PLEASANTON, Calif.,
Oct. 22, 2015 /PRNewswire/ -- Simpson
Manufacturing Co., Inc. (the "Company") (NYSE: SSD) today announced
its third quarter 2015 results.
Results of Operations for the Three Months Ended September 30, 2015, Compared with the Three
Months Ended September 30,
2014
Overview
Net sales increased 3.3% to $216.1
million in the third quarter of 2015 from $209.3 million in the third quarter of 2014. The
Company had net income of $21.6
million in the third quarter of 2015 compared to
$20.6 million in the third quarter of
2014. Diluted net income per common share was $0.44 for the third quarter of 2015 compared to
$0.42 for the third quarter of
2014.
Net sales
The Company's net sales increased in the North America segment and decreased in the
Europe segment in the third
quarter of 2015 compared to the third quarter of 2014.
- Segment net sales:
- North America – Net sales
increased 7.9% in the third quarter of 2015 compared to the third
quarter of 2014 due to increased unit sales volumes in the United States on improved economic
activity, partly offset by a slight decrease in average sales
prices. Canadian net sales decreased mostly due to the effects of
foreign currency translations and by a slight decrease in unit
sales volumes. The Company calculated that Canada's third quarter 2015 net sales were
negatively affected by approximately $1.9
million due to the Canadian dollar weakening against
the United States dollar.
- Europe – Net sales decreased
14.1% in the third quarter of 2015 compared to the third quarter of
2014, mostly due to the effects of foreign currency translations.
The Company calculated that Europe's third quarter 2015 net sales were
negatively affected by approximately $4.7
million due to European currencies weakening against
the United States dollar. Net
sales were also affected by a slight decrease in average sales
prices. In local currencies, Europe's overall net sales were relatively
flat in the third quarter of 2015 compared to the third quarter
2014.
- Consolidated net sales channels and product groups:
- Net sales to contractor distributors, lumber dealers, dealer
distributors and home centers increased in the third quarter of
2015 compared to the third quarter of 2014, primarily due to
increased home construction activity.
- Wood construction product net sales, including connectors,
truss plates, fastening systems, fasteners and shearwalls,
represented 85% of total Company net sales in the third quarter of
2015 and 84% in the third quarter of 2014.
- Concrete construction product sales, including adhesives,
chemicals, mechanical anchors, powder actuated tools and
reinforcing fiber materials, represented 15% of total Company net
sales in the third quarter of 2015 and 16% in the third quarter of
2014.
Gross profit
Gross profit increased to $100.3
million in the third quarter of 2015 from $95.6 million in the third quarter of 2014. Gross
profit as a percentage of net sales increased to 46.4% in the third
quarter of 2015 from 45.6% in the third quarter of 2014.
- North America – Gross profit
margin increased to 47.6% in the third quarter of 2015 from 47.3%
in the third quarter of 2014, primarily as a result of a decrease
in factory overhead and shipping costs, both as a percentage of net
sales, partly offset by increases in material costs as a percentage
of net sales. Factory overhead, as a percentage of net sales, for
the third quarter of 2015 was affected by a non-reoccurring
settlement of a union-based defined-benefit pension withdrawal
liability that increased the third quarter of 2015 gross profit
margin by 0.5%.
- Europe – Gross profit margin
increased to 41.5% in the third quarter of 2015 from 39.7% in the
third quarter of 2014, as a result of decreases in material costs
and factory overhead, on increased production volumes, both as a
percentage of sales, partly offset by increases in labor and
shipping costs, as a percentage of sales.
- Product mix – The gross profit margin differential between wood
construction products and concrete construction products, which
have lower gross profit margins, was 15% and 12% in the third
quarters of 2015 and 2014, respectively.
Research and development and engineering expense
Research and development and engineering expense increased
43.5% to $13.9 million in the third
quarter of 2015 from $9.7 million in
the third quarter of 2014, primarily due to a $4.1 million write-off of a software development
project, which occurred in the North
America segment.
Selling expense
Selling expense decreased 4.5% to $22.5 million in the third quarter of 2015 from
$23.6 million in the third quarter of
2014, primarily due to decreases of $0.6 million in personnel costs and $0.3 million in professional fees.
- North America – Selling
expense decreased $0.2 million,
primarily due to a decrease of $0.2
million in professional fees.
- Europe – Selling expense
decreased $0.3 million, primarily due
to decreases of $0.2 million in
personnel costs and $0.1 million in
professional fees, both related to the effects of foreign currency
translations.
