Exhibit 99.1
NCI Building Systems Reports
Second Quarter Fiscal 2010 Results
| | • | | Sequential Improvement Achieved in Revenues and Operating Results |
| |
| | • | | Tonnage Volume Up Sequentially and Year-Over-Year |
| |
| | • | | Coatings and Components Groups Post Operating Profits |
| |
| | • | | Buildings Group Backlog Increased 7% Sequentially to $259 Million |
HOUSTON, TX — (MARKET WIRE) — 06/08/10 —NCI Building Systems, Inc.(NYSE: NCS) today reported financial results for the second quarter ended May 2, 2010.
Second Quarter 2010 Financial Results
“Second quarter operating performance reflected market share gains despite continued softness in the overall business environment,” said Norman C. Chambers, NCI’s Chairman, President and Chief Executive Officer. “McGraw-Hill’s data indicates that nonresidential construction starts in square footage terms declined by 27.5% in this year’s second quarter compared to 2009. By contrast, our tonnage volume in the second quarter increased year-over-year and sequentially, and volume trends were positive throughout the quarter.”
“Both our Coatings group and our Components group reported sequential growth in operating profits due to a combination of higher sales volumes and increased spreads over material costs. As expected, our Buildings group’s operating results continued to be negatively affected by compressed margins on projects that were booked in 2009 prior to the completion of our refinancing. The Buildings group demonstrated positive momentum in April, as spreads improved on the month’s shipments and boosted operating margins. We expect this unit to return to profitability in the third quarter,” Mr. Chambers noted.
For the second quarter, sales were $202.4 million, up 10.6% sequentially from the $182.9 million reported in the prior quarter, but 10.0% below the $224.7 million reported in last year’s second quarter.
Gross profit margin was 19.8% up from 17.6% in the prior quarter and 14.0% in the year-ago second quarter. Exclusive of special charges, gross margin was 19.7% compared to 18.2% in the prior quarter and 21.0% in the 2009 second quarter.
Selling, general and administrative expenses were $48.4 million or 23.9% of revenues and included $0.6 million of pre-tax expenses related to the recapitalization transaction, which was completed in October 2009. This compares to $44.4 million, or 24.3% of revenues in the prior quarter and $54.7 million, or 24.3% of revenues in last year’s second quarter.
The Company incurred an operating loss of $9.2 million, inclusive of an $829,000 restructuring charge. In the prior quarter, the operating loss was $12.7 million, inclusive of a $524,000 restructuring charge, and in last year’s second quarter the operating loss was $132.0 million, inclusive of $124.6 million in impairment, restructuring and other charges.
Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortization and cash and other non-cash items in accordance with the Company’s bank credit agreement, was $1.1 million compared to a loss of $2.6 million for the 2010 first quarter and $3.1 million in the last year’s second quarter.
For the second quarter, the Company reported a net loss applicable to common shares of $257.3 million, which included the accrual of preferred stock dividends and accretion of $8.4 million and a beneficial conversion feature of $241.3 million. This compares to a net loss applicable to common shares of $18.8 million in the 2010 first quarter, which included the accrual of convertible preferred stock dividends and
accretion and a beneficial conversion feature of $8.3 million and a net loss of $121.6 million in the 2009 second quarter. The loss per diluted share in this year’s second quarter was $14.15 compared to $31.22 in last year’s second quarter, each adjusted for the 1-for-5 reverse split that was effective at the close of market on March 5, 2010.
In the second quarter of fiscal 2010, the Company recognized a non-cash beneficial conversion charge of $241.3 million. As previously disclosed, the completion of the reverse stock split eliminated the contingencies regarding the convertibility of NCI’s convertible preferred stock to investment funds managed by Clayton, Dubilier & Rice (CD&R) and resulted in the recognition of the previously-deferred non-cash beneficial conversion charge of $230.7 million. In addition, the Company recognized a non-cash beneficial conversion charge of $10.6 million related to accrued paid-in-kind dividends of its convertible preferred stock.
The weighted average number of common shares used in the calculation of second quarter 2010 per share amounts was 18.2 million compared to 3.9 million last year.
“Our strong balance sheet affords us important financial flexibility. In the second quarter we continued to invest in engineering processes and technology to further lower our costs per ton, and we made opportunistic raw material purchases in support of our customers,” Mr. Chambers said.
Inventory levels increased 11.8% sequentially to $100.6 million, reflecting traditional seasonal patterns, higher steel prices and raw material pre-buys. Annualized inventory turnover was 6.3 turns for the second quarter compared to 7.3 turns for the first quarter.
Capital expenditures were $3.9 million for the first half of the fiscal year; Full year fiscal 2010 capital expenditures are expected to be between $11 million and $13 million.
Second Quarter Segment Performance
The Company reported an adjusted operating loss of $8.5 million, which is reconciled with the reported GAAP operating loss in the table below.
NCI BUILDING SYSTEMS, INC.
BUSINESS SEGMENTS
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS) EXCLUDING SPECIAL CHARGES
FOR THE THREE MONTHS ENDED MAY 2, 2010
(Unaudited)
(In thousands)
| | | | | | | | | | | | | | | | | | | | | |
| | | For the Three Months Ended May 2, 2010 | |
| | | Metal Coil | | | Metal | | | Engineered | | | | | | | |
| | | Coating | | | Components | | | Building Systems | | | Corporate | | | Consolidated | |
| Operating income (loss), GAAP basis | | $ | 4,092 | | | $ | 5,613 | | | $ | (5,662 | ) | | $ | (13,213 | ) | | $ | (9,170 | ) |
| Asset impairments (recovery) | | | — | | | | 4 | | | | (120 | ) | | | — | | | | (116 | ) |
| Restructuring charges | | | — | | | | 156 | | | | 673 | | | | — | | | | 829 | |
| | | | | | | | | | | | | | | | |
| “Adjusted” operating income (loss) (1) | | $ | 4,092 | | | $ | 5,773 | | | $ | (5,109 | ) | | $ | (13,213 | ) | | $ | (8,457 | ) |
| | | | | | | | | | | | | | | | |
| | |
| (1) | | The Company discloses a tabular comparison of “Adjusted” operating income (loss), which is a non-GAAP measure because it is referred to in the text of our press release and is instrumental in comparing the results from period to period. “Adjusted” operating income (loss) should not be considered in isolation or as a substitute for operating income (loss) as reported on the face of our statement of income. |
“Each of our business units operated under weak market conditions and faced competitive pricing pressures and higher steel costs,” Mr. Chambers noted. “Our integrated business model continues to help us navigate these difficult prevailing market conditions, with higher intersegment sales increasing the
absorption of fixed costs in the quarter. External sales across all three groups benefitted from new product development and expansion initiatives.”
