PLEASANTON, Calif.,
Oct. 30, 2017 /PRNewswire/ --
- Unveils "2020 Plan" to improve operational performance and
enhance shareholder value
- Third quarter consolidated net sales of $262.5 million increased 14%
year-over-year
- Declared quarterly cash dividend of $0.21 per share
Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD), an
industry leader in engineered structural connectors and building
solutions, today announced its financial results for the third
quarter of 2017. Unless otherwise stated, the Company's results
below, when referencing "recently acquired businesses" or "acquired
net sales" refer to Multi Services Dêcoupe S.A. (acquired
August 2016), Gbo Fastening Systems
AB (acquired January 2017) and CG
Visions, Inc. (acquired January
2017), or net sales of such acquired businesses,
respectively. Refer to the "Segment Reporting and Product Group
Information" table below for additional segment information
(including information about the Company's Asia/Pacific segment and Administrative and
All Other segment).
2020 Plan
The Company has identified a detailed plan to position itself
for long-term sustainable growth and improved operating leverage.
Key components include:
- Continued Focus on Organic Growth: The Company endeavors
to achieve organically a net sales compound annual growth rate
("CAGR") of approximately 8% from $860.7
million reported in fiscal 2016 through fiscal 2020. During
that period, the Company will focus on organic growth and will
deemphasize acquisition activity.
- Rationalize Cost Structure to Improve Profitability: The
Company seeks to reduce its total operating expenses as a percent
of net sales from 31.8% in fiscal 2016 to a range of 26.0% to 27.0%
by fiscal 2020 and improve its consolidated income from operations
as a percentage of net sales from 16.2% in fiscal 2016 to reach
approximately 21% to 22% by fiscal 2020. Initiatives to obtain this
improved operating leverage, aside from top-line growth, will
include aggressive management of the Company's fiscal 2018
operating expenses to be less than fiscal 2017 levels, in terms of
absolute dollars. Excluding planned SAP implementation costs,
projected fiscal 2018 operating expenses will be reduced by
approximately $8 million from fiscal
2017. The Company will implement this through cost reduction
measures in Europe and its
concrete product line, zero-based budgeting and a commitment to
remaining headcount neutral. Offsetting these reductions will be
the Company's ongoing investment in its truss software initiative
as well as the expenses associated with its ongoing SAP
implementation. To aid its efforts, the Company intends to work
with a third party management consultant to review its operations
for additional operating efficiencies beyond those announced in the
2020 Plan. The Company believes these goals represent targets that
are aggressive yet achievable based on a bottoms up evaluation of
its cost structure in light of the support needed to maintain its
superior gross profit margin profile and accelerate its organic
growth.
- Improve Working Capital Management and Balance Sheet
Discipline: The Company aims to improve its working capital
management and overall balance sheet discipline through an ongoing
focus on inventory levels and better management of its accounts
receivable and accounts payable. The Company expects to double its
inventory turns from 2x to 4x by fiscal 2020 by eliminating 25% to
30% of its total SKU count and implementing Lean principles in all
factories. Further, the Company estimates an opportunity for an
additional reduction of approximately 30% of its current raw
materials and finished goods over the next three years, without
impacting its day-to-day production and shipping procedures.
However, in an effort to drive further improvements beyond the 2020
plan, the Company engaged an additional external consultant who
specializes in Lean principles to identify further ways to improve
its inventory management.
- Improve Return on Invested Capital(1):
Through execution on the 2020 Plan, the Company also expects by the
end of fiscal year 2020 to achieve a return on invested capital
target within the range of 17% to 18%.
- Increase Capital Return to Shareholders: The Company
remains committed to continue returning 50% of its cash flow from
operations in the form of both dividends and share repurchases to
its shareholders through fiscal 2020. The Company believes its
efforts to achieve the 2020 Plan will contribute to improved
business performance and operating results and thus, plans to be
more aggressive in repurchasing shares of its stock in the
near-term.
Management Commentary
"We are pleased to
announce our 2020 Plan which we believe will create substantial
value for all shareholders of Simpson," commented Karen Colonias, President and Chief Executive
Officer of Simpson Manufacturing Co., Inc. "We remain committed to
positioning Simpson for long-term, sustainable and increasingly
profitable growth. To achieve this, we are focused on the following
objectives: organic growth, rationalizing our cost structure to
improve company-wide profitability and improving our working
capital management and overall balance sheet discipline. Through
execution on the 2020 Plan, we believe these objectives will
substantially enhance our return on invested capital and will
provide additional capital to return to shareholders."
