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Cornerstone Building Brands Announces First-Quarter 2020 Results

May, 12, 2020
  • Exceeded expectations and delivered third consecutive quarter of margin expansion in all segments
  • Ample liquidity with $476 million of cash and cash equivalents and no near-term debt maturities
  • Decisive actions taken in response to COVID-19 to ensure safety of employees and business continuity
  • Implemented meaningful initiatives to adjust the Company’s cost structure
  • Financial discipline and long-term fundamentals position the Company for a strong recovery

CARY, N.C.--(BUSINESS WIRE)-- Cornerstone Building Brands, Inc. (NYSE: CNR) (the “Company”), a leading provider of exterior building products, today reported first-quarter 2020 net sales of $1,113.8 million, up 4.6 percent from the same period a year ago. Adjusted for acquisitions, first-quarter 2020 pro formanet sales1 were $1,122.2 million as compared to pro formanet sales1 of $1,088.7 million for first-quarter 2019. The increase was primarily driven by positive price/mix and higher volume.

In the first quarter of 2020, the Company recorded a net loss of $542.1 million, including a non-cash pre-tax goodwill impairment accounting adjustment of $503.2 million related to the COVID-19 pandemic. Excluding the accounting adjustment, first-quarter 2020 net loss was $38.9 million, a 35.2 percent improvement from the net loss of $60.0 million during first-quarter 2019.

Pro forma Adjusted EBITDA1 was $98.1 million or 8.7 percent of pro forma net sales1, an improvement of 210 basis points from the same pro forma period a year ago. The improvement was primarily driven by favorable price/mix, net of inflation partially offset by higher direct labor and other compensation and benefits costs.

"Our team’s focus on executing our strategy delivered profitability that exceeded our guidance expectations for the first quarter," said James S. Metcalf, Chairman and Chief Executive Officer. "Price leadership and continuous improvement are core competencies of our business model that have driven margin expansion in all segments for three consecutive quarters.”

“Now, as we navigate the uncertainty of the COVID-19 pandemic, we have been focused on taking decisive actions to protect the health and safety of our employees and customers, and the ongoing strength of our Company. Our extensive operating footprint provides us with the flexibility to manage production schedules to ensure that our customers continue to receive quality products without disruption. We have also taken necessary actions to safeguard our solid financial position, strengthen liquidity, and improve cash generation. While it remains unclear how long this pandemic and the related economic challenges will last, I believe in the resiliency of Cornerstone Building Brands, and I am confident that the actions we are taking will help us emerge even stronger than before,” Metcalf concluded.

Segment Results

During the first-quarter of 2020, there were four additional ship days contributing to the favorable year-over-year variance:

  • Windows segment net sales increased 6.4 percent and gross profit as a percent of net sales improved 170 basis points primarily from favorable price/mix, net of inflation, within the U.S. Windows business and achieved cost savings in manufacturing.
  • Siding segment net sales increased 10.4 percent and gross profit as a percent of net sales improved 930 basis points. Adjusted for acquisition impacts, Siding segment net sales increased 3.0 percent and gross margin expanded 230 basis points primarily from favorable price/mix, net of inflation.
  • Commercial segment net sales were about flat and gross profit as a percent of net sales improved 180 basis points primarily from favorable price/mix, net of inflation, partially offset by higher manufacturing expenses.

COVID-19 Response and Update

The health and safety of our employees, customers, and communities is our number one priority. Throughout this pandemic, Cornerstone Building Brands has been adhering to mandates and other guidance from local governments and health authorities, including the World Health Organization and the Centers for Disease Control and Prevention. The Company has taken extraordinary measures and invested in practices to protect employees and reduce the risk of spreading the virus, while continuing to operate where permitted and to the extent possible. These actions include additional cleaning of our facilities, staggering crews, incorporating visual cues to reinforce social distancing, providing face coverings and gloves, as well as implementing daily health validation at our manufacturing and office facilities.

Across all of our businesses, our teams are in constant communication with customers, along with suppliers and government officials, to maintain business continuity without disruption. The Company has continued operations as an ‘essential’ business, delivering quality products to our customers. Cornerstone Building Brands has remained flexible, effectively managing production schedules in response to short-term shutdowns for extensive cleaning, and changes in demand due to the pandemic.

