NCI Building Systems Reports First Quarter 2018 Results
HOUSTON, March 6, 2018 /PRNewswire/ -- NCI Building Systems, Inc. (NYSE: NCS) ("NCI" or the "Company") today reported financial results for the first fiscal quarter ended January 28, 2018.
First Quarter 2018 Financial and Operational Highlights:
- Sales rose 7.6% to $421.3 million for the quarter, compared to $391.7 million in the prior year's first quarter
- Gross profit for the quarter was $91.9 million or 21.8% of revenues, compared to $84.0 million or 21.4% of revenues in the prior year's first quarter
- Net income was $5.2 million for the quarter, compared to $2.0 million in the prior year's first quarter. Adjusted Net Income was $9.5 million this quarter, compared to $3.6 million in the prior year's first quarter
- Net income per diluted common share for the quarter was $0.08, compared to $0.03 in the prior year's first quarter. Adjusted Net Income was $0.14 per diluted common share, compared to $0.05 in the prior year's first quarter
- Adjusted EBITDA was $32.9 million, or 7.8% of revenues, for the quarter, compared to Adjusted EBITDA of $26.2 million, or 6.7% of revenues, in the prior year's first quarter
- Total consolidated backlog increased to $569.9 million, up 8.1% year-over-year
"We are pleased with our first quarter results across our businesses, led by the strong performance from our Insulated Metal Panels segment," said Donald R. Riley, President and Chief Executive Officer. "These results demonstrate our commitment to maintaining commercial discipline in an environment of increasing costs.
Looking ahead, our internal economic indicators are tracking to expectations and our year-over-year growth in both backlog and bookings continues to support our favorable outlook. The NCI team is focused on and is making good progress on successfully executing our advanced manufacturing and continuous improvement initiatives. The successful execution of these initiatives and our backlog should position NCI well for the future."
First Quarter 2018 Results
First quarter 2018 sales increased to $421.3 million, up 7.6%, from $391.7 million in last year's first quarter, primarily due to continued commercial discipline in the pass-through of higher material costs across our segments, combined with strong volume growth in both the Metal Components and Insulated Metal Panels (IMP) segments.
Gross profit was $91.9 million this quarter, compared to $84.0 million in the first quarter of fiscal 2017 and gross profit margins were 21.8% for the year's first quarter compared to 21.4% in the first quarter of fiscal 2017. Gross margins in the first quarter of the year increased primarily as a result of growth in the IMP segment and favorable commercial discipline, partially offset by higher transportation costs.
Engineering, selling, general and administrative ("ESG&A") expenses were $74.8 million for the quarter, compared to $69.0 million in the prior year's first quarter. As a percentage of revenues, ESG&A expenses were 17.7% in the fiscal 2018 first quarter compared to 17.6% in the prior year's first quarter. The first quarter of fiscal 2018 included a special charge of $4.6 million related to the acceleration of retirement benefits of the Company's former Chief Executive Officer. Excluding the effects of the acceleration of share-based compensation, ESG&A, as a percentage of revenues, improved to 16.7% in the first quarter of 2018.
Operating income for the quarter was $13.9 million, compared to $9.9 million in the prior year's first quarter. Adjusted Operating Income, a non-GAAP measure which excludes certain identified items, was $19.3 million in the current quarter, compared to $12.5 million in the prior year's first quarter.
Net income applicable to common shares in the quarter was $5.2 million, or $0.08 per diluted common share, compared to $2.0 million, or $0.03 per diluted common share in the prior year's first quarter. Net income was impacted by the following special items: a $4.6 million charge related to the acceleration of retirement benefits of the former CEO, $1.1 million charge for restructuring activities predominately attributable to severance costs and $0.7 million strategic development and acquisition related costs, partially offset by a discrete $1.4 million benefit from the December enactment of the Tax Cuts and Jobs Act and $1.5 million from the associated tax effect of these items. Excluding the impact of these special items, Adjusted Net Income, a non-GAAP measure, was $9.5 million, or $0.14 per diluted common share, compared to $3.6 million, or $0.05 per diluted common share, in the prior year's first quarter.
Adjusted EBITDA, a non-GAAP measure, defined in accordance with the Company's credit agreement as earnings before interest, taxes, depreciation and amortization, and certain other cash and non-cash items, was $32.9 million this quarter, compared to $26.2 million in the prior year's first quarter. Please see the reconciliation of Adjusted Operating Income, Adjusted Net Income and Adjusted EBITDA in the accompanying financial tables.
Cash and cash equivalents at the end of the first quarter were $12.4 million, compared to $15.8 million at the end of the first quarter of fiscal 2017. Cash and cash equivalents decreased sequentially $53.3 million from $65.7 million at the end of the fourth quarter of fiscal 2017 primarily as a result of $46.7 million of share repurchases during the first quarter. NCI's net debt leverage ratio (net debt/EBITDA) at the end of the first quarter was 2.3x. As of January 28, 2018, the Company had utilized $10.0 million of the Company's $150.0 million ABL facility.
As of the first quarter of fiscal 2018, the Company changed its reportable business segments to the following:
| Prior Reporting Segments |
New Reporting Segments |
| Engineered Building Systems |
Engineered Building Systems |
| Metal Components |
Metal Components |
| Metal Coil Coating |
Insulated Metal Panels |
| Metal Coil Coating |
Two years of historical financial results for previously reported quarterly and annual periods for fiscal 2016 and 2017 have been recast to reflect the four new business segments. An 8-K with this historical information was filed on February 28, 2018.
First Quarter 2018 Segment Performance
Sales in the Engineered Building Systems segment were $157.0 million in the first quarter, compared to $151.3 million in the prior year period, as a result of commercial discipline passing through higher input costs, offset by lower tonnage volumes. Operating income increased to $8.3 million this quarter, compared to $6.5 million in the prior year's first quarter. Adjusted Operating Income, a non-GAAP measure, increased to $9.6 million this quarter, compared to $8.4 million in the prior year's first quarter. Operating margins increased as a result of lower ESG&A costs and improved commercial discipline, partially offset by lower plant utilization and higher transportation costs.
The Metal Components segment generated $146.8 million in sales during the quarter, an increase of 9.4% from $134.2 million in the prior year's first quarter, led by higher external volumes across the segment and the pass-through of increasing materials costs. Operating income was $17.1 million for the quarter compared to $12.4 million in the prior year's first quarter. Adjusted Operating Income was $15.7 million, compared to $12.7 million in the prior year's first quarter. The Metal Components segment's operating margins increased as a result of improved operating leverage across the cost structure on higher volumes, partially offset by higher transportations costs.
