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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nci Building Systems New | NYSE:NCS | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.71 | 0.00 | 01:00:00 |
|
|
|
(Mark One)
|
|
ý
|
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
|
76-0127701
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
Large accelerated filer
|
¨
|
Accelerated filer
|
ý
|
Non-accelerated filer
|
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
|
Emerging growth company
|
¨
|
|
|
|
PAGE
|
|
|
|
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 6.
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine Months Ended
|
||||||||||||
|
July 29,
2018 |
|
July 30,
2017 |
|
July 29,
2018 |
|
July 30,
2017 |
||||||||
Sales
|
$
|
548,525
|
|
|
$
|
469,385
|
|
|
$
|
1,426,943
|
|
|
$
|
1,281,552
|
|
Cost of sales
|
415,124
|
|
|
354,416
|
|
|
1,097,542
|
|
|
981,793
|
|
||||
Gross profit
|
133,401
|
|
|
114,969
|
|
|
329,401
|
|
|
299,759
|
|
||||
Engineering, selling, general and administrative expenses
|
79,039
|
|
|
76,309
|
|
|
228,231
|
|
|
220,473
|
|
||||
Intangible asset amortization
|
2,412
|
|
|
2,405
|
|
|
7,237
|
|
|
7,215
|
|
||||
Restructuring and impairment charges, net
|
(439
|
)
|
|
1,009
|
|
|
1,143
|
|
|
3,587
|
|
||||
Strategic development and acquisition related costs
|
3,642
|
|
|
1,297
|
|
|
5,503
|
|
|
1,778
|
|
||||
(Gain) loss on disposition of business
|
(1,013
|
)
|
|
—
|
|
|
5,673
|
|
|
—
|
|
||||
Gain on insurance recovery
|
(4,741
|
)
|
|
(148
|
)
|
|
(4,741
|
)
|
|
(9,749
|
)
|
||||
Income from operations
|
54,501
|
|
|
34,097
|
|
|
86,355
|
|
|
76,455
|
|
||||
Interest income
|
48
|
|
|
20
|
|
|
118
|
|
|
164
|
|
||||
Interest expense
|
(4,572
|
)
|
|
(7,373
|
)
|
|
(16,913
|
)
|
|
(21,738
|
)
|
||||
Foreign exchange (loss) gain
|
(258
|
)
|
|
985
|
|
|
(92
|
)
|
|
1,035
|
|
||||
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
(21,875
|
)
|
|
—
|
|
||||
Other income, net
|
345
|
|
|
337
|
|
|
1,072
|
|
|
1,045
|
|
||||
Income before income taxes
|
50,064
|
|
|
28,066
|
|
|
48,665
|
|
|
56,961
|
|
||||
Provision for income taxes
|
14,078
|
|
|
9,845
|
|
|
13,114
|
|
|
19,727
|
|
||||
Net income
|
$
|
35,986
|
|
|
$
|
18,221
|
|
|
$
|
35,551
|
|
|
$
|
37,234
|
|
Net income allocated to participating securities
|
(221
|
)
|
|
(102
|
)
|
|
(248
|
)
|
|
(240
|
)
|
||||
Net income applicable to common shares
|
$
|
35,765
|
|
|
$
|
18,119
|
|
|
$
|
35,303
|
|
|
$
|
36,994
|
|
Income per common share:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
0.54
|
|
|
$
|
0.26
|
|
|
$
|
0.53
|
|
|
$
|
0.52
|
|
Diluted
|
$
|
0.54
|
|
|
$
|
0.25
|
|
|
$
|
0.53
|
|
|
$
|
0.52
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
66,335
|
|
|
71,047
|
|
|
66,361
|
|
|
70,973
|
|
||||
Diluted
|
66,438
|
|
|
71,183
|
|
|
66,477
|
|
|
71,134
|
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine Months Ended
|
||||||||||||
|
July 29,
2018 |
|
July 30,
2017 |
|
July 29,
2018 |
|
July 30,
2017 |
||||||||
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
35,986
|
|
|
$
|
18,221
|
|
|
$
|
35,551
|
|
|
$
|
37,234
|
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign exchange translation gains (losses) and other
(1)
|
(68
|
)
|
|
395
|
|
|
(92
|
)
|
|
337
|
|
||||
Other comprehensive (loss) income
|
(68
|
)
|
|
395
|
|
|
(92
|
)
|
|
337
|
|
||||
Comprehensive income
|
$
|
35,918
|
|
|
$
|
18,616
|
|
|
$
|
35,459
|
|
|
$
|
37,571
|
|
(1)
|
Foreign exchange translation gains (losses) and other are presented net of taxes of $0 in both the
three
months ended
July 29, 2018
and
July 30, 2017
and in both the nine months ended
July 29, 2018
and
July 30, 2017
.
|
|
July 29,
2018 |
|
October 29,
2017 |
||||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
43,322
|
|
|
$
|
65,658
|
|
Restricted cash
|
180
|
|
|
136
|
|
||
Accounts receivable, net
|
211,098
|
|
|
199,897
|
|
||
Inventories, net
|
260,879
|
|
|
198,296
|
|
||
Income taxes receivable
|
1,171
|
|
|
3,617
|
|
||
Investments in debt and equity securities, at market
|
5,785
|
|
|
6,481
|
|
||
Prepaid expenses and other
|
35,859
|
|
|
31,359
|
|
||
Assets held for sale
|
7,272
|
|
|
5,582
|
|
||
Total current assets
|
565,566
|
|
|
511,026
|
|
||
Property, plant and equipment, net
|
230,851
|
|
|
226,995
|
|
||
Goodwill
|
148,291
|
|
|
148,291
|
|
||
Intangible assets, net
|
129,933
|
|
|
137,148
|
|
||
Deferred income taxes
|
1,701
|
|
|
2,544
|
|
||
Other assets, net
|
5,352
|
|
|
5,108
|
|
||
Total assets
|
$
|
1,081,694
|
|
|
$
|
1,031,112
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Current portion of long-term debt
|
$
|
4,150
|
|
|
$
|
—
|
|
Note payable
|
994
|
|
|
440
|
|
||
Accounts payable
|
179,700
|
|
|
147,772
|
|
||
Accrued compensation and benefits
|
58,454
|
|
|
59,189
|
|
||
Accrued interest
|
1,488
|
|
|
6,414
|
|
||
Accrued income taxes
|
7,925
|
|
|
—
|
|
||
Other accrued expenses
|
106,204
|
|
|
102,233
|
|
||
Total current liabilities
|
358,915
|
|
|
316,048
|
|
||
Long-term debt, net of deferred financing costs of $5,971 and $6,857 on July 29, 2018 and October 29, 2017, respectively
|
403,842
|
|
|
387,290
|
|
||
Deferred income taxes
|
1,740
|
|
|
4,297
|
|
||
Other long-term liabilities
|
18,111
|
|
|
18,230
|
|
||
Total long-term liabilities
|
423,693
|
|
|
409,817
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
||
Common stock, $.01 par value, 100,000,000 shares authorized; 66,264,513 and 68,677,684 shares issued at July 29, 2018 and October 29, 2017, respectively; 66,203,700 and 68,386,556 shares outstanding at July 29, 2018 and October 29, 2017, respectively
|
663
|
|
|
687
|
|
||
Additional paid-in capital
|
521,059
|
|
|
562,277
|
|
||
Accumulated deficit
|
(213,846
|
)
|
|
(248,046
|
)
|
||
Accumulated other comprehensive loss, net
|
(7,623
|
)
|
|
(7,531
|
)
|
||
Treasury stock, at cost (60,813 and 291,128 shares at July 29, 2018 and October 29, 2017, respectively)
|
(1,167
|
)
|
|
(2,140
|
)
|
||
Total stockholders’ equity
|
299,086
|
|
|
305,247
|
|
||
Total liabilities and stockholders’ equity
|
$
|
1,081,694
|
|
|
$
|
1,031,112
|
|
NCI BUILDING SYSTEMS, INC.
