Form 8-K NCI BUILDING SYSTEMS For: Feb 28

February 28, 2018 5:27 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 8-K

________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 28, 2018

________________

NCI BUILDING SYSTEMS, INC.

(Exact name of registrant as specified in its charter)

________________



Delaware	1-14315	76-0127701
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)



10943 North Sam Houston Parkway West Houston, Texas	77064
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (281) 897-7788

________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:



	£	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

	£	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

	£	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

	£	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company £

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. £

Item 2.02 Results of Operations and Financial Condition.

The information disclosed under Item 7.01 hereof is also responsive to this Item 2.02 and is incorporated by reference into this Item 2.02.

Item 7.01. Regulation FD Disclosure.

On February 22, 2018, NCI Building Systems, Inc. (“NCI” or the “Company”) issued a press release (the “Press Release”) announcing changes to NCI’s reportable business segments, effective January 28, 2018, to align with changes in how the Company manages its business, reviews operating performance and allocates resources.

As of the first quarter, the Company will begin reporting results under four reportable segments which will be Engineered Building Systems, Metal Components, Insulated Metal Panels and Metal Coil Coating. Previously, operating results for the Insulated Metal Panel product line were included in the Metal Components segment. In addition, CENTRIA’s coil coating operations, which have also been included in the Metal Components segment since the Company’s acquisition of CENTRIA in January 2015, will now be reported within the Metal Coil Coating segment. The Company will begin reporting its financial results under the new reportable segments with the filing of its Form 10-Q for the quarter ending January 28, 2018.

Two years of historical financial results for previously reported quarterly and annual periods for fiscal 2016 and 2017 have been recast reflecting the four new reportable segments and are provided in Exhibit 99.1.



Prior Reporting Segments	New Reporting Segments
Engineered Building Systems	Engineered Building Systems
Metal Components	Metal Components
Metal Coil Coating	Insulated Metal Panels
	Metal Coil Coating

The NCI recast of historical financial results for changes to reportable business segments includes Adjusted EBITDA and Adjusted Operating Income (Loss), which are non-GAAP financial measures. Adjusted EBITDA excludes restructuring and impairment charges, strategic development and acquisition related costs, gain from bargain purchase, gain (loss) on sale of assets and asset recovery, goodwill impairment, share-based compensation, gain on insurance recovery and unreimbursed business interruption costs. Adjusted Operating Income (Loss) excludes restructuring and impairment charges, strategic development and acquisition related costs, gain (loss) on sale of assets and asset recovery, goodwill impairment, gain on insurance recovery and unreimbursed business interruption costs. Adjusted EBITDA is calculated based on the terms contained in NCI’s term loan credit agreement.

Adjusted EBITDA and Adjusted Operating Income (Loss) are measures used by management and, therefore, provided to investors to provide comparability between periods of underlying operational results. Adjusted EBITDA and Adjusted Operating Income (Loss) should not be considered in isolation or as substitutes for net income, operating income (loss), 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 NCI recast of historical financial results for changes to reportable business segments furnished as Exhibit 99.1 hereto.

The information in Items 2.02 and 7.01, and in Exhibit 99.1 which are attached to this Form 8-K are furnished to, but 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.



	(d)	Exhibits.



Exhibit Number		Description
99.1		NCI recast of historical financial results for changes to reportable business segments

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



NCI BUILDING SYSTEMS, INC.

By:	/s/ Mark E. Johnson
	Name:	Mark E. Johnson
	Title:	Executive Vice President, Chief Financial Officer and Treasurer

Date: February 28, 2018

NCI Building Systems, Inc.

