Supplemental Financial Information | 9 Months Ended |
Sep. 30, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Supplemental Financial Information | ' |
SUPPLEMENTAL FINANCIAL INFORMATION |
The following information sets forth the consolidating summary financial statements of the issuer (Gibraltar Industries, Inc.) and guarantors, which guarantee the Senior Subordinated 6.25% Notes due February 1, 2021, and the non-guarantors. The guarantors are 100% owned subsidiaries of the issuer and the guarantees are full, unconditional, joint and several. |
Investments in subsidiaries are accounted for by the parent using the equity method of accounting. The guarantor subsidiaries and non-guarantor subsidiaries are presented on a combined basis. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. |
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GIBRALTAR INDUSTRIES, INC. |
CONSOLIDATING STATEMENTS OF OPERATIONS |
THREE MONTHS ENDED SEPTEMBER 30, 2014 |
(in thousands) |
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| | | | | | | | | | | | | | | | | | | |
| Gibraltar | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Industries, Inc. | Subsidiaries | Subsidiaries |
Net sales | $ | — | | | $ | 216,132 | | | $ | 22,151 | | | $ | (4,182 | ) | | $ | 234,101 | |
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Cost of sales | — | | | 176,955 | | | 19,496 | | | (3,928 | ) | | 192,523 | |
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Gross profit | — | | | 39,177 | | | 2,655 | | | (254 | ) | | 41,578 | |
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Selling, general, and administrative expense | 29 | | | 21,592 | | | 1,565 | | | — | | | 23,186 | |
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(Loss) income from operations | (29 | ) | | 17,585 | | | 1,090 | | | (254 | ) | | 18,392 | |
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Interest expense (income) | 3,402 | | | 291 | | | (36 | ) | | — | | | 3,657 | |
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Other expense (income) | 42 | | | (733 | ) | | 27 | | | — | | | (664 | ) |
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(Loss) income before taxes | (3,473 | ) | | 18,027 | | | 1,099 | | | (254 | ) | | 15,399 | |
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(Benefit of) provision for income taxes | (1,208 | ) | | 6,791 | | | 245 | | | — | | | 5,828 | |
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(Loss) income from continuing operations | (2,265 | ) | | 11,236 | | | 854 | | | (254 | ) | | 9,571 | |
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Discontinued operations: | | | | | | | | | |
Loss from discontinued operations before taxes | — | | | (51 | ) | | — | | | — | | | (51 | ) |
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Benefit of income taxes | — | | | (20 | ) | | — | | | — | | | (20 | ) |
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Loss from discontinued operations | — | | | (31 | ) | | — | | | — | | | (31 | ) |
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Equity in earnings from subsidiaries | 12,059 | | | 854 | | | — | | | (12,913 | ) | | — | |
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Net income | $ | 9,794 | | | $ | 12,059 | | | $ | 854 | | | $ | (13,167 | ) | | $ | 9,540 | |
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GIBRALTAR INDUSTRIES, INC. |
CONSOLIDATING STATEMENTS OF OPERATIONS |
THREE MONTHS ENDED SEPTEMBER 30, 2013 |
(in thousands) |
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| | | | | | | | | | | | | | | | | | | |
| Gibraltar | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Industries, Inc. | Subsidiaries | Subsidiaries |
Net sales | $ | — | | | $ | 200,349 | | | $ | 23,060 | | | $ | (5,997 | ) | | $ | 217,412 | |
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Cost of sales | — | | | 160,676 | | | 20,715 | | | (5,741 | ) | | 175,650 | |
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Gross profit | — | | | 39,673 | | | 2,345 | | | (256 | ) | | 41,762 | |
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Selling, general, and administrative expense | 4 | | | 22,933 | | | 1,817 | | | — | | | 24,754 | |
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Intangible asset impairment | — | | | 1,000 | | | 22,160 | | | — | | | 23,160 | |
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(Loss) income from operations | (4 | ) | | 15,740 | | | (21,632 | ) | | (256 | ) | | (6,152 | ) |
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Interest expense (income) | 3,486 | | | 372 | | | (30 | ) | | — | | | 3,828 | |
