HOUSTON, Dec. 6, 2017 /PRNewswire/ -- NCI Building
Systems, Inc. (NYSE: NCS) ("NCI" or the "Company") today
reported financial results for the fourth fiscal quarter and fiscal
year ended October 29, 2017.
Fourth Quarter 2017 Financial and Operational
Highlights:
- Sales rose 1.8% to $488.7 million
for the quarter, compared to $480.3
million in the prior year's fourth quarter
- Gross profit for the quarter was $116.3
million or 23.8% of revenues, compared to $120.8 million or 25.2% of revenues in the prior
year's fourth quarter
- Net income was $17.5 million for
the quarter, compared to $19.0
million in last year's fourth quarter. Adjusted Net Income
was $22.3 million this quarter,
compared to $19.8 million in the
prior year's fourth quarter
- Net income per diluted common share for the quarter was
$0.25, compared to $0.27 in the prior year's fourth quarter.
Adjusted Net Income was $0.32 per
diluted common share, compared to $0.28 in the prior year's fourth quarter
- Adjusted EBITDA was $53.9 million
or 11.0% of revenues for the quarter, compared to Adjusted EBITDA
of $53.7 million or 11.2% of revenues
in the prior year's fourth quarter.
- Repurchased over 2.6 million shares at an average purchase
price of $14.73 per share using
$37.6 million. For fiscal 2017, the
Company repurchased 2.8 million shares at an average purchase price
of $14.68
- Total consolidated backlog increased to $545.6 million, up 5.8% year-over-year
- For the period, the Company estimated the hurricanes negatively
impacted sales by approximately $16.0
million, gross profit by approximately $8.3 million and Adjusted EBITDA by approximately
$8.5 million
"While 2017 was a demanding year, in spite of the overall
challenges we finished the year on a strong note in terms of
bookings and shipments," said Donald R.
Riley, President and Chief Executive Officer. "In closing
out the year, we achieved many goals critical to realizing our
long-term vision for NCI. We completed the rationalization of our
manufacturing footprint, met our cost reduction initiative goals a
year ahead of schedule, resulting in a combined annual savings of
$31.9 million, and produced double
digit growth in our Insulated Metal Panels business."
"As we look towards fiscal 2018, we are excited and optimistic
about our opportunities to continue driving NCI forward. The next
phase of the Company's evolution will be focused on implementing
continuous improvement processes throughout the entire company with
an emphasis on customer service and efficiency, expanding our sales
through further product adjacencies, incorporating advanced
automation across our manufacturing facilities and taking
additional costs out of the business. We believe these efforts will
position us to realize our long range goals," concluded Riley.
Fourth Quarter 2017 Results
Fourth quarter 2017 sales increased to $488.7 million, up 1.8% from $480.3 million in last year's fourth quarter,
primarily due to continued commercial discipline in the
pass-through of higher material costs. On a year-over-year
basis, tonnage volumes were significantly lower in the Buildings
segment resulting from the impact of hurricane related disruptions,
customers access to job sites and transportation delays. The
Company estimated the hurricanes reduced sales by approximately
$16.0 million for the quarter.
Gross profit was $116.3 million
this quarter, down from $120.8
million in the fourth quarter of 2016 and gross profit
margins were 23.8% for the this year's fourth quarter compared to
25.2% in the fourth quarter of 2016. Gross margins in the fourth
quarter of the year declined primarily as a result of lower volumes
in the Buildings segment, uneven production flow and increased
transportation costs. The Company estimated the hurricanes impacted
gross profits by approximately $8.3
million for the quarter.
Engineering, selling, general and administrative ("ESG&A")
expenses were $72.7 million for the
quarter, compared to $77.6 million in
the fourth quarter of 2016. As a percentage of revenues, ESG&A
expenses decreased approximately 130 basis points to 14.9% in the
2017 fourth quarter compared to 16.2% in the prior year's fourth
quarter, primarily driven by the Company's cost reduction
initiatives, integration activities and lower incentive
compensation costs.
Operating income for the quarter was $33.3 million, compared to $39.4 million in the prior year's fourth quarter.
Adjusted Operating Income, a non-GAAP measure which excludes
certain identified items, was $41.3
million in the current quarter, compared to $40.9 million in the fourth quarter of 2016. The
Company estimated the hurricanes impacted Adjusted Operating Income
by approximately $8.5 million for the
quarter.
Net income applicable to common shares in the quarter was
$17.4 million, or $0.25 per diluted common share, compared to
$19.0 million, or $0.27 per diluted common share in the prior
year's fourth quarter. Net income was impacted by the following
special items: $6.0 million non-cash
goodwill impairment charge related to the coil coating operations
of CENTRIA, $1.1 million of
restructuring charges predominately attributable to severance
costs, $0.6 million for asset
impairments and $0.2 million of
strategic development and acquisition related costs, partially
offset by $3.1 million from the
associated tax effect of these items. Excluding the impact of these
special items, the Company reported Adjusted Net Income, a non-GAAP
measure, of $22.3 million, or
$0.32 per diluted common share,
compared to $19.8 million, or
$0.28 per diluted common share, in
the fourth quarter of 2016.
