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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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For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
September 30, 2018
|
|
September 30, 2017
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||||
|
(in thousands, except share data and per share amounts)
|
||||||||||||||
Net sales
|
$
|
131,234
|
|
|
$
|
116,526
|
|
|
$
|
387,304
|
|
|
$
|
357,771
|
|
Costs, expenses and other income:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
94,306
|
|
|
87,952
|
|
|
279,185
|
|
|
267,393
|
|
||||
Selling and administrative
|
9,957
|
|
|
8,867
|
|
|
29,826
|
|
|
27,364
|
|
||||
Total costs and operating expenses
|
104,263
|
|
|
96,819
|
|
|
309,011
|
|
|
294,757
|
|
||||
Operating income
|
26,971
|
|
|
19,707
|
|
|
78,293
|
|
|
63,014
|
|
||||
Other (expense)/income, net
|
(29
|
)
|
|
146
|
|
|
(256
|
)
|
|
(633
|
)
|
||||
Interest expense, net
|
(2,549
|
)
|
|
(2,988
|
)
|
|
(7,963
|
)
|
|
(8,966
|
)
|
||||
Income before losses from equity method investment and provision for income taxes
|
24,393
|
|
|
16,865
|
|
|
70,074
|
|
|
53,415
|
|
||||
Losses from equity method investment
|
(393
|
)
|
|
(204
|
)
|
|
(1,148
|
)
|
|
(29
|
)
|
||||
Income before provision for income taxes
|
24,000
|
|
|
16,661
|
|
|
68,926
|
|
|
53,386
|
|
||||
Provision for income taxes
|
(5,436
|
)
|
|
(5,674
|
)
|
|
(14,821
|
)
|
|
(17,774
|
)
|
||||
Net income
|
$
|
18,564
|
|
|
$
|
10,987
|
|
|
$
|
54,105
|
|
|
$
|
35,612
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.51
|
|
|
$
|
0.29
|
|
|
$
|
1.46
|
|
|
$
|
0.91
|
|
Diluted
|
$
|
0.50
|
|
|
$
|
0.29
|
|
|
$
|
1.46
|
|
|
$
|
0.91
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
36,732,746
|
|
|
38,212,869
|
|
|
37,012,536
|
|
|
38,966,575
|
|
||||
Diluted
|
36,918,904
|
|
|
38,345,556
|
|
|
37,181,387
|
|
|
39,080,973
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
September 30, 2018
|
|
September 30, 2017
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||||
|
(in thousands)
|
||||||||||||||
Net income
|
$
|
18,564
|
|
|
$
|
10,987
|
|
|
$
|
54,105
|
|
|
$
|
35,612
|
|
Foreign currency translation adjustment
|
298
|
|
|
695
|
|
|
(496
|
)
|
|
1,259
|
|
||||
Net (losses)/gains on derivatives, net of taxes
|
(8
|
)
|
|
127
|
|
|
1,489
|
|
|
(451
|
)
|
||||
Other comprehensive income
|
290
|
|
|
822
|
|
|
993
|
|
|
808
|
|
||||
Comprehensive income
|
$
|
18,854
|
|
|
$
|
11,809
|
|
|
$
|
55,098
|
|
|
$
|
36,420
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
(unaudited)
|
|
|
||||
|
(in thousands)
|
||||||
Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
105,452
|
|
|
$
|
72,521
|
|
Trade receivables, net
|
39,597
|
|
|
38,769
|
|
||
Inventories, net
|
32,439
|
|
|
24,882
|
|
||
Prepaid and other current assets
|
11,605
|
|
|
11,267
|
|
||
Total current assets
|
189,093
|
|
|
147,439
|
|
||
Property, plant and equipment, net
|
290,670
|
|
|
294,003
|
|
||
Customer relationships and other intangibles, net
|
64,661
|
|
|
70,807
|
|
||
Goodwill
|
119,945
|
|
|
119,945
|
|
||
Equity method investment
|
8,194
|
|
|
9,263
|
|
||
Debt issuance costs
|
341
|
|
|
477
|
|
||
Total Assets
|
$
|
672,904
|
|
|
$
|
641,934
|
|
Liabilities and Shareholders' Equity:
