UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 26, 2009
QUANEX BUILDING PRODUCTS CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 1-33913 | 26-1561397 | ||
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| 1900 West Loop South, Suite 1500, Houston, Texas |
77027 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: 713-961-4600
| (Former name or former address if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure.
On January 26, 2009, Quanex Building Products Corporation (the “Company”) issued a press release (the “Press Release”) providing earnings guidance for the first quarter of fiscal year 2009. The foregoing is qualified by reference to the Press Release which is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
99.1
|
Press Release dated January 26, 2009 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| QUANEX BUILDING PRODUCTS CORPORATION | ||
| (Registrant) | ||
January 27, 2009 |
/s/ Brent L. Korb | |
(Date) |
Brent L. Korb Senior Vice President – Finance and Chief Financial Officer (Principal Financial Officer) |
| Exhibit Index | ||
| 99.1 Press Release dated January 26, 2009 | ||
| Quanex Building Products | Exhibit 99.1 |
Quanex Building Products Corporation
Lowers Guidance for Fiscal First Quarter 2009
Houston, Texas, January 26, 2009 – Quanex Building Products Corporation (NYSE:NX) today announced that it is lowering its previous guidance due to a further drop in demand during the latter half of its fiscal first quarter ending January 2009. Based upon the current market environment, the company now expects to report an operating loss between $12 million and $15 million. This compares to guidance given on December 4, 2008, which indicated a loss between $7 million and $11 million. The company also indicated it is performing interim testing of its intangible assets, including goodwill, during the quarter. Guidance excludes corporate expenses and any charges that could arise as a result of the interim impairment testing.
Both of the company’s segments, Engineered Products and Aluminum Sheet Products, are expected to post greater losses than previously anticipated due to the ongoing deterioration in US housing starts. The biggest change is expected at Aluminum Sheet Products because of a significant drop in demand and a narrower price spread. Shipped pounds in the quarter are now expected to be down about 35% compared to the fiscal first quarter of 2008, and December was particularly weak with volumes off approximately 45% compared to December 2007. Price spread will be even tighter than expected due primarily to the rapid fall in aluminum prices. In response to these market conditions, Nichols Aluminum eliminated a full shift at its casting facility this month and continues to operate the facility only 5 days a week, instead of its usual 7 days. In addition, the rolling capacity at its Alabama facility has remained idle since October 2008. At Engineered Products, reductions in the workforce are ongoing as the segment continues to size itself to current market demand.
Corporate Profile
Quanex Building Products Corporation is an industry-leading manufacturer of value-added, engineered materials and
components serving the building products markets. It is an ROIC-driven company that grows shareholder returns through
a combination of organic growth via new products and programs and strategic acquisitions.
Statements that use the words “expect,” “should,” “believe,” “will,” “might,” or similar words reflecting future expectations or beliefs are forward-looking statements. The statements found above are based on current expectations. Actual results or events may differ materially from this release. Factors that could impact future results may include, without limitation, the effect of both domestic and global economic conditions, the impact of competitive products and pricing, and the availability and cost of raw materials. For a more complete discussion of factors that may affect the company’s future performance, please refer to the company’s most recent 10-K filing on December 18, 2008, under the Securities Exchange Act of 1934, in particular the section titled, “Private Securities Litigation Reform Act” contained therein.
1
Financial Contact: Jeff Galow, 713-877-5327
Media Contact: Valerie Calvert, 713-877-5305
For general information about Quanex, visit our website at www.quanex.com.
2