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Tue ,Dec 15, 2009
More Salt Water Warranty Options
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Thu ,Jun 25, 2009
NEW Screen-Mesh Gutter Protection from Southeastern Metals
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Fri ,May 15, 2009
NEW Verti-Lok Detail Manual Added to Semetals.com
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Wed ,May 13, 2009
Southeastern Metals's Offers Code Approved Products
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Fri ,Apr 24, 2009
Southeastern Metals' Products Qualify for $1,500 Tax Credit
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Thu ,Feb 28, 2008
Metal Architecture Features Southeastern Metals' Verti-Lok Metal Roofing
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Tue ,Feb 19, 2008
Gibraltar Industries Reports 2007 Sales and Earnings
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Fri ,Feb 01, 2008
Southeastern Metals Launches New Website
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Mon ,Jan 28, 2008
CopperXT Featured in Professional Roofing Magazine
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Wed ,Sep 05, 2007
Gutter Helmet Exhibits at 2007 Remodeling Show
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Wed ,Sep 05, 2007
Southeastern Metals Launches New CopperXT Product Line
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Tue ,Feb 19, 2008
Gibraltar Industries Reports 2007 Sales and Earnings
Gibraltar Industries, Inc. (NASDAQ:ROCK) reported its sales and net income for the quarter and year ended December 31, 2007.
In 2007, sales from continuing operations increased by approximately six percent to $1.3 billion, from $1.2 billion in 2006. Income from continuing operations before special charges was $36.0 million, or $1.19 per share, in 2007. Reported income from continuing operations was $31.1 million, or $1.03 per share, in 2007, compared to 2006 income from continuing operations of $50.1 million, or $1.67 per share.
Sales from continuing operations in the fourth quarter of 2007 were $309 million, an increase of approximately 11 percent compared to $278 million in the fourth quarter of 2006. The 2007 sales increase in both the annual and quarterly periods was the result of acquired businesses. Exclusive of acquisitions, sales decreased by approximately five percent when compared to the fourth quarter of 2006 and six percent on an annual basis.
Exclusive of the items referred to below, fourth-quarter results from continuing operations amounted to $1.1 million, or $.03 per share. Quarterly results were negatively impacted by several income tax-related charges including a higher-than-projected tax rate for the year. As pre-tax income fell below levels projected at the end of the third quarter, the impact of permanent differences between book and taxable income caused an increase in the effective tax rate used in the quarter. The result of the tax adjustments reduced earnings by $.03 per share. Fourth-quarter income from continuing operations was also negatively impacted by inventory purchase accounting adjustments from the Noll/NorWesCo and Florence acquisitions. The impact of expensing these charges on a pre-tax basis amounted to approximately $0.7 million, or $.01 per share after tax. Reported fourth-quarter results from continuing operations, after the effect of these items, was a loss of $0.3 million, or ($.01) per share. In 2006 fourth-quarter income from continuing operations was a profit of $.01 per share.
"We initiated a number of actions in 2007 that will provide positive momentum in the year ahead," said Brian J. Lipke, Gibraltar's Chairman and Chief Executive Officer. "We acquired three companies - Dramex, Noll/NorWesCo, and Florence - which together added annualized sales of approximately $160 million of higher-margin sales, while further diversifying our portfolio by increasing our participation in the still-growing commercial and industrial building markets. We also divested businesses, like our Hubbell service center and a small bath cabinet line, and we will continue to focus our resources and capital on those areas that provide the best strategic fit and produce the highest returns for our shareholders."
"In 2007, we took a number of steps to improve our operations, drive out costs, intensify our focus on asset management, and maximize our cash flow to pay down debt. Through facility consolidations (we have closed or consolidated 11 facilities since the beginning of 2007), improvements in our transportation and logistics, and ongoing cost reduction and lean manufacturing initiatives, we are significantly lowering our cost structure. We also have a number of initiatives underway to increase our share in targeted growth areas through new products, geographic expansion, and leveraging relationships with current customers," said Henning N. Kornbrekke, Gibraltar's President and Chief Operating Officer.
"Unfortunately, much of the progress we made in 2007 - through acquisitions, divestitures, improvements to our remaining businesses, and active asset and working capital management - has been obscured by lower volumes and adverse changes to our mix, which are solely the result of the sharp downturn in our two largest markets. Even though it is not fully apparent in this operating environment, our many activities to strengthen and strategically transform Gibraltar have better positioned the Company for new thresholds of performance as the markets we serve return to morenormal levels of activity," said Mr. Lipke.
"Even if difficult conditions do persist in our two primary markets - and our 2008 business forecast anticipates some additional softening in both the residential building and automotive markets - we see opportunities for improvement in the year ahead simply as a result of the stronger business platform we have built. Longer term, the actions we have taken have positioned us for significantly improved results once the markets we serve rebound and begin to move back toward more historic activity levels," said Mr. Kornbrekke.
Looking ahead, Mr. Kornbrekke said that, in spite of current market conditions, Gibraltar's ongoing efforts to make improvements in its business, along with many customers having worked through their year-end de-stocking actions, the Company expects its 2008 earnings per share from continuing operations will be in the range of $1.05 to $1.25 per share, compared to $1.03 in 2007, barring a significant change in business conditions.
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 78 facilities in 27 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. |
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