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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Quanex Corp | NYSE:NX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.15 | 0.45% | 33.81 | 33.99 | 33.59 | 33.78 | 164,779 | 00:17:56 |
|
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
|
|
26-1561397
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Class
|
|
Outstanding at June 1, 2018
|
Common Stock, par value $0.01 per share
|
|
35,060,911
|
|
PART I.
|
||
|
|
|
Item 1:
|
Financial Statements (Unaudited)
|
|
|
|
|
|
Condensed Consolidated Balance Sheets –
April 30, 2018 and October 31, 2017
|
|
|
|
|
|
Condensed Consolidated Statements of Income (Loss) – Three
and Six Months Ended April 30, 2018 and 2017
|
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income (Loss) - Three and Six Months Ended April 30, 2018 and 2017
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flow –
Six Months Ended April 30, 2018 and 2017
|
|
|
|
|
|
Condensed Consolidated Statement of Stockholders’ Equity –
Six Months Ended April 30, 2018
|
|
|
|
|
|
||
|
|
|
Item 2:
|
||
|
|
|
Item 3:
|
||
|
|
|
Item 4:
|
||
|
|
|
PART II.
|
||
|
|
|
Item 6:
|
|
April 30,
2018 |
|
October 31,
2017 |
||||
|
(In thousands, except share
amounts)
|
||||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
10,098
|
|
|
$
|
17,455
|
|
Accounts receivable, net of allowance for doubtful accounts of $472 and $333
|
76,594
|
|
|
79,411
|
|
||
Inventories, net (Note 2)
|
92,928
|
|
|
87,529
|
|
||
Prepaid and other current assets
|
8,527
|
|
|
7,406
|
|
||
Total current assets
|
188,147
|
|
|
191,801
|
|
||
Property, plant and equipment, net of accumulated depreciation of $276,909 and $264,047
|
209,459
|
|
|
211,131
|
|
||
Goodwill (Note 3)
|
224,728
|
|
|
222,194
|
|
||
Intangible assets, net (Note 3)
|
133,193
|
|
|
139,778
|
|
||
Other assets
|
9,244
|
|
|
8,975
|
|
||
Total assets
|
$
|
764,771
|
|
|
$
|
773,879
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
44,492
|
|
|
$
|
44,150
|
|
Accrued liabilities
|
34,576
|
|
|
38,871
|
|
||
Income taxes payable (Note 7)
|
2,284
|
|
|
2,192
|
|
||
Current maturities of long-term debt (Note 4)
|
16,167
|
|
|
21,242
|
|
||
Total current liabilities
|
97,519
|
|
|
106,455
|
|
||
Long-term debt (Note 4)
|
210,857
|
|
|
218,184
|
|
||
Deferred pension and postretirement benefits (Note 6)
|
5,890
|
|
|
4,433
|
|
||
Deferred income taxes (Note 7)
|
14,889
|
|
|
21,960
|
|
||
Other liabilities
|
15,290
|
|
|
16,000
|
|
||
Total liabilities
|
344,445
|
|
|
367,032
|
|
||
Commitments and contingencies (Note 8)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, no par value, shares authorized 1,000,000; issued and outstanding - none
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value, shares authorized 125,000,000; issued 37,463,059 and 37,508,877, respectively; outstanding 35,090,153 and 34,838,134, respectively
|
375
|
|
|
375
|
|
||
Additional paid-in-capital
|
253,269
|
|
|
255,719
|
|
||
Retained earnings
|
230,945
|
|
|
225,704
|
|
||
Accumulated other comprehensive loss
|
(19,951
|
)
|
|
(25,076
|
)
|
||
Less: Treasury stock at cost, 2,372,906 and 2,670,743 shares, respectively
|
(44,312
|
)
|
|
(49,875
|
)
|
||
Total stockholders’ equity
|
420,326
|
|
|
406,847
|
|
||
Total liabilities and stockholders' equity
|
$
|
764,771
|
|
|
$
|
773,879
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
April 30,
|
|
April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands, except per share amounts)
|
||||||||||||||
Net sales
|
$
|
214,212
|
|
|
$
|
209,133
|
|
|
$
|
405,878
|
|
|
$
|
404,229
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of sales (excluding depreciation and amortization)
|
168,741
|
|
|
162,132
|
|
|
323,181
|
|
|
317,079
|
|
||||
Selling, general and administrative
|
23,783
|
|
|
26,916
|
|
|
47,859
|
|
|
54,361
|
|
||||
Restructuring charges
|
242
|
|
|
1,080
|
|
|
608
|
|
|
2,219
|
|
||||
Depreciation and amortization
|
13,310
|
|
|
14,380
|
|
|
26,583
|
|
|
29,786
|
|
||||
Operating income
|
8,136
|
|
|
4,625
|
|
|
7,647
|
|
|
784
|
|
||||
Non-operating (expense) income:
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(2,502
|
)
|
|
(2,391
|
)
|
|
(4,943
|
)
|
|
(4,551
|
)
|
||||
Other, net
|
(105
|
)
|
|
(135
|
)
|
|
212
|
|
|
526
|
|
||||
Income (loss) before income taxes
|
5,529
|
|
|
2,099
|
|
|
2,916
|
|
|
(3,241
|
)
|
||||
Income tax (expense) benefit
|
(1,393
|
)
|
|
(637
|
)
|
|
6,167
|
|
|
977
|
|
||||
Net income (loss)
|
$
|
4,136
|
|
|
$
|
1,462
|
|
|
$
|
9,083
|
|
|
$
|
(2,264
|
)
|
|
|
|
|
|
|
|
|
||||||||
Basic income (loss) per common share
