PLEASANTON, Calif.,
Feb. 2, 2017 /PRNewswire/ -- Simpson
Manufacturing Co., Inc. (the "Company") (NYSE: SSD) today announced
its fourth quarter 2016 results.
Results of Operations for the Three Months Ended
December 31, 2016, Compared with the Three Months Ended
December 31, 2015
Unless otherwise stated, the results announced below, when
providing comparisons (which are generally indicated by words such
as "increased," "decreased," "remained" or "compared to"), compare
the results of operations for the three months ended
December 31, 2016, against the results of operations for the
three months ended December 31, 2015.
To avoid fractional percentages, all percentages presented below
were rounded to the nearest whole number except for the estimate
for the full-year 2017 gross profit margin below.
Overview
Net sales increased 8% to $200.2
million from $184.8 million.
The Company had net income of $17.4
million compared to $14.7
million. Diluted net income per common share was
$0.36 compared to $0.30.
Net sales
The Company's net sales increased in all segments.
- Segment net sales:
- North America – Net sales
increased 9% mostly due to increased unit sales volumes in
the United States on improved
economic activity as well as an increase in average net sales unit
prices. Canada's net sales were
not significantly affected by foreign currency translation.
- Europe – Net sales increased
1% mostly due to increased unit sales volumes as average net sales
unit prices were relatively flat. Europe's net sales were negatively affected by
approximately $1.1 million in foreign
currency translations, primarily due to the weakening of the
British pound against the United
States dollar.
- Consolidated net sales channels and product groups:
- Net sales to dealer distributors, contractor distributors and
lumber dealers increased, primarily due to increased home
construction activity, while net sales to home centers
decreased.
- Wood construction product net sales, including sales of
connectors, truss plates, fastening systems, fasteners and
shearwalls, represented 85% and 84% of the Company's total net
sales in the fourth quarters of 2016 and 2015, respectively.
- Concrete construction product sales, including sales of
adhesives, chemicals, mechanical anchors, powder actuated tools and
reinforcing fiber materials, represented 15% and 16% of the
Company's net sales in the fourth quarters of 2016 and 2015,
respectively.
Gross profit
Gross profit increased to $95.0
million from $82.8 million.
Gross profit as a percentage of net sales increased to 47% from
45%.
- North America – Gross profit
margin increased to 49% from 47%, primarily due to a decrease in
material costs and an increase in average net sales unit price,
partly offset by increases in factory overhead, primarily due to
expenses related to the build out of the West Chicago facility, and
labor, each as a percentage of sales.
- Europe – Gross profit margin
increased to 37% from 34%, as a result of decreases in material
costs and shipping costs, partly offset by an increase in labor
costs, each as a percentage of net sales.
- Product group – The gross profit margins, including some
inter-segment expenses, that are eliminated in consolidation, and
excluding other expenses that are not allocated according to
product group, increased to 48% from 45% for wood construction
products and increased to 32% from 29% for concrete construction
products.
- Steel prices – The Company currently anticipates that, subject
to changing economic conditions, it is possible that steel prices
will rise during the first quarter of 2017.
Based on current information and subject to future events and
circumstances, the Company estimates that its full-year 2017 gross
profit margin will be between approximately 46.5% and 47.5%.
Research and development and engineering expense
Research and development and engineering expense increased 8% to
$12.4 million from $11.5 million, primarily due to increases of
$0.4 million in cash profit sharing
expense, on increased profits and $0.2
million in personnel costs, mostly related to the addition
of staff and pay rate increases instituted on January 1, 2016. The remainder of the increase
was primarily due to the write-off of software development costs of
$2.0 million in 2016 versus
$1.8 million in 2015 all of which
occurred in the North America
segment.
Selling expense
Selling expense increased to $24.0
million from $22.5 million,
primarily due to increases of $0.9
million in personnel costs, $0.6
million in advertising costs, $0.2
million in cash profit sharing and sales commission
expenses, mostly due to increased profits, $0.2 million in depreciation expense, and
$0.1 million in charitable donations,
partly offset by a decrease of $0.6
million in professional fees.
- North America – Selling
expense increased $1.2 million,
primarily due to increases of $0.7
million in advertising costs, $0.7
million in personnel costs, mostly related to the addition
of staff and pay rate increases instituted on January 1, 2016, $0.2
million in depreciation expense and $0.1 million in charitable donations, partly
offset by a decrease of $0.6 million
in professional fees.