The Insulated Metal Panels segment generated $110.8 million in sales during the quarter, an increase of 16.4% from $95.2 million in the prior year's first quarter, as a result of commercial discipline on rising input costs and increasing sales volumes. Operating income was $7.1 million for the quarter compared to $2.2 million in the prior year's first quarter. Adjusted Operating Income was $8.7 million, compared to $2.2 million in the prior year's first quarter. The IMP segment's operating margins increased as a result of improved operating leverage across the cost structure on higher volumes and committed commercial discipline on rising input costs.
Sales in the Metal Coil Coating segment were $88.3 million in the first quarter of both fiscal 2018 and fiscal 2017. Operating income and Adjusted Operating Income was $5.4 million for the quarter compared to $6.7 million in the prior year's first quarter, respectively. Operating margins in the Metal Coil Coating segment were impacted by less favorable product mix and lower margins in the CENTRIA coil coating operations as that entity was further integrated and aligned with the legacy coil coating operations.
Market Commentary
The key leading indicators that NCI follows and that typically have the most meaningful correlation to nonresidential low-rise construction starts are the American Institute of Architects' ("AIA") Architecture Mixed Use Index, the Dodge Residential single family starts and the Conference Board Leading Economic Index ("LEI"). Historically, there has been a very high correlation to nonresidential low-rise construction starts when the three leading indicators are combined and then seasonally adjusted. The combined forward projection of these metrics, based on a 9- to 14-month historical lag for each metric, indicates an expected positive growth of 2.0% to 4.0% for new nonresidential low-rise construction starts for the Company's addressable market in fiscal 2018.
Recent Developments
In February 2018, NCI entered into a new $415 million secured term loan facility and used the proceeds to redeem and retire the Company's existing 8.25% senior notes due 2023 and refinance its existing $144 million senior secured term loan and to pay related call premiums, fees and expenses, including accrued and unpaid interest in respect of the existing term loan facility and the senior notes. The Company also announced the closing of the refinancing of its existing ABL facility with a new $150.0 million facility. As a result of these refinancing transactions, the Company expects to reduce its current effective cash interest rate from approximately 7.0% to 3.6%, which represents a reduction in annual interest expense of approximately $12.5 million based on current LIBOR rates. The company expects to record a loss, primarily related to the early extinguishment of the 8.25% senior notes ranging from $23.0 - $25.0 million during the quarter ending April 29, 2018.
On January 29, 2018, the Company closed on the sale of CENTRIA International LLC, which included the CENTRIA manufacturing facility in China. These operations were not considered material to the growth opportunities of the Company and had generated $9.9 million in revenues and an operating income of $1.2 million in fiscal 2017. The Company estimates that it will record a loss on the transaction ranging between $6.0 million and $7.5 million during the quarter ending April 29, 2018, of which approximately $3.5 to $4.0 million is considered a non-cash expense.
As the result of recently enacted Tax Cuts and Jobs Act, the company's effective income tax rate during the first quarter of fiscal 2018 decreased to 17.6% from 38.5% in the prior year's first quarter. The first quarter included a $1.4 million discrete benefit related to the remeasurement of tax assets and liabilities net of expected repatriation taxes on foreign operations.
Guidance
Looking ahead, NCI's internal economic indicators are tracking to expectation and year-over-year growth in both bookings and backlog support the Company's favorable outlook for fiscal 2018. For the second quarter of fiscal 2018, NCI expects revenues to be in the range of $430 to $450 million and Adjusted EBITDA to be in the range of $29 to $39 million.
The Company has provided additional detailed financial guidance in the quarterly supplemental presentation at www.ncibuildingsystems.com under the "Investors" section.
Conference Call Information
The NCI Building Systems, Inc. first quarter fiscal 2018 conference call is scheduled for Wednesday, March 7, 2018, at 9:00 a.m. ET (8:00 a.m. CT). Please dial 1-412-902-0003 or 1-877-407-0672 (toll-free) 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.ncibuildingsystems.com. To access the taped telephone replay, please dial 1-201-612-7415 or 1-877-660-6853 (toll-free) and the passcode 13676349# when prompted. The taped replay will be available two hours after the call through March 21, 2018. A replay of the webcast will be available on the Company's website under the Event Calendar, Calls & Webcast section of the Investor Relations page of the NCI website for approximately 90 days.
About NCI Building Systems
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, Canada and Mexico with additional sales and distribution offices throughout the United States and Canada. For more information visit www.ncibuildingsystems.com.
Contact:
K. Darcey Matthews
Vice President, Investor Relations
281-897-7785
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," "anticipate," "guidance," "plan," "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, therefore, 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. Such forward-looking statements may include, but are not limited to, statements concerning our market commentary and expectations for new nonresidential low-rise construction starts in fiscal 2018 and our financial outlook and guidance, including our second quarter fiscal 2018 forecasted revenues and Adjusted EBITDA and other consolidated financial performance guidance. Among the factors that could cause actual results to differ materially include, but are not limited to, industry cyclicality and seasonality; adverse weather conditions; challenging economic conditions affecting the nonresidential construction industry; volatility in the 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 our existing debt, including our secured term loan facility, 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; interruptions in our supply chain; our ability to make strategic acquisitions accretive to earnings; retention and replacement of management and other key personnel; 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; effect on the price of the Company's common stock of 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; the timing and amount of our stock repurchases; and costs and other effects of legal and administrative proceedings, settlements, investigations, claims and other matters. See also the "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended October 29, 2017, and other risks described in documents subsequently filed by the Company from time to time with the SEC, which 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. The Company expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking statements, whether as a result of new information, future events, or otherwise.