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 $53.9 million this
quarter, compared to $53.7 million in
the prior year's fourth quarter. The Company estimated that the
fourth quarter of fiscal 2017 was impacted by $8.5 million as a result of job site disruptions,
uneven production flow and increased transportation costs related
to the various hurricanes during the period.
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 fourth quarter were
$65.7 million, compared to
$65.4 million at the end of the
fourth quarter of fiscal 2016. Cash and cash equivalents increased
sequentially from $45.9 million at
the end of the third quarter of fiscal 2017 as a result of strong
operating cash flow offset by $37.6
million of share repurchases during the period. NCI's net
debt leverage ratio (net debt/EBITDA) at the end of the fourth
quarter was 2.0x. In addition, the Company's $150.0 million ABL facility remained undrawn as
of October 29, 2017.
Fourth Quarter 2017 Segment Performance
Third party sales in the Buildings segment were $178.2 million in the fourth quarter compared to
$196.6 million in the prior year
period, as a result of significantly lower volumes during the
period, largely driven by hurricane related disruptions. Operating
income decreased to $13.0 million
this quarter, compared to $22.8
million in the fourth quarter of 2016. Adjusted Operating
Income decreased to $13.7 million in
the current quarter, compared to $23.1
million in the fourth quarter of fiscal 2016. The
year-over-year decrease in the Building segment's operating margins
relates largely to lower plant utilization driven by lower volumes
during the period, uneven production flow and increased
transportation costs. The hurricanes had a disproportionate effect
on the Buildings segment due to the larger transaction size and
longer lead times from order to delivery.
The Components segment generated $281.3
million in third party sales during the quarter, an increase
of 10.3% from $255.1 million in the
fourth quarter of fiscal 2016, led by growth in the insulated panel
product lines, as well as commercial pricing discipline and higher
volumes across the segment. Operating income was $32.8 million for the quarter compared to
$31.1 million in the fourth quarter
of 2016. Adjusted Operating Income was $39.7
million, compared to $31.6
million in the fourth quarter of fiscal 2016. The Components
segment's profitability was improved by higher volumes and capacity
utilization across the legacy single skin product lines and a
strong product mix in insulated panel sales.
Third party sales in the Coatings segment were $29.2 million, compared to $28.6 million in the fourth quarter of fiscal
2016. Operating income was $6.6
million for the quarter, compared to $7.0 million in the fourth quarter of 2016.
Operating margins in the Coatings group were impacted by lower
third party volumes offset by improved commercial discipline and
higher internal volumes.
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
low-rise nonresidential 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 low-rise new construction starts for the Company's
addressable market in fiscal 2018.
Internal bookings and quoting activity indicates a continuation
of low single digit growth as compared to the prior year. Offices
and banks, educational and governmental end-markets have shown
positive year-over-year growth. In NCI's geographic markets South
Atlantic, New England and East North Central regions showed the
strongest growth year-over-year.
Cost Initiatives and Guidance
The Company's two cost savings initiatives in manufacturing and
ESG&A were ahead of schedule at the end of the fourth quarter.
The Company is targeting an additional $40 - $50 million
in cost savings reductions and efficiencies by the end of 2020.
For the first quarter of fiscal 2018, NCI expects revenues to be
in the range of $390 to $410 million and Adjusted EBITDA to be in the
range of $24 to $34 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. fourth quarter 2017 conference
call is scheduled for Thursday, December 7,
2017, 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 13673308# when prompted. The taped replay will be
available two hours after the call through December 21, 2017. 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,
Mexico and China 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 first quarter
fiscal 2018 forecasted revenues and Adjusted EBITDA, long term
targets with respect to cost savings 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 or refinance indebtedness; our ability to generate significant
cash flow required to service or refinance our existing debt,
including the 8.25% senior notes due 2023, 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 key personnel; our ability to carry
out our restructuring plans and to fully realize expected cost
