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July 05, 2008


Gibraltar Q1 sales up by 7% YoY

Leading manufacturer, processor, and distributor of products for the building, industrial and vehicular markets Gibraltar Industries Inc announced its first quarter result ended March 31st 2008. Its sales from continuing operations in the first quarter of 2008 were USD 326 million up by 7% YoY as compared to USD 304 million in the first quarter of 2007. The increase of sales was the result of acquisitions made over the last 12 months, which added higher margin sales of USD 38 million.

Gibraltar’s income from continuing operations increased to USD 7.1 million as compared to USD 7 million in the first quarter of 2007. The first quarter of 2008 included a USD 1.6 million pre tax charge related to the consolidation of manufacturing operations and separation payments.

Mr Brian J Lipke chairman & CEO of Gibraltar said that “Our ability to generate higher first quarter sales and earnings in spite of housing starts off 30% and the North American auto build down 9% compared to the first quarter of 2007 is further evidence of the progress we are making in building a stronger business platform for Gibraltar.”

Mr Lipke added that “The steps we have taken to diversify and broaden our business portfolio through our recent acquisitions especially our growth in the commercial building, industrial, and international markets the divestiture of underperforming assets and businesses, and the streamlining and strengthening of our existing operations are continuing to improve our core operating characteristics and have enhanced our ability to deliver improved results, even in a difficult operating environment. ”

Mr Henning N Kornbrekke president & COO of Gibraltar said that “We continue to make progress improving our operational efficiency, lowering our cost structure, and intensifying our focus on asset management. We further streamlined our operations in the first quarter with three additional facilities closed or consolidated, in addition to the 11 we completed in 2007, with others scheduled for the balance of the year. In spite of rapidly escalating raw material costs, we continued to focus on working capital management and that, coupled with our earnings, allowed us to pay down an additional USD 26 million in debt during the quarter, on top of the USD 65 million of debt we repaid in the fourth quarter.”