Mrs. Colonias continued, "To improve our operating leverage, we
plan to rationalize our cost structure by actively managing our
2018 operating expenses to be below 2017 levels. We will implement
this through a combination of zero-based budgeting and maintaining
our headcount at a net neutral. Further, we plan to reduce
operating expenses in Europe by
$2 million as well as to reduce
operating expenses in our concrete product line by $3 million. We anticipate these near-term
actions, combined with further progress on our key objectives, will
result in an improvement in our consolidated operating expenses as
a percent of net sales from 31.8% in 2016 to a range of 26.0% to
27.0% by 2020. Partially offsetting these expense reduction
initiatives will be our ongoing investments in truss software to
strengthen our market share in our core wood connector products, as
well as our SAP system to drive further operating efficiencies and
better inventory management."
Mrs. Colonias concluded, "We are confident that these efforts
should be able to position Simpson for sustainable long-term growth
and profitability and as a result, we plan to aggressively
repurchase shares of our stock in the near-term. Beyond the targets
outlined in the 2020 Plan, we are engaging two consultants to
further perform independent, in-depth analyses of our operations in
an effort to identify incremental opportunities to enhance our
operations. Over the coming quarters, we plan to provide additional
metrics and targets to help our investors better measure our
success and progress on these objectives."
Third Quarter 2017 Financial Highlights
All
comparisons below (which are generally indicated by words such as
"increased," "decreased," "remained," or "compared to"), unless
otherwise noted, are comparing the third quarter of 2017 with the
third quarter of 2016.
- Consolidated net sales of $262.5
million increased 14% compared to $231.0 million. Recently acquired businesses as a
whole accounted for $15.7 million
(50%) of the increased net sales.
-
- North America net sales of
$213.3 million increased 8% compared
to $197.5 million, primarily due to
increases in average net sales unit prices and sales volumes.
Canada's net sales increased
primarily due to increased sales volumes and were not significantly
affected by foreign currency translation.
- Europe net sales of
$47.1 million increased 50% compared
to $31.5 million, primarily due to
acquired net sales of $14.3 million,
which accounted for 92% of the increased net sales in Europe. Net sales were positively affected by
approximately $1.3 million in foreign
currency translations primarily related to the strengthening of the
British pound, the Euro and Polish zloty against the United States dollar. In local currency,
Europe net sales increased
primarily due to increases in average net sales unit prices.
- Consolidated gross profit of $119.9
million increased 6% compared to $113.5 million. Gross profit as a percentage of
net sales decreased to 46% from 49%. Recently acquired businesses
had an average gross profit margin of 32% in the third quarter of
2017.
-
- North America gross profit as
a percentage of net sales decreased to 48% from 50%, primarily due
to increased material and factory and overhead costs as well as
labor expense.
- Europe gross profit as a
percentage of net sales decreased to 38% from 43%, primarily due to
the recently acquired businesses.
- Consolidated income from operations of $46.7 million increased 2% compared to
$45.8 million. As a percentage of net
sales, consolidated income from operations decreased to 18% from
20%. Recently acquired businesses as a whole recorded $0.1 million in operating income in the third
quarter of 2017, including purchase accounting adjustments such as
recognizing intangible amortization expense.
-
- North America income from
operations of $42.0 million decreased
1% compared to $42.4 million.
- Europe income from operations
of $5.1 million increased 32%
compared to $3.9 million.
- Consolidated net income was $28.2
million, or $0.59 per diluted
share of the Company's common stock, compared to net income of
$29.8 million, or $0.62 per diluted share of the Company's common
stock. Recently acquired businesses as a whole recorded a net loss
of $2.0 million in the third quarter
of 2017, primarily due to a $2.1
million reduction of the Gbo Fastening Systems AB bargain
purchase gain initially recognized in the first quarter of
2017.
Year-to-Date (9-month) 2017 Financial Highlights
All
comparisons below (which are generally indicated by words such as
"increased," "decreased," "remained," or "compared to"), unless
otherwise noted, are comparing the nine months ended
September 30, 2017 with the nine months ended
September 30, 2016.