|
$
|
0.12
|
|
|
$
|
0.04
|
|
|
$
|
0.26
|
|
|
$
|
(0.07
|
)
|
|
|
|
|
|
|
|
|
||||||||
Diluted income (loss) per common share:
|
$
|
0.12
|
|
|
$
|
0.04
|
|
|
$
|
0.26
|
|
|
$
|
(0.07
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
34,796
|
|
|
34,146
|
|
|
34,731
|
|
|
34,099
|
|
||||
Diluted
|
35,115
|
|
|
34,769
|
|
|
35,166
|
|
|
34,099
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash dividends per share
|
$
|
0.04
|
|
|
$
|
0.04
|
|
|
$
|
0.08
|
|
|
$
|
0.08
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
April 30,
|
|
April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands)
|
||||||||||||||
Net income (loss)
|
$
|
4,136
|
|
|
$
|
1,462
|
|
|
$
|
9,083
|
|
|
$
|
(2,264
|
)
|
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments (loss) gain
|
(5,328
|
)
|
|
3,744
|
|
|
5,822
|
|
|
6,576
|
|
||||
Change in pension from net unamortized gain tax (expense)
|
—
|
|
|
—
|
|
|
(697
|
)
|
|
—
|
|
||||
Other comprehensive (loss) income
|
(5,328
|
)
|
|
3,744
|
|
|
5,125
|
|
|
6,576
|
|
||||
Comprehensive (loss) income
|
$
|
(1,192
|
)
|
|
$
|
5,206
|
|
|
$
|
14,208
|
|
|
$
|
4,312
|
|
|
Six Months Ended
|
||||||
|
April 30,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
9,083
|
|
|
$
|
(2,264
|
)
|
Adjustments to reconcile net income (loss) to cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
26,583
|
|
|
29,786
|
|
||
Stock-based compensation
|
211
|
|
|
3,222
|
|
||
Deferred income tax
|
(8,087
|
)
|
|
(4,233
|
)
|
||
Other, net
|
(321
|
)
|
|
1,355
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Decrease in accounts receivable
|
3,357
|
|
|
4,564
|
|
||
Increase in inventory
|
(4,623
|
)
|
|
(6,593
|
)
|
||
Increase in other current assets
|
(1,047
|
)
|
|
(506
|
)
|
||
Increase (decrease) in accounts payable
|
378
|
|
|
(7,170
|
)
|
||
Decrease in accrued liabilities
|
(5,220
|
)
|
|
(7,469
|
)
|
||
Increase in income taxes payable
|
25
|
|
|
3,215
|
|
||
Increase in deferred pension and postretirement benefits
|
1,457
|
|
|
1,682
|
|
||
(Decrease) increase in other long-term liabilities
|
(38
|
)
|
|
945
|
|
||
Other, net
|
(143
|
)
|
|
195
|
|
||
Cash provided by operating activities
|
21,615
|
|
|
16,729
|
|
||
Investing activities:
|
|
|
|
||||
Acquisitions, net of cash acquired
|
—
|
|
|
(8,497
|
)
|
||
Capital expenditures
|
(15,213
|
)
|
|
(17,550
|
)
|
||
Proceeds from disposition of capital assets
|
180
|
|
|
593
|
|
||
Cash used for investing activities
|
(15,033
|
)
|
|
(25,454
|
)
|
||
Financing activities:
|
|
|
|
||||
Borrowings under credit facilities
|
21,500
|
|
|
53,500
|
|
||
Repayments of credit facility borrowings
|
(34,000
|
)
|
|
(52,250
|
)
|
||
Repayments of other long-term debt
|
(442
|
)
|
|
(1,363
|
)
|
||
Common stock dividends paid
|
(2,800
|
)
|
|
(2,749
|
)
|
||
Issuance of common stock
|
2,564
|
|
|
1,726
|
|
||
Payroll tax paid to settle shares forfeited upon vesting of stock
|
(706
|
)
|
|
(957
|
)
|
||
Cash used for financing activities
|
(13,884
|
)
|
|
(2,093
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(55
|
)
|
|
(195
|
)
|
||
Decrease in cash and cash equivalents
|
(7,357
|
)
|
|
(11,013
|
)
|
||
Cash and cash equivalents at beginning of period
|
17,455
|
|
|
25,526
|
|
||
Cash and cash equivalents at end of period
|
$
|
10,098
|
|
|
$
|
14,513
|
|
Six Months Ended April 30, 2018
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive Loss
|
|
Treasury
Stock
|
|
Total
Stockholders’
Equity
|
||||||||||||
|
(In thousands, no per share amounts shown except in verbiage)
|
||||||||||||||||||||||
Balance at October 31, 2017
|
$
|
375
|
|
|
$
|
255,719
|
|
|
$
|
225,704
|
|
|
$
|
(25,076
|
)
|
|
$
|
(49,875
|
)
|
|
$
|
406,847
|
|
Net income
|
—
|
|
|
—
|
|
|
9,083
|
|
|
—
|
|
|
—
|
|
|
9,083
|
|
||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
5,822
|
|
|
—
|
|
|
5,822
|
|
||||||
Common dividends ($0.08 per share)
|
—
|
|
|
—
|
|
|
(2,800
|
)
|
|
—
|
|
|
—
|
|
|
(2,800
|
)
|
||||||
Change in pension from net unamortized gain tax (expense)
|
—
|
|
|
—
|
|
|
—
|
|
|
(697
|
)
|
|
—
|
|
|
(697
|
)
|
||||||
Stock-based compensation activity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Expense related to stock-based compensation
|
—
|
|
|
211
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
211
|
|
||||||
Stock options exercised
|
—
|
|
|
(149
|
)
|
|
(1,005
|
)
|
|
—
|
|
|
3,718
|
|
|
2,564
|
|
||||||
Restricted stock awards granted
|
—
|
|
|
(1,371
|
)
|
|
—
|
|
|
—
|
|
|
1,371
|
|
|
—
|
|
||||||
Performance share awards vested
|
—
|
|
|
(473
|
)
|
|
—
|
|
|
—
|
|
|
473
|
|
|
—
|
|
||||||
Other
|
—
|
|
|
(668
|
)
|
|
