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Quanex Building Products Announces Third Quarter 2016 Results

Margin Expansion Continues

Debt Refinancing Complete

HOUSTON, Sept. 06, 2016 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the quarter ended July 31, 2016.

Third Quarter 2016 Highlights

  • Net sales increased 38% to $248.1 million compared to $180.2 million in Q3 2015
  • Loss from continuing operations of $4.0 million, driven largely by interest expense related to the debt refinancing, compared to income from continuing operations of $6.5 million in Q3 2015
  • Adjusted EBITDA increased 32% to $33.1 million versus $25.1 million in Q3 2015
  • Debt refinancing complete, significantly reducing future annual interest expense
  • Year-to-date cash provided by operating activities increased 78% to $49.1 million compared to $27.5 million during the same period last year

Bill Griffiths, Chairman, President and Chief Executive Officer, commented, “Our ongoing focus on improved profitability and margin expansion at the operational level through efficiency gains continues to be effective.  In fact, the third quarter marks the fourth consecutive quarter of margin expansion at the operational level.  Cash generation was solid during the quarter, and as a result, our leverage ratio is now below 2.5x and we expect further improvement in the fourth quarter.  The recent refinancing of our debt not only reduces future annual interest expense by approximately $13 million, it also provides us with sufficient flexibility and a capital structure that enables us to better manage our business over the coming years.”

Third Quarter 2016 Results Summary

    Three Months Ended July 31, 2016   Three Months Ended July 31, 2015
(In thousands, except per share data)   Results Before
Adjustments
  Adjustments   Adjusted Results   Results Before
Adjustments
  Adjustments   Adjusted Results
Net sales   $ 248,085     $ -     $ 248,085     $ 180,206     $ -     $ 180,206  
Cost of sales (1)     186,631       (67 )     186,564       136,853       (2,930 )     133,923  
Selling, general and administrative (2)     28,551       (109 )     28,442       25,023       (3,824 )     21,199  
EBITDA     32,903       176       33,079       18,330       6,754       25,084  
Depreciation and amortization     12,973       -       12,973       8,502       -       8,502  
Operating income     19,930       176       20,106       9,828       6,754       16,582  
Interest (expense) benefit (3)     (22,200 )     16,677       (5,523 )     (338 )     -       (338 )
Other, net (4)     (2,523 )     2,239       (284 )     566       (492 )     74  
(Loss) income before income taxes     (4,793 )     19,092       14,299       10,056       6,262       16,318  
Income tax benefit (expense) (5)     817       (4,629 )     (3,812 )     (3,585 )     (1,648 )     (5,233 )
(Loss) income from continuing operations   $ (3,976 )   $ 14,463     $ 10,487     $ 6,471     $ 4,614     $ 11,085  
                         
Diluted earnings per share from continuing operations (6)   $ (0.12 )       $ 0.30     $ 0.19         $ 0.32  
 
(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) Interest expense adjustments relate to write off of deferred loan costs, unamortized original issuance discount, and prepayment call premium related to debt refinance.
(4) Other, net adjustments relate to foreign currency transaction gains (losses).
(5) Effective tax rate reflects impacts of adjustments on a with and without basis.
(6) Adjusted EPS is calculated using diluted shares outstanding of 34.5 million shares for three months ended July 31, 2016.
 

/EIN News/ -- Quanex reported net sales of $248.1 million for the three months ended July 31, 2016, an increase of 38% compared to $180.2 million for the three months ended July 31, 2015.  The increase was primarily driven by revenue generated from the acquisitions of HL Plastics and Woodcraft Industries in 2015, partially offset by foreign exchange translation impact.  (See Sales Analysis table for additional information).