Recast of Historical Financial Results for Changes to Reportable Business Segments

(Unaudited)



(In thousands)	Fiscal Three Months Ended												Fiscal Year Ended			Fiscal Three Months Ended												Fiscal Year Ended
	Jan 30, 2016			May 1, 2016			Jul 31, 2016			Oct 30, 2016			Oct 30, 2016			Jan 29, 2017			Apr 30, 2017			Jul 30, 2017			Oct 29, 2017			Oct 29, 2017
Total Sales:
Engineered Building Systems	$	148,975		$	138,023		$	181,029		$	204,208		$	672,235		$	151,263		$	162,624		$	191,910		$	188,183		$	693,980
Metal Components	123,353			130,293			166,512			166,532			586,690			134,173			154,895			166,305			181,288			636,661
Insulated Metal Panels	91,199			89,433			105,694			110,001			396,327			95,195			102,937			119,730			123,542			441,404
Metal Coil Coating	73,848			79,829			96,684			95,987			346,348			88,340			86,729			95,261			98,550			368,880
Total sales	437,375			437,578			549,919			576,728			2,001,600			468,971			507,185			573,206			591,563			2,140,925
Less: Intersegment sales	(67,361		)	(65,331		)	(87,566		)	(96,414		)	(316,672		)	(77,268		)	(86,721		)	(103,821		)	(102,837		)	(370,647		)
Total net sales	$	370,014		$	372,247		$	462,353		$	480,314		$	1,684,928		$	391,703		$	420,464		$	469,385		$	488,726		$	1,770,278

External Sales
Engineered Building Systems	$	145,950		$	134,454		$	175,471		$	196,596		$	652,471		$	145,021		$	154,456		$	182,164		$	178,222		$	659,863
Metal Components	102,744			111,748			140,560			139,968			495,020			115,557			133,290			140,639			155,183			544,669
Insulated Metal Panels	81,182			79,882			94,059			92,648			347,771			82,441			86,773			98,026			105,064			372,304
Metal Coil Coating	40,138			46,163			52,263			51,102			189,666			48,684			45,945			48,556			50,257			193,442
Total external sales	$	370,014		$	372,247		$	462,353		$	480,314		$	1,684,928		$	391,703		$	420,464		$	469,385		$	488,726		$	1,770,278

Operating Income
Engineered Building Systems	$	12,462		$	7,193		$	19,561		$	22,830		$	62,046		$	6,503		$	6,894		$	14,948		$	13,043		$	41,388
Metal Components	9,614			13,071			26,803			21,254			70,742			12,376			19,997			23,276			23,119			78,768
Insulated Metal Panels	5,414			2,782			8,911			7,513			24,620			2,192			19,377			11,468			14,895			47,932
Metal Coil Coating	5,895			6,686			10,531			9,310			32,422			6,706			6,227			7,107			1,419			21,459
Corporate	(18,126		)	(19,138		)	(22,271		)	(21,516		)	(81,051		)	(17,891		)	(20,023		)	(22,702		)	(19,151		)	(79,767		)
Total operating income	$	15,259		$	10,594		$	43,535		$	39,391		$	108,779		$	9,886		$	32,472		$	34,097		$	33,325		$	109,780

Adjusted Operating Income ⁽¹⁾
Engineered Building Systems	$	12,237		$	6,415		$	19,615		$	23,103		$	61,370		$	8,413		$	7,217		$	15,889		$	13,738		$	45,257
Metal Components	9,782			13,503			27,005			21,357			71,647			12,681			19,706			23,188			23,188			78,763
Insulated Metal Panels	5,897			2,986			8,979			7,917			25,779			2,192			10,387			11,711			15,696			39,986
Metal Coil Coating	5,895			6,725			10,531			9,310			32,461			6,706			6,227			7,107			7,419			27,459
Corporate	(17,086		)	(18,234		)	(21,050		)	(20,829		)	(77,199		)	(17,485		)	(19,899		)	(21,405		)	(18,786		)	(77,575		)
Total adjusted operating income	$	16,725		$	11,395		$	45,080		$	40,858		$	114,058		$	12,507		$	23,638		$	36,490		$	41,255		$	113,890


(1)	The Company discloses a tabular comparison of Adjusted operating income (loss), which is a non-GAAP measure, because it is instrumental in comparing the results from period to period. Adjusted operating income (loss) should not be considered in isolation or as a substitute for operating income (loss) as reported on the face of our statements of operations.

