Quanex Building Products Announces Second Quarter 2020 Results - GlobeNewswire

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Balance Sheet & Liquidity Remain Strong 
Margin Expansion Realized in NA Fenestration Segment 
Management Optimistic About Recovery

HOUSTON, June 04, 2020 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months ended April 30, 2020.

The Company reported the following selected financial results:

		Three Months Ended April 30,								Six Months Ended April 30,
			2020				2019				2020				2019
Net Sales		$187.5				$218.2				$384.1				$415.0
Gross Margin		$37.7				$46.8				$76.9				$85.1
Gross Margin %			20.1%				21.5%				20.0%				20.5%
Net Income (Loss)		$5.5				($24.0)				$5.5				($27.6)
Diluted EPS		$0.17				($0.73)				$0.17				($0.84)
Adjusted Net Income		$6.4				$6.3				$7.6				$4.0
Adjusted Diluted EPS		$0.19				$0.19				$0.23				$0.12
Adjusted EBITDA		$21.8				$23.4				$37.5				$35.4
Adjusted EBITDA Margin %			11.6%				10.7%				9.8%				8.5%
Cash Provided by Operating Activities		$6.1				$20.4				$2.5				$0.1
Free Cash Flow		($0.9)				$13.6				($13.8)				($12.9)

(See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table Selected Segment Data table and Free Cash Flow Reconciliation table for additional information)

George Wilson, President and Chief Executive Officer, commented, “The first two months of our second quarter were very solid, but, as expected, April proved to be a challenge due to the ongoing COVID-19 pandemic.  Despite the volume decline in April, we were able to realize Adjusted EBITDA margin expansion in our North American Fenestration segment and on a consolidated basis. 

“As previously disclosed, due to the uncertainty related to the COVID-19 pandemic, we withdrew guidance for 2020 and borrowed against our revolving credit facility as a precautionary measure.  Our variable cost structure enables us to flex down as volume dictates to protect margins.  As such, we implemented furloughs, reduced shift patterns, suspended all near-term non-essential capital requirements and we are engaged in ongoing discussions with our customers and suppliers with respect to managing working capital.  As of today, all of our plants are operational, we have started to recall furloughed employees, our balance sheet and liquidity remain very strong, our dividend is currently safe and volume in May was not as soft as anticipated.  We are optimistic about the recovery ahead, but we understand that challenges will persist in the near-term.  We have worked hard over the past few years to make sure we have a flexible capital structure and a balance sheet that is strong enough to weather the challenges we are currently facing.  As a result of these actions, we believe our Company is well positioned to take advantage of any opportunities that may arise as a result of this pandemic.” (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

Second Quarter 2020 Results Summary  

The decrease in net sales during the second quarter of 2020 was primarily attributable to softer demand in April related to the COVID-19 pandemic.  Volume started to decline in all of Quanex’s manufacturing facilities in late March and the Company’s two manufacturing facilities in the UK were shut down completely on March 25, 2020 in compliance with government orders.  (See Sales Analysis table for additional information)

The increase in reported earnings was primarily the result of a $30.0 million, or $0.91 per diluted share, non-cash goodwill impairment in the North American Cabinet Components segment during the second quarter of 2019.  The increase in adjusted earnings was driven by lower selling, general and administrative expense. 

Balance Sheet & Liquidity Update

As of April 30, 2020, Quanex’s leverage ratio of Net Debt to LTM Adjusted EBITDA was unchanged at 1.4x.  (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

The Company’s liquidity was $189.3 million as of April 30, 2020, consisting of $80.2 million in cash on hand plus availability under its Senior Secured Revolving Credit Facility due 2023, less letters of credit outstanding.

Share Repurchases

Quanex’s Board of Directors authorized a $60 million share repurchase program in September of 2018.  Repurchases under this program will be made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors.  The program does not have an expiration date or a limit on the number of shares that may be repurchased.  The Company repurchased 149,937 shares of common stock for approximately $2.1 million at an average price of $13.70 per share during the three months ended April 30, 2020.  As of April 30, 2020, approximately $11.7 million remained under the existing share repurchase authorization.  