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Other income | — | | | (66 | ) | | — | | | — | | | (66 | ) |
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(Loss) income before taxes | (3,490 | ) | | 15,434 | | | (21,602 | ) | | (256 | ) | | (9,914 | ) |
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(Benefit of) provision for income taxes | (1,248 | ) | | 4,781 | | | 280 | | | — | | | 3,813 | |
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(Loss) income from continuing operations | (2,242 | ) | | 10,653 | | | (21,882 | ) | | (256 | ) | | (13,727 | ) |
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Equity in earnings from subsidiaries | (11,229 | ) | | (21,882 | ) | | — | | | 33,111 | | | — | |
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Net (loss) income | $ | (13,471 | ) | | $ | (11,229 | ) | | $ | (21,882 | ) | | $ | 32,855 | | | $ | (13,727 | ) |
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GIBRALTAR INDUSTRIES, INC. |
CONSOLIDATING STATEMENTS OF OPERATIONS |
NINE MONTHS ENDED SEPTEMBER 30, 2014 |
(in thousands) |
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| Gibraltar | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Industries, Inc. | Subsidiaries | Subsidiaries |
Net sales | $ | — | | | $ | 605,798 | | | $ | 68,041 | | | $ | (13,746 | ) | | $ | 660,093 | |
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Cost of sales | — | | | 501,323 | | | 60,163 | | | (12,958 | ) | | 548,528 | |
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Gross profit | — | | | 104,475 | | | 7,878 | | | (788 | ) | | 111,565 | |
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Selling, general, and administrative expense | 96 | | | 72,986 | | | 5,085 | | | — | | | 78,167 | |
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(Loss) income from operations | (96 | ) | | 31,489 | | | 2,793 | | | (788 | ) | | 33,398 | |
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Interest expense (income) | 10,166 | | | 927 | | | (105 | ) | | — | | | 10,988 | |
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Other expense (income) | 36 | | | (304 | ) | | 96 | | | — | | | (172 | ) |
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(Loss) income before taxes | (10,298 | ) | | 30,866 | | | 2,802 | | | (788 | ) | | 22,582 | |
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(Benefit of) provision for income taxes | (3,572 | ) | | 11,652 | | | 586 | | | — | | | 8,666 | |
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(Loss) income from continuing operations | (6,726 | ) | | 19,214 | | | 2,216 | | | (788 | ) | | 13,916 | |
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Discontinued operations: | | | | | | | | | |
Loss from discontinued operations before taxes | — | | | (51 | ) | | — | | | — | | | (51 | ) |
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Benefit of income taxes | — | | | (20 | ) | | — | | | — | | | (20 | ) |
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Loss from discontinued operations | — | | | (31 | ) | | — | | | — | | | (31 | ) |
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Equity in earnings from subsidiaries | 21,399 | | | 2,216 | | | — | | | (23,615 | ) | | — | |
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Net income | $ | 14,673 | | | $ | 21,399 | | | $ | 2,216 | | | $ | (24,403 | ) | | $ | 13,885 | |
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GIBRALTAR INDUSTRIES, INC. |
CONSOLIDATING STATEMENTS OF OPERATIONS |
NINE MONTHS ENDED SEPTEMBER 30, 2013 |
(in thousands) |
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| Gibraltar | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Industries, Inc. | Subsidiaries | Subsidiaries |
Net sales | $ | — | | | $ | 585,726 | | | $ | 69,565 | | | $ | (16,559 | ) | | $ | 638,732 | |
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Cost of sales | — | | | 469,628 | | | 62,028 | | | (15,569 | ) | | 516,087 | |
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Gross profit | — | | | 116,098 | | | 7,537 | | | (990 | ) | | 122,645 | |
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Selling, general, and administrative expense | 188 | | | 78,373 | | | 5,597 | | | — | | | 84,158 | |
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Intangible asset impairment | — | | | 1,000 | | | 22,160 | | | — | | | 23,160 | |
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(Loss) income from operations | (188 | ) | | 36,725 | | | (20,220 | ) | | (990 | ) | | 15,327 | |
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Interest expense (income) | 17,768 | | | 1,004 | | | (94 | ) | | — | | | 18,678 | |
