|
|
|
|
|
Delaware
|
|
0-22462
|
|
16-1445150
|
(State or other jurisdiction of
incorporation )
|
|
(Commission File Number)
|
|
(IRS Employer Identification No.)
|
Item 2.02 Results of Operations and Financial Condition
|
3
|
|
||||
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers
|
3
|
|
||||
Item 5.07 Submission of Matters to a Vote of Security Holders
|
3
|
|
||||
Item 7.01 Regulation FD Disclosure
|
3
|
|
||||
Item 9.01 Financial Statements and Exhibits
|
5
|
|
||||
SIGNATURE
|
6
|
|
||||
EX - 10.1
|
|
|||||
EX - 99.1
|
|
Director
|
|
Votes Cast
For
|
|
Votes Cast Against
|
|
Abstain
|
|
Broker
Non-Votes
|
||||
Sharon M. Brady
|
|
28,371,171
|
|
|
37,901
|
|
|
8,747
|
|
|
1,374,306
|
|
Frank G. Heard
|
|
28,373,164
|
|
|
35,364
|
|
|
9,291
|
|
|
1,374,306
|
|
Craig A. Hindman
|
|
28,367,438
|
|
|
40,158
|
|
|
10,223
|
|
|
1,374,306
|
|
Vinod M. Khilnani
|
|
28,272,993
|
|
|
136,078
|
|
|
8,748
|
|
|
1,374,306
|
|
William P. Montague
|
|
26,893,362
|
|
|
1,515,717
|
|
|
8,740
|
|
|
1,374,306
|
|
James B. Nish
|
|
28,368,965
|
|
|
39,564
|
|
|
9,290
|
|
|
1,374,306
|
|
1 Year
|
|
2 Years
|
|
3 Years
|
|
Abstain
|
||||
22,722,221
|
|
|
19,021
|
|
|
5,671,869
|
|
|
4,708
|
|
Votes Cast For
|
|
Votes Cast Against
|
|
Abstain
|
|
Broker Non-Votes
|
||||
27,559,110
|
|
|
846,311
|
|
|
12,398
|
|
|
1,374,306
|
|
Votes Cast For
|
|
Votes Cast Against
|
|
Abstain
|
|
Broker Non-Votes
|
||||
28,247,678
|
|
|
157,469
|
|
|
12,672
|
|
|
1,374,306
|
|
Votes Cast For
|
|
Votes Cast Against
|
|
Abstain
|
|
Broker Non-Votes
|
||||
28,228,720
|
|
|
175,845
|
|
|
13,254
|
|
|
1,374,306
|
|
Votes Cast For
|
|
Votes Cast Against
|
|
Abstain
|
|
Broker Non-Votes
|
||||
27,811,595
|
|
|
596,411
|
|
|
9,813
|
|
|
1,374,306
|
|
Votes Cast For
|
|
Votes Cast Against
|
|
Abstain
|
|||
29,607,644
|
|
|
180,080
|
|
|
4,401
|
|
|
|
|
Exhibit No.
|
|
Description
|
10.1
|
|
First Amendment to the Gibraltar Industries, Inc. 2015 Equity Incentive Plan
|
99.1
|
|
Earnings Release issued by Gibraltar Industries, Inc. on May 5, 2017
|
|
|
|
|
|
|
|
GIBRALTAR INDUSTRIES, INC.
