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CORRECTING and REPLACING Gibraltar Reports Second-Quarter Sales and Earnings

The "Segment Information" financial table is corrected.

The corrected release reads as follows:

Gibraltar Reports Second-Quarter Sales and Earnings

Sales and Earnings Show Strong Sequential Improvement

Gibraltar Industries, Inc. (NASDAQ: ROCK) today reported its sales, net income, and earnings per share for the three and six months ended June 30, 2007. Gibraltars second-quarter results showed strong sequential improvement compared to the first quarter as the Company moved into its seasonally strongest period.

Sales from continuing operations in the second quarter of 2007 were $370 million, an increase of approximately five percent compared to $352 million in the second quarter of 2006. The increase was largely the result of acquisitions. Sales from existing businesses declined by approximately seven percent, a result of lower activity levels in the residential housing and automotive markets. For the first six months of 2007, sales from continuing operations were up by approximately two percent to $687 million, compared to $675 million in the first half of 2006.

Income from continuing operations before one-time charges was $13.6 million, or $.45 per share, in the second quarter of 2007, consistent with previous guidance, compared to $19.8 million, or $.66 per share, in the second quarter of 2006. Operating income from existing businesses was down 32 percent on a year-over-year basis, driven by lower margins in Gibraltars processed metals businesses and those building products businesses most closely aligned with residential housing activity, with acquisitions partially offsetting the decline. In the second quarter, the Company incurred a special charge of $1.5 million for an M&A transaction that was not successfully consummated and a $1.2 million restructuring charge related to the consolidation of its strip-steel facilities, for a total charge of $2.7 million, or $.05 per share, resulting in net income of $11.9 million, or $.40 per share.

In the first half of 2007, income from continuing operations before one-time charges was $20.2 million, or $.67 per share, compared to $31.5 million, or $1.05 per share, in the first six months of 2006. After special charges, income from continuing operations was $18.1 million, or $.60 per share.

On a sequential basis, our sales and earnings were much stronger than our first-quarter results, and within our expectations. The steps we have taken to diversify and broaden our business portfolio most notably our move into the commercial building and industrial markets, our international expansion, along with solid contributions from our recent acquisitions helped our second-quarter performance, said Brian J. Lipke, Gibraltars Chairman and Chief Executive Officer.

We continued to make progress during the second quarter in our efforts to cut and control costs. This has resulted in reduced inventories, streamlined operations (including six facility consolidations completed thus far in 2007, with two more scheduled before year end), and numerous operational improvements, all of which will continue to reduce overhead, said Henning N. Kornbrekke, Gibraltars President and Chief Operating Officer.

We continue to pursue our strategy to be the low-cost producer of our products on a global basis. We are also targeting acquisitions such as Dramex (acquired on March 12) and Noll/NorWesCo (acquired on April 11) that will add to our product leadership positions in niche markets, while enhancing our ability to deliver the higher performance characteristics we have established for our business. We are also continuing to review all of our businesses to ensure that they meet our performance targets, said Mr. Lipke.

Even though it remains a challenging business climate for many of our operations, the new-build housing market for example was down 27 percent compared to the first six months of 2006, our sales in these markets are down far less, which indicates that we are gaining share. We believe our financial strength, broad product range, ability to manufacture and distribute products efficiently, and excellent customer service position us to strengthen our product leadership positions, said Mr. Kornbrekke.

In light of the operating environment discussed above, Mr. Kornbrekke said that, barring a significant change in business conditions, Gibraltar expects its third-quarter earnings per share from continuing operations before any one-time charges will be in the range of $.40 to $.45, compared to $.61 in the third quarter of 2006.

Gibraltar Industries is a leading manufacturer, processor, and distributor of products for the building, industrial, and vehicular markets. The company serves customers in a variety of industries in all 50 states and throughout the world. It has approximately 3,600 employees and operates 83 facilities in 26 states, Canada, China, England, Germany, and Poland. Gibraltars common stock is a component of the S&P SmallCap 600 and the Russell 2000® Index.

Information contained in this release, other than historical information, should be considered forward-looking, and may be subject to a number of risk factors, including: general economic conditions; the impact of the availability and the effects of changing raw material prices on the Companys results of operations; energy prices and usage; the ability to pass through cost increases to customers; changing demand for the Companys products and services; risks associated with the integration of acquisitions; and changes in interest or tax rates.