The Components group’s performance benefitted from lower operating costs and a substantial increase in intersegment sales this quarter, resulting in a significant sequential increase in operating income despite modest external sales growth.
The success of sales initiatives both within and outside of the nonresidential construction industry enabled the Coatings group to increase sales by 14.7% sequentially; a more favorable revenue mix and greater fixed cost absorption drove a 31.2% sequential increase in operating income.
The Buildings group’s results continued to reflect overall weakness in nonresidential construction activity and significant margin contraction related to projects booked in previous periods. The unit did have some positive momentum illustrated by improved booking activity throughout the second quarter and a 7% sequential increase in backlog from first quarter 2010.
Market Commentary
Nonresidential construction activity measured in square feet declined significantly from the comparable period in 2009. McGraw-Hill reported that new construction activity measured in square feet was down 27.5% in the Company’s fiscal 2010 second quarter compared to the same period of 2009, and NCI’s traditionally strong commercial and industrial markets were off approximately 48% as reported in McGraw-Hill’s April data.
The American Institute of Architect’s Architectural Billing Index published for April indicated a third straight month of improvement to 48.5, the highest reading for the index since it fell below 50 in early 2008. McGraw-Hill is currently forecasting that nonresidential construction activity measured in square feet will be 6% lower in calendar 2010 compared to calendar 2009.
Outlook
“Based on the momentum we experienced in the second quarter and current booking activity, we expect a seasonal pick-up in the second half of our fiscal 2010 that is similar to last year’s second half, but more in line with our historical pattern of the fourth quarter being our seasonally strongest,” noted Mr. Chambers.
“Demand for our products, however, remains soft, visibility is limited, and we do not expect a significant market recovery this year. Within this challenging environment, we continue to make progress in positioning NCI for future growth. Specifically, we have:
| | • | | Invested in technology and systems to support our builder network by shortening order to delivery cycles, which is critical in the current construction environment. |
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| | • | | Broadened our geographic footprint and end market focus by expanding our builder network. |
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| | • | | Ramped up marketing and production related to our insulated panel line; we plan to add another shift in the third quarter to accommodate current bookings. |
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| | • | | Continued to diversify our external customer base by capturing new business for our coatings services in the electronics and lighting industries. |
These successes give us full confidence in NCI’s prospects for meaningful revenue and profit growth once our markets recover,” Mr. Chambers said.
The NCI Building Systems, Inc. second quarter conference call is scheduled for June 8, 2010 at 5:00 PM ET. Please call 1-412-858-4600 to participate in the call. To listen to a live broadcast of the call over the Internet or to review the archived call, please visit the Company’s website atwww.ncilp.com. To access the taped replay, please dial 1-412-317-0088 and the passcode 419727# when prompted. The Webcast archive and taped replay will both be available two hours after the call through June 15, 2010.
NCI Building Systems, Inc. is one of North America’s largest integrated manufacturers of metal products for the nonresidential building industry. NCI is comprised of a family of companies operating manufacturing facilities across the United States and Mexico, with additional sales and distribution offices throughout the United States and Canada.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act. These statements and other statements identified by words such as “believe,” “guidance,” “potential,” “expect,” “should,” “will” and similar expressions are forward looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current expectations and/or beliefs concerning future events. As a result, these forward-looking statements rely on a number of assumptions, forecasts, and estimates and, as a result, these forward looking statements are subject to a number of risks and uncertainties that may cause the Company’s actual performance to differ materially from that projected in such statements. Among the factors that could cause actual results to differ materially include, but are not limited to industry cyclicality and seasonality and adverse weather conditions; ability to service the Company’s debt; fluctuations in customer demand and other patterns; raw material pricing and supply; competitive activity and pricing pressure; general economic conditions affecting the construction industry; financial crises or fluctuations in the U.S. and abroad; changes in laws or regulations; and the volatility of the Company’s stock price. Item 1A “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended November 1, 2009, identifies other important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements. NCI expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking statements to reflect any changes in its expectations.