Additionally, the Company has been taking prudent and precautionary actions to maintain financial flexibility and enhance liquidity by:

  • Rationalizing facility and organizational structures
  • Reducing discretionary and non-essential expenses
  • Lowering 2020 capital expenditures
  • Effectively managing working capital
  • Drawing on its asset-based revolving credit facility and cash flow revolver

Balance Sheet and Liquidity

Cornerstone Building Brands has sufficient liquidity to meet its needs with $475.7 million of unrestricted cash and cash equivalents on the balance sheet as of April 4, 2020, no near-term debt maturities and a covenant-lite structure. Additionally, the Company had excess availability of $118.0 million on its asset-based revolving credit facility as of April 4, 2020.

Outlook

Given the continued uncertainty surrounding COVID-19, the Company has suspended its practice of providing segment sales and earnings guidance. Cornerstone Building Brands is anticipating net sales for second-quarter 2020 to be in line with, or better than, April 2020 net sales, which were 25 percent lower than pro forma net sales for the same period last year. The Company expects to maintain financial flexibility and enhance liquidity from the following significant cash generating actions:

  • Structural cost reduction initiatives totaling $80 million to $100 million
  • Near-term expense management actions totaling $40 million to $60 million in savings
  • Capital expenditure reduction of approximately $30 million
  • Effective working capital management of $100 million to $120 million

The Company plans to reinstate quarterly financial guidance at the earliest reasonable opportunity.

(1) Adjusted financial metrics used in this release are non-GAAP measures and refer to the results for 2020 and 2019. Pro forma financial metrics used in this release for results in 2020 and 2019 are also non-GAAP measures and adjust for other items affecting comparability. See reconciliations of GAAP results to adjusted results and pro forma results in the accompanying tables.


Conference Call Information

The Company will host a conference call at 9:00 a.m. EST on Wednesday, May 13 to discuss its financial performance with investors and securities analysts. The call will be webcast on the Company’s website, www.cornerstonebuildingbrands.com, in the Events & Presentations section of the Investors Page. The dial-in number for the conference call is 1-833-380-0405. After the live webcast, a telephonic replay of the call will be available until May 27, 2020. The replay dial-in number is 1-800-585-8367 and the replay code is 1196945. Additionally, the slide presentation to be used in connection with the Company’s webcast and conference call is available in the Investor Relations section of the Company’s website at www.cornerstonebuildingbrands.com.

About Cornerstone Building Brands

Cornerstone Building Brands is a leading manufacturer of exterior building products in North America. Headquartered in Cary, North Carolina, the Company serves residential and commercial customers across new construction and the repair & remodel markets. As the #1 manufacturer of windows, vinyl siding, insulated metal panels, metal roofing and wall systems and metal accessories, Cornerstone Building Brands combines a comprehensive portfolio of products with an expansive national footprint that includes approximately 20,000 employees at manufacturing, distribution and office locations throughout North America. For more information, visit us at www.cornerstonebuildingbrands.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “anticipate," “guidance,” “plan,” “potential,” “expect,” “should,” “will,” “forecast,” “target” 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, assumptions and/or beliefs concerning future events. As a result, these forward-looking statements rely on a number of assumptions, forecasts, and estimates and, therefore, 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. Such forward-looking statements may include, but are not limited to, statements concerning our market commentary and performance expectations. 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; challenging economic conditions affecting the nonresidential construction industry; downturns in the residential new construction and repair and remodeling end markets, or the economy or the availability of consumer credit; volatility in the United States (“U.S.”) economy and abroad, generally, and in the credit markets; the outbreak of a health epidemic or pandemic, including the coronavirus disease 2019 (“COVID-19”) pandemic; precautions taken due to the recent COVID-19 pandemic that could harm our business; impairment of goodwill and/or intangible assets; our ability to successfully develop new products or improve existing products; the effects of manufacturing or assembly realignments; seasonality of the business and other external factors beyond our control; commodity price volatility and/or limited availability of raw materials, including steel, PVC resin, glass and aluminum; our ability to identify and develop relationships with a sufficient number of qualified suppliers and to avoid a significant interruption in our supply chains; retention and replacement of key personnel; enforcement and obsolescence of our intellectual property rights; costs related to compliance with, violations of or liabilities under environmental, health and safety laws; changes in building codes and standards; competitive activity and pricing pressure in our industry; our ability to make strategic acquisitions accretive to earnings; our ability to carry out our restructuring plans and to fully realize the expected cost savings; global climate change, including legal, regulatory or market responses thereto; breaches of our information system security measures; damage to our computer infrastructure and software systems; necessary maintenance or replacements to our enterprise resource planning technologies; potential personal injury, property damage or product liability claims or other types of litigation; compliance with certain laws related to our international business operations; increases in labor costs, potential labor disputes, union organizing activity and work stoppages at our facilities or the facilities of our suppliers; significant changes in factors and assumptions used to measure certain of our defined benefit plan obligations and the effect of actual investment returns on pension assets; the cost and difficulty associated with integrating and combining acquired businesses; volatility of the Company’s stock price; substantial governance and other rights held by the Investors; the effect on our common stock price caused by transactions engaged in by the Investors, our directors or executives; our substantial indebtedness and our ability to incur substantially more indebtedness; limitations that our debt agreements place on our ability to engage in certain business and financial transactions; our ability to obtain financing on acceptable terms; downgrades of our credit ratings; and the effect of increased interest rates on our ability to service our debt. See also the “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and other risks described in documents subsequently filed by the Company from time to time with the SEC, which identify 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. The Company expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking statements, whether as a result of new information, future events, or otherwise.