Gibraltar will review its second-quarter results and discuss its outlook for the third quarter during its quarterly conference call, which will be held at 9 a.m. Eastern Time on July 26. Details of the call can be found on Gibraltars Web site, at http://www.gibraltar1.com.

Gibraltars news releases, along with comprehensive information about the Company, are available on the Internet, at http://www.gibraltar1.com.

GIBRALTAR INDUSTRIES, INC.

Financial Highlights

(in thousands, except per share data)

Three Months Ended

June 30, 2007June 30, 2006
Net Sales $ 369,820 $ 352,421
Income from Continuing Operations $ 11,926 $ 19,761

Income Per Share from Continuing

Operations - Basic

$

.40

$

.67

Weighted Average Shares Outstanding-Basic 29,863 29,689
Income Per Share from Continuing

Operations - Diluted

$

.40

$

.66

Weighted Average Shares Outstanding-Diluted 30,144 30,012
Six Months Ended
June 30, 2007June 30, 2006
Net Sales $ 687,404 $ 675,058
Income from Continuing Operations $ 18,094 $ 31,494

Income Per Share from Continuing

Operations - Basic

$

.61

$

1.06

Weighted Average Shares Outstanding-Basic 29,850 29,659

Income Per Share from Continuing

Operations - Diluted

$

.60

$

1.05

Weighted Average Shares Outstanding-Diluted 30,096 29,966

GIBRALTAR INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

June 30,

December 31,

2007 2006
Assets
Current assets:
Cash and cash equivalents $ 22,921 $ 13,475
Accounts receivable, net 212,714 169,207
Inventories 254,019 254,991
Other current assets 20,151 18,107
Total current assets 509,805 455,780
Property, plant and equipment, net 261,724 243,138
Goodwill 406,462 374,821
Acquired intangibles 61,150 62,366
Investments in partnerships 2,522 2,440
Other assets 14,691 14,323
$ 1,256,354 $ 1,152,868
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 100,749 $ 71,308
Accrued expenses 48,606 50,771
Current maturities of long-term debt 2,555 2,336
Total current liabilities 151,910 124,415
Long-term debt 449,689 398,217
Deferred income taxes 71,790 70,981
Other non-current liabilities 13,039 9,027
Shareholders equity:
Preferred stock, $.01 par value; authorized: 10,000,000 shares; none outstanding

-

-

Common stock, $.01 par value; authorized 50,000,000 shares; issued 29,883,795 shares in 2007 and 2006

299

299

Additional paid-in capital 217,291 215,944
Retained earnings 345,787 332,920
Accumulated other comprehensive income 6,549 1,065
569,926 550,228
Less: cost of 44,100 and 42,600 common shares held in treasury in

2007 and 2006

-

-

Total shareholders equity 569,926 550,228
$ 1,256,354 $ 1,152,868

GIBRALTAR INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

(in thousands)

Three Months Ended

June 30,

Six Months Ended

June 30,

2007 2006 2007 2006
Net sales $ 369,820 $ 352,421 $ 687,404 $ 675,058
Cost of sales 304,146 275,156 570,079 534,562
Gross profit 65,674 77,265 117,325 140,496
Selling, general and administrative expense 38,281 38,950 73,491 76,790
Income from operations 27,393 38,315 43,834 63,706
Other (income) expense:
Equity in partnerships loss (income) and other income (305) 138 (667) (548)
Interest expense 8,248 7,101 15,485 13,880
Total other expense 7,943 7,239 14,818 13,332
Income before taxes 19,450 31,076 29,016 50,374
Provision for income taxes 7,524 11,315 10,922 18,880
Income from continuing operations 11,926 19,761 18,094 31,494
Discontinued operations:
Income from discontinued operations before taxes - 5,710 - 10,013
Income tax expense - 2,158 - 3,797
Income from discontinued operations - 3,552 - 6,216
Net income $ 11,926 $ 23,313 $ 18,094 $ 37,710
Net income per share - Basic:
Income from continuing operations .40 .67 .61 1.06
Income from discontinued operations $ - $ .12 $ - $ .21
Net income $ .40 $ .79 $ .61 $ 1.27

