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NCI Building Systems Reports First Quarter Fiscal 2014 Results

HOUSTON, March 11, 2014 /PRNewswire/ -- NCI Building Systems, Inc. (NYSE: NCS) today reported financial results for the first quarter ended February 2, 2014.

First Quarter Financial, Operational and Industry Highlights:

  • Sales rose 4.4% to $310.7 million, compared to the prior year's first quarter.
  • Sales outperformed industry wide low-rise nonresidential construction starts that were off 5.5%.
  • Weather conditions disrupted manufacturing schedules, supply chain and shipments, and impacted customers' job sites, negatively affecting mix and margins.
  • Bookings were up 11% and backlog increased 3.5% to $310.8 million.
  • Manufacturing integration initiatives drove improvements in costs per ton as the first quarter unfolded.
  • Net loss per diluted common share was $0.06, up from a net loss of $0.19 per share in the prior fiscal year's first quarter.

Norman C. Chambers, Chairman, President and Chief Executive, commented, "First quarter results were mixed as the modest increase in revenue was more than offset by the negative effect of extreme winter conditions. We anticipated the seasonality of our business but the severity of the weather this quarter had an outsized impact on our entire value chain, as well as our customers', challenging our ability to access materials, transport products and realize manufacturing efficiencies.  However, we remain encouraged by the 11% year-over-year improvement in bookings in our buildings segment, which continues the upward trend that began last August.  Absent the harsh winter conditions, we are beginning fiscal 2014 in a stronger position than last year with a healthier backlog, improving material spread and sustained commercial discipline."

"Results across our end-markets and product categories were mixed. Our Coatings group delivered top-line growth compared to last year's first quarter, led by strong demand and market share growth in our external sales of light gauge coated shipments. However, shipments of heavy gauge material were negatively impacted by weather-related disruptions that resulted in compressed margins. We also generated year-over-year gains in component sales driven by legacy single skin products. Additionally, margins were compressed due to increased shipments of lower margin cold storage insulated metal panels and reduced shipments of higher margin architectural insulated metal panels. The Buildings group performance was impacted by adverse winter weather and supply chain disruptions that resulted in increased manufacturing costs as well as higher transportation costs."

First Quarter 2014 Results

For the first quarter, sales grew 4.4% to $310.7 million from $297.6 million in the prior year's first quarter due to higher third party sales in each of our operating segments.

Gross profit declined 2.7% to $59.2 million, or 19.1% of sales, from $60.9 million, or 20.5% of sales, in the first quarter of 2013. The decrease was largely due to severe weather, which resulted in 17 plant closure days, delayed incoming material deliveries and outgoing product shipments, as well as significantly higher utility expenses.  Each of our three business groups benefitted from the price increases instituted in the latter half of fiscal 2013, but that benefit was offset by unfavorable mix.

Engineering, selling, general and administrative (ESG&A) expenses rose 3.2% to $62.4 million from $60.5 million in the first quarter of 2013. As a percentage of revenues, ESG&A declined to 20.1% in the 2014 first quarter compared to 20.3% in the prior year's period. The increase in costs over the prior year was comprised of $0.7 million related to the secondary offering of our common stock completed by our majority stockholder in January 2014, and $1.2 million related to growth initiatives that we have continued to invest in to improve our distribution channels, manufacturing capabilities and customer responsiveness.

Net interest expense fell to $3.1 million from $6.2 million in the first fiscal quarter of 2013 as a result of last year's refinancing of our term loan.  We generated a net loss of $4.3 million or $0.06 per diluted common share compared to the prior year's first quarter net loss of $3.6 million, or $0.19 per diluted common share.  We incurred $0.7 million in costs related to the secondary offering in January 2014 and a net unfavorable impact of foreign currency exchange of $0.7 million compared to a favorable $0.06 million impact last year.  The net loss also reflects the favorable impact of $1.0 million related to an insurance gain from the August 2013 fire at the Jackson, MS coil coating plant.  Excluding the special items mentioned above, NCI generated an adjusted net loss, which is a non-GAAP measure, of $4.0 million or $0.05 per diluted common share. The weighted average number of common shares used in the calculation of first quarter 2014 loss per diluted common share was 73.5 million. Prior to the May 2013 conversion of preferred shares to common shares, the weighted average number of common shares used in the calculation of first quarter 2013 net loss per diluted common share was 19.2 million.