|
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||
(In thousands)
|
|||||||
(Unaudited)
|
|||||||
|
|||||||
|
Fiscal Nine Months Ended
|
||||||
|
July 29,
2018 |
|
July 30,
2017 |
||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
35,551
|
|
|
$
|
37,234
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
30,974
|
|
|
30,656
|
|
||
Amortization of deferred financing costs
|
1,140
|
|
|
1,398
|
|
||
Loss on extinguishment of debt
|
21,875
|
|
|
—
|
|
||
Share-based compensation expense
|
8,909
|
|
|
8,146
|
|
||
Gain on insurance recovery
|
(4,741
|
)
|
|
(9,749
|
)
|
||
Loss on disposition of business, net
|
5,092
|
|
|
—
|
|
||
(Gains) losses on assets, net
|
(875
|
)
|
|
438
|
|
||
Provision for doubtful accounts
|
(177
|
)
|
|
1,145
|
|
||
(Benefit) provision for deferred income taxes
|
(1,676
|
)
|
|
70
|
|
||
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
|
|
|
|
|
|
||
Accounts receivable
|
(13,512
|
)
|
|
(8,559
|
)
|
||
Inventories
|
(64,882
|
)
|
|
(25,909
|
)
|
||
Income taxes
|
2,446
|
|
|
(1,284
|
)
|
||
Prepaid expenses and other
|
(3,686
|
)
|
|
1,069
|
|
||
Accounts payable
|
34,567
|
|
|
(22,212
|
)
|
||
Accrued expenses
|
6,088
|
|
|
(10,499
|
)
|
||
Other, net
|
(185
|
)
|
|
(1,347
|
)
|
||
Net cash provided by operating activities
|
56,908
|
|
|
597
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Capital expenditures
|
(34,867
|
)
|
|
(15,629
|
)
|
||
Proceeds from sale of property, plant and equipment
|
6,338
|
|
|
2,533
|
|
||
Business disposition, net
|
(1,426
|
)
|
|
—
|
|
||
Proceeds from insurance
|
4,741
|
|
|
8,593
|
|
||
Net cash used in investing activities
|
(25,214
|
)
|
|
(4,503
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
(Deposit) refund of restricted cash
|
(44
|
)
|
|
96
|
|
||
Proceeds from stock options exercised
|
1,279
|
|
|
1,195
|
|
||
Proceeds from ABL facility
|
85,000
|
|
|
35,000
|
|
||
Payments on ABL facility
|
(85,000
|
)
|
|
(35,000
|
)
|
||
Proceeds from term loan
|
415,000
|
|
|
—
|
|
||
Payments on term loan
|
(145,184
|
)
|
|
(10,180
|
)
|
||
Payments on senior notes
|
(265,470
|
)
|
|
—
|
|
||
Payments on note payable
|
(1,245
|
)
|
|
(1,096
|
)
|
||
Payments of financing costs
|
(6,521
|
)
|
|
—
|
|
||
Payments related to tax withholding for share-based compensation
|
(5,048
|
)
|
|
(2,389
|
)
|
||
Purchases of treasury stock
|
(46,705
|
)
|
|
(3,533
|
)
|
||
Net cash used in financing activities
|
(53,938
|
)
|
|
(15,907
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(92
|
)
|
|
333
|
|
||
Net decrease in cash and cash equivalents
|
(22,336
|
)
|
|
(19,480
|
)
|
||
Cash and cash equivalents at beginning of period
|
65,658
|
|
|
65,403
|
|
||
Cash and cash equivalents at end of period
|
$
|
43,322
|
|
|
$
|
45,923
|
|
|
|
|
|
|
Additional
|
|
Retained
|
|
Accumulated
Other
|
|
|
|
|
|
|
||||||||||||||
|
Common Stock
|
|
Paid-In
|
|
Earnings
|
|
Comprehensive
|
|
Treasury Stock
|
|
Stockholders’
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
(Deficit)
|
|
(Loss) Income
|
|
Shares
|
|
Amount
|
|
Equity
|
||||||||||||||
Balance, October 29, 2017
|
68,677,684
|
|
|
$
|
687
|
|
|
$
|
562,277
|
|
|
$
|
(248,046
|
)
|
|
$
|
(7,531
|
)
|
|
(291,128
|
)
|
|
$
|
(2,140
|
)
|
|
$
|
305,247
|
|
Treasury stock purchases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,938,974
|
)
|
|
(51,753
|
)
|
|
(51,753
|
)
|
||||||
Retirement of treasury shares
|
(2,938,974
|
)
|
|
(29
|
)
|
|
(51,743
|
)
|
|
—
|
|
|
—
|
|
|
2,938,974
|
|
|
51,772
|
|
|
—
|
|
||||||
Issuance of restricted stock
|
410,379
|
|
|
4
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
181,439
|
|
|
—
|
|
|
—
|
|
||||||
Stock options exercised
|
115,424
|
|
|
1
|
|
|
1,278
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,279
|
|
||||||
Foreign exchange translation loss and other, net of taxes
|
—
|
|
|
—
|
|
|
(55
|
)
|
|
—
|
|
|
(92
|
)
|
|
—
|
|
|
—
|
|
|
(147
|
)
|
||||||
Deferred compensation obligation
|
—
|
|
|
—
|
|
|
(954
|
)
|
|
—
|
|
|
—
|
|
|
48,876
|
|
|
954
|
|
|
—
|
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
8,909
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,909
|
|
||||||
Cumulative effect of accounting change
|
—
|
|
|
—
|
|
|
1,351
|
|
|
(1,351
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
35,551
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,551
|
|
||||||
Balance, July 29, 2018
|
66,264,513
|
|
|
$
|
663
|
|
|
$
|
521,059
|
|
|
$
|
(213,846
|
)
|
|
$
|
(7,623
|
)
|
|
(60,813
|
)
|
|
$
|
(1,167
|
)
|
|
$
|
299,086
|
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine Months Ended
|
|
Cost
Incurred
To Date (since inception)
|
||||||
|
July 29,
2018 |
|
July 29,
2018 |
|
|||||||
General severance
|
$
|
155
|
|
|
$
|
1,888
|
|
|
$
|
10,850
|
|
Plant closing severance
|
31
|
|
|
31
|
|
|
3,310
|
|
|||
Asset impairments
|
—
|
|
|
1,171
|
|
|
7,140
|
|
|||
Gain on sale of facility
|
(625
|
)
|
|
(2,049
|
)
|
|
(2,049
|
)
|
|||
Other restructuring costs
|
—
|
|
|
102
|
|
|
1,415
|
|
|||
Total restructuring costs
|
$
|
(439
|
)
|
|
$
|
1,143
|
|
|
$
|
20,666
|
|
|
General
Severance
|
|
Plant Closing
Severance
|
|
Total
|
||||||
Balance at November 2, 2014
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Costs incurred
|
3,887
|
|
|
1,575
|
|
|
5,462
|
|
|||
Cash payments
|
(2,941
|
)
|
|
(1,575
|
)
|
|
(4,516
|
)
|
|||
Accrued severance
(1)
|
739
|
|
|
—
|
|
|
739
|
|
|||
Balance at November 1, 2015
|
$
|
1,685
|
|
|
$
|
—
|
|
|
$
|
1,685
|
|
Costs incurred
(1)
|
2,725
|
|
|
165
|
|
|
2,890
|
|
|||
Cash payments
|
(3,928
|
)
|
|
(165
|
)
|
|
(4,093
|
)
|
|||
Balance at October 30, 2016
|
$
|
482
|
|
|
$
|
—
|
|
|
$
|
482
|
|
Costs incurred
|
2,350
|
|
|
1,539
|
|
|
3,889
|
|
|||
Cash payments
|
(2,549
|
)
|
|
(1,539
|
)
|
|
(4,088
|
)
|
|||
Balance at October 29, 2017
|
$
|
283
|
|
|
$
|
—
|
|
|
$
|
283
|
|
Costs incurred
|
1,888
|
|
|
31
|
|
|
1,919
|
|
|||
Cash payments
|
(2,116
|
)
|
|
(31
|
)
|
|
(2,147
|
)
|
|||
Balance at July 29, 2018
|
$
|
55
|
|
|
$
|
—
|
|
|
$
|
55
|
|
(1)
|
During the second and fourth quarters of fiscal 2015, we entered into transition and separation agreements with certain executive officers. Each terminated executive officer was entitled to severance benefit payments issuable in
two
installments. The termination benefits were measured initially at the separation dates based on the fair value of the liability as of the termination date and were recognized ratably over the future service period. Costs incurred during fiscal 2016 exclude
$0.7 million
of amortization expense associated with these termination benefits.
|
|
July 29,
2018 |
|
October 29,
2017 |
||||
Raw materials
|
$
|
207,364
|
|
|
$
|
150,919
|
|
Work in process and finished goods
|
53,515
|
|
|
47,377
|
|
||
|
$
|
260,879
|
|
|
$
|
198,296
|
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine Months Ended
|
||||||||||||
|
July 29,
2018 |
|
July 30,
2017 |
|
July 29,
2018 |
|
July 30,
2017 |
||||||||
Numerator for Basic and Diluted Earnings Per Common Share
|
|
|
|
|
|
|
|
|
|
||||||
Net income applicable to common shares
|
$
|
35,765
|
|
|
$
|
18,119
|
|
|
$
|
35,303
|
|
|
$
|
36,994
|
|
Denominator for Basic and Diluted Income Per Common Share
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average basic number of common shares outstanding
|
66,335
|
|
|
71,047
|
|
|
66,361
|
|
|
70,973
|
|
||||
Common stock equivalents:
|
|
|
|
|
|
|
|
||||||||
Employee stock options
|
95
|
|
|
127
|
|
|
98
|
|
|
130
|
|
||||
PSUs and Performance Share Awards
|
8
|
|
|
9
|
|
|
18
|
|
|
32
|
|
||||
Weighted average diluted number of common shares outstanding
|
66,438
|
|
|
71,183
|
|
|
66,477
|
|
|
71,134
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic income per common share
|
$
|
0.54
|
|
|
$
|
0.26
|
|
|
$
|
0.53
|
|
|
$
|
0.52
|
|
Diluted income per common share
|
$
|
0.54
|
|
|
$
|
0.25
|
|
|
$
|
0.53
|
|
|
$
|
0.52
|
|
|
|
|
|
|
|
|
|
||||||||
Incentive Plan securities excluded from dilution
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
(1)
|
Represents securities not included in the computation of diluted earnings per common share because their effect would have been anti-dilutive.
