20. SUPPLEMENTAL FINANCIAL INFORMATION

The following information sets forth the consolidating summary financial statements of the issuer (Gibraltar Industries, Inc.) and guarantors, which guarantee the Senior Subordinated 8% Notes due December 1, 2015, and the non-guarantors. The guarantors are wholly owned subsidiaries of the issuer and the guarantees are full, unconditional, joint and several.

Investments in subsidiaries are accounted for by the parent using the equity method of accounting. The guarantor subsidiaries and non-guarantor subsidiaries are presented on a combined basis. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions.


GIBRALTAR INDUSTRIES, INC.
CONSOLIDATING STATEMENTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 2011
(in thousands)

	Gibraltar Industries, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Net sales	$	–	$	198,469	$	26,134	$	(4,507)	$	220,096
Cost of sales		–		159,372		22,204		(4,443)		177,133
Gross profit		–		39,097		3,930		(64)		42,963
Selling, general, and administrative expense		183		21,915		2,504		–		24,602
(Loss) income from operations		(183)		17,182		1,426		(64)		18,361
Interest (expense) income		(4,349)		(568)		48		–		(4,869)
Other income (expense)		–		8		(23)		–		(15)
(Loss) income before taxes		(4,532)		16,622		1,451		(64)		13,477
(Benefit of) provision for income taxes		(1,768)		7,398		464		–		6,094
(Loss) income from continuing operations		(2,764)		9,224		987		(64)		7,383

Discontinued operations:
Loss before taxes		–		(276)		–		–		(276)
Provision for income taxes		–		193		–		–		193
Loss from discontinued operations		–		(469)		–		–		(469)

Equity in earnings from subsidiaries		9,742		987		–		(10,729)		–

Net income	$	6,978	$	9,742	$	987	$	(10,793)	$	6,914


GIBRALTAR INDUSTRIES, INC.
CONSOLIDATING STATEMENTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 2010
(in thousands)

	Gibraltar Industries, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Net sales	$	–	$	151,456	$	22,389	$	(4,104)	$	169,741
Cost of sales		–		126,910		19,844		(4,511)		142,243
Gross profit		–		24,546		2,545		407		27,498
Selling, general, and administrative expense		(312)		21,513		2,061		–		23,262
Income from operations		312		3,033		484		407		4,236
Interest (expense) income		(4,343)		(89)		3		–		(4,429)
Other income		–		21		9		–		30
(Loss) income before taxes		(4,031)		2,965		496		407		(163)
(Benefit of) provision for income taxes		(1,702)		581		177		–		(944)
(Loss) income from continuing operations		(2,329)		2,384		319		407		781

Discontinued operations:
Income before taxes		–		575		102		–		677
Provision for income taxes		–		242		19		–		261
Income from discontinued operations		–		333		83		–		416

Equity in earnings from subsidiaries		3,119		402		–		(3,521)		–

Net income	$	790	$	3,119	$	402	$	(3,114)	$	1,197


GIBRALTAR INDUSTRIES, INC.
CONSOLIDATING STATEMENTS OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 2011
(in thousands)

	Gibraltar Industries, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Net sales	$	–	$	526,963	$	81,416	$	(15,913)	$	592,466
Cost of sales		–		419,545		69,222		(14,737)		474,030
Gross profit		–		107,418		12,194		(1,176)		118,436
Selling, general, and administrative expense		–		68,432		7,031		–		75,463
Income from operations		–		38,986		5,163		(1,176)		42,973
Interest (expense) income		(13,042)		(1,330)		51		–		(14,321)
Other income		–		46		–		–		46
(Loss) income before taxes		(13,042)		37,702		5,214		(1,176)		28,698
(Benefit of) provision for income taxes		(5,087)		15,990		1,725		–		12,628
(Loss) income from continuing operations		(7,955)		21,712		3,489		(1,176)		16,070

Discontinued operations:
Income before taxes		–		13,402		219		–		13,621
Provision for income taxes		–		6,462		101		–		6,563
Income from discontinued operations		–		6,940		118		–		7,058

Equity in earnings from subsidiaries		32,259		3,607		–		(35,866)		–

Net income	$	24,304	$	32,259	$	3,607	$	(37,042)	$	23,128


GIBRALTAR INDUSTRIES, INC.
CONSOLIDATING STATEMENTS OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 2010
(in thousands)