Adjusted EBITDA, a non-GAAP measure, defined as earnings before interest, taxes, depreciation and amortization, and cash and other non-cash items, in accordance with the Company's credit agreement was $8.0 million, down from $13.4 million in the prior year's first quarter. Please see the reconciliation of Adjusted EBITDA to net income (loss) in the Company's financial statements.

The Company's purchases of treasury stock totaled $23.3 million in the first fiscal quarter, which included $19.7 million for the privately negotiated repurchase of common shares from our majority stockholder that closed at the same time as the secondary offering.  The Company canceled 1.15 million shares of common stock after the repurchase.

First Quarter 2014 Segment Performance

The Coatings group third party sales grew 27.9% year-over-year driven by increased light gauge coating sales.  Operating income increased to $6.5 million, or 26% of third party sales, in the first quarter of 2014 from $5.5 million, or 29% of third party sales, in the first quarter of the prior fiscal year. The quarter's operating margins were impacted by elevated steel costs associated with supply chain disruptions from severe weather. Scheduled material deliveries were delayed due to impassable roads and frozen waterways and we absorbed higher spot prices to meet customer delivery schedules. Our production schedules and utility expenses were also impacted, resulting in lower operating earnings.

The Components group produced a 2.1% increase in third-party sales versus the prior year's first quarter. Operating income declined to $4.1 million, or 3% of third party sales, from $6.1 million, or 4% of third party sales, in the same quarter last fiscal year. The year-over-year decline in operating income was due to a mix shift to lower-margin products including cold storage insulated metal panels which are installed on the interior of the building. Due to the reduced level of construction activity associated with the inclement weather, many customers deferred delivery of higher-margin architectural insulated metal panels.  We expect a more favorable product mix to begin shipping as construction site conditions improve and allow for installation of the higher margin panels.

The Buildings group's total third party sales increased 3.5% compared to last year's first quarter. This group produced operating income of $1.6 million in the 2014 first quarter, declining from $4.0 million in the prior year's first quarter.  In addition to a market decline of 5.5%  in low-rise (five stories or less) construction starts, building starts of two stories or less, typically the most robust market for the Buildings group, decreased 10.6% according to McGraw Hill data. The group also absorbed increased transportation and manufacturing costs associated with the winter weather. We did benefit from improving manufacturing efficiencies throughout the quarter and expect those efficiencies to improve margins by the second half of fiscal 2014.

For additional information, please see the CFO Commentary at www.ncigroup.com under the tab-Quarterly Earnings and Transcripts.

Market Commentary

Leading indicators for nonresidential construction activity continue to trend positive.  CBRE data indicate the industrial market ended 2013 with an 11.3% vacancy rate and the strongest quarterly absorption figure since 2005.  The robust absorption rate extended to markets of all sizes and was led by warehousing and manufacturing. Economic activity in the manufacturing sector expanded in February for the ninth consecutive month according to the latest Institute for Supply Management (ISM) survey.  The February index registered 53.2 percent, up from January's reading of 51.3 percent and the New Orders Index registered 54.5 percent, an increase of 3.3 percentage points from January's reading of 51.2 percent.

The American Institute of Architects' Architecture Mixed Use Index declined in January to 48.4.  However, the index has now been above 50 for 15 of the past 17 months, which is a very positive sign for U.S. construction spending throughout 2014, especially the second half of our 2014 fiscal year.

The latest Fed Senior Loan Officer Survey shows the demand for nonresidential loans strengthening in combination with the continued easing of lending standards. This favorable environment supports improving growth in real nonresidential investment in the months ahead.  

Summary/Outlook

"We remain optimistic that improving business conditions continue to suggest the potential for mid to upper-single digit year-over-year growth in nonresidential new construction in fiscal 2014. McGraw Hill is currently forecasting that nonresidential construction activity, measured in square feet, will be 12% higher in calendar 2014 compared to calendar 2013."

"Although our performance in the first quarter of fiscal 2014 was significantly impaired by severe winter weather conditions, bookings and backlog did improve as compared to last year, both in volumes and in expected margins.  Customer sentiment is positive, the level of inquiries is solid, and the recent realignment of manufacturing operations is resulting in measurable improvement, especially in our Buildings group."