NCI Building Systems, Inc.

Recast of Historical Financial Results for Changes to Reportable Business Segments (continued)

(Unaudited)



(In thousands)	Fiscal Three Months Ended												Fiscal Year Ended			Fiscal Three Months Ended												Fiscal Year Ended
	Jan 30, 2016			May 1, 2016			Jul 31, 2016			Oct 30, 2016			Oct 30, 2016			Jan 29, 2017			Apr 30, 2017			Jul 30, 2017			Oct 29, 2017			Oct 29, 2017
Adjusted EBITDA ⁽²⁾
Engineered Building Systems	$	13,982		$	9,789		$	21,122		$	25,140		$	70,033		$	10,648		$	9,377		$	19,435		$	15,242		$	54,702
Metal Components	10,898			14,820			28,462			22,736			76,916			14,043			21,060			24,509			24,694			84,306
Insulated Metal Panels	10,856			7,126			13,368			12,113			43,463			6,619			14,985			16,016			20,794			58,414
Metal Coil Coating	7,952			8,891			12,747			11,159			40,749			8,843			8,236			9,170			9,484			35,733
Corporate	(14,565		)	(15,171		)	(17,871		)	(17,486		)	(65,093		)	(13,980		)	(16,689		)	(18,756		)	(16,273		)	(65,698		)
Total adjusted EBITDA	$	29,123		$	25,455		$	57,828		$	53,662		$	166,068		$	26,173		$	36,969		$	50,374		$	53,941		$	167,457

Operating Income Margin
Engineered Building Systems	8.4		%	5.2		%	10.8		%	11.2		%	9.2		%	4.3		%	4.2		%	7.8		%	6.9		%	6.0		%
Metal Components	7.8		%	10.0		%	16.1		%	12.8		%	12.1		%	9.2		%	12.9		%	14.0		%	12.8		%	12.4		%
Insulated Metal Panels	5.9		%	3.1		%	8.4		%	6.8		%	6.2		%	2.3		%	18.8		%	9.6		%	12.1		%	10.9		%
Metal Coil Coating	8.0		%	8.4		%	10.9		%	9.7		%	9.4		%	7.6		%	7.2		%	7.5		%	1.4		%	5.8		%
Consolidated	4.1		%	2.8		%	9.4		%	8.2		%	6.5		%	2.5		%	7.7		%	7.3		%	6.8		%	6.2		%

Adjusted Operating Income Margin
Engineered Building Systems	8.2		%	4.6		%	10.8		%	11.3		%	9.1		%	5.6		%	4.4		%	8.3		%	7.3		%	6.5		%
Metal Components	7.9		%	10.4		%	16.2		%	12.8		%	12.2		%	9.5		%	12.7		%	13.9		%	12.8		%	12.4		%
Insulated Metal Panels	6.5		%	3.3		%	8.5		%	7.2		%	6.5		%	2.3		%	10.1		%	9.8		%	12.7		%	9.1		%
Metal Coil Coating	8.0		%	8.4		%	10.9		%	9.7		%	9.4		%	7.6		%	7.2		%	7.5		%	7.5		%	7.4		%
Consolidated	4.5		%	3.1		%	9.8		%	8.5		%	6.8		%	3.2		%	5.6		%	7.8		%	8.4		%	6.4		%

Adjusted EBITDA Margin
Engineered Building Systems	9.4		%	7.1		%	11.7		%	12.3		%	10.4		%	7.0		%	5.8		%	10.1		%	8.1		%	7.9		%
Metal Components	8.8		%	11.4		%	17.1		%	13.7		%	13.1		%	10.5		%	13.6		%	14.7		%	13.6		%	13.2		%
Insulated Metal Panels	11.9		%	8.0		%	12.6		%	11.0		%	11.0		%	7.0		%	14.6		%	13.4		%	16.8		%	13.2		%
Metal Coil Coating	10.8		%	11.1		%	13.2		%	11.6		%	11.8		%	10.0		%	9.5		%	9.6		%	9.6		%	9.7		%
Consolidated	7.9		%	6.8		%	12.5		%	11.2		%	9.9		%	6.7		%	8.8		%	10.7		%	11.0		%	9.5		%