savings; enforcement and obsolescence of intellectual property
rights; fluctuations in customer demand; costs related to
environmental clean-ups and liabilities; competitive activity and
pricing pressure; increases in energy prices; volatility of the
Company's stock price; 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
|
|
Fiscal Year
Ended
|
|
|
October
29,
|
|
October
30,
|
|
October
29,
|
|
October
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$
488,726
|
|
$
480,314
|
|
$
1,770,278
|
|
$
1,684,928
|
|
Cost of
sales
|
|
372,421
|
|
359,403
|
|
1,354,077
|
|
1,258,680
|
|
Loss (gain) on
sale of assets and asset recovery
|
|
-
|
|
62
|
|
137
|
|
(1,642)
|
|
Gross
profit
|
|
116,305
|
|
120,849
|
|
416,064
|
|
427,890
|
|
|
23.8%
|
|
25.2%
|
|
23.5%
|
|
25.4%
|
|
|
|
|
|
|
|
|
|
|
Engineering,
selling, general and administrative expenses
|
|
72,671
|
|
77,640
|
|
293,145
|
|
302,551
|
|
Intangible
asset amortization
|
|
2,405
|
|
2,412
|
|
9,620
|
|
9,638
|
|
Goodwill
impairment
|
|
6,000
|
|
-
|
|
6,000
|
|
-
|
|
Strategic
development and acquisition related costs
|
|
193
|
|
590
|
|
1,971
|
|
2,670
|
|
Restructuring
and impairment charges
|
|
1,710
|
|
815
|
|
5,297
|
|
4,252
|
|
Gain on
insurance recovery
|
|
-
|
|
-
|
|
(9,749)
|
|
-
|
|
Income from
operations
|
|
33,326
|
|
39,392
|
|
109,780
|
|
108,779
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
74
|
|
11
|
|
238
|
|
146
|
|
Interest
expense
|
|
(7,161)
|
|
(7,559)
|
|
(28,899)
|
|
(31,019)
|
|
Foreign
exchange (loss) gain
|
|
(488)
|
|
(312)
|
|
547
|
|
(1,401)
|
|
Gain from
bargain purchase
|
|
-
|
|
-
|
|
-
|
|
1,864
|
|
Other income,
net
|
|
427
|
|
118
|
|
1,472
|
|
595
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
26,178
|
|
31,650
|
|
83,138
|
|
78,964
|
|
Provision for
income taxes
|
|
8,688
|
|
12,649
|
|
28,414
|
|
27,937
|
|
|
33.2%
|
|
40.0%
|
|
34.2%
|
|
35.4%
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
17,490
|
|
$
19,001
|
|
$
54,724
|
|
$
51,027
|
|
|
|
|
|
|
|
|
|
|
Net income
allocated to participating securities
|
|
(78)
|
|
(105)
|
|
(325)
|
|
(389)
|
|
|
|
|
|
|
|
|
|
|
Net income
applicable to common shares
|
|
$
17,412
|
|
$
18,896
|
|
$
54,399
|
|
$
50,638
|
|
|
|
|
|
|
|
|
|
|
Check
|
|
|
|
|
|
|
|
|
|
Income per
common share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
0.25
|
|
$
0.27
|
|
$
0.77
|
|
$
0.70
|
|
Diluted
|
|
$
0.25
|
|
$
0.27
|
|
$
0.77
|
|
$
0.70
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
69,629
|
|
70,845
|
|
70,629
|
|
72,411
|
|
Diluted
|
|
69,741
|
|
71,020
|
|
70,778
|
|
72,857
|
|
|
|
|
|
|
|
|
|
|
Increase in
sales
|
|
1.8%
|
|
4.5%
|
|
5.1%
|
|
7.8%
|
|
|
|
|
|
|
|
|
|
|
Engineering,
selling, general and administrative expenses percentage
|
|
|
|
|
|
|
|
|
|
14.9%
|
|
16.2%
|
|
16.6%
|
|
18.0%
|
|
NCI BUILDING
SYSTEMS, INC.
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
October
29,
|
|
October
30,
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
65,658
|
|
$
65,403
|
|
|
Restricted
cash
|
|
136
|
|
310
|
|
|
Accounts receivable,
net
|
|
199,897
|
|
182,258
|
|
|
Inventories,
net
|
|
198,296
|
|
186,824
|
|
|
Income taxes
receivable
|
|
3,617
|
|
982
|
|
|
Deferred income
taxes
|
|
22,605
|
|
29,104
|
|
|
Investments in debt
and equity securities, at market
|
|
6,481
|
|
5,748
|
|
|
Prepaid expenses and
other
|
|
33,086
|
|
29,971
|
|
|
Assets held for
sale
|
|
5,582
|
|
4,256
|
|
|
|
Total current
assets
|
|
535,358
|
|
504,856
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
226,995
|
|
242,212
|
|
|
Goodwill
|
|
148,291
|
|
154,271
|
|
|
Intangible assets,
net
|
|
137,148
|
|
146,769
|
|
|
Other assets,
net
|
|
1,875
|
|
2,092
|
|
|
|
Total
assets
|
|
$
1,049,667
|
|
$
1,050,200
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Note
payable
|
|
$
440
|
|
$
460
|
|
|
Accounts
payable
|
|
147,772
|
|
142,913
|
|
|
Accrued compensation
and benefits
|
|
58,408
|
|
72,612
|
|
|
Accrued
interest
|
|
6,414
|
|
7,165
|
|
|
Other accrued
expenses
|
|
103,253
|
|
103,384
|
|
|
|
Total current
liabilities
|
|
316,287
|
|
326,534
|
|
|
|
|
|
|
|
|
Long-term debt, net
of deferred financing costs of $6,857 and $8,096
|
|
387,290
|
|
396,051
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
23,396
|
|
24,804
|
|
|
Other long-term
liabilities
|
|
18,953
|
|
21,494
|
|
|
|
Total long-term
liabilities
|
|
429,639
|
|
442,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
687
|
|
715
|
|
|
Additional paid-in
capital
|
|
562,277
|
|
603,120
|
|
|
Accumulated
deficit
|
|
(248,046)
|
|
(302,706)
|
|
|
Accumulated other
comprehensive loss, net
|
|
(9,037)
|
|
(10,553)
|
|
|
Treasury stock, at
cost
|
|
(2,140)
|
|
(9,259)
|
|
|
|
Total stockholders'
equity
|
|
303,741
|
|
281,317
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
1,049,667
|
|
$
1,050,200
|
|
NCI BUILDING
SYSTEMS, INC.
