
241,245
|
|
|
$
|
228,600
|
|
Operating income:
|
|
|
|
|
|
|
|
||||||||
Wallboard
|
$
|
21,819
|
|
|
$
|
23,216
|
|
|
$
|
43,411
|
|
|
$
|
45,620
|
|
Other
|
(199
|
)
|
|
(8
|
)
|
|
(104
|
)
|
|
158
|
|
||||
Total operating income
|
$
|
21,620
|
|
|
$
|
23,208
|
|
|
$
|
43,307
|
|
|
$
|
45,778
|
|
Adjustments:
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
$
|
(3,062
|
)
|
|
$
|
(3,648
|
)
|
|
$
|
(5,978
|
)
|
|
$
|
(7,346
|
)
|
Income/(losses) from equity investment
|
345
|
|
|
(240
|
)
|
|
175
|
|
|
(435
|
)
|
||||
Other (expense)/income, net
|
(135
|
)
|
|
6
|
|
|
(779
|
)
|
|
160
|
|
||||
Income before provision for income taxes
|
$
|
18,768
|
|
|
$
|
19,326
|
|
|
$
|
36,725
|
|
|
$
|
38,157
|
|
Depreciation and Amortization:
|
|
|
|
|
|
|
|
||||||||
Wallboard
|
$
|
12,177
|
|
|
$
|
11,566
|
|
|
$
|
23,199
|
|
|
$
|
23,240
|
|
Other
|
297
|
|
|
276
|
|
|
561
|
|
|
548
|
|
||||
Total depreciation and amortization
|
$
|
12,474
|
|
|
$
|
11,842
|
|
|
$
|
23,760
|
|
|
$
|
23,788
|
|
•
|
Level 1—Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities that a Company has the ability to access;
|
•
|
Level 2—Inputs, other than the quoted market prices included in Level 1, which are observable for the asset or liability, either directly or indirectly; and
|
•
|
Level 3—Unobservable inputs for the asset or liability which is typically based on an entity’s own assumptions when there is little, if any, related market data available.
|
Table M1: Results of Operations
|
|||||||||||||||
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
|
(dollars in thousands, except mill net)
|
||||||||||||||
Net Sales
|
$
|
120,630
|
|
|
$
|
117,115
|
|
|
$
|
241,245
|
|
|
$
|
228,600
|
|
Costs, expenses and other income:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
89,817
|
|
|
83,744
|
|
|
179,441
|
|
|
163,699
|
|
||||
Selling and administrative
|
9,193
|
|
|
10,163
|
|
|
18,497
|
|
|
19,123
|
|
||||
Total costs and operating expenses
|
99,010
|
|
|
93,907
|
|
|
197,938
|
|
|
182,822
|
|
||||
Operating income
|
21,620
|
|
|
23,208
|
|
|
43,307
|
|
|
45,778
|
|
||||
Other (expense)/income, net
|
(135
|
)
|
|
6
|
|
|
(779
|
)
|
|
160
|
|
||||
Interest expense, net
|
(3,062
|
)
|
|
(3,648
|
)
|
|
(5,978
|
)
|
|
(7,346
|
)
|
||||
Income before income/(losses) from equity method investment and provision for income taxes
|
18,423
|
|
|
19,566
|
|
|
36,550
|
|
|
38,592
|
|
||||
Income/(losses) from equity method investment
|
345
|
|
|
(240
|
)
|
|
175
|
|
|
(435
|
)
|
||||
Income before provision for income taxes
|
18,768
|
|
|
19,326
|
|
|
36,725
|
|
|
38,157
|
|
||||
Provision for income taxes
|
(6,370
|
)
|
|
(6,604
|
)
|
|
(12,100
|
)
|
|
(12,934
|
)
|
||||
Net income
|
$
|
12,398
|
|
|
$
|
12,722
|
|
|
$
|
24,625
|
|
|
$
|
25,223
|
|
Other operating data:
|
|
|
|
|
|
|
|
||||||||
Capital expenditures and software purchased or developed
|
$
|
2,843
|
|
|
$
|
1,854
|
|
|
$
|
8,203
|
|
|
$
|
2,121
|
|
Wallboard sales volume (million square feet)
|
647
|
|
|
643
|
|
|
1,297
|
|
|
1,260
|
|
||||
Mill net sales price (1)
|
$
|
150.32
|
|
|
$
|
144.86
|
|
|
$
|
149.11
|
|
|
$
|
144.74
|
|
(1)
|
Mill net sales price represents average selling price per thousand square feet net of freight and delivery costs.
