|
Supplemental Financial Information (Tables)
|
3 Months Ended |
|
Mar. 31, 2012
|
| Supplemental Financial Information [Abstract] |
|
| Schedule Of Consolidating Statements Of Operations |
INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2012 (in thousands)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gibraltar |
|
|
Guarantor |
|
|
Non-Guarantor |
|
|
Eliminations |
|
|
Total |
|
|
|
|
Industries, Inc. |
|
|
Subsidiaries |
|
|
Subsidiaries |
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ – |
|
$ |
169,900 |
|
$ |
27,614 |
|
$ |
(5,343 |
) |
$ |
192,171 |
|
|
Cost of sales |
|
– |
|
|
137,798 |
|
|
23,877 |
|
|
(4,985 |
) |
|
156,690 |
|
|
Gross profit |
|
– |
|
|
32,102 |
|
|
3,737 |
|
|
(358 |
) |
|
35,481 |
|
|
Selling, general, and administrative expense |
|
(30 |
) |
|
26,220 |
|
|
2,268 |
|
|
– |
|
|
28,458 |
|
|
Income from operations |
|
30 |
|
|
5,882 |
|
|
1,469 |
|
|
(358 |
) |
|
7,023 |
|
|
Interest expense (income) |
|
4,235 |
|
|
472 |
|
|
(33 |
) |
|
– |
|
|
4,674 |
|
|
Other income |
|
– |
|
|
(30 |
) |
|
(1 |
) |
|
– |
|
|
(31 |
) |
|
(Loss) income before taxes |
|
(4,205 |
) |
|
5,440 |
|
|
1,503 |
|
|
(358 |
) |
|
2,380 |
|
|
(Benefit of) provision for income taxes |
|
(1,575 |
) |
|
2,098 |
|
|
408 |
|
|
– |
|
|
931 |
|
|
(Loss) income from continuing operations |
|
(2,630 |
) |
|
3,342 |
|
|
1,095 |
|
|
(358 |
) |
|
1,449 |
|
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations before taxes |
|
– |
|
|
(137 |
) |
|
– |
|
|
– |
|
|
(137 |
) |
|
Benefit of income taxes |
|
– |
|
|
(50 |
) |
|
– |
|
|
– |
|
|
(50 |
) |
|
Loss from discontinued operations |
|
– |
|
|
(87 |
) |
|
– |
|
|
– |
|
|
(87 |
) |
|
|
|
Equity in earnings from subsidiaries |
|
4,350 |
|
|
1,095 |
|
|
– |
|
|
(5,445 |
) |
|
– |
|
|
|
|
Net income |
$ |
1,720 |
|
$ |
4,350 |
|
$ |
1,095 |
|
$ |
(5,803 |
) |
$ |
1,362 |
|
GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2011 (in thousands)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gibraltar |
|
|
Guarantor |
|
|
Non-Guarantor |
|
|
Eliminations |
|
|
Total |
|
|
|
|
Industries, Inc. |
|
|
Subsidiaries |
|
|
Subsidiaries |
|
|
|
|
|
|
|
|
Net sales |
|
$ – |
|
$ |
142,272 |
|
$ |
27,725 |
|
$ |
(6,434 |
) |
$ |
163,563 |
|
|
Cost of sales |
|
– |
|
|
115,219 |
|
|
24,115 |
|
|
(5,816 |
) |
|
133,518 |
|
|
Gross profit |
|
– |
|
|
27,053 |
|
|
3,610 |
|
|
(618 |
) |
|
30,045 |
|
|
Selling, general, and administrative expense |
|
(130 |
) |
|
20,778 |
|
|
2,175 |
|
|
– |
|
|
22,823 |
|
|
Income from operations |
|
130 |
|
|
6,275 |
|
|
1,435 |
|
|