- Asia/Pacific - Selling expense
decreased $0.5 million, primarily due
to a decrease of $0.4 million in
personnel costs, related to the closing of three sales offices and
downsizing one sales office earlier this year.
General and administrative expense
General and administrative expense decreased 3.1% to
$28.6 million in the third quarter of
2015 from $29.6 million in the third
quarter of 2014, primarily due to decreases of $0.9 million in cash profit sharing expense and
$0.3 million in intangible
amortization expense, partly offset by a net decrease of
$0.3 million in miscellaneous gains,
which was primarily due to a 2014 reduction of an acquisition
contingent liability.
- North America – General and
administrative expense decreased $0.9
million, primarily due to decreases of $0.6 million in cash profit sharing expense and
$0.2 million in intangible
amortization expense.
- Europe – General and
administrative expense decreased by $0.6
million, primarily due to a net decrease of $0.6 million in unrealized foreign currency
losses and a $0.1 million decrease in
intangible amortization expense, partly offset by a $0.4 million decrease in miscellaneous gains
recorded in the third quarter 2014.
- Administrative and Other – General and administrative expense
decreased by $0.1 million, primarily
due to a decrease of $0.2 million in
cash profit sharing expense.
Income taxes
The effective income tax rate for the third quarter of 2015 was
38.4% as compared to 36.0% for the third quarter of 2014. The
effective income tax rate was higher mostly due to increased third
quarter 2015 operating losses in the Asia/Pacific segment for which no tax benefit
was recorded.
Results of Operations for the Nine Months Ended September 30, 2015, Compared with the Nine Months
Ended September 30, 2014
Overview
Net sales increased 4.1% to $609.3
million in the first nine months of 2015 from $585.5 million in the first nine months of 2014.
The Company had net income of $53.2
million in both the first nine months of 2015 and 2014.
Diluted net income per common share was $1.08 for both the first nine months of 2015 and
2014. An out of period adjustment recorded in the first nine months
of 2014 relating to a non-reoccurring correction had the effect of
increasing that period's net income by $1.3
million or the equivalent of $0.026 per share.
Net sales
The Company's net sales increased in the North America segment and decreased in the
Europe segment in the first nine
months of 2015 compared to the first nine months of 2014.
- Segment net sales:
- North America – Net sales
increased 8.7% in the first nine months of 2015 compared to the
first nine months of 2014 due to increased unit sales volumes in
the United States on improved
economic activity, partly offset by a slight decrease in average
sales prices. Canadian net sales decreased mostly due to the
effects of foreign currency translations, partly offset by an
increase in unit sales volumes. The Company calculated that
Canada's first nine months 2015
net sales were negatively affected by approximately $4.4 million due to the Canadian dollar weakening
against the United States dollar.
In Canadian dollars, Canada's
overall net sales decreased slightly in the first nine months of
2015 compared to the first nine months of 2014.
- Europe – Net sales decreased
14.5% in the first nine months of 2015 compared to the first nine
months of 2014, mostly due to the effects of foreign currency
translations. The Company calculated that Europe's first nine months 2015 net sales were
negatively affected by approximately $14.7
million due to European currencies weakening against
the United States dollar. In local
currencies, Europe's overall net
sales were relatively flat in the first nine months of 2015
compared to the first nine months of 2014.
- Consolidated net sales channels and product groups:
- Net sales to contractor distributors, dealer distributors,
lumber dealers and home centers increased in the first nine months
of 2015 compared to the first nine months of 2014, primarily due to
increased home construction activity.
- Wood construction product net sales, including connectors,
truss plates, fastening systems, fasteners and shearwalls,
represented 85% of total Company net sales in the first nine months
of both 2015 and 2014.
- Concrete construction product sales, including adhesives,
chemicals, mechanical anchors, powder actuated tools and
reinforcing fiber materials, represented 15% of total Company net
sales in the first nine months of both 2015 and 2014.
Gross profit
Gross profit increased to $276.2
million in the first nine months of 2015 from $269.2 million in the first nine months of 2014.
Gross profit as a percentage of net sales decreased to 45.3% in the
first nine months of 2015 from 46.0% in the first nine months of
2014, partly due to a non-reoccurring $2.5
million correction to workers' compensation expense in the
North America segment that
increased the Company's first nine months of 2014 gross profit by
0.4% of net sales and increases in material costs. Based on current
information and subject to future events and circumstances, the
Company estimates that its 2015 full year gross profit margin will
be between 44% and 46%.