Recent Events

Quanex’s Board of Directors declared a quarterly cash dividend of $0.08 per share on the Company’s common stock, payable June 30, 2020, to shareholders of record on June 15, 2020.

Conference Call and Webcast Information

The Company has scheduled a conference call for Friday, June 5, 2020, at 11:00 a.m. ET (10:00 a.m. CT).  To participate in the conference call dial (877) 388-2139 for domestic callers and (541) 797-2983 for international callers, in both cases using the conference passcode 4662437, and ask for the Quanex call a few minutes prior to the start time.  A link to the live audio webcast will also be available on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events.  A telephonic replay of the call will be available approximately two hours after the live broadcast ends and will be accessible through June 12, 2020.  To access the replay dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, in both cases referencing conference passcode 4662437. 

About Quanex

Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers (OEMs) in the building products industry.  Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components.  For more information contact Scott Zuehlke, Senior Vice President, Chief Financial Officer & Treasurer, at 713-877-5327 or scott.zuehlke@quanex.com.

Non-GAAP Terminology Definitions and Disclaimers

Adjusted Net Income (Loss) (defined as net income further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges, asset impairment charges, other net adjustments related to foreign currency transaction gain/loss and effective tax rates reflecting impacts of adjustments on a with and without basis) and Adjusted EPS are non-GAAP financial measures that Quanex believes provide a consistent basis for comparison between periods and more accurately reflects operational performance, as they are not influenced by certain income or expense items not affecting ongoing operations. EBITDA (defined as net income or loss before interest, taxes, depreciation and amortization and other, net) and Adjusted EBITDA (defined as EBITDA further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges and asset impairment charges) are non-GAAP financial measures that the Company uses to measure operational performance and assist with financial decision-making.  The leverage ratio of Net Debt to LTM Adjusted EBITDA is a financial measure that the Company believes is useful to investors and financial analysts in evaluating Quanex’s leverage.  In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in the Company’s credit agreement.  Free Cash Flow is a non-GAAP measure calculated using cash provided by operating activities less capital expenditures.   Free Cash Flow is measured before application of certain contractual commitments (including capital lease obligations), and accordingly is not a true measure of Quanex’s residual cash flow available for discretionary expenditures.  The Company believes that the presented non-GAAP measures provide a consistent basis for comparison between periods, and will assist investors in understanding Quanex’s financial performance when comparing results to other investment opportunities.  The presented non-GAAP measures may not be the same as those used by other companies.  The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with U.S. GAAP. 

Forward Looking Statements

Statements that use the words “estimated,” “expect,” “could,” “should,” “believe,” “will,” “might,” or similar words reflecting future expectations or beliefs are forward-looking statements. The forward-looking statements include, but are not limited to, the following: impacts from public health issues (including pandemics, such as the recent COVID-19 pandemic) on the economy and the demand for Quanex’s products, the Company’s future operating results, future financial condition, future uses of cash and other expenditures, expenses and tax rates, expectations relating to Quanex’s industry, and the Company’s future growth, including any guidance discussed in this press release.  The statements and guidance set forth in this release are based on current expectations.  Actual results or events may differ materially from this release.  For a complete discussion of factors that may affect Quanex’s future performance, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2019, and the Company’s Quarterly Reports on Form 10-Q under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”.  Any forward-looking statements in this press release are made as of the date hereof, and Quanex undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In thousands, except per share data)
(Unaudited)

