Quanex Building Products Announces Second Quarter 2018 Results and Reaffirms Full Year 2018 Guidance

Date : 06/04/2018 @ 4:15PM
Source : GlobeNewswire Inc.
Stock : Quanex Building Products Corp. (NX)
Quote : 18.7  0.0 (0.00%) @ 3:49PM

Quanex Building Products Announces Second Quarter 2018 Results and Reaffirms Full Year 2018 Guidance

Quanex (NYSE:NX)
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Strong Underlying Growth in NA and EU Engineered Components SegmentsPrice Increases Taking Hold in Response to Inflationary PressuresSolid Free Cash Flow Generation Further Improves Leverage Ratio


Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months ended April 30, 2018.

Bill Griffiths, Chairman, President and Chief Executive Officer, commented, “Similar to the first quarter, we continued to see strong underlying growth in both our North American and European Engineered Components segments.  We also generated solid free cash flow during the second quarter, which enabled us to further strengthen our balance sheet by paying down bank debt and improving our leverage ratio.”

Mr. Griffiths continued, “While margins continued to be impacted by inflationary pressures, the margin contraction narrowed compared to the first quarter of 2018 as a result of the implementation of a series of price increases towards the end of the second quarter.  These increases should offset inflationary costs in the second half and together with continued improvements in operating efficiencies we should see margin expansion in the fourth quarter.  This, and the expected positive impact from seasonality, gives us confidence in reaffirming our full year guidance of $890 million to $900 million in revenues and adjusted EBITDA of $103 million to $108 million.”

Second Quarter 2018 Results Summary  

The Company reported the following selected financial results:

     
  Three Months Ended April 30, Six Months Ended April 30,
  2018 2017 2018 2017
Net Sales $214.2 $209.1 $405.9 $404.2
Net Income (Loss) $4.1 $1.5 $9.1 ($2.3)
Diluted EPS $0.12 $0.04 $0.26 ($0.07)
         
Adjusted Net Income $4.8 $3.8 $3.5 $2.4
Adjusted Diluted EPS $0.14 $0.11 $0.10 $0.07
Adjusted EBITDA $21.7 $20.5 $34.9 $33.6

(See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table and Selected Segment Data table for additional information)

The increase in net sales during the second quarter of 2018 was mainly driven by market and new products growth in addition to price increases largely related to raw material inflation recovery and a favorable foreign exchange impact.  (See Sales Analysis table for additional information)

The increase in earnings was largely due to lower stock-based compensation expense and a lower effective tax rate as a result of the enactment of the Tax Cuts and Jobs Act. 

As of April 30, 2018, the Company’s leverage ratio of Net Debt to LTM Adjusted EBITDA improved to 2.2x and Quanex expects to end fiscal 2018 with this leverage ratio below 2.0x.  (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

Recent Events

The Company’s Board of Directors declared a quarterly cash dividend of $0.04 per share on Quanex’s common stock, payable June 30, 2018, to shareholders of record on June 15, 2018.

Conference Call and Webcast Information

The Company has scheduled a conference call for Tuesday, June 5, 2018, at 11:00 a.m. ET (10:00 a.m. CT).  To participate in the conference call dial (877) 388-2139 for domestic callers and (541) 797-2983 for international callers, in both cases using the conference passcode 6446248, and ask for the Quanex call a few minutes prior to the start time.  A link to the live audio webcast will also be available on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events.  A telephonic replay of the call will be available approximately two hours after the live broadcast ends and will be accessible through June 12, 2018.  To access the replay dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, in both cases referencing conference passcode 6446248. 

About Quanex

Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers (OEMs) in the building products industry.  Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components.

For more information contact Scott Zuehlke, Vice President, Investor Relations & Treasurer, at 713-877-5327 or scott.zuehlke@quanex.com.