Non-GAAP Financial Measures

This press release includes certain “non-GAAP financial measures” as defined under the Securities Exchange Act of 1934 and in accordance with Regulation G. Management believes the use of such non-GAAP financial measures assists investors in understanding the ongoing operating performance of the Company by presenting the financial results between periods on a more comparable basis. Such non-GAAP financial measures should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP at the end of this release.

     
     
     
     

CORNERSTONE BUILDING BRANDS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

April 4,

2020

 

March 30,

2019

Net sales

$

1,113,811

 

 

$

1,064,832

 

Cost of sales

882,924

 

 

878,915

 

Gross profit

230,887

 

 

185,917

 

 

20.7

%

 

17.5

%

 

 

 

 

 

 

Selling, general and administrative expenses

164,954

 

 

154,306

 

Intangible asset amortization

44,861

 

 

41,463

 

Restructuring and impairment charges, net

13,835

 

 

3,431

 

Strategic development and acquisition related costs

4,857

 

 

14,082

 

Goodwill impairment

503,171

 

 

 

Loss from operations

(500,791

)

 

(27,365

)

Interest income

338

 

 

215

 

Interest expense

(54,835

)

 

(58,286

)

Foreign exchange gain (loss)

(4,137

)

 

1,177

 

Other income (expense), net

(662

)

 

345

 

Loss before income taxes

(560,087

)

 

(83,914

)

Benefit for income taxes

(18,014

)

 

(23,897

)

 

3.2

%

 

28.5

%

 

 

 

 

 

 

Net loss

(542,073

)

 

(60,017

)

Net income allocated to participating securities

 

 

 

Net loss applicable to common shares

$

(542,073

)

 

$

(60,017

)

 

 

 

 

 

 

Loss per common share:

 

 

 

 

 

Basic

$

(4.30

)

 

$

(0.48

)

Diluted

$

(4.30

)

 

$

(0.48

)

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

Basic

126,093

 

 

125,503

 

Diluted

126,093

 

 

125,503

 

 

 

 

 

 

 

Increase in sales

4.6

%

 

152.7

%

 

 

 

 

 

 

Selling, general and administrative expenses percentage of net sales

14.8

%

 

14.5

%

 
 
 
 

CORNERSTONE BUILDING BRANDS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

 

 

 

April 4,

2020

 

December 31,

2019

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

475,701

 

 

$

98,386

 

Restricted cash

7,924

 

 

3,921

 

Accounts receivable, net

476,779

 

 

491,740

 

Inventories, net

460,405

 

 

439,194

 

Income taxes receivable

35,774

 

 

48,466

 

Investments in debt and equity securities, at market

2,891

 

 

3,776

 

Prepaid expenses and other

76,098

 

