NCI BUILDING SYSTEMS, INC. (NYSE:NCS) Files An 8-K Results of Operations and Financial ConditionItem 2.02. Results of Operations and Financial Condition.
On August 28, 2018, NCI issued a press release (the “Press Release”) announcing NCI’s financial results for the third fiscal quarter ended July 29, 2018. A copy of the Press Release is attached as Exhibit 99.1.
Additionally, attached hereto as Exhibit 99.2 is a supplemental operational and financial presentation with the results for the third quarter ended July 29, 2018 and forward-looking statements relating to the fourth fiscal quarter and the fiscal year ending October 28, 2018 (the “Supplemental Presentation”). The Supplemental Presentation will be posted on the company’s website, www.ncibuildingsystems.com, on August 28, 2018.
NCI’s Press Release and Supplemental Presentation include Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income Applicable to Common Shares, Adjusted Net Income Per Diluted Common Share and Backlog, which are non-GAAP financial measures. Adjusted EBITDA excludes restructuring and impairment charges, strategic development and acquisition related costs, (gain) loss on disposition of business, acceleration of CEO retirement benefits, loss on sale of assets and asset recovery, share-based compensation, gain on insurance recovery, unreimbursed business interruption costs, and goodwill impairment. Adjusted Operating Income excludes restructuring and impairment charges, strategic development and acquisition related costs, (gain) loss on disposition of business, acceleration of CEO retirement benefits, loss on sale of assets and asset recovery, gain on insurance recovery, unreimbursed business interruption costs, and goodwill impairment. Adjusted Net Income Applicable to Common Shares and Adjusted Net Income Per Diluted Common Share exclude loss on extinguishment of debt, (gain) loss on disposition of business, restructuring and impairment charges, strategic development and acquisition related costs, acceleration of CEO retirement benefits, gain on insurance recovery, discrete tax effects of U.S. Tax Reform, and the tax effect of the applicable non-GAAP adjustments. Adjusted EBITDA is calculated based on the terms contained in NCI’s term loan credit agreement. Backlog represents the estimated amounts under contractual agreements for products expected to be delivered to our customers under the contractual terms.
Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income Applicable to Common Shares, Adjusted Net Income Per Diluted Common Share and Backlog are measures used by management and, therefore, provided to investors to provide comparability between periods of underlying operational results. Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income Applicable to Common Shares, Adjusted Net Income Per Diluted Common Share and Backlog should not be considered in isolation or as substitutes for net income, operating income, net income applicable to common shares, net income per diluted common share or revenue determined in accordance with generally accepted accounting principles in the United States. The non-GAAP financial measures and reconciliations thereof to the most directly comparable measures prepared in accordance with generally accepted accounting principles are included in the Press Release furnished as Exhibit 99.1 hereto and the Supplemental Presentation attached hereto as Exhibit 99.2.
The information in this Item 2.02, and in Exhibit 99.1 and Exhibit 99.2 which are attached to this Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section, nor shall they be deemed incorporated by reference in any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except in the event that NCI expressly states that such information is to be considered “filed” under the Exchange Act or incorporates it by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
NCI BUILDING SYSTEMS INC ExhibitEX-99.1 2 a2018q3exhibit991.htm EXHIBIT 99.1 Exhibit Exhibit 99.1NEWS RELEASENCI Building Systems ReportsThird Quarter 2018 ResultsHOUSTON,…To view the full exhibit click here
About NCI BUILDING SYSTEMS, INC. (NYSE:NCS)
NCI Building Systems, Inc. is a manufacturer and marketer of metal products for the non-residential construction industry. The Company operates through three segments: engineered building systems, metal components and metal coil coating. The metal coil coating segment consists of cleaning, treating, painting and slitting continuous steel coils before the steel is fabricated for use by construction and industrial users. The metal components segment products include metal roof and wall panels, doors, metal partitions, metal trim, insulated panels and other related accessories. The engineered building systems segment includes the manufacturing of main frames, Long Bay Systems, and engineering and drafting. It sells engineered building systems brand names: Metallic, Mid-West Steel, A & S, All American, Mesco, Star, Ceco, Robertson, Garco, Heritage and SteelBuilding.com. The Company operates approximately 40 manufacturing facilities in the United States, Mexico and China.