|
Table M3: Net Change in Cash and Cash Equivalents
|
|||||||
|
For the Six Months Ended
|
||||||
|
June 30, 2017
|
|
June 30, 2016
|
||||
|
(in thousands)
|
||||||
Net cash provided by operating activities
|
$
|
42,494
|
|
|
$
|
49,503
|
|
Net cash used in investing activities
|
(8,636
|
)
|
|
(1,991
|
)
|
||
Net cash used in financing activities
|
(29,863
|
)
|
|
(46,990
|
)
|
||
Effect of foreign exchange rates on cash and cash equivalents
|
316
|
|
|
475
|
|
||
Net change in cash and cash equivalents
|
$
|
4,311
|
|
|
$
|
997
|
|
•
|
cyclicality in our markets, especially the new residential construction market;
|
•
|
the highly competitive nature of our industry and the substitutability of competitors’ products;
|
•
|
disruptions in our supply of synthetic gypsum due to regulatory changes or coal-fired power plants ceasing or reducing operations or switching to natural gas;
|
•
|
changes to environmental and safety laws and regulations requiring modifications to our manufacturing systems;
|
•
|
potential losses of customers;
|
•
|
changes in affordability of energy and transportation costs;
|
•
|
material disruptions at our facilities or the facilities of our suppliers;
|
•
|
disruptions to our supply of paperboard liner, including termination of the WestRock contract;
|
•
|
changes in, cost of compliance with or the failure or inability to comply with governmental laws and regulations, in particular environmental regulations;
|
•
|
our involvement in legal and regulatory proceedings;
|
•
|
our ability to attract and retain key management employees;
|
•
|
disruptions in our information technology systems;
|
•
|
labor disruptions;
|
•
|
seasonal nature of our business; and
|
•
|
additional factors discussed under the sections captioned "Risk Factors," "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and "Business" in our SEC filings.
|
Exhibit
No.
|
|
Description of Exhibit
|
|
|
|
|
|
10.1#
|
|
Continental Building Products, Inc. Amended and Restated 2014 Stock Incentive Plan.
|
*
|
|
|
|
|
10.2#
|
|
Form of Grant Notice for 2014 Stock Incentive Plan Performance-Based Restricted Stock Units.
|
*
|
|
|
|
|
10.3#
|
|
Form of Grant Notice for 2014 Stock Incentive Plan Restricted Stock Units.
|
*
|
|
|
|
|
10.4#
|
|
Continental Building Products, Inc. Amended and Restated Executive Severance and Change in Control Plan.
|
*
|
|
|
|
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
*
|
|
|
|
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
*
|
|
|
|
|
32.1
|
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
*
|
|
|
|
|
101.INS
|
|
XBRL Instance Document.
|
*
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
*
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Calculation Linkbase Document.
|
*
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Definition Linkbase Document.
|
*
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Label Linkbase Document.
|
*
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Presentation Linkbase Document.
|
*
|
*
|
|
Filed herewith.
|
#
|
|
Denotes management compensatory plan or arrangement.
|
CONTINENTAL BUILDING PRODUCTS, INC.
|
|
|
|
|
|
|
|
|
/s/ James Bachmann
|
|
August 4, 2017
|
By:
|
James Bachmann
|
|
|
|
President and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ Dennis Schemm
|
|
August 4, 2017
|
By:
|
Dennis Schemm
|
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
|
1 Year Continental Building Pro... Chart |
1 Month Continental Building Pro... Chart |
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