Non-GAAP Terminology Definitions and Disclaimers

Adjusted Net Income (Loss) (defined as net income further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, gain/loss on the sale of fixed assets, restructuring charges, other net adjustments related to foreign currency transaction gain/loss and effective tax rates reflecting impacts of adjustments on a with and without basis) and Adjusted EPS are non-GAAP financial measures that Quanex believes provide a consistent basis for comparison between periods and more accurately reflects operational performance, as they are not influenced by certain income or expense items not affecting ongoing operations. EBITDA (defined as net income or loss before interest, taxes, depreciation and amortization and other, net) and Adjusted EBITDA (defined as EBITDA further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, gain/loss on the sale of fixed assets, and restructuring charges) are non-GAAP financial measures that the Company uses to measure operational performance and assist with financial decision-making.  When Quanex provides expectations for Adjusted EBITDA on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measures is generally not available without unreasonable effort.  Net Debt is calculated using the sum of current maturities of long-term debt and long-term debt, minus cash and cash equivalents.  The leverage ratio of Net Debt to LTM Adjusted EBITDA is a financial measure that the Company believes is useful to investors and financial analysts in evaluating Quanex’s leverage.  In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in the Company’s credit agreement.  Free Cash Flow is a non-GAAP measure calculated using cash provided by operating activities less capital expenditures.   Quanex believes that the presented non-GAAP measures provide a consistent basis for comparison between periods, and will assist investors in understanding the Company’s financial performance when comparing results to other investment opportunities.  The presented non-GAAP measures may not be the same as those used by other companies.  Quanex does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with U.S. GAAP. 

Forward Looking Statements

Statements that use the words “estimated,” “expect,” “could,” “should,” “believe,” “will,” “might,” or similar words reflecting future expectations or beliefs are forward-looking statements. The forward-looking statements include, but are not limited to, the Company’s future operating results, future financial condition, future uses of cash and other expenditures, expenses and tax rates, expectations relating to Quanex’s industry, and the Company’s future growth, including any guidance discussed in this press release.  The statements and guidance set forth in this release are based on current expectations.  Actual results or events may differ materially from this release.  For a complete discussion of factors that may affect Quanex’s future performance, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2017, under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”.  Any forward-looking statements in this press release are made as of the date hereof, and Quanex undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

 
QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME (LOSS)
(In thousands, except per share data)
(Unaudited)
         
         
  Three Months Ended April 30, Six Months Ended April 30,
  2018 2017 2018 2017
         
Net sales $214,212  $209,133  $405,878  $404,229 
Cost of sales  168,741   162,132   323,181   317,079 
Selling, general and administrative  23,783   26,916   47,859   54,361 
Restructuring charges  242   1,080   608   2,219 
Depreciation and amortization  13,310   14,380   26,583   29,786 
Operating income  8,136   4,625   7,647   784 
Interest expense  (2,502)  (2,391)  (4,943)  (4,551)
Other, net  (105)  (135)  212   526 
Income (loss) before income taxes  5,529   2,099   2,916   (3,241)
Income tax (expense) benefit  (1,393)  (637)  6,167   977 
Net income (loss) $4,136  $1,462  $9,083  $(2,264)
         
Income (loss) per common share, basic $0.12  $0.04  $0.26  $(0.07)
Income (loss) per common share, diluted $0.12  $0.04  $0.26  $(0.07)
         
Weighted average common shares outstanding:        
Basic  34,796   34,146   34,731   34,099 
Diluted  35,115   34,769   35,166   34,099 
         
Cash dividends per share $0.04  $0.04  $0.08  $0.08 
         

    
QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
     
  April 30, 2018 October 31, 2017
ASSETS    
Current assets:    
Cash and cash equivalents $10,098  $17,455 
Accounts receivable, net  76,594   79,411 
Inventories, net  92,928   87,529 
Prepaid and other current assets  8,527   7,406 
Total current assets  188,147   191,801 
Property, plant and equipment, net  209,459   211,131 
Goodwill  224,728   222,194 
Intangible assets, net  133,193   139,778 
Other assets  9,244   8,975 
Total assets $764,771  $773,879 
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable $44,492  $44,150 
Accrued liabilities  34,576   38,871 
Income taxes payable  2,284   2,192 
Current maturities of long-term debt  16,167   21,242 
Total current liabilities  97,519   106,455 
Long-term debt  210,857   218,184 
Deferred pension and postretirement benefits  5,890   4,433 
Deferred income taxes  14,889   21,960 
Other liabilities  15,290   16,000 
Total liabilities  344,445   367,032 
Stockholders’ equity:    
Common stock  375   375 
Additional paid-in-capital  253,269   255,719 
Retained earnings  230,945   225,704 
Accumulated other comprehensive loss  (19,951)  (25,076)
Treasury stock at cost  (44,312)  (49,875)
Total stockholders’ equity  420,326   406,847 
Total liabilities and stockholders' equity $764,771  $773,879 
     