- Europe – Selling expense
increased $0.3 million, primarily due
to increases of $0.1 million in cash
profit sharing and sales commission expenses, and $0.1 million in personnel costs, mostly related
to the addition of staff, partly offset by a decrease of
$0.2 million in advertising
expense.
General and administrative expense
General and administrative expense increased 22% to
$32.4 million from $26.6 million primarily due to increases of
$1.6 million in legal and
professional fees, primarily related to acquisition activities,
shareholder engagement and board initiatives, such as changes to
executive compensation and corporate governance, $1.5 million in stock-based compensation,
$0.8 million in cash profit sharing
expense on increased profits, $0.6
million in software licensing and maintenance fees, and
$0.4 million in contingent
compensation, related to prior acquisitions made in Europe, as well as a $1.1 million increase in net foreign currency
losses, partly offset by decreases of $0.3
million in bad debt reserve and $0.2
million in facility rent and maintenance expense.
- North America – General and
administrative expense increased $4.4
million, primarily due to increases of $0.7 million in stock-based compensation,
$0.7 million in cash profit sharing
expense on increased profits, $0.7
million in legal and professional fees, $0.6 million in software licensing and
maintenance fees, and $0.1 million in
facility rent and maintenance expense, as well as a $0.8 million increase in net foreign currency
losses, partly offset by a $0.3
million decrease of in bad debt reserve.
- Europe – General and
administrative expense increased $2.3
million, primarily due to increases of $1.0 million in legal and professional fees,
$0.4 million in contingent
consideration, related to prior acquisitions, $0.1 million in cash profit sharing expense, and
$0.4 million in net foreign currency
losses.
- Asia/Pacific – General and
administrative expense decreased $0.8
million, primarily due to decreases of $0.3 million in facility rent and maintenance
expense, related to the sales office closures in 2015, and
$0.1 million in legal and
professional fees as well as a net increase of $0.1 million in net foreign currency gains.
- Administrative and All Other – General and
administrative expense increased, primarily due to an increase
of $0.8 million in stock-based
compensation.
Income taxes
The Company's effective income tax rate decreased to 33% from
34% primarily due to reduced operating losses in the Asia/Pacific segment, for which no income tax
benefit was recorded. Based on current information and subject to
future events and circumstances, the Company estimates that its
full-year 2017 effective tax rate will be between 36% and 37%.
Results of Operations for the Year Ended December 31,
2016, Compared with the Year Ended December 31, 2015
Unless otherwise stated, the results announced below, when
providing comparisons (which are generally indicated by words such
as "increased," "decreased," "remained" or "compared to"), compare
the results of operations for the twelve months ended
December 31, 2016, against the results of operations for the
twelve months ended December 31, 2015.
To avoid fractional percentages, all percentages presented below
were rounded to the nearest whole number.
Overview
Net sales increased 8% to $860.7
million in 2016 from $794.1
million in 2015. The Company had net income of $89.7 million compared to $67.9 million. Diluted net income per common
share was $1.86 compared to
$1.38.
Net sales
The Company's net sales increased in both North America and Europe segments.
- Segment net sales:
- North America – Net sales
increased 10%, mostly due to increased unit sales volumes on
improved economic activity as well as a slight increase in average
net sales unit prices in both the United
States and Canada.
Canada's net sales were negatively
affected by approximately $1.2
million in foreign currency translation, due to the
weakening of the Canadian dollar against the United States dollar.
- Europe – Net sales increased
3%, mostly due to increased unit sales volumes, partly offset by a
decrease in average net sales unit prices. Europe's net sales were negatively affected by
approximately $3.1 million primarily
due to the weakening of the British pound against the United States dollar.
- Asia/Pacific – Net sales
decreased 21%, primarily due to the effects of the closing of sales
offices in China, Thailand and Dubai late in the first quarter of 2015, which
accounted for an approximately $4.1
million decrease in consolidated net sales.
- Consolidated net sales channels and product groups:
- Net sales to dealer distributors, lumber dealers, contractor
distributors and home centers increased, primarily due to increased
home construction activity.
- Wood construction product net sales, including sales of
connectors, truss plates, fastening systems, fasteners and
shearwalls, represented 85% of the Company's total net sales in
both 2016 and 2015.
- Concrete construction product net sales, including sales of
adhesives, chemicals, mechanical anchors, powder actuated tools and
reinforcing fiber materials, represented 15% of the Company's total
net sales in both 2016 and 2015.
Gross profit
Gross profit increased to $412.5
million from $358.9 million.
