Gibraltar Industries (ROCK) 8-K Gibraltar Reports First-quarter Sales and Earnings

Exhibit 99.1

For Immediate Release
April 25, 2007

GIBRALTAR REPORTS FIRST-QUARTER SALES AND EARNINGS

Company Expects Results to Strengthen in the Second and Third Quarters

     BUFFALO, NEW YORK (April 25, 2006) — Gibraltar Industries, Inc. (NASDAQ: ROCK) today reported its sales and earnings for the quarter ended March 31, 2007. The Company also said that its business conditions began to strengthen significantly during the last two weeks of March, setting the stage for much stronger results in the second and third quarters.

     Sales from continuing operations in the first quarter of 2007 were $318 million, a slight decrease from $323 million in the first quarter of 2006. Income from continuing operations before restructuring costs was $6.6 million in the quarter ended March 31, 2007, compared to $11.7 million in the first quarter of 2006, a decrease of approximately 43.6 percent. Earnings per share from continuing operations before restructuring costs were $.22 in the first quarter of 2007, within the range Gibraltar provided on April 17.

     On a GAAP basis, income from continuing operations was $6.2 million and earnings per share from continuing operations amounted to $.21 in the first quarter of 2007. Restructuring costs, which primarily relate to the consolidation of Buffalo, New York-based facilities in the Processed Metal Products segment, amounted to $0.7 million pre-tax, or $.01 per share on an after-tax basis.

     A number of factors combined to negatively impact results for the quarter, including softer-than-anticipated conditions in the new housing market, inventory control programs at a number of the Company’s retail sector customers, and adverse weather conditions that affected the overall construction market.

     “As we said last week, our business began to improve in the second half of March, and we expect our results to strengthen considerably in the second quarter,” said Brian J. Lipke, Gibraltar’s Chairman and Chief Executive Officer. “Helping to offset the sharp downturn in the residential building market is continued strength in the commercial, industrial, and architectural markets, improving results in our Processed Metal Products segment, as well as the contributions from recent acquisitions.”

     “While sales growth remains an important part of our strategic focus, we recognize that top-line gains are secondary to EPS growth, higher ROIC, margin improvements, and better cash flow. We use these measurements in our decision-making process when we look at internal and external growth opportunities,” said Mr. Lipke.

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Gibraltar Reports First-Quarter Sales and Earnings
Page Two

     “We have taken a number of steps to streamline and consolidate our operations. We are in the process of combining two Buffalo-area steel-processing facilities into one location, which will significantly enhance the performance of that business, and we are aggressively taking steps to control and cut costs, drive down inventories, and extract efficiencies from all of our businesses,” said Henning N. Kornbrekke, Gibraltar’s President and Chief Operating Officer.

     “While these steps will have an immediate impact, longer term they will enhance the core operating characteristics of the Company and better position Gibraltar for improved performance. When our sales return to more normalized levels, these actions will help us to generate higher margins, better returns, and stronger earnings,” said Mr. Kornbrekke.

     In light of the operating environment discussed above, Mr. Kornbrekke said that, barring a significant change in business conditions, Gibraltar expects its second-quarter earnings per share before any unusual items will be in the range of $.43 to $.48.

     Gibraltar Industries is a leading manufacturer, processor, and distributor of products for the building, industrial, and vehicular markets. The company serves customers in a variety of industries in all 50 states and throughout the world. It has approximately 4,000 employees and operates 85 facilities in 26 states, Canada, China, England, Germany, and Poland. Gibraltar’s common stock is a component of the S&P SmallCap 600 and the Russell 2000^® Index.

     Information contained in this release, other than historical information, should be considered forward-looking, and may be subject to a number of risk factors, including: general economic conditions; the impact of the availability and the effects of changing raw material prices on the Company’s results of operations; energy prices and usage; the ability to pass through cost increases to customers; changing demand for the Company’s products and services; risks associated with the integration of acquisitions; and changes in interest or tax rates.

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Gibraltar will review its first-quarter results and discuss its outlook for the second quarter during its quarterly conference call, which will be held at 9 a.m. Eastern Time on April 26. Details of the call can be found on Gibraltar’s Web site, athttp://www.gibraltar1.com.

CONTACT: Kenneth P. Houseknecht, Vice President of Communications and Investor Relations, at 716/826-6500,khouseknecht@gibraltar1.com.

Gibraltar’s news releases, along with comprehensive information about the Company, are available on the Internet, athttp://www.gibraltar1.com.

Gibraltar Reports First-Quarter Sales and Earnings
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GIBRALTAR INDUSTRIES, INC.
Financial Highlights
(in thousands, except per share data)

	Three Months Ended
	March 31, 2007		March 31, 2006
Net sales	$	317,584	$	322,637
Income from continuing operations	$	6,168	$	11,733
Income per share from continuing operations — Basic	$	.21	$	.40
Weighted average shares outstanding — Basic		29,844		29,652
Income per share from continuing operations — Diluted	$	.21	$	.39
Weighted average shares outstanding — Diluted		30,056		29,944

GIBRALTAR INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)