|
||
Date:
|
May 9, 2017
|
|
||
|
|
By:
|
/s/ Jeffrey J. Watorek
|
|
|
|
|
Jeffrey J. Watorek
|
|
|
|
|
Vice President, Treasurer and Secretary
|
|
Three Months Ended March 31,
|
||||||||||||||||
Dollars in millions
|
GAAP
|
|
Adjusted
|
||||||||||||||
|
2017
|
2016
|
% Change
|
|
2017
|
2016
|
% Change
|
||||||||||
Net Sales
|
$
|
207
|
|
$
|
238
|
|
(13
|
)%
|
|
$
|
207
|
|
$
|
238
|
|
(13
|
)%
|
Net Income
|
$
|
4.0
|
|
$
|
9.0
|
|
(56
|
)%
|
|
$
|
6.5
|
|
$
|
10.1
|
|
(36
|
)%
|
Diluted EPS
|
$
|
0.12
|
|
$
|
0.28
|
|
(57
|
)%
|
|
$
|
0.20
|
|
$
|
0.32
|
|
(38
|
)%
|
|
Three Months Ended March 31,
|
||||||||||||||||
Dollars in millions
|
GAAP
|
|
Adjusted
|
||||||||||||||
|
2017
|
2016
|
% Change
|
|
2017
|
2016
|
% Change
|
||||||||||
Net Sales
|
$
|
105
|
|
$
|
100
|
|
5
|
%
|
|
$
|
105
|
|
$
|
100
|
|
5
|
%
|
Operating Margin
|
15.0
|
%
|
12.2
|
%
|
+280 bps
|
|
|
15.1
|
%
|
13.2
|
%
|
+190 bps
|
|
|
Three Months Ended March 31,
|
||||||||||||||||
Dollars in millions
|
GAAP
|
|
Adjusted
|
||||||||||||||
|
2017
|
2016
|
% Change
|
|
2017
|
2016
|
% Change
|
||||||||||
Net Sales
|
$
|
50
|
|
$
|
80
|
|
(37
|
)%
|
|
$
|
50
|
|
$
|
80
|
|
(37
|
)%
|
Operating Margin
|
(0.1
|
)%
|
4.2
|
%
|
(430) bps
|
|
|
3.4
|
%
|
5.0
|
%
|
(160) bps
|
|
FY 2017 Guidance Reconciliation
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Gibraltar Industries
|
|
||||||||||||||||||||||
Dollars in millions, except EPS
|
Operating
|
|
Income
|
|
Net
|
|
Diluted
Earnings
|
|
||||||||||||||||
|
Income
|
|
Margin
|
|
Taxes
|
|
Income
|
|
Per Share
|
|
||||||||||||||
GAAP Measures
|
$
|
85-91
|
|
|
|
|
8.8 - 9.3%
|
|
|
|
$
|
25-28
|
|
|
|
$
|
44-48
|
|
|
|
$
|
1.37-1.50
|
|
|
Restructuring Costs
|
|
10
|
|
|
|
1.0
|
%
|
|
|
4
|
|
|
|
7
|
|
|
|
0.20
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Measures
|
$
|
95-101
|
|
|
|
|
9.8 - 10.3%
|
|
|
|
$
|
29-32
|
|
|
|
$
|
51-55
|
|
|
|
$
|
1.57-1.70
|
|
|
|
Three Months Ended
March 31, |
||||||
|
2017
|
|
2016
|
||||
Net Sales
|
$
|
206,605
|
|
|
$
|
237,671
|
|
Cost of sales
|
157,350
|
|
|
183,521
|
|
||
Gross profit
|
49,255
|
|
|
54,150
|
|
||
Selling, general, and administrative expense
|
39,576
|
|
|
36,389
|
|
||
Income from operations
|
9,679
|
|
|
17,761
|
|
||
Interest expense
|
3,576
|
|
|
3,691
|
|
||
Other expense (income)
|
54
|
|
|
(35
|
)
|
||
Income before taxes
|
6,049
|
|
|
14,105
|
|
||
Provision for income taxes
|
2,053
|
|
|
5,076
|
|
||
Net income
|
$
|
3,996
|
|
|
$
|
9,029
|
|
Net earnings per share:
|
|
|
|
||||
Basic
|
$
|
0.13
|
|
|
$
|
0.29
|
|
Diluted
|
$
|
0.12
|
|
|
$
|
0.28
|
|
Weighted average shares outstanding:
|
|
|
|
||||
Basic
|
31,688
|
|
|
31,423
|
|
||
Diluted
|
32,254
|
|
|
31,790
|
|
|
March 31, 2017
|
|
December 31,
2016 |
||||
|
(unaudited)
|
|
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