|
|
Fiscal Three Months Ended
July 29, 2018 |
|
Fiscal Three Months Ended
July 30, 2017 |
||||||||||||||||||||
|
Defined
Benefit Plans |
|
OPEB
Plans |
|
Total
|
|
Defined
Benefit Plans |
|
OPEB
Plans |
|
Total
|
||||||||||||
Service cost
|
$
|
22
|
|
|
$
|
7
|
|
|
$
|
29
|
|
|
$
|
24
|
|
|
$
|
9
|
|
|
$
|
33
|
|
Interest cost
|
494
|
|
|
62
|
|
|
556
|
|
|
513
|
|
|
64
|
|
|
577
|
|
||||||
Expected return on assets
|
(729
|
)
|
|
—
|
|
|
(729
|
)
|
|
(700
|
)
|
|
—
|
|
|
(700
|
)
|
||||||
Amortization of prior service credit
|
15
|
|
|
—
|
|
|
15
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
||||||
Amortization of net actuarial loss
|
248
|
|
|
—
|
|
|
248
|
|
|
344
|
|
|
—
|
|
|
344
|
|
||||||
Net periodic benefit cost
|
$
|
50
|
|
|
$
|
69
|
|
|
$
|
119
|
|
|
$
|
179
|
|
|
$
|
73
|
|
|
$
|
252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Funding contributions
|
$
|
399
|
|
|
$
|
—
|
|
|
$
|
399
|
|
|
$
|
591
|
|
|
$
|
—
|
|
|
$
|
591
|
|
|
Fiscal Nine Months Ended
July 29, 2018 |
|
Fiscal Nine Months Ended
July 30, 2017 |
||||||||||||||||||||
|
Defined
Benefit Plans |
|
OPEB
Plans |
|
Total
|
|
Defined
Benefit Plans |
|
OPEB
Plans |
|
Total
|
||||||||||||
Service cost
|
$
|
65
|
|
|
$
|
21
|
|
|
$
|
86
|
|
|
$
|
73
|
|
|
$
|
27
|
|
|
$
|
100
|
|
Interest cost
|
1,481
|
|
|
185
|
|
|
1,666
|
|
|
1,541
|
|
|
193
|
|
|
1,734
|
|
||||||
Expected return on assets
|
(2,187
|
)
|
|
—
|
|
|
(2,187
|
)
|
|
(2,099
|
)
|
|
—
|
|
|
(2,099
|
)
|
||||||
Amortization of prior service credit
|
43
|
|
|
—
|
|
|
43
|
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
||||||
Amortization of net actuarial loss
|
743
|
|
|
—
|
|
|
743
|
|
|
1,031
|
|
|
—
|
|
|
1,031
|
|
||||||
Net periodic benefit cost
|
$
|
145
|
|
|
$
|
206
|
|
|
$
|
351
|
|
|
$
|
539
|
|
|
$
|
220
|
|
|
$
|
759
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Funding contributions
|
$
|
1,309
|
|
|
$
|
—
|
|
|
$
|
1,309
|
|
|
$
|
1,416
|
|
|
$
|
—
|
|
|
$
|
1,416
|
|
|
July 29,
2018 |
|
October 29,
2017 |
||||
Term loan credit facility, due February 2025 and June 2022, respectively
|
$
|
413,963
|
|
|
$
|
144,147
|
|
8.25% senior notes, due January 2023
|
—
|
|
|
250,000
|
|
||
Asset-based lending credit facility, due February 2023 and June 2019, respectively
|
—
|
|
|
—
|
|
||
Less: unamortized deferred financing costs
(1)
|
5,971
|
|
|
6,857
|
|
||
Total long-term debt, net of deferred financing costs
|
407,992
|
|
|
387,290
|
|
||
Less: current portion of long-term debt
|
4,150
|
|
|
—
|
|
||
Total long-term debt, less current portion
|
$
|
403,842
|
|
|
$
|
387,290
|
|
(1)
|
Includes the unamortized deferred financing costs associated with the term loan credit facilities and Notes. The unamortized deferred financing costs associated with the asset-based credit lending facilities of
$1.2 million
and
$0.7 million
as of
July 29, 2018
and
October 29, 2017
, respectively, are classified in other assets on the consolidated balance sheets.
|
•
|
the net cash proceeds of (1) certain asset sales (subject to reduction to
50%
or
0%
, if specified leverage ratio targets are met), (2) certain debt offerings, and (3) certain insurance recovery and condemnation events; and
|
•
|
50%
of annual excess cash flow (as defined in the Term Loan Credit Agreement), subject to reduction to
0%
if specified leverage ratio targets are met.
|
•
|
a perfected security interest in substantially all tangible and intangible assets of the Company and each guarantor (other than ABL Priority Collateral (as defined below)), including the capital stock of each direct material domestic subsidiary owned by the Company and each guarantor, and
65%
of the capital stock of any non-U.S. subsidiary held directly by the Company or any guarantor, subject to customary exceptions (the “Term Loan Priority Collateral”), which security interest will be senior to the security interest in the foregoing assets securing the ABL Credit Facility (as defined below); and
|
•
|
a perfected security interest in the ABL Priority Collateral, which security interest will be junior to the security interest in the ABL Priority Collateral securing the ABL Credit Facility.
|
•
|
a perfected security interest in all present and after-acquired inventory, accounts receivable, deposit accounts, securities accounts, and any cash or other assets in such accounts (and, to the extent evidencing or otherwise related to such items, all general intangibles, intercompany debt, insurance proceeds, letter of credit rights, commercial tort claims, chattel paper, instruments, supporting obligations, documents, investment property and payment intangibles) and the proceeds of any of the foregoing and all books and records relating to, or arising from, any of the foregoing, except to the extent such proceeds constitute Term Loan Priority Collateral, and subject to customary exceptions (the “ABL Priority Collateral”), which security interest is senior to the security interest in the foregoing assets securing the Term Loan Credit Facility; and
|
•
|
a perfected security interest in the Term Loan Priority Collateral, which security interest will be junior to the security interest in the Term Loan Priority Collateral securing the Term Loan Credit Facility.
|
(1)
|
Base Rate loans at the Base Rate plus a margin. The margin ranges from
0.25%
to
0.75%
depending on the quarterly average excess availability under such facility; and
|
(2)
|
LIBOR loans at LIBOR plus a margin. The margin ranges from
1.25%
to
1.75%
depending on the quarterly average excess availability under such facility.
|
|
July 29, 2018
|
|
October 29, 2017
|
||||||||||||
|
Carrying
Amount
|
|
Fair Value
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||
Term Loan Credit Facility, due February 2025
|
$
|
413,963
|
|
|
$
|
413,963
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Credit Agreement, due June 2022
|
—
|
|
|
—
|
|
|
144,147
|
|
|
144,147
|
|
||||
8.25% senior notes, due January 2023
|
—
|
|
|
—
|
|
|
250,000
|
|
|
267,500
|
|
|
July 29, 2018
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Short-term investments in deferred compensation plan:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market
|
$
|
584
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
584
|
|
Mutual funds – Growth
|
1,173
|
|
|
—
|
|
|
—
|
|
|
1,173
|
|
||||
Mutual funds – Blend
|
2,146
|
|
|
—
|
|
|
—
|
|
|
2,146
|
|
||||
Mutual funds – Foreign blend
|
936
|
|
|
—
|
|
|
—
|
|
|
936
|
|
||||
Mutual funds – Fixed income
|
—
|
|
|
946
|
|
|
—
|
|
|
946
|
|
||||
Total short-term investments in deferred compensation plan
|
4,839
|
|
|
946
|
|
|
—
|
|
|
5,785
|
|
||||
Total assets
|
$
|
4,839
|
|
|
$
|
946
|
|
|
$
|
—
|
|
|
$
|
5,785
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deferred compensation plan liability
|
$
|
—
|
|
|
$
|
4,882
|
|
|
$
|
—
|
|
|
$
|
4,882
|
|
Total liabilities
|
$
|
—
|
|
|
$
|
4,882
|
|
|
$
|
—
|
|
|
$
|
4,882
|
|
|
October 29, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Short-term investments in deferred compensation plan:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market
|
$
|
1,114
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,114
|
|
Mutual funds – Growth
|
958
|
|
|
—
|
|
|
—
|
|
|
958
|
|
||||
Mutual funds – Blend
|
1,948
|
|
|
—
|
|
|
—
|
|
|
1,948
|
|
||||
Mutual funds – Foreign blend
|
915
|
|
|
—
|
|
|
—
|
|
|
915
|
|
||||
Mutual funds – Fixed income
|
—
|
|
|
1,546
|
|
|
—
|
|
|
1,546
|
|
||||
Total short-term investments in deferred compensation
plan
|
4,935
|
|
|
1,546
|
|
|
—
|
|
|
6,481
|
|
||||
Total assets
|
$
|
4,935
|
|
|
$
|
1,546
|
|
|
$
|
—
|
|
|
$
|
6,481
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deferred compensation plan liability
|
$
|
—
|
|
|
$
|
4,923
|
|
|
$
|
—
|
|
|
$
|
4,923
|
|
Total liabilities
|
$
|
—
|
|
|
$
|
4,923
|
|
|
$
|
—
|
|
|
$
|
4,923
|
|
(1)
|
Unrealized holding gain for the
three
months ended
July 29, 2018
and
July 30, 2017
was
$0.2 million
and
$0.2 million
, respectively. Unrealized holding gain (loss) for the
nine
months ended
July 29, 2018
and
July 30, 2017
was
$0.3 million
and
$(0.2) million
, respectively. These unrealized holding gains (losses) were substantially offset by changes in the deferred compensation plan liability.