(37
|
)
|
|
—
|
|
|
1
|
|
|
(704
|
)
|
||||||
Balance at April 30, 2018
|
$
|
375
|
|
|
$
|
253,269
|
|
|
$
|
230,945
|
|
|
$
|
(19,951
|
)
|
|
$
|
(44,312
|
)
|
|
$
|
420,326
|
|
|
April 30,
2018 |
|
October 31,
2017 |
||||
|
(In thousands)
|
||||||
Raw materials
|
$
|
51,113
|
|
|
$
|
50,472
|
|
Finished goods and work in process
|
46,179
|
|
|
40,087
|
|
||
Supplies and other
|
2,040
|
|
|
2,655
|
|
||
Total
|
99,332
|
|
|
93,214
|
|
||
Less: Inventory reserves
|
6,404
|
|
|
5,685
|
|
||
Inventories, net
|
$
|
92,928
|
|
|
$
|
87,529
|
|
|
April 30,
2018 |
|
October 31,
2017 |
||||
|
(In thousands)
|
||||||
LIFO
|
$
|
5,522
|
|
|
$
|
4,444
|
|
FIFO
|
87,406
|
|
|
83,085
|
|
||
Total
|
$
|
92,928
|
|
|
$
|
87,529
|
|
|
Six Months Ended
|
||
|
April 30, 2018
|
||
|
(In thousands)
|
||
Beginning balance as of November 1, 2017
|
$
|
222,194
|
|
Foreign currency translation adjustment
|
2,534
|
|
|
Balance as of the end of the period
|
$
|
224,728
|
|
|
April 30, 2018
|
|
October 31, 2017
|
||||||||||||
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Gross Carrying
Amount |
|
Accumulated
Amortization |
||||||||
|
(In thousands)
|
||||||||||||||
Customer relationships
|
$
|
156,664
|
|
|
$
|
54,249
|
|
|
$
|
155,230
|
|
|
$
|
48,479
|
|
Trademarks and trade names
|
56,500
|
|
|
31,315
|
|
|
56,058
|
|
|
29,509
|
|
||||
Patents and other technology
|
22,342
|
|
|
16,749
|
|
|
22,624
|
|
|
16,146
|
|
||||
Total
|
$
|
235,506
|
|
|
$
|
102,313
|
|
|
$
|
233,912
|
|
|
$
|
94,134
|
|
|
Estimated
Amortization Expense
|
||
2018 (remaining six months)
|
$
|
8,055
|
|
2019
|
15,499
|
|
|
2020
|
14,442
|
|
|
2021
|
12,721
|
|
|
2022
|
12,096
|
|
|
Thereafter
|
70,380
|
|
|
Total
|
$
|
133,193
|
|
|
April 30,
2018 |
|
October 31,
2017 |
||||
|
(In thousands)
|
||||||
Revolving Credit Facility
|
$
|
79,000
|
|
|
$
|
84,000
|
|
Term Loan A
|
131,250
|
|
|
138,750
|
|
||
Capital lease obligations and other
|
18,584
|
|
|
18,764
|
|
||
Unamortized deferred financing fees
|
(1,810
|
)
|
|
(2,088
|
)
|
||
Total debt
|
$
|
227,024
|
|
|
$
|
239,426
|
|
Less: Current maturities of long-term debt
|
16,167
|
|
|
21,242
|
|
||
Long-term debt
|
$
|
210,857
|
|
|
$
|
218,184
|
|
Pricing Level
|
|
Consolidated Leverage Ratio
|
|
Commitment Fee
|
|
LIBOR Rate Loans
|
|
Base Rate Loans
|
I
|
|
Less than or equal to 1.50 to 1.00
|
|
0.200%
|
|
1.50%
|
|
0.50%
|
II
|
|
Greater than 1.50 to 1.00, but less than or equal to 2.25 to 1.00
|
|
0.225%
|
|
1.75%
|
|
0.75%
|
III
|
|
Greater than 2.25 to 1.00, but less than or equal to 3.00 to 1.00
|
|
0.250%
|
|
2.00%
|
|
1.00%
|
IV
|
|
Greater than 3.00 to 1.00
|
|
0.300%
|
|
2.25%
|
|
1.25%
|
Period
|
|
Maximum Ratio
|
January 31, 2017 through January 30, 2018
|
|
3.25 to 1.00
|
January 31, 2018 and thereafter
|
|
3.00 to 1.00
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
April 30,
|
|
April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands)
|
||||||||||||||
Service cost
|
$
|
1,023
|
|
|
$
|
971
|
|
|
$
|
1,972
|
|
|
$
|
1,897
|
|
Interest cost
|
354
|
|
|
216
|
|
|
568
|
|
|
428
|
|
||||
Expected return on plan assets
|
(621
|
)
|
|
(474
|
)
|
|
(1,087
|
)
|
|
(931
|
)
|
||||
Amortization of net (gain) loss
|
(102
|
)
|
|
144
|
|
|
42
|
|
|
286
|
|
||||
Net periodic benefit cost
|
$
|
654
|
|
|
$
|
857
|
|
|
$
|
1,495
|
|
|
$
|
1,680
|
|
|
Six Months Ended
|
||
|
April 30, 2018
|
||
|
(In thousands)
|
||
Beginning balance as of November 1, 2017
|
$
|
323
|
|
Provision for warranty expense
|
8
|
|
|
Warranty costs paid
|
(15
|
)
|
|
Total accrued warranty as of the end of the period
|
$
|
316
|
|
Less: Current portion of accrued warranty
|
152
|
|
|
Long-term portion of accrued warranty
|
$
|
164
|
|
|
|
Notional as indicated
|
|
Fair Value in $
|
||||||||||||
|
|
April 30,
2018 |
|
October 31,
2017 |
|
April 30,
2018 |
|
October 31,
2017 |
||||||||
Foreign currency derivatives:
|
|
|
|
|
|
|
|
|
||||||||
Sell EUR, buy USD
|
EUR
|
$
|
—
|
|
|
$
|
1,271
|
|
|
$
|
—
|
|
|
$
|
24
|
|
Sell CAD, buy USD
|
CAD
|
124
|
|
|
320
|
|
|
—
|
|
|
1
|
|
||||
Sell GBP, buy USD
|
GBP
|
196
|
|
|
75
|
|
|
5
|
|
|
—
|
|
||||
Buy EUR, sell USD
|
EUR
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Buy EUR, sell GBP
|
EUR
|
183
|
|
|
30
|
|
|
2
|
|
|
(1
|
)
|
||||
Buy USD, sell EUR
|
USD
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
•
|
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
|
•
|
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates) and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
•
|
Level 3 - Inputs that are both significant to the fair value measurement and unobservable.
