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Quanex Building Products Announces Second Quarter 2016 Results and Increases Full Year 2016 Guidance

Operational Efficiencies Continue to Drive Margin Expansion 
Leverage Profile Improves Further

HOUSTON, May 31, 2016 (GLOBE NEWSWIRE) --  Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the quarter ended April 30, 2016.

Second Quarter 2016 Highlights

  • Net sales increased 62% to $229.5 million compared to $142.0 million in Q2 2015
  • Net income increased 72% to $3.9 million compared to $2.3 million in Q2 2015
  • Adjusted EBITDA more than doubled to $24.3 million (11% margin) versus $11.6 million (8% margin) in Q2 2015
  • Year-to-date cash provided by operating activities increased 643% to $24.6 million compared to the same period last year
  • All borrowings under Asset-Based Lending facility were repaid as of April 30, 2016

Bill Griffiths, Chairman, President and Chief Executive Officer, stated, “In line with our expectations and guidance, our legacy window component business in the U.S. grew 6% during the first half of our fiscal year, excluding the impact of certain eliminated products, price changes and raw material pass through adjustments.  In addition, our ongoing focus on margin expansion through operational efficiency gains continues to be effective, as EBITDA margins improved by approximately 250 basis points this quarter.  As a result, we are increasing guidance for 2016 to more accurately reflect our current expectations.  We also made further progress towards the goal of improving our leverage ratio to under 2.5x by the end of this fiscal year, and we remain confident in our ability to do so.”

Second Quarter 2016 Results Summary

    Three Months Ended April 30, 2016   Three Months Ended April 30, 2015
    Results           Results        
    Before       Adjusted   Before       Adjusted
(In thousands, except per share data)   Adjustments   Adjustments   Results   Adjustments   Adjustments   Results
Net sales   $   229,460     $   -      $   229,460     $   141,970     $   -      $   141,970  
Cost of sales (1)       176,497         (90 )       176,407         110,812         -          110,812  
Selling, general and administrative (2)       28,591         212         28,803         19,638         (106 )       19,532  
EBITDA       24,372         (122 )       24,250         11,520         106         11,626  
Depreciation and amortization       13,816         -          13,816         7,831         -          7,831  
Operating income (loss)       10,556         (122 )       10,434         3,689         106         3,795  
Interest expense       (5,633 )       -          (5,633 )       (145 )       -          (145 )
Other, net (3)       848         (835 )       13         (115 )       126         11  
Income (loss) before income taxes       5,771         (957 )       4,814         3,429         232         3,661  
Income tax (expense) benefit       (1,836 )       304         (1,532 )       (1,135 )       (77 )       (1,212 )
Income (loss) from continuing operations   $   3,935     $   (653 )   $   3,282     $   2,294     $   155     $   2,449  
                         
Diluted Earnings Per Share   $   0.11         $   0.10     $   0.07         $   0.07  
                         
(1) Cost of sales adjustments relate solely to purchase price accounting inventory step-up impact from HL Plastics acquisition.  
(2) Selling, general and administrative adjustments are for acquisition related transaction costs. 
(3) Other, net adjustments relate to foreign currency transaction gains (losses). 
 

/EIN News/ -- Net sales increased by $87.5 million to $229.5 million during the three months ended April 30, 2016, compared to the three months ended April 30, 2015.  The increase was driven by revenue generated from the acquisitions of HL Plastics and Woodcraft Industries in 2015 coupled with continued volume growth in all other reporting segments, partially offset by foreign exchange translation impact.  (See Sales Analysis table for additional information)

The Company generated Adjusted EBITDA of $24.3 million for the quarter, compared to $11.6 million during the same quarter of 2015.  Margin expansion continues due to the successful implementation of several ongoing operational initiatives that are designed to reduce costs while improving productivity.  For its “legacy” U.S. windows components business, the Company realized EBITDA margin improvements of approximately 200 basis points during the three months ended April 30, 2016, and approximately 400 basis points for the six months ended April 30, 2016.  (See Non-GAAP Financial Measure Disclosure table and Selected Segment Data table for additional information)