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine Months Ended
|
||||||||
|
July 29,
2018 |
|
July 30,
2017 |
|
July 29,
2018 |
|
July 30,
2017 |
||||
Statutory federal income tax rate
|
23.3
|
%
|
|
35.0
|
%
|
|
23.3
|
%
|
|
35.0
|
%
|
State income taxes
|
4.0
|
%
|
|
3.7
|
%
|
|
4.0
|
%
|
|
3.9
|
%
|
Domestic production activities deduction
|
(1.3
|
)%
|
|
(3.2
|
)%
|
|
(1.3
|
)%
|
|
(3.2
|
)%
|
Non-deductible expenses
|
1.1
|
%
|
|
0.7
|
%
|
|
1.1
|
%
|
|
0.7
|
%
|
Tax credits
|
(0.9
|
)%
|
|
(0.7
|
)%
|
|
(0.9
|
)%
|
|
(1.0
|
)%
|
China valuation allowance
|
—
|
%
|
|
(0.4
|
)%
|
|
—
|
%
|
|
(0.4
|
)%
|
Revaluation of U.S. deferred income tax due to statutory rate reduction
|
1.3
|
%
|
|
—
|
%
|
|
(0.8
|
)%
|
|
—
|
%
|
One-time repatriation tax on foreign earnings
|
—
|
%
|
|
—
|
%
|
|
1.5
|
%
|
|
—
|
%
|
Other
|
0.6
|
%
|
|
—
|
%
|
|
—
|
%
|
|
(0.4
|
)%
|
Effective tax rate
|
28.1
|
%
|
|
35.1
|
%
|
|
26.9
|
%
|
|
34.6
|
%
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine Months Ended
|
||||||||||||
|
July 29,
2018 |
|
July 30,
2017 |
|
July 29,
2018 |
|
July 30,
2017 |
||||||||
Total sales:
|
|
|
|
|
|
|
|
|
|
||||||
Engineered Building Systems
|
$
|
230,098
|
|
|
$
|
191,910
|
|
|
$
|
554,302
|
|
|
$
|
505,797
|
|
Metal Components
|
186,421
|
|
|
166,305
|
|
|
501,709
|
|
|
455,373
|
|
||||
Insulated Metal Panels
|
133,740
|
|
|
119,730
|
|
|
357,947
|
|
|
317,862
|
|
||||
Metal Coil Coating
|
116,440
|
|
|
95,261
|
|
|
299,973
|
|
|
270,330
|
|
||||
Intersegment sales
|
(118,174
|
)
|
|
(103,821
|
)
|
|
(286,988
|
)
|
|
(267,810
|
)
|
||||
Total sales
|
$
|
548,525
|
|
|
$
|
469,385
|
|
|
$
|
1,426,943
|
|
|
$
|
1,281,552
|
|
External sales:
|
|
|
|
|
|
|
|
|
|
||||||
Engineered Building Systems
|
$
|
218,614
|
|
|
$
|
182,164
|
|
|
$
|
524,038
|
|
|
$
|
481,641
|
|
Metal Components
|
165,697
|
|
|
140,639
|
|
|
440,886
|
|
|
389,486
|
|
||||
Insulated Metal Panels
|
106,605
|
|
|
98,026
|
|
|
$
|
303,910
|
|
|
267,240
|
|
|||
Metal Coil Coating
|
57,609
|
|
|
48,556
|
|
|
158,109
|
|
|
143,185
|
|
||||
Total sales
|
$
|
548,525
|
|
|
$
|
469,385
|
|
|
$
|
1,426,943
|
|
|
$
|
1,281,552
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
|
||||||
Engineered Building Systems
|
$
|
24,296
|
|
|
$
|
14,948
|
|
|
$
|
41,830
|
|
|
$
|
28,345
|
|
Metal Components
|
28,688
|
|
|
23,276
|
|
|
67,859
|
|
|
55,649
|
|
||||
Insulated Metal Panels
|
17,859
|
|
|
11,468
|
|
|
$
|
26,470
|
|
|
33,037
|
|
|||
Metal Coil Coating
|
9,121
|
|
|
7,107
|
|
|
21,626
|
|
|
20,040
|
|
||||
Corporate
|
(25,463
|
)
|
|
(22,702
|
)
|
|
(71,430
|
)
|
|
(60,616
|
)
|
||||
Total operating income
|
$
|
54,501
|
|
|
$
|
34,097
|
|
|
$
|
86,355
|
|
|
$
|
76,455
|
|
Unallocated other expense, net
|
(4,437
|
)
|
|
(6,031
|
)
|
|
(37,690
|
)
|
|
(19,494
|
)
|
||||
Income before income taxes
|
$
|
50,064
|
|
|
$
|
28,066
|
|
|
$
|
48,665
|
|
|
$
|
56,961
|
|
|
July 29,
2018 |
|
October 29,
2017 |
||||
Total assets:
|
|
|
|
|
|
||
Engineered Building Systems
|
$
|
218,085
|
|
|
$
|
195,426
|
|
Metal Components
|
226,550
|
|
|
186,369
|
|
||
Insulated Metal Panels
|
373,262
|
|
|
380,308
|
|
||
Metal Coil Coating
|
186,795
|
|
|
175,046
|
|
||
Corporate
|
77,002
|
|
|
93,963
|
|
||
Total assets
|
$
|
1,081,694
|
|
|
$
|
1,031,112
|
|
•
|
risks and uncertainties relating to the Merger, including the possibility that the Merger does not close when expected or at all because the conditions to closing are not satisfied on a timely basis or at all;
|
•
|
potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Merger;
|
•
|
diversion of management’s attention from ongoing business operations and opportunities as a result of the pending Merger;
|
•
|
our ability to secure stockholder and regulatory approvals for the Merger in a timely manner or on the terms desired or anticipated;
|
•
|
retention and replacement of key personnel in connection with the pendency of the Merger;
|
•
|
industry cyclicality and seasonality and adverse weather conditions;
|
•
|
challenging economic conditions affecting the nonresidential construction industry;
|
•
|
volatility in the United States (“U.S.”) economy and abroad, generally, and in the credit markets;
|
•
|
substantial indebtedness and our ability to incur substantially more indebtedness;
|
•
|
our ability to generate significant cash flow required to service or refinance our existing debt, and obtain future financing;
|
•
|
our ability to comply with the financial tests and covenants in our existing and future debt obligations;
|
•
|
operational limitations or restrictions in connection with our debt;
|
•
|
increases in interest rates;
|
•
|
recognition of asset impairment charges;
|
•
|
commodity price increases and/or limited availability of raw materials, including steel;
|
•
|
our ability to make strategic acquisitions accretive to earnings;
|
•
|
retention and replacement of key personnel;
|
•
|
our ability to carry out our restructuring plans and to fully realize the expected cost savings;
|
•
|
enforcement and obsolescence of intellectual property rights;
|
•
|
fluctuations in customer demand;
|
•
|
costs related to environmental clean-ups and liabilities;
|
•
|
competitive activity and pricing pressure;
|
•
|
increases in energy prices;
|
•
|
volatility of the Company’s stock price;
|
•
|
dilutive effect on the Company’s common stockholders of potential future sales of the Company’s Common Stock held by our sponsor;
|
•
|
substantial governance and other rights held by our sponsor;
|
•
|
breaches of our information system security measures and damage to our major information management systems;
|
•
|
hazards that may cause personal injury or property damage, thereby subjecting us to liabilities and possible losses, which may not be covered by insurance;
|
•
|
changes in laws or regulations, including the Dodd–Frank Act;
|
•
|
costs and other effects of legal and administrative proceedings, settlements, investigations, claims and other matters;
|
•
|
timing and amount of any stock repurchases; and
|
•
|
other risks detailed under the caption “Risk Factors” in this Quarterly Report on Form 10-Q, and in Part I, Item 1A in our most recent Annual Report on Form 10-K and other filings we make with the SEC.
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine Months Ended
|
||||||||||||
|
July 29,
2018 |
|
July 30,
2017 |
|
July 29,
2018 |
|
July 30,
2017 |
||||||||
Total sales:
|
|
|
|
|
|
|
|
|
|
||||||
Engineered Building Systems
|
$
|
230,098
|
|
|
$
|
191,910
|
|
|
$
|
554,302
|
|
|
$
|
505,797
|
|
Metal Components
|
186,421
|
|
|
166,305
|
|
|
501,709
|
|
|
455,373
|
|
||||
Insulated Metal Panels
|
133,740
|
|
|
119,730
|
|
|
357,947
|
|
|
317,862
|
|
||||
Metal Coil Coating
|
116,440
|
|
|
95,261
|
|
|
299,973
|
|
|
270,330
|
|
||||
Intersegment sales
|
(118,174
|
)
|
|
(103,821
|
)
|
|
(286,988
|
)
|
|
(267,810
|
)
|
||||
Total sales
|
$
|
548,525
|
|
|
$
|
469,385
|
|
|
$
|
1,426,943
|
|
|
$
|
1,281,552
|
|
External sales:
|
|
|
|
|
|
|
|
|
|
||||||
Engineered Building Systems
|
$
|
218,614
|
|
|
$
|
182,164
|
|
|
$
|
524,038
|
|
|
$
|
481,641
|
|
Metal Components
|
165,697
|
|
|
140,639