- Consolidated net sales of $745.3
million increased 13% compared to $660.5 million. Recently acquired businesses as a
whole accounted for $43.4 million
(51%) of the increased net sales.
-
- North America net sales of
$612.8 million increased 8% compared
to $569.2 million, primarily due to
increases in both sales volumes and average net sales unit prices.
Canada's net sales increased,
primarily due to increased volumes.
- Europe net sales of
$126.8 million increased 47% compared
to $86.0 million, primarily due to
acquired net sales of $39.0 million,
which accounted for 96% of the increased net sales. Net sales were
negatively affected by approximately $1.0
million in foreign currency translations, primarily related
to the weakening of the British pound against the United States dollar. In local currency,
Europe net sales increased due to
increases in both sales volumes and average net sales unit
prices.
- Consolidated gross profit of $343.6
million increased 8% compared to $317.5 million. Gross profit as a percentage of
net sales decreased to 46% from 48%. Recently acquired businesses
had an average gross profit margin of 32% in the nine months ended
September 30, 2017.
-
- North America gross profit as
a percentage of net sales remained 49%.
- Europe gross profit as a
percentage of net sales decreased to 36% from 40%, primarily due to
the recently acquired businesses.
- Consolidated income from operations of $114.5 million increased compared to $113.3 million. As a percentage of net sales,
consolidated income from operations decreased to 15% from 17%.
Recently acquired businesses as a whole recognized $0.1 million in operating losses in the nine
months ended September 30, 2017, primarily due to purchase
accounting adjustments such as recognizing intangible amortization
expense.
-
- North America income from
operations of $110.7 million
decreased 2% compared to $112.9
million.
- Europe income from operations
of $7.4 million increased 78%
compared to $4.2 million.
- Consolidated net income was $79.5
million, or $1.66 per diluted
share of the Company's common stock, compared to net income of
$72.3 million, or $1.49 per diluted share of the Company's common
stock. Recently acquired businesses as a whole contributed net
income of $5.9 million in the nine
months ended September 30, 2017, mostly as a result of a
$6.3 million gain on a bargain
purchase (net of the $2.1 million
reduction discussed above) finalized in the third quarter of
2017.
Corporate Developments
- On January 3, 2017, the Company
through its subsidiary Simpson Strong-Tie Company Inc. and its
subsidiaries, purchased all the equity in Gbo Fastening Systems AB
("Gbo Fastening Systems") for approximately $10.2 million. As a result of incompatibility
with Simpson's market strategy, on September
29, 2017, the Company completed the sale of all of the
equity in Gbo Fastening Systems' Poland subsidiary ("Gbo Poland") for
approximately $10.2 million,
resulting in a gain of $0.4 million.
Additionally, the Company expects to sell all of the equity in Gbo
Fastening Systems' Romania
subsidiary ("Gbo Romania") in the last quarter of 2017 for
insignificant proceeds, resulting in an insignificant gain. For the
nine months ended September 30, 2017,
Gbo Poland and Gbo Romania together contributed $12.6 million in net sales to Gbo Fastening
Systems' total net sales of $35.2
million.
- On September 28, 2017, the Company's Board of Directors
(the "Board") declared a cash dividend of $0.21 per share. The dividend will be payable on
January 25, 2018, to shareholders of record as of
January 4, 2018.
- During the third quarter, the Company received 35,887 shares of
the Company's common stock pursuant to the Company's $20.0 million accelerated share repurchase
program (the "ASR Program") with Wells Fargo Bank, National
Association, which constituted the final delivery under the ASR
Program initiated in June 2017. In
August 2017, the Board increased its
previous $125 million share
repurchase authorization by $150 million to
$275 million and extended such authorization from
December 31, 2017 to December 31, 2018. As of September 30, 2017,
approximately $201.5 million remained
available for share repurchase under such authorization.
Business Outlook
The Company currently believes the market price for steel will
remain stable for the remainder of 2017.
Subject to changing economic conditions, future events and
circumstances, the Company is reiterating its outlook for gross
profit margin to be in the range of 45% to 46% for the full fiscal
year ending December 31, 2017.
