UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 28, 2008
QUANEX BUILDING PRODUCTS
CORPORATION
(Exact name of registrant as
specified in its charter)
| Delaware | 1-33913 | 26-1561397 | ||
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| 1900 West Loop South, Suite
1500, Houston, Texas |
77027 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: 713-961-4600
| (Former name or former address if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition
On August 28, 2008, Quanex Building Products Corporation (the “Company”) issued a press release (the “Press Release”) reporting its earnings results for the third quarter of fiscal year 2008. The foregoing is qualified by reference to the Press Release which is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
The press release attached hereto as Exhibit 99.1 contains “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. Statements that use the words “expect,” “should,” “believe,” “will,” “might,” or similar words reflecting future expectations or beliefs are forward-looking statements. Factors that could impact future results may include, without limitation, the effect of both domestic and global economic conditions, the impact of competitive products and pricing, and the availability and cost of raw materials. For a more complete discussion of factors that may affect the Company’s future performance, please refer to the Company’s Information Statement attached as Exhibit 99.1 to the Company’s Registration Statement on Form 10, filed April 4, 2008 and effective April 9, 2008, in particular the sections titled “Risk Factors” and “Special Note About Forward-Looking Statements” contained therein.
Item 9.01. Financial Statements and Exhibits.
| (a) | Financial Statements of businesses acquired. |
Not applicable
| (b) | Pro forma financial information. |
Not applicable
| (c) | Exhibits. |
|
99.1
|
Press Release dated August 28, 2008 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| QUANEX BUILDING PRODUCTS CORPORATION | ||
| (Registrant) | ||
August 28, 2008 |
/s/ Brent L. Korb | |
(Date) |
Brent L. Korb Senior Vice President – Finance and Chief Financial Officer (Principal Financial Officer) |
Exhibit Index
| 99.1 | Press Release dated August 28, 2008 |
Exhibit 99.1
| Quanex Building Products | News Release |
Quanex Building Products Corporation
Reports Fiscal Third Quarter 2008 Results
Reports Fiscal Third Quarter 2008 Results
Reported $0.32 EPS from Continuing Ops. Before a Non-Cash LIFO Charge
Company Outperformed the Market via New Program Growth
$54 Million Cash and Equivalents on Balance Sheet
Operating Margin Exceeded 10%
Company Outperformed the Market via New Program Growth
$54 Million Cash and Equivalents on Balance Sheet
Operating Margin Exceeded 10%
Houston, Texas, August 28, 2008 — Quanex Building Products Corporation (NYSE:NX) today reported
fiscal third quarter 2008 results for the period ending July 31. Income from continuing operations
was $8.8 million compared to $21.7 million a year ago. Diluted earnings per share from continuing
operations were $0.32 excluding an after tax LIFO charge of $3.3 million ($0.08 per share) compared
to $0.54 in the third quarter 2007.
Fiscal Third Quarter 2008 Highlights
| • | David D. Petratis joined Quanex as President and Chief Executive Officer July 1. |
| • | Announced Brent L. Korb rejoined the Company as Senior Vice President and Chief Financial
Officer effective August 1. |
| • | Deborah M. Gadin was promoted to Vice President — Corporate Controller June 16. |
| • | Net sales were $240.3 million compared to $269.5 million and $207.3 million in the year ago
and sequential quarters, respectively. |
| • | Nine months ended cash provided by operating activities from continuing operations was
$33.9 million compared to $64.5 million in the year ago period. |
| • | Capital expenditures for the nine months ended were $11.5 million versus $11.5 million a
year ago. |
| • | Cash and equivalents totaled $53.9 million at quarter end. |
| • | Recorded a $5.5 million ($3.3 million after tax) LIFO charge primarily associated with the
aluminum sheet business. |
1
Selected Financial Information
Fiscal Third Quarter 2008 Financials
($ in millions, except per share data)
($ in millions, except per share data)
| 3rd qtr 2008 | 3rd qtr 2007 | inc/(dcr) | ||||||||||
Net sales: |
$ | 240.3 | $ | 269.5 | (11 | %) | ||||||
Operating income: |
14.4 | 32.3 | (55 | %) | ||||||||
Income from continuing ops: |
8.8 | 21.7 | (59 | %) | ||||||||
Diluted earnings
per share from
continuing ops: |
$ | 0.24 | $ | 0.54 | (56 | %) | ||||||
Fiscal Third Quarter 2008 Commentary
Engineered Products ($ in millions)
| 3rd qtr 2008 | 3rd qtr 2007 | inc/(dcr) | ||||||||||
Net Sales: |
$ | 115.3 | $ | 131.4 | (12 | %) | ||||||
Operating Income: |
$ | 12.6 | $ | 17.7 | (29 | %) | ||||||
Engineered Products is focused on providing window and door customers with value-added fenestration
products and components. Key market drivers are housing starts and remodeling activity.