		Three Months Ended April 30,								Six Months Ended April 30,
			2020				2019				2020				2019
Net sales		$	187,475			$	218,203			$	384,072			$	415,011
Cost of sales			149,732				171,378				307,159				329,935
Selling, general and administrative			16,713				23,722				40,845				51,748
Restructuring charges			251				84				404				187
Depreciation and amortization			11,886				12,404				24,791				24,976
Asset impairment charges			-				29,978				-				29,978
Operating income (loss)			8,893				(19,363	)			10,873				(21,813	)
Interest expense			(1,563	)			(2,602	)			(3,145	)			(5,044	)
Other, net			300				(54	)			336				202
Income (loss) before income taxes			7,630				(22,019	)			8,064				(26,655	)
Income tax expense			(2,129	)			(1,955	)			(2,553	)			(968	)
Net income (loss)		$	5,501			$	(23,974	)		$	5,511			$	(27,623	)
Earnings (loss) per common share, basic		$	0.17			$	(0.73	)		$	0.17			$	(0.84	)
Earnings (loss) per common share, diluted		$	0.17			$	(0.73	)		$	0.17			$	(0.84	)
Weighted average common shares outstanding:
Basic			32,676				32,951				32,770				33,026
Diluted			32,793				32,951				32,907				33,026
Cash dividends per share		$	0.08			$	0.08			$	0.16			$	0.16

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

		April 30, 2020				October 31, 2019
ASSETS
Current assets:
Cash and cash equivalents		$	80,252			$	30,868
Accounts receivable, net			66,892				82,946
Inventories, net			75,072				67,159
Prepaid and other current assets			9,602				9,353
Total current assets			231,818				190,326
Property, plant and equipment, net			187,482				193,600
Operating lease right-of-use assets			41,763				-
Goodwill			143,870				145,563
Intangible assets, net			98,905				107,297
Other assets			9,047				8,324
Total assets		$	712,885			$	645,110
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	42,227			$	63,604
Accrued liabilities			27,396				39,221
Income taxes payable			2,066				6,183
Current maturities of long-term debt			666				746
Current operating lease liabilities			6,687				-
Total current liabilities			79,042				109,754
Long-term debt			229,697				156,414
Noncurrent operating lease liabilities			35,551				-
Deferred pension and postretirement benefits			11,364				13,322
Deferred income taxes			20,926				19,363
Other liabilities			12,348				16,070
Total liabilities			388,928				314,923
Stockholders’ equity:
Common stock			373				374
Additional paid-in-capital			252,717				254,673
Retained earnings			185,779				185,703
Accumulated other comprehensive loss			(36,163	)			(33,817	)
Treasury stock at cost			(78,749	)			(76,746	)
Total stockholders’ equity			323,957				330,187
Total liabilities and stockholders' equity		$	712,885			$	645,110

 QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)

	Six Months Ended April 30,
		2020				2019
Operating activities:
Net income (loss)	$	5,511			$	(27,623	)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization		24,791				24,976
Stock-based compensation		86				1,043
Deferred income tax		1,194				(1,256	)
Asset impairment charge		-				29,978
Other, net		463				1,078
Changes in assets and liabilities:
Decrease in accounts receivable		14,682				3,479
Increase in inventory		(8,363	)			(15,522	)
Increase in other current assets		(559	)			(681	)
Decrease in accounts payable		(16,807	)			(2,617	)
Decrease in accrued liabilities		(13,673	)			(14,716	)
(Decrease) increase in income taxes payable		(4,052	)			183
Increase in deferred pension and postretirement benefits		562				1,567
Decrease in other long-term liabilities		(787	)			(131	)
Other, net		(576	)			385
Cash provided by operating activities		2,472				143
Investing activities:
Capital expenditures		(16,313	)			(13,022	)
Proceeds from disposition of capital assets		33				298
Cash used for investing activities		(16,280	)			(12,724	)
Financing activities:
Borrowings under credit facilities		114,500				57,500
Repayments of credit facility borrowings		(41,000	)			(42,500	)
Repayments of other long-term debt		(505	)			(784	)
Common stock dividends paid		(5,287	)			(5,335	)
Issuance of common stock		2,954				27
Payroll tax paid to settle shares forfeited upon vesting of stock		(454	)			(322	)
Purchase of treasury stock		(6,693	)			(4,702	)
Cash provided by financing activities		63,515				3,884
Effect of exchange rate changes on cash and cash equivalents		(323	)			(44	)
Increase (decrease) in cash and cash equivalents		49,384				(8,741	)
Cash and cash equivalents at beginning of period		30,868				29,003
Cash and cash equivalents at end of period	$	80,252			$	20,262