Conference Call Details
Investors, analysts and other interested parties are invited to
join the Company's third quarter 2017 financial results conference
call on Monday, October 30, 2017, at
5:00 pm Eastern Time (2:00 pm Pacific Time). To participate, callers
may dial (877) 407-0792 (U.S. and Canada) or (201) 689-8263 (International)
approximately 10 minutes prior to the start time. The call
will be webcast simultaneously and can be accessed through a link
on the Company's website at www.simpsonmfg.com. The webcast will
remain posted on the Company's website for 90 days.
A copy of this earnings release and supplemental slides will be
available prior to the call, accessible through the Investor
Relations section of the Company's website at
www.simpsonmfg.com.
About Simpson Manufacturing Co., Inc.
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."
(1)
|
When referred to
above, the Company's return on invested capital ("ROIC") for a
fiscal year is calculated based on (i) the net income of that year
as presented in the Company's consolidated statements of operations
prepared pursuant to generally accepted accounting principles in
the U.S. ("GAAP"), as divided by (ii) the average of the sum of the
total stockholders' equity and the total long-term liabilities at
the beginning of and at the end of such year, as presented in the
Company's consolidated balance sheets prepared pursuant to GAAP for
that applicable year. As such, the Company's ROIC, a ratio or
statistical measure, is calculated using exclusively financial
measures presented in accordance with GAAP.
|
Forward-Looking Statements
This document contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, based on numerous assumptions and
subject to risks and uncertainties (some of which are beyond our
control), such as statements above regarding the Company's 2020
Plan, the Company's efforts and costs to implement the 2020 Plan,
and the effects of the 2020 Plan; the Company's products, market
share, software and SAP implementation (including its costs),
profitability and profit margin outlook, working capital, balance
sheet, inventory, net sales, net sales growth rate, operating
expenses, cost reduction measures, capital return, dividends and
share repurchases; as well as the steel prices. Forward-looking
statements are necessarily speculative in nature, and it can be
expected that some or all of the assumptions of the forward-looking
statements we furnish will not materialize or will vary
significantly from actual results. Although the Company believes
that these forward-looking statements are reasonable, it does not
and cannot give any assurance that its beliefs and expectations
will prove to be correct, and our actual results might differ
materially from results suggested by any forward-looking statement
in this document. 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 business 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) the financial condition of customers,
competitors and suppliers; (vii) technological developments
including software development; (viii) increased competition; (ix)
changes in industry practices or regulations; (x) litigation
risks and actions by activist shareholders, (xi) changes in
capital and credit market conditions; (xii) governmental and
business conditions in countries where the Company's products are
manufactured and sold; (xiii) changes in trade regulations; (xiv)
the effect of acquisition activity; (xv) changes in the Company's
plans, strategies, objectives, expectations or intentions; (xvi)
natural disasters and other factors that are beyond the Company's
reasonable control; 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." Actual results might differ materially from results
suggested by any forward-looking statements in this document.
Except as required by law, the Company undertakes no obligation to
publicly release any update or revision to these forward-looking
statements, whether as a result of the receipt of new information,
the occurrence of future events or otherwise. The information in
this document speaks as of the date hereof and is subject to
change. Any distribution of this document after the date hereof is
not intended and should not be construed as updating or confirming
such information. In light of the foregoing, investors are urged
not to rely on our forward-looking statements in making an
investment decision about our securities. 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
unreviewed and unaudited basis; reviewed and unaudited data will be
included in the Company's Quarterly Report on Form 10-Q for the
period ended September 30, 2017, when filed.