Quanex’s leverage ratio of Net Debt to LTM Pro Forma Adjusted EBITDA improved to 2.6x.  This leverage ratio uses LTM Pro Forma Adjusted EBITDA, which is a non-GAAP measure that, in accordance with the Company’s credit facility, assumes the acquisitions of HL Plastics and Woodcraft Industries occurred at a date prior to the actual date of acquisition, and thus includes pro forma adjustments to calculate the trailing twelve months of EBITDA including the HL Plastics and Woodcraft Industries acquisitions.  (See Non-GAAP Financial Measure Disclosure table for additional information)

Fiscal 2016 Guidance Update

The guidance update incorporates Quanex’s year-to-date results and reflects management’s current expectations for the full year.  The Company updated net sales guidance to $965 – $975 million, which is unchanged at 5% to 6% pro forma growth year-over-year, but now incorporates the Company’s latest estimates for the expected impact of foreign exchange translation based on current exchange rates.  Quanex increased Adjusted EBITDA guidance to $117 - $121 million, as compared to previous guidance provided in December 2015 of $112 - $120 million. 

               
GAAP to Non-GAAP Reconciliation   Fiscal 2016E  
    Estimates          
    Before   1H16   Adjusted  
(In millions, except per share data)   Adjustments   Adjustments    Guidance  
Net sales   $965 - $975     -     $965 - $975  
EBITDA (1)   $110 - $114   $ 7     $117 - $121  
Depreciation and amortization   $ 53       -     $ 53    
Operating income (loss)   $57 - $61   $ 7     $64 - $68  
Interest expense   ($ 23 )     -     ($ 23 )  
Other, net (2)   ($ 2 )   $ 2       -    
Income (loss) before income taxes   $32 - $36   $ 9     $41 - $45  
Income tax (expense) benefit   ($11) - ($12)   ($ 3 )   ($14) - ($15)  
Income (loss) from continuing operations   $21 - $24   $ 6     $27 - $30  
               
Diluted Earnings Per Share   $0.61 - $0.70       $0.78 - $0.87  
               
(1) EBITDA adjustments for transaction costs and purchase price accounting inventory step-up impact from acquisitions.  
(2) Other, net adjustments relate to foreign currency transaction gains (losses).   
   

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, 2016, to shareholders of record on June 15, 2016.

Conference Call and Webcast Information

The Company has scheduled a conference call for Wednesday, June 1, 2016, 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 93625878, 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 8, 2016.  To access the replay dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, in both cases referencing conference passcode 93625878. 

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.

Non-GAAP Terminology Definitions and Disclaimers

Each of the Non-GAAP measures discussed in this Press Release are defined below.  More information and reconciliations related to each of these measures can be found in the tables that accompany this Press Release.

EBITDA for each reported period is defined as net income or loss before interest, taxes, depreciation and amortization and other, net.

Adjusted EBITDA for each reported period is defined as EBITDA excluding transaction costs and purchase price accounting adjustments related to inventory step-ups. 

LTM Pro Forma Adjusted EBITDA is defined as Adjusted EBITDA for the past twelve months, assuming that the acquisitions of HL Plastics and Woodcraft Industries occurred at a date prior to the actual date of acquisition and thus includes pro forma adjustments to calculate the trailing twelve months of EBITDA including the HL Plastics and Woodcraft Industries acquisitions.  These adjustment items are not historical in nature and therefore cannot be reconciled to a comparable GAAP measure.