NCI BUILDING SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
(2009 as Adjusted (1))
| | | | | | | | | | | | | | | | | |
| | | For the Three Months Ended | | | For the Six Months Ended | |
| | | May 2, | | | May 3, | | | May 2, | | | May 3, | |
| | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
| | | | | | | | | | | | | | | | | |
| Sales | | $ | 202,358 | | | $ | 224,719 | | | $ | 385,245 | | | $ | 485,083 | |
| Cost of sales, excluding lower of cost or market adjustment and asset impairments (recovery) | | | 162,458 | | | | 177,466 | | | | 312,127 | | | | 391,308 | |
| Lower of cost or market adjustment | | | — | | | | 10,608 | | | | — | | | | 39,986 | |
| Asset impairments (recovery) | | | (116 | ) | | | 5,295 | | | | 913 | | | | 5,918 | |
| | | | | | | | | | | | | |
| Gross profit | | | 40,016 | | | | 31,350 | | | | 72,205 | | | | 47,871 | |
| | | | 19.8 | % | | | 14.0 | % | | | 18.7 | % | | | 9.9 | % |
| | | | | | | | | | | | | | | | | |
| Selling, general and administrative expenses | | | 48,357 | | | | 54,662 | | | | 92,765 | | | | 108,978 | |
| Goodwill and other intangible asset impairment | | | — | | | | 104,936 | | | | — | | | | 622,564 | |
| Restructuring charge | | | 829 | | | | 3,796 | | | | 1,353 | | | | 6,275 | |
| | | | | | | | | | | | | |
| Loss from operations | | | (9,170 | ) | | | (132,044 | ) | | | (21,913 | ) | | | (689,946 | ) |
| | | | | | | | | | | | | | | | | |
| Interest income | | | 12 | | | | 84 | | | | 37 | | | | 279 | |
| Interest expense | | | (4,682 | ) | | | (6,252 | ) | | | (9,214 | ) | | | (13,070 | ) |
| Debt extinguishment and refinancing costs | | | — | | | | (629 | ) | | | (174 | ) | | | (629 | ) |
| Other income (expense), net | | | 648 | | | | 888 | | | | 1,807 | | | | 571 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Loss before income taxes | | | (13,192 | ) | | | (137,953 | ) | | | (29,457 | ) | | | (702,795 | ) |
| Benefit for income taxes | | | (5,536 | ) | | | (16,382 | ) | | | (11,315 | ) | | | (51,243 | ) |
| | | | | | | | | | | | | |
| | | | 42.0 | % | | | 11.9 | % | | | 38.4 | % | | | 7.3 | % |
| | | | | | | | | | | | | | | | | |
| Net loss | | $ | (7,656 | ) | | $ | (121,571 | ) | | $ | (18,142 | ) | | $ | (651,552 | ) |
| Convertible preferred stock dividends and accretion | | | 8,407 | | | | — | | | | 16,541 | | | | — | |
| Convertible preferred stock beneficial conversion feature | | | 241,282 | | | | — | | | | 241,469 | | | | — | |
| | | | | | | | | | | | | |
| Net loss applicable to common shares | | $ | (257,345 | ) | | $ | (121,571 | ) | | $ | (276,152 | ) | | $ | (651,552 | ) |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Loss per share: | | | | | | | | | | | | | | | | |
| Basic | | $ | (14.15 | ) | | $ | (31.22 | ) | | $ | (15.22 | ) | | $ | (167.46 | ) |
| Diluted | | $ | (14.15 | ) | | $ | (31.22 | ) | | $ | (15.22 | ) | | $ | (167.46 | ) |
| | | | | | | | | | | | | | | | | |
| Weighted average number of common shares outstanding: | | | | | | | | | | | | | | | | |
| Basic | | | 18,184 | | | | 3,894 | | | | 18,138 | | | | 3,891 | |
| Diluted | | | 18,184 | | | | 3,894 | | | | 18,138 | | | | 3,891 | |
| | | | | | | | | | | | | | | | | |
| Decrease in sales | | | -10.0 | % | | | | | | | -20.6 | % | | | | |
| | | | | | | | | | | | | | | | | |
| Gross profit percentage | | | 19.8 | % | | | 14.0 | % | | | 18.7 | % | | | 9.9 | % |
| | | | | | | | | | | | | | | | | |
| Selling, general and administrative expenses percentage | | | 23.9 | % | | | 24.3 | % | | | 24.1 | % | | | 22.5 | % |
| | |
| (1) | | Amounts have been restrospectively adjusted as a result of the adoption, effective November 2, 2009, of ASC Subtopic 470-20, “Debt with Conversion and Other Options”, and ASC Subtopic 260-10, “Earnings per Share.” In addition, on March 5, 2010, the Company filed an amendment to its Certificate of Incorporation to effect the Reverse Stock Split at an exchange ratio of 1-for-5. As such, we have retrospectively adjusted basic and diluted earnings per share, common stock, stock options and common stock equivalents for the reverse stock split in all periods presented. |
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NCI BUILDING SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(2009 as Adjusted (1))
| | | | | | | | | |
| | | May 2, | | | November 1, | |
| | | 2010 | | | 2009 | |
| | | (Unaudited) | | | | |
| ASSETS | | | | | | | | |
| Cash and cash equivalents | | $ | 51,273 | | | $ | 90,419 | |
| Restricted cash | | | 2,836 | | | | 5,154 | |
| Accounts receivable, net | | | 73,166 | | | | 82,889 | |
| Inventories | | | 100,568 | | | | 71,537 | |
| Deferred income taxes | | | 19,428 | | | | 18,787 | |
| Income taxes receivable | | | 39,307 | | | | 27,622 | |
| Investments in debt and equity securities, at market | | | 3,539 | | | | 3,359 | |
| Prepaid expenses and other | | | 15,595 | | | | 14,494 | |
| Assets held for sale | | | 3,930 | | | | 4,963 | |
| | | | | | | |
| Total current assets | | | 309,642 | | | | 319,224 | |
| | | | | | | | | |
| Property and equipment, net | | | 221,254 | | | | 232,510 | |
| Goodwill | | | 5,200 | | | | 5,200 | |
| Intangible assets, net | | | 27,341 | | | | 28,370 | |
| Restricted cash, net of current portion | | | — | | | | 7,825 | |
| Other assets | | | 18,642 | | | | 21,389 | |
| | | | | | | |
| Total assets | | $ | 582,079 | | | $ | 614,518 | |
| | | | | | | |
| | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | |
| Current portion of long-term debt | | $ | 14,663 | | | $ | 14,164 | |
| Note payable | | | 1,157 | | | | 481 | |
| Accounts payable | | | 70,365 | | | | 73,594 | |
| Accrued compensation and benefits | | | 30,821 | | | | 37,215 | |
