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Quanex Building Products Announces Fourth Quarter and Fiscal Year 2016 Results

Margin Expansion Drives Improved Fiscal 2016 Results

Company Achieves Leverage Profile Target with ~$52 Million in Debt Repayments

HOUSTON, Dec. 15, 2016 (GLOBE NEWSWIRE) --  Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the quarter and fiscal year ended October 31, 2016.

Fourth Quarter 2016 Highlights

  • Net sales increased 27% to $249.2 million compared to $195.5 million in Q4 2015
  • Income from continuing operations of $5.4 million, primarily impacted by $12.6 million non-cash goodwill impairment related to U.S. vinyl profiles business, compared to income from continuing operations of $9.9 million in Q4 2015
  • Adjusted EBITDA increased 14% to $34.6 million versus $30.4 million in Q4 2015
  • Bank debt reduced by approximately $32 million in the quarter

Fiscal Year 2016 Highlights

  • Net sales increased 44% to $928.2 million compared to $645.5 million in 2015
  • Loss from continuing operations of $1.9 million, largely impacted by $16.7 million interest expense related to the debt refinancing and $12.6 million non-cash goodwill impairment related to U.S. vinyl profiles business, compared to income from continuing operations of $15.6 million in 2015
  • Adjusted EBITDA increased 58% to $110.3 million versus $69.7 million in 2015
  • Cash provided by operating activities increased 29% to $86.4 million compared to $67.1 million during 2015
  • Bank debt reduced by approximately $52 million since closing acquisition of Woodcraft Industries on November 2, 2015
  • Debt refinanced, significantly reducing future annual interest expense

Bill Griffiths, Chairman, President and Chief Executive Officer, commented, “Our stated goals for fiscal 2016 were to expand margins, improve the leverage profile and refinance our debt.  The dedication of our hard working employees allowed us to accomplish all of these goals, and we look forward to another successful year in 2017.”

Fourth Quarter 2016 Results Summary
(Unaudited – See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

    Three Months Ended October 31, 2016   Three Months Ended October 31, 2015
    Results
Before

Adjustments
  Adjustments   Adjusted
Results
  Results
Before

Adjustments
  Adjustments   Adjusted
Results
Net sales   $ 249,171     $ -     $ 249,171     $ 195,459     $ -     $ 195,459  
Cost of sales (1)     188,168       (32 )     188,136       145,628       (1,229 )     144,399  
Selling, general and administrative (2)     26,480       (1 )     26,479       22,379       (1,698 )     20,681  
Restructuring charges (3)     529       (529 )     -       -       -       -  
Asset impairment charges (4)     12,602       (12,602 )     -       -       -       -  
EBITDA     21,392       13,164       34,556       27,452       2,927       30,379  
Depreciation and amortization(5)     13,387       (1,295 )     12,092       10,679       -       10,679  
Operating income     8,005       14,459       22,464       16,773       2,927       19,700  
Interest expense     (2,174 )     -       (2,174 )     (367 )     -       (367 )
Other, net (6)     (1,443 )     1,501       58       (831 )     962       131  
Income before income taxes     4,388       15,960       20,348       15,575       3,889       19,464  
Income tax benefit (expense) (7)     1,043       (5,764 )     (4,721 )     (5,632 )     (468 )     (6,100 )
Income from continuing operations   $ 5,431     $ 10,196     $ 15,627     $ 9,943     $ 3,421     $ 13,364  
                         
Diluted earnings per share from continuing operations   $ 0.16         $ 0.45     $ 0.29         $ 0.39  
                         
(1) Cost of sales adjustment relates 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) Restructuring charges relate to the closure of several manufacturing plant facilities.
(4) Asset impairment charges relate to goodwill impairment.
(5) Depreciation and amortization adjustments relate to accelerated amortization for restructured PP&E and intangible assets.
(6) Other, net adjustments relate to foreign currency transaction gains (losses).
(7) Effective tax rate reflects impacts of adjustments on a with and without basis.