 
QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)
    
 Six Months Ended April 30,
 2018 2017 (1)
Operating activities:   
Net income (loss)$9,083  $(2,264)
Adjustments to reconcile net income (loss) to cash provided by operating activities:  
Depreciation and amortization 26,583   29,786 
Stock-based compensation 211   3,222 
Deferred income tax (8,087)  (4,233)
Other, net (321)  1,355 
Changes in assets and liabilities:   
Decrease in accounts receivable 3,357   4,564 
Increase in inventory (4,623)  (6,593)
Increase in other current assets (1,047)  (506)
Increase (decrease) in accounts payable 378   (7,170)
Decrease in accrued liabilities (5,220)  (7,469)
Increase in income taxes payable 25   3,215 
Increase in deferred pension and postretirement benefits 1,457   1,682 
(Decrease) increase in other long-term liabilities (38)  945 
Other, net (143)  195 
Cash provided by operating activities 21,615   16,729 
Investing activities:   
Acquisitions, net of cash acquired -   (8,497)
Capital expenditures (15,213)  (17,550)
Proceeds from disposition of capital assets 180   593 
Cash used for investing activities (15,033)  (25,454)
Financing activities:   
Borrowings under credit facilities 21,500   53,500 
Repayments of credit facility borrowings (34,000)  (52,250)
Repayments of other long-term debt (442)  (1,363)
Common stock dividends paid (2,800)  (2,749)
Issuance of common stock 2,564   1,726 
Payroll tax paid to settle shares forfeited upon vesting of stock (706)  (957)
Cash used for financing activities (13,884)  (2,093)
Effect of exchange rate changes on cash and cash equivalents (55)  (195)
Decrease in cash and cash equivalents (7,357)  (11,013)
Cash and cash equivalents at beginning of period 17,455   25,526 
Cash and cash equivalents at end of period$10,098  $14,513 
    
    
(1) Updated to reflect adoption of ASU 2016-09.   
    

 
QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
(In thousands, except per share data)
(Unaudited)
                      
                      
  Three Months Ended  Three Months Ended  Six Months Ended  Six Months Ended  
Reconciliation of Adjusted Net Income (Loss) and Adjusted EPS April 30, 2018  April 30, 2017  April 30, 2018  April 30, 2017  
  Net Income Diluted EPS  Net Income Diluted EPS  Net Income Diluted EPS  Net Income Diluted EPS  
Net income (loss) as reported $4,136  $0.12   $1,462  $0.04   $9,083  $0.26   $(2,264) $(0.07)  
Reconciling items from below  665   0.02    2,330   0.07    (5,555)  (0.16)   4,688   0.14   
Adjusted net income (loss) and adjusted EPS $4,801  $0.14   $3,792  $0.11   $3,528  $0.10   $2,424  $0.07   
                      
Reconciliation of Adjusted EBITDA Three Months Ended April 30, 2018  Three Months Ended April 30, 2017  Six Months Ended April 30, 2018  Six Months Ended April 30, 2017  
  Reconciliation    Reconciliation    Reconciliation    Reconciliation    
Net income (loss) as reported $4,136     $1,462     $9,083     $(2,264)    
Income tax benefit  1,393      637      (6,167)     (977)    
Other, net  105      135      (212)     (526)    
Interest expense  2,502      2,391      4,943      4,551     
Depreciation and amortization  13,310      14,380      26,583      29,786     
EBITDA  21,446      19,005      34,230      30,570     
Reconciling items from below  244      1,523      622      2,993     
Adjusted EBITDA $21,690     $20,528     $34,852     $33,563     
                      