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, future operating results of Quanex, the future financial condition of Quanex, future uses of cash and other expenditures, expenses and tax rates, expectations relating to the Company’s industry, and Quanex’s future growth, including any guidance discussed in this press release.  Guidance is a forward-looking estimate of performance and may not be indicative of actual results.  The statements and guidance set forth in this release are based on current expectations. Actual results or events may differ materially from this release. Factors that could impact future results may include, without limitation, the effect of both domestic and global economic conditions, the impact of competitive products and pricing, the availability and cost of raw materials, and customer demand. For a more complete discussion of factors that may affect the Company’s future performance, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2015, under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors,” and in Quanex’s other documents filed with the Securities and Exchange Commission from time to time.  Any forward-looking statements in this press release are made as of the date hereof, and Quanex Building Products Corporation 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 INCOME (LOSS)   
(In thousands, except per share data)   
(Unaudited)   
                   
    Three Months Ended April 30,   Six Months Ended April 30,  
      2016       2015       2016       2015    
                   
Net sales   $   229,460     $   141,970     $   430,928     $   269,863    
Cost of sales       176,497         110,812         335,845         216,616    
Selling, general and administrative       28,591         19,638         59,879         39,134    
Depreciation and amortization       13,816         7,831         26,786         16,039    
Operating income (loss)       10,556         3,689         8,418         (1,926 )  
Interest expense       (5,633 )       (145 )       (12,124 )       (286 )  
Other, net       848         (115 )       (1,513 )       (266 )  
Income (loss) before income taxes       5,771         3,429         (5,219 )       (2,478 )  
Income tax (expense) benefit       (1,836 )       (1,135 )       1,905         1,678    
Income (loss) from continuing operations       3,935         2,294         (3,314 )       (800 )  
Income from discontinued operations, net of taxes       -          -          -          23    
Net income (loss)   $   3,935     $   2,294     $   (3,314 )   $   (777 )  
                   
Income (loss) per common share:                  
From continuing operations   $   0.12     $   0.07     $   (0.10 )   $   (0.02 )  
From discontinued operations   $   -      $   -      $   -      $   -     
                   
Diluted income (loss) per common share:                  
From continuing operations   $   0.11     $   0.07     $   (0.10 )   $   (0.02 )  
From discontinued operations   $   -      $   -      $   -      $   -     
                   
Weighted average common shares outstanding:                  
Basic       33,873         33,621         33,818         34,362    
Diluted       34,449         34,166         33,818         34,362    
                   
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, 2016   October 31, 2015  
ASSETS          
Current assets:          
Cash and cash equivalents   $   29,001     $   23,125    
Accounts receivable, net       83,734         64,080    
Inventories, net        97,338         63,029    
Prepaid and other current assets       11,829         7,992    
Total current assets       221,902         158,226    
Property, plant and equipment, net       201,657         140,672    
Deferred income taxes       -          8,783    
Goodwill        240,592         129,770    
Intangible assets, net       171,866         120,810    
Other assets       15,400         8,529    
Total assets   $   851,417     $   566,790    
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
Current liabilities:          
Accounts payable   $   51,822     $   47,778    
Accrued liabilities       44,245         37,364    
Income taxes payable       1,196         747    
Current maturities of long-term debt       5,260         2,359    
Total current liabilities       102,523         88,248    
Long-term debt       304,090         55,041    
Deferred pension and postretirement benefits       7,360         5,701    
Deferred income tax liabilities       24,369         -     
Other liabilities       23,062         22,505    
Total liabilities       461,404         171,495    
Stockholders’ equity:                  
Common stock       376         376    
Additional paid-in-capital       252,712         250,937    
Retained earnings       215,635         222,138    
Accumulated other comprehensive loss       (15,771 )       (10,049 )  
Treasury stock at cost       (62,939 )       (68,107 )  
Total stockholders’ equity       390,013         395,295    
Total liabilities and stockholders' equity   $   851,417     $   566,790    
                   

 

QUANEX BUILDING PRODUCTS CORPORATION
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW   
(In thousands)   
(Unaudited)   
         