	Gibraltar Industries, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Net sales	$	–	$	437,656	$	68,964	$	(13,281)	$	493,339
Cost of sales		–		358,642		59,527		(12,766)		405,403
Gross profit		–		79,014		9,437		(515)		87,936
Selling, general, and administrative expense		201		65,263		6,614		–		72,078
(Loss) income from operations		(201)		13,751		2,823		(515)		15,858
Interest (expense) income		(13,022)		(2,339)		10		–		(15,351)
Other income		–		146		15		–		161
(Loss) income before taxes		(13,223)		11,558		2,848		(515)		668
(Benefit of) provision for income taxes		(5,335)		4,076		945		–		(314)
(Loss) income from continuing operations		(7,888)		7,482		1,903		(515)		982

Discontinued operations:
(Loss) income before taxes		–		(28,505)		556		–		(27,949)
(Benefit of) provision for income taxes		–		(10,555)		141		–		(10,414)
(Loss) income from discontinued operations		–		(17,950)		415		–		(17,535)

Equity in earnings from subsidiaries		(8,150)		2,318		–		5,832		–

Net (loss) income	$	(16,038)	$	(8,150)	$	2,318	$	5,317	$	(16,553)


GIBRALTAR INDUSTRIES, INC.
CONSOLIDATING BALANCE SHEETS
SEPTEMBER 30, 2011
(in thousands)

	Gibraltar Industries, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Assets
Current assets:
Cash and cash equivalents	$	–	$	13,655	$	19,400	$	–	$	33,055
Accounts receivable, net		–		102,720		15,605		–		118,325
Intercompany balances		(86,808)		109,400		(22,592)		–		–
Inventories		–		103,033		7,934		–		110,967
Other current assets		5,087		18,553		712		–		24,352
Total current assets		(81,721)		347,361		21,059		–		286,699

Property, plant, and equipment, net		–		142,570		11,913		–		154,483
Goodwill		–		320,843		27,708		–		348,551
Acquired intangibles		–		87,587		9,404		–		96,991
Other assets		3,071		3,811		33		–		6,915
Investment in subsidiaries		751,896		53,095		–		(804,991)		–
	$	673,246	$	955,267	$	70,117	$	(804,991)	$	893,639

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	–	$	72,323	$	8,210	$	–	$	80,533
Accrued expenses		5,440		57,522		3,812		–		66,774
Current maturities of long-term debt		–		408		–		–		408
Total current liabilities		5,440		130,253		12,022		–		147,715

Long-term debt		202,233		4,434		–		–		206,667
Deferred income taxes		–		46,992		4,378		–		51,370
Other non-current liabilities		–		21,692		622		–		22,314
Shareholders' equity		465,573		751,896		53,095		(804,991)		465,573

	$	673,246	$	955,267	$	70,117	$	(804,991)	$	893,639


GIBRALTAR INDUSTRIES, INC.
CONSOLIDATING BALANCE SHEETS
DECEMBER 31, 2010
(in thousands)

	Gibraltar Industries, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Assets
Current assets:
Cash and cash equivalents	$	–	$	46,349	$	14,517	$	–	$	60,866
Accounts receivable, net		–		57,268		13,103		–		70,371
Intercompany balances		17,194		5,657		(22,851)		–		–
Inventories		–		71,355		6,493		–		77,848
Other current assets		6,592		12,750		887		–		20,229
Assets of discontinued operations		–		10,501		2,562		–		13,063
Total current assets		23,786		203,880		14,711		–		242,377

Property, plant, and equipment, net		–		132,355		13,428		–		145,783
Goodwill		–		270,245		28,101		–		298,346
Acquired intangibles		–		55,827		10,474		–		66,301
Other assets		3,613		13,152		1		–		16,766
Equity method investments		–		1,345		–		–		1,345
Assets of discontinued operations		–		34,503		5,469		–		39,972
Investment in subsidiaries		616,787		55,172		–		(671,959)		–

	$	644,186	$	766,479	$	72,184	$	(671,959)	$	810,890

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	–	$	48,739	$	8,036	$	–	$	56,775
Accrued expenses		1,360		33,053		2,372		–		36,785
Current maturities of long-term debt		–		408		–		–		408
Liabilities of discontinued operations		–		4,576		1,574		–		6,150
Total current liabilities		1,360		86,776		11,982		–		100,118