Gross profit as a percentage of net sales increased to 48% from
45%.
- North America – Gross profit
margin increased to 49% from 47%, primarily as a result of a
decrease in material costs, as a percentage of sales and an
increase in average net sales unit price.
- Europe – Gross profit margin
increased to 40% from 38%, primarily as a as a result of decreases
in material costs and factory overhead costs, each as a percentage
of sales.
- Product group – The gross profit margins, including some
inter-segment expenses, that are eliminated in consolidation, and
excluding other expenses not allocated according to product group,
increased to 49% from 47% for wood construction products and
increased to 35% from 31% for concrete construction products.
Research and development and engineering expense
Research and development and engineering expense was
$46.2 million in both 2016 and 2015,
where increases of $2.3 million in
cash profit sharing expense on increased profits, $0.7 million in personnel costs, $0.5 million in supply costs, $0.4 million in computer costs and $0.1 in stock-based compensation, were offset by
decreases of $4.2 million in
non-reoccurring write-offs of software development projects, most
of which occurred in the North
America segment.
Selling expense
Selling expense increased 8% to $98.3 million from $90.7
million, primarily due to increases of $5.0 million in personnel costs, $2.6 million in cash profit sharing expense on
increased profits, and $0.5 million
in advertising expense, partly offset by a decrease of $0.8 million in professional fees.
- North America – Selling
expense increased $6.4 million,
primarily due to increases of $4.4
million in personnel costs, mostly related to the addition
of staff and pay rate increases instituted on January 1, 2016, $2.3
million in cash profit sharing expense and $0.5 million in advertising expense, partly
offset by a decrease of $1.0 million
in professional fees.
- Europe – Selling expense
increased $1.9 million, primarily due
to increases of $1.2 million in
personnel costs, mostly related to the addition of staff, and
$0.2 million in cash profit sharing
expense.
- Asia/Pacific – Selling expense
decreased $0.6 million, primarily due
to a decrease of $0.6 million in
personnel costs, related to closing three sales offices and
downsizing one sales office in 2015.
General and administrative expense
General and administrative expense increased 14% to
$129.2 million from $113.4 million, primarily due to increases of
$5.4 million in cash profit sharing
expense on increased profits, $4.0
million in legal and professional fees, primarily related to
acquisition activities, shareholder engagement and board
initiatives, such as changes to executive compensation and
corporate governance, $2.2 million in
stock-based compensation, $1.8
million in computer and information technology expense,
$1.1 million in personnel costs, and
$0.4 million in contingent
compensation related to prior acquisitions made in Europe, as well as a $0.9 million increase in net foreign currency
losses, partly offset by decreases of $0.6
million in bad debt reserve and $0.1
million in facility rent and maintenance expense.
- North America – General and
administrative expense increased $14.6
million, primarily due to increases of $4.9 million in cash profit sharing expense,
$2.5 million in legal and
professional fees, $2.3 million in
personnel costs, $1.8 million in
computer and information technology expense, $1.1 million in stock-based compensation, and
$0.5 million of in facility rent and
maintenance expense, as well as a $0.9
million increase in net foreign currency losses, partly
offset by a decrease of $0.4 million
in bad debt reserve.
- Europe – General and
administrative expense increased $3.3
million, primarily due to increases of $1.6 million in legal and professional fees
related to acquisition activities, $0.6
million in personnel costs, and $0.4
million in contingent compensation related to prior
acquisitions, partly offset by a decrease of $0.2 million in stock-based compensation and
$0.2 million in bad debt
reserve.
- Asia/Pacific – General and
administrative expense decreased $3.0
million, primarily due to decreases of $1.7 million in personnel costs, $0.6 million in facility rent and maintenance
expense and $0.2 million in legal and
professional fees, each related to the sales office closures in
2015.
- Administrative and All Other – General and
administrative expense increased, primarily due to increases
of $1.3 million in stock-based
compensation and $0.4 million in cash
profit sharing expense.
Income taxes
The Company's effective income tax rate decreased to 35% from
38%, primarily due to reduced operating losses in the Asia/Pacific segment, for which no tax benefit
was recorded.
Recent Acquisitions
CG Visions, Inc. ("CG Visions") was acquired in January 2017 for up to approximately $21.5 million, including an earn-out of
$2.15 million subject to meeting
sales targets, and subject to specified holdback provisions and
post-closing adjustment. CG Visions was founded in 2000 to bring
new ideas and experience in the digital media and construction
fields. The CG Visions team developed its building information
modeling ("BIM") technology, estimation tools and software
solutions to assist builders to be more efficient and
cost-effective. CG Visions also provides BIM consulting services.