"The impact of the severe weather has carried over into our second quarter affecting February and the start of March.  We believe that customers may continue to aggressively push work back to our fiscal third and fourth quarters to combat the extended winter weather.  We may be challenged to recover all of the lost work from the first half of our year during the second half of 2014. Nonetheless, we historically generate approximately 60% to 90% of our annual EBITDA in the second half of the year, and we remain confident our performance will align with our expectations that 2014 will be a year of accelerating growth.  We expect to benefit from improved operating efficiencies and margins in the second half of fiscal 2014 as we maintain commercial discipline, benefit from manufacturing efficiencies and volume-driven operating leverage," Mr. Chambers concluded.

Conference Call Information

The NCI Building Systems, Inc. first quarter conference call is scheduled for Wednesday, March 12, 2014, at 9:00 AM ET. Please dial 1-877-941-2332 to participate in the call. To listen to a live broadcast of the call over the Internet or to review the archived call, please visit the Company's website at www.ncigroup.com. To access the taped replay, please dial 1-800-406-7325 and the passcode 4668423# when prompted. The taped replay will be available two hours after the call through March 19, 2014.  

NCI Building Systems, Inc. is one of North America's largest integrated manufacturers of metal products for the nonresidential building industry. NCI is comprised of a family of companies operating manufacturing facilities across the United States and Mexico, with additional sales and distribution offices throughout the United States and Canada.

Contact:
Layne de Alvarez
Vice President, Investor Relations
281-897-7710

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "guidance," "potential," "expect," "should," "will," "forecast" and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current expectations, assumptions and/or beliefs concerning future events. As a result, these forward-looking statements rely on a number of assumptions, forecasts, and estimates and, as a result, these forward-looking statements are subject to a number of risks and uncertainties that may cause the Company's actual performance to differ materially from that projected in such statements. Among the factors that could cause actual results to differ materially include, but are not limited to industry cyclicality and seasonality and adverse weather conditions; ability to service or refinance the Company's debt and obtain future financing; the Company's ability to comply with the financial tests and covenants in its existing and future debt obligations; operational limitations or restrictions in connection with our debt; recognition of asset impairment charges; the ability to make strategic acquisitions accretive to earnings; retention and replacement of key personnel; enforcement and obsolescence of intellectual property rights; fluctuations in customer demand; commodity price increases and/or limited availability of raw materials, including steel; increases in energy prices, competitive activity and pricing pressure; challenging economic conditions affecting the non-residential construction industry; volatility in the U.S. economy and abroad generally, and in the credit markets; costs related to environmental clean-ups and liabilities; changes in laws or regulations, including the Dodd-Frank Act; the dilutive effect on the Company's common stockholders of potential future sales of the Company's common stock held by the selling stockholders; substantial governance and other rights held by the selling stockholders; 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 the Company to liabilities and possible losses, which may not be covered by  insurance; costs and other effects of legal and administrative proceedings, settlements, investigations, claims and other matters; and the volatility of the Company's stock price. The Company's SEC filings, including our most recent reports on Form 10-K, particularly under Item 1A "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended November 3, 2013, identify other important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements. NCI expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking statements to reflect any changes in its expectations.

 

 

NCI BUILDING SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)













Fiscal Three Months Ended



February 2,


January 27,



2014


2013






Sales


310,666


$ 297,584

Cost of sales


252,428


236,715

Gain on insurance recovery


(987)


-

     Gross profit


59,225


60,869



19.1%


20.5%






Engineering, selling, general and administrative expenses


62,393


60,471

    Income (loss) from operations


(3,168)


398






Interest income


26


30

Interest expense


(3,126)


(6,274)

Other income (expense), net


(496)


394






Loss before income taxes


(6,764)


(5,452)

Benefit from income taxes


(2,506)


(1,825)



37.1%


33.5%






Net loss


$ (4,258)


$ (3,627)






Loss per common share:





     Basic


$ (0.06)


$ (0.19)

     Diluted


$ (0.06)


$ (0.19)






Weighted average number of common shares outstanding:





     Basic


73,515


19,237

     Diluted


73,515


19,237






Increase in sales


4.4%








Gross profit percentage


19.1%


20.5%






Engineering, selling, general and administrative





     expenses percentage


20.1%


20.3%

    

 

NCI BUILDING SYSTEMS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)
