  Six Months Ended April 30,  
    2016       2015    
Operating activities:        
Net loss $   (3,314 )   $   (777 )  
Adjustments to reconcile net loss to cash provided by operating activities:        
Depreciation and amortization     26,786         16,039    
Stock-based compensation     3,830         2,329    
Deferred income tax     (4,253 )       (2,963 )  
Excess tax benefit from share-based compensation     (1 )       (60 )  
Other, net     1,503         (447 )  
Changes in assets and liabilities, net of effects from acquisitions and dispositions:                
Decrease in accounts receivable     3,059         4,553    
Increase in inventory     (5,181 )       (6,047 )  
(Increase) decrease in other current assets     (1,527 )       601    
Decrease in accounts payable     (157 )       (5,799 )  
Decrease in accrued liabilities     (1,769 )       (5,253 )  
Increase in income taxes payable     3,394         260    
Increase in deferred pension and postretirement benefits     1,659         1,201    
Increase (decrease) in other long-term liabilities     695         (128 )  
Other, net     (136 )       (201 )  
Cash provided by operating activities     24,588         3,308    
Investing activities:        
Net proceeds from sale of discontinued operations     -         -    
Acquisitions, net of cash acquired     (245,904 )       -    
Capital expenditures     (17,419 )       (13,381 )  
Proceeds from property insurance claim     -         513    
Proceeds from disposition of capital assets     935         202    
Cash used for investing activities     (262,388 )       (12,666 )  
Financing activities:        
Borrowings under credit facility     332,800         -     
Repayments of credit facility borrowings     (79,775 )       -     
Debt issuance costs     (8,713 )       -     
Repayments of other long-term debt     (1,165 )       (148 )  
Common stock dividends paid     (2,731 )       (2,803 )  
Issuance of common stock     3,042         4,181    
Excess tax benefit from share-based compensation     1         60    
Purchase of treasury stock     -         (52,719 )  
Cash provided by (used in) financing activities     243,459         (51,429 )  
         
Effect of exchange rate changes on cash and cash equivalents     217         433    
         
Increase (decrease) in cash and cash equivalents     5,876         (60,354 )  
Cash and cash equivalents at beginning of period     23,125         120,384    
Cash and cash equivalents at end of period $   29,001     $   60,030    
         


QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
(In thousands, except per share data)
(Unaudited)
                         
EBITDA (defined as net income or loss before interest, taxes, depreciation and amortization and other, net) and Adjusted EBITDA (defined as net income or loss before interest, taxes, depreciation and amortization and other, net, excluding transaction costs and purchase price accounting inventory step-ups) are non-GAAP financial measures that Quanex's management uses to measure its operational performance and assist with financial decision-making.  The Company believes these non-GAAP measures provide a consistent basis for comparison between periods, and will assist investors in understanding our financial performance when comparing our results to other investment opportunities. The leverage ratio of Net Debt to LTM Pro Forma Adjusted EBITDA is a financial measure that Quanex’s management believes is useful to investors and financial analysts in evaluating the Company’s leverage. In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in Quanex’s credit agreements.  Net Debt is calculated using the sum of current maturities of long-term debt and long-term debt, minus cash and cash equivalents.  LTM Pro Forma Adjusted EBITDA is a non-GAAP financial measure that is calculated assuming that the acquisitions of HL Plastics and Woodcraft Industries occurred at a date prior to the actual date of acquisition.  Since pro forma adjustment items to LTM Pro Forma Adjusted EBITDA are not historical in nature, a reconciliation to a comparable GAAP measure for purposes of such ratio is not available without unreasonable effort.  Adjusted Income (Loss) from Continuing Operations and Adjusted Diluted Earnings (Loss) from Continuing Operations are non-GAAP financial measures that exclude certain charges and credits because the Company believes that such items are not indicative of its core operating results, are not indicative of trends, and do not provide meaningful comparisons with other reporting periods.  Quanex believes the presented non-GAAP measures provide a consistent basis for comparison between periods, and will assist investors in understanding our financial performance when comparing our results to other investment opportunities.  The presented non-GAAP measures may not be the same as those used by other companies.  The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with US GAAP.
                         