| NCI BUILDING SYSTEMS, INC. |
|||||
| CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||
| (In thousands, except per share data) |
|||||
| (Unaudited) |
|||||
| Fiscal Three Months Ended |
|||||
| January 28, |
January 29, |
||||
| 2018 |
2017 |
||||
| Sales |
$ 421,349 |
$ 391,703 |
|||
| Cost of sales |
329,432 |
307,752 |
|||
| Gross profit |
91,917 |
83,951 |
|||
| 21.8% |
21.4% |
||||
| Engineering, selling, general and administrative expenses |
74,786 |
69,039 |
|||
| Intangible asset amortization |
2,412 |
2,405 |
|||
| Strategic development and acquisition related costs |
727 |
357 |
|||
| Restructuring and impairment charges |
1,094 |
2,264 |
|||
| Income from operations |
12,898 |
9,886 |
|||
| Interest income |
33 |
5 |
|||
| Interest expense |
(7,492) |
(6,886) |
|||
| Foreign exchange gain (loss) |
471 |
(78) |
|||
| Other income, net |
457 |
387 |
|||
| Income before income taxes |
6,367 |
3,314 |
|||
| Provision for income taxes |
1,118 |
1,275 |
|||
| 17.6% |
38.5% |
||||
| Net income |
5,249 |
2,039 |
|||
| Net income allocated to participating securities |
(38) |
(8) |
|||
| Net income applicable to common shares |
$ 5,211 |
$ 2,031 |
|||
| Income per common share: |
|||||
| Basic |
$ 0.08 |
$ 0.03 |
|||
| Diluted |
$ 0.08 |
$ 0.03 |
|||
| Weighted average number of common shares outstanding: |
|||||
| Basic |
66,434 |
70,875 |
|||
| Diluted |
66,546 |
71,088 |
|||
| Increase in sales |
7.6% |
5.9% |
|||
| Engineering, selling, general and administrative expenses percentage |
17.7% |
17.6% |
|||
| NCI BUILDING SYSTEMS, INC. |
||||||
| CONSOLIDATED BALANCE SHEETS |
||||||
| (In thousands) |
||||||
| (Unaudited) |
||||||
| January 28, |
October 29, |
|||||
| 2018 |
2017 |
|||||
| ASSETS |
||||||
| Current assets: |
||||||
| Cash and cash equivalents |
$ 12,420 |
$ 65,658 |
||||
| Restricted cash |
180 |
136 |
||||
| Accounts receivable, net |
169,059 |
199,897 |
||||
| Inventories, net |
200,533 |
198,296 |
||||
| Income taxes receivable |
1,244 |
3,617 |
||||
| Investments in debt and equity securities, at market |
6,802 |
6,481 |
||||
| Prepaid expenses and other |
33,761 |
31,359 |
||||
| Assets held for sale |
10,601 |
5,582 |
||||
| Total current assets |
434,600 |
511,026 |
||||
| Property, plant and equipment, net |
220,465 |
226,995 |
||||
| Goodwill |
148,291 |
148,291 |
||||
| Intangible assets, net |
134,743 |
137,148 |
||||
| Deferred income taxes |
2,679 |
2,544 |
||||
| Other assets, net |
5,216 |
5,108 |
||||
| Total assets |
$ 945,994 |
$ 1,031,112 |
||||
| LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||
| Current liabilities: |
||||||
| Current portion of long-term debt |
$ 10,000 |
$ - |
||||
| Note payable |
- |
440 |
||||
| Accounts payable |
116,567 |
147,772 |
||||
| Accrued compensation and benefits |
47,611 |
59,189 |
||||
| Accrued interest |
1,383 |
6,414 |
||||
| Other accrued expenses |
95,742 |
102,233 |
||||
| Total current liabilities |
271,303 |
316,048 |
||||
| Long-term debt, net of deferred financing costs of $6,522 and $6,857 |
387,625 |
387,290 |
||||
| Deferred income taxes |
2,620 |
4,297 |
||||
| Other long-term liabilities |
18,141 |
18,230 |
||||
| Total long-term liabilities |
408,386 |
409,817 |
||||
| Common stock |
663 |
687 |
||||
| Additional paid-in capital |
519,224 |
562,277 |
||||
| Accumulated deficit |
(244,148) |
(248,046) |
||||
| Accumulated other comprehensive loss, net |
(7,294) |
(7,531) |
||||
| Treasury stock, at cost |
(2,140) |
(2,140) |
||||
| Total stockholders' equity |
266,305 |
305,247 |
||||
| Total liabilities and stockholders' equity |
$ 945,994 |
$ 1,031,112 |
||||
| NCI BUILDING SYSTEMS, INC. |
||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||
| (In thousands) |
||||
| (Unaudited) |
||||
| Fiscal Three Months Ended |
||||
| January 28, |
January 29, |
|||
| 2018 |
2017 |
|||
| Cash flows from operating activities: |
||||
| Net income |
$ 5,249 |
$ 2,039 |
||
| Adjustments to reconcile net income to net cash from operating activities |
||||
| Depreciation and amortization |
10,358 |
10,315 |
||
| Amortization of deferred financing costs |
435 |
477 |
||
| Share-based compensation expense |
5,870 |
3,042 |
||
| (Gains) losses on assets, net |
(320) |
125 |
||
| Provision for doubtful accounts |
(20) |
1,586 |
||
| Provision for deferred income taxes |
(1,676) |
26 |
||
| Changes in operating assets and liabilities, net of effect of acquisitions: |
||||
| Accounts receivable |
30,858 |
19,181 |
||
| Inventories |
(2,237) |
(4,932) |
||
| Income taxes |
2,373 |
(6,777) |
||
| Prepaid expenses and other |
(2,567) |
2,157 |
||
| Accounts payable |
(31,205) |
(30,199) |
||
| Accrued expenses |
(23,183) |
(27,240) |
||
| Other, net |
(515) |
(163) |
||
| Net cash used in operating activities |
(6,580) |
(30,363) |
||
| Cash flows from investing activities: |
||||
| Capital expenditures |
(8,109) |
(4,120) |
||
| Proceeds from sale of property, plant and equipment |
2,249 |
- |
||
| Net cash used in investing activities |
(5,860) |