/EIN News/ -- Fiscal Year 2016 Results Summary
(Unaudited – See Non-GAAP Terminology Definitions and Disclaimers section for additional information

    Twelve Months Ended October 31, 2016   Twelve Months Ended October 31, 2015
    Results
Before

Adjustments
  Adjustments   Adjusted
Results
  Results
Before

Adjustments
  Adjustments   Adjusted
Results
Net sales   $ 928,184     $ -     $ 928,184     $ 645,528     $ -     $ 645,528  
Cost of sales (1)     710,644       (2,671 )     707,973       499,097       (4,159 )     494,938  
Selling, general and administrative (2)     114,910       (4,988 )     109,922       86,536       (5,628 )     80,908  
Restructuring charges(3)     529       (529 )     -       -       -       -  
Asset impairment charges(4)     12,602       (12,602 )     -       -       -       -  
EBITDA     89,499       20,790       110,289       59,895       9,787       69,682  
Depreciation and amortization(5)     53,146       (1,295 )     51,851       35,220       -       35,220  
Operating income     36,353       22,085       58,438       24,675       9,787       34,462  
Interest (expense) benefit (9)     (36,498 )     16,677       (19,821 )     (991 )     -       (991 )
Other, net (6)     (5,479 )     5,380       (99 )     (531 )     779       248  
(Loss) income before income taxes     (5,624 )     44,142       38,518       23,153       10,566       33,719  
Income tax benefit (expense) (7)     3,765       (14,591 )     (10,826 )     (7,539 )     (2,511 )     (10,050 )
(Loss) income from continuing operations   $ (1,859 )   $ 29,551     $ 27,692     $ 15,614     $ 8,055     $ 23,669  
                         
Diluted (loss) earnings per share from continuing operations (8)   $ (0.05 )       $ 0.80     $ 0.46         $ 0.69  
                         
(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) Restructuring charges relate to the closure of several manufacturing plant facilities.
(4) Asset impairment charges relate to goodwill impairment.
(5) Depreciation and amortization adjustments relate to accelerated amortization for restructured PP&E and intangible assets.
(6) Other, net adjustments relate to foreign currency transaction gains (losses).
(7) Effective tax rate reflects impacts of adjustments on a with and without basis.
(8) Adjusted EPS is calculated using diluted shares outstanding of 34.5 million shares.
(9) Interest expense adjustments relate to write off of deferred loan costs, unamortized original issuance discount, and prepayment call premium related to debt refinance.
 

Quanex reported net sales of $249.2 million and $928.2 million for the three months and twelve months ended October 31, 2016, an increase of 27% and 44%, respectively, compared to $195.5 million and $645.5 million for the three months and twelve months ended October 31, 2015.  The increases were 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 $34.6 million and $110.3 million during the fourth quarter and full fiscal year 2016, respectively, compared to $30.4 million and $69.7 million during the same periods of fiscal 2015.  Due to the successful implementation of ongoing operational initiatives, the Company’s consolidated Adjusted EBITDA margin improved by approximately 110 basis points during fiscal 2016.  For its “legacy” U.S. windows components business, the Company realized an Adjusted EBITDA margin improvement of approximately 45 basis points during the three months ended October 31, 2016, and approximately 225 basis points during the twelve months ended October 31, 2016.  (See Non-GAAP Terminology Definitions and Disclaimers section and Selected Segment Data table for additional information)

As of October 31, 2016, Quanex’s leverage ratio of Net Debt to LTM Adjusted EBITDA was 2.2x.  (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

Business Update

The Company has been open about its willingness to walk away from less profitable business in an effort to protect margins and free up capacity to reduce further investment.  Quanex continues to evaluate profitability by customer and product line, specifically in its U.S. vinyl profiles and cabinet components businesses.   As a result, the Company has initiated the process of reducing volumes manufactured for a large U.S. vinyl profiles customer and expects the process to be carried out in a phased manner throughout 2017 and into 2018.  Similarly, Quanex has decided to discontinue manufacturing certain low-margin cabinet component products and continues to explore additional opportunities to improve margins in this business.  In total, the Company shed approximately $15 million of business in fiscal 2016 as part of this initiative while expanding margins.  It is probable that Quanex will shed a further $50 million to $70 million of business in fiscal 2017, which should have a positive impact on margin percentages.  