 

78,516

 

Assets held for sale

2,564

 

 

1,750

 

Total current assets

1,538,136

 

 

1,165,749

 

 

 

 

 

Property, plant and equipment, net

651,800

 

 

652,841

 

Lease right-of-use assets

301,332

 

 

316,155

 

Goodwill

1,183,432

 

 

1,669,594

 

Intangible assets, net

1,704,371

 

 

1,740,700

 

Deferred income taxes

1,292

 

 

7,510

 

Other assets, net

12,066

 

 

11,797

 

Total assets

$

5,392,429

 

 

$

5,564,346

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt

$

25,600

 

 

$

25,600

 

Accounts payable

219,300

 

 

205,629

 

Accrued compensation and benefits

62,279

 

 

92,130

 

Accrued interest

34,478

 

 

19,070

 

Accrued income taxes

5,523

 

 

Current portion of lease liabilities

69,307

 

 

72,428

 

Other accrued expenses

213,044

 

 

233,687

 

Total current liabilities

629,531

 

 

648,544

 

 

 

 

 

Long-term debt

3,612,610

 

 

3,156,924

 

Deferred income taxes

234,112

 

 

291,987

 

Long-term lease liabilities

232,660

 

 

243,780

 

Other long-term liabilities

335,628

 

 

287,793

 

Total long-term liabilities

4,415,010

 

 

3,980,484

 

 

 

 

 

Common stock

1,262

 

 

1,261

 

Additional paid-in capital

1,251,252

 

 

1,248,787

 

Accumulated deficit

(823,980

)

 

(281,229

)

Accumulated other comprehensive loss, net

(80,137

)

 

(32,398

)

Treasury stock, at cost

(509

)

 

(1,103

)

Total stockholders’ equity

347,888

 

 

935,318

 

 

 

 

 

Total liabilities and stockholders’ equity

$

5,392,429

 

 

$

5,564,346

 

     
     
     
     

CORNERSTONE BUILDING BRANDS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

April 4,

2020

 

March 30,

2019

Cash flows from operating activities:

 

 

 

 

 

Net loss

$

(542,073

)

 

$

(60,017

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

Depreciation and amortization

69,769

 

 

59,947

 

Non-cash interest expense

2,274

 

 

2,672

 

Share-based compensation expense

3,387

 

 

4,005

 

Non-cash fair value premium on purchased inventory

 

 

16,249

 

Goodwill impairment

503,171

 

 

 

Asset impairment

3,079

 

 

 

Provision for doubtful accounts

725

 

 

(189

)

Deferred income taxes

(35,734

)

 

(7,434

)

Changes in operating assets and liabilities, net of effect of acquisitions:

 

 

 

 

 

Accounts receivable

20,532

 

 

(43,635

)

Inventories

(20,724

)

 

16,704

 

Income taxes

18,212

 

 

(34,090

)

Prepaid expenses and other

1,554

 

 

18,524

 

Accounts payable

12,461

 

 

(7,216

)

Accrued expenses

(40,662

)

 

(12,373

)

Other, net

1,805

 

 

(1,869

)

Net cash used in operating activities

(2,224

)

 

(48,722

)

Cash flows from investing activities:

 

 

 

 

 

Acquisitions, net of cash acquired

(39,857

)

 

(182,418

)

Capital expenditures

(27,567

)

 

(27,190

)

Net cash used in investing activities

(67,424

)

 

(209,608

)

Cash flows from financing activities:

 

 

 

 

 

Proceeds from ABL facility

345,000

 

 

220,000

 

Proceeds from cash flow revolver

115,000

 

 

 

Payments on term loan

(6,405

)

 

(6,405

)

Payments related to tax withholding for share-based compensation

(327

)

 

(156

)

Net cash provided by financing activities

453,268

 

 

213,439

 

Effect of exchange rate changes on cash and cash equivalents

(2,302

)

 

911

 

Net increase (decrease) in cash, cash equivalents and restricted cash

381,318

 

 

(43,980

)

Cash, cash equivalents and restricted cash at beginning of period

102,307

 

 

147,607

 

Cash, cash equivalents and restricted cash at end of period

$

483,625

 

 

$

103,627

 

     
     