(4,120) |
||
| Cash flows from financing activities: |
||||
| (Deposit) refund of restricted cash |
(44) |
117 |
||
| Proceeds from stock options exercised |
1,040 |
1,019 |
||
| Proceeds from Amended ABL facility |
43,000 |
30,000 |
||
| Payments on Amended ABL facility |
(33,000) |
(30,000) |
||
| Payments on term loan |
- |
(10,000) |
||
| Payments on note payable |
(441) |
(431) |
||
| Payments of financing costs |
(275) |
- |
||
| Payments related to tax withholding for share-based compensation |
(4,610) |
(2,389) |
||
| Purchases of treasury stock |
(46,705) |
(3,533) |
||
| Net cash used in financing activities |
(41,035) |
(15,217) |
||
| Effect of exchange rate changes on cash and cash equivalents |
237 |
86 |
||
| Net decrease in cash and cash equivalents |
(53,238) |
(49,614) |
||
| Cash and cash equivalents at beginning of period |
65,658 |
65,403 |
||
| Cash and cash equivalents at end of period |
$ 12,420 |
$ 15,789 |
||
| NCI BUILDING SYSTEMS, INC. |
|||||
| NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS |
|||||
| ADJUSTED NET INCOME PER DILUTED COMMON SHARE AND NET INCOME COMPARISON |
|||||
| (In thousands, except per share data) |
|||||
| (Unaudited) |
|||||
| Fiscal Three Months Ended |
|||||
| January 28, |
January 29, |
||||
| 2018 |
2017 |
||||
| Net income per diluted common share, GAAP basis |
$ 0.08 |
$ 0.03 |
|||
| Restructuring and impairment charges |
0.02 |
0.03 |
|||
| Strategic development and acquisition related costs |
0.01 |
0.00 |
|||
| Acceleration of CEO retirement benefits |
0.07 |
- |
|||
| Discrete tax effects of U.S. Tax Reform |
(0.01) |
- |
|||
| Tax effect of applicable non-GAAP adjustments (1) |
(0.03) |
(0.01) |
|||
| Adjusted net income per diluted common share (2) |
$ 0.14 |
$ 0.05 |
|||
| Fiscal Three Months Ended |
|||||
| January 28, |
January 29, |
||||
| 2018 |
2017 |
||||
| Net income applicable to common shares, GAAP basis |
$ 5,211 |
$ 2,031 |
|||
| Restructuring and impairment charges |
1,094 |
2,264 |
|||
| Strategic development and acquisition related costs |
727 |
357 |
|||
| Acceleration of CEO retirement benefits |
4,600 |
- |
|||
| Discrete tax effects of U.S. tax reform |
(323) |
- |
|||
| Tax effect of applicable non-GAAP adjustments (1) |
(1,775) |
(1,022) |
|||
| Adjusted net income applicable to common shares (2) |
$ 9,534 |
$ 3,630 |
|||
| (1) The Company calculated the tax effect of non-GAAP adjustments by applying the applicable statutory tax rate for the period to each applicable non-GAAP item. |
||||
| (2) The Company discloses a tabular comparison of Adjusted net income per diluted common share and Adjusted net income 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 income per diluted common share and Adjusted net income applicable to common shares should not be considered in isolation or as a substitute for net income per diluted common share and net income applicable to common shares as reported on the face of our consolidated statements of operations. |
| NCI BUILDING SYSTEMS, INC. |
||||||||||||
| Business Segments |
||||||||||||
| (In thousands) |
||||||||||||
| (Unaudited) |
||||||||||||
| Trailing |
Trailing |
|||||||||||
| Fiscal Three Months Ended |
Twelve Months |
Fiscal Three Months Ended |
Twelve Months |
|||||||||
| May 1, |
July 31, |
October 30, |
January 29, |
January 29, |
April 30, |
July 30, |
October 29, |
January 28, |
January 28, |
|||
| 2016 |
2016 |
2016 |
2017 |
2017 |
2017 |
2017 |
2017 |
2018 |
2018 |
|||
| Total Sales: |
||||||||||||
| Engineered Building Systems |
$ 138,023 |
$ 181,029 |
$ 204,208 |
$ 151,263 |
$ 674,523 |
$ 162,624 |
$ 191,910 |
$ 188,183 |
$ 156,964 |
$ 699,681 |
||
| Metal Components |
130,293 |
166,512 |
166,532 |
134,173 |
597,510 |
154,895 |
166,305 |
181,288 |
146,832 |
649,320 |
||
| Insulated Metal Panels |
89,433 |
105,694 |
110,001 |
95,195 |
400,323 |
102,937 |
119,730 |
123,542 |
110,794 |
457,003 |
||
| Metal Coil Coating |
79,829 |
96,684 |
95,987 |
88,340 |
360,840 |
86,729 |
95,261 |
98,550 |
88,343 |
368,883 |
||
| Total sales |
437,578 |
549,919 |
576,728 |
468,971 |
2,033,196 |
507,185 |
573,206 |
591,563 |
502,933 |
2,174,887 |
||
| Less: Intersegment sales |
(65,331) |
(87,566) |
(96,414) |
(77,268) |
(326,579) |
(86,721) |
(103,821) |
(102,837) |
(81,584) |
(374,963) |
||
| Total net sales |
$ 372,247 |
$ 462,353 |
$ 480,314 |
$ 391,703 |
$ 1,706,617 |
$ 420,464 |
$ 469,385 |
$ 488,726 |
$ 421,349 |
$ 1,799,924 |
||
| External Sales |
||||||||||||
| Engineered Building Systems |
$ 134,454 |
$ 175,471 |
$ 196,596 |
$ 145,021 |
$ 651,542 |
$ 154,456 |
$ 182,164 |
$ 178,222 |
$ 148,288 |
$ 663,130 |
||
| Metal Components |
111,748 |
140,560 |
139,968 |
115,557 |
507,833 |
133,290 |
140,639 |
155,183 |
127,528 |
556,640 |
||
| Insulated Metal Panels |
79,882 |
94,059 |
92,648 |
82,441 |
349,030 |
86,773 |
98,026 |
105,064 |
97,513 |
387,376 |
||
| Metal Coil Coating |
46,163 |
52,263 |
51,102 |
48,684 |
198,212 |
45,945 |
48,556 |
50,257 |
48,020 |
192,778 |
||
| Total external sales |