(2)

The Company's Credit Agreement defines Adjusted EBITDA. Adjusted EBITDA excludes non-cash charges for goodwill and other asset impairments and stock compensation as well as certain special charges. As such, the historical information is presented in accordance with the definition above. Concurrent with the amendment and restatement of the Term Loan facility, the Company entered into an Asset-Based Lending facility which has substantially the same definition of Adjusted EBITDA except that the ABL facility caps certain special charges. The Company is disclosing Adjusted EBITDA, which is a non-GAAP measure, because it is used by management and provided to investors to provide comparability of underlying operational results.



NCI BUILDING SYSTEMS, INC.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(Unaudited)

Consolidated

(In thousands)	Fiscal Three Months Ended												Fiscal Year Ended
	January 29, 2017			April 30, 2017			July 30, 2017			October 29, 2017			October 29, 2017
Total Net Sales	391,703			420,464			469,385			488,726			1,770,278

Operating Income, GAAP	9,886			32,472			34,097			33,325			109,780
Restructuring and impairment	2,264			315			1,009			1,709			5,297
Strategic development	357			124			1,297			193			1,971
Loss on sale of assets and asset recovery	—			137			—			—			137
Gain on insurance recovery	—			(9,601		)	(148		)	—			(9,749		)
Unreimbursed business interruption costs	—			191			235			28			454
Goodwill impairment	—			—			—			6,000			6,000
Adjusted Operating Income	12,507			23,638			36,490			41,255			113,890

Other income and expense	309			449			1,322			(62		)	2,018
Depreciation and amortization	10,315			10,062			10,278			10,664			41,319
Share-based compensation expense	3,042			2,820			2,284			2,084			10,230
Adjusted EBITDA	$	26,173		$	36,969		$	50,374		$	53,941		$	167,457

Year over year growth, Total Net Sales	5.9		%	13.0		%	1.5		%	1.8		%	5.1		%
Operating Income Margin	2.5		%	7.7		%	7.3		%	6.8		%	6.2		%
Adjusted Operating Income Margin	3.2		%	5.6		%	7.8		%	8.4		%	6.4		%
Adjusted EBITDA Margin	6.7		%	8.8		%	10.7		%	11.0		%	9.5		%

	Fiscal Three Months Ended												Fiscal Year Ended
	January 30, 2016			May 1, 2016			July 31, 2016			October 30, 2016			October 30, 2016
Total Net Sales	370,014			372,247			462,353			480,314			1,684,928

Operating Income, GAAP	15,259			10,594			43,535			39,391			108,779
Restructuring and impairment	1,510			1,149			778			815			4,252
Strategic development	681			579			819			590			2,669
(Gain)/loss on sale of assets and asset recovery	(725		)	(927		)	(52		)	62			(1,642		)
Adjusted Operating Income	16,725			11,395			45,080			40,858			114,058

Other income and expense	(931		)	827			(508		)	(192		)	(804		)
Depreciation and amortization	10,747			10,765			10,595			9,815			41,922
Share-based compensation expense	2,582			2,468			2,661			3,181			10,892
Adjusted EBITDA	$	29,123		$	25,455		$	57,828		$	53,662		$	166,068

Operating Income Margin	4.1		%	2.8		%	9.4		%	8.2		%	6.5		%
Adjusted Operating Income Margin	4.5		%	3.1		%	9.8		%	8.5		%	6.8		%
Adjusted EBITDA Margin	7.9		%	6.8		%	12.5		%	11.2		%	9.9		%