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Other income | — | | | (141 | ) | | — | | | — | | | (141 | ) |
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(Loss) income before taxes | (17,956 | ) | | 35,862 | | | (20,126 | ) | | (990 | ) | | (3,210 | ) |
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(Benefit of) provision for income taxes | (6,669 | ) | | 12,392 | | | 705 | | | — | | | 6,428 | |
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(Loss) income from continuing operations | (11,287 | ) | | 23,470 | | | (20,831 | ) | | (990 | ) | | (9,638 | ) |
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Discontinued operations: | | | | | | | | | |
Loss from discontinued operations before taxes | — | | | (7 | ) | | — | | | — | | | (7 | ) |
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Benefit of income taxes | — | | | (3 | ) | | — | | | — | | | (3 | ) |
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Loss from discontinued operations | — | | | (4 | ) | | — | | | — | | | (4 | ) |
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Equity in earnings from subsidiaries | 2,635 | | | (20,831 | ) | | — | | | 18,196 | | | — | |
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Net (loss) income | $ | (8,652 | ) | | $ | 2,635 | | | $ | (20,831 | ) | | $ | 17,206 | | | $ | (9,642 | ) |
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GIBRALTAR INDUSTRIES, INC. |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
THREE MONTHS ENDED SEPTEMBER 30, 2014 |
(in thousands) |
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| Gibraltar | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Industries, Inc. | Subsidiaries | Subsidiaries |
Net income | $ | 9,794 | | | $ | 12,059 | | | $ | 854 | | | $ | (13,167 | ) | | $ | 9,540 | |
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Other comprehensive income (loss): | | | | | | | | | |
Foreign currency translation adjustment | — | | | — | | | (2,734 | ) | | — | | | (2,734 | ) |
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Change in unrealized gain on cash flow hedges, net of tax | — | | | 714 | | | — | | | — | | | 714 | |
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Adjustment to retirement benefit liability, net of tax | — | | | 2 | | | — | | | — | | | 2 | |
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Adjustment to post-retirement health care liability, net of tax | — | | | 19 | | | — | | | — | | | 19 | |
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Other comprehensive income (loss) | — | | | 735 | | | (2,734 | ) | | — | | | (1,999 | ) |
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Total comprehensive income (loss) | $ | 9,794 | | | $ | 12,794 | | | $ | (1,880 | ) | | $ | (13,167 | ) | | $ | 7,541 | |
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GIBRALTAR INDUSTRIES, INC. |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
THREE MONTHS ENDED SEPTEMBER 30, 2013 |
(in thousands) |
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| Gibraltar | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Industries, Inc. | Subsidiaries | Subsidiaries |
Net loss | $ | (13,471 | ) | | $ | (11,229 | ) | | $ | (21,882 | ) | | $ | 32,855 | | | $ | (13,727 | ) |
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Other comprehensive income: | | | | | | | | | |
Foreign currency translation adjustment | — | | | — | | | 2,539 | | | — | | | 2,539 | |
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Adjustment to retirement benefit liability, net of tax | — | | | 3 | | | — | | | — | | | 3 | |
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Adjustment to post-retirement health care liability, net of tax | — | | | 18 | | | — | | | — | | | 18 | |
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Other comprehensive income | — | | | 21 | | | 2,539 | | | — | | | 2,560 | |
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Total comprehensive loss | $ | (13,471 | ) | | $ | (11,208 | ) | | $ | (19,343 | ) | | $ | 32,855 | | | $ | (11,167 | ) |
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GIBRALTAR INDUSTRIES, INC. |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
NINE MONTHS ENDED SEPTEMBER 30, 2014 |
(in thousands) |
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| Gibraltar | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Industries, Inc. | Subsidiaries | Subsidiaries |
Net income | $ | 14,673 | | | $ | 21,399 | | | $ | 2,216 | | | $ | (24,403 | ) | | $ | 13,885 | |
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Other comprehensive loss: | | | | | | | | | |