(618 |
) |
|
7,222 |
|
|
Interest expense (income) |
|
4,345 |
|
|
111 |
|
|
(2 |
) |
|
– |
|
|
4,454 |
|
|
Other income |
|
– |
|
|
(16 |
) |
|
(7 |
) |
|
– |
|
|
(23 |
) |
|
(Loss) income before taxes |
|
(4,215 |
) |
|
6,180 |
|
|
1,444 |
|
|
(618 |
) |
|
2,791 |
|
|
(Benefit of) provision for income taxes |
|
(1,644 |
) |
|
2,433 |
|
|
561 |
|
|
– |
|
|
1,350 |
|
|
(Loss) income from continuing operations |
|
(2,571 |
) |
|
3,747 |
|
|
883 |
|
|
(618 |
) |
|
1,441 |
|
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations before taxes |
|
– |
|
|
12,727 |
|
|
219 |
|
|
– |
|
|
12,946 |
|
|
Provision for income taxes |
|
– |
|
|
5,877 |
|
|
101 |
|
|
– |
|
|
5,978 |
|
|
Income from discontinued operations |
|
– |
|
|
6,850 |
|
|
118 |
|
|
– |
|
|
6,968 |
|
|
Equity in earnings from subsidiaries |
|
11,598 |
|
|
1,001 |
|
|
– |
|
|
(12,599 |
) |
|
– |
|
|
|
|
Net income |
$ |
9,027 |
|
$ |
11,598 |
|
$ |
1,001 |
|
$ |
(13,217 |
) |
$ |
8,409 |
|
|
| Schedule Of Consolidated Statements Of Comprehensive Income |
|
| Schedule Of Consolidating Balance Sheets |
INDUSTRIES, INC. CONSOLIDATING BALANCE SHEETS
MARCH 31, 2012 (in thousands)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gibraltar |
|
Guarantor |
|
|
Non-Guarantor |
|
|
Eliminations |
|
|
Total |
|
|
|
Industries, Inc. |
|
Subsidiaries |
|
|
Subsidiaries |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
– |
$ |
18,491 |
|
$ |
16,836 |
|
$ |
– |
|
$ |
35,327 |
|
Accounts receivable, net |
|
– |
|
90,022 |
|
|
15,761 |
|
|
– |
|
|
105,783 |
|
Intercompany balances |
|
24,301 |
|
(2,152 |
) |
|
(22,149 |
) |
|
– |
|
|
– |
|
Inventories |
|
– |
|
109,955 |
|
|
9,701 |
|
|
– |
|
|
119,656 |
|
Other current assets |
|
1,574 |
|
9,052 |
|
|
2,001 |
|
|
– |
|
|
12,627 |
|
Total current assets |
|
25,875 |
|
225,368 |
|
|
22,150 |
|
|
– |
|
|
273,393 |
|
|
|
Property, plant, and equipment, net |
|
– |
|
138,168 |
|
|
12,017 |
|
|
– |
|
|
150,185 |
|
Goodwill |
|
– |
|
320,772 |
|
|
28,364 |
|
|
– |
|
|
349,136 |
|
Acquired intangibles |
|
– |
|
84,843 |
|
|
9,331 |
|
|
– |
|
|
94,174 |
|
Other assets |
|
2,709 |
|
4,580 |
|
|
1 |
|
|
– |
|
|
7,290 |
|
Investment in subsidiaries |
|
642,765 |
|
54,264 |
|
|
– |
|
|
(697,029 |
) |
|
– |
|
|
$ |
671,349 |
$ |
827,995 |
|
$ |
71,863 |
|
$ |
(697,029 |
) |
$ |
874,178 |
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
– |
$ |
69,329 |
|
$ |
9,795 |
|
$ |
– |
|
$ |
79,124 |
|
Accrued expenses |
|
5,143 |
|
35,139 |
|
|
3,342 |
|
|
– |
|
|
43,624 |
|
Current maturities of long-term debt |
|
– |
|
416 |
|
|
– |
|
|
– |