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
32,253
|
|
|
$
|
30,809
|
|
Accrued and other liabilities
|
13,239
|
|
|
11,940
|
|
||
Notes payable, current portion
|
1,670
|
|
|
1,702
|
|
||
Total current liabilities
|
47,162
|
|
|
44,451
|
|
||
Deferred taxes and other long-term liabilities
|
15,392
|
|
|
15,847
|
|
||
Notes payable, non-current portion
|
262,400
|
|
|
263,610
|
|
||
Total Liabilities
|
324,954
|
|
|
323,908
|
|
||
Shareholders' Equity:
|
|
|
|
||||
Undesignated preferred stock, par value $0.001 per share; 10,000,000 shares authorized, no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value per share; 190,000,000 shares authorized; 44,422,804 and 44,321,776 shares issued and 36,681,879 and 37,532,959 shares outstanding as of September 30, 2018 and December 31, 2017, respectively
|
44
|
|
|
44
|
|
||
Additional paid-in capital
|
327,643
|
|
|
325,391
|
|
||
Less: Treasury stock
|
(170,782
|
)
|
|
(143,357
|
)
|
||
Accumulated other comprehensive loss
|
(1,656
|
)
|
|
(2,649
|
)
|
||
Accumulated earnings
|
192,701
|
|
|
138,597
|
|
||
Total Shareholders' Equity
|
347,950
|
|
|
318,026
|
|
||
Total Liabilities and Shareholders' Equity
|
$
|
672,904
|
|
|
$
|
641,934
|
|
|
For the Nine Months Ended
|
||||||
|
September 30, 2018
|
|
September 30, 2017
|
||||
|
(in thousands)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
54,105
|
|
|
$
|
35,612
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
32,966
|
|
|
35,817
|
|
||
Amortization of debt issuance costs and debt discount
|
931
|
|
|
885
|
|
||
Losses from equity method investment
|
1,148
|
|
|
29
|
|
||
Amortization of deferred gain on terminated swaps
|
(632
|
)
|
|
—
|
|
||
Loss on debt extinguishment
|
—
|
|
|
686
|
|
||
Share-based compensation
|
2,459
|
|
|
2,101
|
|
||
Deferred taxes
|
(457
|
)
|
|
92
|
|
||
Change in assets and liabilities:
|
|
|
|
||||
Trade receivables
|
(914
|
)
|
|
1,420
|
|
||
Inventories
|
(7,627
|
)
|
|
(872
|
)
|
||
Prepaid expenses and other current assets
|
1,264
|
|
|
(350
|
)
|
||
Accounts payable
|
(52
|
)
|
|
(87
|
)
|
||
Accrued and other current liabilities
|
1,089
|
|
|
4
|
|
||
Other long-term liabilities
|
(226
|
)
|
|
(245
|
)
|
||
Net cash provided by operating activities
|
84,054
|
|
|
75,092
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(19,761
|
)
|
|
(14,077
|
)
|
||
Software purchased or developed
|
(1,359
|
)
|
|
(183
|
)
|
||
Proceeds from the sale of property, plant and equipment
|
125
|
|
|
—
|
|
||
Capital contributions to equity method investment
|
(548
|
)
|
|
(1,929
|
)
|
||
Distributions from equity method investment
|
468
|
|
|
641
|
|
||
Net cash used in investing activities
|
(21,075
|
)
|
|
(15,548
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from exercise of stock options
|
145
|
|
|
230
|
|
||
Tax withholdings on share-based compensation
|
(547
|
)
|
|
(240
|
)
|
||
Proceeds from debt refinancing
|
—
|
|
|
273,625
|
|
||
Disbursements for debt refinancing
|
—
|
|
|
(273,625
|
)
|
||
Payments of financing costs
|
—
|
|
|
(649
|
)
|
||
Principal payments for debt
|
(2,037
|
)
|
|
(2,052
|
)
|
||
Payments to repurchase common stock
|
(27,425
|
)
|
|
(49,128
|
)
|
||
Net cash used in financing activities
|
(29,864
|
)
|
|
(51,839
|
)
|
||
Effect of foreign exchange rates on cash and cash equivalents
