Acquisitions

9 Months Ended

Nov. 30, 2013

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

Acquisitions

On November 5, 2013, the Company acquired all of the shares of Alumicor Limited (Alumicor), a privately held business, for $52.4 million, including cash acquired of $1.6 million. Alumicor is a window, storefront, entrance and curtainwall company primarily serving the Canadian commercial construction market. Alumicor's results of operations have been included in the consolidated financial statements and within the Architectural Framing Systems segment since the date of acquisition, including $4.8 million of sales and break-even results after approximately $0.5 million of acquisition-related expenses, which are included in selling, general and administrative expenses in the Company's consolidated results of operations.

The assets and liabilities of Alumicor were recorded in the consolidated balance sheet within the Architectural Framing Systems segment as of the acquisition date, at their respective fair values. The preliminary purchase price allocation is based on the estimated fair value of assets acquired and liabilities assumed and have been allocated as follows:

(In thousands)	November 5, 2013
Current assets	$	17,168
Property, plant and equipment	8,255
Goodwill	31,017
Current liabilities	(5,634		)
Net assets acquired	$	50,806

Because the acquisition was completed near quarter-end, all balances recorded are estimated amounts; the purchase price allocation is expected to be finalized in the fourth quarter, as the valuation of identifiable assets and liabilities is completed.

The following pro forma consolidated condensed financial results of operations for the three and nine-months ended November 30, 2013 and December 1, 2012 are presented as if the acquisition had been completed at the beginning of fiscal year 2013:

	Three Months Ended				Nine Months Ended
(In thousands, except per share data)	November 30, 2013		December 1, 2012		November 30, 2013		December 1, 2012
Net sales	$	210,613	$	207,359	$	595,451	$	563,579
Net income	10,595		10,028		22,516		18,439
Earnings per share
Basic	$	0.37	$	0.36	$	0.79	$	0.66
Diluted	0.36		0.35		0.77		0.65

These pro forma consolidated condensed financial results have been prepared for comparative purposes only and include certain adjustments, such as elimination of interest expense on pre-acquisition debt of the acquiree. The adjustments do not reflect the effect of synergies, integration costs and intangible amortization that would result from integration of this acquisition.