“We continue to find ourselves in a very difficult housing market, with new home starts off 31%
compared to our third quarter last year while remodeling activity is thought to be down about 10%.
Our sales at Engineered Products, down about 12%, held up well when you consider the depressed
state of these end markets. Our ability to consistently outperform the market is due in part to
the strength of new programs and new customers. We also believe our larger window and door
customers are making measurable gains selling more window and door products into the home
remodeling market, which in turn directly benefits us,” said David D. Petratis, president and chief
executive officer of Quanex Building Products.
“The housing market continues to suffer from a large inventory of both new and existing homes
available for sale, a rise in foreclosures and an ongoing tight credit market. The U.S. Department
of Housing currently estimates an 11 months supply of homes available for sale. We did see a
meaningful improvement in seasonal demand at Engineered Products, with sales up about 25% over our
sequential second quarter. We remained diligent on costs, continued to drive productivity
improvements and worked with customers on pricing initiatives in an effort to recover rising raw
material costs. The Company disclosed last quarter we were combining two separate facilities at
our window and door fenestration components business into a single, more efficient operation. We
look to have this consolidation complete by year end,” continued Petratis.
2
Aluminum Sheet Products ($ in millions)
| 3rd qtr 2008 | 3rd qtr 2007 | inc/(dcr) | ||||||||||
Net Sales: |
$ | 130.5 | $ | 143.7 | (9 | %) | ||||||
Operating Income: |
$ | 12.1 | $ | 20.0 | (39 | %) | ||||||
Aluminum Sheet Products is a leading provider of common alloy aluminum sheet products for the
building and construction, transportation and other consumer durable markets. Key market drivers
are housing starts and remodeling activity and together they represent about 65% of the division’s
sales.
“Our third quarter shipped pounds at Nichols Aluminum were down 11% from year ago levels, but up 3%
compared to the second quarter due to the seasonal increase in the building products markets.
Nichols’ spread (selling price less material costs) per pound in the quarter was down $0.03 from
the year ago quarter primarily due to a lower mix of painted sheet sales. Compared to our
sequential second quarter, unit sales price and spread were up consistent with higher aluminum
ingot prices. Operating income compared to the third quarter 2007 was negatively impacted by a
combination of a drop in shipped pounds, lower painted sheet sales and higher freight and energy
costs. Compared to the sequential second quarter, operating income per pound was up 17%. In an
effort to both further reduce our scrap costs and provide us with a wider range of available scrap,
we recently invested in a new, high-torque scrap shredder at the Nichols Casting facility,”
Petratis said.
Cash Flow
“Our cash and equivalents at quarter end was a robust $54 million. We still have one remaining cash true-up item with Gerdau that involves a tax payment currently estimated to be some $20 million in our favor. Our total debt to capitalization remained minimal at 0.5%. Our year-to-date operating cash flow from continuing operations came in at a very healthy $33.9 million. We continue to closely monitor our working capital, and at quarter end, our conversion cycle was 32 days. With our healthy cash balance, strong cash flow and $270 million revolving credit facility, we have the financial wherewithal to fund attractive growth opportunities, both organic and acquisition related. On the acquisition front, we are actively evaluating various building products companies, both in the residential and commercial space. While we are experiencing some trepidation on the part of some acquisition candidates to sell at what appears to be the low point in the cycle, we are confident that our proven track record and financial position will enable us to successfully implement our growth strategy,” said Petratis.