- North America – Gross profit
margin decreased to 47.0% in the first nine months of 2015 from
48.4% in the first nine months of 2014, primarily as a result of
increases in material costs, as a percentage of net sales. Factory
overhead cost, as a percentage of net sales, for the first nine
months of 2014 was affected by a non-reoccurring $2.5 million correction to workers' compensation
expense that increased the first nine months of 2014 gross profit
margin by 0.5%. Factory overhead, as a percentage of net sales, for
the first nine months of 2015 was affected by a non-reoccurring
settlement of a union-based defined-benefit pension withdrawal
liability that increased the first nine months of 2015 gross profit
margin by 0.2%.
- Europe – Gross profit margin
increased to 39.7% in the first nine months of 2015 from 38.8% in
the first nine months of 2014, as a result of decreases in material
costs and factory overhead, on increased production volumes, each
as a percentage of sales, partly offset by increases in the costs
of labor and shipping, as a percentage of sales.
- Product mix – The gross profit margin differential between wood
construction products and concrete construction products, which
have lower gross profit margins, was 16% and 13% in the first nine
months of 2015 and 2014, respectively. The increased gross profit
differential between the two product groups, coupled with increased
concrete construction product sales in 2015, also negatively
affected the overall gross profit margin.
- Steel prices - Given current conditions, including low demand,
labor union contract negotiations, anti-dumping and countervailing
duty trade cases filed by United
States steel producers, the high degree of uncertainty
regarding steel prices will continue until early 2016.
Research and development and engineering expense
Research and development and engineering expense increased
17.4% to $34.6 million in the first
nine months of 2015 from $29.5
million in the first nine months of 2014, primarily due to a
$4.1 million write-off of a software
development project as well as an increase of $1.6 million in personnel costs related to the
addition of staff and pay rate increases instituted in January 2015, partly offset by a decrease of
$0.4 million in stock-based
compensation costs, most of which occurred in the North America segment.
Selling expense
Selling expense decreased 2.1% to $68.2 million in the first nine months of 2015
from $69.6 million in the first nine
months of 2014, primarily due to a decrease of $0.8 million in professional fees and
$0.7 million in personnel costs.
- North America – Selling
expense increased $0.6 million,
primarily due to increases of $0.7
million in personnel costs related to the addition of staff
and pay rate increases instituted in January
2015, and $0.5 million in cash
profit sharing and commissions expense, partly offset by a decrease
of $0.5 million in professional
fees.
- Europe – Selling expense
decreased by $1.2 million, primarily
due to a $1.2 million decrease in
personnel costs as a result of differences in exchange rates used
for translating local currencies into the
United States dollar.
- Asia/Pacific - Selling expense
decreased $0.9 million, primarily due
to decreases of $0.6 million in sales
commissions and $0.2 million in
personnel costs, both related to the closing of three sales offices
and downsizing one sales
office.
General and administrative expense
General and administrative expense increased 1.0% to
$86.9 million in the first nine
months of 2015 from $86.0 million in
the first nine months of 2014, primarily due to increases of
$1.4 million in personnel costs,
$0.9 million in stock-based
compensation expense and $0.3 million
in depreciation expense, and a net increase of $0.6 million in foreign currency losses, partly
offset by decreases of $1.0 million
in cash profit sharing expense, $0.9
million in amortization expense, $0.4
million in professional fees and $0.4
million in telephone and computer expenses.
- North America – General and
administrative expense increased $1.2
million, primarily due to increases of $1.5 million in personnel costs related to the
addition of staff and pay rate increases instituted in January 2015, $0.8
million in professional fees and $0.4
million in stock-based compensation costs, partly offset by
decreases of $0.6 million in
amortization expense, $0.5 million in
cash profit sharing expense and $0.3
million in telephone and computer expenses and a net
decrease of $0.3 million in foreign
currency losses.
- Europe – General and
administrative expense decreased by $1.6
million, primarily due to decreases of $0.9 million in personnel costs, $0.4 million in cash profit sharing expense,
$0.3 million in intangible
amortization expense, primarily attributable to differences in
exchange rates used for translating local currencies into
the United States dollar.
- Asia/Pacific - General and
administrative expenses increased by $0.3
million, primarily due to increases of $0.4 million in personnel costs and $0.3 million in depreciation expense.