Adjusted EBITDA increased to $33.1 million during the third quarter, compared to $25.1 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 140 basis points during the three months ended July 31, 2016, and approximately 300 basis points for the nine months ended July 31, 2016.  (See Non-GAAP Financial Measure Disclosure table and Selected Segment Data table for additional information)

As of July 31, 2016, Quanex’s leverage ratio of Net Debt to LTM Pro Forma Adjusted EBITDA was 2.4x.  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)

On July 29, 2016, and as previously disclosed, Quanex entered into new senior secured credit facilities (the “New Senior Credit Facilities”) that mature in 2021 and provide for aggregate borrowings of $450 million, comprised of a $300 million revolving credit facility and a $150 million Term Loan A.  The New Senior Credit Facilities replaced the Company’s previous $310 million Term Loan B and $100 million Asset-Based Lending facility.  Borrowings under the New Senior Credit Facilities will bear interest on a tiered rate based on Quanex’s consolidated leverage ratio and was initially set at LIBOR plus 200 basis points, reducing the Company’s credit spread by approximately 375 basis points.  Based on current debt outstanding, the New Senior Credit Facilities reduce Quanex’s future annual interest expense by approximately $13 million, greater than a 60% reduction.     

Recent Events

The Company’s Board of Directors declared a quarterly cash dividend of $0.04 per share on Quanex’s common stock, payable September 30, 2016, to shareholders of record on September 16, 2016.

Conference Call and Webcast Information

The Company has scheduled a conference call for Tuesday, September 6, 2016, at 5:00 p.m. ET (4:00 p.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 60445165, 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 September 13, 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 60445165. 

About Quanex

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

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

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 July 31,   Nine Months Ended July 31,  
      2016       2015       2016       2015    
                   
Net sales   $ 248,085     $ 180,206     $ 679,013     $ 450,069    
Cost of sales     186,631       136,853       522,476       353,469    
Selling, general and administrative     28,551       25,023       88,430       64,157    
Depreciation and amortization     12,973       8,502       39,759       24,541    
Operating income     19,930       9,828       28,348       7,902    
Interest expense     (22,200 )     (338 )     (34,324 )     (624 )  
Other, net     (2,523 )     566       (4,036 )     300    
(Loss) income before income taxes     (4,793 )     10,056       (10,012 )     7,578    
Income tax benefit (expense)     817       (3,585 )     2,722       (1,907 )  
(Loss) income from continuing operations     (3,976 )     6,471       (7,290 )     5,671    
Income from discontinued operations, net of taxes     -       456       -       479    
Net (loss) income   $ (3,976 )   $ 6,927     $ (7,290 )   $ 6,150    
                   
(Loss) Income per common share:                  
From continuing operations   $ (0.12 )   $ 0.20     $ (0.22 )   $ 0.17    
From discontinued operations     -       0.01       -       0.01    
(Loss) income per common share, basic   $ (0.12 )   $ 0.21     $ (0.22 )   $ 0.18    
                   
Diluted (loss) income per common share:                  
From continuing operations   $ (0.12 )   $ 0.19     $ (0.22 )   $ 0.17    
From discontinued operations   $ -     $ 0.01     $ -     $ 0.01    
(Loss) income per common share, diluted   $ (0.12 )   $ 0.20     $ (0.22 )   $ 0.18    
                   
Weighted average common shares outstanding:                  
Basic     33,916       33,618       33,850       34,111    
Diluted     33,916       34,142       33,850       34,626    
                   
Cash dividends per share   $ 0.04     $ 0.04     $ 0.12     $ 0.12    
                   

 