|
(184
|
)
|
|
707
|
|
||
Net change in cash and cash equivalents
|
32,931
|
|
|
8,412
|
|
||
Cash, beginning of period
|
72,521
|
|
|
51,536
|
|
||
Cash, end of period
|
$
|
105,452
|
|
|
$
|
59,948
|
|
(a)
|
Basis of Presentation
|
(b)
|
Basis of Presentation for Interim Periods
|
(c)
|
Revenue Disclosure
|
(d)
|
Supplemental Cash Flow Disclosure
|
(e)
|
Recent Accounting Pronouncements
|
(f)
|
Reclassifications
|
Table 3: Details of Trade Receivables, Net
|
|||||||
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
(in thousands)
|
||||||
Trade receivables, gross
|
$
|
40,447
|
|
|
$
|
39,577
|
|
Allowance for cash discounts and doubtful accounts
|
(850
|
)
|
|
(808
|
)
|
||
Trade receivables, net
|
$
|
39,597
|
|
|
$
|
38,769
|
|
Table 9.1: Details of Debt
|
|||||||
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
(in thousands)
|
||||||
Amended and Restated Credit Agreement (
1
)
|
$
|
269,536
|
|
|
$
|
271,573
|
|
Less: Original issue discount (net of amortization)
|
(1,442
|
)
|
|
(1,681
|
)
|
||
Less: Debt issuance costs
|
(4,024
|
)
|
|
(4,580
|
)
|
||
Total debt
|
264,070
|
|
|
265,312
|
|
||
Less: Current portion of long-term debt
|
(1,670
|
)
|
|
(1,702
|
)
|
||
Long-term debt
|
$
|
262,400
|
|
|
$
|
263,610
|
|
(1)
|
As of September 30, 2018 and December 31, 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
2.25%
.
|
Table 16: Details of Future Minimum Lease Payments Due Under Noncancellable Operating Leases and Purchase Commitments
|
|||||||
|
Future Minimum Lease Payments
|
|
Purchase Commitments
|
||||
|
(in thousands)
|
||||||
October 1, 2018 - December 31, 2018
|
$
|
180
|
|
|
$
|
17,958
|
|
2019
|
1,658
|
|
|
47,287
|
|
||
2020
|
48
|
|
|
46,141
|
|
||
2021
|
—
|
|
|
28,097
|
|
||
2022
|
—
|
|
|
25,069
|
|
||
2023
|
—
|
|
|
12,284
|
|
||
Thereafter
|
—
|
|
|
53,621
|
|
||
Total
|
$
|
1,886
|
|
|
$
|
230,457
|
|
Table 17.1: Segment Reporting
|
|||||||||||||||
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
September 30, 2018
|
|
September 30, 2017
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||||
|
(in thousands)
|
||||||||||||||
Net Sales:
|
|
|
|
|
|
|
|
||||||||
Wallboard
|
$
|
128,101
|
|
|
$
|
112,796
|
|
|
$
|
376,739
|
|
|
$
|
346,466
|
|
Other
|
3,133
|
|
|
3,730
|
|
|
10,565
|
|
|
11,305
|
|
||||
Total net sales
|
$
|
131,234
|
|
|
$
|
116,526
|
|
|
$
|
387,304
|
|
|
$
|
357,771
|
|
Operating Income:
|
|
|
|
|
|
|
|
||||||||
Wallboard
|
$
|
27,551
|
|
|
$
|
19,992
|
|
|
$
|
79,702
|
|
|
$
|
63,402
|
|
Other
|
(580
|
)
|
|
(285
|
)
|
|
(1,409
|
)
|
|
(388
|
)
|
||||
Total operating income
|
$
|
26,971
|
|
|
$
|
19,707
|
|
|
$
|
78,293
|
|
|
$
|
63,014
|
|
Adjustments:
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
$
|
(2,549
|
)
|
|
$
|
(2,988
|
)
|
|
$
|
(7,963
|
)
|
|
$
|
(8,966
|
)
|
Losses from equity investment
|
(393
|
)
|
|
(204
|
)
|
|
(1,148
|
)
|
|
(29
|
)
|
||||
Other (expense)/income, net
|
(29
|
)
|
|
146
|
|
|
(256
|
)
|
|
(633
|
)
|
||||
Income before provision for income taxes
|
$
|
24,000
|
|
|
$
|
16,661
|
|
|
$
|
68,926
|
|
|
$
|
53,386
|
|
Depreciation and Amortization:
|
|
|
|
|
|
|
|
||||||||
Wallboard
|
$
|
11,299
|
|
|
$
|
11,793
|
|
|
$
|
32,016
|
|
|
$
|
34,992
|
|
Other
|
281
|
|
|
264
|
|
|
950
|
|
|
825
|
|
||||