Long-term debt		201,973		4,816		–		–		206,789
Deferred income taxes		–		35,176		1,943		–		37,119
Other non-current liabilities		–		22,763		458		–		23,221
Liabilities of discontinued operations		–		161		2,629		–		2,790
Shareholders' equity		440,853		616,787		55,172		(671,959)		440,853

	$	644,186	$	766,479	$	72,184	$	(671,959)	$	810,890


GIBRALTAR INDUSTRIES, INC.
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2011
(in thousands)

	Gibraltar Industries, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Net cash (used in) provided by operating activities of continuing operations	$	(8,159)	$	32,917	$	5,780	$	–	$	30,538
Net cash (used in) provided by operating activities of discontinued operations		–		(3,539)		48		–		(3,491)
Net cash (used in) provided by operating activities		(8,159)		29,378		5,828		–		27,047

Cash Flows from Investing Activities
Cash paid for acquisitions, net of cash acquired		–		(107,605)		–		–		(107,605)
Purchases of property, plant, and equipment		–		(7,487)		(351)		–		(7,838)
Purchase of equity method investment		–		(250)		–		–		(250)
Net proceeds from sale of property and equipment		–		978		–		–		978
Net proceeds from sale of businesses		–		59,029		–		–		59,029
Net cash used in investing activities of continuing operations		–		(55,335)		(351)		–		(55,686)
Net cash provided by investing activities of discontinued operations		–		2,089		–		–		2,089
Net cash used in investing activities		–		(53,246)		(351)		–		(53,597)

Cash Flows from Financing Activities
Long-term debt payments		–		(74,260)		–		–		(74,260)
Proceeds from long-term debt		–		73,849		–		–		73,849
Purchase of treasury stock at market prices		(826)		–		–		–		(826)
Payment of deferred financing fees		–		(34)		–		–		(34)
Intercompany financing		8,975		(8,381)		(594)		–		–
Net proceeds from issuance of common stock		10		–		–		–		10
Net cash provided by (used in) financing activities		8,159		(8,826)		(594)		–		(1,261)

Net (decrease) increase in cash and cash equivalents		–		(32,694)		4,883		–		(27,811)

Cash and cash equivalents at beginning of year		–		46,349		14,517		–		60,866

Cash and cash equivalents at end of period	$	–	$	13,655	$	19,400	$	–	$	33,055


GIBRALTAR INDUSTRIES, INC.
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2010
(in thousands)

	Gibraltar Industries, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash (used in) provided by operating activities of continuing operations	$	(8,353)		$	37,088		$	3,968		$	–		$	32,703
Net cash provided by operating activities of discontinued operations			–			21,701			24			–			21,725
Net cash (used in) provided by operating activities		(8,353)			58,789			3,992			–			54,428

Cash Flows from Investing Activities
Net proceeds from sale of businesses		–			29,164			–			–			29,164
Net proceeds from sale of property and equipment		–			175			4			–			179
Purchase of equity method investment		–			(1,000)			–			–			(1,000)
Purchases of property, plant, and equipment		–			(5,911)			(353)			–			(6,264)
Net cash provided by (used in) investing activities of continuing operations			–			22,428			(349)			–			22,079
Net cash used in investing activities of discontinued operations			–			(427)			–			–			(427)
Net cash provided by (used in) investing activities		–			22,001			(349)			–			21,652

Cash Flows from Financing Activities
Long-term debt payments		–			(58,967)			–			–			(58,967)
Proceeds from long-term debt		–			8,559			–			–			8,559
Purchase of treasury stock at market prices		(1,114)			–			–			–			(1,114)
Payment of deferred financing fees		–			(164)			–			–			(164)
Intercompany financing		9,197			(8,608)			(589)			–			–
Excess tax benefit from stock compensation		–			55			–			–			55
Net proceeds from issuance of common stock		270			–			–			–			270
Net cash provided by (used in) financing activities		8,353			(59,125)			(589)			–			(51,361)

Net increase in cash and cash equivalents		–			21,665			3,054			–			24,719

Cash and cash equivalents at beginning of year		–			10,105			13,491			–			23,596

Cash and cash equivalents at end of period	$	–		$	31,770		$	16,545		$	–		$	48,315