Question-and-Answer Session
Operator
Thank you sir, to signal for a question on today’s conference, please press star one on your touchtone telephone. Once again, it’s star one to signal for a question. Please be sure that your mute function is turned off to allow your signal to reach our equipment. Again hit the star one, we’ll go first to Arnie Ursaner with CJS Securities.
Arnie Ursaner – CJS Securities
Hi, good morning Norman. A couple of real quick bookkeeping questions, your share count was down quite a bit in the quarter, can you walk us through what drove that down?
Mark Johnson
Yes there’s really primarily two changes. We have the convertible instrument is not producing any dilution as well as certain of our incentive stock options are below the conversion price, so they are not dilutive during the period. So that coupled with the stock buybacks in the prior year resulted in lower shares outstanding.
Arnie Ursaner – CJS Securities
Okay and on the business you sold, the overhead door business, I’m assuming you’re just shutting it, there are no proceeds on the sale or?
Norm Chambers
Yeah what will happen Arnie as I tried to say in the script is we’ve taken a charge, first charge of it in the first quarter taken, the second charge in the second quarter and we are in the process of both trying to sell the equipment and the land and would expect to complete that sometime during the course of the year and any result that’s positive from that will be identified.
Arnie Ursaner – CJS Securities
The building segment, a couple of questions there, how much was volume down in the first quarter given that prices are rising and revenues are flat by definition, volume has to be down.
Norm Chambers
Volume was down about 7%.
Arnie Ursaner – CJS Securities
Okay and in your guidance for the full year in the building products segment, I think what you said in your prepared remarks is you expect sales to be up slightly and operating margins similar to last year. If you have volume declining, higher raw material costs, I’m assuming you’re not getting all of that back. If you have less volume and less utilization I’m unclear how you could possibly have operating margins similar to last year in that segment.
Norm Chambers
Yeah I mean the challenge is, just as it was in 2004 is getting the steel prices through, through our backlog, okay and to some extent we are saying, no, to a full extent we are saying that that is, that is the challenge we face in the second quarter in particular and it’s a thing we’re going to be cautious about.
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