“Our cash and equivalents at quarter end was a robust $54 million. We still have one remaining cash true-up item with Gerdau that involves a tax payment currently estimated to be some $20 million in our favor. Our total debt to capitalization remained minimal at 0.5%. Our year-to-date operating cash flow from continuing operations came in at a very healthy $33.9 million. We continue to closely monitor our working capital, and at quarter end, our conversion cycle was 32 days. With our healthy cash balance, strong cash flow and $270 million revolving credit facility, we have the financial wherewithal to fund attractive growth opportunities, both organic and acquisition related. On the acquisition front, we are actively evaluating various building products companies, both in the residential and commercial space. While we are experiencing some trepidation on the part of some acquisition candidates to sell at what appears to be the low point in the cycle, we are confident that our proven track record and financial position will enable us to successfully implement our growth strategy,” said Petratis.
3
Fiscal 2008 Outlook
The Company does not expect any near term improvement in the housing market. Housing starts in fiscal 2008 are now expected to lag fiscal 2007 starts by 31% as the market struggles with the high inventory overhang and tougher credit requirements sought by lenders. However, the Company does expect to see higher demand from its Engineered Products customers in the fourth quarter compared to the third quarter based on seasonal improvements in the market, the growth of new programs and the uptick in remodeling activity on the part of customers. At Nichols Aluminum, fourth quarter volumes are expected to lag the year ago quarter by 10%. Spread per pound at Nichols in the fourth quarter is expected to be in line with third quarter spreads.
The Company does not expect any near term improvement in the housing market. Housing starts in fiscal 2008 are now expected to lag fiscal 2007 starts by 31% as the market struggles with the high inventory overhang and tougher credit requirements sought by lenders. However, the Company does expect to see higher demand from its Engineered Products customers in the fourth quarter compared to the third quarter based on seasonal improvements in the market, the growth of new programs and the uptick in remodeling activity on the part of customers. At Nichols Aluminum, fourth quarter volumes are expected to lag the year ago quarter by 10%. Spread per pound at Nichols in the fourth quarter is expected to be in line with third quarter spreads.
Forecasting the Company’s financial results remains difficult given the current housing
environment. The roll-up of income expectations by business indicates the Company will generate
around $75 million of operating income before taking into account approximately $20 million of
corporate expenses (excluding LIFO) in a normalized run rate. The current outlook for operating
income is down $5 million from the previous guidance due primarily to lower spread and volume
expectations at Nichols Aluminum. The Company does expect to continue to outperform the market and
generate significant cash flow, and is well positioned to experience significant operating leverage
when the market improves.
Non-GAAP Financial Measures
Income from Continuing Operations Excluding LIFO
Income from Continuing Operations Excluding LIFO
Income from continuing operations excluding LIFO is a non-GAAP financial measure. The Company
believes this non-GAAP financial measure provides a consistent basis for comparison between
quarters and enhances the understanding of the performance of its operations.
Set forth below is a reconciliation of reported income from continuing operations and reported
diluted earnings per share from continuing operations to income from continuing operations
excluding LIFO and diluted earnings per share from continuing operations excluding LIFO. The
Company does not intend for this information to be considered in isolation or as a substitute for
other measures prepared in accordance with GAAP.
4
| Three months ended July 31, | ||||||||||||||||
| 2008 | 2007 | |||||||||||||||
| Income | Diluted | Income | Diluted | |||||||||||||
| (in millions) | EPS | (in millions) | EPS | |||||||||||||
Income from continuing operations,
as reported: |
$ | 8.8 | $ | 0.24 | $ | 21.7 | $ | 0.54 | ||||||||
LIFO charge (income), after tax |
$ | 3.3 | $ | 0.08 | $ | (0.2 | ) | — | ||||||||
Income from continuing operations,
excluding LIFO |
$ | 12.1 | $ | 0.32 | $ | 21.5 | $ | 0.54 | ||||||||
Diluted weighted average common shares outstanding (in thousands) |
37,509 | 39,992 | ||||||||||||||
Dividend Declared
The Board of Directors declared a quarterly cash dividend of $0.03 per share on the Company’s common stock, payable September 29, 2008, to shareholders of record on September 15, 2008.