160,901
|
|
|
$
|
170,177
|
|
Accounts receivable, net
|
128,482
|
|
|
124,072
|
|
||
Inventories
|
86,943
|
|
|
89,612
|
|
||
Other current assets
|
5,957
|
|
|
7,336
|
|
||
Total current assets
|
382,283
|
|
|
391,197
|
|
||
Property, plant, and equipment, net
|
98,691
|
|
|
108,304
|
|
||
Goodwill
|
320,411
|
|
|
304,032
|
|
||
Acquired intangibles
|
112,533
|
|
|
110,790
|
|
||
Other assets
|
4,548
|
|
|
3,922
|
|
||
|
$
|
918,466
|
|
|
$
|
918,245
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
76,894
|
|
|
$
|
69,944
|
|
Accrued expenses
|
66,253
|
|
|
70,392
|
|
||
Billings in excess of cost
|
14,452
|
|
|
11,352
|
|
||
Current maturities of long-term debt
|
400
|
|
|
400
|
|
||
Total current liabilities
|
157,999
|
|
|
152,088
|
|
||
Long-term debt
|
209,433
|
|
|
209,237
|
|
||
Deferred income taxes
|
38,089
|
|
|
38,002
|
|
||
Other non-current liabilities
|
46,640
|
|
|
58,038
|
|
||
Shareholders’ equity:
|
|
|
|
||||
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; authorized 50,000 shares; 32,133 shares and 32,085 shares issued and outstanding in 2017 and 2016
|
321
|
|
|
320
|
|
||
Additional paid-in capital
|
265,809
|
|
|
264,418
|
|
||
Retained earnings
|
215,998
|
|
|
211,748
|
|
||
Accumulated other comprehensive loss
|
(7,016
|
)
|
|
(7,721
|
)
|
||
Cost of 552 and 530 common shares held in treasury in 2017 and 2016
|
(8,807
|
)
|
|
(7,885
|
)
|
||
Total shareholders’ equity
|
466,305
|
|
|
460,880
|
|
||
|
$
|
918,466
|
|
|
$
|
918,245
|
|
|
Three Months Ended
March 31, |
||||||
|
2017
|
|
2016
|
||||
Cash Flows from Operating Activities
|
|
|
|
||||
Net income
|
$
|
3,996
|
|
|
$
|
9,029
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
5,480
|
|
|
6,054
|
|
||
Stock compensation expense
|
1,635
|
|
|
1,348
|
|
||
Net loss (gain) on sale of assets
|
12
|
|
|
(189
|
)
|
||
Exit activity (recoveries) costs, non-cash
|
(917
|
)
|
|
910
|
|
||
Other, net
|
240
|
|
|
(220
|
)
|
||
Changes in operating assets and liabilities, excluding the effects of acquisitions:
|
|
|
|
||||
Accounts receivable
|
(4,462
|
)
|
|
14,880
|
|
||
Inventories
|
2,338
|
|
|
117
|
|
||
Other current assets and other assets
|
410
|
|
|
(254
|
)
|
||
Accounts payable
|
5,672
|
|
|
(5,101
|
)
|
||
Accrued expenses and other non-current liabilities
|
(12,061
|
)
|
|
(11,033
|
)
|
||
Net cash provided by operating activities
|
2,343
|
|
|
15,541
|
|
||
Cash Flows from Investing Activities
|
|
|
|
||||
Cash paid for acquisitions, net of cash acquired
|
(18,561
|
)
|
|
(2,314
|
)
|
||
Net proceeds from sale of property and equipment
|
9,233
|
|
|
57
|
|
||
Purchases of property, plant, and equipment
|
(1,453
|
)
|
|
(1,501
|
)
|
||
Other, net
|
—
|
|
|
1,118
|
|
||
Net cash used in investing activities
|
(10,781
|
)
|
|
(2,640
|
)
|
||
Cash Flows from Financing Activities
