Coil coater NCI Building Systems logs $115.3M loss in fourth qtr.
Dec 09, 2009 | 08:38 AM
| Corinna Petry
NCI Building Systems Inc., a coil coater and manufacturer of metal products for nonresidential construction, posted a $115.3-million loss in its fourth quarter ended Nov. 1, in contrast to net income of $24.6 million in the same period last year.
The loss included non-cash debt extinguishment and refinancing costs of $99.2 million. Exclusive of these and other special charges, the net income applicable to common shares would have been $333,000, the Houston-based company said Wednesday.
"The completion of our refinancing has significantly strengthened NCI's balance sheet, reinforcing our financial position in the face of the effect of the continued economic downturn on our markets and providing the ability to take full advantage of longer-term growth opportunities as they materialize," Norman C. Chambers, chairman, president and chief executive officer, said in a statement.....
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