CG Visions provides its scalable technologies and services to a
number of the top 100 mid-sized to large builders in the United States of America.
Based on preliminary unaudited information received from CG
Visions' management team, the Company currently believes that for
the fiscal year ended December 31,
2016, CG Visions had approximately $5.9 million in net sales and $1.2 million in income from operations before
interest and income taxes. Based on such information, and subject
to future events and circumstances, the Company believes that it is
reasonable to expect that the annual return on investment with
respect to the Company's investment in CG Visions will exceed its
cost of capital within 4 to 5 years.
Gbo Fastening Systems AB ("Gbo Fastening Systems") was acquired
for approximately $10.2 million in
January 2017. Gbo Fastening Systems
is headquartered in Gunnebo, Sweden, with fastener production and surface
treatment capabilities in Sweden
and Poland. Gbo Fastening Systems
has over 200 employees located in Sweden, Poland, Norway and Romania. The Company expects that the
acquisition will (1) give the Company a complete line of CE-marked
structural fasteners, unique fastener dimensioning software for
wood applications, and access to Gbo Fastening Systems' expertise
in product development and testing, and proficiency in fastener
manufacturing, surface treatment and painting, (2) enable the
Company to develop and expand distribution in other countries, and
(3) allow the Company to strengthen Gbo Fastening Systems' global
presence and contribute engineering expertise in automatic
fastening systems and fastener collation to help Gbo Fastening
Systems to broaden both its fastener and structural connectors
lines.
Based on preliminary unaudited information received from Gbo
Fastening Systems' management, the Company currently believes that
for the fiscal year ended December 31,
2016, Gbo Fastening Systems had approximately $42.6 million in net sales and $0.8 million in income from operations before
interest, non-reoccurring expenses and income taxes. Based on such
information, and subject to future events and circumstances, the
Company believes it is reasonable to expect that the annual return
on investment with respect Gbo Fastening Systems will exceed its
cost of capital within 4 to 5 years, although the Company will
incur integration expenses that are expected to result in operating
losses during the next 2 years.
While we believe that the unaudited third-party information in
connection with our recent acquisitions provide investors with
useful information about the financial performance of our
acquisition targets and allow for greater transparency with respect
to information relied on by our management in evaluating and
executing such acquisitions, investors are cautioned that there are
material limitations associated with the use of such unaudited
information as an analytical tool. For example, these measures may
be different from financial measures used by the Company and/or
other companies, limiting their usefulness for comparison
purposes.
Additional information
At its meeting on January 30,
2017, the Company's Board of Directors declared a cash
dividend of $0.18 per share. The
record date for the dividend will be April
6, 2017, and it will be paid on April
27, 2017.
Investors, analysts and other interested parties are invited to
join the Company's conference call on Friday, February 3, 2017, at 6:00 am Pacific Time. To participate, callers may
dial 877-876-9177 (international callers may dial
785-424-1666). 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 within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements above relating to events or results that may occur
in the future are forward-looking statements, including but not
limited to, statements regarding anticipated or estimated steel
prices, gross profit margin, and effective tax rate.
Forward-looking statements are necessarily speculative in nature,
are based on numerous assumptions, and involve known and unknown
risks, uncertainties and other factors (some of which are beyond
the Company's control) that could significantly affect the
Company's operations and may cause the Company's actual actions,
results, financial condition, performance or achievements to be
substantially different from any future actions, results, financial
condition, performance or achievements expressed or implied by any
such forward-looking statements. Those factors include, but are not
limited to: (i) general economic cycles and construction business
conditions; (ii) customer acceptance of the Company's products;
(iii) product liability claims, contractual liability, engineering
and design liability and similar liabilities or claims, (iv)
relationships with key customers; (v) materials and manufacturing
costs; (vi) financial conditions of customers, competitors and
suppliers; (vii) technological developments including software
development; (viii) increased competition; (ix) changes in
regulations or industry practices; (x) litigation risks, (xi)
changes in market conditions; (xii) governmental and business
conditions in countries where the Company's products are
manufactured and sold; (xiii) changes in trade regulations; (xiv)
effects of merger or acquisition activities; (xv) actual or
potential takeover or other change-of-control threats; (xvi)
changes in the Company's plans, strategies, objectives,
expectations or intentions; and (xvii) other risks and
uncertainties indicated from time to time in the Company's filings
with the U.S. Securities and Exchange Commission including in the
Company's most recent Annual Report on Form 10-K under the heading
"Item 1A - Risk Factors." Each forward-looking statement contained
in this document is specifically qualified in its entirety by the
aforementioned factors. In light of the foregoing, investors are
advised to carefully read this document in connection with the
important disclaimers set forth above and are urged not to rely on
any forward-looking statements in reaching any conclusions or
making any investment decisions about the Company or its
securities. Except as required by law, the Company does not intend
and undertakes no obligation to update, revise or publicly release
any updates or revisions to any forward-looking statements
hereunder, whether as a result of the receipt of new information,
the occurrence of future events, a change in circumstances or
otherwise. We further do not accept any responsibility for any
projections or reports published by analysts, investors or other
third parties. The financial information set forth herein is
presented on a preliminary unaudited basis; audited financial
statements will be included in the Company's Annual Report on Form
10-K for the period ended December 31, 2016, when
filed.