|
|
|
440,886
|
|
|
389,486
|
|
||||
Insulated Metal Panels
|
106,605
|
|
|
98,026
|
|
|
$
|
303,910
|
|
|
267,240
|
|
|||
Metal Coil Coating
|
57,609
|
|
|
48,556
|
|
|
158,109
|
|
|
143,185
|
|
||||
Total sales
|
$
|
548,525
|
|
|
$
|
469,385
|
|
|
$
|
1,426,943
|
|
|
$
|
1,281,552
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
|
||||||
Engineered Building Systems
|
$
|
24,296
|
|
|
$
|
14,948
|
|
|
$
|
41,830
|
|
|
$
|
28,345
|
|
Metal Components
|
28,688
|
|
|
23,276
|
|
|
67,859
|
|
|
55,649
|
|
||||
Insulated Metal Panels
|
17,859
|
|
|
11,468
|
|
|
26,470
|
|
|
33,037
|
|
||||
Metal Coil Coating
|
9,121
|
|
|
7,107
|
|
|
21,626
|
|
|
20,040
|
|
||||
Corporate
|
(25,463
|
)
|
|
(22,702
|
)
|
|
(71,430
|
)
|
|
(60,616
|
)
|
||||
Total operating income
|
$
|
54,501
|
|
|
$
|
34,097
|
|
|
$
|
86,355
|
|
|
$
|
76,455
|
|
Unallocated other expense
|
(4,437
|
)
|
|
(6,031
|
)
|
|
(37,690
|
)
|
|
(19,494
|
)
|
||||
Income before income taxes
|
$
|
50,064
|
|
|
$
|
28,066
|
|
|
$
|
48,665
|
|
|
$
|
56,961
|
|
|
Fiscal Nine Months Ended
|
||||||
|
July 29,
2018 |
|
July 30,
2017 |
||||
Net cash provided by operating activities
|
$
|
56,908
|
|
|
$
|
597
|
|
Net cash used in investing activities
|
(25,214
|
)
|
|
(4,503
|
)
|
||
Net cash used in financing activities
|
(53,938
|
)
|
|
(15,907
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(92
|
)
|
|
333
|
|
||
Net decrease in cash and cash equivalents
|
(22,336
|
)
|
|
(19,480
|
)
|
||
Cash and cash equivalents at beginning of period
|
65,658
|
|
|
65,403
|
|
||
Cash and cash equivalents at end of period
|
$
|
43,322
|
|
|
$
|
45,923
|
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine Months Ended
|
||||||||||||
|
July 29,
2018 |
|
July 30,
2017 |
|
July 29,
2018 |
|
July 30,
2017 |
||||||||
Net income per diluted common share, GAAP basis
|
$
|
0.54
|
|
|
$
|
0.25
|
|
|
$
|
0.53
|
|
|
$
|
0.52
|
|
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
0.33
|
|
|
—
|
|
||||
(Gain) loss on disposition of business
|
(0.02
|
)
|
|
—
|
|
|
0.09
|
|
|
—
|
|
||||
Restructuring and impairment charges, net
|
(0.01
|
)
|
|
0.01
|
|
|
0.01
|
|
|
0.05
|
|
||||
Strategic development and acquisition related costs
|
0.06
|
|
|
0.02
|
|
|
0.08
|
|
|
0.02
|
|
||||
Acceleration of CEO retirement benefits
|
—
|
|
|
—
|
|
|
0.07
|
|
|
—
|
|
||||
Gain on insurance recovery
|
(0.07
|
)
|
|
0.00
|
|
|
(0.07
|
)
|
|
(0.14
|
)
|
||||
Other, net
|
—
|
|
|
0.00
|
|
|
0.00
|
|
|
0.01
|
|
||||
Tax effect of applicable non-GAAP adjustments
(1)
|
0.01
|
|
|
(0.01
|
)
|
|
(0.14
|
)
|
|
0.02
|
|
||||
Adjusted net income per diluted common share
|
$
|
0.51
|
|
|
$
|
0.27
|
|
|
$
|
0.90
|
|
|
$
|
0.48
|
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine Months Ended
|
||||||||||||
|
July 29,
2018 |
|
July 30,
2017 |
|
July 29,
2018 |
|
July 30,
2017 |
||||||||
Net income applicable to common shares, GAAP basis
|
$
|
35,765
|
|
|
$
|
18,119
|
|
|
$
|
35,303
|
|
|
$
|
36,994
|
|
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
21,875
|
|
|
—
|
|
||||
(Gain) loss on disposition of business
|
(1,013
|
)
|
|
—
|
|
|
5,673
|
|
|
—
|
|
||||
Restructuring and impairment charges, net
|
(439
|
)
|
|
1,009
|
|
|
1,143
|
|
|
3,587
|
|
||||
Strategic development and acquisition related costs
|
3,642
|
|
|
1,297
|
|
|
5,503
|
|
|
1,778
|
|
||||
Acceleration of CEO retirement benefits
|
—
|
|
|
—
|
|
|
4,600
|
|
|
—
|
|
||||
Gain on insurance recovery
|
(4,741
|
)
|
|
(148
|
)
|
|
(4,741
|
)
|
|
(9,749
|
)
|
||||
Other, net
|
—
|
|
|
235
|
|
|
(323
|
)
|
|
563
|
|
||||
Tax effect of applicable non-GAAP adjustments
(1)
|
696
|
|
|
(933
|
)
|
|
(9,296
|
)
|
|
1,490
|
|
||||
Adjusted net income applicable to common shares
|
$
|
33,910
|
|
|
$
|
19,579
|
|
|
$
|
59,737
|
|
|
$
|
34,663
|
|
(1)
|
The Company calculated the tax effect of non-GAAP adjustments by applying the applicable combined federal and state statutory tax rate for the period to each applicable non-GAAP item.
|
Consolidated
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||
(In thousands)
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine
Months Ended |
|
Trailing
Twelve Months |
|||||||||||||||
|
|
October 29,
2017 |
January 28,
2018 |
April 29,
2018 |
July 29,
2018 |
|
July 29,
2018 |
|
July 29,
2018 |
||||||||||||
Total Net Sales
|
|
$
|
488,726
|
|
$
|
421,349
|
|
$
|
457,069
|
|
$
|
548,525
|
|
|
$
|
1,426,943
|
|
|
$
|
1,915,669
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income, GAAP
|
|
33,325
|
|
12,898
|
|
18,956
|
|
54,501
|
|
|
86,355
|
|
|
119,680
|
|
||||||
Restructuring and impairment
|
|
1,709
|
|
1,094
|
|
488
|
|
(439
|
)
|
|
1,143
|
|
|
2,852
|
|
||||||
Strategic development and acquisition related costs
|
|
193
|
|
727
|
|
1,134
|
|
3,642
|
|
|
5,503
|
|
|
5,696
|
|
||||||
Loss (gain) on disposition of business
|
|
—
|
|
—
|
|
6,686
|
|
(1,013
|
)
|
|
5,673
|
|
|
5,673
|
|
||||||
Acceleration of CEO retirement benefits
|
|
—
|
|
4,600
|
|
—
|
|
—
|
|
|
4,600
|
|
|
4,600
|
|
||||||
Gain on insurance recovery
|
|
—
|
|
—
|
|
—
|
|
(4,741
|
)
|
|
(4,741
|
)
|
|
(4,741
|
)
|
||||||
Unreimbursed business interruption costs
|
|
28
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
28
|
|
||||||
Goodwill impairment
|
|
6,000
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
6,000
|
|
||||||
Adjusted Operating Income
|
|
41,255
|
|
19,319
|
|
27,264
|
|
51,950
|
|
|
98,533
|
|
|
139,788
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other income and expense
|
|
(62
|
)
|
928
|
|
(34
|
)
|
87
|
|
|
981
|
|
|
919
|
|
||||||
Depreciation and amortization
|
|
10,664
|
|
10,358
|
|
10,442
|
|
10,174
|
|
|
30,974
|
|
|
41,638
|
|
||||||
Share-based compensation expense
|
|
2,084
|
|
2,270
|
|
1,998
|
|
1,041
|
|
|
5,309
|
|
|
7,393
|
|
||||||
Adjusted EBITDA
|
|
$
|
53,941
|
|
$
|
32,875
|
|
$
|
39,670
|
|
$
|
63,252
|
|
|
$
|
135,797
|
|
|
$
|
189,738
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Year over year growth, Total Net Sales
|
|
1.8
|
%
|
7.6
|
%
|
8.7
|
%
|
16.9
|
%
|
|
11.3
|
%
|
|
8.7
|
%
|
||||||
Operating Income Margin
|
|
6.8
|
%
|
3.1
|
%
|
4.1
|
%
|
9.9
|
%
|
|
6.1
|
%
|
|
6.2
|
%
|
||||||
Adjusted Operating Income Margin
|
|
8.4
|
%
|
4.6
|
%
|
6.0
|
%
|
9.5
|
%
|
|
6.9
|
%
|
|
7.3
|
%
|
||||||
Adjusted EBITDA Margin
|
|
11.0
|
%
|
7.8
|
%
|
8.7
|
%
|
11.5
|
%
|
|
9.5
|
%
|
|
9.9
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine
Months Ended |
|
Trailing
Twelve Months |
|||||||||||||||
|
|
October 30,
2016 |
January 29,
2017 |
April 30,
2017 |
July 30,
2017 |
|
July 30,
2017 |
|
July 30,
2017 |
||||||||||||
Total Net Sales
|
|
$
|
480,314
|
|
$
|
391,703
|
|
$
|
420,464
|
|
$
|
469,385
|
|
|
$
|
1,281,552
|
|
|
$
|
1,761,866
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income, GAAP
|
|
39,391
|
|
9,886
|
|
32,472
|
|
34,097
|
|
|
76,455
|
|
|
115,846
|
|
||||||
Restructuring and impairment
|
|
815
|
|
2,264
|
|
315
|
|
1,009
|
|
|
3,588
|
|
|
4,403
|
|
||||||
Strategic development and acquisition related costs
|
|
590
|
|
357
|
|
124
|
|
1,297
|
|
|
1,778
|
|
|
2,368
|
|
||||||
Loss on sale of assets and asset recovery
|
|
62
|
|
—
|
|
137
|
|