February 2,


November 3,




2014


2013




(Unaudited)



ASSETS





Cash and cash equivalents

$ 16,599


$ 77,436


Accounts receivable, net

111,646


135,368


Inventories, net

137,626


122,105


Deferred income taxes

30,445


27,736


Income tax receivable

1,065


1,112


Prepaid expenses and other

19,334


19,300


Investments in debt and equity securities, at market

4,924


4,892


Assets held for sale

2,879


2,879



Total current assets

324,518


390,828








Property, plant and equipment, net

257,887


260,918


Goodwill

75,226


75,226


Intangible assets, net

47,962


48,975


Deferred financing costs, net

4,053


4,316



Total assets

$ 709,646


$ 780,263







LIABILITIES AND STOCKHOLDERS' EQUITY





Current portion of long-term debt

$ 2,384


$ 2,384


Note payable

131


613


Accounts payable

105,208


144,553


Accrued compensation and benefits

40,062


40,954


Accrued interest

1,956


1,844


Other accrued expenses

56,548


61,266



Total current liabilities

206,289


251,614








Long-term debt, net

234,791


235,391


Deferred income taxes

30,602


32,185


Other long-term liabilities

8,292


8,315



Total long-term liabilities

273,685


275,891








Common stock

1,472


1,471


Additional paid-in capital

623,618


638,574


Accumulated deficit

(386,993)


(382,735)


Accumulated other comprehensive loss

(4,701)


(4,436)


Treasury stock, at cost

(3,724)


(116)



Stockholders' equity

229,672


252,758









Total liabilities and stockholders' equity

$ 709,646


$ 780,263

 

 

NCI BUILDING SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)






Fiscal Three Months Ended


February 2,


January 27,


2014


2013





Cash flows from operating activities:




    Net loss

$ (4,258)


$ (3,627)

    Adjustments to reconcile net loss to net cash used in




        operating activities:




        Depreciation and amortization

8,767


9,122

        Deferred financing cost amortization

288


1,084

        Share-based compensation expense

3,179


3,442

          Gain on insurance

(987)


-

        Provision for doubtful accounts

1,009


1,305

        Benefit from deferred income taxes

(2,564)


(1,990)

        Excess tax benefits from share-based compensation arrangements

(1,583)


(941)

Changes in operating assets and liabilities:




        Accounts receivable

22,713


23,217

        Inventories

(15,521)


(7,755)

        Income tax receivable

26


(415)

        Prepaid expenses and other

(70)


(615)

        Accounts payable

(39,345)


(28,969)

        Accrued expenses

(5,498)


(7,181)

        Other, net

(131)


151





Net cash used in operating activities

(33,975)


(13,172)





Cash flows from investing activities:




   Capital expenditures

(4,735)


(6,071)

   Proceeds from insurance

987


-





Net cash used in investing activities

(3,748)


(6,071)





Cash flows from financing activities:




      Proceeds from stock options exercised

-


674

      Increase in restricted cash

-


(1)

      Payments on term loan

(600)


(8,750)

      Payments on note payable

(482)


(515)

      Proceeds from Amended ABL Facility

20,000


5,001

      Payments on Amended ABL Facility

(20,000)


(5,000)

      Payment of financing costs

(25)


(68)

      Excess tax benefits from share-based compensation arrangements

1,583


941

      Purchase of treasury stock

(23,325)


(2,346)





Net cash used in financing activities

(22,849)


(10,064)

Effect of exchange rate changes on cash and cash equivalents

(265)


(24)

Net decrease in cash and cash equivalents

(60,837)


(29,331)





Cash and cash equivalents at beginning of period

77,436


55,158





Cash and cash equivalents at end of period

$ 16,599


$ 25,827

 

 

NCI Building Systems, Inc

Business Segments

(Unaudited)

(In thousands)





















Three Months Ended


Three Months Ended


$

%


February 2, 2014


January 27, 2013


Inc/(Dec)

Change



% of



% of






Total



Total




Sales:


Sales



Sales




   Metal coil coating

$ 54,267

15


$ 49,271

14


$ 4,996

10.1%

   Metal components

158,193

43


153,904

44


4,289

2.8%

   Engineered building systems

152,237

42


147,566

42


4,671

3.2%

     Total sales

364,697

100


350,741

100


13,956

4.0%

   Less: Intersegment sales

54,031

15


53,157

15


874

1.6%

     Total net sales

$ 310,666

85


$ 297,584

85


$ 13,082

4.4%


(0.01)