The Company's results of operations (unaudited) for the three
and twelve months ended December 31, 2016 and 2015, were as
follows:
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
(Amounts in
thousands, except per share data)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net sales
|
$
|
200,192
|
|
|
$
|
184,764
|
|
|
$
|
860,661
|
|
|
$
|
794,059
|
|
Cost of
sales
|
105,226
|
|
|
102,002
|
|
|
448,211
|
|
|
435,140
|
|
Gross
profit
|
94,966
|
|
|
82,762
|
|
|
412,450
|
|
|
358,919
|
|
Research and
development and engineering expense
|
12,441
|
|
|
11,548
|
|
|
46,248
|
|
|
46,196
|
|
Selling
expense
|
24,030
|
|
|
22,508
|
|
|
98,343
|
|
|
90,663
|
|
General and
administrative expense
|
32,376
|
|
|
26,553
|
|
|
129,162
|
|
|
113,428
|
|
Gain on disposal of
assets
|
(17)
|
|
|
(332)
|
|
|
(780)
|
|
|
(389)
|
|
Income from
operations
|
26,136
|
|
|
22,485
|
|
|
139,477
|
|
|
109,021
|
|
Interest expense,
net
|
(177)
|
|
|
(77)
|
|
|
(577)
|
|
|
(342)
|
|
Income before
taxes
|
25,959
|
|
|
22,408
|
|
|
138,900
|
|
|
108,679
|
|
Provision for income
taxes
|
8,565
|
|
|
7,675
|
|
|
49,166
|
|
|
40,791
|
|
Net income
|
$
|
17,394
|
|
|
$
|
14,733
|
|
|
$
|
89,734
|
|
|
$
|
67,888
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.37
|
|
|
$
|
0.30
|
|
|
$
|
1.87
|
|
|
$
|
1.39
|
|
Diluted
|
$
|
0.36
|
|
|
$
|
0.30
|
|
|
$
|
1.86
|
|
|
$
|
1.38
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
47,505
|
|
|
48,337
|
|
|
48,084
|
|
|
48,952
|
|
Diluted
|
47,754
|
|
|
48,594
|
|
|
48,295
|
|
|
49,181
|
|
Other
data:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
|
6,442
|
|
|
$
|
5,157
|
|
|
$
|
27,927
|
|
|
$
|
26,821
|
|
Pre-tax equity-based
compensation expense
|
4,239
|
|
|
2,430
|
|
|
13,946
|
|
|
11,958
|
|
|
|
|
|
|
|
|
|
Cash dividend
declared per common share
|
$
|
0.18
|
|
|
$
|
0.16
|
|
|
$
|
0.70
|
|
|
$
|
0.62
|
|
The Company's financial position (unaudited) as of
December 31, 2016 and 2015, were as follows:
|
|
December
31,
|
|
(Amounts in
thousands)
|
|
2016
|
|
2015
|
|
Cash and short-term
investments
|
|
$
|
226,537
|
|
|
$
|
258,825
|
|
|
Trade accounts
receivable, net
|
|
112,423
|
|
|
106,011
|
|
|
Inventories
|
|
232,274
|
|
|
195,757
|
|
|
Other current
assets
|
|
14,013
|
|
|
28,679
|
|
|
Total current
assets
|
|
585,247
|
|
|
589,272
|
|
|
Property, plant and
equipment, net
|
|
232,810
|
|
|
213,716
|
|
|
Goodwill
|
|
124,479
|
|
|
123,950
|
|
|
Other noncurrent
assets
|
|
37,438
|
|
|
34,371
|
|
|
Total
assets
|
|
$
|
979,974
|
|
|
$
|
961,309
|
|
|
Trade accounts
payable
|
|
$
|
27,674
|
|
|
$
