NCI Building Systems
was down 8.1% in Wednesday trading, an early morning whack that followed on the heels of negative trading in the after-hours session Tuesday when NCI Building released a fourth-quarter earnings loss.
The latest news from NCI continued to deteriorate the company's shares, which are down almost 90% this year, from a 52-week high of $18.15 to $1.90 in the pre-market session on Wednesday morning.
A potential bankruptcy had been looming for NCI, the makers of metal products for the nonresidential building industry, before it completed a refinancing in October.NCI reported a loss of $103.6 million, or $3.59 a share, versus net income of $24.6 million, or $1.26 a share in the year-earlier period.
In the prior quarter, NCI reported net income of $4 million or $0.20 per diluted share. Sales were a huge disappointment, plummeting 52% to $244.4 million. NCI's Gross margins rose to 24.8% from 24.4%.
NCI tried to sound a positive note about its balance sheet, while it acknowledged that, as far as industry dynamics, there is little reason to expect a quick turnaround. NCI CEO Norman Chambers said that the refinancing has strengthened NCI's balance sheet.
NCI announced on Wednesday morning the expiration of its previously announced cash tender offer, commenced on November 9, 2009, to purchase its outstanding 2.125% convertible senior subordinated notes due 2024.
-- Reported by Eric Rosenbaum in New York.
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