- Administrative and Other – General and administrative expense
increased by $0.9 million primarily
due to an increase of $1.0 million in
foreign currency losses and increases of $0.4 million in personnel costs related to the
addition of staff and pay rate increases instituted in January 2015 and $0.4
million in stock-based compensation expense, partly offset
by a decrease of $1.2 million in
professional fees.
Income taxes
The effective income tax rate for the first nine months of 2015
was 38.4% as compared to 36.7% for the first nine months of 2014.
The effective income tax rate was higher due to increased operating
losses in the first nine months of 2015 in the Asia/Pacific segment for which no tax benefit
was recorded. Based on current information and subject to future
events and circumstances, the Company estimates that its 2015
effective tax rate will be between 37% and 39%.
Additional information
At its meeting on October 20, 2015, the Company's Board of
Directors declared a cash dividend of $0.16 per share. The record date for the dividend
will be January 7, 2016, and it will be paid on
January 28, 2016. The Board of Directors also scheduled the
Company's 2016 annual meeting of stockholders for Wednesday, April 20, 2016.
During the third quarter, the Company purchased 893,791 shares
of its Common Stock. Such purchases included the initial delivery
of 498,700 shares of Common Stock pursuant to the Company's
$25.0 million accelerated share
repurchase program with Wells Fargo Bank, National Association. The
total spent on the 893,791 shares during the third quarter of 2015
was approximately $31.1 million, at
an average price of $34.76 per share.
The repurchases were part of the $50.0
million that the Company's Board of Directors has authorized
for 2015 for repurchases of Common Stock.
Investors, analysts and other interested parties are invited to
join the Company's conference call on Friday, October 23, 2015, at 6:00 am Pacific Time. To participate, callers may
dial 866-952-1908. The call will be webcast simultaneously as
well as being available for one month through a link on the
Company's website at www.simpsonmfg.com.
This document contains forward-looking statements, based on
numerous assumptions and subject to risks and uncertainties, such
as statements above regarding steel prices, estimating the 2015
gross profit margin, and estimating the 2015 effective tax rate.
Although the Company believes that the forward-looking statements
are reasonable, it does not and cannot give any assurance that its
beliefs and expectations will prove to be correct. Many factors
could significantly affect the Company's operations and cause the
Company's actual results to differ substantially from the Company's
expectations. Those factors include, but are not limited to: (i)
general economic and construction business conditions; (ii)
customer acceptance of the Company's products; (iii) relationships
with key customers; (iv) materials and manufacturing costs; (v) the
financial condition of customers, competitors and suppliers; (vi)
technological developments; (vii) increased competition; (viii)
changes in capital and credit market conditions; (ix) governmental
and business conditions in countries where the Company's products
are manufactured and sold; (x) changes in trade regulations; (xi)
the effect of acquisition activity; (xii) changes in the Company's
plans, strategies, objectives, expectations or intentions; and
(xiii) other risks and uncertainties indicated from time to time in
the Company's filings with the U.S. Securities and Exchange
Commission including most recently the Company's Annual Report on
Form 10-K under the heading "Item 1A - Risk Factors." Actual
results might differ materially from results suggested by any
forward-looking statements in this document. The Company does not
have an obligation to publicly update any forward-looking
statements, whether as a result of the receipt of new information,
the occurrence of future events or otherwise. The financial
information set forth herein is presented on a preliminary
unreviewed basis; reviewed data will be included in the Company's
Quarterly Report on Form 10-Q for the period ended
September 30, 2015, when filed.