	March 31,		December 31,
	2007		2006
Assets
Current assets:
Cash and cash equivalents	$	20,675	$	13,475
Accounts receivable		197,066		169,207
Inventories		248,797		254,991
Other current assets		19,082		18,107
Total current assets		485,620		455,780
Property, plant and equipment, net		245,189		243,138
Goodwill		388,874		374,821
Acquired intangibles, net		62,533		62,366
Investments in partnerships		2,719		2,440
Other assets		13,054		14,323
	$	1,197,989	$	1,152,868
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	92,003	$	71,308
Accrued expenses		47,255		50,771
Current maturities of long-term debt		2,555		2,336
Total current liabilities		141,813		124,415
Long-term debt		418,174		398,217
Deferred income taxes		71,320		70,981
Other non-current liabilities		12,578		9,027
Shareholders’ equity:
Preferred stock, $.01 par value; authorized: 10,000,000 shares; none outstanding		—		—
Common stock, $.01 par value; authorized 50,000,000 shares; issued 29,883,795 and 29,883,795 shares in 2007 and 2006, respectively		299		299
Additional paid-in capital		216,485		215,944
Retained earnings		335,354		332,920
Accumulated other comprehensive income		1,966		1,065
		554,104		550,228
Less: cost of 44,100 and 42,600 common shares held in treasury in 2007 and 2006		—		—
Total shareholders’ equity		554,104		550,228
	$	1,197,989	$	1,152,868

GIBRALTAR INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share date)

	Three Months Ended
	March 31,
	2007			2006
Net sales	$	317,584		$	322,637
Cost of sales		265,933			259,406
Gross profit		51,651			63,231
Selling, general and administrative expense		35,210			37,840
Income from operations		16,441			25,391
Other (income) expense:
Equity in partnerships’ income and other income		(362	)		(686	)
Interest expense		7,237			6,779
Total other expense		6,875			6,093
Income before taxes		9,566			19,298
Provision for income taxes		3,398			7,565
Income from continuing operations		6,168			11,733
Discontinued operations:
Income from discontinued operations before taxes		—			4,303
Income tax expense		—			1,639
Income from discontinued operations		—			2,664
Net income	$	6,168		$	14,397
Net income per share — Basic:
Income from continuing operations		.21			.40
Income from discontinued operations	$	.00		$	.09
Net Income	$	.21		$	.49
Weighted average shares outstanding — Basic		29,844			29,652
Net income per share — Diluted:
Income from continuing operations		.21			.39
Income from discontinued operations	$	.00		$	.09
Net Income	$	.21		$	.48
Weighted average shares outstanding — Diluted		30,056			29,944

GIBRALTAR INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

	Three Months Ended
	March 31,
	2007			2006
Cash flows from operating activities
Net income	$	6,168		$	14,397
Income from discontinued operations		—			2,664
Income from continuing operations		6,168			11,733
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		7,461			6,789
Provision for deferred income taxes		(229	)		—
Equity in partnerships’ (loss) income		279			131
Distributions from partnerships		—			188
Stock compensation expense		541			706
Other non-cash adjustments		3			25
Increase (decrease) in cash resulting from changes in (net of acquisitions):
Accounts receivable		(23,291	)		(31,252	)
Inventories		10,565			(16,970	)
Other current assets and other assets		384			73
Accounts payable		17,822			15,420
Accrued expenses and other non-current liabilities		(2,986	)		4,056
Net cash provided by (used in) continuing operations		16,717			(9,101	)
Net cash provided by discontinued operations		—			5,531
Net cash provided by (used in) operating activities		16,717			(3,570	)
Cash flows from investing activities
Purchases of property, plant and equipment		(5,369	)		(5,303	)
Net proceeds from sale of property and equipment		445			36
Acquisitions, net of cash acquired		(22,492	)		—
Net cash used in investing activities for continuing operations		(27,416	)		(5,267	)
Net cash used in investing activities for discontinued operations		—			(1,074	)
Net cash used in investing activities		(27,416	)		(6,341	)
Cash flows from financing activities
Long-term debt reduction		(3,675	)		(8,320	)
Proceeds from long-term debt		23,074			—
Payment of deferred financing costs		(8	)		(161	)
Net proceeds from issuance of common stock		—			552
Payment of dividends		(1,492	)		(1,487	)
Tax benefit from stock options		—			115
Net cash provided by (used in) financing activities		17,899			(9,301	)
Net increase (decrease) in cash and cash equivalents		7,200			(19,212	)
Cash and cash equivalents at beginning of year		13,475			28,529
Cash and cash equivalents at end of period	$	20,675		$	9,317

GIBRALTAR INDUSTRIES, INC.
Segment Information
(in thousands)

	Three Months Ended March 31,
							Increase (Decrease)
	2007			2006			$			%
Net Sales
Building products	$	207,226		$	214,742		$	(7,516	)		(3.5	%)
Processed metal products		110,358			107,895			2,463			2.3	%
Total Sales	$	317,584		$	322,637		$	(5,053	)		(1.6	%)
Income from Operations
Building products	$	18,731		$	31,271		$	(12,540	)		(40.1	%)
Processed metal products		4,427			5,819			(1,392	)		(23.9	%)
Corporate		(6,717	)		(11,699	)		4,982			(42.6	%)
Total Operating Income	$	16,441		$	25,391		$	(8,950	)		(35.2	%)
Operating Margin
Building products		9.0	%		14.6	%
Processed metal products		4.0	%		5.4	%