—
|
|
|
137
|
|
|
199
|
|
||||||
Gain on insurance recovery
|
|
—
|
|
—
|
|
(9,601
|
)
|
(148
|
)
|
|
(9,749
|
)
|
|
(9,749
|
)
|
||||||
Unreimbursed business interruption costs
|
|
—
|
|
—
|
|
191
|
|
235
|
|
|
426
|
|
|
426
|
|
||||||
Adjusted Operating Income
|
|
40,858
|
|
12,507
|
|
23,638
|
|
36,490
|
|
|
72,635
|
|
|
113,493
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other income and expense
|
|
(192
|
)
|
309
|
|
449
|
|
1,322
|
|
|
2,080
|
|
|
1,888
|
|
||||||
Depreciation and amortization
|
|
9,815
|
|
10,315
|
|
10,062
|
|
10,278
|
|
|
30,655
|
|
|
40,470
|
|
||||||
Share-based compensation expense
|
|
3,181
|
|
3,042
|
|
2,820
|
|
2,284
|
|
|
8,146
|
|
|
11,327
|
|
||||||
Adjusted EBITDA
|
|
$
|
53,662
|
|
$
|
26,173
|
|
$
|
36,969
|
|
$
|
50,374
|
|
|
$
|
113,516
|
|
|
$
|
167,178
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income Margin
|
|
8.2
|
%
|
2.5
|
%
|
7.7
|
%
|
7.3
|
%
|
|
6.0
|
%
|
|
6.6
|
%
|
||||||
Adjusted Operating Income Margin
|
|
8.5
|
%
|
3.2
|
%
|
5.6
|
%
|
7.8
|
%
|
|
5.7
|
%
|
|
6.4
|
%
|
||||||
Adjusted EBITDA Margin
|
|
11.2
|
%
|
6.7
|
%
|
8.8
|
%
|
10.7
|
%
|
|
8.9
|
%
|
|
9.5
|
%
|
Engineered Building Systems
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||
(In thousands)
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine
Months Ended |
|
Trailing
Twelve Months |
|||||||||||||||
|
|
October 29,
2017 |
January 28,
2018 |
April 29,
2018 |
July 29,
2018 |
|
July 29,
2018 |
|
July 29,
2018 |
||||||||||||
Total Sales
|
|
$
|
188,183
|
|
$
|
156,964
|
|
$
|
167,240
|
|
$
|
230,098
|
|
|
$
|
554,302
|
|
|
$
|
742,485
|
|
External Sales
|
|
178,222
|
|
148,288
|
|
157,136
|
|
218,614
|
|
|
524,038
|
|
|
702,260
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income, GAAP
|
|
13,043
|
|
8,263
|
|
9,271
|
|
24,296
|
|
|
41,830
|
|
|
54,873
|
|
||||||
Restructuring and impairment
|
|
695
|
|
1,136
|
|
280
|
|
(464
|
)
|
|
952
|
|
|
1,647
|
|
||||||
Strategic development and acquisition related costs
|
|
—
|
|
173
|
|
—
|
|
—
|
|
|
173
|
|
|
173
|
|
||||||
Adjusted Operating Income
|
|
13,738
|
|
9,572
|
|
9,551
|
|
23,832
|
|
|
42,955
|
|
|
56,693
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other income and expense
|
|
(694
|
)
|
733
|
|
(88
|
)
|
(179
|
)
|
|
466
|
|
|
(228
|
)
|
||||||
Depreciation and amortization
|
|
2,198
|
|
2,077
|
|
2,323
|
|
1,905
|
|
|
6,305
|
|
|
8,503
|
|
||||||
Adjusted EBITDA
|
|
$
|
15,242
|
|
$
|
12,382
|
|
$
|
11,786
|
|
$
|
25,558
|
|
|
$
|
49,726
|
|
|
$
|
64,968
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Year over year growth, Total sales
|
|
(7.8
|
)%
|
3.8
|
%
|
2.8
|
%
|
19.9
|
%
|
|
9.6
|
%
|
|
4.6
|
%
|
||||||
Year over year growth, External Sales
|
|
(9.3
|
)%
|
2.3
|
%
|
1.7
|
%
|
20.0
|
%
|
|
8.8
|
%
|
|
3.5
|
%
|
||||||
Operating Income Margin
|
|
6.9
|
%
|
5.3
|
%
|
5.5
|
%
|
10.6
|
%
|
|
7.5
|
%
|
|
7.4
|
%
|
||||||
Adjusted Operating Income Margin
|
|
7.3
|
%
|
6.1
|
%
|
5.7
|
%
|
10.4
|
%
|
|
7.7
|
%
|
|
7.6
|
%
|
||||||
Adjusted EBITDA Margin
|
|
8.1
|
%
|
7.9
|
%
|
7.0
|
%
|
11.1
|
%
|
|
9.0
|
%
|
|
8.8
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine
Months Ended |
|
Trailing
Twelve Months |
|||||||||||||||
|
|
October 30,
2016 |
January 29,
2017 |
April 30,
2017 |
July 30,
2017 |
|
July 30,
2017 |
|
July 30,
2017 |
||||||||||||
Total Sales
|
|
$
|
204,208
|
|
$
|
151,263
|
|
$
|
162,624
|
|
$
|
191,910
|
|
|
$
|
505,797
|
|
|
$
|
710,005
|
|
External Sales
|
|
196,596
|
|
145,021
|
|
154,456
|
|
182,164
|
|
|
481,641
|
|
|
678,237
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income, GAAP
|
|
22,830
|
|
6,503
|
|
6,894
|
|
14,948
|
|
|
28,345
|
|
|
51,175
|
|
||||||
Restructuring and impairment
|
|
211
|
|
1,910
|
|
186
|
|
941
|
|
|
3,037
|
|
|
3,248
|
|
||||||
Loss on sale of assets and asset recovery
|
|
62
|
|
—
|
|
137
|
|
—
|
|
|
137
|
|
|
199
|
|
||||||
Adjusted Operating Income
|
|
23,103
|
|
8,413
|
|
7,217
|
|
15,889
|
|
|
31,519
|
|
|
54,622
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other income and expense
|
|
(362
|
)
|
(41
|
)
|
(125
|
)
|
1,291
|
|
|
1,125
|
|
|
763
|
|
||||||
Depreciation and amortization
|
|
2,399
|
|
2,276
|
|
2,285
|
|
2,255
|
|
|
6,816
|
|
|
9,215
|
|
||||||
Adjusted EBITDA
|
|
$
|
25,140
|
|
$
|
10,648
|
|
$
|
9,377
|
|
$
|
19,435
|
|
|
$
|
39,460
|
|
|
$
|
64,600
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income Margin
|
|
11.2
|
%
|
4.3
|
%
|
4.2
|
%
|
7.8
|
%
|
|
5.6
|
%
|
|
7.2
|
%
|
||||||
Adjusted Operating Income Margin
|
|
11.3
|
%
|
5.6
|
%
|
4.4
|
%
|
8.3
|
%
|
|
6.2
|
%
|
|
7.7
|
%
|
||||||
Adjusted EBITDA Margin
|
|
12.3
|
%
|
7.0
|
%
|
5.8
|
%
|
10.1
|
%
|
|
7.8
|
%
|
|
9.1
|
%
|
Metal Components
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||
(In thousands)
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine
Months Ended |
|
Trailing
Twelve Months |
|||||||||||||||
|
|
October 29,
2017 |
January 28,
2018 |
April 29,
2018 |
July 29,
2018 |
|
July 29,
2018 |
|
July 29,
2018 |
||||||||||||
Total Sales
|
|
$
|
181,288
|
|
$
|
146,832
|
|
$
|
168,456
|
|
$
|
186,421
|
|
|
$
|
501,709
|
|
|
$
|
682,997
|
|
External Sales
|
|
155,183
|
|
127,528
|
|
147,661
|
|
165,697
|
|
|
440,886
|
|
|
596,069
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income, GAAP
|
|
23,119
|
|
17,089
|
|
22,082
|
|
28,688
|
|
|
67,859
|
|
|
90,978
|
|
||||||
Restructuring and impairment
|
|
69
|
|
(1,403
|
)
|
120
|
|
25
|
|
|
(1,258
|
)
|
|
(1,189
|
)
|
||||||
Adjusted Operating Income
|
|
23,188
|
|
15,686
|
|
22,202
|
|
28,713
|
|
|
66,601
|
|
|
89,789
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other income and expense
|
|
84
|
|
53
|
|
67
|
|
54
|
|
|
174
|
|
|
258
|
|
||||||
Depreciation and amortization
|
|
1,422
|
|
1,576
|
|
1,444
|
|
1,357
|
|
|
4,377
|
|
|
5,799
|
|
||||||
Adjusted EBITDA
|
|
$
|
24,694
|
|
$
|
17,315
|
|
$
|
23,713
|
|
$
|
30,124
|
|
|
$
|
71,152
|
|
|
$
|
95,846
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Year over year growth, Total sales
|
|
8.9
|
%
|
9.4
|
%
|
8.8
|
%
|
12.1
|
%
|
|
10.2
|
%
|
|
9.8
|
%
|
||||||
Year over year growth, External Sales
|
|
10.9
|
%
|
10.4
|
%
|
10.8
|
%
|
17.8
|
%
|
|
13.2
|
%
|
|
12.6
|
%
|
||||||
Operating Income Margin
|
|
12.8
|
%
|
11.6
|
%
|
13.1
|
%
|
15.4
|
%
|
|
13.5
|
%
|
|
13.3
|
%
|
||||||
Adjusted Operating Income Margin
|
|
12.8
|
%
|
10.7
|
%
|
13.2
|
%
|
15.4
|
%
|
|
13.3
|
%
|
|
13.1
|
%
|
||||||
Adjusted EBITDA Margin
|
|
13.6
|
%
|
11.8
|
%
|
14.1
|
%
|
16.2
|
%
|
|
14.2
|
%
|
|
14.0
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine
Months Ended |
|
Trailing
Twelve Months |
|||||||||||||||
|
|
October 30,
2016 |
January 29,
2017 |
April 30,
2017 |
July 30,
2017 |
|
July 30,
2017 |
|
July 30,
2017 |
||||||||||||
Total Sales
|
|
$
|
166,532
|
|
$
|
134,173
|
|
$
|
154,895
|
|
$
|
166,305
|
|
|
$
|
455,373
|
|
|
$
|
621,905
|
|
External Sales
|
|
139,968
|
|
115,557
|
|
133,290
|
|
140,639
|
|
|
389,486
|
|
|
529,454
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income, GAAP
|
|
21,254
|
|
12,376
|
|
19,997
|
|
23,276
|
|
|
55,649
|
|
|
76,903
|
|
||||||
Restructuring and impairment
|
|
103
|
|