$ 372,247 |
$ 462,353 |
$ 480,314 |
$ 391,703 |
$ 1,706,617 |
$ 420,464 |
$ 469,385 |
$ 488,726 |
$ 421,349 |
$ 1,799,924 |
||
| Operating Income |
||||||||||||
| Engineered Building Systems |
$ 7,193 |
$ 19,561 |
$ 22,830 |
$ 6,503 |
$ 56,087 |
$ 6,894 |
$ 14,948 |
$ 13,043 |
$ 8,263 |
$ 43,148 |
||
| Metal Components |
13,071 |
26,803 |
21,254 |
12,376 |
73,504 |
19,997 |
23,276 |
23,119 |
17,089 |
83,481 |
||
| Insulated Metal Panels |
2,782 |
8,911 |
7,513 |
2,192 |
21,398 |
19,377 |
11,468 |
14,895 |
7,071 |
52,811 |
||
| Metal Coil Coating |
6,686 |
10,531 |
9,310 |
6,706 |
33,233 |
6,227 |
7,107 |
1,419 |
5,376 |
20,129 |
||
| Corporate |
(19,138) |
(22,271) |
(21,516) |
(17,891) |
(80,816) |
(20,023) |
(22,702) |
(19,151) |
(24,901) |
(86,777) |
||
| Total operating income |
$ 10,594 |
$ 43,535 |
$ 39,391 |
$ 9,886 |
$ 103,406 |
$ 32,472 |
$ 34,097 |
$ 33,325 |
$ 12,898 |
$ 112,792 |
||
| Adjusted Operating Income (1) |
||||||||||||
| Engineered Building Systems |
$ 6,415 |
$ 19,615 |
$ 23,103 |
$ 8,413 |
$ 57,546 |
$ 7,217 |
$ 15,889 |
$ 13,738 |
$ 9,572 |
$ 46,416 |
||
| Metal Components |
13,503 |
27,005 |
21,357 |
12,681 |
74,546 |
19,706 |
23,188 |
23,188 |
15,686 |
81,768 |
||
| Insulated Metal Panels |
2,986 |
8,979 |
7,917 |
2,192 |
22,074 |
10,387 |
11,711 |
15,696 |
8,655 |
46,449 |
||
| Metal Coil Coating |
6,725 |
10,531 |
9,310 |
6,706 |
33,272 |
6,227 |
7,107 |
7,419 |
5,376 |
26,129 |
||
| Corporate |
(18,234) |
(21,050) |
(20,829) |
(17,485) |
(77,598) |
(19,899) |
(21,405) |
(18,786) |
(19,970) |
(80,060) |
||
| Total adjusted operating income |
$ 11,395 |
$ 45,080 |
$ 40,858 |
$ 12,507 |
$ 109,840 |
$ 23,638 |
$ 36,490 |
$ 41,255 |
$ 19,319 |
$ 120,702 |
||
| (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 statements of operations. |
| NCI BUILDING SYSTEMS, INC. |
||||||||||||
| Business Segments (Continued) |
||||||||||||
| (In thousands) |
||||||||||||
| (Unaudited) |
||||||||||||
| Trailing |
Trailing |
|||||||||||
| Fiscal Three Months Ended |
Twelve Months |
Fiscal Three Months Ended |
Twelve Months |
|||||||||
| May 1, |
July 31, |
October 30, |
January 29, |
January 29, |
April 30, |
July 30, |
October 29, |
January 28, |
January 28, |
|||
| 2016 |
2016 |
2016 |
2017 |
2017 |
2017 |
2017 |
2017 |
2018 |
2018 |
|||
| Adjusted EBITDA (2) |
||||||||||||
| Engineered Building Systems |
$ 9,789 |
$ 21,122 |
$ 25,140 |
$ 10,648 |
$ 66,699 |
$ 9,377 |
$ 19,435 |
$ 15,242 |
$ 12,382 |
$ 56,436 |
||
| Metal Components |
14,820 |
28,462 |
22,736 |
14,043 |
80,061 |
21,060 |
24,509 |
24,694 |
17,315 |
87,578 |
||
| Insulated Metal Panels |
7,126 |
13,368 |
12,113 |
6,619 |
39,226 |
14,985 |
16,016 |
20,794 |
12,770 |
64,565 |
||
| Metal Coil Coating |
8,891 |
12,747 |
11,159 |
8,843 |
41,640 |
8,236 |
9,170 |
9,484 |
7,434 |
34,324 |
||
| Corporate |
(15,171) |
(17,871) |
(17,486) |
(13,980) |
(64,508) |
(16,689) |
(18,756) |
(16,273) |
(17,026) |
(68,744) |
||
| Total adjusted EBITDA |
$ 25,455 |
$ 57,828 |
$ 53,662 |
$ 26,173 |
$ 163,118 |
$ 36,969 |
$ 50,374 |
$ 53,941 |
$ 32,875 |
$ 174,159 |
||
| Operating Income Margin |
||||||||||||
| Engineered Building Systems |
5.2 % |
10.8 % |
11.2 % |
4.3 % |
8.3 % |
4.2 % |
7.8 % |
6.9 % |
5.3 % |
6.2 % |
||
| Metal Components |
10.0 % |
16.1 % |
12.8 % |
9.2 % |
12.3 % |
12.9 % |
14.0 % |
12.8 % |
11.6 % |
12.9 % |
||
| Insulated Metal Panels |
3.1 % |
8.4 % |
6.8 % |
2.3 % |
5.3 % |
18.8 % |
9.6 % |
12.1 % |
6.4 % |
11.6 % |
||
| Metal Coil Coating |
8.4 % |
10.9 % |
9.7 % |
7.6 % |
9.2 % |
7.2 % |
7.5 % |
1.4 % |
6.1 % |
5.5 % |
||
| Consolidated |
2.8 % |
9.4 % |
8.2 % |
2.5 % |
6.1 % |
7.7 % |
7.3 % |
6.8 % |
3.1 % |
6.3 % |
||
| Adjusted Operating Income Margin |
||||||||||||
| Engineered Building Systems |
4.6 % |
10.8 % |
11.3 % |
5.6 % |
8.5 % |
4.4 % |
8.3 % |
7.3 % |
6.1 % |
6.6 % |
||
| Metal Components |
10.4 % |
16.2 % |
12.8 % |
9.5 % |
12.5 % |
12.7 % |
13.9 % |
12.8 % |
10.7 % |
12.6 % |
||
| Insulated Metal Panels |
3.3 % |
8.5 % |
7.2 % |
2.3 % |
5.5 % |
10.1 % |
9.8 % |
12.7 % |
7.8 % |
10.2 % |
||
| Metal Coil Coating |
8.4 % |
10.9 % |
9.7 % |
7.6 % |
9.2 % |
7.2 % |
7.5 % |
7.5 % |
6.1 % |
7.1 % |
||
| Consolidated |
3.1 % |
9.8 % |
8.5 % |
3.2 % |
6.4 % |
5.6 % |
7.8 % |
8.4 % |
4.6 % |
6.7 % |
||
| Adjusted EBITDA Margin |
||||||||||||
| Engineered Building Systems |
7.1 % |
11.7 % |
12.3 % |
7.0 % |
9.9 % |
5.8 % |
10.1 % |
8.1 % |
7.9 % |
8.1 % |
||
| Metal Components |
11.4 % |
17.1 % |
13.7 % |
10.5 % |
13.4 % |
13.6 % |
14.7 % |
13.6 % |
11.8 % |
13.5 % |
||
| Insulated Metal Panels |
8.0 % |
12.6 % |
11.0 % |
7.0 % |
9.8 % |
14.6 % |
13.4 % |
16.8 % |
11.5 % |
14.1 % |
||
| Metal Coil Coating |
11.1 % |
13.2 % |
11.6 % |
10.0 % |
11.5 % |
9.5 % |
9.6 % |
9.6 % |
8.4 % |
9.3 % |
||
| Consolidated |
6.8 % |
12.5 % |
11.2 % |
6.7 % |
9.6 % |
8.8 % |
10.7 % |
11.0 % |
7.8 % |
9.7 % |
||