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year
Ended
|
|
|
October
29,
|
|
October
30,
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net
income
|
|
$
54,724
|
|
$
51,027
|
|
Adjustments to
reconcile net income to net cash from operating
activities
|
|
|
|
|
|
Depreciation and amortization
|
|
41,318
|
|
41,924
|
|
Amortization of deferred financing costs
|
|
1,819
|
|
1,908
|
|
Share-based compensation expense
|
|
10,230
|
|
10,892
|
|
Losses (gains) on assets, net
|
|
1,371
|
|
(2,673)
|
|
Goodwill impairment
|
|
6,000
|
|
-
|
|
Gain on insurance recovery
|
|
(9,749)
|
|
-
|
|
Provision for doubtful accounts
|
|
1,948
|
|
1,343
|
|
Provision for deferred income taxes
|
|
866
|
|
1,318
|
|
Excess tax (benefits) shortfalls from share-based compensation
arrangements
|
|
(1,515)
|
|
289
|
|
Changes in operating
assets and liabilities, net of effect of acquisitions:
|
|
|
|
|
|
Accounts receivable
|
|
(19,582)
|
|
(18,141)
|
|
Inventories
|
|
(11,473)
|
|
(29,054)
|
|
Income taxes
|
|
(2,637)
|
|
(1,953)
|
|
Prepaid expenses and other
|
|
(3,293)
|
|
671
|
|
Accounts payable
|
|
4,858
|
|
(1,598)
|
|
Accrued expenses
|
|
(11,299)
|
|
12,656
|
|
Other, net
|
|
(1,227)
|
|
159
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
62,359
|
|
68,768
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Acquisitions, net of
cash acquired
|
|
-
|
|
(4,343)
|
|
Capital
expenditures
|
|
(22,074)
|
|
(21,024)
|
|
Proceeds from sale of
property, plant and equipment
|
|
3,197
|
|
5,417
|
|
Proceeds from
insurance
|
|
8,593
|
|
10,000
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(10,284)
|
|
(9,950)
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Refund of restricted cash
|
|
173
|
|
370
|
|
Proceeds from stock options exercised
|
|
1,651
|
|
12,612
|
|
Excess tax benefits (shortfalls) from share-based compensation
arrangements
|
|
1,515
|
|
(289)
|
|
Proceeds from Amended ABL facility
|
|
35,000
|
|
-
|
|
Payments on Amended ABL facility
|
|
(35,000)
|
|
-
|
|
Payments on term loan
|
|
(10,180)
|
|
(40,000)
|
|
Payments on note payable
|
|
(1,570)
|
|
(1,430)
|
|
Purchases of treasury stock
|
|
(43,603)
|
|
(64,015)
|
|
|
|
|
|
|
Net cash used in
financing activities
|
|
(52,014)
|
|
(92,752)
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
194
|
|
(325)
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
255
|
|
(34,259)
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
65,403
|
|
99,662
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
$
65,658
|
|
$
65,403
|
|
NCI BUILDING
SYSTEMS, INC.