| Accrued interest | | | 1,774 | | | | 776 | |
| Other accrued expenses | | | 45,420 | | | | 52,455 | |
| | | | | | | |
| Total current liabilities | | | 164,200 | | | | 178,685 | |
| | | | | | | | | |
| Long-term debt | | | 135,153 | | | | 136,085 | |
| Deferred income taxes | | | 18,661 | | | | 18,848 | |
| Other long-term liabilities | | | 7,084 | | | | 8,007 | |
| | | | | | | |
| Total long-term liabilities | | | 160,898 | | | | 162,940 | |
| | | | | | | | | |
| Series B cumulative convertible participating preferred stock | | | 239,357 | | | | 222,815 | |
| | | | | | | | | |
| Common stock | | | 909 | | | | 904 | |
| Additional paid-in capital | | | 273,587 | | | | 288,093 | |
| Accumulated deficit | | | (248,202 | ) | | | (230,060 | ) |
| Accumulated other comprehensive loss | | | (8,670 | ) | | | (8,859 | ) |
| | | | | | | |
| Total stockholders’ equity | | | 17,624 | | | | 50,078 | |
| | | | | | | |
| Total liabilities and shareholders’ equity | | $ | 582,079 | | | $ | 614,518 | |
| | | | | | | |
| | |
| (1) | | Amounts have been restrospectively adjusted as a result of the adoption, effective November 2, 2009, of ASC Subtopic 470-20, “Debt with Conversion and Other Options.” |
NCI BUILDING SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(2009 as Adjusted (1))
(In thousands)
| | | | | | | | | |
| | | For the Six Months Ended | |
| | | May 2, 2010 | | | May 3, 2009 | |
| Cash flows from operating activities: | | | | | | | | |
| Net loss | | $ | (18,142 | ) | | $ | (651,552 | ) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | | | | | | | | |
| Depreciation and amortization | | | 17,360 | | | | 17,399 | |
| Non-cash interest expense on convertible notes | | | — | | | | 4,198 | |
| Share-based compensation expense | | | 2,204 | | | | 2,548 | |
| Debt extinguishment and refinancing costs | | | 174 | | | | 629 | |
| Gain on embedded derivative | | | (923 | ) | | | — | |
| (Gain) loss on sale of property, plant and equipment | | | 112 | | | | (195 | ) |
| Lower of cost or market reserve | | | — | | | | 39,986 | |
| Provision for doubtful accounts | | | (267 | ) | | | 1,671 | |
| Benefit for deferred income taxes | | | (668 | ) | | | (25,407 | ) |
| Asset impairments, net | | | 913 | | | | 5,918 | |
| Impairment of goodwill and intangible assets | | | — | | | | 622,564 | |
| Changes in operating assets and liabilities, net of effect of acquisitions: | | | | | | | | |
| Accounts receivable | | | 9,990 | | | | 88,987 | |
| Inventories | | | (29,031 | ) | | | 54,677 | |
| Income tax receivable | | | (9,653 | ) | | | (26,625 | ) |
| Prepaid expenses and other | | | (1,065 | ) | | | (7,943 | ) |
| Accounts payable | | | (3,056 | ) | | | (45,387 | ) |
| Accrued expenses | | | (12,446 | ) | | | (42,006 | ) |
| Other, net | | | 747 | | | | 740 | |
| | | | | | | |
| | | | | | | | | |
| Net cash (used in) provided by operating activities | | | (43,751 | ) | | | 40,202 | |
| | | | | | | |
| Cash flows from investing activities: | | | | | | | | |
| Capital expenditures | | | (3,868 | ) | | | (14,219 | ) |
| Proceeds from the sale of property, plant and equipment | | | 65 | | | | 473 | |
| | | | | | | |
| | | | | | | | | |
| Net cash used in investing activities | | | (3,803 | ) | | | (13,746 | ) |
| | | | | | | |
| | | | | | | | | |
| Cash flows from financing activities: | | | | | | | | |
| Decrease in restricted cash | | | 10,143 | | | | — | |
| Proceeds from ABL facility | | | 235 | | | | — | |
| Payments on ABL facility | | | (44 | ) | | | — | |
| Payment of convertible notes | | | (59 | ) | | | — | |
| Payments on long-term debt | | | (565 | ) | | | (460 | ) |
| Payments of financing costs | | | (50 | ) | | | (1,796 | ) |
| Payments on note payable | | | (855 | ) | | | (245 | ) |
| Proceeds from stock option exercises | | | — | | | | 12 | |
| Purchase of treasury stock | | | (381 | ) | | | (446 | ) |
| | | | | | | |
| | | | | | | | | |
| Net cash provided by (used in) financing activities | | | 8,424 | | | | (2,935 | ) |
| | | | | | | |
| | | | | | | | | |
| Effect of exchange rate changes on cash and cash equivalents | | | (16 | ) | | | (1 | ) |
| | | | | | | |
| Net (decrease) increase in cash | | | (39,146 | ) | | | 23,520 | |
| | | | | | | | | |
| Cash at beginning of period | | | 90,419 | | | | 68,201 | |
| | | | | | | |
| | | | | | | | | |
| Cash at end of period | | $ | 51,273 | | | $ | 91,721 | |
| | | | | | | |
| | |
| (1) | | Amounts have been restrospectively adjusted as a result of the adoption, effective November 2, 2009, of ASC Subtopic 470-20, “Debt with Conversion and Other Options.” |
NCI Building Systems, Inc.
Business Segments
(Unaudited)
(In thousands)
(2009 as Adjusted (1))
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Three Months Ended | | $ | | % |
| | | May 2, 2010 | | May 3, 2009 | | Inc/(Dec) | | Change |
| | | | | | | % of | | | | | | % of | | | | | | | | |
| | | | | | | Total | | | | | | Total | | | | | | | | |
| | | | | | | Sales | | | | | | Sales | | | | | | | | |
Sales: | | | | | | | | | | | | | | | | | | | | | | | | |
| Metal coil coating | | $ | 44,759 | | | | 22 | | | $ | 39,526 | | | | 18 | | | $ | 5,233 | | | | 13.2 | % |
| Metal components | | | 95,069 | | | | 47 | | | | 101,554 | | | | 45 | | | | (6,485 | ) | | | -6.4 | % |
| Engineered building systems | | | 114,188 | | | | 57 | | | | 129,233 | | | | 57 | | | | (15,045 | ) | | | -11.6 | % |
| Intersegment sales | | | (51,658 | ) | | | (26 | ) | | | (45,594 | ) | | | (20 | ) | | | (6,064 | ) | | | 13.3 | % |
| | | | | | | |
| Total net sales | | $ | 202,358 | | | | 100 | | | $ | 224,719 | | | | 100 | | | $ | (22,361 | ) | | | -10.0 | % |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | % of | | | | | | % of | | | | | | | | |