|
|
416 |
|
Total current liabilities |
|
5,143 |
|
104,884 |
|
|
13,137 |
|
|
– |
|
|
123,164 |
|
|
|
Long-term debt |
|
202,415 |
|
4,422 |
|
|
– |
|
|
– |
|
|
206,837 |
|
Deferred income taxes |
|
– |
|
52,079 |
|
|
3,835 |
|
|
– |
|
|
55,914 |
|
Other non-current liabilities |
|
– |
|
23,845 |
|
|
627 |
|
|
– |
|
|
24,472 |
|
Shareholders' equity |
|
463,791 |
|
642,765 |
|
|
54,264 |
|
|
(697,029 |
) |
|
463,791 |
|
|
$ |
671,349 |
$ |
827,995 |
|
$ |
71,863 |
|
$ |
(697,029 |
) |
$ |
874,178 |
GIBRALTAR INDUSTRIES, INC. CONSOLIDATING BALANCE SHEETS
DECEMBER 31, 2011 (in thousands)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gibraltar |
|
Guarantor |
|
Non-Guarantor |
|
|
|
|
|
|
|
|
|
Industries, Inc. |
|
Subsidiaries |
|
Subsidiaries |
|
|
Eliminations |
|
|
Total |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
– |
$ |
34,691 |
$ |
19,426 |
|
$ |
– |
|
$ |
54,117 |
|
Accounts receivable, net |
|
– |
|
77,395 |
|
13,200 |
|
|
– |
|
|
90,595 |
|
Intercompany balances |
|
16,762 |
|
4,811 |
|
(21,573 |
) |
|
– |
|
|
– |
|
Inventories |
|
– |
|
101,637 |
|
7,633 |
|
|
– |
|
|
109,270 |
|
Other current assets |
|
6,339 |
|
7,676 |
|
857 |
|
|
– |
|
|
14,872 |
|
Total current assets |
|
23,101 |
|
226,210 |
|
19,543 |
|
|
– |
|
|
268,854 |
|
|
|
Property, plant, and equipment, net |
|
– |
|
140,343 |
|
11,631 |
|
|
– |
|
|
151,974 |
|
Goodwill |
|
– |
|
320,771 |
|
27,555 |
|
|
– |
|
|
348,326 |
|
Acquired intangibles |
|
– |
|
86,160 |
|
9,105 |
|
|
– |
|
|
95,265 |
|
Other assets |
|
2,890 |
|
4,745 |
|
1 |
|
|
– |
|
|
7,636 |
|
Investment in subsidiaries |
|
637,628 |
|
52,173 |
|
– |
|
|
(689,801 |
) |
|
– |
|
|
|
|
$ |
663,619 |
$ |
830,402 |
$ |
67,835 |
|
$ |
(689,801 |
) |
$ |
872,055 |
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
– |
$ |
59,600 |
$ |
7,720 |
|
$ |
– |
|
$ |
67,320 |
|
Accrued expenses |
|
1,360 |
|
55,670 |
|
3,657 |
|
|
– |
|
|
60,687 |
|
Current maturities of long-term debt |
|
– |
|
417 |
|
– |
|
|
– |
|
|
417 |
|
Total current liabilities |
|
1,360 |
|
115,687 |
|
11,377 |
|
|
– |
|
|
128,424 |
|
|
|
Long-term debt |
|
202,323 |
|
4,423 |
|
– |
|
|
– |
|
|
206,746 |
|
Deferred income taxes |
|
– |
|
52,065 |
|
3,736 |
|
|
– |
|
|
55,801 |
|
Other non-current liabilities |
|
– |
|
20,599 |
|
549 |
|
|
– |
|
|
21,148 |
|
Shareholders' equity |
|
459,936 |
|
637,628 |
|
52,173 |
|
|
(689,801 |
) |
|
459,936 |
|
|
|
|
$ |
663,619 |
$ |
830,402 |
$ |
67,835 |
|
$ |
(689,801 |
) |
$ |
872,055 |
|
| Schedule Of Condensed Consolidating Statements Of Cash Flows |
INDUSTRIES, INC.