Reconciling Items Three Months Ended April 30, 2018  Three Months Ended April 30, 2017  Six Months Ended April 30, 2018  Six Months Ended April 30, 2017  
  Income Statement Reconciling Items  Income Statement Reconciling Items  Income Statement Reconciling Items  Income Statement Reconciling Items  
Net sales $214,212  $-   $209,133  $-   $405,878  $-   $404,229  $-   
Cost of sales  168,741   -    162,132   (90) (1 )  323,181   -    317,079   (104) (1 ) 
Selling, general and administrative  23,783   (2) (2 )  26,916   (353) (2 )  47,859   (14) (2 )  54,361   (670) (2 ) 
Restructuring charges  242   (242) (3 )  1,080   (1,080) (3 )  608   (608) (3 )  2,219   (2,219) (3 ) 
EBITDA  21,446   244    19,005   1,523    34,230   622    30,570   2,993   
Depreciation and amortization  13,310   (504) (4 )  14,380   (1,692) (5 )  26,583   (852) (4 )  29,786   (4,225) (5 ) 
Operating income  8,136   748    4,625   3,215    7,647   1,474    784   7,218   
Interest expense  (2,502)  -    (2,391)  -    (4,943)  -    (4,551)  -   
Other, net  (105)  132  (6 )  (135)  155  (6 )  212   (167) (6 )  526   (475) (6 ) 
Income (loss) before income taxes  5,529   880    2,099   3,370    2,916   1,307    (3,241)  6,743   
Income tax (expense) benefit  (1,393)  (215) (7 )  (637)  (1,040) (7 )  6,167   (6,862) (7 )  977   (2,055) (7 ) 
Net income (loss) $4,136  $665   $1,462  $2,330   $9,083  $(5,555)  $(2,264) $4,688   
                      
Diluted earnings (loss) per share $0.12     $0.04     $0.26     $(0.07)    
                      
(1) Relates solely to purchase price accounting inventory step-up impact from HL Plastics acquisition.
(2) Acquisition related transaction costs and in 2017, loss on sale of fixed assets related to the closure of a plant and a one-time employee benefit adjustment.
(3) Restructuring charges relate to the closure of several manufacturing plant facilities.
(4) Accelerated depreciation for plant re-layout in the North American Cabinet Components segment.
(5) Accelerated depreciation and amortization for restructured PP&E and intangible assets.
(6) Foreign currency transaction losses (gains).
(7) Impact on a with and without basis.  Six monhs ended April 30, 2018 includes $6.5 million adjustment related to the Tax Cuts and Jobs Act.
                      

 
QUANEX BUILDING PRODUCTS CORPORATION
Segment Reconciliation
(In thousands)
(Unaudited)
           
The following tables reconcile the Company's segment presentation to account for the transfer of operating facilities from the North American Engineered Components segment to the Cabinet Components segment, as previously reported in our earnings release for the three- and six-months ended April 30, 2017, to the current presentation:
                   
  NA EngineeredComponents EU EngineeredComponents NA CabinetComponents Unallocated Corp & Other Total
Three months ended April 30, 2017          
As previously reported          
Net sales $116,410  $34,205 $59,147  $(629) $209,133
Cost of sales  88,424   23,764  50,281   (337)  162,132
Selling, general and administrative  13,466   5,198  4,401   3,851   26,916
Restructuring costs  914   -  166   -   1,080
Depreciation and amortization  8,669   2,306  3,265   140   14,380
Operating income (loss) $4,937  $2,937 $1,034  $(4,283) $4,625
           
Reclassification          
Net sales $(5,245) $- $5,933  $(688) $-
Cost of sales  (4,092)  -  4,780   (688)  -
Selling, general and administrative  (56)  -  56   -   -
Restructuring costs  -   -  -   -   -
Depreciation and amortization  (129)  -  129   -   -
Operating income (loss) $(968) $- $968  $-  $-
           
