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As of 8:10 PM 04/17/14 All times are local (Market data is delayed by at least 15 minutes).

gibraltar industries inc (ROCK) Key Developments

Gibraltar Industries, Inc. Announces Board Changes

On March 14, 2014, the board of directors of Gibraltar Industries, Inc., accepted, with an effective date of December 31, 2014, a resignation tendered by director David N. Campbell, a Class III director. In connection with the resignation of Mr. Campbell and the previously announced resignation of director Gerald S. Lippes, also effective December 31, 2014, the Board approved a temporary increase in the number of individuals constituting the entire Board to nine (9) members to allow individuals appointed to replace the retiring Messrs. Campbell and Lippes to begin their service as Directors as and when they are appointed to serve as members of the Board. Mr. Campbell's resignation was not the result of any disagreement between Mr. Campbell and the company. The board believes that the service of newly appointed directors concurrently with Messrs. Campbell and Lippes will enable the newly appointed directors to more effectively transition into their position as members of the board and will enhance the continuity of the board's functioning upon the effectiveness of the resignations of Messrs. Campbell and Lippes. Effective January 1, 2015, and following the December 31, 2014 resignations of Messrs. Campbell and Lippes, the number of individuals constituting the entire board will automatically be reduced to seven. In connection with the above, effective March 14, 2014, Ms. Jane L. Corwin was appointed as a Class III director, to stand for re-election in 2015, to fill the vacancy created by the March 14, 2014 increase in the size of the Board. Ms. Corwin currently serves as an elected member of the New York State Assembly, representing the 144th Assembly District, an office held since 2009.

Gibraltar Industries, Inc., Board Meeting, Mar 14, 2014

Gibraltar Industries, Inc., Board Meeting, Mar 14, 2014.

Gibraltar Industries, Inc. Presents at Sidoti & Company's Eighteenth Annual Emerging Growth Institutional Investor Forum, Mar-17-2014

Gibraltar Industries, Inc. Presents at Sidoti & Company's Eighteenth Annual Emerging Growth Institutional Investor Forum, Mar-17-2014 . Venue: The Grand Hyatt Hotel, New York, New York, United States.

Gibraltar Industries, Inc. Announces Resignation of Gerald S. Lippes from the Board of Directors, Effective December 31, 2014

On February 19, 2014, Gerald S. Lippes tendered his resignation from the Board of Directors of Gibraltar Industries, Inc., to be effective December 31, 2014, which resignation was accepted by the company's Board of Directors. The resignation by Mr. Lippes from the Board of Directors of the Company was not the result of any disagreement with the company.

Gibraltar Industries, Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter and Full Year of 2014

Gibraltar Industries, Inc. announced unaudited consolidated financial results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported net sales of $188.835 million against $172.639 million a year ago. Income from operations was $6.153 million against $1.196 million a year ago. Income before taxes was $2.378 million against loss before taxes of $3.310 million a year ago. Income from continuing operations was $4.009 million or $0.13 per basic and diluted share against loss from continuing operations of $3.736 million or $0.12 per basic and diluted share a year ago. Net income was $4.009 million or $0.13 per diluted share against net loss of $3.924 million or $0.13 per diluted share a year ago. Non GAAP income from operations of $6.844 million against $6.889 million a year ago. Non GAAP income before income taxes was $3.069 million against $2.383 million a year ago. Non GAAP income from continuing operations was $2.392 million or $0.08 per diluted share against $1.455 million or $0.05 per diluted share year ago. The adjusted fourth-quarter 2013 results exclude special items with an after-tax net benefit totaling $1.6 million, or $0.05 per diluted share, resulting primarily from the non-cash gain associated with the reversal of the Company's tax valuation allowance. The adjusted net loss for the fourth quarter of 2012 excluded after-tax special charges of $5.2 million, or $0.17 per diluted share, resulting primarily from intangible asset impairment, acquisition-related costs, and exit activity costs related to business restructuring. Including these items in the respective periods, the fourth-quarter 2013 results were net income of $4.0 million, or $0.13 per diluted share, compared with a loss of $3.7 million, or $0.12 per share, in the fourth quarter of 2012.     For the year, the company reported net sales of $827.567 million against $790.058 million a year ago. Income from operations was $21.480 million against $40.261 million a year ago. Loss before taxes was $0.832 million against income before taxes of $22.167 million a year ago. Loss from continuing operations was $5.629 million or $0.18 per diluted share against income from continuing operations of $12.650 million or $0.41 per diluted share a year ago. Loss before taxes was $0.007 million against $0.289 million a year ago. Net loss was $5.633 million or $0.18 per diluted share against net income of $12.645 million or $0.41 per diluted share a year ago. Net cash provided by operating activities was $60.295 million against $50.081 million a year ago. Purchases of property, plant, and equipment was $14.940 million against $11.351 million a year ago. Non GAAP income from operations of $48.052 million against $49.593 million a year ago. Non GAAP income before income taxes was $32.906 million against $31.499 million a year ago. Non GAAP income from continuing operations was $21.374 million or $0.69 per diluted share against $20.194 million or $0.65 per diluted share a year ago. The adjusted results for the 12 months of 2013 exclude after-tax special charges of $27.0 million, or $0.87 per diluted share, primarily for intangible asset impairment and debt refinancing costs. Adjusted net income for the 12 months of 2012 excluded after-tax special charges of $7.5 million, or $0.24 per diluted share, for intangible asset impairment, acquisition-related costs and exit activity costs related to business restructuring. Including these items in both periods, the net loss was $5.6 million, or $0.18 per diluted share, for 2013, compared with net income of $12.7 million, or $0.41 per diluted share, in 2012. The company expects to deliver sales growth between 4% and 7% in 2014. With modest margin expansion on full-year sales growth, the company expects adjusted earnings per share for 2014 in the range of $0.76 to $0.90, which compares to $0.69 reported for 2013. The company expects the results for the first quarter of 2014 to be slightly less favorable due to harsh weather slowing residential construction activity and continued weakness in the industrial and transportation infrastructure markets.

 

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