               
QUANEX BUILDING PRODUCTS CORPORATION
 
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
           
    July 31, 2016   October 31, 2015 (1)  
ASSETS          
Current assets:          
Cash and cash equivalents   $ 32,183     $ 23,125    
Accounts receivable, net     83,089       64,080    
Inventories, net     92,251       63,029    
Prepaid and other current assets     11,900       7,992    
Total current assets     219,423       158,226    
Property, plant and equipment, net     198,213       140,672    
Deferred income taxes     -       8,783    
Goodwill     234,522       129,770    
Intangible assets, net     162,471       120,810    
Other assets     6,865       7,989    
Total assets   $ 821,494     $ 566,250    
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
Current liabilities:          
Accounts payable   $ 48,816     $ 47,778    
Accrued liabilities     52,961       37,364    
Income taxes payable     912       747    
Current maturities of long-term debt     24,387       2,359    
Total current liabilities     127,076       88,248    
Long-term debt     277,680       54,501    
Deferred pension and postretirement benefits     8,186       5,701    
Deferred income taxes     21,758       -    
Other liabilities     13,727       22,505    
Total liabilities     448,427       170,955    
Stockholders’ equity:          
Common stock     376       376    
Additional paid-in-capital     253,039       250,937    
Retained earnings     209,993       222,138    
Accumulated other comprehensive loss     (27,932 )     (10,049 )  
Treasury stock at cost     (62,409 )     (68,107 )  
Total stockholders’ equity     373,067       395,295    
Total liabilities and stockholders' equity   $ 821,494     $ 566,250    
           
(1) October 31, 2015 balance sheet reflects adoption of ASU 2015-03 and ASU 2015-17.
       

 

       
QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)
         
  Nine Months Ended July 31,  
    2016       2015    
Operating activities:        
Net (loss) income $ (7,290 )   $ 6,150    
Adjustments to reconcile net (loss) income to cash provided by operating activities:        
Depreciation and amortization   39,759       24,541    
Stock-based compensation   4,587       3,391    
Deferred income tax   (6,370 )     1,576    
Excess tax benefit from share-based compensation   (134 )     (60 )  
Noncash charge for deferred loan costs and debt discount   15,883       -    
Gain on involuntary conversion   -       (1,263 )  
Other, net   543       655    
Changes in assets and liabilities, net of effects from acquisitions:        
Decrease in accounts receivable   2,035       4,328    
Increase in inventory   (1,530 )     (51 )  
Increase in other current assets   (1,239 )     (1,568 )  
Decrease in accounts payable   (2,092 )     (5,236 )  
Decrease in accrued liabilities   (2,139 )     (5,606 )  
Increase (decrease) in income taxes payable   2,990       (817 )  
Increase in deferred pension and postretirement benefits   2,485       1,873    
Increase (decrease) in other long-term liabilities   894       (162 )  
Other, net   676       (202 )  
Cash provided by operating activities   49,058       27,549    
Investing activities:        
Acquisitions, net of cash acquired   (245,904 )     (131,689 )  
Capital expenditures   (25,938 )     (21,918 )  
Proceeds from property insurance claim   -       1,263    
Proceeds from disposition of capital assets   984       207    
Cash used for investing activities   (270,858 )     (152,137 )  
Financing activities:        
Borrowings under credit facilities   632,800       92,000    
Repayments of credit facility borrowings   (389,000 )     (8,000 )  
Debt issuance costs   (11,795 )     -    
Repayments of other long-term debt   (1,825 )     (411 )  
Common stock dividends paid   (4,101 )     (4,158 )  
Issuance of common stock   3,368       4,309    
Excess tax benefit from share-based compensation   134       60    
Purchase of treasury stock   -       (52,719 )  
Cash provided by financing activities   229,581       31,081    
         
Effect of exchange rate changes on cash and cash equivalents   1,277       134    
         
Increase (decrease) in cash and cash equivalents   9,058       (93,373 )  
Cash and cash equivalents at beginning of period   23,125       120,384    
Cash and cash equivalents at end of period $ 32,183     $ 27,011    
         

 