Current presentation          
Net sales $111,165  $34,205 $65,080  $(1,317) $209,133
Cost of sales  84,332   23,764  55,061   (1,025)  162,132
Selling, general and administrative  13,410   5,198  4,457   3,851   26,916
Restructuring costs  914   -  166   -   1,080
Depreciation and amortization  8,540   2,306  3,394   140   14,380
Operating income (loss) $3,969  $2,937 $2,002  $(4,283) $4,625
           
Six months ended April 30, 2017          
As previously reported          
Net sales $227,483  $65,774 $112,144  $(1,172) $404,229
Cost of sales  174,817   46,302  96,518   (558)  317,079
Selling, general and administrative  27,201   9,970  8,511   8,679   54,361
Restructuring costs  1,480   -  739   -   2,219
Depreciation and amortization  18,747   4,362  6,400   277   29,786
Operating income (loss) $5,238  $5,140 $(24) $(9,570) $784
           
Reclassification          
Net sales $(10,235) $- $11,566  $(1,331) $-
Cost of sales  (8,507)  -  9,838   (1,331)  -
Selling, general and administrative  (260)  -  260   -   -
Restructuring costs  -   -  -   -   -
Depreciation and amortization  (269)  -  269   -   -
Operating income (loss) $(1,199) $- $1,199  $-  $-
           
Current presentation          
Net sales $217,248  $65,774 $123,710  $(2,503) $404,229
Cost of sales  166,310   46,302  106,356   (1,889)  317,079
Selling, general and administrative  26,941   9,970  8,771   8,679   54,361
Restructuring costs  1,480   -  739   -   2,219
Depreciation and amortization  18,478   4,362  6,669   277   29,786
Operating income (loss) $4,039  $5,140 $1,175  $(9,570) $784
           

 
QUANEX BUILDING PRODUCTS CORPORATION
SELECTED SEGMENT DATA
(In thousands)
(Unaudited)
           
This table provides operating income (loss), EBITDA, and Adjusted EBITDA by reportable segment.  Non-operating expense and income tax expense are not allocated to the reportable segments.
                     
  NA EngineeredComponents EU EngineeredComponents NA CabinetComponents Unallocated Corp & Other Total
Three months ended April 30, 2018          
Net sales $114,157  $38,824  $62,668  $(1,437) $214,212 
Cost of sales  88,130   27,589   54,101   (1,079)  168,741 
Selling, general and administrative  13,422   6,255   4,522   (416)  23,783 
Restructuring charges  238   -   4   -   242 
Depreciation and amortization  6,808   2,527   3,839   136   13,310 
Operating income (loss)  5,559   2,453   202   (78)  8,136 
Depreciation and amortization  6,808   2,527   3,839   136   13,310 
EBITDA  12,367   4,980   4,041   58   21,446 
Transaction related costs  -   -   -   2   2 
Restructuring charges  238   -   4   -   242 
Adjusted EBITDA $12,605  $4,980  $4,045  $60  $21,690 
Adjusted EBITDA Margin %  11.0%  12.8%  6.5%    10.1%
           
Three months ended April 30, 2017          
Net sales $111,165  $34,205  $65,080  $(1,317) $209,133 
Cost of sales  84,332   23,764   55,061   (1,025)  162,132 
Selling, general and administrative  13,410   5,198   4,457   3,851   26,916 
Restructuring charges  914   -   166   -   1,080 
Depreciation and amortization  8,540   2,306   3,394   140   14,380 
Operating income (loss)  3,969   2,937   2,002   (4,283)  4,625 
Depreciation and amortization  8,540   2,306   3,394   140   14,380 
EBITDA  12,509   5,243   5,396   (4,143)  19,005 
Transaction related costs  -   -   -   232   232 
Mexico restructuring, loss on sale of fixed assets  -   -   (67)  -   (67)
One-time employee benefit adjustment  -   -   188   -   188 
Restructuring charges  914   -   166   -   1,080 
PPA-Inventory Step-up  -   90   -   -   90 
Adjusted EBITDA $13,423  $5,333  $5,683  $(3,911) $20,528 
Adjusted EBITDA Margin %  12.1%  15.6%  8.7%    9.8%
           