The Board of Directors declared a quarterly cash dividend of $0.03 per share on the Company’s common stock, payable September 29, 2008, to shareholders of record on September 15, 2008.
Corporate Profile
Quanex Building Products Corporation is an industry-leading manufacturer of value-added, engineered materials and components serving the building products markets. It is an ROIC driven company that grows shareholder returns through a combination of organic growth via new products and programs, and strategic acquisitions.
Quanex Building Products Corporation is an industry-leading manufacturer of value-added, engineered materials and components serving the building products markets. It is an ROIC driven company that grows shareholder returns through a combination of organic growth via new products and programs, and strategic acquisitions.
Financial Statistics as of 07/31/08
Book value per common share: $14.31; Total debt to capitalization: 0.5%; Actual number of common shares outstanding: 37,627,891
Book value per common share: $14.31; Total debt to capitalization: 0.5%; Actual number of common shares outstanding: 37,627,891
Definitions
Book value per common share — calculated as total stockholders’ equity as of balance sheet date divided by actual number of common shares outstanding;
Total debt to capitalization — calculated as the sum of both the current and long term portion of debt, as of balance sheet date, divided by the sum of both the current and long term portion of debt plus total stockholders’ equity as of balance sheet date;
Book value per common share — calculated as total stockholders’ equity as of balance sheet date divided by actual number of common shares outstanding;
Total debt to capitalization — calculated as the sum of both the current and long term portion of debt, as of balance sheet date, divided by the sum of both the current and long term portion of debt plus total stockholders’ equity as of balance sheet date;
5
Operating margin — combined operating income of aluminum sheet products and engineered products
divided by net sales.
Statements that use the words “expect,” “should,” “believe,” “will,” “might,” or similar words
reflecting future expectations or beliefs are forward-looking statements. The statements found
above are based on current expectations. Actual results or events may differ materially from this
release. Factors that could impact future results may include, without limitation, the effect of
both domestic and global economic conditions, the impact of competitive products and pricing, and
the availability and cost of raw materials. For a more complete discussion of factors that may
affect the Company’s future performance, please refer to the Company’s Registration Statement on
Form 10, filed with the SEC on April 4, 2008 pursuant to the Securities Exchange Act of 1934, in
particular the section titled, “Special Note About Forward-Looking Statements” contained therein.
Financial Contact: Jeff Galow, 713/877-5327
Media Contact: Valerie Calvert, 713/877-5305
Media Contact: Valerie Calvert, 713/877-5305
For additional information, visit the Company’s website at www.quanex.com.
6
QUANEX BUILDING PRODUCTS CORPORATION
INDUSTRY SEGMENT INFORMATION
(In thousands)
(Unaudited)
INDUSTRY SEGMENT INFORMATION
(In thousands)
(Unaudited)
| Three months ended | Nine months ended | |||||||||||||||
| July 31, | July 31, | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
Net sales: |
||||||||||||||||
| $ | 115,261 | $ | 131,445 | Engineered Products |
$ | 295,031 | $ | 333,898 | ||||||||
| 130,540 | 143,667 | Aluminum Sheet Products |
340,889 | 388,092 | ||||||||||||
| 245,801 | 275,112 | Building Products |
635,920 | 721,990 | ||||||||||||