| (2) 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 special charges. As such, the historical information is presented in accordance with the definition above. Concurrent with the amendment and restatement of the Term Loan facility, the Company entered into an Asset-Based Lending facility which has substantially the same definition of Adjusted EBITDA except that the ABL facility caps certain special 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 |
|||||||
| (In thousands) |
|||||||
| (Unaudited) |
|||||||
| Consolidated |
|||||||
| Trailing |
|||||||
| Fiscal Three Months Ended |
Twelve Months |
||||||
| April 30, |
July 30, |
October 29, |
January 28, |
January 28, |
|||
| 2017 |
2017 |
2017 |
2018 |
2018 |
|||
| Total Net Sales |
$ 420,464 |
$ 469,385 |
$ 488,726 |
$ 421,349 |
$ 1,799,924 |
||
| Operating Income, GAAP |
32,472 |
34,097 |
33,325 |
12,898 |
112,792 |
||
| Restructuring and impairment |
315 |
1,009 |
1,709 |
1,094 |
4,127 |
||
| Strategic development and acquisition related costs |
124 |
1,297 |
193 |
727 |
2,341 |
||
| Acceleration of CEO retirement benefits |
- |
- |
- |
4,600 |
4,600 |
||
| Loss on sale of assets and asset recovery |
137 |
- |
- |
- |
137 |
||
| Gain on insurance recovery |
(9,601) |
(148) |
- |
- |
(9,749) |
||
| Unreimbursed business interruption costs |
191 |
235 |
28 |
- |
454 |
||
| Goodwill impairment |
- |
- |
6,000 |
- |
6,000 |
||
| Adjusted Operating Income |
23,638 |
36,490 |
41,255 |
19,319 |
120,702 |
||
| Other income and expense |
449 |
1,322 |
(62) |
928 |
2,637 |
||
| Depreciation and amortization |
10,062 |
10,278 |
10,664 |
10,358 |
41,362 |
||
| Share-based compensation expense |
2,820 |
2,284 |
2,084 |
2,270 |
9,458 |
||
| Adjusted EBITDA |
$ 36,969 |
$ 50,374 |
$ 53,941 |
$ 32,875 |
$ 174,159 |
||
| Year over year growth, Total Net Sales |
13.0 % |
1.5 % |
1.8 % |
7.6 % |
5.5 % |
||
| Operating Income Margin |
7.7 % |
7.3 % |
6.8 % |
3.1 % |
6.3 % |
||
| Adjusted Operating Income Margin |
5.6 % |
7.8 % |
8.4 % |
4.6 % |
6.7 % |
||
| Adjusted EBITDA Margin |
8.8 % |
10.7 % |
11.0 % |
7.8 % |
9.7 % |
||
| Trailing |
|||||||
| Fiscal Three Months Ended |
Twelve Months |
||||||
| May 1, |
July 31, |
October 30, |
January 29, |
January 29, |
|||
| 2016 |
2016 |
2016 |
2017 |
2017 |
|||
| Total Net Sales |
$ 372,247 |
$ 462,353 |
$ 480,314 |
$ 391,703 |
$ 1,706,617 |
||
| Operating Income, GAAP |
10,594 |
43,535 |
39,391 |
9,886 |
103,406 |
||
| Restructuring and impairment |
1,149 |
778 |
815 |
2,264 |
5,006 |
||
| Strategic development and acquisition related costs |
579 |
819 |
590 |
357 |
2,345 |
||
| (Gain) loss on sale of assets and asset recovery |
(927) |
(52) |
62 |
- |
(917) |
||
| Adjusted Operating Income |
11,395 |
45,080 |
40,858 |
12,507 |
109,840 |
||
| Other income and expense |
827 |
(508) |
(192) |
309 |
436 |
||
| Depreciation and amortization |
10,765 |
10,595 |
9,815 |
10,315 |
41,490 |
||
| Share-based compensation expense |
2,468 |
2,661 |
3,181 |
3,042 |
11,352 |
||
| Adjusted EBITDA |
$ 25,455 |
$ 57,828 |
$ 53,662 |
$ 26,173 |
$ 163,118 |
||
| Operating Income Margin |
2.8 % |
9.4 % |
8.2 % |
2.5 % |
6.1 % |
||
| Adjusted Operating Income Margin |
3.1 % |
9.8 % |
8.5 % |
3.2 % |
6.4 % |
||
| Adjusted EBITDA Margin |
6.8 % |
12.5 % |
11.2 % |
6.7 % |
9.6 % |
||
| NCI BUILDING SYSTEMS, INC. |
|||||||
| NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS |
|||||||
| (In thousands) |
|||||||
| (Unaudited) |
|||||||
| Engineered Building Systems |
|||||||
| Trailing |
|||||||
| Fiscal Three Months Ended |
Twelve Months |
||||||
| April 30, |
July 30, |
October 29, |
January 28, |
January 28, |
|||
| 2017 |
2017 |
2017 |
2018 |
2018 |
|||
| Total Sales |
$ 162,624 |
$ 191,910 |
$ 188,183 |
$ 156,964 |
$ 699,681 |
||
| External Sales |
154,456 |
182,164 |
178,222 |
148,288 |
663,130 |
||
| Operating Income, GAAP |
6,894 |
14,948 |
13,043 |
8,263 |
43,148 |
||
| Restructuring and impairment |
186 |
941 |
695 |
1,136 |
2,958 |
||
| Strategic development and acquisition related costs |
- |
- |
- |
173 |
173 |
||
| Loss on sale of assets and asset recovery |
137 |
- |
- |
- |
137 |
||
| Adjusted Operating Income |
7,217 |
15,889 |
13,738 |
9,572 |
46,416 |
||
| Other income and expense |
(125) |
1,291 |
(694) |
733 |
1,205 |
||
| Depreciation and amortization |
2,285 |
2,255 |
2,198 |
2,077 |
8,815 |
||
| Adjusted EBITDA |
$ 9,377 |
$ 19,435 |
$ 15,242 |
$ 12,382 |
$ 56,436 |
||
| Year over year growth, Total sales |
17.8 % |
6.0 % |
(7.8)% |
3.8 % |
3.7 % |
||
| Year over year growth, External Sales |
14.9 % |
3.8 % |
(9.3)% |
2.3 % |
1.8 % |
||
| Operating Income Margin |
4.2 % |
7.8 % |
6.9 % |
5.3 % |
6.2 % |
||
| Adjusted Operating Income Margin |
4.4 % |
8.3 % |
7.3 % |
6.1 % |
6.6 % |
||
| Adjusted EBITDA Margin |
5.8 % |
10.1 % |
8.1 % |
7.9 % |
8.1 % |
||
| Trailing |
|||||||
| Fiscal Three Months Ended |
Twelve Months |
||||||
| May 1, |
July 31, |
October 30, |
January 29, |
January 29, |
|||
| 2016 |
2016 |
2016 |
2017 |
2017 |
|||
| Total Sales |
$ 138,023 |
$ 181,029 |
$ 204,208 |
$ 151,263 |
$ 674,523 |
||
| External Sales |
134,454 |
175,471 |
196,596 |
145,021 |
651,542 |
||