To prepare for these reductions, the Company has taken appropriate actions to rationalize capacity by closing two of its U.S. vinyl profile operations and one of its cabinet component operations, relocating assets to improve overall operational efficiency. 

Fiscal 2017 Outlook

Bill Griffiths, Chairman, President and Chief Executive Officer, stated, “Based on end market dynamics that continue to be positive, we remain steadfast in our belief that the housing recovery will follow a slow, steady path of mid to high single digit growth for the next three to five years.  We do not subscribe to the rhetoric that suggests we are in the late innings of the housing recovery.  In addition, we continue to believe that new housing starts need to return to at least 1.5 million per year and that there is pent up demand in the R&R market.”   

Quanex is projecting underlying sales growth of 5% to 6% for fiscal 2017 offset by the customer actions discussed above and a potential negative foreign currency translation impact, which could be approximately $20 million based on current exchange rates. The Company remains focused on driving continued margin enhancement and working capital management in an effort to further improve its free cash flow profile. 

Conference Call and Webcast Information

The Company has scheduled a conference call for Friday, December 16, 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 29475717, 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 December 23, 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 29475717. 

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

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 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.  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.

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 October 31,   Twelve Months Ended October 31,
      2016       2015       2016       2015  
                 
Net sales   $ 249,171     $ 195,459     $ 928,184     $ 645,528  
Cost of sales     188,168       145,628       710,644       499,097  
Selling, general and administrative     26,480       22,379       114,910       86,536  
Restructuring charges     529       -       529       -  
Depreciation and amortization     13,387       10,679       53,146       35,220  
Asset impairment charges     12,602       -       12,602       -  
Operating income     8,005       16,773       36,353       24,675  
Interest expense     (2,174 )     (367 )     (36,498 )     (991 )
Other, net     (1,443 )     (831 )     (5,479 )     (531 )
Income (loss) before income taxes     4,388       15,575       (5,624 )     23,153  
Income tax benefit (expense)     1,043       (5,632 )     3,765       (7,539 )
Income (loss) from continuing operations     5,431       9,943       (1,859 )     15,614  
Income from discontinued operations, net of taxes     -       -       -       479  
Net income (loss)   $ 5,431     $ 9,943     $ (1,859 )   $ 16,093  
                 
Income (loss) per common share:                
From continuing operations   $ 0.16     $ 0.30     $ (0.05 )   $ 0.46  
From discontinued operations     -       -       -       0.01  
Income (loss) per common share, basic   $ 0.16     $ 0.30     $ (0.05 )   $ 0.47  
                 
Diluted income (loss) per common share:                
From continuing operations   $ 0.16     $ 0.29     $ (0.05 )   $ 0.46  
From discontinued operations   $ -     $ -     $ -     $ 0.01  
Income (loss) per common share, diluted   $ 0.16     $ 0.29     $ (0.05 )   $ 0.47  
                 
Weighted average common shares outstanding:                
Basic     33,953       33,640       33,876       33,993  
Diluted     34,536       34,148       33,876       34,502  
                 
Cash dividends per share   $ 0.04     $ 0.04     $ 0.16     $ 0.16  
                 


QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
         
    October 31, 2016   October 31, 2015 (1)
ASSETS        
Current assets:        
Cash and cash equivalents   $ 25,526     $ 23,125  
Accounts receivable, net     83,625       64,080  
Inventories, net     84,335       63,029  
Prepaid and other current assets     10,488       7,992  
Total current assets     203,974       158,226  
Property, plant and equipment, net     198,497       140,672  
Deferred income taxes     -       8,783  
Goodwill     217,035       129,770  
Intangible assets, net     154,180       120,810  
Other assets     6,667       7,255  
Total assets   $ 780,353     $ 565,516  
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities:        
Accounts payable   $ 47,781     $ 47,778  
Accrued liabilities     55,101       37,364  
Income taxes payable     732       747  
Current maturities of long-term debt     10,520       2,359  
Total current liabilities     114,134       88,248  
Long-term debt     259,011       53,767  
Deferred pension and postretirement benefits     8,167       5,701  
Deferred income taxes     18,322       -  
Liabilities for uncertain tax positions     579       564  
Other liabilities     12,309       21,941  
Total liabilities     412,522       170,221  
Stockholders’ equity:        
Common stock     376       376  
Additional paid-in-capital     254,540       250,937  
Retained earnings     214,047       222,138  
Accumulated other comprehensive loss     (38,765 )     (10,049 )
Treasury stock at cost     (62,367 )     (68,107 )
Total stockholders’ equity     367,831       395,295  
Total liabilities and stockholders' equity   $ 780,353     $ 565,516  
         