 
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 July 31, 2016   Three Months Ended July 31, 2015
    Results Before
Adjustments
  Adjustments   Adjusted Results   Results Before
Adjustments
  Adjustments   Adjusted Results
Net sales   $ 248,085     $ -     $ 248,085     $ 180,206     $ -     $ 180,206  
Cost of sales (1)     186,631       (67 )     186,564       136,853       (2,930 )     133,923  
Selling, general and administrative (2)     28,551       (109 )     28,442       25,023       (3,824 )     21,199  
EBITDA     32,903       176       33,079       18,330       6,754       25,084  
Depreciation and amortization     12,973       -       12,973       8,502       -       8,502  
Operating income     19,930       176       20,106       9,828       6,754       16,582  
Interest (expense) benefit (3)     (22,200 )     16,677       (5,523 )     (338 )     -       (338 )
Other, net (4)     (2,523 )     2,239       (284 )     566       (492 )     74  
(Loss) income before income taxes     (4,793 )     19,092       14,299       10,056       6,262       16,318  
Income tax benefit (expense) (5)     817       (4,629 )     (3,812 )     (3,585 )     (1,648 )     (5,233 )
(Loss) income from continuing operations   $ (3,976 )   $ 14,463     $ 10,487     $ 6,471     $ 4,614     $ 11,085  
                         
Diluted earnings per share from continuing operations (6)   $ (0.12 )       $ 0.30     $
0.19         $
0.32  
                         
    Nine Months Ended July 31, 2016   Nine Months Ended July 31, 2015
    Results Before
Adjustments
  Adjustments   Adjusted Results   Results Before
Adjustments
  Adjustments   Adjusted Results
Net sales   $ 679,013     $ -     $ 679,013     $ 450,069     $ -     $ 450,069  
Cost of sales (1)     522,476       (2,638 )     519,838       353,469       (2,930 )     350,539  
Selling, general and administrative (2)     88,430       (4,987 )     83,443       64,157       (3,930 )     60,227  
EBITDA     68,107       7,625       75,732       32,443       6,860       39,303  
Depreciation and amortization     39,759       -       39,759       24,541       -       24,541  
Operating income     28,348       7,625       35,973       7,902       6,860       14,762  
Interest (expense) benefit (3)     (34,324 )     16,677       (17,647 )     (624 )     -       (624 )
Other, net (4)     (4,036 )     3,879       (157 )     300       (183 )     117  
(Loss) income before income taxes     (10,012 )     28,181       18,169       7,578       6,677       14,255  
Income tax benefit (expense) (5)     2,722       (7,460 )     (4,738 )     (1,907 )     (1,795 )     (3,702 )
(Loss) income from continuing operations   $ (7,290 )   $ 20,721     $ 13,431     $ 5,671     $ 4,882     $ 10,553  
                         
Diluted earnings per share from continuing operations (6)   $
(0.22 )       $ 0.39     $ 0.17         $
0.30  
                         
(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) Interest expense adjustments relate to write off of deferred loan costs, unamortized original issuance discount, and prepayment call premium related to debt refinance.
(4) Other, net adjustments relate to foreign currency transaction gains (losses).
(5) Effective tax rate reflects impacts of adjustments on a with and without basis.
(6) Adjusted EPS is calculated using diluted shares outstanding of 34.5 million and 34.4 million shares for three and nine months ended July 31, 2016, respectively.
 

 

                   
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 Components   EU Engineered Components   NA Cabinet Components   Unallocated
Corp & Other
  Total  
Three months ended July 31, 2016                      
Net sales   $ 150,462     $ 40,217     $ 58,826     $ (1,420 )   $ 248,085    
Cost of sales     109,513       27,533       50,376       (791 )     186,631    
Operating income (loss)     18,478       4,448       980       (3,976 )     19,930    
Depreciation and amortization     7,063       2,340       3,435       135       12,973    
EBITDA     25,541       6,788       4,415       (3,841 )     32,903    
Transaction related costs     -       -       -       109       109    
PPA-Inventory Step-up     -       67       -       -       67    
Adjusted EBITDA   $ 25,541     $ 6,855     $ 4,415     $ (3,732 )   $ 33,079    
Adjusted EBITDA Margin %     17 %     17 %     8 %         13 %  
                       