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2012 (in thousands)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gibraltar |
|
|
|
|
Non - |
|
|
|
|
|
|
|
|
|
Industries, |
|
|
Guarantor |
|
|
Guarantor |
|
|
|
|
|
|
|
|
|
Inc. |
|
|
Subsidiaries |
|
|
Subsidiaries |
|
|
Eliminations |
|
Total |
|
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities of continuing operations |
$ |
148 |
|
$ |
(13,582 |
) |
$ |
385 |
|
$ |
– |
$ |
(13,049 |
) |
|
Net cash used in operating activities of discontinued operations |
|
– |
|
|
(31 |
) |
|
– |
|
|
– |
|
(31 |
) |
|
Net cash provided by (used in) operating activities |
|
148 |
|
|
(13,613 |
) |
|
385 |
|
|
– |
|
(13,080 |
) |
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for acquisitions, net of cash acquired |
|
– |
|
|
– |
|
|
(2,705 |
) |
|
– |
|
(2,705 |
) |
|
Purchases of property, plant, and equipment |
|
– |
|
|
(2,315 |
) |
|
(428 |
) |
|
– |
|
(2,743 |
) |
|
Net proceeds from sale of property and equipment |
|
– |
|
|
8 |
|
|
– |
|
|
– |
|
8 |
|
|
Net cash used in investing activities |
|
– |
|
|
(2,307 |
) |
|
(3,133 |
) |
|
– |
|
(5,440 |
) |
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt payments |
|
– |
|
|
(2 |
) |
|
– |
|
|
– |
|
(2 |
) |
|
Purchase of treasury stock at market prices |
|
(888 |
) |
|
– |
|
|
– |
|
|
– |
|
(888 |
) |
|
Intercompany financing |
|
642 |
|
|
(278 |
) |
|
(364 |
) |
|
– |
|
– |
|
|
Excess tax benefit from stock compensation |
|
98 |
|
|
– |
|
|
– |
|
|
– |
|
98 |
|
|
Net cash used in financing activities |
|
(148 |
) |
|
(280 |
) |
|
(364 |
) |
|
– |
|
(792 |
) |
|
Effect of exchange rate changes on cash |
|
– |
|
|
– |
|
|
522 |
|
|
– |
|
522 |
|
|
Net decrease in cash and cash equivalents |
|
– |
|
|
(16,200 |
) |
|
(2,590 |
) |
|
– |
|
(18,790 |
) |
|
Cash and cash equivalents at beginning of year |
|
– |
|
|
34,691 |
|
|
19,426 |
|
|
– |
|
54,117 |
|
|
Cash and cash equivalents at end of period |
|
$ – |
|
$ |
18,491 |
|
$ |
16,836 |
|
$ |
– |
$ |
35,327 |
|
GIBRALTAR INDUSTRIES, INC.
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2011 (in thousands)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non - |
|
|
|
|
|
|
|
|
Gibraltar |
|
|
Guarantor |
|
|
Guarantor |
|
|
|
|
|
|
|
|
Industries, Inc. |
|
|
Subsidiaries |
|
|
Subsidiaries |
|
Eliminations |
|
Total |
|
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities of continuing operations |
$ |
130 |
|
$ |
(11,610 |
) |
$ |
2,056 |
|
$ – |
$ |
(9,424 |
) |
|
Net cash (used in) provided by operating activities of discontinued operations |
|
– |
|
|
(3,134 |
) |
|
48 |
|
– |
|
(3,086 |
) |
|
Net cash provided by (used in) operating activities |
|
130 |
|
|
(14,744 |
) |
|
2,104 |
|
– |
|
(12,510 |
) |
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from sale of businesses |
|
– |
|
|
58,000 |
|
|
– |
|
– |
|
58,000 |
|
|
Net proceeds from sale of property and equipment |
|
– |
|
|
463 |
|
|
– |
|
– |
|
463 |
|
|
Purchase of other investments |
|
– |
|
|
(250 |
) |
|
– |
|
– |
|
(250 |
) |
|
Purchases of property, plant, and equipment |
|
– |
|
|
(1,654 |
) |
|
(131 |
) |
– |
|
(1,785 |
) |
|
Net cash provided by (used in) investing activities |
|
– |
|
|
56,559 |
|
|
(131 |
) |
– |
|
56,428 |
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of treasury stock at market prices |
|
(730 |
) |
|
– |
|
|
– |
|
– |
|
(730 |
) |
|
Intercompany financing |
|
590 |
|
|
(2,281 |
) |
|
1,691 |
|
– |
|
– |
|
|
Net proceeds from issuance of common stock |
|
10 |
|
|
– |
|
|
– |
|
– |
|
10 |
|
|
Net cash (used in) provided by financing activities |
|
(130 |
) |
|
(2,281 |
) |
|
1,691 |
|
– |
|
(720 |
) |
|
|
|
Effect of exchange rate changes on cash |
|
– |
|
|
– |
|
|
440 |
|
– |
|
440 |
|
|
|
|
Net increase in cash and cash equivalents |
|
– |
|
|
39,534 |
|
|
4,104 |
|
– |
|
43,638 |
|
|
Cash and cash equivalents at beginning of year |
|
– |
|
|
46,349 |
|
|
14,517 |
|
– |
|
60,866 |
|
|
Cash and cash equivalents at end of period |
|
$ – |
|
$ |
85,883 |
|
$ |
18,621 |
|
$ – |
$ |
104,504 |
| |