Foreign currency translation adjustment | — | | | — | | | (2,096 | ) | | — | | | (2,096 | ) |
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Change in unrealized loss on cash flow hedges, net of tax | — | | | (242 | ) | | — | | | — | | | (242 | ) |
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Adjustment to retirement benefit liability, net of tax | — | | | 6 | | | — | | | — | | | 6 | |
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Adjustment to post-retirement health care liability, net of tax | — | | | 56 | | | — | | | — | | | 56 | |
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Other comprehensive loss | — | | | (180 | ) | | (2,096 | ) | | — | | | (2,276 | ) |
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Total comprehensive income | $ | 14,673 | | | $ | 21,219 | | | $ | 120 | | | $ | (24,403 | ) | | $ | 11,609 | |
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GIBRALTAR INDUSTRIES, INC. |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
NINE MONTHS ENDED SEPTEMBER 30, 2013 |
(in thousands) |
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| Gibraltar | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Industries, Inc. | Subsidiaries | Subsidiaries |
Net (loss) income | $ | (8,652 | ) | | $ | 2,635 | | | $ | (20,831 | ) | | $ | 17,206 | | | $ | (9,642 | ) |
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Other comprehensive income (loss): | | | | | | | | | |
Foreign currency translation adjustment | — | | | — | | | (1,362 | ) | | — | | | (1,362 | ) |
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Adjustment to retirement benefit liability, net of tax | — | | | 7 | | | — | | | — | | | 7 | |
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Adjustment to post-retirement health care liability, net of tax | — | | | 56 | | | — | | | — | | | 56 | |
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Other comprehensive income (loss) | — | | | 63 | | | (1,362 | ) | | — | | | (1,299 | ) |
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Total comprehensive (loss) income | $ | (8,652 | ) | | $ | 2,698 | | | $ | (22,193 | ) | | $ | 17,206 | | | $ | (10,941 | ) |
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GIBRALTAR INDUSTRIES, INC. |
CONSOLIDATING BALANCE SHEETS |
30-Sep-14 |
(in thousands) |
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| Gibraltar | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Industries, Inc. | Subsidiaries | Subsidiaries |
Assets | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | — | | | $ | 80,085 | | | $ | 20,928 | | | $ | — | | | $ | 101,013 | |
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Accounts receivable, net | — | | | 108,810 | | | 11,447 | | | — | | | 120,257 | |
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Intercompany balances | 19,529 | | | 1,802 | | | (21,331 | ) | | — | | | — | |
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Inventories | — | | | 116,874 | | | 9,211 | | | — | | | 126,085 | |
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Other current assets | 3,582 | | | 11,171 | | | 1,239 | | | — | | | 15,992 | |
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Total current assets | 23,111 | | | 318,742 | | | 21,494 | | | — | | | 363,347 | |
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Property, plant, and equipment, net | — | | | 118,000 | | | 12,819 | | | — | | | 130,819 | |
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Goodwill | — | | | 334,123 | | | 6,759 | | | — | | | 340,882 | |
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Acquired intangibles | — | | | 81,995 | | | 5,264 | | | — | | | 87,259 | |
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Other assets | 3,052 | | | 4,149 | | | — | | | — | | | 7,201 | |
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Investment in subsidiaries | 670,999 | | | 33,388 | | | — | | | (704,387 | ) | | — | |
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| $ | 697,162 | | | $ | 890,397 | | | $ | 46,336 | | | $ | (704,387 | ) | | $ | 929,508 | |
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Liabilities and Shareholders’ Equity | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Accounts payable | $ | — | | | $ | 84,772 | | | $ | 7,391 | | | $ | — | | | $ | 92,163 | |
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Accrued expenses | 1,322 | | | 47,958 | | | 2,751 | | | — | | | 52,031 | |
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Current maturities of long-term debt | — | | | 400 | | | — | | | — | | | 400 | |
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Total current liabilities | 1,322 | | | 133,130 | | | 10,142 | | | — | | | 144,594 | |