     
     

CORNERSTONE BUILDING BRANDS, INC.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

ADJUSTED NET LOSS PER DILUTED COMMON SHARE AND

NET LOSS COMPARISON

(In thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

April 4,

2020

 

March 30,

2019

Net loss per diluted common share, GAAP basis

$

(4.30

)

 

$

(0.48

)

Restructuring and impairment charges, net

0.11

 

 

0.03

 

Strategic development and acquisition related costs

0.04

 

 

0.11

 

Non cash loss (gain) on foreign currency transactions

0.03

 

 

(0.01

)

Non cash charge of purchase price allocated to inventories

 

 

0.13

 

Goodwill impairment

3.99

 

 

 

Customer inventory buybacks

 

 

 

COVID-19(3)

0.01

 

 

 

Other, net

0.01

 

 

0.01

 

Tax effect of applicable non-GAAP adjustments(1)

(1.09

)

 

(0.07

)

Adjusted net loss per diluted common share(2)

$

(1.20

)

 

$

(0.28

)

 

 

 

 

 

 

 

Three Months Ended

 

April 4,

2020

 

March 30,

2019

Net loss applicable to common shares, GAAP basis

$

(542,073

)

 

$

(60,017

)

Restructuring and impairment charges, net

13,992

 

 

3,431

 

Strategic development and acquisition related costs

4,857

 

 

14,082

 

Non cash loss (gain) on foreign currency transactions

4,137

 

 

(1,177

)

Non cash charge of purchase price allocated to inventories

 

 

16,249

 

Goodwill impairment

503,171

 

 

 

Customer inventory buybacks

120

 

 

242

 

COVID-19(3)

1,230

 

 

 

Other, net

1,138

 

 

724

 

Tax effect of applicable non-GAAP adjustments(1)

(137,448

)

 

(8,727

)

Adjusted net loss applicable to common shares(2)

$

(150,876

)

 

$

(35,193

)

(1)

The Company calculated the tax effect of non-GAAP adjustments by applying the applicable federal and state statutory tax rate for the period to each applicable non-GAAP item.

(2)

The Company discloses a tabular comparison of Adjusted net income (loss) per diluted common share and Adjusted net income (loss) applicable to common shares, 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 net income (loss) per diluted common share and Adjusted net income (loss) applicable to common shares should not be considered in isolation or as a substitute for net income (loss) per diluted common share and net income (loss) applicable to common shares as reported on the face of our consolidated statements of operations.

(3)

Costs included within the COVID-19 line item for the three months ended April 4, 2020 include incremental labor costs due to quarantine related absenteeism, incremental facility cleaning costs, pandemic related supplies and personal protective equipment for employees among other costs.

 

Certain amounts in this release have been subject to rounding adjustments. Accordingly, amounts shown as totals may not be the arithmetic aggregation of the individual amounts that comprise or precede them.

     

CORNERSTONE BUILDING BRANDS, INC.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

April 4,

2020

 

March 30,

2019

Operating loss, GAAP

$

(500,791

)

 

$

(27,365

)

Restructuring and impairment charges, net

13,992

 

 

3,431

 

Strategic development and acquisition related costs

4,857

 

 

14,082

 

Non cash charge of purchase price allocated to inventories

 

 

16,249

 

Goodwill impairment

503,171

 

 

 

Customer inventory buybacks

120

 

 

242

 

COVID-19

1,230

 

 

 

Other, net

1,138

 

 

724

 

Adjusted operating income

23,717

 

 

7,363

 

 

 

 

 

 

 

Other income (expense), net

(662

)

 

345

 

Depreciation and amortization

69,769

 

 

59,947

 

Share-based compensation expense

3,387

 

 

4,005

 

Adjusted EBITDA

96,211

 

 

71,660

 

 

 

 

 

 

 

Impact of Environmental Stoneworks and Kleary acquisitions(1)

1,869

 

 

481

 

Pro Forma Adjusted EBITDA

$

98,080

 

 

$

72,141

 

(1)

Reflects the Adjusted EBITDA of Environmental Stoneworks for the period January 1, 2019 to the acquisition date of February 20, 2019 and Kleary Masonry, Inc. for the periods January 1, 2019 to March 30, 2019 and January 1, 2020 to March 1, 2020.