|
|
|
|
||||
Payment of debt issuance costs
|
—
|
|
|
(54
|
)
|
||
Purchase of treasury stock at market prices
|
(922
|
)
|
|
(414
|
)
|
||
Net proceeds from issuance of common stock
|
11
|
|
|
133
|
|
||
Net cash used in financing activities
|
(911
|
)
|
|
(335
|
)
|
||
Effect of exchange rate changes on cash
|
73
|
|
|
1,203
|
|
||
Net (decrease) increase in cash and cash equivalents
|
(9,276
|
)
|
|
13,769
|
|
||
Cash and cash equivalents at beginning of year
|
170,177
|
|
|
68,858
|
|
||
Cash and cash equivalents at end of period
|
$
|
160,901
|
|
|
$
|
82,627
|
|
|
|
Three Months Ended
March 31, 2017 |
||||||||||||||||||||||
|
|
As
Reported
In GAAP Statements
|
|
Restructuring Charges
|
|
Portfolio Management
|
|
Senior Leadership Transition Costs
|
|
Acquisition Related Items
|
|
Adjusted Financial Measures
|
||||||||||||
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential Products
|
|
$
|
104,551
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
104,551
|
|
Industrial & Infrastructure Products
|
|
50,718
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,718
|
|
||||||
Less Inter-Segment Sales
|
|
(456
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(456
|
)
|
||||||
|
|
50,262
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,262
|
|
||||||
Renewable Energy & Conservation
|
|
51,792
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,792
|
|
||||||
Consolidated sales
|
|
206,605
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
206,605
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential Products
|
|
15,641
|
|
|
164
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,805
|
|
||||||
Industrial & Infrastructure Products
|
|
(37
|
)
|
|
—
|
|
|
1,760
|
|
|
—
|
|
|
—
|
|
|
1,723
|
|
||||||
Renewable Energy & Conservation
|
|
3,340
|
|
|
—
|
|
|
1,050
|
|
|
—
|
|
|
—
|
|
|
4,390
|
|
||||||
Segments Income
|
|
18,944
|
|
|
164
|
|
|
2,810
|
|
|
—
|
|
|
—
|
|
|
21,918
|
|
||||||
Unallocated corporate expense
|
|
(9,265
|
)
|
|
28
|
|
|
—
|
|
|
347
|
|
|
102
|
|
|
(8,788
|
)
|
||||||
Consolidated income from operations
|
|
9,679
|
|
|
192
|
|
|
2,810
|
|
|
347
|
|
|
102
|
|
|
13,130
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense
|
|
3,576
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,576
|
|
||||||
Other expense
|
|
54
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54
|
|
||||||
Income before income taxes
|
|
6,049
|
|
|
192
|
|
|
2,810
|
|
|
347
|
|
|
102
|
|
|
9,500
|
|
||||||
Provision for income taxes
|
|
2,053
|
|
|
71
|
|
|
676
|
|
|
128
|
|
|
38
|
|
|
2,966
|
|
||||||
Net income
|
|
$
|
3,996
|
|
|
$
|
121
|
|
|
$
|
2,134
|
|
|
$
|
219
|
|
|
$
|
64
|
|
|
$
|
6,534
|
|
Net earnings per share – diluted
|
|
$
|
0.12
|
|
|
$
|
—
|
|
|
$
|
0.07
|
|
|
$
|
0.01
|
|
|
$
|
—