|
|
Restricted Stock Awards
|
|
Weighted Average
Grant Date Fair Value per Share |
|||
Non-vested at October 31, 2017
|
284,300
|
|
|
$
|
19.66
|
|
Granted
|
73,400
|
|
|
20.70
|
|
|
Cancelled
|
(14,400
|
)
|
|
19.57
|
|
|
Vested
|
(61,800
|
)
|
|
20.28
|
|
|
Non-vested at April 30, 2018
|
281,500
|
|
|
$
|
19.80
|
|
|
Six Months Ended
|
|
April 30, 2017
|
Weighted-average expected volatility
|
34.7%
|
Weighted-average expected term (in years)
|
5.7
|
Risk-free interest rate
|
2.0%
|
Expected dividend yield over expected term
|
1.0%
|
Weighted average grant date fair value
|
$6.25
|
|
Stock Options
|
|
Weighted Average
Exercise Price
|
|
Weighted Average
Remaining Contractual
Term (in years)
|
|
Aggregate
Intrinsic
Value (000s)
|
|||||
Outstanding at October 31, 2017
|
2,152,758
|
|
|
$
|
17.44
|
|
|
|
|
|
||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
(199,097
|
)
|
|
12.88
|
|
|
|
|
|
|||
Forfeited/Expired
|
(19,885
|
)
|
|
19.30
|
|
|
|
|
|
|||
Outstanding at April 30, 2018
|
1,933,776
|
|
|
$
|
17.90
|
|
|
4.8
|
|
$
|
1,556
|
|
Vested or expected to vest at April 30, 2018
|
1,933,776
|
|
|
$
|
17.90
|
|
|
4.8
|
|
$
|
1,556
|
|
Exercisable at April 30, 2018
|
1,668,799
|
|
|
$
|
17.66
|
|
|
4.3
|
|
$
|
1,556
|
|
|
Grant Date Fair Value
|
||||||||||||
Grant Date
|
Shares Awarded
|
|
EPS
|
|
R-TSR
|
|
Shares Forfeited
|
||||||
December 2, 2015
|
158,100
|
|
|
$
|
19.31
|
|
|
$
|
23.72
|
|
|
15,400
|
|
January 25, 2016
|
4,300
|
|
|
17.46
|
|
|
26.65
|
|
|
—
|
|
||
November 30, 2016
|
186,500
|
|
|
19.45
|
|
|
26.61
|
|
|
7,400
|
|
||
December 7, 2017
|
146,500
|
|
|
$
|
20.70
|
|
|
$
|
21.81
|
|
|
3,900
|
|
Vesting Level
|
|
Vesting Criteria
|
|
Percentage of Award Vested
|
Level 1
|
|
A-TSR greater than or equal to 50%
|
|
150%
|
Level 2
|
|
A-TSR less than 50% and greater than or equal to 20%
|
|
100%
|
Level 3
|
|
A-TSR less than 20% and greater than or equal to -20%
|
|
50%
|
Level 4
|
|
A-TSR less than -20%
|
|
—%
|
|
Six Months Ended
|
|
|
April 30, 2018
|
|
Beginning balance as of November 1, 2017
|
2,670,743
|
|
Restricted stock awards granted
|
(73,400
|
)
|
Performance share awards vested
|
(25,340
|
)
|
Stock options exercised
|
(199,097
|
)
|
Balance at April 30, 2018
|
2,372,906
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
April 30,
|
|
April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands)
|
||||||||||||||
Foreign currency transaction (losses) gains
|
$
|
(158
|
)
|
|
$
|
(121
|
)
|
|
$
|
196
|
|
|
$
|
365
|
|
Foreign currency derivative gains (losses)
|
26
|
|
|
(34
|
)
|
|
(29
|
)
|
|
110
|
|
||||
Interest income
|
25
|
|
|
19
|
|
|
40
|
|
|
46
|
|
||||
Other
|
2
|
|
|
1
|
|
|
5
|
|
|
5
|
|
||||
Other, net
|
$
|
(105
|
)
|
|
$
|
(135
|
)
|
|
$
|
212
|
|
|
$
|
526
|
|
|
NA Eng. Comp.
|
|
EU Eng. Comp.
|
|
NA Cabinet Comp.
|
|
Unallocated Corp. & Other
|
|
Total
|
||||||||||
Three Months Ended April 30, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
114,157
|
|
|
$
|
38,824
|
|
|
$
|
62,668
|
|
|
$
|
(1,437
|
)
|
|
$
|
214,212
|
|
Depreciation and amortization
|
6,808
|
|
|
2,527
|
|
|
3,839
|
|
|
136
|
|
|
13,310
|
|
|||||
Operating income (loss)
|
5,559
|
|
|
2,453
|
|
|
202
|
|
|
(78
|
)
|
|
8,136
|
|
|||||
Capital expenditures
|
3,567
|
|
|
1,456
|
|
|
2,313
|
|
|
66
|
|
|
7,402
|
|
|||||
Three Months Ended April 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
111,165
|
|
|
$
|
34,205
|
|
|
$
|
65,080
|
|
|
$
|
(1,317
|
)
|
|
$
|
209,133
|
|
Depreciation and amortization
|
8,540
|
|
|
2,306
|
|
|
3,394
|
|
|
140
|
|
|
14,380
|
|
|||||
Operating income (loss)
|
3,969
|
|
|
2,937
|
|
|
2,002
|
|
|
(4,283
|
)
|
|
4,625
|
|
|||||
Capital expenditures
|
5,689
|
|
|
1,807
|
|
|
1,913
|
|
|
—
|
|
|
9,409
|
|
|||||
Six Months Ended April 30, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
216,883
|
|
|
$
|
72,820
|
|