 QUANEX BUILDING PRODUCTS CORPORATION
FREE CASH FLOW RECONCILIATION
(In thousands)
(Unaudited)

The following table reconciles the Company's calculation of Free Cash Flow, a non-GAAP measure, to its most directly comparable GAAP measure.  The Company defines Free Cash Flow as cash provided by operating activities less capital expenditures.
		Three Months Ended April 30,								Six Months Ended April 30,
			2020				2019				2020				2019
Cash provided by operating activities		$6,129				$20,386				$2,472				$143
Capital expenditures			(7,001)				(6,751)				(16,313)				(13,022)
Free Cash Flow		($872)				$13,635				($13,841)				($12,879)

QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
(In thousands, except per share data)
(Unaudited)

		Three Months Ended									Three Months Ended									Six Months Ended									Six Months Ended
Reconciliation of Adjusted Net Income and Adjusted EPS		April 30, 2020									April 30, 2019									April 30, 2020									April 30, 2019
		Net Income				Diluted EPS					Net (Loss) Income				Diluted EPS					Net Income				Diluted EPS					Net (Loss) Income				Diluted EPS
Net income (loss) as reported		$	5,501			$	0.17				$	(23,974	)		$	(0.73	)			$	5,511			$	0.17				$	(27,623	)		$	(0.84	)
Reconciling items from below			890				0.02					30,250				0.92					2,106				0.06					31,584				0.96
Adjusted net income and adjusted EPS		$	6,391			$	0.19				$	6,276			$	0.19				$	7,617			$	0.23				$	3,961			$	0.12
Reconciliation of Adjusted EBITDA		Three Months Ended April 30, 2020									Three Months Ended April 30, 2019									Six Months Ended April 30, 2020									Six Months Ended April 30, 2019
		Reconciliation									Reconciliation									Reconciliation									Reconciliation
Net income (loss) as reported		$	5,501								$	(23,974	)							$	5,511								$	(27,623	)
Income tax expense			2,129									1,955									2,553									968
Other, net			(300	)								54									(336	)								(202	)
Interest expense			1,563									2,602									3,145									5,044
Depreciation and amortization			11,886									12,404									24,791									24,976
EBITDA			20,779									(6,959	)								35,664									3,163
Reconciling items from below			1,031									30,311									1,802									32,282
Adjusted EBITDA		$	21,810								$	23,352								$	37,466								$	35,445
Reconciling Items		Three Months Ended April 30, 2020									Three Months Ended April 30, 2019									Six Months Ended April 30, 2020									Six Months Ended April 30, 2019
		Income Statement				Reconciling Items					Income Statement				Reconciling Items					Income Statement				Reconciling Items					Income Statement				Reconciling Items
Net sales		$	187,475			$	-				$	218,203			$	-				$	384,072			$	-				$	415,011			$	-
Cost of sales			149,732				-					171,378				-					307,159				-					329,935				-
Selling, general and administrative			16,713				(780	)	(1)			23,722				(249	)	(1)			40,845				(1,398	)	(1)			51,748				(2,117	)	(1)
Restructuring charges			251				(251	)	(2)			84				(84	)	(2)			404				(404	)	(2)			187				(187	)	(2)
Asset impairment charges			-				-					29,978				(29,978	)	(3)			-				-					29,978				(29,978	)	(3)
EBITDA			20,779				1,031					(6,959	)			30,311					35,664				1,802					3,163				32,282
Depreciation and amortization			11,886				(237	)	(4)			12,404				-					24,791				(968	)	(4)			24,976				-
Operating income (loss)			8,893				1,268					(19,363	)			30,311					10,873				2,770					(21,813	)			32,282
Interest expense			(1,563	)			-					(2,602	)			-					(3,145	)			-					(5,044	)			-
Other, net			300				(128	)	(5)			(54	)			24		(5)			336				(68	)	(5)			202				45		(5)
Income (loss) before income taxes			7,630				1,140					(22,019	)			30,335					8,064				2,702					(26,655	)			32,327
Income tax expense			(2,129	)			(250	)	(6)			(1,955	)			(85	)	(6)			(2,553	)			(596	)	(6)			(968	)			(743	)	(6)
Net income (loss)		$	5,501			$	890				$	(23,974	)		$	30,250				$	5,511			$	2,106				$	(27,623	)		$	31,584
Diluted earnings (loss) per share		$	0.17								$	(0.73	)							$	0.17								$	(0.84	)
(1) Transaction and advisory fees, $0.8 million and $1.3 million related to executive severance charges in the three and six months ended 2020, respectively, and $1.2 million of severance charges related to a reorganization in the six months ended 2019.
(2) Restructuring charges relate to the closure of manufacturing plant facilities.
(3) Asset impairment charges relate to goodwill impairment in the North American Cabinet Components segment.
(4) Accelerated depreciation related to the closure of a North American Cabinet Components plant.
(5) Foreign currency transaction (gains) losses.
(6) Impact on a with and without basis.