| (5,463 | ) | (5,606 | ) | Eliminations |
(13,332 | ) | (13,542 | ) | ||||||||
| $ | 240,338 | $ | 269,506 | Net sales |
$ | 622,588 | $ | 708,448 | ||||||||
Operating income: |
||||||||||||||||
| $ | 12,590 | $ | 17,657 | Engineered Products |
$ | 19,781 | $ | 30,595 | ||||||||
| 12,110 | 19,985 | Aluminum Sheet Products |
27,695 | 47,401 | ||||||||||||
| 24,700 | 37,642 | Building Products |
47,476 | 77,996 | ||||||||||||
| (10,328 | ) | (5,370 | ) | Corporate and Other |
(50,493 | ) | (17,225 | ) | ||||||||
| $ | 14,372 | $ | 32,272 | Operating Income (Loss) |
$ | (3,017 | ) | $ | 60,771 | |||||||
7
QUANEX BUILDING PRODUCTS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
| Three months ended | Nine months ended | |||||||||||||||
| July 31, | July 31, | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| $ | 240,338 | $ | 269,506 | Net sales |
$ | 622,588 | $ | 708,448 | ||||||||
| 200,443 | 210,602 | Cost of sales (exclusive of items shown separately below) |
518,296 | 565,749 | ||||||||||||
| 17,002 | 17,952 | Selling, general and administrative expense |
80,682 | 54,351 | ||||||||||||
| 8,521 | 8,680 | Depreciation and amortization |
26,627 | 27,577 | ||||||||||||
| 14,372 | 32,272 | Operating income (loss) |
(3,017 | ) | 60,771 | |||||||||||
| (118 | ) | (140 | ) | Interest expense |
(356 | ) | (452 | ) | ||||||||
| 326 | 99 | Other, net |
4,876 | 259 | ||||||||||||
| 14,580 | 32,231 | Income (loss) from continuing operations before income taxes |
1,503 | 60,578 | ||||||||||||
| (5,762 | ) | (10,575 | ) | Income tax expense |
(609 | ) | (21,056 | ) | ||||||||
| 8,818 | 21,656 | Income (loss) from continuing operations |
894 | 39,522 | ||||||||||||
| — | 16,991 | Income (loss) from discontinued operations, net of taxes |
5,675 | 53,022 | ||||||||||||
| $ | 8,818 | $ | 38,647 | Net income (loss) |
$ | 6,569 | $ | 92,544 | ||||||||
Basic earnings per common share: |
||||||||||||||||
| $ | 0.24 | $ | 0.59 | Earnings (loss) from continuing operations |
$ | 0.02 | $ | 1.07 | ||||||||
| $ | — | $ | 0.45 | Income (loss) from discontinued operations |
$ | 0.16 | $ | 1.43 | ||||||||
| $ | 0.24 | $ | 1.04 | Basic earnings (loss) per common share |
$ | 0.18 | $ | 2.50 | ||||||||
Diluted earnings per common share: |
||||||||||||||||
| $ | 0.24 | $ | 0.54 | Earnings (loss) from continuing operations |
$ | 0.02 | $ | 1.00 | ||||||||
| $ | — | $ | 0.44 | Income (loss) from discontinued operations |
$ | 0.15 | $ | 1.38 | ||||||||
| $ | 0.24 | $ | 0.98 | Diluted earnings (loss) per share |
$ | 0.17 | $ | 2.38 | ||||||||
Weighted average common shares outstanding: |
||||||||||||||||
| 37,333 | 37,012 | Basic |
37,255 | 36,951 | ||||||||||||
| 37,509 | 39,992 | Diluted |
38,896 | 39,449 | ||||||||||||
8
QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
| July 31, | October 31, | |||||||
| 2008 | 2007 | |||||||
Assets |
||||||||
| $ | 53,932 | Cash and equivalents |
$ | 1,778 | ||||
| 99,077 | Accounts and notes receivable, net |
80,095 | ||||||
| 59,851 | Inventories, net |
53,556 | ||||||
| 1,899 | Deferred income taxes |
5,370 | ||||||
| 5,116 | Other current assets |
4,372 | ||||||
| — | Current assets of discontinued operations |
431,326 | ||||||
| 219,875 | Total current assets |
576,497 | ||||||
| 163,142 | Property, plant and equipment, net |
173,590 | ||||||
| 12,697 | Deferred income taxes |
- | ||||||
| 196,368 | Goodwill |
196,385 | ||||||
| 63,550 | Intangible assets, net |
68,199 | ||||||
| 8,859 | Other assets |
9,225 | ||||||
| — | Assets of discontinued operations |
310,926 | ||||||
| $ | 664,491 | Total assets |
$ | 1,334,822 | ||||
Liabilities and stockholders’ equity |
||||||||
| $ | 71,121 | Accounts payable |
$ | 68,167 | ||||