|
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATIONS
|
|
ADJUSTED NET
INCOME PER DILUTED COMMON SHARE AND NET INCOME
COMPARISON
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Fiscal Three
Months Ended
|
|
Fiscal Year
Ended
|
|
|
October
29,
|
October
30,
|
|
October
29,
|
October
30,
|
|
|
2017
|
2016
|
|
2017
|
2016
|
|
Net income per
diluted common share, GAAP basis
|
|
$
0.25
|
$
0.27
|
|
$
0.77
|
$
0.70
|
|
Goodwill
impairment
|
|
0.09
|
-
|
|
0.08
|
-
|
|
Restructuring
and impairment charges
|
|
0.02
|
0.01
|
|
0.07
|
0.06
|
|
Strategic
development and acquisition related costs
|
|
0.00
|
0.01
|
|
0.03
|
0.04
|
|
(Gain) on
insurance recovery
|
|
-
|
-
|
|
(0.14)
|
-
|
|
Unreimbursed
business interruption costs
|
|
0.00
|
-
|
|
0.01
|
-
|
|
Other losses
(gains), net
|
|
-
|
0.00
|
|
0.00
|
(0.06)
|
|
Tax effect of
applicable non-GAAP adjustments (1)
|
|
(0.04)
|
(0.01)
|
|
(0.02)
|
(0.03)
|
|
Adjusted net income
per diluted common share (2)
|
|
$
0.32
|
$
0.28
|
|
$
0.80
|
$
0.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Three
Months Ended
|
|
Fiscal Year
Ended
|
|
|
October
29,
|
October
30,
|
|
October
29,
|
October
30,
|
|
|
2017
|
2016
|
|
2017
|
2016
|
|
Net income applicable
to common shares, GAAP basis
|
|
$
17,412
|
$
18,896
|
|
$
54,399
|
$
50,638
|
|
Goodwill
impairment
|
|
6,000
|
-
|
|
6,000
|
-
|
|
Restructuring
and impairment charges
|
|
1,710
|
815
|
|
5,297
|
4,252
|
|
Strategic
development and acquisition related costs
|
|
193
|
590
|
|
1,971
|
2,670
|
|
(Gain) on
insurance recovery
|
|
-
|
-
|
|
(9,749)
|
-
|
|
Unreimbursed
business interruption costs
|
|
28
|
-
|
|
454
|
-
|
|
Other losses
(gains), net
|
|
-
|
62
|
|
137
|
(3,506)
|
|
Tax effect of
applicable non-GAAP adjustments (1)
|
|
(3,093)
|
(572)
|
|
(1,603)
|
(2,059)
|
|
Adjusted net income
applicable to common shares (2)
|
|
$
22,250
|
$
19,791
|
|
$
56,906
|
$
51,995
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Three
Months Ended
|
|
Fiscal Three
Months Ended
|
|
$
|
%
|
|
|
October 29,
2017
|
|
October 30,
2016
|
|
Inc/(Dec)
|
Change
|
|
|
|
% of
|
|
|
% of
|
|
|
|
|
|
|
Total
|
|
|
Total
|
|
|
|
|
Sales:
|
|
|
Sales
|
|
|
Sales
|
|
|
|
|
Engineered building
systems
|
|
$
188,183
|
32
|
|
$
204,208
|
36
|
|
$(16,025)
|
-7.8%
|
|
Metal components
|
|
316,716
|
55
|
|
292,430
|
52
|
|
24,286
|
8.3%
|
|
Metal coil
coating
|
|
73,007
|
13
|
|
69,283
|
12
|
|
3,724
|
5.4%
|
|
Total sales
|
|
577,906
|
100
|
|
565,921
|
100
|
|
11,985
|
2.1%
|
|
Less: Intersegment
sales
|
|
89,180
|
15
|
|
85,607
|
15
|
|
3,573
|
4.2%
|
|
Total net sales
|
|
$
488,726
|
85
|
|
$
480,314
|
85
|
|
$
8,412
|
1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of
|
|
|
% of
|
|
|
|
|
Operating income
(loss):
|
|
|
Sales
|
|
|
Sales
|
|
|
|
|
Engineered building
systems
|
|
$
13,043
|
7
|
|
$
22,830
|
11
|
|
$
(9,787)
|
-42.9%
|
|
Metal components
|
|
32,818
|
10
|
|
31,059
|
11
|
|
1,759
|
5.7%
|
|
Metal coil
coating
|
|
6,615
|
9
|
|
7,018
|
10
|
|
(403)
|
-5.7%
|
|
Corporate
|
|
(19,150)
|
-
|
|
(21,515)
|
-
|
|
2,365
|
11.0%
|
|
Total operating income
|
|
$
33,326
|
7
|
|
$
39,392
|
8
|
|
$
(6,066)
|
-15.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of
|
|
|
% of
|
|
|
|
|
Adjusted operating
income (loss) (1):
|
|
|
Sales
|
|
|
Sales
|
|
|
|
|
Engineered building
systems
|
|
$
13,738
|
7
|
|
$
23,103
|
11
|
|
$
(9,365)
|
-40.5%
|
|
Metal components
|
|
39,689
|
13
|
|
31,565
|
11
|
|
8,124
|
25.7%
|
|
Metal coil
coating
|
|
6,615
|
9
|
|
7,018
|
10
|
|
(403)
|
-5.7%
|
|
Corporate
|
|
(18,785)
|
-
|
|
(20,827)
|
-
|
|
2,042
|
9.8%
|
|
Total adjusted operating income
|
|
$
41,257
|
8
|
|
$
40,859
|
9
|
|
$
398
|
1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year
Ended
|
|
Fiscal Year
Ended
|
|
$
|
%
|
|
|
October 29,
2017
|
|
October 30,
2016
|
|
Inc/(Dec)
|
Change
|
|
|
|
% of
|
|
|
% of
|
|