|
$
|
118,590
|
|
|
$
|
(2,415
|
)
|
|
$
|
405,878
|
|
Depreciation and amortization
|
13,819
|
|
|
4,976
|
|
|
7,525
|
|
|
263
|
|
|
26,583
|
|
|||||
Operating income (loss)
|
7,172
|
|
|
3,740
|
|
|
(2,675
|
)
|
|
(590
|
)
|
|
7,647
|
|
|||||
Capital expenditures
|
7,464
|
|
|
3,864
|
|
|
3,771
|
|
|
114
|
|
|
15,213
|
|
|||||
Six Months Ended April 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
217,248
|
|
|
$
|
65,774
|
|
|
$
|
123,710
|
|
|
$
|
(2,503
|
)
|
|
$
|
404,229
|
|
Depreciation and amortization
|
18,478
|
|
|
4,362
|
|
|
6,669
|
|
|
277
|
|
|
29,786
|
|
|||||
Operating income (loss)
|
4,039
|
|
|
5,140
|
|
|
1,175
|
|
|
(9,570
|
)
|
|
784
|
|
|||||
Capital expenditures
|
9,400
|
|
|
4,951
|
|
|
2,997
|
|
|
202
|
|
|
17,550
|
|
|||||
As of April 30, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
249,021
|
|
|
$
|
223,303
|
|
|
$
|
286,305
|
|
|
$
|
6,142
|
|
|
$
|
764,771
|
|
As of October 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
258,315
|
|
|
$
|
219,622
|
|
|
$
|
285,457
|
|
|
$
|
10,485
|
|
|
$
|
773,879
|
|
Three Months Ended April 30, 2017
|
As Previously Reported
|
|
Reclassification
|
|
Current Presentation
|
||||||
|
(in thousands)
|
||||||||||
NA Engineered Components
|
|
|
|
|
|
||||||
Net sales
|
$
|
116,410
|
|
|
$
|
(5,245
|
)
|
|
$
|
111,165
|
|
Depreciation and amortization
|
8,669
|
|
|
(129
|
)
|
|
8,540
|
|
|||
Operating income (loss)
|
4,937
|
|
|
(968
|
)
|
|
3,969
|
|
|||
Capital expenditures
|
$
|
5,940
|
|
|
$
|
(251
|
)
|
|
5,689
|
|
|
EU Engineered Components
|
|
|
|
|
|
||||||
Net sales
|
$
|
34,205
|
|
|
$
|
—
|
|
|
$
|
34,205
|
|
Depreciation and amortization
|
2,306
|
|
|
—
|
|
|
2,306
|
|
|||
Operating income (loss)
|
2,937
|
|
|
—
|
|
|
2,937
|
|
|||
Capital expenditures
|
$
|
1,807
|
|
|
$
|
—
|
|
|
1,807
|
|
|
NA Cabinet Components
|
|
|
|
|
|
||||||
Net sales
|
$
|
59,147
|
|
|
$
|
5,933
|
|
|
$
|
65,080
|
|
Depreciation and amortization
|
3,265
|
|
|
129
|
|
|
3,394
|
|
|||
Operating income (loss)
|
1,034
|
|
|
968
|
|
|
2,002
|
|
|||
Capital expenditures
|
$
|
1,662
|
|
|
$
|
251
|
|
|
$
|
1,913
|
|
Unallocated Corporate & Other
|
|
|
|
|
|
||||||
Net sales
|
$
|
(629
|
)
|
|
$
|
(688
|
)
|
|
$
|
(1,317
|
)
|
Depreciation and amortization
|
140
|
|
|
—
|
|
|
140
|
|
|||
Operating income (loss)
|
(4,283
|
)
|
|
—
|
|
|
(4,283
|
)
|
|||
Capital expenditures
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Six Months Ended April 30, 2017
|
As Previously Reported
|
|
Reclassification
|
|
Current Presentation
|
||||||
|
(in thousands)
|
||||||||||
NA Engineered Components
|
|
|
|
|
|
||||||
Net sales
|
$
|
227,483
|
|
|
$
|
(10,235
|
)
|
|
$
|
217,248
|
|
Depreciation and amortization
|
18,747
|
|
|
(269
|
)
|
|
18,478
|
|
|||
Operating income (loss)
|
5,238
|
|
|
(1,199
|
)
|
|
4,039
|
|
|||
Capital expenditures
|
$
|
9,696
|
|
|
$
|
(296
|
)
|
|
$
|
9,400
|
|
EU Engineered Components
|
|
|
|
|
|
||||||
Net sales
|
$
|
65,774
|
|
|
$
|
—
|
|
|
$
|
65,774
|
|
Depreciation and amortization
|
4,362
|
|
|
—
|
|
|
4,362
|
|
|||
Operating income (loss)
|
5,140
|
|
|
—
|
|
|
5,140
|
|
|||
Capital expenditures
|
$
|
4,951
|
|
|
$
|
—
|
|
|
$
|
4,951
|
|
NA Cabinet Components
|
|
|
|
|
|
||||||
Net sales
|
$
|
112,144
|
|
|
$
|
11,566
|
|
|
$
|
123,710
|
|
Depreciation and amortization
|
6,400
|
|
|
269
|
|
|
6,669
|
|
|||
Operating income (loss)
|
(24
|
)
|
|
1,199
|
|
|
1,175
|
|
|||
Capital expenditures
|
$
|
2,701
|
|
|
$
|
296
|
|
|
$
|
2,997
|
|
Unallocated Corporate & Other
|
|
|
|
|
|
||||||
Net sales
|
$
|
(1,172
|
)
|
|
$
|
(1,331
|
)
|
|
$
|
(2,503
|
)
|
Depreciation and amortization
|
277
|
|
|
—
|
|
|
277
|
|
|||
Operating income (loss)
|
(9,570
|
)
|
|
—
|
|
|
(9,570
|
)
|
|||
Capital expenditures
|
$
|
202
|
|
|
$
|
—
|
|
|
$
|
202
|
|
|
NA Eng. Comp.
|
|
EU Eng. Comp.
|
|
NA Cabinet Comp.
