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Quanex Building Products Corporation Fiscal 2012 Fourth Quarter And Year-End Results

Stocks in this article: NX

Reported Operating Income of $0.03 per Diluted Share for the Quarter; $0.45 Loss for 2012 Nichols Aluminum Davenport Union Approved New 5 Year Contract in the Fourth Quarter Insulating Glass Spacer Facility Consolidation Completed in Fourth Quarter Engineered Products Group Outperformed its End Market in 2012

HOUSTON, Dec. 21, 2012 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX), a leading manufacturer of engineered materials, components and systems serving domestic and international window and door OEMs through its Engineered Products and Aluminum Sheet Products Groups, today released fiscal 2012 fourth quarter and year-end results for the period ending October 31, 2012.

Consolidated fourth quarter 2012 net sales were $235.0 million, compared to $233.0 million a year ago. Fourth quarter 2012 diluted income from continuing operations was $0.03 per share compared to diluted income of $0.17 per share in the year ago quarter.

Consolidated net sales for 2012 were $829.0 million, compared to $848.3 million last year. The decrease in consolidated net sales was primarily attributable to a $78.2 million decline in net sales at Nichols Aluminum. 2012 diluted loss from continuing operations was $0.45 per share, compared to $0.24 of diluted income per share last year. The 2012 operating loss was due primarily to the strike-related cost at Nichols, insulating glass (IG) facility consolidation costs, and on-going ERP implementation costs.

The table below details, on a per-share basis, certain income/expense items recognized in the fiscal fourth quarter of 2012 and 2011 and fiscal year 2012 and 2011 and computes a non-GAAP figure, called Income As Adjusted, for each period.

Diluted Earnings (Loss) As Reported Segment Q4 2012 Q4 2011 FY 2012 FY 2011
(Per Share Basis)          
Income As Reported   $0.03  $0.17 $(0.45)  $0.24
Benefit (Reduction) to EPS:           
 Strike Related Nichols     ---   ---   (0.20)   ---
 Facility Consolidations EPG   0.01   0.01   (0.14)  (0.04)
 IG Warranty Reserve EPG   ---   0.01   0.01  (0.03)
 Asset Impairment EPG   (0.02)  (0.03)   (0.02)  (0.03)
 Transaction Related Corp   ---  (0.01)  ---  (0.09)
 ERP Implementation Corp   (0.04)  (0.01)   (0.12)  (0.02)
 LIFO Income (Charge) Corp   0.03  0.03   0.03  (0.04)
Diluted Earnings (Loss) As Adjusted*   $0.05 $0.17 $(0.01) $0.49
(Per Share Basis)          

* Please see page 4 of this press release for a discussion of our use of Non-GAAP Financial Measures.

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