    Three Months Ended April 30, 2016   Three Months Ended April 30, 2015
    Results           Results        
    Before       Adjusted   Before       Adjusted
    Adjustments   Adjustments   Results   Adjustments   Adjustments   Results
Net sales   $   229,460     $   -      $   229,460     $   141,970     $   -      $   141,970  
Cost of sales (1)       176,497         (90 )       176,407         110,812         -          110,812  
Selling, general and administrative (2)       28,591         212         28,803         19,638         (106 )       19,532  
EBITDA       24,372         (122 )       24,250         11,520         106         11,626  
Depreciation and amortization       13,816         -          13,816         7,831         -          7,831  
Operating income (loss)       10,556         (122 )       10,434         3,689         106         3,795  
Interest expense       (5,633 )       -          (5,633 )       (145 )       -          (145 )
Other, net (3)       848         (835 )       13         (115 )       126         11  
Income (loss) before income taxes       5,771         (957 )       4,814         3,429         232         3,661  
Income tax (expense) benefit       (1,836 )       304         (1,532 )       (1,135 )       (77 )       (1,212 )
Income (loss) from continuing operations   $   3,935     $   (653 )   $   3,282     $   2,294     $   155     $   2,449  
                         
Diluted Earnings Per Share   $   0.11         $   0.10     $   0.07         $   0.07  
                         
    Six Months Ended April 30, 2016   Six Months Ended April 30, 2015
    Results           Results        
    Before       Adjusted   Before       Adjusted
    Adjustments   Adjustments   Results   Adjustments   Adjustments   Results
Net sales   $   430,928     $   -      $   430,928     $   269,863     $   -      $   269,863  
Cost of sales (1)       335,845         (2,571 )       333,274         216,616         -          216,616  
Selling, general and administrative (2)       59,879         (4,878 )       55,001         39,134         (106 )       39,028  
EBITDA       35,204         7,449         42,653         14,113         106         14,219  
Depreciation and amortization       26,786         -          26,786         16,039         -          16,039  
Operating income (loss)       8,418         7,449         15,867         (1,926 )       106         (1,820 )
Interest expense       (12,124 )       -          (12,124 )       (286 )       -          (286 )
Other, net (3)       (1,513 )       1,640         127         (266 )       308         42  
Income (loss) before income taxes       (5,219 )       9,089         3,870         (2,478 )       414         (2,064 )
Income tax (expense) benefit       1,905         (3,318 )       (1,413 )       1,678         (280 )       1,398  
Income (loss) from continuing operations   $   (3,314 )   $   5,771     $   2,457     $   (800 )   $   134     $   (666 )
                         
Diluted Earnings Per Share   $   (0.10 )       $   0.07     $   (0.02 )       $   (0.02 )
                         
(1) Cost of sales adjustments relate solely to purchase price accounting inventory step-up impact from HL Plastics and Woodcraft Industries acquisitions.
(2) Selling, general and administrative adjustments are for acquisition related transaction costs.
(3) Other, net adjustments relate to foreign currency transaction gains (losses).
 


 

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.  For a reconciliation of net income to operating income (loss), see Non-GAAP Financial Measure Disclosure table.  
                       
    NA Engineered   EU Engineered   NA Cabinet   Unallocated      
    Components   Components   Components   Corp & Other   Total  
Three months ended April 30, 2016                      
Net sales   $   134,519     $   36,965     $   59,555     $   (1,579 )   $   229,460    
Cost of sales       101,193         25,518         50,801         (1,015 )       176,497    
Operating income (loss)       9,723         3,167         396         (2,730 )       10,556    
Depreciation and amortization       7,153         2,393         4,129         141         13,816    
EBITDA       16,876         5,560         4,525         (2,589 )       24,372    
Transaction related costs       -          -          -          (212 )       (212 )  
PPA-Inventory Step-up       -          90         -          -          90    
Adjusted EBITDA    $   16,876     $   5,650     $   4,525     $   (2,801 )   $   24,250    
Adjusted EBITDA Margin %     13 %     15 %     8 %         11 %  
                                           