Engineered Building Systems

(In thousands)	Fiscal Three Months Ended												Fiscal Year Ended
	January 29, 2017			April 30, 2017			July 30, 2017			October 29, 2017			October 29, 2017
Total Sales	$	151,263		$	162,624		$	191,910		$	188,183		$	693,980
External Sales	145,021			154,456			182,164			178,222			659,863

Operating Income, GAAP	6,503			6,894			14,948			13,043			41,388
Restructuring and impairment	1,910			186			941			695			3,732
Loss on sale of assets and asset recovery	—			137			—			—			137
Adjusted Operating Income	8,413			7,217			15,889			13,738			45,257

Other income and expense	(41		)	(125		)	1,291			(694		)	431
Depreciation and amortization	2,276			2,285			2,255			2,198			9,014
Adjusted EBITDA	$	10,648		$	9,377		$	19,435		$	15,242		$	54,702

Year over year growth, Total sales	1.5		%	17.8		%	6.0		%	(7.8		)%	3.2		%
Year over year growth, External Sales	(0.6		)%	14.9		%	3.8		%	(9.3		)%	1.1		%
Operating Income Margin	4.3		%	4.2		%	7.8		%	6.9		%	6.0		%
Adjusted Operating Income Margin	5.6		%	4.4		%	8.3		%	7.3		%	6.5		%
Adjusted EBITDA Margin	7.0		%	5.8		%	10.1		%	8.1		%	7.9		%

	Fiscal Three Months Ended												Fiscal Year Ended
	January 30, 2016			May 1, 2016			July 31, 2016			October 30, 2016			October 30, 2016
Total Sales	$	148,975		$	138,023		$	181,029		$	204,208		$	672,235
External Sales	145,950			134,454			175,471			196,596			652,471

Operating Income, GAAP	12,462			7,193			19,561			22,830			62,046
Restructuring and impairment	500			149			106			211			966
(Gain)/loss on sale of assets and asset recovery	(725		)	(927		)	(52		)	62			(1,642		)
Adjusted Operating Income	12,237			6,415			19,615			23,103			61,370

Other income and expense	(749		)	938			(931		)	(362		)	(1,104		)
Depreciation and amortization	2,494			2,436			2,438			2,399			9,767
Adjusted EBITDA	$	13,982		$	9,789		$	21,122		$	25,140		$	70,033

Operating Income Margin	8.4		%	5.2		%	10.8		%	11.2		%	9.2		%
Adjusted Operating Income Margin	8.2		%	4.6		%	10.8		%	11.3		%	9.1		%
Adjusted EBITDA Margin	9.4		%	7.1		%	11.7		%	12.3		%	10.4		%



Metal Components

(In thousands)	Fiscal Three Months Ended												Fiscal Year Ended
	January 29, 2017			April 30, 2017			July 30, 2017			October 29, 2017			October 29, 2017
Total Sales	$	134,173		$	154,895		$	166,305		$	181,288		$	636,661
External Sales	115,557			133,290			140,639			155,183			544,669

Operating Income, GAAP	12,376			19,997			23,276			23,119			78,768
Restructuring and impairment	305			129			60			69			563
Gain on insurance recovery	—			(420		)	(148		)	—			(568		)
Adjusted Operating Income	12,681			19,706			23,188			23,188			78,763

Other income and expense	28			52			55			84			219
Depreciation and amortization	1,334			1,302			1,266			1,422			5,324
Adjusted EBITDA	$	14,043		$	21,060		$	24,509		$	24,694		$	84,306

Year over year growth, Total sales	8.8		%	18.9		%	(0.1		)%	8.9		%	8.5		%
Year over year growth, External Sales	12.5		%	19.3		%	0.1		%	10.9		%	10.0		%
Operating Income Margin	9.2		%	12.9		%	14.0		%	12.8		%	12.4		%
Adjusted Operating Income Margin	9.5		%	12.7		%	13.9		%	12.8		%	12.4		%
Adjusted EBITDA Margin	10.5		%	13.6		%	14.7		%	13.6		%	13.2		%