|
|
Unallocated Corp. & Other
|
|
Total
|
||||||||||
Balance as of October 31, 2017
|
$
|
38,712
|
|
|
$
|
69,735
|
|
|
$
|
113,747
|
|
|
$
|
—
|
|
|
$
|
222,194
|
|
Foreign currency translation adjustment
|
—
|
|
|
2,534
|
|
|
—
|
|
|
—
|
|
|
2,534
|
|
|||||
Balance as of April 30, 2018
|
$
|
38,712
|
|
|
$
|
72,269
|
|
|
$
|
113,747
|
|
|
$
|
—
|
|
|
$
|
224,728
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
April 30,
|
|
April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands)
|
||||||||||||||
Operating loss
|
$
|
8,136
|
|
|
$
|
4,625
|
|
|
$
|
7,647
|
|
|
$
|
784
|
|
Interest expense
|
(2,502
|
)
|
|
(2,391
|
)
|
|
(4,943
|
)
|
|
(4,551
|
)
|
||||
Other, net
|
(105
|
)
|
|
(135
|
)
|
|
212
|
|
|
526
|
|
||||
Income tax benefit
|
(1,393
|
)
|
|
(637
|
)
|
|
6,167
|
|
|
977
|
|
||||
Net income (loss)
|
$
|
4,136
|
|
|
$
|
1,462
|
|
|
$
|
9,083
|
|
|
$
|
(2,264
|
)
|
|
Three months ended
|
|
Six Months Ended
|
||||||||||||
|
April 30,
|
|
April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands)
|
||||||||||||||
NA Engineered Components:
|
|
|
|
|
|
|
|
||||||||
United States - fenestration
|
$
|
97,005
|
|
|
$
|
92,327
|
|
|
$
|
184,787
|
|
|
$
|
182,039
|
|
International - fenestration
|
8,897
|
|
|
8,646
|
|
|
15,906
|
|
|
14,986
|
|
||||
United States - non-fenestration
|
4,697
|
|
|
6,698
|
|
|
8,843
|
|
|
12,529
|
|
||||
International - non-fenestration
|
3,558
|
|
|
3,494
|
|
|
7,347
|
|
|
7,694
|
|
||||
|
$
|
114,157
|
|
|
$
|
111,165
|
|
|
$
|
216,883
|
|
|
$
|
217,248
|
|
EU Engineered Components:
|
|
|
|
|
|
|
|
||||||||
United States - fenestration
|
$
|
—
|
|
|
$
|
79
|
|
|
$
|
—
|
|
|
$
|
114
|
|
International - fenestration
|
32,847
|
|
|
30,536
|
|
|
62,716
|
|
|
59,441
|
|
||||
International - non-fenestration
|
5,977
|
|
|
3,590
|
|
|
10,104
|
|
|
6,219
|
|
||||
|
$
|
38,824
|
|
|
$
|
34,205
|
|
|
$
|
72,820
|
|
|
$
|
65,774
|
|
NA Cabinet Components:
|
|
|
|
|
|
|
|
||||||||
United States - fenestration
|
$
|
3,403
|
|
|
$
|
3,363
|
|
|
$
|
6,850
|
|
|
$
|
6,696
|
|
United States - non-fenestration
|
58,698
|
|
|
60,965
|
|
|
110,703
|
|
|
115,655
|
|
||||
International - non-fenestration
|
567
|
|
|
752
|
|
|
1,037
|
|
|
1,359
|
|
||||
|
$
|
62,668
|
|
|
$
|
65,080
|
|
|
$
|
118,590
|
|
|
$
|
123,710
|
|
Unallocated Corporate & Other
|
|
|
|
|
|
|
|
||||||||
Eliminations
|
$
|
(1,437
|
)
|
|
$
|
(1,317
|
)
|
|
$
|
(2,415
|
)
|
|
$
|
(2,503
|
)
|
|
$
|
(1,437
|
)
|
|
$
|
(1,317
|
)
|
|
$
|
(2,415
|
)
|
|
$
|
(2,503
|
)
|
Net sales
|
$
|
214,212
|
|
|
$
|
209,133
|
|
|
$
|
405,878
|
|
|
$
|
404,229
|
|
|
Three Months Ended April 30, 2018
|
|||||||||
|
Net Income
|
|
Weighted Average Shares
|
|
Per Share
|
|||||
Basic earnings per common share
|
$
|
4,136
|
|
|
34,796
|
|
|
$
|
0.12
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|||||
Stock options
|
|
|
183
|
|
|
|
||||
Restricted stock awards
|
|
|
136
|
|
|
|
||||
Diluted earnings per common share
|
$
|
4,136
|
|
|
35,115
|
|
|
$
|
0.12
|
|
|
Three Months Ended April 30, 2017
|
|||||||||
|
Net Income
|
|
Weighted Average Shares
|
|
Per Share
|
|||||
Basic earnings per common share
|
$
|
1,462
|
|
|
34,146
|
|
|
$
|
0.04
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|||||
Stock options
|
|
|
440
|
|
|
|
||||
Restricted stock awards
|
|
|
121
|
|
|
|
||||
Performance shares
|
|
|
62
|
|
|
|
||||
Diluted earnings per common share
|
$
|
1,462
|
|
|
34,769
|
|
|
$
|
0.04
|
|
|
Six Months Ended April 30, 2018
|
|||||||||
|
Net Income
|
|
Weighted Average Shares
|
|
Per Share
|
|||||
Basic earnings per common share
|
$
|
9,083
|
|
|
34,731
|
|
|
$
|
0.26
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|||||
Stock options
|
|
|
289
|
|
|
|
||||
Restricted stock awards
|
|
|
146
|
|
|
|
||||
Diluted earnings per common share
|
$
|
9,083
|
|
|
35,166
|
|
|
$
|
0.26
|
|
•
|
Excess tax benefits or deficiencies for share-based payments are to be recorded in the income tax provision, rather than as an adjustment to additional paid-in-capital. We made this change on a prospective basis;
|
•
|
Cash flows related to excess tax benefits or deficiencies are included in net cash provided by operating activities rather than as a financing activity. We adopted this change retrospectively, which resulted in an increase to net cash provided by operating activities and a corresponding decrease to net cash provided by financing activities of less than
$0.1 million
for the six months ended
April 30, 2017
;
|
•
|
Cash paid to taxing authorities when withholding shares from an employee’s vesting or exercise of equity-based compensation awards for tax-withholding purposes is to be classified as net cash used in financing activities rather than as an operating activity. We adopted this change retrospectively, which resulted in an increase to net cash provided by operating activities and a corresponding decrease to net cash provided by financing activities of
$1.0 million
for the six months ended
April 30, 2017
;
|
•
|
We elected to continue to withhold shares associated with stock-based compensation vesting or exercises to satisfy the minimum statutory tax withholding requirements, rather than electing to withhold at a higher rate; and
|
•
|
We elected to continue to estimate forfeitures rather than account for forfeitures as they occur.
|
•
|
changes in market conditions, particularly in the new home construction, and residential remodeling and replacement (R&R) activity markets in the United States, United Kingdom and Germany;
|
•
|
changes in non-pass-through raw material costs;
|
•
|
changes in domestic and international economic conditions;
|
•
|
changes in purchases by our principal customers;
|
•
|
fluctuations in foreign currency exchange rates;
|
•
|
our ability to maintain an effective system of internal controls;
|
•
|
our ability to successfully implement our internal operating plans and acquisition strategies;
|
•
|
our ability to successfully implement our plans with respect to information technology (IT) systems and processes;
|
•
|
our ability to control costs and increase profitability;
|
•
|
changes in environmental laws and regulations;
|
•
|
changes in warranty obligations;
|
•
|
changes in energy costs;
|
•
|
changes in tax laws, and interpretations thereof;
|
•
|
changes in interest rates;
|
•
|
our ability to service our debt facilities and remain in good standing with our lenders;
|
•
|
changes in the availability or applicability of our insurance coverage;
|
•
|
our ability to maintain a good relationship with our suppliers, subcontractors, and key customers; and
|
•
|
the resolution of litigation and other legal proceedings.
