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Outdoor Cooking Fixture Sales to Grow 5.4% Annually Through 2022
August 8, 2018 (Investorideas.com Newswire) Demand for outdoor kitchen cooking fixtures is projected to climb 5.4% annually to $325 million in 2022. Gains will be driven by

Demand for Behind the Wall Pipe Forecast to Grow 5% Annually
August 8, 2018 (Investorideas.com Newswire) Demand for pipe in behind the wall (BTW) plumbing is expected to grow 5.0% annually to $6.5 billion in 2022.

ConstructConnect's U.S. Construction Starts Summer Forecast Shows Construction Starts Rose by 1.4% Year-on-Year in Q2 2018
CINCINNATI - August 7, 2018 (Investorideas.com Newswire) ConstructConnect, a leading provider of construction information and technology solutions in North America, announced today the release of its Fall 2018 Forecast and Quarterly Report.

Financial Advice For Gen Z: Avoid #Mortgages, College Debt, Start Saving Now
July 30, 2018 (Investorideas.com Newswire) The oldest members of Generation Z have recently left college and entered the workforce.

Precast Concrete Infrastructure Construction Product Demand to Increase 4.4% Annually Through 2022
June 27, 2018 (Investorideas.com Newswire) Through 2022, demand for precast concrete infrastructure construction products is expected to increase 4.4% annually to $2.4 billion.

Demand for Duct Tape to Increase 3.6% Annually Through 2022
June 13, 2018 (Investorideas.com Newswire) Demand for duct tape is projected to increase 3.6% per year to $403 million in 2022, above the average of PSA tape overall.

Atrium Mortgage Investment Corporation (TSX: AI) Announces July 2018 Dividend
Toronto, Ontario - July 3, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Atrium Mortgage Investment Corporation (TSX: AI) is pleased to announce that its board of directors has declared a dividend for the month of July 2018 of $0.075 per common share

Global Pump Market to Grow 5.6% Annually Through 2022
June 11, 2018 (Investorideas.com Newswire) Global demand for fluid handling pumps is projected to grow 5.6% per year to $84.4 billion in 2022 based on broad growth across major markets.

Foamed Plastic Insulation Demand to Grow 4.4% Annually Through 2022
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Construction and Materials News from Globe Newswire

Acrow Bridge Supplies Structure to Restore Passage During Reconstruction of the Port Bruce Bridge in Ontario

Detour bridge maintains town’s only passage over Catfish Creek

BOLTON, Ontario, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Acrow Bridge, a leading international bridge engineering and supply company, has announced that it designed and provided a modular structure to Elgin County for use during the reconstruction of the Port Bruce Bridge on Imperial Road/County Road 73 in Port Bruce, Ontario. The bridge will restore safe passage of traffic after the collapse of the existing bridge in February during heavy rains and flooding throughout Southwestern Ontario.

The Port Bruce Bridge is the only direct route over Catfish Creek, which divides the north and south sides of the small town on the shores of Lake Erie. In addition to impacting local businesses and residents, the collapse and resulting 5 km detour has led to increased response times for emergency vehicles and inconvenienced visitors to the area, which is a popular destination for anglers during the May to early October fishing season.

At the time of the collapse of the 54-year-old concrete structure, a loaded dump truck was crossing and was left stranded and partially submerged in the creek. Fortunately, there were no injuries as a result of the accident, but the truck remained where it fell for four weeks until a comprehensive plan was put in place to safely remove its cargo and fuel and proceed with a complicated extrication. Ultimately, the truck was lifted off with a giant crane, an event that attracted media and a large crowd of onlookers.

The Acrow bridge was purchased by Elgin County, which anticipates reusing it for future projects. The single-lane span is 54.8 meters (180 feet) long and 5.5 meters (18 feet) wide with an epoxy aggregate anti-skid coated steel deck and a CL-625 ONT Truck load rating per Canadian Highway Bridge Design Code. Construction on the temporary bridge began July 3 and was completed on August 15. It opened to traffic on August 20 and is expected to be in place for two years.

Spriet Associates Ltd. of London, Ontario is the design engineer for the project and the contractor is Maclean Taylor Construction Ltd. of St. Marys, Ontario.

“Using a temporary detour bridge can help ensure the project stays on or ahead of schedule, important for both contractors and government agencies,” said Gordon Scott, Senior Project Manager and Structural Engineer at Acrow Bridge. “Acrow modular bridges, available for rent or purchase, are cost-effective and provide a safe and dependable route for local residents and area businesses.”

About Acrow Bridge
Acrow Bridge has been serving the transportation and construction industries for more than 60 years with a full line of modular steel bridging solutions for vehicle, rail, military and pedestrian use. Acrow’s extensive international presence includes its leadership in the development and implementation of bridge infrastructure projects in over 80 countries, covering Africa, Asia, the Americas, Europe and the Middle East. For more information, please visit www.acrow.com.

Contact:
Tracy Van Buskirk
Marketcom PR
Main: (212) 537-5177, ext. 8
Mobile: (203) 246-6165
tvanbuskirk@marketcompr.com

Photos accompanying this announcement are available at:

http://www.globenewswire.com/NewsRoom/AttachmentNg/5339ca77-bce3-4d1c-b482-a1247407d0b3

http://www.globenewswire.com/NewsRoom/AttachmentNg/9691c21b-0866-4428-a5bb-200c475fc720

Toll Brothers Reports FY 2018 3rd Qtr and 9 Month Results

HORSHAM, Pa., Aug. 21, 2018 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation’s leading builder of luxury homes, today announced results for its third quarter ended July 31, 2018.