	Fiscal Three Months Ended												Fiscal Year Ended
	January 30, 2016			May 1, 2016			July 31, 2016			October 30, 2016			October 30, 2016
Total Sales	$	123,353		$	130,293		$	166,512		$	166,532		$	586,690
External Sales	102,744			111,748			140,560			139,968			495,020

Operating Income, GAAP	9,614			13,071			26,803			21,254			70,742
Restructuring and impairment	168			432			202			103			905
Adjusted Operating Income	9,782			13,503			27,005			21,357			71,647

Other income and expense	93			167			92			(27		)	325
Depreciation and amortization	1,023			1,150			1,365			1,406			4,944
Adjusted EBITDA	$	10,898		$	14,820		$	28,462		$	22,736		$	76,916

Operating Income Margin	7.8		%	10.0		%	16.1		%	12.8		%	12.1		%
Adjusted Operating Income Margin	7.9		%	10.4		%	16.2		%	12.8		%	12.2		%
Adjusted EBITDA Margin	8.8		%	11.4		%	17.1		%	13.7		%	13.1		%



Insulated Metal Panels

(In thousands)	Fiscal Three Months Ended												Fiscal Year Ended
	January 29, 2017			April 30, 2017			July 30, 2017			October 29, 2017			October 29, 2017
Total Sales	$	95,195		$	102,937		$	119,730		$	123,542		$	441,404
External Sales	82,441			86,773			98,026			105,064			372,304

Operating Income, GAAP	2,192			19,377			11,468			14,895			47,932
Restructuring and impairment	—			—			8			683			691
Strategic development	—			—			—			90			90
Gain on insurance recovery	—			(9,181		)	—			—			(9,181		)
Unreimbursed business interruption costs	—			191			235			28			454
Adjusted Operating Income	2,192			10,387			11,711			15,696			39,986

Other income and expense	35			340			(211		)	356			520
Depreciation and amortization	4,392			4,258			4,516			4,742			17,908
Adjusted EBITDA	$	6,619		$	14,985		$	16,016		$	20,794		$	58,414

Year over year growth, Total sales	4.4		%	15.1		%	13.3		%	12.3		%	11.4		%
Year over year growth, External Sales	1.6		%	8.6		%	4.2		%	13.4		%	7.1		%
Operating Income Margin	2.3		%	18.8		%	9.6		%	12.1		%	10.9		%
Adjusted Operating Income Margin	2.3		%	10.1		%	9.8		%	12.7		%	9.1		%
Adjusted EBITDA Margin	7.0		%	14.6		%	13.4		%	16.8		%	13.2		%

	Fiscal Three Months Ended												Fiscal Year Ended
	January 30, 2016			May 1, 2016			July 31, 2016			October 30, 2016			October 30, 2016
Total Sales	$	91,199		$	89,433		$	105,694		$	110,001		$	396,327
External Sales	81,182			79,882			94,059			92,648			347,771

Operating Income, GAAP	5,414			2,782			8,911			7,513			24,620
Restructuring and impairment	117			176			59			404			756
Strategic development	366			28			9			—			403
Adjusted Operating Income	5,897			2,986			8,979			7,917			25,779

Other income and expense	65			(543		)	32			270			(176		)
Depreciation and amortization	4,894			4,683			4,357			3,926			17,860
Adjusted EBITDA	$	10,856		$	7,126		$	13,368		$	12,113		$	43,463

Operating Income Margin	5.9		%	3.1		%	8.4		%	6.8		%	6.2		%
Adjusted Operating Income Margin	6.5		%	3.3		%	8.5		%	7.2		%	6.5		%
Adjusted EBITDA Margin	11.9		%	8.0		%	12.6		%	11.0		%	11.0		%



Metal Coil Coating

(In thousands)	Fiscal Three Months Ended												Fiscal Year Ended
	January 29, 2017			April 30, 2017			July 30, 2017			October 29, 2017			October 29, 2017
Total Sales	$	88,340		$	86,729		$	95,261		$	98,550		$	368,880
External Sales	48,684			45,945			48,556			50,257			193,442

