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)
|
View original
content:http://www.prnewswire.com/news-releases/nci-building-systems-reports-first-quarter-2018-results-300609323.html
SOURCE NCI Building Systems, Inc.