| Operating Income, GAAP |
7,193 |
19,561 |
22,830 |
6,503 |
56,087 |
||
| Restructuring and impairment |
149 |
106 |
211 |
1,910 |
2,376 |
||
| (Gain) loss on sale of assets and asset recovery |
(927) |
(52) |
62 |
- |
(917) |
||
| Adjusted Operating Income |
6,415 |
19,615 |
23,103 |
8,413 |
57,546 |
||
| Other income and expense |
938 |
(931) |
(362) |
(41) |
(396) |
||
| Depreciation and amortization |
2,436 |
2,438 |
2,399 |
2,276 |
9,549 |
||
| Adjusted EBITDA |
$ 9,789 |
$ 21,122 |
$ 25,140 |
$ 10,648 |
$ 66,699 |
||
| Operating Income Margin |
5.2 % |
10.8 % |
11.2 % |
4.3 % |
8.3 % |
||
| Adjusted Operating Income Margin |
4.6 % |
10.8 % |
11.3 % |
5.6 % |
8.5 % |
||
| Adjusted EBITDA Margin |
7.1 % |
11.7 % |
12.3 % |
7.0 % |
9.9 % |
||
| NCI BUILDING SYSTEMS, INC. |
|||||||
| NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS |
|||||||
| (In thousands) |
|||||||
| (Unaudited) |
|||||||
| Metal Components |
|||||||
| Trailing |
|||||||
| Fiscal Three Months Ended |
Twelve Months |
||||||
| April 30, |
July 30, |
October 29, |
January 28, |
January 28, |
|||
| 2017 |
2017 |
2017 |
2018 |
2018 |
|||
| Total Sales |
$ 154,895 |
$ 166,305 |
$ 181,288 |
$ 146,832 |
$ 649,320 |
||
| External Sales |
133,290 |
140,639 |
155,183 |
127,528 |
556,640 |
||
| Operating Income, GAAP |
19,997 |
23,276 |
23,119 |
17,089 |
83,481 |
||
| Restructuring and impairment |
129 |
60 |
69 |
(1,403) |
(1,145) |
||
| Gain on insurance recovery |
(420) |
(148) |
- |
- |
(568) |
||
| Adjusted Operating Income |
19,706 |
23,188 |
23,188 |
15,686 |
81,768 |
||
| Other income and expense |
52 |
55 |
84 |
53 |
244 |
||
| Depreciation and amortization |
1,302 |
1,266 |
1,422 |
1,576 |
5,566 |
||
| Adjusted EBITDA |
$ 21,060 |
$ 24,509 |
$ 24,694 |
$ 17,315 |
$ 87,578 |
||
| Year over year growth, Total sales |
18.9 % |
(0.1)% |
8.9 % |
9.4 % |
8.7 % |
||
| Year over year growth, External Sales |
19.3 % |
0.1 % |
10.9 % |
10.4 % |
9.6 % |
||
| Operating Income Margin |
12.9 % |
14.0 % |
12.8 % |
11.6 % |
12.9 % |
||
| Adjusted Operating Income Margin |
12.7 % |
13.9 % |
12.8 % |
10.7 % |
12.6 % |
||
| Adjusted EBITDA Margin |
13.6 % |
14.7 % |
13.6 % |
11.8 % |
13.5 % |
||
| Trailing |
|||||||
| Fiscal Three Months Ended |
Twelve Months |
||||||
| May 1, |
July 31, |
October 30, |
January 29, |
January 29, |
|||
| 2016 |
2016 |
2016 |
2017 |
2017 |
|||
| Total Sales |
$ 130,293 |
$ 166,512 |
$ 166,532 |
$ 134,173 |
$ 597,510 |
||
| External Sales |
111,748 |
140,560 |
139,968 |
115,557 |
507,833 |
||
| Operating Income, GAAP |
13,071 |
26,803 |
21,254 |
12,376 |
73,504 |
||
| Restructuring and impairment |
432 |
202 |
103 |
305 |
1,042 |
||
| Adjusted Operating Income |
13,503 |
27,005 |
21,357 |
12,681 |
74,546 |
||
| Other income and expense |
167 |
92 |
(27) |
28 |
260 |
||
| Depreciation and amortization |
1,150 |
1,365 |
1,406 |
1,334 |
5,255 |
||
| Adjusted EBITDA |
$ 14,820 |
$ 28,462 |
$ 22,736 |
$ 14,043 |
$ 80,061 |
||
| Operating Income Margin |
10.0 % |
16.1 % |
12.8 % |
9.2 % |
12.3 % |
||
| Adjusted Operating Income Margin |
10.4 % |
16.2 % |
12.8 % |
9.5 % |
12.5 % |
||
| Adjusted EBITDA Margin |
11.4 % |
17.1 % |
13.7 % |
10.5 % |
13.4 % |
||
| NCI BUILDING SYSTEMS, INC. |
|||||||
| NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS |
|||||||
| (In thousands) |
|||||||
| (Unaudited) |
|||||||
| Insulated Metal Panels |
|||||||
| Trailing |
|||||||
| Fiscal Three Months Ended |
Twelve Months |
||||||
| April 30, |
July 30, |
October 29, |
January 28, |
January 28, |
|||
| 2017 |
2017 |
2017 |
2018 |
2018 |
|||
| Total Sales |
$ 102,937 |
$ 119,730 |
$ 123,542 |
$ 110,794 |
$ 457,003 |
||
| External Sales |
86,773 |
98,026 |
105,064 |
97,513 |
387,376 |
||
| Operating Income, GAAP |
19,377 |
11,468 |
14,895 |
7,071 |
52,811 |
||
| Restructuring and impairment |
- |
8 |
683 |
1,284 |
1,975 |
||
| Strategic development and acquisition related costs |
- |
- |
90 |
300 |
390 |
||
| Gain on insurance recovery |
(9,181) |
- |
- |
- |
(9,181) |
||
| Unreimbursed business interruption costs |
191 |
235 |
28 |
- |
454 |
||
| Adjusted Operating Income |
10,387 |
11,711 |
15,696 |
8,655 |
46,449 |
||
| Other income and expense |
340 |
(211) |
356 |
(273) |
212 |
||
| Depreciation and amortization |
4,258 |
4,516 |
4,742 |
4,388 |
17,904 |
||
| Adjusted EBITDA |
$ 14,985 |
$ 16,016 |
$ 20,794 |
$ 12,770 |
$ 64,565 |
||
| Year over year growth, Total sales |
15.1 % |
13.3 % |
12.3 % |
16.4 % |
14.2 % |
||
| Year over year growth, External Sales |
8.6 % |
4.2 % |
13.4 % |
18.3 % |
11.0 % |
||
| Operating Income Margin |
18.8 % |
9.6 % |
12.1 % |
6.4 % |
11.6 % |
||
| Adjusted Operating Income Margin |
10.1 % |
9.8 % |
12.7 % |
7.8 % |
10.2 % |
||
| Adjusted EBITDA Margin |
14.6 % |
13.4 % |
16.8 % |
11.5 % |
14.1 % |
||
| Trailing |
|||||||
| Fiscal Three Months Ended |
Twelve Months |
||||||
| May 1, |
July 31, |
October 30, |
January 29, |
January 29, |
|||
| 2016 |
2016 |
2016 |
2017 |
2017 |
|||
| Total Sales |
$ 89,433 |
$ 105,694 |
$ 110,001 |
