Supplemental Financial Information

12 Months Ended

Dec. 31, 2011

Supplemental Financial Information [Abstract]

Supplemental Financial Information

21. 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

YEAR ENDED DECEMBER 31, 2011 (in thousands)

	Gibraltar Industries, Inc.			Guarantor Subsidiaries			Non - Guarantor Subsidiaries
										Eliminations			Total
Net sales		$ –		$	683,614		$	104,077		$	(21,084	)	$	766,607
Cost of sales		–			551,641			89,676			(19,825	)		621,492
Gross profit		–			131,973			14,401			(1,259	)		145,115
Selling, general, and administrative expense		75			99,090			9,792			–			108,957
(Loss) income from operations		(75	)		32,883			4,609			(1,259	)		36,158
Interest expense (income)		16,874			2,569			(80	)		–			19,363
Other income		–			(90	)		–			–			(90	)
(Loss) income before taxes		(16,949	)		30,404			4,689			(1,259	)		16,885
(Benefit of) provision for income taxes		(6,339	)		13,180			828			–			7,669
(Loss) income from continuing operations		(10,610	)		17,224			3,861			(1,259	)		9,216
Discontinued operations:
Income before taxes		–			13,621			219			–			13,840
Provision for income taxes		–			6,432			101			–			6,533
Income from discontinued operations		–			7,189			118			–			7,307
Equity in earnings from subsidiaries		28,392			3,979			–			(32,371	)		–
Net income	$	17,782		$	28,392		$	3,979		$	(33,630	)	$	16,523

     GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2010 (in thousands)

	Gibraltar Industries, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries
										Eliminations			Total
Net sales		$ –		$	564,312		$	91,721		$	(18,579	)	$	637,454
Cost of sales		–			471,280			80,712			(18,406	)		533,586
Gross profit		–			93,032			11,009			(173	)		103,868
Selling, general, and administrative expense		331			90,433			8,782			–			99,546
Intangible asset impairment		–			76,964			–			–			76,964
(Loss) income from operations		(331	)		(74,365	)		2,227			(173	)		(72,642	)
Interest expense (income)		16,111			3,615			(12	)		–			19,714
Other income		–			(50	)		(27	)		–			(77	)
(Loss) income before taxes		(16,442	)		(77,930	)		2,266			(173	)		(92,279	)
(Benefit of) provision for income taxes		(6,592	)		(10,642	)		311			–			(16,923	)
(Loss) income from continuing operations		(9,850	)		(67,288	)		1,955			(173	)		(75,356	)
Discontinued operations:
(Loss) income before taxes		–			(27,912	)		787			–			(27,125	)
(Benefit of) provision for income taxes		–			(11,646	)		233			–			(11,413	)
(Loss) income from discontinued operations		–			(16,266	)		554			–			(15,712	)
Equity in earnings from subsidiaries		(81,045	)		2,509			–			78,536			–
Net (loss) income	$	(90,895	)	$	(81,045	)	$	2,509		$	78,363		$	(91,068	)

     GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2009 (in thousands)

	Gibraltar Industries, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries
										Eliminations			Total
Net sales		$ –		$	574,067		$	78,902		$	(13,893	)	$	639,076
Cost of sales		–			462,544			69,616			(12,812	)		519,348
Gross profit		–			111,523			9,286			(1,081	)		119,728
Selling, general, and administrative expense		(85	)		87,925			8,851			–			96,691
Intangible asset impairment		–			60,098			–			–			60,098
Income (loss) from operations		85			(36,500	)		435			(1,081	)		(37,061	)
Interest expense (income)		15,840			5,617			(24	)		–			21,433
Other income		–			(296	)		(15	)		–			(311	)
(Loss) income before taxes		(15,755	)		(41,821	)		474			(1,081	)		(58,183	)
Benefit of income taxes		(6,132	)		(12,148	)		(331	)		–			(18,611	)
(Loss) income from continuing operations		(9,623	)		(29,673	)		805			(1,081	)		(39,572	)
Discontinued operations:
Loss before taxes		–			(19,653	)		(528	)		–			(20,181	)
Benefit of income taxes		–			(7,560	)		(168	)		–			(7,728	)
Loss from discontinued operations		–			(12,093	)		(360	)		–			(12,453	)
Equity in earnings from subsidiaries		(41,321	)		445			–			40,876			–
Net (loss) income	$	(50,944	)	$	(41,321	)	$	445		$	39,795		$	(52,025	)

     GIBRALTAR INDUSTRIES, INC. CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2011 (in thousands)