(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)
       
  Twelve Months Ended October 31,
    2016       2015  
Operating activities:      
Net (loss) income $ (1,859 )   $ 16,093  
Adjustments to reconcile net (loss) income to cash provided by operating activities:      
Depreciation and amortization   53,146       35,220  
Loss on disposition of capital assets   (20 )     495  
Stock-based compensation   6,089       4,266  
Deferred income tax   (8,469 )     5,204  
Excess tax benefit from share-based compensation   (136 )     (60 )
Charge for deferred loan costs and debt discount   16,022       -  
Asset impairment charges   12,602       -  
Gain on involuntary conversion   -       (1,263 )
Other, net   339       (19 )
Changes in assets and liabilities, net of effects from acquisitions:      
Decrease in accounts receivable   796       2,668  
Decrease in inventory   5,346       9,805  
Decrease (increase) in other current assets   2,503       (1,304 )
Decrease in accounts payable   (2,273 )     (2,862 )
Increase (decrease) in accrued liabilities   1,246       (576 )
(Decrease) increase in income taxes payable   (365 )     369  
Increase (decrease) in deferred pension and postretirement benefits   588       (372 )
Increase (decrease) in other long-term liabilities   956       (283 )
Other, net   (93 )     (294 )
Cash provided by operating activities   86,418       67,087  
Investing activities:      
Acquisitions, net of cash acquired   (245,904 )     (131,689 )
Capital expenditures   (37,243 )     (29,982 )
Proceeds from property insurance claim   -       1,263  
Proceeds from disposition of capital assets   1,044       264  
Cash used for investing activities   (282,103 )     (160,144 )
Financing activities:      
Borrowings under credit facilities   634,800       117,000  
Repayments of credit facility borrowings   (422,875 )     (67,000 )
Debt issuance costs   (11,435 )     (496 )
Repayments of other long-term debt   (2,185 )     (1,020 )
Common stock dividends paid   (5,470 )     (5,515 )
Issuance of common stock   3,400       5,109  
Excess tax benefit from share-based compensation   136       60  
Purchase of treasury stock   -       (52,719 )
Cash provided by financing activities   196,371       (4,581 )
       
Effect of exchange rate changes on cash and cash equivalents   1,715       379  
       
Increase (decrease) in cash and cash equivalents   2,401       (97,259 )
Cash and cash equivalents at beginning of period   23,125       120,384  
Cash and cash equivalents at end of period $ 25,526     $ 23,125  
       


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 income from continuing operations 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 October 31, 2016                    
Net sales   $ 154,000     $ 39,953     $ 56,485     $ (1,267 )   $ 249,171  
Cost of sales     111,491       27,754       49,844       (921 )     188,168  
Restructuring charges     387       -       142       -       529  
Asset impairment charges     12,602       -       -       -       12,602  
Operating income (loss)     4,098       4,234       1,706       (2,033 )     8,005  
Depreciation and amortization     8,874       2,148       2,239       126       13,387  
EBITDA     12,972       6,382       3,945       (1,907 )     21,392  
Transaction related costs     -       -       -       1       1  
PPA-Inventory Step-up     -       32       -       -       32  
Restructuring charges     387       -       142       -       529  
Asset impairment charges     12,602       -       -       -       12,602  
Adjusted EBITDA   $ 25,961     $ 6,414     $ 4,087     $ (1,906 )   $ 34,556  
Adjusted EBITDA Margin %     17 %     16 %     7 %         14 %
                     