Three months ended July 31, 2015                      
Net sales   $ 153,508     $ 27,997     $ -     $ (1,299 )   $ 180,206    
Cost of sales     114,732       22,663       -       (542 )     136,853    
Operating income (loss)     16,814       (332 )     -       (6,654 )     9,828    
Depreciation and amortization     7,141       1,171       -       190       8,502    
EBITDA     23,955       839       -       (6,464 )     18,330    
Transaction related costs     -       -       -       3,824       3,824    
PPA-Inventory Step-up     -       2,930       -       -       2,930    
Adjusted EBITDA   $ 23,955     $ 3,769     $ -     $ (2,640 )   $ 25,084    
Adjusted EBITDA Margin %     16 %     13 %     0 %         14 %  
                       
Nine months ended July 31, 2016                      
Net sales   $ 406,029     $ 110,250     $ 166,906     $ (4,172 )   $ 679,013    
Cost of sales     304,434       76,698       143,716       (2,372 )     522,476    
Operating income (loss)     33,785       8,991       115       (14,543 )     28,348    
Depreciation and amortization     21,424       7,191       10,709       435       39,759    
EBITDA     55,209       16,182       10,824       (14,108 )     68,107    
Transaction related costs     -       -       -       4,987       4,987    
PPA-Inventory Step-up     -       351       2,287       -       2,638    
Adjusted EBITDA   $ 55,209     $ 16,533     $ 13,111     $ (9,121 )   $ 75,732    
Adjusted EBITDA Margin %     14 %     15 %     8 %         11 %  
                       
Nine months ended July 31, 2015                      
Net sales   $ 402,249     $ 51,304     $ -     $ (3,484 )   $ 450,069    
Cost of sales     314,975       40,214       -       (1,720 )     353,469    
Operating income (loss)     21,127       380       -       (13,605 )     7,902    
Depreciation and amortization     21,690       1,983       -       868       24,541    
EBITDA     42,817       2,363       -       (12,737 )     32,443    
Transaction related costs     -       -       -       3,930       3,930    
PPA-Inventory Step-up     -       2,930       -       -       2,930    
Adjusted EBITDA   $ 42,817     $ 5,293     $ -     $ (8,807 )   $ 39,303    
Adjusted EBITDA Margin %     11 %     10 %     0 %         9 %  
                       

 

                             
QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS
(In thousands)
(Unaudited)
                     
                     
    Sales Bridge for Three Months Ended July 31, 2016
    NA Engineered   EU Engineered   NA Cabinet   Unallocated    
    Components   Components   Components   Corporate & Other   Consolidated
                     
Net sales, three months ended July 31, 2015   $ 153,508     $ 27,997     $ -     $ (1,299 )   $ 180,206  
Market volume     (263 )     550       -       (121 )     166  
Eliminated products     (1,271 )         -       -       (1,271 )
Price changes     (640 )     (382 )     -       -       (1,022 )
Foreign currency impacts     -       (590 )     -       -       (590 )
Mergers & acquisitions     -       12,642       58,826       -       71,468  
Raw material pass through adjustments     (872 )     -       -       -       (872 )
Net Sales, three months ended July 31, 2016   $ 150,462     $ 40,217     $ 58,826     $ (1,420 )   $ 248,085  
                     
    Sales Bridge for Nine Months Ended July 31, 2016
    NA Engineered   EU Engineered   NA Cabinet   Unallocated    
    Components   Components   Components   Corporate & Other   Consolidated
                     
Net sales, nine months ended July 31, 2015   $ 402,249     $ 51,304     $ -     $ (3,484 )   $ 450,069  
Market volume     14,758       2,717       -       (688 )     16,787  
Eliminated products     (4,688 )     -       -       -       (4,688 )
Price changes     (1,393 )     (1,368 )     -       -       (2,761 )
Foreign currency impacts     -       (1,774 )     -       -       (1,774 )
Mergers & acquisitions     -       59,371       166,906       -       226,277  
Raw material pass through adjustments     (4,897 )     -       -       -       (4,897 )
Net Sales, nine months ended July 31, 2016   $ 406,029     $ 110,250     $ 166,906     $ (4,172 )   $ 679,013  
                     


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