QUANEX BUILDING PRODUCTS CORPORATION
SELECTED SEGMENT DATA
(In thousands)
(Unaudited)

This table provides gross margin, operating income (loss), EBITDA, and Adjusted EBITDA by reportable segment.  Non-operating expense and income tax expense are not allocated to the reportable segments.
		NA Fenestration				EU Fenestration				NA Cabinet Components				Unallocated Corp & Other				Total
Three months ended April 30, 2020
Net sales		$	108,593			$	29,200			$	50,664			$	(982	)		$	187,475
Cost of sales			85,153				20,966				44,198				(585	)			149,732
Gross Margin			23,440				8,234				6,466				(397	)			37,743
Gross Margin %			21.6%				28.2%				12.8%								20.1%
Selling, general and administrative			9,985				5,292				3,981				(2,545	)			16,713
Restructuring charges			66				-				185				-				251
Depreciation and amortization			5,961				2,330				3,474				121				11,886
Operating income (loss)			7,428				612				(1,174	)			2,027				8,893
Depreciation and amortization			5,961				2,330				3,474				121				11,886
EBITDA			13,389				2,942				2,300				2,148				20,779
Executive severance charges			-				-				-				780				780
Restructuring charges			66				-				185				-				251
Adjusted EBITDA		$	13,455			$	2,942			$	2,485			$	2,928			$	21,810
Adjusted EBITDA Margin %			12.4%				10.1%				4.9%								11.6%
Three months ended April 30, 2019
Net sales		$	115,346			$	41,623			$	62,836			$	(1,602	)		$	218,203
Cost of sales			90,031				28,906				53,699				(1,258	)			171,378
Gross Margin			25,315				12,717				9,137				(344	)			46,825
Gross Margin %			21.9%				30.6%				14.5%								21.5%
Selling, general and administrative			12,213				5,696				4,505				1,308				23,722
Restructuring charges			84				-				-				-				84
Depreciation and amortization			6,758				2,219				3,305				122				12,404
Asset impairment charges			-				-				29,978				-				29,978
Operating income (loss)			6,260				4,802				(28,651	)			(1,774	)			(19,363	)
Depreciation and amortization			6,758				2,219				3,305				122				12,404
EBITDA			13,018				7,021				(25,346	)			(1,652	)			(6,959	)
Asset impairment charges			-				-				29,978				-				29,978
Transaction and advisory fees			-				-				-				249				249
Restructuring charges			84				-				-				-				84
Adjusted EBITDA		$	13,102			$	7,021			$	4,632			$	(1,403	)		$	23,352
Adjusted EBITDA Margin %			11.4%				16.9%				7.4%								10.7%
Six months ended April 30, 2020
Net sales		$	219,045			$	65,966			$	100,708			$	(1,647	)		$	384,072
Cost of sales			173,850				46,210				88,040				(941	)			307,159
Gross Margin			45,195				19,756				12,668				(706	)			76,913
Gross Margin %			20.6%				29.9%				12.6%								20.0%
Selling, general and administrative			23,040				11,242				8,834				(2,271	)			40,845
Restructuring charges			157				-				247				-				404
Depreciation and amortization			12,940				4,738				6,875				238				24,791
Operating income (loss)			9,058				3,776				(3,288	)			1,327				10,873
Depreciation and amortization			12,940				4,738				6,875				238				24,791
EBITDA			21,998				8,514				3,587				1,565				35,664
Transaction and advisory fees			-				-				-				55				55
Executive severance charges			-				-				-				1,343				1,343
Restructuring charges			157				-				247				-				404
Adjusted EBITDA		$	22,155			$	8,514			$	3,834			$	2,963			$	37,466
Adjusted EBITDA Margin %			10.1%				12.9%				3.8%								9.8%
Six months ended April 30, 2019
Net sales		$	224,395			$	76,877			$	116,688			$	(2,949	)		$	415,011
Cost of sales			177,184				53,431				101,555				(2,235	)			329,935
Gross Margin			47,211				23,446				15,133				(714	)			85,076
Gross Margin %			21.0%				30.5%				13.0%								20.5%
Selling, general and administrative			25,290				11,406				9,430				5,622				51,748
Restructuring charges			187				-				-				-				187
Depreciation and amortization			13,630				4,456				6,644				246				24,976
Asset impairment charges			-				-				29,978				-				29,978
Operating income (loss)			8,104				7,584				(30,919	)			(6,582	)			(21,813	)
Depreciation and amortization			13,630				4,456				6,644				246				24,976
EBITDA			21,734				12,040				(24,275	)			(6,336	)			3,163
Asset impairment charges			-				-				29,978				-				29,978
Transaction and advisory fees			-				-				-				967				967
Severance related to reorganization			-				-				-				1,150				1,150
Restructuring charges			187				-				-				-				187
Adjusted EBITDA		$	21,921			$	12,040			$	5,703			$	(4,219	)		$	35,445
Adjusted EBITDA Margin %			9.8%				15.7%				4.9%								8.5%

  QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS
(In thousands)
(Unaudited)

		Three Months Ended								Six Months Ended
		April 30, 2020				April 30, 2019				April 30, 2020				April 30, 2019
NA Fenestration:
	United States - fenestration	$	95,791			$	99,144			$	192,638			$	193,029
	International - fenestration		6,153				8,096				12,587				16,302
	United States - non-fenestration		4,372				4,803				8,935				8,308
	International - non-fenestration		2,277				3,303				4,885				6,756
		$	108,593			$	115,346			$	219,045			$	224,395
EU Fenestration  (1):
	International - fenestration	$	24,865			$	34,973			$	55,829			$	65,696
	International - non-fenestration		4,335				6,650				10,137				11,181
		$	29,200			$	41,623			$	65,966			$	76,877
NA Cabinet Components:
	United States - fenestration	$	2,647			$	2,997			$	5,795			$	6,349
	United States - non-fenestration		47,540				59,220				93,989				109,181
	International - non-fenestration		477				619				924				1,158
		$	50,664			$	62,836			$	100,708			$	116,688
Unallocated Corporate & Other:
	Eliminations	$	(982	)		$	(1,602	)		$	(1,647	)		$	(2,949	)
		$	(982	)		$	(1,602	)		$	(1,647	)		$	(2,949	)
Net Sales		$	187,475			$	218,203			$	384,072			$	415,011
(1) Reflects reduction of $1.5 million and $1.2 million in revenue associated with foreign currency exchange rate impacts for the three and six months ended April 30, 2020, respectively.

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