305
|
|
129
|
|
60
|
|
|
494
|
|
|
597
|
|
||||||
Gain on insurance recovery
|
|
—
|
|
—
|
|
(420
|
)
|
(148
|
)
|
|
(568
|
)
|
|
(568
|
)
|
||||||
Adjusted Operating Income
|
|
21,357
|
|
12,681
|
|
19,706
|
|
23,188
|
|
|
55,575
|
|
|
76,932
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other income and expense
|
|
(27
|
)
|
28
|
|
52
|
|
55
|
|
|
135
|
|
|
108
|
|
||||||
Depreciation and amortization
|
|
1,406
|
|
1,334
|
|
1,302
|
|
1,266
|
|
|
3,902
|
|
|
5,308
|
|
||||||
Adjusted EBITDA
|
|
$
|
22,736
|
|
$
|
14,043
|
|
$
|
21,060
|
|
$
|
24,509
|
|
|
$
|
59,612
|
|
|
$
|
82,348
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income Margin
|
|
12.8
|
%
|
9.2
|
%
|
12.9
|
%
|
14.0
|
%
|
|
12.2
|
%
|
|
12.4
|
%
|
||||||
Adjusted Operating Income Margin
|
|
12.8
|
%
|
9.5
|
%
|
12.7
|
%
|
13.9
|
%
|
|
12.2
|
%
|
|
12.4
|
%
|
||||||
Adjusted EBITDA Margin
|
|
13.7
|
%
|
10.5
|
%
|
13.6
|
%
|
14.7
|
%
|
|
13.1
|
%
|
|
13.2
|
%
|
Insulated Metal Panels
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||
(In thousands)
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine
Months Ended |
|
Trailing
Twelve Months |
|||||||||||||||
|
|
October 29,
2017 |
January 28,
2018 |
April 29,
2018 |
July 29,
2018 |
|
July 29,
2018 |
|
July 29,
2018 |
||||||||||||
Total Sales
|
|
$
|
123,542
|
|
$
|
110,794
|
|
$
|
113,413
|
|
$
|
133,740
|
|
|
$
|
357,947
|
|
|
$
|
481,489
|
|
External Sales
|
|
105,064
|
|
97,513
|
|
99,792
|
|
106,605
|
|
|
303,910
|
|
|
408,974
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income, GAAP
|
|
14,895
|
|
7,071
|
|
1,540
|
|
17,859
|
|
|
26,470
|
|
|
41,365
|
|
||||||
Restructuring and impairment
|
|
683
|
|
1,284
|
|
88
|
|
—
|
|
|
1,372
|
|
|
2,055
|
|
||||||
Strategic development and acquisition related costs
|
|
90
|
|
300
|
|
61
|
|
—
|
|
|
361
|
|
|
451
|
|
||||||
Loss (gain) on disposition of business
|
|
—
|
|
—
|
|
6,686
|
|
(1,013
|
)
|
|
5,673
|
|
|
5,673
|
|
||||||
Gain on insurance recovery
|
|
—
|
|
—
|
|
—
|
|
(4,741
|
)
|
|
(4,741
|
)
|
|
(4,741
|
)
|
||||||
Unreimbursed business interruption costs
|
|
28
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
28
|
|
||||||
Adjusted Operating Income
|
|
15,696
|
|
8,655
|
|
8,375
|
|
12,105
|
|
|
29,135
|
|
|
44,831
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other income and expense
|
|
356
|
|
(273
|
)
|
223
|
|
(51
|
)
|
|
(101
|
)
|
|
255
|
|
||||||
Depreciation and amortization
|
|
4,742
|
|
4,388
|
|
4,335
|
|
4,324
|
|
|
13,047
|
|
|
17,789
|
|
||||||
Adjusted EBITDA
|
|
$
|
20,794
|
|
$
|
12,770
|
|
$
|
12,933
|
|
$
|
16,378
|
|
|
$
|
42,081
|
|
|
$
|
62,875
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Year over year growth, Total sales
|
|
12.3
|
%
|
16.4
|
%
|
10.2
|
%
|
11.7
|
%
|
|
12.6
|
%
|
|
12.5
|
%
|
||||||
Year over year growth, External Sales
|
|
13.4
|
%
|
18.3
|
%
|
15.0
|
%
|
8.8
|
%
|
|
13.7
|
%
|
|
13.6
|
%
|
||||||
Operating Income Margin
|
|
12.1
|
%
|
6.4
|
%
|
1.4
|
%
|
13.4
|
%
|
|
7.4
|
%
|
|
8.6
|
%
|
||||||
Adjusted Operating Income Margin
|
|
12.7
|
%
|
7.8
|
%
|
7.4
|
%
|
9.1
|
%
|
|
8.1
|
%
|
|
9.3
|
%
|
||||||
Adjusted EBITDA Margin
|
|
16.8
|
%
|
11.5
|
%
|
11.4
|
%
|
12.2
|
%
|
|
11.8
|
%
|
|
13.1
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine
Months Ended |
|
Trailing
Twelve Months |
|||||||||||||||
|
|
October 30,
2016 |
January 29,
2017 |
April 30,
2017 |
July 30,
2017 |
|
July 30,
2017 |
|
July 30,
2017 |
||||||||||||
Total Sales
|
|
$
|
110,001
|
|
$
|
95,195
|
|
$
|
102,937
|
|
$
|
119,730
|
|
|
$
|
317,862
|
|
|
$
|
427,863
|
|
External Sales
|
|
92,648
|
|
82,441
|
|
86,773
|
|
98,026
|
|
|
267,240
|
|
|
359,888
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income, GAAP
|
|
7,513
|
|
2,192
|
|
19,377
|
|
11,468
|
|
|
33,037
|
|
|
40,550
|
|
||||||
Restructuring and impairment
|
|
404
|
|
—
|
|
—
|
|
8
|
|
|
8
|
|
|
412
|
|
||||||
Gain on insurance recovery
|
|
—
|
|
—
|
|
(9,181
|
)
|
—
|
|
|
(9,181
|
)
|
|
(9,181
|
)
|
||||||
Unreimbursed business interruption costs
|
|
—
|
|
—
|
|
191
|
|
235
|
|
|
426
|
|
|
426
|
|
||||||
Adjusted Operating Income
|
|
7,917
|
|
2,192
|
|
10,387
|
|
11,711
|
|
|
24,290
|
|
|
32,207
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other income and expense
|
|
270
|
|
35
|
|
340
|
|
(211
|
)
|
|
164
|
|
|
434
|
|
||||||
Depreciation and amortization
|
|
3,926
|
|
4,392
|
|
4,258
|
|
4,516
|
|
|
13,166
|
|
|
17,092
|
|
||||||
Adjusted EBITDA
|
|
$
|
12,113
|
|
$
|
6,619
|
|
$
|
14,985
|
|
$
|
16,016
|
|
|
$
|
37,620
|
|
|
$
|
49,733
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income Margin
|
|
6.8
|
%
|
2.3
|
%
|
18.8
|
%
|
9.6
|
%
|
|
10.4
|
%
|
|
9.5
|
%
|
||||||
Adjusted Operating Income Margin
|
|
7.2
|
%
|
2.3
|
%
|
10.1
|
%
|
9.8
|
%
|
|
7.6
|
%
|
|
7.5
|
%
|
||||||
Adjusted EBITDA Margin
|
|
11.0
|
%
|
7.0
|
%
|
14.6
|
%
|
13.4
|
%
|
|
11.8
|
%
|
|
11.6
|
%
|
Metal Coil Coating
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||
(In thousands)
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine
Months Ended |
|
Trailing
Twelve Months |
|||||||||||||||
|
|
October 29,
2017 |
January 28,
2018 |
April 29,
2018 |
July 29,
2018 |
|
July 29,
2018 |
|
July 29,
2018 |
||||||||||||
Total Sales
|
|
$
|
98,550
|
|
$
|
88,343
|
|
$
|
95,190
|
|
$
|
116,440
|
|
|
$
|
299,973
|
|
|
$
|
398,523
|
|
External Sales
|
|
50,257
|
|
48,020
|
|
52,480
|
|
57,609
|
|
|
158,109
|
|
|
208,366
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income, GAAP
|
|
1,419
|
|
5,376
|
|
7,129
|
|
9,121
|
|
|
21,626
|
|
|
23,045
|
|
||||||
Goodwill impairment
|
|
6,000
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
6,000
|
|
||||||
Adjusted Operating Income
|
|
7,419
|
|
5,376
|
|
7,129
|
|
9,121
|
|
|
21,626
|
|
|
29,045
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation and amortization
|
|
2,065
|
|
2,058
|
|
2,085
|
|
2,097
|
|
|
6,240
|
|
|
8,305
|
|
||||||
Adjusted EBITDA
|
|
$
|
9,484
|
|
$
|
7,434
|
|
$
|
9,214
|
|
$
|
11,218
|
|
|
$
|
27,866
|
|
|
$
|
37,350
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Year over year growth, Total sales
|
|
2.7
|
%
|
0.0
|
%
|
9.8
|
%
|
22.2
|
%
|
|
11.0
|
%
|
|
8.8
|
%
|
||||||
Year over year growth, External Sales
|
|
(1.7
|
)%
|
(1.4
|
)%
|
14.2
|
%
|
18.6
|
%
|
|
10.4
|
%
|
|
7.2
|
%
|
||||||
Operating Income Margin
|
|
1.4
|
%
|
6.1
|
%
|
7.5
|
%
|
7.8
|
%
|
|
7.2
|
%
|
|
5.8
|
%
|
||||||
Adjusted Operating Income Margin
|
|
7.5
|
%
|
6.1
|
%
|
7.5
|
%
|
7.8
|
%
|
|
7.2
|
%
|
|
7.3
|
%
|
||||||
Adjusted EBITDA Margin
|
|
9.6
|
%
|
8.4
|
%
|
9.7
|
%
|
9.6
|
%
|
|
9.3
|
%
|
|
9.4
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine
Months Ended |
|
Trailing
Twelve Months |
|||||||||||||||
|
|
October 30,
2016 |
January 29,
2017 |
April 30,
2017 |
July 30,
2017 |
|
July 30,
2017 |
|
July 30,
2017 |
||||||||||||
Total Sales
|
|
$
|
95,987
|
|
$
|
88,340
|
|
$
|
86,729
|
|
$
|
95,261
|
|
|
$
|
270,330
|
|
|
$
|
366,317
|
|
External Sales
|
|
51,102
|
|
48,684
|
|
45,945
|
|
48,556
|
|
|
143,185
|
|
|
194,287
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income, GAAP
|
|
9,310
|
|
6,706
|
|
6,227
|
|
7,107
|
|
|
20,040
|
|
|