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating margin
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential Products
|
|
15.0
|
%
|
|
0.2
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
15.1
|
%
|
||||||
Industrial & Infrastructure Products
|
|
(0.1
|
)%
|
|
—
|
%
|
|
3.5
|
%
|
|
—
|
%
|
|
—
|
%
|
|
3.4
|
%
|
||||||
Renewable Energy & Conservation
|
|
6.4
|
%
|
|
—
|
%
|
|
2.0
|
%
|
|
—
|
%
|
|
—
|
%
|
|
8.5
|
%
|
||||||
Segments Margin
|
|
9.2
|
%
|
|
0.1
|
%
|
|
1.4
|
%
|
|
—
|
%
|
|
—
|
%
|
|
10.6
|
%
|
||||||
Consolidated
|
|
4.7
|
%
|
|
0.1
|
%
|
|
1.4
|
%
|
|
0.2
|
%
|
|
—
|
%
|
|
6.4
|
%
|
|
|
Three Months Ended
March 31, 2016 |
||||||||||||||
|
|
As Reported In GAAP Statements
|
|
Acquisition Related Items
|
|
Restructuring Charges
|
|
Adjusted Financial Measures
|
||||||||
Net Sales
|
|
|
|
|
|
|
|
|
||||||||
Residential Products
|
|
$
|
100,147
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
100,147
|
|
Industrial & Infrastructure Products
|
|
80,017
|
|
|
—
|
|
|
—
|
|
|
80,017
|
|
||||
Less Inter-Segment Sales
|
|
(367
|
)
|
|
—
|
|
|
—
|
|
|
(367
|
)
|
||||
|
|
79,650
|
|
|
—
|
|
|
—
|
|
|
79,650
|
|
||||
Renewable Energy & Conservation
|
|
57,874
|
|
|
—
|
|
|
—
|
|
|
57,874
|
|
||||
Consolidated sales
|
|
237,671
|
|
|
—
|
|
|
—
|
|
|
237,671
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income from operations
|
|
|
|
|
|
|
|
|
||||||||
Residential Products
|
|
12,231
|
|
|
—
|
|
|
1,018
|
|
|
13,249
|
|
||||
Industrial & Infrastructure Products
|
|
3,326
|
|
|
—
|
|
|
680
|
|
|
4,006
|
|
||||
Renewable Energy & Conservation
|
|
8,307
|
|
|
—
|
|
|
—
|
|
|
8,307
|
|
||||
Segments Income
|
|
23,864
|
|
|
—
|
|
|
1,698
|
|
|
25,562
|
|
||||
Unallocated corporate expense
|
|
(6,103
|
)
|
|
31
|
|
|
—
|
|
|
(6,072
|
)
|
||||
Consolidated income from operations
|
|
17,761
|
|
|
31
|
|
|
1,698
|
|
|
19,490
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
3,691
|
|
|
—
|
|
|
—
|
|
|
3,691
|
|
||||
Other income
|
|
(35
|
)
|
|
—
|
|
|
—
|
|
|
(35
|
)
|
||||
Income before income taxes
|
|
14,105
|
|
|
31
|
|
|
1,698
|
|
|
15,834
|
|
||||
Provision for income taxes
|
|
5,076
|
|
|
11
|
|
|
620
|
|
|
5,707
|
|
||||
Net income
|
|
$
|
9,029
|
|
|
$
|
20
|
|
|
$
|
1,078
|
|
|
$
|
10,127
|
|
Net earnings per share – diluted
|
|
$
|
0.28
|
|
|
$
|
—
|
|
|
$
|
0.04
|
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating margin
|
|
|
|
|
|
|
|
|
||||||||
Residential Products
|
|
12.2
|
%
|
|
—
|
%
|
|
1.0
|
%
|
|
13.2
|
%
|
||||
Industrial & Infrastructure Products
|
|
4.2
|
%
|
|
—
|
%
|
|
0.9
|
%
|
|
5.0
|
%
|
||||
Renewable Energy & Conservation
|
|
14.4
|
%
|
|
—
|
%
|
|
—
|
%
|
|
14.4
|
%
|
||||
Segments Margin
|
|
10.0
|
%
|
|
—
|
%
|
|
0.7
|
%
|
|
10.8
|
%
|
||||
Consolidated
|
|
7.5
|
%
|
|
—
|
%
|
|
0.7
|
%
|
|
8.2
|
%
|
||||
|
|
|
|
|
|
|
|
|