Weighted average shares outstanding - Basic

29,863 29,689 29,850 29,659

Net income per share - Diluted:

Income from continuing operations .40 .66 .60 1.05
Income from discontinued operations - .12 - .21
Net income $ .40 $ .78 $ .60 $ 1.26

Weighted average shares outstanding - Diluted

30,144 30,012 30,096 29,966

GIBRALTAR INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

Six Months Ended

June 30,

2007 2006
Cash flows from operating activities
Net income $ 18,094 $ 37,710
Net income from discontinued operations - 6,216
Net income from continuing operations 18,094 31,494
Adjustments to reconcile net income to net cash (used in) provided by

operating activities:

Depreciation and amortization 15,982 14,175
Provision for deferred income taxes (229) -
Equity in partnerships loss (income) and other income (576) 174
Distributions from partnerships 493 589
Stock compensation expense 1,254 1,631
Other noncash adjustments 525 610
Increase (decrease) in cash resulting from changes
in (net of acquisitions and dispositions):
Accounts receivable (31,273) (49,345)
Inventories 26,724 (37,793)
Other current assets and other assets 1,775 1,353
Accounts payable 24,600 23,698
Accrued expenses and other non-current liabilities (2,915) 342
Net cash used in continuing operations 54,454 (13,072)
Net cash provided by discontinued operations - 7,220
Net cash (used in) provided by operating activities 54,454 (5,852)
Cash flows from investing activities
Acquisitions, net of cash acquired (84,022) (13,206)
Purchases of property, plant and equipment (9,292) (11,452)
Net proceeds from sale of property and equipment 373 115
Net proceeds from sale of business - 151,511
Net cash provided by investing activities from continuing operations (92,941) 126,968
Net cash used in investing activities for discontinued operations - (3,189)
Net cash provided by investing activities (92,941) 123,779
Cash flows from financing activities
Long-term debt reduction (1,654) (112,960)
Proceeds from long-term debt 52,485 10,000
Payment of deferred financing costs (8) (256)
Payment of dividends (2,984) (2,974)
Net proceeds from issuance of common stock 94 764
Tax benefit from stock options - 115
Net cash used in financing activities 47,933 (105,311)
Net increase (decrease) in cash and cash equivalents 9,446 12,616
Cash and cash equivalents at beginning of year 13,475 28,529
Cash and cash equivalents at end of period $ 22,921 $ 41,145

GIBRALTAR INDUSTRIES, INC.

Segment Information

(in thousands)

Three Months Ended June 30,

Increase (Decrease)
2007 2006 $ %
(unaudited) (unaudited)
Net Sales
Building products $ 260,224 $ 239,056 $ 21,168 8.9%
Processed metal products 109,596 113,365 (3,769) (3.3%)
Total Sales 369,820 352,421 17,399 4.9%
Income from Continuing Operations
Building products $ 31,219 $ 40,519 $ (9,300) (23.0%)
Processed metal products 3,609 7,945 (4,336) (54.6%)
Corporate (7,435) (10,149) 2,714 (26.7%)
Total Operating Income 27,393 38,315 (10,922) (28.5%)
Operating Margin
Building products 12.0% 16.9%
Processed metal products 3.3% 7.0%

Six Months Ended June 30,

Increase (Decrease)
2007 2006 $ %
(unaudited) (unaudited)
Net Sales
Building products $ 467,450 $ 453,800 $ 13,650 3.0%
Processed metal products 219,954 221,258 (1,304) (0.6%)
Total Sales 687,404 675,058 12,346 1.8%
Income from Continuing Operations
Building products $ 49,949 $ 71,792 $ (21,843) (30.4%)
Processed metal products 8,037 13,763 (5,726) (41.6%)
Corporate (14,152) (21,849) 7,697 (35.2%)
Total Operating Income 43,834 63,706 (19,872) (31.2%)
Operating Margin
Building products 10.7% 15.8%
Processed metal products 3.7% 6.2%

Contacts:

Gibraltar Industries, Inc.
Kenneth P. Houseknecht, 716-826-6500
Vice President of Communications and Investor Relations
khouseknecht@gibraltar1.com

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