|
21,309
|
|
|
Other current
liabilities
|
|
81,122
|
|
|
73,655
|
|
|
Total current
liabilities
|
|
108,796
|
|
|
94,964
|
|
|
Other long-term
liabilities
|
|
5,336
|
|
|
16,521
|
|
|
Stockholders'
equity
|
|
865,842
|
|
|
849,824
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
979,974
|
|
|
$
|
961,309
|
|
|
Additional financial data of the Company (unaudited) for the
three and twelve months ended December 31, 2016 and 2015, were
as follows:
|
|
|
Three Months
Ended
|
|
|
|
Twelve Months
Ended
|
|
|
|
|
|
December
31,
|
|
%
|
|
December
31,
|
|
%
|
(Amounts in
thousands)
|
2016
|
|
2015
|
|
change
|
|
2016
|
|
2015
|
|
change
|
Net Sales by
Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
172,824
|
|
|
$
|
158,397
|
|
|
9%
|
|
$
|
742,021
|
|
|
$
|
676,618
|
|
|
10%
|
|
Europe
|
25,271
|
|
|
24,925
|
|
|
1%
|
|
111,274
|
|
|
108,068
|
|
|
3%
|
|
Asia/Pacific
|
2,097
|
|
|
1,442
|
|
|
45%
|
|
7,366
|
|
|
9,373
|
|
|
(21)%
|
|
|
Total
|
$
|
200,192
|
|
|
$
|
184,764
|
|
|
8%
|
|
$
|
860,661
|
|
|
$
|
794,059
|
|
|
8%
|
Net Sales by
Product Group*
|
|
|
|
|
|
|
|
|
|
|
|
|
Wood
Construction
|
$
|
170,389
|
|
|
$
|
155,894
|
|
|
9%
|
|
$
|
732,414
|
|
|
$
|
674,274
|
|
|
9%
|
|
Concrete
Construction
|
29,803
|
|
|
28,866
|
|
|
3%
|
|
128,247
|
|
|
119,481
|
|
|
7%
|
|
Other
|
—
|
|
|
4
|
|
|
N/M
|
|
—
|
|
|
304
|
|
|
N/M
|
|
|
Total
|
$
|
200,192
|
|
|
$
|
184,764
|
|
|
8%
|
|
$
|
860,661
|
|
|
$
|
794,059
|
|
|
8%
|
Gross Profit by
Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
84,818
|
|
|
$
|
74,303
|
|
|
14%
|
|
$
|
365,758
|
|
|
$
|
317,628
|
|
|
15%
|
|
Europe
|
9,293
|
|
|
8,485
|
|
|
10%
|
|
44,038
|
|
|
41,512
|
|
|
6%
|
|
Asia/Pacific
|
552
|
|
|
(131)
|
|
|
N/M
|
|
2,419
|
|
|
251
|
|
|
864%
|
|
Administrative and
all other
|
303
|
|
|
105
|
|
|
N/M
|
|
235
|
|
|
(472)
|
|
|
N/M
|
|
|
Total
|
$
|
94,966
|
|
|
$
|
82,762
|
|
|
15%
|
|
$
|
412,450
|
|
|
$
|
358,919
|
|
|
15%
|
Income (Loss) from
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
24,387
|
|
|
$
|
20,298
|
|
|
20%
|
|
$
|
137,311
|
|
|
$
|
109,446
|
|
|
25%
|
|
Europe
|
(3,284)
|
|
|
(1,464)
|
|
|
(124)%
|
|
895
|
|
|
3,795
|
|
|
(76)%
|
|
Asia/Pacific
|
883
|
|
|
(326)
|
|
|
N/M
|
|
2,140
|
|
|
(3,445)
|
|
|
162%
|
|
Administrative and
all other
|
4,150
|
|
|
3,977
|
|
|
N/M
|
|
(869)
|
|
|
(775)
|
|
|
N/M
|
|
|
Total
|
$
|
26,136
|
|
|
$
|
22,485
|
|
|
16%
|
|
$
|
139,477
|
|
|
$
|
109,021
|
|
|
28%
|
|
|
|
|
*
|
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-fourth-quarter-results-300401577.html
SOURCE Simpson Manufacturing Co., Inc.