Total depreciation and amortization
|
$
|
11,580
|
|
|
$
|
12,057
|
|
|
$
|
32,966
|
|
|
$
|
35,817
|
|
Table M1: Results of Operations
|
|||||||||||||||
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
September 30, 2018
|
|
September 30, 2017
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||||
|
(dollars in thousands, except mill net)
|
||||||||||||||
Net sales
|
$
|
131,234
|
|
|
$
|
116,526
|
|
|
$
|
387,304
|
|
|
$
|
357,771
|
|
Costs, expenses and other income:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
94,306
|
|
|
87,952
|
|
|
279,185
|
|
|
267,393
|
|
||||
Selling and administrative
|
9,957
|
|
|
8,867
|
|
|
29,826
|
|
|
27,364
|
|
||||
Total costs and operating expenses
|
104,263
|
|
|
96,819
|
|
|
309,011
|
|
|
294,757
|
|
||||
Operating income
|
26,971
|
|
|
19,707
|
|
|
78,293
|
|
|
63,014
|
|
||||
Other (expense)/income, net
|
(29
|
)
|
|
146
|
|
|
(256
|
)
|
|
(633
|
)
|
||||
Interest expense, net
|
(2,549
|
)
|
|
(2,988
|
)
|
|
(7,963
|
)
|
|
(8,966
|
)
|
||||
Income before losses from equity method investment and provision for income taxes
|
24,393
|
|
|
16,865
|
|
|
70,074
|
|
|
53,415
|
|
||||
Losses from equity method investment
|
(393
|
)
|
|
(204
|
)
|
|
(1,148
|
)
|
|
(29
|
)
|
||||
Income before provision for income taxes
|
24,000
|
|
|
16,661
|
|
|
68,926
|
|
|
53,386
|
|
||||
Provision for income taxes
|
(5,436
|
)
|
|
(5,674
|
)
|
|
(14,821
|
)
|
|
(17,774
|
)
|
||||
Net income
|
$
|
18,564
|
|
|
$
|
10,987
|
|
|
$
|
54,105
|
|
|
$
|
35,612
|
|
Other operating data:
|
|
|
|
|
|
|
|
||||||||
Capital expenditures and software purchased or developed
|
$
|
7,324
|
|
|
$
|
6,057
|
|
|
$
|
21,120
|
|
|
$
|
14,260
|
|
Wallboard sales volume (million square feet)
|
674
|
|
|
644
|
|
|
2,011
|
|
|
1,941
|
|
||||
Mill net sales price (1)
|
$
|
155.43
|
|
|
$
|
144.90
|
|
|
$
|
153.70
|
|
|
$
|
147.72
|
|
(1)
|
Mill net sales price represents average selling price per thousand square feet net of freight and delivery costs.
|
•
|
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;
|
•
|
significant buying power of certain customers;
|
•
|
potential losses of customers;
|
•
|
changes to environmental and safety laws and regulations requiring modifications to our manufacturing systems;
|
•
|
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 energy, transportation and other input costs;
|
•
|
changes in, cost of compliance with or the failure or inability to comply with governmental laws and regulations, in particular environmental regulations;
|
•
|
disruption in transportation network;
|
•
|
our involvement in legal and regulatory proceedings;
|
•
|
our ability to attract and retain key management employees;
|
•
|
disruptions in our information technology systems;
|
•
|
cybersecurity risks;
|
•
|
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
|
|
|
|
|
|
|
*
|
||
|
|
|
|
|
*
|
||
|
|
|
|
|
*
|
||
|
|
|
|
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.
|
CONTINENTAL BUILDING PRODUCTS, INC.
|
|
|
|
|
|
|
|
|
/s/ James Bachmann
|
|
November 9, 2018
|
By:
|
James Bachmann
|
|
|
|
President and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ Dennis Schemm
|
|
November 9, 2018
|
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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