Quanex Building Products Corporation Fiscal 2013 First Quarter Results

First quarter 2013 net loss was $8.1 million, or $0.22 per diluted share compared to loss of $6.7 million, or $0.18 per diluted share in the year ago quarter. Consolidated EBITDA, a non-GAAP measure, was a loss of $4.0 million, compared to a loss of $1.6 million a year ago.

The increased first quarter net loss per share was due primarily to higher corporate expenses from acquisition-related transaction costs and ongoing ERP implementation costs. Quanex's two business segments are highly cyclical with the building and construction market and as a result, Quanex typically reports a loss during its first quarter when building and construction activity is reduced.

Engineered Products Group (EPG) is focused on providing window and door OEMs with fenestration components, products, and systems. Key end markets are residential repair & remodel (R&R) and new home construction.

EPG's first quarter 2013 net sales were $106.1 million compared to $99.4 million a year ago. The 6.7% improvement was primarily related to higher vinyl extrusion sales and $3.7 million of sales from the acquisition of Aluminite. Excluding Aluminite, net sales improved 3.1%.

EPG's first quarter 2013 operating income was $2.8 million compared to $1.8 million a year ago. While higher than first quarter 2012 results, EPG's profitability was negatively impacted by lower solar edge tape sales and an unfavorable product mix.

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