	Gibraltar Industries, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries
								Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	–	$	34,691	$	19,426		$	–		$	54,117
Accounts receivable, net		–		77,395		13,200			–			90,595
Intercompany balances		16,762		4,811		(21,573	)		–			–
Inventories		–		101,637		7,633			–			109,270
Other current assets		6,339		7,676		857			–			14,872
Total current assets		23,101		226,210		19,543			–			268,854
Property, plant, and equipment, net		–		140,343		11,631			–			151,974
Goodwill		–		320,771		27,555			–			348,326
Acquired intangibles		–		86,160		9,105			–			95,265
Other assets		2,890		4,745		1			–			7,636
Investment in subsidiaries		637,628		52,173		–			(689,801	)		–
	$	663,619	$	830,402	$	67,835		$	(689,801	)	$	872,055
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	–	$	59,600	$	7,720		$	–		$	67,320
Accrued expenses		1,360		55,670		3,657			–			60,687
Current maturities of long-term debt		–		417		–			–			417
Total current liabilities		1,360		115,687		11,377			–			128,424
Long-term debt		202,323		4,423		–			–			206,746
Deferred income taxes		–		52,065		3,736			–			55,801
Other non-current liabilities		–		20,599		549			–			21,148
Shareholders' equity		459,936		637,628		52,173			(689,801	)		459,936
	$	663,619	$	830,402	$	67,835		$	(689,801	)	$	872,055

     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 DECEMBER 31, 2011 (in thousands)

	Gibraltar Industries, Inc.			Guarantor Subsidiaries			Non - Guarantor Subsidiaries			Eliminations
												Total
Net cash (used in) provided by operating activities of continuing operations	$	(15,876	)	$	56,841		$	8,863		$	–	$	49,828
Net cash (used in) provided by operating activities of discontinued operations		–			(3,181	)		48			–		(3,133	)
Net cash (used in) provided by operating activities		(15,876	)		53,660			8,911			–		46,695
Cash Flows from Investing Activities
Cash paid for acquisitions, net of cash acquired		–			(109,248	)		–			–		(109,248	)
Purchases of property, plant, and equipment		–			(11,033	)		(519	)		–		(11,552	)
Purchase of equity method investment		–			(250	)		–			–		(250	)
Net proceeds from sale of property and equipment		–			1,085			141			–		1,226
Net proceeds from sale of businesses		–			67,529			–			–		67,529
Net cash used in investing activities of continuing operations		–			(51,917	)		(378	)		–		(52,295	)
Net cash provided by investing activities of discontinued operations		–			2,089			–			–		2,089
Net cash used in investing activities		–			(49,828	)		(378	)		–		(50,206	)
Cash Flows from Financing Activities
Long-term debt payments		–			(74,262	)		–			–		(74,262	)
Proceeds from long-term debt		–			73,849			–			–		73,849
Payment of deferred financing fees		–			(1,570	)		–			–		(1,570	)
Purchase of treasury stock at market prices		(826	)		–			–			–		(826	)
Intercompany financing		16,668			(13,507	)		(3,161	)		–		–
Net proceeds from issuance of common stock		34			–			–			–		34
Net cash provided by (used in) financing activities		15,876			(15,490	)		(3,161	)		–		(2,775	)
Effect of exchange rate changes on cash		–			–			(463	)		–		(463	)
Net (decrease) increase in cash and cash equivalents		–			(11,658	)		4,909			–		(6,749	)
Cash and cash equivalents at beginning of year		–			46,349			14,517			–		60,866
Cash and cash equivalents at end of period		$ –		$	34,691		$	19,426		$	–	$	54,117

GIBRALTAR INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS DECEMBER 31, 2010 (in thousands)

	Gibraltar Industries, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries
										Eliminations		Total
Net cash (used in) provided by operating activities of continuing operations	$	(15,397	)	$	57,167		$	5,421		$	–	$	47,191
Net cash provided by operating activities of discontinued operations		–			21,466			712			–		22,178
Net cash (used in) provided by operating activities		(15,397	)		78,633			6,133			–		69,369
Cash Flows from Investing Activities
Net proceeds from sale of businesses		–			29,164			–			–		29,164
Net proceeds from sale of property and equipment		–			217			4			–		221
Purchase of equity method investment		–			(1,250	)		–			–		(1,250	)
Purchases of property, plant, and equipment		–			(7,694	)		(668	)		–		(8,362	)
Net cash provided by (used in) investing activities of continuing operations		–			20,437			(664	)		–		19,773
Net cash used in investing activities of discontinued operations		–			(384	)		–			–		(384	)
Net cash provided by (used in) investing activities		–			20,053			(664	)		–		19,389
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		16,187			(11,870	)		(4,317	)		–		–
Excess tax benefit from stock compensation		54			–			–			–		54
Net proceeds from issuance of common stock		270			–			–			–		270
Net cash provided by (used in) financing activities		15,397			(62,442	)		(4,317	)		–		(51,362	)
Effect of exchange rate changes on cash		–			–			(126	)		–		(126	)
Net increase in cash and cash equivalents		–			36,244			1,026			–		37,270
Cash and cash equivalents at beginning of year		–			10,105			13,491			–		23,596
Cash and cash equivalents at end of period		$ –		$	46,349		$	14,517		$	–	$	60,866