Three months ended October 31, 2015                    
Net sales   $ 154,301     $ 42,340     $ -     $ (1,182 )   $ 195,459  
Cost of sales     114,122       32,105       -       (599 )     145,628  
Operating income (loss)     18,126       2,873       -       (4,226 )     16,773  
Depreciation and amortization     7,221       3,037       -       421       10,679  
EBITDA     25,347       5,910       -       (3,805 )     27,452  
Transaction related costs     -       -       -       1,698       1,698  
PPA-Inventory Step-up     -       1,229       -       -       1,229  
Adjusted EBITDA   $ 25,347     $ 7,139     $ -     $ (2,107 )   $ 30,379  
Adjusted EBITDA Margin %     16 %     17 %     0 %         16 %
                     
Twelve months ended October 31, 2016                    
Net sales   $ 560,029     $ 150,203     $ 223,391     $ (5,439 )   $ 928,184  
Cost of sales     415,925       104,452       193,560       (3,293 )     710,644  
Restructuring charges     387       -       142       -       529  
Asset impairment charges     12,602       -       -       -       12,602  
Operating income (loss)     37,883       13,225       1,821       (16,576 )     36,353  
Depreciation and amortization     30,298       9,339       12,948       561       53,146  
EBITDA     68,181       22,564       14,769       (16,015 )     89,499  
Transaction related costs     -       -       -       4,988       4,988  
PPA-Inventory Step-up     -       384       2,287       -       2,671  
Restructuring charges     387       -       142       -       529  
Asset impairment charges     12,602       -       -       -       12,602  
Adjusted EBITDA   $ 81,170     $ 22,948     $ 17,198     $ (11,027 )   $ 110,289  
Adjusted EBITDA Margin %     14 %     15 %     8 %         12 %
                     
Twelve months ended October 31, 2015                    
Net sales   $ 556,550     $ 93,644     $ -     $ (4,666 )   $ 645,528  
Cost of sales     429,097       72,319       -       (2,319 )     499,097  
Operating income (loss)     39,253       3,253       -       (17,831 )     24,675  
Depreciation and amortization     28,911       5,020       -       1,289       35,220  
EBITDA     68,164       8,273       -       (16,542 )     59,895  
Transaction related costs     -       -       -       5,628       5,628  
PPA-Inventory Step-up     -       4,159       -       -       4,159  
Adjusted EBITDA   $ 68,164     $ 12,432     $ -     $ (10,914 )   $ 69,682  
Adjusted EBITDA Margin %     12 %     13 %     0 %         11 %
                     


QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS
(In thousands)
(Unaudited)
                     
                     
    Sales Bridge for Three Months Ended October 31, 2016
    NA Engineered   EU Engineered   NA Cabinet   Unallocated    
    Components   Components   Components   Corporate & Other   Consolidated
                     
Net sales, three months ended October 31, 2015   $ 154,301     $ 42,340     $ -   $ (1,182 )   $ 195,459  
Market volume     2,403       527       -     (85 )     2,845  
Eliminated products     (1,946 )     -       -     -       (1,946 )
Price changes     (426 )     (342 )     -     -       (768 )
Foreign currency impacts     -       (1,029 )     -     -       (1,029 )
Mergers & acquisitions     -       (1,543 )     56,485     -       54,942  
Raw material pass through adjustments     (332 )     -       -     -       (332 )
Net Sales, three months ended October 31, 2016   $ 154,000     $ 39,953     $ 56,485   $ (1,267 )   $ 249,171  
                     
    Sales Bridge for Twelve Months Ended October 31, 2016
    NA Engineered   EU Engineered   NA Cabinet   Unallocated    
    Components   Components   Components   Corporate & Other   Consolidated
                     
Net sales, twelve months ended October 31, 2015   $ 556,550     $ 93,644     $ -   $ (4,666 )   $ 645,528  
Market volume     17,161       3,244       -     (773 )     19,632  
Eliminated products     (6,634 )     -       -     -       (6,634 )
Price changes     (1,819 )     (1,710 )     -     -       (3,529 )
Foreign currency impacts     -       (2,803 )     -     -       (2,803 )
Mergers & acquisitions     -       57,828       223,391     -       281,219  
Raw material pass through adjustments     (5,229 )     -       -     -       (5,229 )
Net Sales, twelve months ended October 31, 2016   $ 560,029     $ 150,203     $ 223,391   $ (5,439 )   $ 928,184  
                     

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