| | | | | | | Sales | | | | | | Sales | | | | | | | | |
Operating income (loss): | | | | | | | | | | | | | | | | | | | | | | | | |
| Metal coil coating | | $ | 4,092 | | | | 9 | | | $ | (42,982 | ) | | | (109 | ) | | $ | 47,074 | | | | 109.5 | % |
| Metal components | | | 5,613 | | | | 6 | | | | (28,117 | ) | | | (28 | ) | | | 33,730 | | | | 120.0 | % |
| Engineered building systems | | | (5,662 | ) | | | (5 | ) | | | (46,376 | ) | | | (36 | ) | | | 40,714 | | | | 87.8 | % |
| Corporate | | | (13,213 | ) | | | — | | | | (14,569 | ) | | | — | | | | 1,356 | | | | 9.3 | % |
| | | | | | | |
| Total operating income (loss)(% of sales) | | $ | (9,170 | ) | | | (5 | ) | | $ | (132,044 | ) | | | (59 | ) | | $ | 122,874 | | | | 93.1 | % |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months Ended | | Six Months Ended | | $ | | % |
| | | May 2, 2010 | | May 3, 2009 | | Inc/(Dec) | | Change |
| | | | | | | % of | | | | | | % of | | | | | | | | |
| | | | | | | Total | | | | | | Total | | | | | | | | |
| | | | | | | Sales | | | | | | Sales | | | | | | | | |
Sales: | | | | | | | | | | | | | | | | | | | | | | | | |
| Metal coil coating | | $ | 83,790 | | | | 22 | | | $ | 81,027 | | | | 17 | | | $ | 2,763 | | | | 3.4 | % |
| Metal components | | | 181,875 | | | | 47 | | | | 223,034 | | | | 46 | | | | (41,159 | ) | | | -18.5 | % |
| Engineered building systems | | | 216,806 | | | | 56 | | | | 281,642 | | | | 58 | | | | (64,836 | ) | | | -23.0 | % |
| Intersegment sales | | | (97,226 | ) | | | (25 | ) | | | (100,620 | ) | | | (21 | ) | | | 3,394 | | | | -3.4 | % |
| | | | | | | |
| Total net sales | | $ | 385,245 | | | | 100 | | | $ | 485,083 | | | | 100 | | | $ | (99,838 | ) | | | -20.6 | % |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | % of | | | | | | % of | | | | | | | | |
| | | | | | | Sales | | | | | | Sales | | | | | | | | |
Operating income (loss): | | | | | | | | | | | | | | | | | | | | | | | | |
| Metal coil coating | | $ | 7,211 | | | | 9 | | | $ | (106,742 | ) | | | (132 | ) | | $ | 113,953 | | | | 106.8 | % |
| Metal components | | | 7,404 | | | | 4 | | | | (156,724 | ) | | | (70 | ) | | | 164,128 | | | | 104.7 | % |
| Engineered building systems | | | (11,491 | ) | | | (5 | ) | | | (398,659 | ) | | | (142 | ) | | | 387,168 | | | | 97.1 | % |
| Corporate | | | (25,037 | ) | | | — | | | | (27,821 | ) | | | — | | | | 2,784 | | | | 10.0 | % |
| | | | | | | |
| Total operating income (loss) (% of sales) | | $ | (21,913 | ) | | | (6 | ) | | $ | (689,946 | ) | | | (142 | ) | | $ | 668,033 | | | | 96.8 | % |
| | | | | | | |
| | |
| (1) | | Amounts have been restrospectively adjusted as a result of the adoption, effective November 2, 2009, of ASC Subtopic 470-20, “Debt with Conversion and Other Options.” |
NCI BUILDING SYSTEMS, INC.
BUSINESS SEGMENTS
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS) EXCLUDING SPECIAL CHARGES
FOR THE THREE MONTHS ENDED MAY 2, 2010 and MAY 3, 2009
(Unaudited)
(In thousands)
(2009 as Adjusted (2))
| | | | | | | | | | | | | | | | | | | | | |
| | | For the Three Months Ended May 2, 2010 | |
| | | | | | | | | | | Engineered | | | | | | | |
| | | Metal Coil | | | Metal | | | Building | | | | | | | |
| | | Coating | | | Components | | | Systems | | | Corporate | | | Consolidated | |
| | | | | | | | | | | | | | | | | | | | | |
| Operating income (loss), GAAP basis | | $ | 4,092 | | | $ | 5,613 | | | $ | (5,662 | ) | | $ | (13,213 | ) | | $ | (9,170 | ) |
| Goodwill impairment | | | — | | | | — | | | | — | | | | — | | | | — | |
| Lower of cost or market charge | | | — | | | | — | | | | — | | | | — | | | | — | |
| Asset impairments (recovery) | | | — | | | | 4 | | | | (120 | ) | | | — | | | | (116 | ) |
| Restructuring charges | | | — | | | | 156 | | | | 673 | | | | — | | | | 829 | |
| | | | | | | | | | | | | | | | |
| “Adjusted” operating income (loss) (1) | | $ | 4,092 | | | $ | 5,773 | | | $ | (5,109 | ) | | $ | (13,213 | ) | | $ | (8,457 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | For the Three Months Ended May 3, 2009 | |
| | | | | | | | | | | Engineered | | | | | | | |
| | | Metal Coil | | | Metal | | | Building | | | | | | | |
| | | Coating | | | Components | | | Systems | | | Corporate | | | Consolidated | |
| | | | | | | | | | | | | | | | | | | | | |
| Operating income (loss), GAAP basis | | $ | (42,982 | ) | | $ | (28,117 | ) | | $ | (46,376 | ) | | $ | (14,569 | ) | | $ | (132,044 | ) |
| Goodwill impairment | | | 39,105 | | | | 31,108 | | | | 34,723 | | | | — | | | | 104,936 | |
| Lower of cost or market charge | | | 2,445 | | | | 2,668 | | | | 5,495 | | | | — | | | | 10,608 | |
| Asset impairment (recovery) | | | — | | | | 714 | | | | 3,372 | | | | 1,209 | | | | 5,295 | |
| Restructuring charges | | | 29 | | | | 580 | | | | 3,027 | | | | 160 | | | | 3,796 | |
| | | | | | | | | | | | | | | | |
| “Adjusted” operating income (loss) (1) | | $ | (1,403 | ) | | $ | 6,953 | | | $ | 241 | | | $ | (13,200 | ) | | $ | (7,409 | ) |
| | | | | | | | | | | | | | | | |
| | |
| (1) | | The Company discloses a tabular comparison of “Adjusted” operating income (loss), which is a non-GAAP measure because it is referred to in the text of our press release and is instrumental in comparing the results from period to period. “Adjusted” operating income (loss) should not be considered in isolation or as a substitute for operating income (loss) as reported on the face of our statement of income. |
| |
| (2) | | Amounts have been restrospectively adjusted as a result of the adoption, effective November 2, 2009, of ASC Subtopic 470-20, “Debt with Conversion and Other Options.” |
NCI BUILDING SYSTEMS, INC.