   
   
   
   

CORNERSTONE BUILDING BRANDS, INC.

BUSINESS SEGMENTS

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

April 4, 2020

 

March 30, 2019

 

 

 

 

% of

Net Sales

 

 

% of

Net Sales

 

 

% Change

Net Sales

 

 

 

 

 

 

 

 

 

Windows

$

448,450

 

40.3

%

 

$

421,594

 

39.6

%

 

6.4

%

Siding

241,043

 

21.6

%

 

218,277

 

20.5

%

 

10.4

%

Commercial

424,318

 

38.1

%

 

424,961

 

39.9

%

 

(0.2

)%

Total net sales

$

1,113,811

 

100.0

%

 

$

1,064,832

 

100.0

%

 

4.6

%

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

Windows

$

74,001

 

16.5

%

 

$

62,340

 

14.8

%

 

18.7

%

Siding

59,042

 

24.5

%

 

33,176

 

15.2

%

 

78.0

%

Commercial

97,844

 

23.1

%

 

90,401

 

21.3

%

 

8.2

%

Total gross profit

$

230,887

 

20.7

%

 

$

185,917

 

17.5

%

 

24.2

%

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

 

 

 

 

 

 

 

 

Windows

$

(313,190

)

(69.8

)%

 

$

(4,319

)

(1.0

)%

 

7,151.4

%

Siding

(168,867

)

(70.1

)%

 

(11,654

)

(5.3

)%

 

1,349.0

%

Commercial

16,841

 

4.0

%

 

24,310

 

5.7

%

 

(30.7

)%

Corporate

(35,575

)

 

 

(35,702

)

%

 

(0.4

)%

Total operating loss

$

(500,791

)

(45.0

)%

 

$

(27,365

)

(2.6

)%

 

1,730.0

%

 
 
 
 

CORNERSTONE BUILDING BRANDS, INC.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

RECONCILIATION OF PRO FORMA SEGMENT INFORMATION

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

Reported

 

Acquisitions (1)(2)

 

Pro Forma

 

 

Three months ended March 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

 

 

 

 

 

 

Windows

$

421,594

 

 

$

 

 

$

421,594

 

 

 

Siding

218,277

 

 

23,909

 

 

242,186

 

 

 

Commercial

424,961

 

 

 

 

424,961

 

 

 

Total Net Sales

$

1,064,832

 

 

$

23,909

 

 

$

1,088,741

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

% of Net Sales

Windows

$

62,340

 

 

$

 

 

$

62,340

 

 

14.8

%

Siding

33,176

 

 

20,870

 

 

54,046

 

 

22.3

%

Commercial

90,401

 

 

 

 

90,401

 

 

21.3

%

Total Gross Profit

$

185,917

 

 

$

20,870

 

 

$

206,787

 

 

19.0

%

 

 

 

 

 

 

 

 

 

Reported

 

Acquisitions (1)

 

Pro Forma

 

 

Three months ended April 4, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

 

 

 

 

 

 

Windows

$

448,450

 

 

$

 

 

$

448,450

 

 

 

Siding

241,043

 

 

8,358

 

 

249,401

 

 

 

Commercial

424,318

 

 

 

 

424,318

 

 

 

Total Net Sales

$

1,113,811

 

 

$

8,358

 

 

$

1,122,169

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

% of Net Sales

Windows

$

74,001

 

 

$

 

 

$

74,001

 

 

16.5

%

Siding

59,042

 

 

2,300

 

 

61,342

 

 

24.6

%

Commercial

97,844

 

 

 

 

97,844

 

 

23.1

%

Total Gross Profit

$

230,887

 

 

$

2,300

 

 

$

233,187

 

 

20.8

%

(1) 

Acquisitions reflect the estimated impact for Environmental Stoneworks and Kleary Masonry, Inc.

(2) 

Gross margin adjustment for the non-cash inventory fair value step-up of $16.2 million associated with the Ply Gem merger and Environmental Stoneworks acquisition.

 
 

 

Investor Relations
Tina Beskid
1-866-419-0042
info@investors.cornerstonebuildingbrands.com

Source: Cornerstone Building Brands, Inc.

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