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Long-term debt | 210,000 | | | 3,200 | | | — | | | — | | | 213,200 | |
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Deferred income taxes | — | | | 52,862 | | | 2,282 | | | — | | | 55,144 | |
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Other non-current liabilities | — | | | 30,206 | | | 524 | | | — | | | 30,730 | |
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Shareholders’ equity | 485,840 | | | 670,999 | | | 33,388 | | | (704,387 | ) | | 485,840 | |
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| $ | 697,162 | | | $ | 890,397 | | | $ | 46,336 | | | $ | (704,387 | ) | | $ | 929,508 | |
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GIBRALTAR INDUSTRIES, INC. |
CONSOLIDATING BALANCE SHEETS |
31-Dec-13 |
(in thousands) |
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| Gibraltar | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Industries, Inc. | Subsidiaries | Subsidiaries |
Assets | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | — | | | $ | 75,856 | | | $ | 21,183 | | | $ | — | | | $ | 97,039 | |
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Accounts receivable, net | — | | | 79,356 | | | 10,726 | | | — | | | 90,082 | |
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Intercompany balances | 23,618 | | | (1,655 | ) | | (21,963 | ) | | — | | | — | |
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Inventories | — | | | 111,676 | | | 9,476 | | | — | | | 121,152 | |
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Other current assets | 7,578 | | | 5,722 | | | 827 | | | — | | | 14,127 | |
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Total current assets | 31,196 | | | 270,955 | | | 20,249 | | | — | | | 322,400 | |
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Property, plant, and equipment, net | — | | | 119,587 | | | 12,165 | | | — | | | 131,752 | |
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Goodwill | — | | | 334,123 | | | 7,051 | | | — | | | 341,174 | |
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Acquired intangibles | — | | | 86,014 | | | 5,763 | | | — | | | 91,777 | |
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Other assets | 3,415 | | | 3,643 | | | 1 | | | — | | | 7,059 | |
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Investment in subsidiaries | 652,689 | | | 33,259 | | | — | | | (685,948 | ) | | — | |
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| $ | 687,300 | | | $ | 847,581 | | | $ | 45,229 | | | $ | (685,948 | ) | | $ | 894,162 | |
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Liabilities and Shareholders’ Equity | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Accounts payable | $ | — | | | $ | 62,464 | | | $ | 7,161 | | | $ | — | | | $ | 69,625 | |
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Accrued expenses | 5,551 | | | 42,418 | | | 1,910 | | | — | | | 49,879 | |
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Current maturities of long-term debt | — | | | 409 | | | — | | | — | | | 409 | |
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Total current liabilities | 5,551 | | | 105,291 | | | 9,071 | | | — | | | 119,913 | |
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Long-term debt | 210,000 | | | 3,598 | | | — | | | — | | | 213,598 | |
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Deferred income taxes | — | | | 52,746 | | | 2,378 | | | — | | | 55,124 | |
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Other non-current liabilities | — | | | 33,257 | | | 521 | | | — | | | 33,778 | |
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Shareholders’ equity | 471,749 | | | 652,689 | | | 33,259 | | | (685,948 | ) | | 471,749 | |
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| $ | 687,300 | | | $ | 847,581 | | | $ | 45,229 | | | $ | (685,948 | ) | | $ | 894,162 | |
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GIBRALTAR INDUSTRIES, INC. |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
NINE MONTHS ENDED SEPTEMBER 30, 2014 |
(in thousands) |
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| Gibraltar | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Industries, Inc. | Subsidiaries | Subsidiaries |
Cash Flows from Operating Activities | | | | | | | | | |
Net cash (used in) provided by operating activities of continuing operations | $ | (13,297 | ) | | $ | 27,470 | | | $ | 4,012 | | | $ | — | | | $ | 18,185 | |
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Net cash used in operating activities of discontinued operations | — | | | (40 | ) | | — | | | — | | | (40 | ) |