|
|
|
|
|
Total
|
|
|
Total
|
|
|
|
|
Sales:
|
|
|
Sales
|
|
|
Sales
|
|
|
|
|
Engineered building
systems
|
|
$
693,980
|
33
|
|
$
672,235
|
34
|
|
$
21,745
|
3.2%
|
|
Metal components
|
|
1,129,816
|
54
|
|
1,044,040
|
53
|
|
85,776
|
8.2%
|
|
Metal coil
coating
|
|
271,085
|
13
|
|
247,736
|
13
|
|
23,349
|
9.4%
|
|
Total sales
|
|
2,094,881
|
100
|
|
1,964,011
|
100
|
|
130,870
|
6.7%
|
|
Less: Intersegment
sales
|
|
324,603
|
15
|
|
279,083
|
14
|
|
45,520
|
16.3%
|
|
Total net sales
|
|
$
1,770,278
|
85
|
|
$
1,684,928
|
86
|
|
$
85,350
|
5.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of
|
|
|
% of
|
|
|
|
|
Operating income
(loss):
|
|
|
Sales
|
|
|
Sales
|
|
|
|
|
Engineered building
systems
|
|
$
41,388
|
6
|
|
$
62,046
|
9
|
|
$(20,658)
|
-33.3%
|
|
Metal components
|
|
124,224
|
11
|
|
102,495
|
10
|
|
21,729
|
21.2%
|
|
Metal coil
coating
|
|
23,935
|
9
|
|
25,289
|
10
|
|
(1,354)
|
-5.4%
|
|
Corporate
|
|
(79,767)
|
-
|
|
(81,051)
|
-
|
|
1,284
|
1.6%
|
|
Total operating income
|
|
$
109,780
|
6
|
|
$
108,779
|
6
|
|
$
1,001
|
0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of
|
|
|
% of
|
|
|
|
|
Adjusted operating
income (loss) (1):
|
|
|
Sales
|
|
|
Sales
|
|
|
|
|
Engineered building
systems
|
|
$
45,257
|
7
|
|
$
61,370
|
9
|
|
$(16,113)
|
-26.3%
|
|
Metal components
|
|
122,273
|
11
|
|
104,559
|
10
|
|
17,714
|
16.9%
|
|
Metal coil
coating
|
|
23,935
|
9
|
|
25,328
|
10
|
|
(1,393)
|
-5.5%
|
|
Corporate
|
|
(77,575)
|
-
|
|
(77,198)
|
-
|
|
(377)
|
-0.5%
|
|
Total adjusted operating income
|
|
$
113,890
|
6
|
|
$
114,059
|
7
|
|
$
(169)
|
-0.1%
|
|
|
|
(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. See the reconciliation of Adjusted operating income
(loss) to operating income (loss) on the following page.
|
|
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
|
|
FISCAL THREE
MONTHS ENDED OCTOBER 29, 2017 AND OCTOBER 30, 2016
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Three
Months Ended October 29, 2017
|
|
|
Engineered
Building Systems
|
|
Metal
Components
|
|
Metal Coil
Coating
|
|
Corporate
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss), GAAP basis
|
|
$
13,043
|
|
$
32,818
|
|
$
6,615
|
|
$
(19,150)
|
|
$
33,326
|
|
Goodwill
impairment
|
|
-
|
|
6,000
|
|
-
|
|
-
|
|
6,000
|
|
Restructuring
and impairment charges
|
|
695
|
|
753
|
|
-
|
|
262
|
|
1,710
|
|
Strategic
development and acquisition related costs
|
|
-
|
|
90
|
|
-
|
|
103
|
|
193
|
|
Unreimbursed
business interruption costs
|
|
-
|
|
28
|
|
-
|
|
-
|
|
28
|
|
Adjusted operating
income (loss) (1)
|
|
$
13,738
|
|
$
39,689
|
|
$
6,615
|
|
$
(18,785)
|
|
$
41,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Three
Months Ended October 30, 2016
|
|
|
Engineered
Building Systems
|
|
Metal
Components
|
|
Metal Coil
Coating
|
|
Corporate
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss), GAAP basis
|
|
$
22,830
|
|
$
31,059
|
|
$
7,018
|
|
$
(21,515)
|
|
$
39,392
|
|
Restructuring
and impairment charges
|
|
211
|
|
506
|
|
-
|
|
98
|
|
815
|
|
Strategic
development and acquisition related costs
|
|
-
|
|
-
|
|
-
|
|
590
|
|
590
|
|
Loss on sale
of assets and asset recovery
|
|
62
|
|
-
|
|
-
|
|
-
|
|
62
|
|
Adjusted operating
income (loss) (1)
|
|
$
23,103
|
|
$
31,565
|
|
$
7,018
|
|
$
(20,827)
|
|
$
40,859
|
|
|
|
(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
|
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATIONS
|
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS)
EXCLUDING SPECIAL CHARGES
|
|
FISCAL YEAR ENDED
OCTOBER 29, 2017 AND OCTOBER 30, 2016
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year
Ended October 29, 2017
|
|
|
Engineered
Building Systems
|
|
Metal
Components
|
|
Metal Coil
Coating
|
|
Corporate
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss), GAAP basis
|
|
$
41,388
|
|
$
124,224
|
|
$
23,935
|
|
$
(79,767)