Three months ended April 30, 2015                                          
Net sales   $   130,910     $   12,125     $   -      $   (1,065 )   $   141,970    
Cost of sales       102,332         9,102         -          (622 )       110,812    
Operating income (loss)       6,491         545         -          (3,347 )       3,689    
Depreciation and amortization       7,247         391         -          193         7,831    
EBITDA       13,738         936         -          (3,154 )       11,520    
Transaction related costs       -          -          -          106         106    
Adjusted EBITDA    $   13,738     $   936     $   -      $   (3,048 )   $   11,626    
Adjusted EBITDA Margin %     10 %     8 %     0 %         8 %  
                       
Six months ended April 30, 2016                      
Net sales   $   255,567     $   70,033     $   108,080     $   (2,752 )   $   430,928    
Cost of sales       194,921         49,165         93,340         (1,581 )       335,845    
Operating income (loss)       15,240         4,519         (895 )       (10,446 )       8,418    
Depreciation and amortization       14,361         4,851         7,274         300         26,786    
EBITDA       29,601         9,370         6,379         (10,146 )       35,204    
Transaction related costs       -          -          -          4,878         4,878    
PPA-Inventory Step-up       -          284         2,287         -          2,571    
Adjusted EBITDA    $   29,601     $   9,654     $   8,666     $   (5,268 )   $   42,653    
Adjusted EBITDA Margin %     12 %     14 %     8 %         10 %  
                       
Six months ended April 30, 2015                      
Net sales   $   248,741     $   23,307     $   -      $   (2,185 )   $   269,863    
Cost of sales       200,243         17,551         -          (1,178 )       216,616    
Operating income (loss)       4,310         712         -          (6,948 )       (1,926 )  
Depreciation and amortization       14,549         812         -          678         16,039    
EBITDA       18,859         1,524         -          (6,270 )       14,113    
Transaction related costs       -          -          -          106         106    
Adjusted EBITDA    $   18,859     $   1,524     $   -      $   (6,164 )   $   14,219    
Adjusted EBITDA Margin %     8 %     7 %     0 %         5 %  
                       

 

QUANEX BUILDING PRODUCTS CORPORATION
 
SALES ANALYSIS   
(In thousands)   
(Unaudited)   
                       
    Sales Bridge for Three Months Ended April 30, 2016  
    NA Engineered   EU Engineered   NA Cabinet   Unallocated      
    Components   Components   Components   Corporate & Other   Consolidated  
                       
Net sales, three months ended April 30, 2015   $   130,910     $   12,125     $   -      $   (1,065 )   $   141,970    
Market volume       7,477         688         -          (514 )       7,651    
Eliminated products       (953 )    -           -          -          (953 )  
Price changes       (563 )       (556 )       -          -          (1,119 )  
Foreign currency impacts       -          (134 )       -          -          (134 )  
Mergers & acquisitions       -          24,842         59,555         -          84,397    
Raw material pass through adjustments       (2,352 )    -           -          -          (2,352 )  
Net Sales, three months ended April 30, 2016   $   134,519     $   36,965     $   59,555     $   (1,579 )   $   229,460    
                       
    Sales Bridge for Six Months Ended April 30, 2016  
    NA Engineered   EU Engineered   NA Cabinet   Unallocated      
    Components   Components   Components   Corporate & Other   Consolidated  
                       
Net sales, six months ended April 30, 2015   $   248,741     $   23,307     $   -      $   (2,185 )   $   269,863    
Market volume       15,021         2,167         -          (567 )       16,621    
Eliminated products       (3,417 )       -          -          -          (3,417 )  
Price changes       (753 )       (986 )       -          -          (1,739 )  
Foreign currency impacts       -          (1,184 )       -          -          (1,184 )  
Mergers & acquisitions       -          46,729         108,080         -          154,809    
Raw material pass through adjustments       (4,025 )       -          -          -          (4,025 )  
Net Sales, six months ended April 30, 2016   $   255,567     $   70,033     $   108,080     $   (2,752 )   $   430,928    
                       


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

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