|
|
Three Months Ended April 30,
|
|||||||||||||
|
2018
|
|
2017
|
|
Change $
|
|
% Variance
|
|||||||
|
(Dollars in millions)
|
|||||||||||||
Net sales
|
$
|
214.2
|
|
|
$
|
209.1
|
|
|
$
|
5.1
|
|
|
2
|
%
|
Cost of sales (excluding depreciation and amortization)
|
168.7
|
|
|
162.1
|
|
|
6.6
|
|
|
(4
|
)%
|
|||
Selling, general and administrative
|
23.8
|
|
|
26.9
|
|
|
(3.1
|
)
|
|
12
|
%
|
|||
Restructuring charges
|
0.2
|
|
|
1.1
|
|
|
(0.9
|
)
|
|
82
|
%
|
|||
Depreciation and amortization
|
13.3
|
|
|
14.4
|
|
|
(1.1
|
)
|
|
8
|
%
|
|||
Operating income
|
$
|
8.2
|
|
|
$
|
4.6
|
|
|
$
|
3.6
|
|
|
78
|
%
|
Interest expense
|
(2.5
|
)
|
|
(2.4
|
)
|
|
(0.1
|
)
|
|
(4
|
)%
|
|||
Other, net
|
(0.2
|
)
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(100
|
)%
|
|||
Income tax expense
|
(1.4
|
)
|
|
(0.6
|
)
|
|
(0.8
|
)
|
|
(133
|
)%
|
|||
Net income
|
$
|
4.1
|
|
|
$
|
1.5
|
|
|
$
|
2.6
|
|
|
173
|
%
|
|
Three Months Ended April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
% Variance
|
||||||
|
(Dollars in millions)
|
||||||||||||
Net sales
|
$
|
114.2
|
|
|
$
|
111.0
|
|
|
$
|
3.2
|
|
|
3%
|
Cost of sales (excluding depreciation and amortization)
|
88.1
|
|
|
84.2
|
|
|
3.9
|
|
|
(5)%
|
|||
Selling, general and administrative
|
13.4
|
|
|
13.4
|
|
|
—
|
|
|
—%
|
|||
Restructuring charges
|
0.2
|
|
|
0.9
|
|
|
(0.7
|
)
|
|
78%
|
|||
Depreciation and amortization
|
6.8
|
|
|
8.5
|
|
|
(1.7
|
)
|
|
20%
|
|||
Operating income
|
$
|
5.7
|
|
|
$
|
4.0
|
|
|
$
|
1.7
|
|
|
43%
|
Operating income margin
|
5
|
%
|
|
4
|
%
|
|
|
|
|
|
Three Months Ended April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
Variance %
|
||||||
|
(Dollars in millions)
|
||||||||||||
Net sales
|
$
|
38.8
|
|
|
$
|
34.2
|
|
|
$
|
4.6
|
|
|
13%
|
Cost of sales (excluding depreciation and amortization)
|
27.6
|
|
|
23.8
|
|
|
3.8
|
|
|
(16)%
|
|||
Selling, general and administrative
|
6.3
|
|
|
5.2
|
|
|
1.1
|
|
|
(21)%
|
|||
Depreciation and amortization
|
2.5
|
|
|
2.3
|
|
|
0.2
|
|
|
(9)%
|
|||
Operating income
|
$
|
2.4
|
|
|
$
|
2.9
|
|
|
$
|
(0.5
|
)
|
|
(17)%
|
Operating income margin
|
6
|
%
|
|
8
|
%
|
|
|
|
|
|
Three Months Ended April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
Variance %
|
||||||
|
(Dollars in millions)
|
||||||||||||
Net sales
|
$
|
62.6
|
|
|
$
|
65.1
|
|
|
$
|
(2.5
|
)
|
|
(4)%
|
Cost of sales (excluding depreciation and amortization)
|
54.1
|
|
|
55.1
|
|
|
(1.0
|
)
|
|
2%
|
|||
Selling, general and administrative
|
4.5
|
|
|
4.4
|
|
|
0.1
|
|
|
(2)%
|
|||
Restructuring charges
|
—
|
|
|
0.2
|
|
|
(0.2
|
)
|
|
100%
|
|||
Depreciation and amortization
|
3.8
|
|
|
3.4
|
|
|
0.4
|
|
|
(12)%
|
|||
Operating income
|
$
|
0.2
|
|
|
$
|
2.0
|
|
|
$
|
(1.8
|
)
|
|
(90)%
|
Operating income margin
|
—
|
%
|
|
3
|
%
|
|
|
|
|
|
Three Months Ended April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
Variance %
|
||||||
|
(Dollars in millions)
|
||||||||||||
Net sales
|
$
|
(1.4
|
)
|
|
$
|
(1.2
|
)
|
|
$
|
(0.2
|
)
|
|
(17)%
|
Cost of sales (excluding depreciation and amortization)
|
(1.1
|
)
|
|
(1.0
|
)
|
|
(0.1
|
)
|
|
10%
|
|||
Selling, general and administrative
|
(0.4
|
)
|
|
3.9
|
|
|
(4.3
|
)
|
|
110%
|
|||
Depreciation and amortization
|
0.2
|
|
|
0.2
|
|
|
—
|
|
|
—%
|
|||
Operating income (loss)
|
$
|
(0.1
|
)
|
|
$
|
(4.3
|
)
|
|
$
|
4.2
|
|
|
98%
|
|
Six Months Ended April 30,
|
|||||||||||||
|
2018
|
|
2017
|
|
Change $
|
|
% Variance
|
|||||||
|
(Dollars in millions)
|
|||||||||||||
Net sales
|
$
|
405.9
|
|
|
$
|
404.2
|
|
|
$
|
1.7
|
|
|
—
|
%
|
Cost of sales (excluding depreciation and amortization)
|
323.2
|
|
|
317.1
|
|
|
6.1
|
|
|
(2
|
)%
|
|||
Selling, general and administrative
|
47.9
|
|
|
54.3
|
|
|
(6.4
|
)
|
|
12
|
%
|
|||
Restructuring charges
|
0.6
|
|
|
2.2
|
|
|
(1.6
|
)
|
|
73
|
%
|
|||
Depreciation and amortization
|
26.6
|
|
|
29.8
|
|
|
(3.2
|
)
|
|
11
|
%
|
|||
Operating income
|
$
|
7.6
|
|
|
$
|
0.8
|
|
|
$
|
6.8
|
|
|
850
|
%
|
Interest expense
|
(4.9
|
)
|
|
(4.6
|
)
|
|
(0.3
|
)
|
|
(7
|
)%
|
|||
Other, net
|
0.2
|
|
|
0.5
|
|
|
(0.3
|
)
|
|
60
|
%
|
|||
Income tax benefit
|
6.2
|
|
|
1.0
|
|
|
5.2
|
|
|
520