|
|
$
109,780
|
|
Goodwill
impairment
|
|
-
|
|
6,000
|
|
-
|
|
-
|
|
6,000
|
|
Restructuring
and impairment charges
|
|
3,732
|
|
1,254
|
|
-
|
|
311
|
|
5,297
|
|
Strategic
development and acquisition related costs
|
|
-
|
|
90
|
|
-
|
|
1,881
|
|
1,971
|
|
Loss on sale
of assets and assets recovery
|
|
137
|
|
-
|
|
-
|
|
-
|
|
137
|
|
(Gain) on
insurance recovery
|
|
-
|
|
(9,749)
|
|
-
|
|
-
|
|
(9,749)
|
|
Unreimbursed
business interruption costs
|
|
-
|
|
454
|
|
-
|
|
-
|
|
454
|
|
Adjusted operating
income (loss) (1)
|
|
$
45,257
|
|
$
122,273
|
|
$
23,935
|
|
$
(77,575)
|
|
$
113,890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year
Ended October 30, 2016
|
|
|
Engineered
Building Systems
|
|
Metal
Components
|
|
Metal Coil
Coating
|
|
Corporate
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss), GAAP basis
|
|
$
62,046
|
|
$
102,495
|
|
$
25,289
|
|
$
(81,051)
|
|
$
108,779
|
|
Restructuring
and impairment charges
|
|
966
|
|
1,661
|
|
39
|
|
1,586
|
|
4,252
|
|
Strategic
development and acquisition related costs
|
|
-
|
|
403
|
|
-
|
|
2,267
|
|
2,670
|
|
(Gain) on sale
of assets and asset recovery
|
|
(1,642)
|
|
-
|
|
-
|
|
-
|
|
(1,642)
|
|
Adjusted operating
income (loss) (1)
|
|
$
61,370
|
|
$
104,559
|
|
$
25,328
|
|
$
(77,198)
|
|
$
114,059
|
|
|
|
(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.
|
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATIONS
|
|
COMPUTATION OF
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
|
|
AMORTIZATION AND
OTHER NONCASH ITEMS (ADJUSTED EBITDA)
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st
Qtr
|
|
2nd
Qtr
|
|
3rd
Qtr
|
|
4th
Qtr
|
|
Fiscal Year
Ended
|
|
|
January
29,
|
|
April
30,
|
|
July
30,
|
|
October
29,
|
|
October
29,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
Net
income
|
|
$
2,039
|
|
$
16,974
|
|
$
18,221
|
|
$
17,490
|
|
$
54,724
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
10,315
|
|
10,062
|
|
10,278
|
|
10,663
|
|
41,318
|
|
Consolidated interest
expense, net
|
|
6,881
|
|
7,341
|
|
7,353
|
|
7,086
|
|
28,661
|
|
Provision for income
taxes
|
|
1,275
|
|
8,606
|
|
9,845
|
|
8,688
|
|
28,414
|
|
Restructuring and impairment
charges
|
|
2,264
|
|
315
|
|
1,009
|
|
1,709
|
|
5,297
|
|
Strategic development and
acquisition related costs
|
|
357
|
|
124
|
|
1,297
|
|
193
|
|
1,971
|
|
Share-based
compensation
|
|
3,042
|
|
2,820
|
|
2,284
|
|
2,084
|
|
10,230
|
|
Goodwill
impairment
|
|
-
|
|
-
|
|
-
|
|
6,000
|
|
6,000
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(1)
|
|
$
26,173
|
|
$
36,969
|
|
$
50,374
|
|
$
53,941
|
|
$
167,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st
Qtr
|
|
2nd
Qtr
|
|
3rd
Qtr
|
|
4th
Qtr
|
|
Fiscal Year
Ended
|
|
|
January
31,
|
|
May
1,
|
|
July
31,
|
|
October
30,
|
|
October
30,
|
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
Net income
|
|
$
5,892
|
|
$
2,420
|
|
$
23,715
|
|
$
19,001
|
|
$
51,028
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
10,747
|
|
10,765
|
|
10,595
|
|
9,817
|
|
41,924
|
|
Consolidated interest
expense, net
|
|
7,847
|
|
7,792
|
|
7,685
|
|
7,548
|
|
30,872
|
|
Provision for income
taxes
|
|
2,453
|
|
1,209
|
|
11,627
|
|
12,649
|
|
27,938
|
|
Restructuring and impairment
charges
|
|
1,510
|
|
1,149
|
|
778
|
|
815
|
|
4,252
|
|
(Gain) from bargain
purchase
|
|
(1,864)
|
|
-
|
|
-
|
|
-
|
|
(1,864)
|
|
Strategic development and
acquisition related costs
|
|
681
|
|
579
|
|
819
|
|
590
|
|
2,669
|
|
Share-based
compensation
|
|
2,582
|
|
2,468
|
|
2,661
|
|
3,181
|
|
10,892
|
|
(Gain) loss on sale of
assets and asset recovery
|
|
(725)
|
|
(927)
|
|
(52)
|
|
62
|
|
(1,642)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(1)
|
|
$
29,123
|
|
$
25,455
|
|
$
57,828
|
|
$
53,663
|
|
$
166,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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.