Simpson
Manufacturing Co., Inc. and Subsidiaries
|
UNAUDITED
Consolidated Statements of Operations
|
(In thousands,
except per share data)
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
(Amounts in
thousands, except per share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net sales
|
$
|
262,476
|
|
|
$
|
230,974
|
|
|
$
|
745,345
|
|
|
$
|
660,470
|
|
Cost of
sales
|
142,591
|
|
|
117,499
|
|
|
401,779
|
|
|
342,985
|
|
Gross
profit
|
119,885
|
|
|
113,475
|
|
|
343,566
|
|
|
317,485
|
|
Research and
development and engineering expense
|
8,679
|
|
|
10,932
|
|
|
35,051
|
|
|
33,807
|
|
Selling
expense
|
28,156
|
|
|
24,304
|
|
|
86,150
|
|
|
74,313
|
|
General and
administrative expense
|
36,501
|
|
|
32,543
|
|
|
108,049
|
|
|
96,786
|
|
Gain on disposal of
assets
|
(147)
|
|
|
(81)
|
|
|
(147)
|
|
|
(763)
|
|
Income from
operations
|
46,696
|
|
|
45,777
|
|
|
114,463
|
|
|
113,342
|
|
Loss in equity method
investment, before tax
|
(13)
|
|
|
—
|
|
|
(53)
|
|
|
—
|
|
Interest expense,
net
|
(296)
|
|
|
(82)
|
|
|
(685)
|
|
|
(400)
|
|
Gain on bargain
purchase of a business (adjustment)
|
(2,052)
|
|
|
—
|
|
|
6,336
|
|
|
—
|
|
Gain on disposal of a
business
|
443
|
|
|
—
|
|
|
443
|
|
|
—
|
|
Income before
taxes
|
44,778
|
|
|
45,695
|
|
|
120,504
|
|
|
112,942
|
|
Provision for income
taxes
|
16,581
|
|
|
15,898
|
|
|
40,972
|
|
|
40,601
|
|
Net income
|
$
|
28,197
|
|
|
$
|
29,797
|
|
|
$
|
79,532
|
|
|
$
|
72,341
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.60
|
|
|
$
|
0.62
|
|
|
$
|
1.67
|
|
|
$
|
1.50
|
|
Diluted
|
$
|
0.59
|
|
|
$
|
0.62
|
|
|
$
|
1.66
|
|
|
$
|
1.49
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
47,367
|
|
|
48,119
|
|
|
47,544
|
|
|
48,231
|
|
Diluted
|
47,686
|
|
|
48,352
|
|
|
47,843
|
|
|
48,429
|
|
Cash dividend
declared per common share
|
$
|
0.42
|
|
|
$
|
0.18
|
|
|
$
|
0.81
|
|
|
$
|
0.52
|
|
Other
data:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
|
9,945
|
|
|
$
|
6,607
|
|
|
$
|
26,881
|
|
|
$
|
21,485
|
|
Pre-tax equity-based
compensation expense
|
$
|
631
|
|
|
$
|
3,383
|
|
|
$
|
11,816
|
|
|
$
|
9,707
|
|
|
|
|
|
|
|
|
|
Simpson
Manufacturing Co., Inc. and Subsidiaries
|
UNAUDITED
Consolidated Condensed Balance Sheets
|
(In
thousands)
|
|
|
|
September
30,
|
|
December
31,
|
(Amounts in
thousands)
|
|
2017
|
|
2016
|
|
2016
|
Cash and cash
equivalents
|
|
$
|
204,171
|
|
|
$
|
218,720
|
|
|
$
|
226,537
|
|
Trade accounts
receivable, net
|
|
159,571
|
|
|
141,716
|
|
|
112,423
|
|
Inventories
|
|
244,476
|
|
|
220,207
|
|
|
232,274
|
|
Other current
assets
|
|
13,276
|
|
|
12,321
|
|
|
14,013
|
|
Total current
assets
|
|
621,494
|
|
|
592,964
|
|
|
585,247
|
|
Property, plant and
equipment, net
|
|
265,178
|
|
|
229,670
|
|
|
232,810
|
|
Goodwill
|
|
137,313
|
|
|
126,845
|
|
|
124,479
|
|
Other noncurrent
assets
|
|
44,398
|
|
|
34,824
|
|
|
37,438
|
|
Total
assets
|
|
$
|
1,068,383
|
|
|
$
|
984,303
|
|
|
$
|
979,974
|
|
Trade accounts
