NCI Building Systems Acquires Assets Of Metal Door Manufacturer Expands NCIs Line Of Commercial Metal Doors And Provides Entry Into The Residential Garage Door Market
HOUSTON (July 8, 2003) – NCI Building Systems, Inc. (NYSE: NCS), today announced that it has acquired certain operating assets, including inventory, and the name of Able Manufacturing and Wholesale Garage Door Company in a cash transaction of approximately $3.3 million. Able manufactures and distributes a complete line of metal sectional doors for both the commercial and residential markets. Able manufactures its products in its Houston, Texas facility and distributes them through five distribution centers: two in the Dallas, Texas area; Atlanta, Georgia; Oklahoma City, Oklahoma; and Ontario, California. Able had been operating under Chapter 11 of the United States Bankruptcy Code since its voluntary bankruptcy filing in May 2003. Prior to that filing, Able generated annual sales of approximately $18 million. NCI plans to shorten the acquired name to Able Door Manufacturing. “We are pleased to announce this acquisition, which will complement and enhance NCI’s position as one of the country’s leading suppliers of metal doors,” stated Johnie Schulte, President of NCI. “For the commercial market, this transaction expands our existing product line of commercial metal roll-up doors used by the building industry. Able’s line of residential garage doors provides NCI with an additional product offering both to the residential construction market and our new retail factory direct stores. Able’s metal sectional doors are manufactured using roll-forming technologies similar to those used in manufacturing NCI’s existing products. We expect to market both commercial roll-up and sectional doors through both our existing and the acquired distribution networks. “This acquisition, which we expect will be accretive to our 2003 financial results, also reflects our continuing ability in a difficult economy to identify and act on strategic growth opportunities. We have great confidence in the long-term growth potential of both the construction industry and for the increasing use of metal within the construction industry. Therefore, we will continue to evaluate potential acquisition transactions that, like Able, not only provide immediate benefits, but that also position us for more substantial growth as the national economy and the construction industry improve.” NCI Building Systems, Inc. is one of North America's largest integrated manufacturers of metal products for the nonresidential building industry. The Company operates manufacturing and distribution facilities located in 16 states and Mexico. > Some statements contained in this release are “forward-looking” statements, as defined in the Private Securities Litigation Reform Act of 1995. Actual performance of the Company may differ from that projected in such statements as a result of factors such as industry cyclicality and seasonality, adverse weather conditions, fluctuations in customer demand and order patterns, raw material pricing, competitive activity and pricing pressure and general economic conditions affecting the construction industry. Investors should refer to statements regularly filed by the Company in its annual report to the Securities and Exchange Commission on Form 10-K, its quarterly reports to the SEC on Form 10-Q and its current reports to the SEC on Form 8-K and other filings with the SEC for a discussion of factors which could affect the Company’s operations and forward-looking statements made in this communication. The Company expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking statements to reflect any changes in expectations.
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