BUSINESS SEGMENTS
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS) EXCLUDING SPECIAL CHARGES
FOR THE SIX MONTHS ENDED MAY 2, 2010 and MAY 3, 2009
(Unaudited)
(In thousands)
(2009 as Adjusted (2))
| | | | | | | | | | | | | | | | | | | | | |
| | | For the Six Months Ended May 2, 2010 | |
| | | | | | | | | | | Engineered | | | | | | | |
| | | Metal Coil | | | Metal | | | Building | | | | | | | |
| | | Coating | | | Components | | | Systems | | | Corporate | | | Consolidated | |
| | | | | | | | | | | | | | | | | | | | | |
| Operating income (loss), GAAP basis | | $ | 7,211 | | | $ | 7,404 | | | $ | (11,491 | ) | | $ | (25,037 | ) | | $ | (21,913 | ) |
| Goodwill impairment | | | — | | | | — | | | | — | | | | — | | | | — | |
| Lower of cost or market charge | | | — | | | | — | | | | — | | | | — | | | | — | |
| Asset impairments (recovery) | | | — | | | | 4 | | | | 909 | | | | — | | | | 913 | |
| Restructuring charges | | | — | | | | 265 | | | | 1,088 | | | | — | | | | 1,353 | |
| | | | | | | | | | | | | | | | |
| “Adjusted” operating income (loss) (1) | | $ | 7,211 | | | $ | 7,673 | | | $ | (9,494 | ) | | $ | (25,037 | ) | | $ | (19,647 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | For the Six Months Ended May 3, 2009 | |
| | | | | | | | | | | Engineered | | | | | | | |
| | | Metal Coil | | | Metal | | | Building | | | | | | | |
| | | Coating | | | Components | | | Systems | | | Corporate | | | Consolidated | |
| | | | | | | | | | | | | | | | | | | | | |
| Operating income (loss), GAAP basis | | $ | (106,742 | ) | | $ | (156,724 | ) | | $ | (398,659 | ) | | $ | (27,821 | ) | | $ | (689,946 | ) |
| Goodwill impairment | | | 98,959 | | | | 147,239 | | | | 376,366 | | | | — | | | | 622,564 | |
| Lower of cost or market charge | | | 8,102 | | | | 17,152 | | | | 14,732 | | | | — | | | | 39,986 | |
| Asset impairments (recovery) | | | — | | | | 714 | | | | 3,995 | | | | 1,209 | | | | 5,918 | |
| Restructuring charges | | | 73 | | | | 1,162 | | | | 4,862 | | | | 178 | | | | 6,275 | |
| | | | | | | | | | | | | | | | |
| “Adjusted” operating income (loss) (1) | | $ | 392 | | | $ | 9,543 | | | $ | 1,296 | | | $ | (26,434 | ) | | $ | (15,203 | ) |
| | | | | | | | | | | | | | | | |
| | |
| (1) | | The Company discloses a tabular comparison of “Adjusted” operating income (loss), which is a non-GAAP measure because it is referred to in the text of our press release and is instrumental in comparing the results from period to period. “Adjusted” operating income (loss) should not be considered in isolation or as a substitute for operating income (loss) as reported on the face of our statement of income. |
| |
| (2) | | Amounts have been restrospectively adjusted as a result of the adoption, effective November 2, 2009, of ASC Subtopic 470-20, “Debt with Conversion and Other Options.” |
NCI BUILDING SYSTEMS, INC.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
“ADJUSTED” LOSS PER DILUTED COMMON SHARE AND NET LOSS COMPARISON
(Unaudited)
(2009 as Adjusted (2))
| | | | | | | | | | | | | | | | | |
| | | Fiscal Three Months Ended | | Fiscal Six Months Ended |
| | | May 2, | | May 3, | | May 2, | | May 3, |
| | | 2010 | | 2009 | | 2010 | | 2009 |
| | | | | |
| Loss per diluted common share, GAAP basis | | $ | (14.15 | ) | | $ | (31.22 | ) | | $ | (15.22 | ) | | $ | (167.46 | ) |
| Goodwill and other intangible asset impairment | | | — | | | | 25.70 | | | | — | | | | 154.20 | |
| Debt extinguishment and refinancing costs | | | — | | | | 0.10 | | | | 0.01 | | | | 0.10 | |
| Lower of cost or market adjustment | | | — | | | | 1.81 | | | | — | | | | 6.63 | |
| Convertible preferred stock beneficial conversion feature | | | 13.27 | | | | — | | | | 13.31 | | | | — | |
| Restructuring charge | | | 0.03 | | | | 0.63 | | | | 0.05 | | | | 1.04 | |
| Asset impairments (recovery) | | | (0.01 | ) | | | 0.88 | | | | 0.03 | | | | 0.98 | |
| Gain on embedded derivative | | | — | | | | — | | | | (0.03 | ) | | | — | |
| | | | | |
| “Adjusted” diluted loss per common share (1) | | $ | (0.86 | ) | | $ | (2.10 | ) | | $ | (1.85 | ) | | $ | (4.51 | ) |
| | | | | |
| | | | | | | | | | | | | | | | | |
| | | Fiscal Three Months Ended | | Fiscal Six Months Ended |
| | | May 2, | | May 3, | | May 2, | | May 3, |
| | | 2010 | | 2009 | | 2010 | | 2009 |
| | | | | |
| Net loss applicable to common shares, GAAP basis | | $ | (257,345 | ) | | $ | (121,571 | ) | | $ | (276,152 | ) | | $ | (651,552 | ) |
| Goodwill and other intangible asset impairment | | | — | | | | 100,084 | | | | — | | | | 599,966 | |
| Debt extinguishment and refinancing costs | | | — | | | | 409 | | | | 113 | | | | 409 | |
| Lower of cost or market adjustment | | | — | | | | 7,033 | | | | — | | | | 25,773 | |
| Convertible preferred stock beneficial conversion feature | | | 241,282 | | | | — | | | | 241,469 | | | | — | |
| Restructuring charge | | | 539 | | | | 2,463 | | | | 879 | | | | 4,045 | |
| Asset impairments (recovery) | | | (75 | ) | | | 3,417 | | | | 594 | | | | 3,814 | |
| Gain on embedded derivative | | | (3 | ) | | | — | | | | (600 | ) | | | — | |
| | | | | |
| “Adjusted” net loss applicable to common shares (1) | | $ | (15,602 | ) | | $ | (8,165 | ) | | $ | (33,697 | ) | | $ | (17,545 | ) |
| | | | | |
| | |