payable
|
|
$
|
30,857
|
|
|
$
|
24,777
|
|
|
$
|
27,674
|
|
Capital lease
obligation - current portion
|
|
1,047
|
|
|
—
|
|
|
—
|
|
Other current
liabilities
|
|
110,629
|
|
|
92,605
|
|
|
81,122
|
|
Total current
liabilities
|
|
142,533
|
|
|
117,382
|
|
|
108,796
|
|
Other long-term
liabilities - net of current portion
|
|
9,808
|
|
|
5,817
|
|
|
5,336
|
|
Stockholders'
equity
|
|
916,042
|
|
|
861,104
|
|
|
865,842
|
|
Total liabilities and
stockholders' equity
|
|
$
|
1,068,383
|
|
|
$
|
984,303
|
|
|
$
|
979,974
|
|
Simpson
Manufacturing Co., Inc. and Subsidiaries
|
UNAUDITED Segment
and Product Group Information
|
(In
thousands)
|
|
|
|
|
Three Months
Ended
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30,
|
|
%
|
|
September
30,
|
|
%
|
(Amounts in
thousands)
|
2017
|
|
2016
|
|
change
*
|
|
2017
|
|
2016
|
|
change
*
|
Net Sales by
Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
213,254
|
|
|
$
|
197,459
|
|
|
8%
|
|
$
|
612,765
|
|
|
$
|
569,198
|
|
|
8%
|
|
Europe
|
47,137
|
|
|
31,485
|
|
|
50%
|
|
126,752
|
|
|
86,003
|
|
|
47%
|
|
Asia/Pacific
|
2,085
|
|
|
2,030
|
|
|
3%
|
|
5,828
|
|
|
5,269
|
|
|
11%
|
|
|
Total
|
$
|
262,476
|
|
|
$
|
230,974
|
|
|
14%
|
|
$
|
745,345
|
|
|
$
|
660,470
|
|
|
13%
|
Net Sales by
Product Group**
|
|
|
|
|
|
|
|
|
|
|
|
|
Wood
Construction
|
$
|
224,317
|
|
|
$
|
193,513
|
|
|
16%
|
|
$
|
639,207
|
|
|
$
|
562,025
|
|
|
14%
|
|
Concrete
Construction
|
38,051
|
|
|
37,461
|
|
|
2%
|
|
105,785
|
|
|
98,445
|
|
|
7%
|
|
Other
|
108
|
|
|
—
|
|
|
N/M
|
|
353
|
|
|
—
|
|
|
N/M
|
|
|
Total
|
$
|
262,476
|
|
|
$
|
230,974
|
|
|
14%
|
|
$
|
745,345
|
|
|
$
|
660,470
|
|
|
13%
|
Gross Profit
(Loss) by Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
101,628
|
|
|
$
|
99,524
|
|
|
2%
|
|
$
|
297,102
|
|
|
$
|
280,940
|
|
|
6%
|
|
Europe
|
18,068
|
|
|
13,500
|
|
|
34%
|
|
45,933
|
|
|
34,746
|
|
|
32%
|
|
Asia/Pacific
|
209
|
|
|
511
|
|
|
(59)%
|
|
664
|
|
|
1,867
|
|
|
(64)%
|
|
Administrative and
all other
|
(20)
|
|
|
(60)
|
|
|
N/M
|
|
(133)
|
|
|
(68)
|
|
|
N/M
|
|
|
Total
|
$
|
119,885
|
|
|
$
|
113,475
|
|
|
6%
|
|
$
|
343,566
|
|
|
$
|
317,485
|
|
|
8%
|
Income (Loss) from
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
$
|
41,972
|
|
|
$
|
42,356
|
|
|
(1)%
|
|
$
|
110,748
|
|
|
$
|
112,924
|
|
|
(2)%
|
|
Europe
|
5,139
|
|
|
3,899
|
|
|
32%
|
|
7,443
|
|
|
4,180
|
|
|
78%
|
|
Asia/Pacific
|
(218)
|
|
|
250
|
|
|
(187)%
|
|
(341)
|
|
|
1,257
|
|
|
(127)%
|
|
Administrative and
all other
|
(197)
|
|
|
(728)
|
|
|
N/M
|
|
(3,387)
|
|
|
(5,019)
|
|
|
N/M
|
|
|
Total
|
$
|
46,696
|
|
|
$
|
45,777
|
|
|
2%
|
|
$
|
114,463
|
|
|
$
|
113,342
|
|
|
1%
|
|
|
*
|
Unfavorable
percentage changes are presented in parentheses.
|
**
|
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.
|
CONTACT:
Addo Investor Relations
investor.relations@strongtie.com
(310) 829-5400
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SOURCE Simpson Manufacturing Co., Inc.