29,350
|
|
||||||
Adjusted Operating Income
|
|
9,310
|
|
6,706
|
|
6,227
|
|
7,107
|
|
|
20,040
|
|
|
29,350
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other income and expense
|
|
—
|
|
31
|
|
—
|
|
—
|
|
|
31
|
|
|
31
|
|
||||||
Depreciation and amortization
|
|
1,849
|
|
2,106
|
|
2,009
|
|
2,063
|
|
|
6,178
|
|
|
8,027
|
|
||||||
Adjusted EBITDA
|
|
$
|
11,159
|
|
$
|
8,843
|
|
$
|
8,236
|
|
$
|
9,170
|
|
|
$
|
26,249
|
|
|
$
|
37,408
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income Margin
|
|
9.7
|
%
|
7.6
|
%
|
7.2
|
%
|
7.5
|
%
|
|
7.4
|
%
|
|
8.0
|
%
|
||||||
Adjusted Operating Income Margin
|
|
9.7
|
%
|
7.6
|
%
|
7.2
|
%
|
7.5
|
%
|
|
7.4
|
%
|
|
8.0
|
%
|
||||||
Adjusted EBITDA Margin
|
|
11.6
|
%
|
10.0
|
%
|
9.5
|
%
|
9.6
|
%
|
|
9.7
|
%
|
|
10.2
|
%
|
Corporate
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||
(In thousands)
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine
Months Ended |
|
Trailing
Twelve Months |
|||||||||||||||
|
|
October 29,
2017 |
January 28,
2018 |
April 29,
2018 |
July 29,
2018 |
|
July 29,
2018 |
|
July 29,
2018 |
||||||||||||
Operating Loss, GAAP
|
|
$
|
(19,151
|
)
|
$
|
(24,901
|
)
|
$
|
(21,066
|
)
|
$
|
(25,463
|
)
|
|
$
|
(71,430
|
)
|
|
$
|
(90,581
|
)
|
Restructuring and impairment
|
|
262
|
|
77
|
|
—
|
|
—
|
|
|
77
|
|
|
339
|
|
||||||
Strategic development and acquisition related costs
|
|
103
|
|
254
|
|
1,073
|
|
3,642
|
|
|
4,969
|
|
|
5,072
|
|
||||||
Acceleration of CEO retirement benefits
|
|
—
|
|
4,600
|
|
—
|
|
—
|
|
|
4,600
|
|
|
4,600
|
|
||||||
Adjusted Operating Loss
|
|
(18,786
|
)
|
(19,970
|
)
|
(19,993
|
)
|
(21,821
|
)
|
|
(61,784
|
)
|
|
(80,570
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other income and expense
|
|
192
|
|
415
|
|
(236
|
)
|
263
|
|
|
442
|
|
|
634
|
|
||||||
Depreciation and amortization
|
|
237
|
|
259
|
|
255
|
|
491
|
|
|
1,005
|
|
|
1,242
|
|
||||||
Share-based compensation expense
|
|
2,084
|
|
2,270
|
|
1,998
|
|
1,041
|
|
|
5,309
|
|
|
7,393
|
|
||||||
Adjusted EBITDA
|
|
$
|
(16,273
|
)
|
$
|
(17,026
|
)
|
$
|
(17,976
|
)
|
$
|
(20,026
|
)
|
|
$
|
(55,028
|
)
|
|
$
|
(71,301
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Fiscal Three Months Ended
|
|
Fiscal Nine
Months Ended |
|
Trailing
Twelve Months |
|||||||||||||||
|
|
October 30,
2016 |
January 29,
2017 |
April 30,
2017 |
July 30,
2017 |
|
July 30,
2017 |
|
July 30,
2017 |
||||||||||||
Operating Loss, GAAP
|
|
$
|
(21,516
|
)
|
$
|
(17,891
|
)
|
$
|
(20,023
|
)
|
$
|
(22,702
|
)
|
|
$
|
(60,616
|
)
|
|
$
|
(82,132
|
)
|
Restructuring and impairment
|
|
97
|
|
49
|
|
—
|
|
—
|
|
|
49
|
|
|
146
|
|
||||||
Strategic development and acquisition related costs
|
|
590
|
|
357
|
|
124
|
|
1,297
|
|
|
1,778
|
|
|
2,368
|
|
||||||
Adjusted Operating Loss
|
|
(20,829
|
)
|
(17,485
|
)
|
(19,899
|
)
|
(21,405
|
)
|
|
(58,789
|
)
|
|
(79,618
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other income and expense
|
|
(73
|
)
|
256
|
|
182
|
|
187
|
|
|
625
|
|
|
552
|
|
||||||
Depreciation and amortization
|
|
235
|
|
207
|
|
208
|
|
178
|
|
|
593
|
|
|
828
|
|
||||||
Share-based compensation expense
|
|
3,181
|
|
3,042
|
|
2,820
|
|
2,284
|
|
|
8,146
|
|
|
11,327
|
|
||||||
Adjusted EBITDA
|
|
$
|
(17,486
|
)
|
$
|
(13,980
|
)
|
$
|
(16,689
|
)
|
$
|
(18,756
|
)
|
|
$
|
(49,425
|
)
|
|
$
|
(66,911
|
)
|
|
|
Payments due by period
|
||||||||||||||||||
Contractual Obligation
|
|
Total
|
|
Less than
1 year |
|
1 – 3 years
|
|
4 – 5 years
|
|
More than
5 years |
||||||||||
Total debt
(1)
|
|
$
|
413,962
|
|
|
$
|
4,150
|
|
|
$
|
12,450
|
|
|
$
|
8,300
|
|
|
$
|
389,062
|
|
Interest payments on debt
(2)
|
|
107,995
|
|
|
16,825
|
|
|
49,457
|
|
|
32,122
|
|
|
9,591
|
|
|||||
Total
|
|
$
|
521,957
|
|
|
$
|
20,975
|
|
|
$
|
61,907
|
|
|
$
|
40,422
|
|
|
$
|
398,653
|
|
(1)
|
Reflects amounts outstanding under the Term Loan Credit Facility.
|
(2)
|
Interest payments were calculated based on the variable rate in effect at
July 29, 2018
for the Term Loan Credit Facility.
|
•
|
certain damages for which we may be liable to Ply Gem under the terms and conditions of the Merger Agreement, including a termination fee of $45.0 million in certain circumstances;
|
•
|
payment for certain costs relating to the Merger, whether or not the Merger is completed, such as legal, accounting, financial advisor and printing fees;
|
•
|
negative reactions from the financial markets, including declines in the price of our Common Stock due to the fact that current prices may reflect a market assumption that the Merger will be completed;
|
•
|
diverted attention of the Company’s management to the Merger rather than to our operations and pursuit of other opportunities that could have been beneficial to the Company; and
|
•
|
a negative impact on the Company’s future growth plan, including with regard to potential acquisitions, for which the surviving corporation is likely to provide a stronger foundation.
|
(1)
|
The total number of shares purchased includes our Common Stock repurchased under the programs described below as well as shares of restricted stock that were withheld to satisfy minimum tax withholding obligations arising in connection with the vesting of awards of restricted stock. The required withholding is calculated using the closing sales price on the previous business day prior to the vesting date as reported by the NYSE.
|
(2)
|
On October 10, 2017, the Company announced that its Board of Directors authorized a stock repurchase program for the repurchase of up to an aggregate of $50.0 million of the Company’s outstanding Common Stock. On March 7, 2018, the Company announced that its Board of Directors authorized a new stock repurchase program for the repurchase of up to an aggregate of $50.0 million of the Company’s outstanding Common Stock. Under these repurchase programs, the Company is authorized to repurchase shares, if at all, at times and in amounts that we deem appropriate in accordance with all applicable securities laws and regulations. Shares repurchased are usually retired. There is no time limit on the duration of these programs. As of
July 29, 2018
, approximately
$55.6 million
remained available for stock repurchases under the programs announced on October 10, 2017 and March 7, 2018.
|
Exhibit
Number
|
|
Description
|
2.1
|
|
|
3.1
|
|
|
*31.1
|
|
|
*31.2
|
|
|
**32.1
|
|
|
**32.2
|
|
|
*101.INS
|
|
XBRL Instance Document
|
*101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
*101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
*101.DEF
|
|
XBRL Taxonomy Definition Linkbase Document
|
*101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
*101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
*
|
Filed herewith
|
|
**
|
Furnished herewith
|
|
†
|
Management contracts or compensatory plans or arrangements
|
|
NCI BUILDING SYSTEMS, INC.
|
|
|
|
|
Date: August 29, 2018
|
By:
|
/s/ Bradley S. Little
|
|
|
Bradley S. Little
|
|
|
Vice President, Finance and Chief Accounting Officer,
|
|
|
Interim Chief Financial Officer and Treasurer
|
1 Year NCI Building Chart |
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