0.00







% of



% of




Operating income (loss):


Sales



Sales




   Metal coil coating

$ 6,495

12


$ 5,542

11


$ 953

17.2%

   Metal components

4,111

3


6,072

4


(1,961)

-32.3%

   Engineered building systems

1,640

1


4,041

3


(2,401)

-59.4%

   Corporate

(15,414)

-


(15,257)

-


(157)

-1.0%

     Total operating income (loss) (% of sales)

$ (3,168)

(1)


$ 398

0


$ (3,566)

-895.9%

 

 

NCI BUILDING SYSTEMS, INC.

BUSINESS SEGMENTS

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS) EXCLUDING SPECIAL CHARGES

FOR THE THREE MONTHS ENDED FEBRUARY 2, 2014 AND JANUARY 27, 2013

(Unaudited)

(In thousands)















For the Three Months Ended February 2, 2014



Metal Coil Coating


Metal Components


Engineered Building Systems


Corporate


Consolidated












Operating income (loss), GAAP basis


$ 6,495


$ 4,111


$ 1,640


$ (15,414)


$ (3,168)

Gain on insurance recovery


(987)


-


-


-


(987)

Secondary offering costs


-


-


-


704


704

Adjusted operating income (loss) (1)


$ 5,508


$ 4,111


$ 1,640


$ (14,710)


$ (3,451)














For the Three Months Ended January 27, 2013



Metal Coil Coating


Metal Components


Engineered Building Systems


Corporate


Consolidated












Operating income (loss), GAAP basis (2)


$ 5,542


$ 6,072


$ 4,041


$ (15,257)


$ 398























(1)

The Company discloses a tabular comparison of Adjusted operating income (loss), which is a non-GAAP measure because it is instrumental in comparing the results from period to period. Adjusted operating income (loss) should not be considered in isolation or as a substitute for operating income (loss) as reported on the face of our statement of operations.

(2)

The Company did not incur any special charges during the three months ended January 27, 2013.

 

    

NCI BUILDING SYSTEMS, INC.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

COMPUTATION OF EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,

AMORTIZATION AND OTHER NONCASH ITEMS ("ADJUSTED EBITDA")

(Unaudited)

(In thousands)


















2nd Qtr


3rd Qtr


4th Qtr


1st Qtr


Trailing 12 Months



April 28,


July 28,


November 3,


February 2,


February 2,



2013


2013


2013


2014


2014

Net income (loss)


$ (5,342)


$(12,192)


$ 8,276


$ (4,258)


$ (13,516)

Add:











    Depreciation and amortization


8,809


9,066


9,012


8,767


35,654

    Consolidated interest expense, net


6,149


5,130


3,334


3,100


17,713

    Provision (benefit) for income taxes


(2,506)


(9,933)


5,410


(2,506)


(9,535)

    Debt extinguishment costs, net


-


21,491


-


-


21,491

    Gain on insurance recovery


-


-


(1,023)


(987)


(2,010)

    Unreimbursed business interruption costs


-


-


500


-


500

    Secondary offering costs


-


-


-


704


704

    Non-cash charges:











       Share-based compensation


3,445


3,448


4,565


3,179


14,637

       Embedded derivative


(4)


(50)


-


-


(54)












Adjusted EBITDA (1)


$ 10,551


$ 16,960


$ 30,074


$ 7,999


$ 65,584




































2nd Qtr


3rd Qtr


4th Qtr


1st Qtr


Trailing 12 Months



April 29,


July 29,


October 28,


January 27,


January 27,



2012


2012


2012


2013


2013

Net income (loss)


$ 1,321


$ (3,267)


$ 6,270


$ (3,627)


$ 697

Add:











    Depreciation and amortization


5,841


7,248


10,355


9,122


32,566

    Consolidated interest expense, net


3,034


4,159


6,226


6,244


19,663

    Provision (benefit) for income taxes


942


(663)


3,379


(1,825)


1,833

    Acquisition-related costs


1,494


2,946


153


-


4,593

    Debt extinguishment costs, net


-


6,437


-


-


6,437

    Executive retirement


508


-


-


-


508

    Non-cash charges:











       Share-based compensation


2,119


2,090


3,116


3,442


10,767

       Asset impairments (recoveries)


-


(22)


13


-


(9)

       Embedded derivative


(6)


(5)


(5)


(5)


(21)












Adjusted EBITDA (1)


$ 15,253


$ 18,923


$ 29,507


$ 13,351


$ 77,034























(1)

The Company's Credit Agreement defines adjusted EBITDA. Adjusted EBITDA excludes non-cash charges for goodwill and other asset impairments and stock compensation as well as certain non-recurring charges. As such, the historical information is presented in accordance with the definition above. Concurrent with the amendment and restatement of the Term Note facility, the Company entered into an Asset-Backed Lending facility which has substantially the same definition of adjusted EBITDA except that the ABL facility caps certain non-recurring charges. The Company is disclosing adjusted EBITDA, which is a non-GAAP measure, because it is used by management and provided to investors to provide comparability of underlying operational results.

 

 

NCI BUILDING SYSTEMS, INC.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

ADJUSTED NET LOSS PER DILUTED COMMON SHARE AND NET LOSS COMPARISON

(Unaudited)






Fiscal Three Months Ended


February 2,

January 27,


2014

2013

Net loss per diluted common share, GAAP basis

$ (0.06)

$ (0.19)

Gain on insurance recovery, net of unreimbursed business interruption costs and taxes

(0.01)

-

Secondary offering costs, net of taxes

0.01

-

Foreign exchange loss (gain), net of taxes

0.01

(0.00)

Adjusted net loss per diluted common share (1)

$ (0.05)

$ (0.19)








Fiscal Three Months Ended


February 2,

January 27,


2014

2013

Net loss applicable to common shares, GAAP basis

$ (4,258)

$ (3,627)

Gain on insurance recovery, net of unreimbursed business interruption costs and taxes

(608)

-

Secondary offering costs, net of taxes

434

-

Foreign exchange loss (gain), net of taxes

442

(39)

Adjusted net loss applicable to common shares (1)

$ (3,990)

$ (3,666)










(1)

The Company discloses a tabular comparison of Adjusted net loss per diluted common share and Adjusted net loss applicable to common shares, which are non-GAAP measures, because they are referred to in the text of our press releases and are instrumental in comparing the results from period to period. Adjusted net loss per diluted common share and Adjusted net loss applicable to common shares should not be considered in isolation or as a substitute for net loss per diluted common share and net loss applicable to common shares as reported on the face of our statement of operations.







 

 


NCI Building Systems, Inc.

Reconciliation of Segment Sales to Third Party Segment Sales (Internal Information)

(Unaudited)

(In thousands)






























%




1st Qtr 2014



1st Qtr 2013


Inc/(Dec)

Change

Metal Coil Coating










Total Sales


$ 54,267

15%


$ 49,271

14%

4,996

10.1%


Less: Intersegment sales


29,677



30,050


(373)

-1.2%


Third Party Sales


$ 24,590

8%


$ 19,221

6%

5,369

27.9%












Operating Income (Loss)


$ 6,495

26%


$ 5,542

29%

953

17.2%











Metal Components










Total Sales


$ 158,193

43%


$ 153,904

44%

4,289

2.8%


Less: Intersegment sales


18,847



17,376


1,471

8.5%


Third Party Sales


$ 139,346

45%


$ 136,528

46%

2,818

2.1%












Operating Income (Loss)


$ 4,111

3%


$ 6,072

4%

(1,961)

-32.3%











Engineered Building Systems









Total Sales


$ 152,237

42%


$ 147,566

42%

4,671

3.2%


Less: Intersegment sales


5,507



5,731


(224)

-3.9%


Third Party Sales


$ 146,730

47%


$ 141,835

48%

4,895

3.5%












Operating Income (Loss)


$ 1,640

1%


$ 4,041

3%

(2,401)

-59.4%











Consolidated










Total Sales


$ 364,697

100%


$ 350,741

100%

13,956

4.0%


Less: Intersegment sales


54,031



53,157


874

1.6%


Third Party Sales


$ 310,666

100%


$ 297,584

100%

13,082

4.4%












Operating Income (Loss)


$ (3,168)

-1%


$ 398

0%

(3,566)

-896.0%

SOURCE NCI Building Systems, Inc.

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