The Company's results of operations (unaudited) for the three
and nine months ended September 30, 2015 and 2014, were as
follows:
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
(Amounts in
thousands, except per share data)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Net sales
|
$
|
216,139
|
|
|
$
|
209,320
|
|
|
$
|
609,295
|
|
|
$
|
585,518
|
|
|
Cost of
sales
|
115,798
|
|
|
113,767
|
|
|
333,138
|
|
|
316,285
|
|
|
Gross
profit
|
100,341
|
|
|
95,553
|
|
|
276,157
|
|
|
269,233
|
|
|
Research and
development and engineering expenses
|
13,935
|
|
|
9,711
|
|
|
34,648
|
|
|
29,505
|
|
|
Selling
expenses
|
22,535
|
|
|
23,592
|
|
|
68,156
|
|
|
69,623
|
|
|
General and
administrative expenses
|
28,648
|
|
|
29,557
|
|
|
86,875
|
|
|
85,993
|
|
|
Impairment of
goodwill
|
—
|
|
|
492
|
|
|
—
|
|
|
492
|
|
|
Gain on disposal of
assets
|
(26)
|
|
|
(17)
|
|
|
(57)
|
|
|
(336)
|
|
|
Income from
operations
|
35,249
|
|
|
32,218
|
|
|
86,535
|
|
|
83,956
|
|
|
Interest income
(expense), net
|
(175)
|
|
|
(27)
|
|
|
(264)
|
|
|
44
|
|
|
Income before
taxes
|
35,074
|
|
|
32,191
|
|
|
86,271
|
|
|
84,000
|
|
|
Provision for income
taxes
|
13,479
|
|
|
11,577
|
|
|
33,115
|
|
|
30,849
|
|
|
Net income
|
$
|
21,595
|
|
|
$
|
20,614
|
|
|
$
|
53,156
|
|
|
$
|
53,151
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.44
|
|
|
$
|
0.42
|
|
|
$
|
1.08
|
|
|
$
|
1.09
|
|
|
Diluted
|
$
|
0.44
|
|
|
$
|
0.42
|
|
|
$
|
1.08
|
|
|
$
|
1.08
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
48,998
|
|
|
49,010
|
|
|
49,157
|
|
|
48,972
|
|
|
Diluted
|
49,239
|
|
|
49,227
|
|
|
49,377
|
|
|
49,172
|
|
|
Other
data:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
|
6,948
|
|
|
$
|
7,320
|
|
|
$
|
21,664
|
|
|
$
|
22,105
|
|
|
Pre-tax
impairments
|
—
|
|
|
492
|
|
|
—
|
|
|
492
|
|
|
Pre-tax equity-based
compensation expense
|
2,941
|
|
|
3,306
|
|
|
9,528
|
|
|
9,508
|
|
|
|
|
|
|
|
|
|
|
Cash dividend
declared per common share
|
$
|
0.16
|
|
|
$
|
0.14
|
|
|
$
|
0.46
|
|
|
$
|
0.405
|
|
The Company's financial position (unaudited) as of
September 30, 2015 and 2014, and December 31, 2014 were
as follows:
|
|
September
30,
|
|
December
31,
|
|
(Amounts in
thousands)
|
|
2015
|
|
2014
|
|
2014
|
|
Cash and cash
equivalents
|
|
$
|
242,795
|
|
|
$
|
258,238
|
|
|
$
|
260,307
|
|
|
Trade accounts
receivable, net
|
|
132,727
|
|
|
127,495
|
|
|
92,015
|
|
|
Inventories
|
|
200,282
|
|
|
198,420
|
|
|
216,545
|
|
|
Other current
assets
|
|
25,084
|
|
|
26,126
|
|
|
35,451
|
|
|
Total current
assets
|
|
600,888
|
|
|
610,279
|
|
|
604,318
|
|
|
Property, plant and
equipment, net
|
|
202,885
|
|
|
206,134
|
|
|
207,027
|
|
|
Goodwill
|
|
123,277
|
|
|
125,228
|
|
|
123,881
|
|
|
Other noncurrent
assets
|
|
32,996
|
|
|
40,202
|
|
|
37,839
|
|
|
Total
assets
|
|
$
|
960,046
|
|
|
$
|
981,843
|
|
|
$
|
973,065
|
|
|
Trade accounts
payable
|
|
$
|
24,934
|
|
|
$
|
24,729
|
|
|
$
|
22,860
|
|
|
Notes payable and
lines of credit
|
|
—
|
|
|
38
|
|
|
18
|
|
|
Other current
liabilities
|
|
76,316
|
|
|
79,729
|
|
|
71,602
|
|
|
Total current
liabilities
|
|
101,250
|
|
|
104,496
|
|
|
94,480
|
|
|
Other long-term
liabilities
|
|
14,415
|
|
|
13,224
|
|
|
15,120
|
|
|
Stockholders'
equity
|
|
844,381
|
|
|
864,123
|
|
|
863,465