| (1) | | The Company discloses a tabular comparison of “Adjusted” loss per diluted common share and net income (loss), which are non-GAAP measures because they are referred to in the text of our press releases and are instrumental in comparing the results from period to period. “Adjusted” diluted earnings (loss) per share and net income (loss) should not be considered in isolation or as a substitute for earnings (loss) per diluted share and net income (loss) as reported on the face of our statement of income. |
| |
| (2) | | Amounts have been restrospectively adjusted as a result of the adoption, effective November 2, 2009, of ASC Subtopic 470-20, “Debt with Conversion and Other Options”, and ASC Subtopic 260-10, “Earnings per Share.” In addition, on March 5, 2010, the Company filed an amendment to its Certificate of Incorporation to effect the Reverse Stock Split at an exchange ratio of 1-for-5. As such, we have retrospectively adjusted basic and diluted earnings per share, common stock, stock options, and common stock equivalents for the reverse stock split in all periods presented. |
NCI BUILDING SYSTEMS, INC.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
COMPUTATION OF EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AMORTIZATION AND OTHER NONCASH ITEMS (“ADJUSTED EBITDA”)
(Unaudited)
(In thousands)
(2009 as Adjusted (2))
| | | | | | | | | | | | | | | | | | | | | |
| | | 3rd Qtr | | | 4th Qtr | | | 1st Qtr | | | 2nd Qtr | | | Trailing
12 Months | |
| | | August 2, | | | November 1, | | | January 31, | | | May 2, | | | May 2, | |
| | | 2009 | | | 2009 | | | 2010 | | | 2010 | | | 2010 | |
| Net income (loss) | | $ | 2,607 | | | $ | (101,851 | ) | | $ | (10,486 | ) | | $ | (7,656 | ) | | $ | (117,386 | ) |
| Add: | | | | | | | | | | | | | | | | | | | | |
| Depreciation and amortization | | | 7,586 | | | | 7,640 | | | | 7,522 | | | | 7,479 | | | | 30,227 | |
| Consolidated interest expense, net | | | 6,487 | | | | 9,578 | | | | 4,507 | | | | 4,670 | | | | 25,242 | |
| Provision for taxes | | | 1,825 | | | | (7,495 | ) | | | (5,779 | ) | | | (5,536 | ) | | | (16,985 | ) |
| Non-cash charges: | | | | | | | | | | | | | | | | | | | | |
| Stock-based compensation | | | 1,241 | | | | 1,045 | | | | 801 | | | | 1,403 | | | | 4,490 | |
| Goodwill and intangible impairment | | | — | | | | — | | | | — | | | | — | | | | — | |
| Asset impairments (recovery) | | | 26 | | | | 347 | | | | 1,029 | | | | (116 | ) | | | 1,286 | |
| Lower of cost or market charges | | | — | | | | — | | | | — | | | | — | | | | — | |
| Embedded derivative | | | — | | | | — | | | | (919 | ) | | | (4 | ) | | | (923 | ) |
| Cash restructuring charges | | | 1,213 | | | | 1,564 | | | | 524 | | | | 829 | | | | 4,130 | |
| Transaction costs | | | 401 | | | | 107,718 | | | | 174 | | | | — | | | | 108,293 | |
| | | | | | | | | | | | | | | | |
| “Adjusted” EBITDA (1) | | $ | 21,386 | | | $ | 18,546 | | | $ | (2,627 | ) | | $ | 1,069 | | | $ | 38,374 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | 3rd Qtr | | | 4th Qtr | | | 1st Qtr | | | 2nd Qtr | | | Trailing
12 Months | |
| | | July 27, | | | November 2, | | | February 1, | | | May 3, | | | May 3, | |
| | | 2008 | | | 2008 | | | 2009 | | | 2009 | | | 2009 | |
| Net income (loss) | | $ | 30,494 | | | $ | 23,218 | | | $ | (529,981 | ) | | $ | (121,571 | ) | | $ | (597,840 | ) |
| Add: | | | | | | | | | | | | | | | | | | | | |
| Depreciation and amortization | | | 8,665 | | | | 8,334 | | | | 8,324 | | | | 8,436 | | | | 33,759 | |
| Consolidated interest expense, net | | | 7,463 | | | | 7,761 | | | | 6,623 | | | | 6,168 | | | | 28,015 | |
| Provision for taxes | | | 18,554 | | | | 17,092 | | | | (34,861 | ) | | | (16,382 | ) | | | (15,597 | ) |
| Non-cash charges: | | | | | | | | | | | | | | | | | | | | |
| Stock-based compensation | | | 1,563 | | | | 1,628 | | | | 1,372 | | | | 1,177 | | | | 5,740 | |
| Goodwill and intangible impairment | | | — | | | | — | | | | 517,628 | | | | 104,936 | | | | 622,564 | |
| Asset impairments (recovery) | | | — | | | | 157 | | | | 623 | | | | 5,295 | | | | 6,075 | |
| Lower of cost or market charges | | | — | | | | 2,739 | | | | 29,378 | | | | 10,608 | | | | 42,725 | |
| Embedded derivative | | | — | | | | — | | | | — | | | | — | | | | — | |
| Cash restructuring charges | | | 43 | | | | 150 | | | | 2,479 | | | | 3,796 | | | | 6,468 | |
| Transaction costs | | | — | | | | — | | | | — | | | | 629 | | | | 629 | |
| | | | | | | | | | | | | | | | |
| “Adjusted” EBITDA (1) | | $ | 66,782 | | | $ | 61,079 | | | $ | 1,585 | | | $ | 3,092 | | | $ | 132,538 | |
| | | | | | | | | | | | | | | | |
| | |
| (1) | | On October 20, 2009, the Company amended and restated its Term Note facility which defines “adjusted” EBITDA. “Adjusted” EBITDA excludes non-cash charges for goodwill and other asset impairments, lower of cost or market charges and stock compensation as well as certain non-recurring charges. As such, the historical information is presented in accordance with the definition above. Concurrent with the amendment and restatement of the term note facility, the Company entered into an Asset-Backed Lending facility which has substantially the same definition of adjusted EBITDA except that the ABL facility caps certain non-recurring charges. The Company is disclosing adjusted EBITDA, which is a non-GAAP measure, because it is used by management and provided to investors to provide comparability of underlying operational results. |
| |
| (2) | | Amounts have been restrospectively adjusted as a result of the adoption, effective November 2, 2009, of ASC Subtopic 470-20, “Debt with Conversion and Other Options.” |
NCI Building Systems, Inc.