| 33,217 | Accrued liabilities |
37,102 | ||||||
| 4,415 | Income taxes payable |
- | ||||||
| 363 | Current maturities of long-term debt |
1,464 | ||||||
| — | Current liabilities of discontinued operations |
242,570 | ||||||
| 109,116 | Total current liabilities |
349,303 | ||||||
| 2,188 | Long-term debt |
2,551 | ||||||
| — | Deferred income taxes |
34,457 | ||||||
| 2,979 | Non-current environmental reserves |
4,239 | ||||||
| 11,675 | Other liabilities |
13,889 | ||||||
| — | Liabilities of discontinued operations |
47,234 | ||||||
| 125,958 | Total liabilities |
451,673 | ||||||
| 538,533 | Total stockholders’ equity |
883,149 | ||||||
| $ | 664,491 | Total liabilities and stockholders’ equity |
$ | 1,334,822 | ||||
9
QUANEX BUILDING PRODUCTS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)
CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)
| Nine months ended | ||||||||
| July 31, | ||||||||
| 2008 | 2007 | |||||||
Operating activities: |
||||||||
Net income |
$ | 6,569 | $ | 92,544 | ||||
Income from discontinued operations |
(5,675 | ) | (53,022 | ) | ||||
Net income from continuing operations |
894 | 39,522 | ||||||
Adjustments to reconcile net income to cash provided by
operating activities: |
||||||||
Depreciation and amortization |
26,648 | 27,584 | ||||||
Deferred income taxes |
2,891 | 81 | ||||||
Stock-based compensation |
25,504 | 3,829 | ||||||
| 55,937 | 71,016 | |||||||
Changes in assets and liabilities, net of effects from
acquisitions, dispositions and the Separation: |
||||||||
Decrease (Increase) in accounts and notes receivable |
(19,147 | ) | (10,212 | ) | ||||
Decrease (Increase) in inventory |
(6,337 | ) | (1,402 | ) | ||||
Decrease (Increase) in other current assets |
820 | 601 | ||||||
Increase (Decrease) in accounts payable |
3,461 | 1,821 | ||||||
Increase (Decrease) in accrued liabilities |
(1,840 | ) | (2,906 | ) | ||||
Increase (Decrease) in income taxes payable |
3,774 | (10 | ) | |||||
Other, net |
(2,741 | ) | 5,555 | |||||
Cash provided by (used for) operating activities from
continuing operations |
33,927 | 64,463 | ||||||
Cash provided by (used for) operating activities from
discontinued operations |
25,127 | 69,879 | ||||||
Cash provided by (used for) operating activities |
59,054 | 134,342 | ||||||
Investing activities: |
||||||||
Capital expenditures, net of retirements |
(11,529 | ) | (11,512 | ) | ||||
Other, net |
(23 | ) | — | |||||
Cash provided by (used for) investing activities from
continuing operations |
(11,552 | ) | (11,512 | ) | ||||
Cash provided by (used for) investing activities from
discontinued operations |
34,113 | (111,681 | ) | |||||
Cash provided by (used for) investing activities |
22,561 | (123,193 | ) | |||||
Financing activities: |
||||||||
Repayments of long-term debt |
(1,464 | ) | (2,721 | ) | ||||
Common dividends paid |
(1,128 | ) | — | |||||
Funding from Separation |
32,735 | — | ||||||
Transfers to Quanex Corporation |
— | (49,559 | ) | |||||
Other, net |
(293 | ) | — | |||||
Cash provided by (used for) financing activities from
continuing operations |
29,850 | (52,280 | ) | |||||
Cash provided by (used for) financing activities from
discontinued operations |
(46,183 | ) | 39,051 | |||||
Cash provided by (used for) financing activities |
(16,333 | ) | (13,229 | ) | ||||
Effect of exchange rate changes on cash and equivalents |
(71 | ) | 44 | |||||
LESS: (Increase) Decrease in cash and equivalents from
discontinued operations |
(13,057 | ) | 2,751 | |||||
Increase (Decrease) in cash and equivalents from continuing operations |
52,154 | 715 | ||||||
Beginning of period cash and equivalents |
1,778 | 2,247 | ||||||
End of period cash and equivalents |
$ | 53,932 | $ | 2,962 | ||||
10