|
|
Reconciliation of Segment Sales to Third
Party Segment Sales
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
|
|
|
Fiscal
|
|
$
|
%
|
|
|
|
4th Qtr
2017
|
|
|
4th Qtr
2016
|
|
Inc/(Dec)
|
Change
|
|
Engineered
Building Systems
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
188,183
|
32%
|
|
$
204,208
|
36%
|
$
(16,025)
|
-7.8%
|
|
Less:
Intersegment sales
|
|
9,961
|
|
|
7,612
|
|
2,349
|
30.9%
|
|
Third Party
Sales
|
|
$
178,222
|
36%
|
|
$
196,596
|
41%
|
$
(18,374)
|
-9.3%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
13,043
|
7%
|
|
$
22,830
|
12%
|
$
(9,787)
|
-42.9%
|
|
|
|
|
|
|
|
|
|
|
|
Metal
Components
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
316,716
|
55%
|
|
$
292,430
|
52%
|
$
24,286
|
8.3%
|
|
Less:
Intersegment sales
|
|
35,458
|
|
|
37,324
|
|
(1,866)
|
-5.0%
|
|
Third Party
Sales
|
|
$
281,258
|
58%
|
|
$
255,106
|
53%
|
$
26,152
|
10.3%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
32,818
|
12%
|
|
$
31,059
|
12%
|
$
1,759
|
5.7%
|
|
|
|
|
|
|
|
|
|
|
|
Metal Coil
Coating
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
73,007
|
13%
|
|
$
69,283
|
12%
|
$
3,724
|
5.4%
|
|
Less:
Intersegment sales
|
|
43,761
|
|
|
40,671
|
|
3,090
|
7.6%
|
|
Third Party
Sales
|
|
$
29,246
|
6%
|
|
$
28,612
|
6%
|
$
634
|
2.2%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
6,615
|
23%
|
|
$
7,018
|
25%
|
$
(403)
|
-5.7%
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
577,906
|
100%
|
|
$
565,921
|
100%
|
$
11,985
|
2.1%
|
|
Less:
Intersegment
|
|
89,180
|
|
|
85,607
|
|
3,573
|
4.2%
|
|
Third Party
Sales
|
|
$
488,726
|
100%
|
|
$
480,314
|
100%
|
$
8,412
|
1.8%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
33,326
|
7%
|
|
$
39,392
|
8%
|
$
(6,066)
|
-15.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
YTD
|
|
|
Fiscal
YTD
|
|
$
|
%
|
|
|
|
4th Qtr
2017
|
|
|
4th Qtr
2016
|
|
Inc/(Dec)
|
Change
|
|
Engineered
Building Systems
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
693,980
|
33%
|
|
$
672,235
|
34%
|
$
21,745
|
3.2%
|
|
Less:
Intersegment sales
|
|
34,117
|
|
|
19,764
|
|
14,353
|
72.6%
|
|
Third Party
Sales
|
|
$
659,863
|
37%
|
|
$
652,471
|
39%
|
$
7,392
|
1.1%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
41,388
|
6%
|
|
$
62,046
|
10%
|
$
(20,658)
|
-33.3%
|
|
|
|
|
|
|
|
|
|
|
|
Metal
Components
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
1,129,816
|
54%
|
|
$
1,044,040
|
53%
|
$
85,776
|
8.2%
|
|
Less:
Intersegment sales
|
|
131,537
|
|
|
118,177
|
|
13,360
|
11.3%
|
|
Third Party
Sales
|
|
$
998,279
|
57%
|
|
$
925,863
|
55%
|
$
72,416
|
7.8%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
124,224
|
12%
|
|
$
102,495
|
11%
|
$
21,729
|
21.2%
|
|
|
|
|
|
|
|
|
|
|
|
Metal Coil
Coating
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
271,085
|
13%
|
|
$
247,736
|
13%
|
$
23,349
|
9.4%
|
|
Less:
Intersegment sales
|
|
158,949
|
|
|
141,142
|
|
17,807
|
12.6%
|
|
Third Party
Sales
|
|
$
112,136
|
6%
|
|
$
106,594
|
6%
|
$
5,542
|
5.2%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
23,935
|
21%
|
|
$
25,289
|
24%
|
$
(1,354)
|
-5.4%
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
|
$
2,094,881
|
100%
|
|
$
1,964,011
|
100%
|
$
130,870
|
6.7%
|
|
Less:
Intersegment sales
|
|
324,603
|
|
|
279,083
|
|
45,520
|
16.3%
|
|
Third Party
Sales
|
|
$
1,770,278
|
100%
|
|
$
1,684,928
|
100%
|
$
85,350
|
5.1%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
109,780
|
6%
|
|
$
108,779
|
6%
|
$
1,001
|
0.9%
|
View original
content:http://www.prnewswire.com/news-releases/nci-building-systems-reports-fourth-quarter-and-2017-fiscal-year-end-results-300567957.html
SOURCE NCI Building Systems, Inc.