Six months ended April 30, 2018          
Net sales $216,883  $72,820  $118,590  $(2,415) $405,878 
Cost of sales  168,157   52,421   104,311   (1,708)  323,181 
Selling, general and administrative  27,246   11,683   9,310   (380)  47,859 
Restructuring charges  489   -   119   -   608 
Depreciation and amortization  13,819   4,976   7,525   263   26,583 
Operating income (loss)  7,172   3,740   (2,675)  (590)  7,647 
Depreciation and amortization  13,819   4,976   7,525   263   26,583 
EBITDA  20,991   8,716   4,850   (327)  34,230 
Transaction related costs  -   -   -   14   14 
Restructuring charges  489   -   119   -   608 
Adjusted EBITDA $21,480  $8,716  $4,969  $(313) $34,852 
Adjusted EBITDA Margin %  9.9%  12.0%  4.2%    8.6%
           
Six months ended April 30, 2017          
Net sales $217,248  $65,774  $123,710  $(2,503) $404,229 
Cost of sales  166,310   46,302   106,356   (1,889)  317,079 
Selling, general and administrative  26,941   9,970   8,771   8,679   54,361 
Restructuring charges  1,480   -   739   -   2,219 
Depreciation and amortization  18,478   4,362   6,669   277   29,786 
Operating income (loss)  4,039   5,140   1,175   (9,570)  784 
Depreciation and amortization  18,478   4,362   6,669   277   29,786 
EBITDA  22,517   9,502   7,844   (9,293)  30,570 
Transaction related costs  -   -   -   292   292 
Mexico restructuring, loss on disposal of fixed assets  -   -   190   -   190 
One-time employee benefit adjustment  -   -   188   -   188 
Restructuring charges  1,480   -   739   -   2,219 
PPA-Inventory Step-up  -   104   -   -   104 
Adjusted EBITDA $23,997  $9,606  $8,961  $(9,001) $33,563 
Adjusted EBITDA Margin %  11.0%  14.6%  7.2%    8.3%
           

 
QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS
(In thousands)
(Unaudited)
         
  Three Months Ended Six Months Ended
  April 30, 2018 April 30, 2017 (1) April 30, 2018 April 30, 2017 (1)
         
NA Engineered Components:       
 United States - fenestration (2)$97,005  $92,327  $184,787  $182,039 
 International - fenestration 8,897   8,646   15,906   14,986 
 United States - non-fenestration (3) 4,697   6,698   8,843   12,529 
 International - non-fenestration 3,558   3,494   7,347   7,694 
  $114,157  $111,165  $216,883  $217,248 
EU Engineered Components  (4):       
 United States - fenestration$-  $79  $-  $114 
 International - fenestration (5) 32,847   30,536   62,716   59,441 
 International - non-fenestration 5,977   3,590   10,104   6,219 
  $38,824  $34,205  $72,820  $65,774 
NA Cabinet Components:       
 United States - fenestration$3,403  $3,363  $6,850  $6,696 
 United States - non-fenestration (6) 58,698   60,965   110,703   115,655 
 International - non-fenestration 567   752   1,037   1,359 
  $62,668  $65,080  $118,590  $123,710 
Unallocated Corporate & Other:       
 Eliminations$(1,437) $(1,317) $(2,415) $(2,503)
  $(1,437) $(1,317) $(2,415) $(2,503)
         
Net Sales$214,212  $209,133  $405,878  $404,229 
         
(1) Updated to reflect transfer of operating facilities from NA Engineered Components to NA Cabinet Components.  See Reconciliation for additional details.
(2) Reflects the loss of revenue associated with eliminated products of $3.3 million and $9.1 million for the three and six months ended April 30, 2018.
(3) Reflects the loss of revenue associated with eliminated products of $2.8 million and $4.7 million for the three and six months ended April 30, 2018.
(4) Reflects a gain of $3.6 million and $6.8 million in revenue associated with foreign currency exchange rate impacts for the three and six months ended April 30, 2018.
(5) Reflects loss of revenue associated with eliminated products of $2.1 million and $4.5 million for the three and six months ended April 30, 2018.
(6) Reflects the loss of revenue associated with eliminated products of $1.3 million and $3.7 million for the three and six months ended April 30, 2018.
         

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