Operating Income, GAAP	6,706			6,227			7,107			1,419			21,459
Goodwill impairment	—			—			—			6,000			6,000
Adjusted Operating Income	6,706			6,227			7,107			7,419			27,459

Other income and expense	31			—			—			—			31
Depreciation and amortization	2,106			2,009			2,063			2,065			8,243
Adjusted EBITDA	$	8,843		$	8,236		$	9,170		$	9,484		$	35,733

Year over year growth, Total sales	19.6		%	8.6		%	(1.5		)%	2.7		%	6.5		%
Year over year growth, External Sales	21.3		%	(0.5		)%	(7.1		)%	(1.7		)%	2.0		%
Operating Income Margin	7.6		%	7.2		%	7.5		%	1.4		%	5.8		%
Adjusted Operating Income Margin	7.6		%	7.2		%	7.5		%	7.5		%	7.4		%
Adjusted EBITDA Margin	10.0		%	9.5		%	9.6		%	9.6		%	9.7		%

	Fiscal Three Months Ended												Fiscal Year Ended
	January 30, 2016			May 1, 2016			July 31, 2016			October 30, 2016			October 30, 2016
Total Sales	$	73,848		$	79,829		$	96,684		$	95,987		$	346,348
External Sales	40,138			46,163			52,263			51,102			189,666

Operating Income, GAAP	5,895			6,686			10,531			9,310			32,422
Restructuring and impairment	—			39			—			—			39
Adjusted Operating Income	5,895			6,725			10,531			9,310			32,461

Other income and expense	2			—			2			—			4
Depreciation and amortization	2,055			2,166			2,214			1,849			8,284
Adjusted EBITDA	$	7,952		$	8,891		$	12,747		$	11,159		$	40,749

Operating Income Margin	8.0		%	8.4		%	10.9		%	9.7		%	9.4		%
Adjusted Operating Income Margin	8.0		%	8.4		%	10.9		%	9.7		%	9.4		%
Adjusted EBITDA Margin	10.8		%	11.1		%	13.2		%	11.6		%	11.8		%



Corporate

(In thousands)	Fiscal Three Months Ended												Fiscal Year Ended
	January 29, 2017			April 30, 2017			July 30, 2017			October 29, 2017			October 29, 2017
Operating Loss, GAAP	$	(17,891	)	$	(20,023	)	$	(22,702	)	$	(19,151	)	$	(79,767	)
Restructuring and impairment	49			—			—			262			311
Strategic development	357			124			1,297			103			1,881
Adjusted Operating Loss	(17,485		)	(19,899		)	(21,405		)	(18,786		)	(77,575		)

Other income and expense	256			182			187			192			817
Depreciation and amortization	207			208			178			237			830
Share-based compensation expense	3,042			2,820			2,284			2,084			10,230
Adjusted EBITDA	$	(13,980	)	$	(16,689	)	$	(18,756	)	$	(16,273	)	$	(65,698	)

	Fiscal Three Months Ended												Fiscal Year Ended
	January 30, 2016			May 1, 2016			July 31, 2016			October 30, 2016			October 30 2016
Operating Loss, GAAP	$	(18,126	)	$	(19,138	)	$	(22,271	)	$	(21,516	)	$	(81,051	)
Restructuring and impairment	725			353			411			97			1,586
Strategic development	315			551			810			590			2,266
Adjusted Operating Loss	(17,086		)	(18,234		)	(21,050		)	(20,829		)	(77,199		)

Other income and expense	(342		)	265			297			(73		)	147
Depreciation and amortization	281			330			221			235			1,067
Share-based compensation expense	2,582			2,468			2,661			3,181			10,892
Adjusted EBITDA	$	(14,565	)	$	(15,171	)	$	(17,871	)	$	(17,486	)	$	(65,093	)

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