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Net cash (used in) provided by operating activities | $ | (13,297 | ) | | $ | 27,430 | | | $ | 4,012 | | | $ | — | | | $ | 18,145 | |
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Cash Flows from Investing Activities | | | | | | | | | |
Purchases of property, plant, and equipment | — | | | (16,297 | ) | | (2,883 | ) | | — | | | (19,180 | ) |
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Other investing activities | — | | | 121 | | | — | | | — | | | 121 | |
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Net proceeds from sale of property and equipment | — | | | 5,955 | | | 3 | | | — | | | 5,958 | |
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Net cash used in investing activities | — | | | (10,221 | ) | | (2,880 | ) | | — | | | (13,101 | ) |
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Cash Flows from Financing Activities | | | | | | | | | |
Long-term debt payments | — | | | (407 | ) | | — | | | — | | | (407 | ) |
|
Purchase of treasury stock at market prices | (505 | ) | | — | | | — | | | — | | | (505 | ) |
|
Net proceeds from issuance of common stock | 508 | | | — | | | — | | | — | | | 508 | |
|
Intercompany financing | 13,195 | | | (12,573 | ) | | (622 | ) | | — | | | — | |
|
Excess tax benefit from stock compensation | 99 | | | — | | | — | | | — | | | 99 | |
|
Net cash provided by (used in) financing activities | 13,297 | | | (12,980 | ) | | (622 | ) | | — | | | (305 | ) |
|
Effect of exchange rate changes on cash | — | | | — | | | (765 | ) | | — | | | (765 | ) |
|
Net increase (decrease) in cash and cash equivalents | — | | | 4,229 | | | (255 | ) | | — | | | 3,974 | |
|
Cash and cash equivalents at beginning of year | — | | | 75,856 | | | 21,183 | | | — | | | 97,039 | |
|
Cash and cash equivalents at end of period | $ | — | | | $ | 80,085 | | | $ | 20,928 | | | $ | — | | | $ | 101,013 | |
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GIBRALTAR INDUSTRIES, INC. |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
NINE MONTHS ENDED SEPTEMBER 30, 2013 |
(in thousands) |
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| | | | | | | | | | | | | | | | | | | |
| Gibraltar | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Industries, Inc. | Subsidiaries | Subsidiaries |
Cash Flows from Operating Activities | | | | | | | | | |
Net cash (used in) provided by operating activities of continuing operations | $ | (9,040 | ) | | $ | 44,203 | | | $ | 2,753 | | | $ | — | | | $ | 37,916 | |
|
Net cash used in operating activities of discontinued operations | — | | | (9 | ) | | — | | | — | | | (9 | ) |
|
Net cash (used in) provided by operating activities | (9,040 | ) | | 44,194 | | | 2,753 | | | — | | | 37,907 | |
|
Cash Flows from Investing Activities | | | | | | | | | |
Purchases of property, plant, and equipment | — | | | (6,196 | ) | | (2,620 | ) | | — | | | (8,816 | ) |
|
Cash paid for acquisitions, net of cash acquired | — | | | (5,344 | ) | | — | | | — | | | (5,344 | ) |
|
Net proceeds from sale of property and equipment | — | | | 12,434 | | | 13 | | | — | | | 12,447 | |
|
Net cash provided by (used in) investing activities | — | | | 894 | | | (2,607 | ) | | — | | | (1,713 | ) |
|
Cash Flows from Financing Activities | | | | | | | | | |
Long-term debt payments | (204,000 | ) | | (1,084 | ) | | — | | | — | | | (205,084 | ) |
|
Proceeds from long-term debt | 210,000 | | | — | | | — | | | — | | | 210,000 | |
|
Payment of note redemption fees | (3,702 | ) | | — | | | — | | | — | | | (3,702 | ) |
|
Purchase of treasury stock at market prices | (642 | ) | | — | | | — | | | — | | | (642 | ) |
|
Payment of deferred financing costs | (3,858 | ) | | — | | | — | | | — | | | (3,858 | ) |
|
Net proceeds from issuance of common stock | 342 | | | — | | | — | | | — | | | 342 | |
|
Intercompany financing | 10,838 | | | (10,211 | ) | | (627 | ) | | — | | | — | |
|
Excess tax benefit from stock compensation | 62 | | | — | | | — | | | — | | | 62 | |
|
Net cash provided by (used in) financing activities | 9,040 | | | (11,295 | ) | | (627 | ) | | — | | | (2,882 | ) |
|
Effect of exchange rate changes on cash | — | | | — | | | (492 | ) | | — | | | (492 | ) |
|
Net increase (decrease) in cash and cash equivalents | — | | | 33,793 | | | (973 | ) | | — | | | 32,820 | |
|
Cash and cash equivalents at beginning of year | — | | | 26,163 | | | 21,865 | | | — | | | 48,028 | |
|
Cash and cash equivalents at end of period | $ | — | | | $ | 59,956 | | | $ | 20,892 | | | $ | — | | | $ | 80,848 | |
|
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