$ 95,195 |
$ 400,323 |
||
| External Sales |
79,882 |
94,059 |
92,648 |
82,441 |
349,030 |
||
| Operating Income, GAAP |
2,782 |
8,911 |
7,513 |
2,192 |
21,398 |
||
| Restructuring and impairment |
176 |
59 |
404 |
- |
639 |
||
| Strategic development and acquisition related costs |
28 |
9 |
- |
- |
37 |
||
| Adjusted Operating Income |
2,986 |
8,979 |
7,917 |
2,192 |
22,074 |
||
| Other income and expense |
(543) |
32 |
270 |
35 |
(206) |
||
| Depreciation and amortization |
4,683 |
4,357 |
3,926 |
4,392 |
17,358 |
||
| Adjusted EBITDA |
$ 7,126 |
$ 13,368 |
$ 12,113 |
$ 6,619 |
$ 39,226 |
||
| Operating Income Margin |
3.1 % |
8.4 % |
6.8 % |
2.3 % |
5.3 % |
||
| Adjusted Operating Income Margin |
3.3 % |
8.5 % |
7.2 % |
2.3 % |
5.5 % |
||
| Adjusted EBITDA Margin |
8.0 % |
12.6 % |
11.0 % |
7.0 % |
9.8 % |
||
| NCI BUILDING SYSTEMS, INC. |
|||||||
| NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS |
|||||||
| (In thousands) |
|||||||
| (Unaudited) |
|||||||
| Metal Coil Coating |
|||||||
| Trailing |
|||||||
| Fiscal Three Months Ended |
Twelve Months |
||||||
| April 30, |
July 30, |
October 29, |
January 28, |
January 28, |
|||
| 2017 |
2017 |
2017 |
2018 |
2018 |
|||
| Total Sales |
$ 86,729 |
$ 95,261 |
$ 98,550 |
$ 88,343 |
$ 368,883 |
||
| External Sales |
45,945 |
48,556 |
50,257 |
48,020 |
192,778 |
||
| Operating Income, GAAP |
6,227 |
7,107 |
1,419 |
5,376 |
20,129 |
||
| Goodwill impairment |
- |
- |
6,000 |
- |
6,000 |
||
| Adjusted Operating Income |
6,227 |
7,107 |
7,419 |
5,376 |
26,129 |
||
| Depreciation and amortization |
2,009 |
2,063 |
2,065 |
2,058 |
8,195 |
||
| Adjusted EBITDA |
$ 8,236 |
$ 9,170 |
$ 9,484 |
$ 7,434 |
$ 34,324 |
||
| Year over year growth, Total sales |
8.6 % |
(1.5)% |
2.7% |
0.0 % |
2.2 % |
||
| Year over year growth, External Sales |
(0.5)% |
(7.1)% |
(1.7)% |
(1.4)% |
(2.7)% |
||
| Operating Income Margin |
7.2 % |
7.5 % |
1.4 % |
6.1 % |
5.5 % |
||
| Adjusted Operating Income Margin |
7.2 % |
7.5 % |
7.5 % |
6.1 % |
7.1 % |
||
| Adjusted EBITDA Margin |
9.5 % |
9.6 % |
9.6 % |
8.4 % |
9.3 % |
||
| Trailing |
|||||||
| Fiscal Three Months Ended |
Twelve Months |
||||||
| May 1, |
July 31, |
October 30, |
January 29, |
January 29, |
|||
| 2016 |
2016 |
2016 |
2017 |
2017 |
|||
| Total Sales |
$ 79,829 |
$ 96,684 |
$ 95,987 |
$ 88,340 |
$ 360,840 |
||
| External Sales |
46,163 |
52,263 |
51,102 |
48,684 |
198,212 |
||
| Operating Income, GAAP |
6,686 |
10,531 |
9,310 |
6,706 |
33,233 |
||
| Restructuring and impairment |
39 |
- |
- |
- |
39 |
||
| Adjusted Operating Income |
6,725 |
10,531 |
9,310 |
6,706 |
33,272 |
||
| Other income and expense |
- |
2 |
- |
31 |
33 |
||
| Depreciation and amortization |
2,166 |
2,214 |
1,849 |
2,106 |
8,335 |
||
| Adjusted EBITDA |
$ 8,891 |
$ 12,747 |
$ 11,159 |
$ 8,843 |
$ 41,640 |
||
| Operating Income Margin |
8.4 % |
10.9 % |
9.7 % |
7.6 % |
9.2 % |
||
| Adjusted Operating Income Margin |
8.4 % |
10.9 % |
9.7 % |
7.6 % |
9.2 % |
||
| Adjusted EBITDA Margin |
11.1 % |
13.2 % |
11.6 % |
10.0 % |
11.5 % |
||
| NCI BUILDING SYSTEMS, INC. |
|||||||
| NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS |
|||||||
| (In thousands) |
|||||||
| (Unaudited) |
|||||||
| Corporate |
|||||||
| Trailing |
|||||||
| Fiscal Three Months Ended |
Twelve Months |
||||||
| April 30, |
July 30, |
October 29, |
January 28, |
January 28, |
|||
| 2017 |
2017 |
2017 |
2018 |
2018 |
|||
| Operating Loss, GAAP |
$ (20,023) |
$ (22,702) |
$ (19,151) |
$ (24,901) |
$ (86,777) |
||
| Restructuring and impairment |
- |
- |
262 |
77 |
339 |
||
| Strategic development and acquisition related costs |
124 |
1,297 |
103 |
254 |
1,778 |
||
| Acceleration of CEO retirement benefits |
- |
- |
- |
4,600 |
4,600 |
||
| Adjusted Operating Loss |
(19,899) |
(21,405) |
(18,786) |
(19,970) |
(80,060) |
||
| Other income and expense |
182 |
187 |
192 |
415 |
976 |
||
| Depreciation and amortization |
208 |
178 |
237 |
259 |
882 |
||
| Share-based compensation expense |
2,820 |
2,284 |
2,084 |
2,270 |
9,458 |
||
| Adjusted EBITDA |
$ (16,689) |
$ (18,756) |
$ (16,273) |
$ (17,026) |
$ (68,744) |
||
| Trailing |
|||||||
| Fiscal Three Months Ended |
Twelve Months |
||||||
| May 1, |
July 31, |
October 30, |
January 29, |
January 29, |
|||
| 2016 |
2016 |
2016 |
2017 |
2017 |
|||
| Operating Loss, GAAP |
$ (19,138) |
$ (22,271) |
$ (21,516) |
$ (17,891) |
$ (80,816) |
||
| Restructuring and impairment |
353 |
411 |
97 |
49 |
910 |
||
| Strategic development and acquisition related costs |
551 |
810 |
590 |
357 |
2,308 |
||
| Adjusted Operating Loss |
(18,234) |
(21,050) |
(20,829) |
(17,485) |
(77,598) |
||
| Other income and expense |
265 |
297 |
(73) |
256 |
745 |
||
| Depreciation and amortization |
330 |
221 |
235 |
207 |
993 |
||
| Share-based compensation expense |
2,468 |
2,661 |
3,181 |
3,042 |
11,352 |
||
| Adjusted EBITDA |
$ (15,171) |
$ (17,871) |
$ (17,486) |
$ (13,980) |
$ (64,508) |
||
SOURCE NCI Building Systems, Inc.
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