Reconciliation of Segment Sales to Third Party Segment Sales (Internal Information)
(Unaudited)
(In thousands)
(2009 as Adjusted (1))
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | % | | YTD | | | | | | YTD | | | | | | | | | | % |
| | | 2nd Qtr 2010 | | | | | | 2nd Qtr 2009 | | | | | | Inc/(Dec) | | Change | | 2nd Qtr 2010 | | | | | | 2nd Qtr 2009 | | | | | | Inc/(Dec) | | Change |
Metal Coil Coating | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Sales | | | 44,759 | | | | 18 | % | | | 39,526 | | | | 15 | % | | | 5,233 | | | | 13 | % | | | 83,790 | | | | 17 | % | | | 81,027 | | | | 14 | % | | | 2,763 | | | | 3 | % |
| Intersegment | | | (27,663 | ) | | | | | | | (27,313 | ) | | | | | | | (350 | ) | | | 1 | % | | | (53,886 | ) | | | | | | | (57,390 | ) | | | | | | | 3,504 | | | | -6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Third Party Sales | | | 17,096 | | | | 8 | % | | | 12,213 | | | | 5 | % | | | 4,883 | | | | 40 | % | | | 29,904 | | | | 8 | % | | | 23,637 | | | | 5 | % | | | 6,267 | | | | 27 | % |
| |
| Operating Income (Loss) | | | 4,092 | | | | 24 | % | | | (42,982 | ) | | | -352 | % | | | 47,074 | | | | 110 | % | | | 7,211 | | | | 24 | % | | | (106,742 | ) | | | -452 | % | | | 113,953 | | | | 107 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metal Components | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | 95,069 | | | | 37 | % | | | 101,554 | | | | 37 | % | | | (6,485 | ) | | | -6 | % | | | 181,875 | | | | 38 | % | | | 223,034 | | | | 38 | % | | | (41,159 | ) | | | -18 | % |
| Intersegment | | | (20,693 | ) | | | | | | | (14,874 | ) | | | | | | | (5,819 | ) | | | 39 | % | | | (37,361 | ) | | | | | | | (35,312 | ) | | | | | | | (2,049 | ) | | | 6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Third Party Sales | | | 74,376 | | | | 37 | % | | | 86,680 | | | | 39 | % | | | (12,304 | ) | | | -14 | % | | | 144,514 | | | | 37 | % | | | 187,722 | | | | 39 | % | | | (43,208 | ) | | | -23 | % |
| |
| Operating Income (Loss) | | | 5,613 | | | | 8 | % | | | (28,117 | ) | | | -32 | % | | | 33,730 | | | | 120 | % | | | 7,404 | | | | 5 | % | | | (156,724 | ) | | | -83 | % | | | 164,128 | | | | 105 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Engineered Building Systems | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | 114,188 | | | | 45 | % | | | 129,233 | | | | 48 | % | | | (15,045 | ) | | | -12 | % | | | 216,806 | | | | 45 | % | | | 281,642 | | | | 48 | % | | | (64,836 | ) | | | -23 | % |
| Intersegment | | | (3,302 | ) | | | | | | | (3,407 | ) | | | | | | | 105 | | | | -3 | % | | | (5,979 | ) | | | | | | | (7,918 | ) | | | | | | | 1,939 | | | | -24 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Third Party Sales | | | 110,886 | | | | 55 | % | | | 125,826 | | | | 56 | % | | | (14,940 | ) | | | -12 | % | | | 210,827 | | | | 55 | % | | | 273,724 | | | | 56 | % | | | (62,897 | ) | | | -23 | % |
| |
| Operating Income (Loss) | | | (5,662 | ) | | | -5 | % | | | (46,376 | ) | | | -37 | % | | | 40,714 | | | | 88 | % | | | (11,491 | ) | | | -5 | % | | | (398,659 | ) | | | -146 | % | | | 387,168 | | | | 97 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | 254,016 | | | | 100 | % | | | 270,313 | | | | 100 | % | | | (16,297 | ) | | | -6 | % | | | 482,471 | | | | 100 | % | | | 585,703 | | | | 100 | % | | | (103,232 | ) | | | -18 | % |
| Intersegment | | | (51,658 | ) | | | | | | | (45,594 | ) | | | | | | | (6,064 | ) | | | 13 | % | | | (97,226 | ) | | | | | | | (100,620 | ) | | | | | | | 3,394 | | | | -3 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Third Party Sales | | | 202,358 | | | | 100 | % | | | 224,719 | | | | 100 | % | | | (22,361 | ) | | | -10 | % | | | 385,245 | | | | 100 | % | | | 485,083 | | | | 100 | % | | | (99,838 | ) | | | -21 | % |
| |
| Operating Income (Loss) | | | (9,170 | ) | | | -5 | % | | | (132,044 | ) | | | -59 | % | | | 122,874 | | | | 93 | % | | | (21,913 | ) | | | -6 | % | | | (689,946 | ) | | | -142 | % | | | 668,033 | | | | 97 | % |
| | |
| (1) | | Amounts have been restrospectively adjusted as a result of the adoption, effective November 2, 2009, of ASC Subtopic 470-20, “Debt with Conversion and Other Options.” |