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
960,046
|
|
|
$
|
981,843
|
|
|
$
|
973,065
|
|
Additional financial data of the Company (unaudited) for the
three and nine months ended September 30, 2015 and 2014, were
as follows:
|
|
|
Three Months
Ended
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30,
|
|
%
|
|
September
30,
|
|
%
|
|
(Amounts in
thousands)
|
2015
|
|
2014
|
|
change*
|
|
2015
|
|
2014
|
|
change*
|
|
Net Sales by
Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
184,515
|
|
|
$
|
171,064
|
|
|
8%
|
|
$
|
518,221
|
|
|
$
|
476,546
|
|
|
9%
|
|
Europe
|
29,728
|
|
|
34,609
|
|
|
(14)%
|
|
83,143
|
|
|
97,297
|
|
|
(15)%
|
|
Asia/Pacific
|
1,896
|
|
|
3,647
|
|
|
(48)%
|
|
7,931
|
|
|
11,675
|
|
|
(32)%
|
|
|
Total
|
$
|
216,139
|
|
|
$
|
209,320
|
|
|
3%
|
|
$
|
609,295
|
|
|
$
|
585,518
|
|
|
4%
|
|
Net Sales by
Product Group**
|
|
|
|
|
|
|
|
|
|
|
|
|
Wood
Construction
|
$
|
182,869
|
|
|
$
|
175,522
|
|
|
4%
|
|
$
|
518,381
|
|
|
$
|
496,564
|
|
|
4%
|
|
Concrete
Construction
|
33,229
|
|
|
33,704
|
|
|
(1)%
|
|
90,614
|
|
|
88,735
|
|
|
2%
|
|
Other
|
41
|
|
|
94
|
|
|
N/M
|
|
300
|
|
|
219
|
|
|
N/M
|
|
|
Total
|
$
|
216,139
|
|
|
$
|
209,320
|
|
|
3%
|
|
$
|
609,295
|
|
|
$
|
585,518
|
|
|
4%
|
|
Gross Profit by
Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
87,873
|
|
|
$
|
80,906
|
|
|
9%
|
|
$
|
243,325
|
|
|
$
|
228,895
|
|
|
6%
|
|
Europe
|
12,346
|
|
|
13,757
|
|
|
(10)%
|
|
33,026
|
|
|
37,729
|
|
|
(12)%
|
|
Asia/Pacific
|
178
|
|
|
931
|
|
|
(81)%
|
|
381
|
|
|
2,537
|
|
|
(85)%
|
|
Administrative and
all other
|
(56)
|
|
|
(41)
|
|
|
N/M
|
|
(575)
|
|
|
72
|
|
|
N/M
|
|
|
Total
|
$
|
100,341
|
|
|
$
|
95,553
|
|
|
5%
|
|
$
|
276,157
|
|
|
$
|
269,233
|
|
|
3%
|
|
Income (Loss) from
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
33,432
|
|
|
$
|
29,914
|
|
|
12%
|
|
$
|
89,148
|
|
|
$
|
82,598
|
|
|
8%
|
|
Europe
|
3,563
|
|
|
3,447
|
|
|
3%
|
|
5,259
|
|
|
6,283
|
|
|
(16)%
|
|
Asia/Pacific
|
(945)
|
|
|
(148)
|
|
|
(539)%
|
|
(3,119)
|
|
|
(1,783)
|
|
|
(75)%
|
|
Administrative and
all other
|
(801)
|
|
|
(995)
|
|
|
N/M
|
|
(4,753)
|
|
|
(3,142)
|
|
|
N/M
|
|
|
Total
|
$
|
35,249
|
|
|
$
|
32,218
|
|
|
9%
|
|
$
|
86,535
|
|
|
$
|
83,956
|
|
|
3%
|
|
|
|
|
*
|
Unfavorable
percentage changes are presented in parenthesis.
|
|
**
|
The Company manages
its business by geographic segment but is presenting sales by
product group as additional information.
|
|
N/M
|
Statistic is not
material or not meaningful.
|
Simpson Manufacturing Co., Inc., headquartered in Pleasanton, California, through its
subsidiary, Simpson Strong-Tie Company Inc., designs, engineers and
is a leading manufacturer of wood construction products, including
connectors, truss plates, fastening systems, fasteners and
shearwalls, and concrete construction products, including
adhesives, specialty chemicals, mechanical anchors, powder actuated
tools and reinforcing fiber materials. The Company's common stock
trades on the New York Stock Exchange under the symbol "SSD."
For further information, contact Tom
Fitzmyers at (925) 560-9030.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/simpson-manufacturing-co-inc-announces-third-quarter-results-300164833.html
SOURCE Simpson Manufacturing Co., Inc.