GIBRALTAR INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS DECEMBER 31, 2009 (in thousands)

	Gibraltar Industries, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries
										Eliminations		Total
Net cash (used in) provided by operating activities of continuing operations	$	(15,384	)	$	96,217		$	8,036		$	–	$	88,869
Net cash provided by operating activities of discontinued operations		–			41,430			820			–		42,250
Net cash (used in) provided by operating activities		(15,384	)		137,647			8,856			–		131,119
Cash Flows from Investing Activities
Purchases of property, plant, and equipment		–			(8,905	)		(886	)		–		(9,791	)
Cash paid for acquisitions, net of cash acquired		–			(4,949	)		–			–		(4,949	)
Net proceeds from sale of property and equipment		–			265			27			–		292
Net cash used in investing activities of continuing operations		–			(13,589	)		(859	)		–		(14,448	)
Net cash used in investing activities of discontinued operations		–			(1,015	)		–			–		(1,015	)
Net cash used in investing activities		–			(14,604	)		(859	)		–		(15,463	)
Cash Flows from Financing Activities
Long-term debt payments		–			(182,401	)		–			–		(182,401	)
Proceeds from long-term debt		–			83,022			–			–		83,022
Payment of deferred financing fees		–			(2,383	)		–			–		(2,383	)
Payment of dividends		(1,499	)		–			–			–		(1,499	)
Purchase of treasury stock at market prices		(634	)		–			–			–		(634	)
Intercompany financing		17,470			(12,957	)		(4,513	)		–		–
Net proceeds from issuance of common stock		47			–			–			–		47
Net cash provided by (used in) financing activities		15,384			(114,719	)		(4,513	)		–		(103,848	)
Effect of exchange rate changes on cash		–			–			480			–		480
Net increase in cash and cash equivalents		–			8,324			3,964			–		12,288
Cash and cash equivalents at beginning of year		–			1,781			9,527			–		11,308
Cash and cash equivalents at end of period		$ –		$	10,105		$	13,491		$	–	$	23,596

GIBRALTAR INDUSTRIES, INC. QUARTERLY UNAUDITED FINANCIAL DATA

(in thousands, except per share data)

	2011 Quarters Ended
	March 31		June 30		Sept. 30			Dec. 31			Total
Net sales	$	163,563	$	208,807	$	220,096		$	174,141		$	766,607
Gross profit	$	30,045	$	45,428	$	42,963		$	26,679		$	145,115
Income (loss) from operations	$	7,222	$	17,390	$	18,361		$	(6,815	)	$	36,158
Interest expense	$	4,454	$	4,998	$	4,869		$	5,042		$	19,363
Income (loss) from continuing operations	$	1,441	$	7,246	$	7,383		$	(6,854	)	$	9,216
Income (loss) from discontinued operations	$	6,968	$	559	$	(469	)	$	249		$	7,307
Net income (loss)	$	8,409	$	7,805	$	6,914		$	(6,605	)	$	16,523
Income (loss) per share from continuing operations:
Basic	$	0.05	$	0.24	$	0.24		$	(0.22	)	$	0.30
Diluted	$	0.05	$	0.24	$	0.24		$	(0.22	)	$	0.30
Income (loss) per share from discontinued operations:
Basic	$	0.23	$	0.02	$	(0.01	)	$	0.00		$	0.24
Diluted	$	0.22	$	0.01	$	(0.01	)	$	0.00		$	0.24
	2010 Quarters Ended
	March 31			June 30		Sept. 30		Dec. 31			Total
Net sales	$	146,674		$	176,924	$	169,741	$	144,115		$	637,454
Gross profit	$	26,457		$	33,981	$	27,498	$	15,932		$	103,868
Intangible asset impairment	$	(177)		$	–	$	–	$	77,141		$	76,964
Income (loss) from operations	$	2,185		$	9,437	$	4,236	$	(88,500	)	$	(72,642	)
Interest expense	$	6,570		$	4,352	$	4,429	$	4,363		$	19,714
(Loss) income from continuing operations	$	(2,392	)	$	2,593	$	781	$	(76,338	)	$	(75,356	)
(Loss) income from discontinued operations	$	(18,839	)	$	888	$	416	$	1,823		$	(15,712	)
Net (loss) income	$	(21,231	)	$	3,481	$	1,197	$	(74,515	)	$	(91,068	)
(Loss) income per share from continuing operations:
Basic	$	(0.08	)	$	0.09	$	0.03	$	(2.52	)	$	(2.49	)
Diluted	$	(0.08	)	$	0.09	$	0.03	$	(2.52	)	$	(2.49	)
(Loss) income per share from discontinued operations:
Basic	$	(0.62	)	$	0.02	$	0.01	$	0.06		$	(0.52	)
Diluted	$	(0.62	)	$	0.02	$	0.01	$	0.06		$	(0.52	)