|
%
|
|||
Net income (loss)
|
$
|
9.1
|
|
|
$
|
(2.3
|
)
|
|
$
|
11.4
|
|
|
496
|
%
|
|
Six Months Ended April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
% Variance
|
||||||
|
(Dollars in millions)
|
||||||||||||
Net sales
|
$
|
216.9
|
|
|
$
|
217.2
|
|
|
$
|
(0.3
|
)
|
|
—%
|
Cost of sales (excluding depreciation and amortization)
|
168.2
|
|
|
166.3
|
|
|
1.9
|
|
|
(1)%
|
|||
Selling, general and administrative
|
27.2
|
|
|
26.9
|
|
|
0.3
|
|
|
(1)%
|
|||
Restructuring charges
|
0.5
|
|
|
1.5
|
|
|
(1.0
|
)
|
|
67%
|
|||
Depreciation and amortization
|
13.8
|
|
|
18.5
|
|
|
(4.7
|
)
|
|
25%
|
|||
Operating income
|
$
|
7.2
|
|
|
$
|
4.0
|
|
|
$
|
3.2
|
|
|
80%
|
Operating income margin
|
3
|
%
|
|
2
|
%
|
|
|
|
|
|
Six Months Ended April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
Variance %
|
||||||
|
(Dollars in millions)
|
||||||||||||
Net sales
|
$
|
72.8
|
|
|
$
|
65.8
|
|
|
$
|
7.0
|
|
|
11%
|
Cost of sales (excluding depreciation and amortization)
|
52.4
|
|
|
46.3
|
|
|
6.1
|
|
|
(13)%
|
|||
Selling, general and administrative
|
11.7
|
|
|
10.0
|
|
|
1.7
|
|
|
(17)%
|
|||
Depreciation and amortization
|
5.0
|
|
|
4.4
|
|
|
0.6
|
|
|
(14)%
|
|||
Operating income
|
$
|
3.7
|
|
|
$
|
5.1
|
|
|
$
|
(1.4
|
)
|
|
(27)%
|
Operating income margin
|
5
|
%
|
|
8
|
%
|
|
|
|
|
|
Six Months Ended April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
Variance %
|
||||||
|
(Dollars in millions)
|
||||||||||||
Net sales
|
$
|
118.6
|
|
|
$
|
123.7
|
|
|
$
|
(5.1
|
)
|
|
(4)%
|
Cost of sales (excluding depreciation and amortization)
|
104.3
|
|
|
106.4
|
|
|
(2.1
|
)
|
|
2%
|
|||
Selling, general and administrative
|
9.3
|
|
|
8.7
|
|
|
0.6
|
|
|
(7)%
|
|||
Restructuring charges
|
0.1
|
|
|
0.7
|
|
|
(0.6
|
)
|
|
86%
|
|||
Depreciation and amortization
|
7.5
|
|
|
6.7
|
|
|
0.8
|
|
|
(12)%
|
|||
Operating (loss) income
|
$
|
(2.6
|
)
|
|
$
|
1.2
|
|
|
$
|
(3.8
|
)
|
|
(317)%
|
Operating (loss) income margin
|
(2
|
)%
|
|
1
|
%
|
|
|
|
|
|
Six Months Ended April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
Variance %
|
||||||
|
(Dollars in millions)
|
||||||||||||
Net sales
|
$
|
(2.4
|
)
|
|
$
|
(2.5
|
)
|
|
$
|
0.1
|
|
|
4%
|
Cost of sales (excluding depreciation and amortization)
|
(1.7
|
)
|
|
(1.9
|
)
|
|
0.2
|
|
|
(11)%
|
|||
Selling, general and administrative
|
(0.3
|
)
|
|
8.7
|
|
|
(9.0
|
)
|
|
103%
|
|||
Depreciation and amortization
|
0.3
|
|
|
0.2
|
|
|
0.1
|
|
|
50%
|
|||
Operating loss
|
$
|
(0.7
|
)
|
|
$
|
(9.5
|
)
|
|
$
|
8.8
|
|
|
93%
|
|
Six Months Ended
|
||||||
|
April 30,
|
||||||
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
Cash provided by operating activities
|
$
|
21.6
|
|
|
$
|
16.7
|
|
Cash used for investing activities
|
$
|
(15.0
|
)
|
|
$
|
(25.5
|
)
|
Cash used for financing activities
|
$
|
(13.9
|
)
|
|
$
|
(2.1
|
)
|
|
|
Notional as indicated
|
|
Fair Value in $
|
||||||||||||
|
|
April 30,
2018 |
|
October 31,
2017 |
|
April 30,
2018 |
|
October 31,
2017 |
||||||||
Foreign currency derivatives:
|
|
|
|
|
|
|
|
|
||||||||
Sell EUR, buy USD
|
EUR
|
$
|
—
|
|
|
$
|
1,271
|
|
|
$
|
—
|
|
|
$
|
24
|
|
Sell CAD, buy USD
|
CAD
|
124
|
|
|
320
|
|
|
—
|
|
|
1
|
|
||||
Sell GBP, buy USD
|
GBP
|
196
|
|
|
75
|
|
|
5
|
|
|
—
|
|
||||
Buy EUR, sell USD
|
EUR
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Buy EUR, sell GBP
|
EUR
|
183
|
|
|
30
|
|
|
2
|
|
|
(1
|
)
|
||||
Buy USD, sell EUR
|
USD
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
QUANEX BUILDING PRODUCTS CORPORATION
|
|
|
|
|
Date:
|
June 5, 2018
|
|
/s/ Brent L. Korb
|
|
|
|
Brent L. Korb
|
|
|
|
Senior Vice President – Finance and Chief Financial Officer
(Principal Financial Officer)
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
*101.INS
|
|
XBRL Instance Document
|
|
|
|
*101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
*101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
*101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
*101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
*101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
1 Year Quanex Chart |
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