FY 2018’s Third Quarter Financial Highlights (Compared to FY 2017’s Third Quarter):

  • Net income was $193.3 million, or $1.26 per share diluted, compared to net income of $148.6 million, or $0.87 per share diluted, in FY 2017’s third quarter  
  • Pre-tax income was $253.1 million, compared to $203.6 million
  • Other income and Income from unconsolidated entities was $23.4 million, compared to $31.3 million
  • Revenues were $1.91 billion – up 27%; home deliveries were 2,246 units – up 18%
  • Net signed contracts value was $2.03 billion – up 12%; contract units were 2,316 – up 7%
  • Per-community net signed contracts were 8.10 units per community – up 18%
  • Backlog value at third-quarter end rose to $6.48 billion – up 22%; units totaled 7,100 – up 13%
  • Gross margin, as a percent of revenues, was 21.1%
  • Adjusted Gross Margin, which excludes interest and inventory write-downs (“Adjusted Gross Margin”), was 24.3%
  • Inventory write-downs were $11.1 million, compared to $2.4 million
  • SG&A, as a percentage of revenues, was 9.1%
  • Income from operations was 12.0% of revenues

In Addition, the Company:

  • Repurchased approximately 3.7 million shares of its common stock at an average price of $37.24 per share for a total purchase price of approximately $136.0 million in its third quarter
  • Repurchased approximately 300,000 additional shares of its common stock at an average price of $35.02 per share for a total purchase price of $10.5 million in its FY 2018 fourth quarter to date
  • In FY 2018 to date, repurchased approximately 10.2 million shares of its common stock at an average price of $43.05 per share for a total purchase price of approximately $438.0 million

FY 2018 Financial Guidance (Subject to the Forward-Looking Statement Below):

  • Full FY 2018 deliveries of between 8,100 and 8,400 units with an average price of between $835,000 and $860,000; fourth-quarter deliveries of between 2,550 and 2,850 units with an average price of between $840,000 and $870,000
  • FY Adjusted Gross Margin of approximately 24.0% of revenues, consistent with the mid-point of its previous guidance range; fourth-quarter Adjusted Gross Margin of approximately 24.8%
  • FY SG&A, as a percentage of FY revenues, of approximately 9.8%; fourth-quarter SG&A, as a percentage of fourth-quarter revenues, of approximately 8.1%
  • FY Other income and Income from unconsolidated entities of approximately $145 million, with approximately $55 million in the fourth quarter 
  • FY tax rate of approximately 23%; fourth-quarter tax rate of approximately 28.5%

Douglas C. Yearley, Jr., Toll Brothers’ chief executive officer, stated: “We had an outstanding quarter with earnings per share, net income, pre-tax income and income from operations rising 45%, 30%, 24% and 33%, respectively, compared to one year ago. Revenues of $1.91 billion were up 27%, our highest third quarter ever, driven by strong revenue growth in our California, West, South, Mid-Atlantic and North regions.

“We achieved 12% growth in the value of new contracts signed, which, at $2.03 billion, was the highest for any third quarter in our history. Record third-quarter contracts and a third-quarter-end backlog, up 22% in dollars from one year ago, indicate revenue and earnings growth in FY 2019.

“On a per-community (same store) basis, contracts of 8.1 were the highest for a third quarter in over a decade, and up 18% compared to FY 2017. Our community count grew from 283 at second-quarter end to 301 at third-quarter end but still lagged FY 2017’s 312 at third-quarter end. We expect to reach approximately 315 selling communities by FYE 2018, which should give us a strong start for FY 2019. And we expect further community count growth by FYE 2019.

“The value of contracts in the West, South and Mid-Atlantic regions and in our City Living division were all up at least double digits while the North region was essentially flat. In California, contracts were down 1% in dollars and 4% in units. Contracts per-community in California declined from 11.3 in FY 2017’s third quarter to 10.0 this quarter. However, contracts per-community in California were still well-ahead of the company-wide average of 8.1. While California is not as hot as a year ago, it is still one of our stronger markets. Compared to one year ago, backlog in California was up 55% in value at third-quarter end. Most of this backlog will be delivered in FY 2019.

“Our double-digit growth in revenues, contracts and backlog and our strong earnings reflect the health of the new home industry in general and our unique position in the luxury market. Through our customization program, our buyers are adding, on average, $165,000 in lot premiums and structural and designer options to their homes. We are also benefiting from the quality of our brand, the diversity of our product lines and our attractively-located land pipeline across approximately 50 markets. In the current supply-constrained housing environment, we are well-positioned to grow.”

Martin P. Connor, Toll Brothers’ chief financial officer, stated: “We are very pleased with this third quarter’s results as we exceeded our guidance for closings, average delivered price, adjusted gross margin, SG&A leverage, Other income and Income from unconsolidated entities, and effective tax rate. 

“Contracts per community improved over last year, our quarter-end community count was above expectations, and our backlog was the highest at third-quarter end in a dozen years. With an average build time of over nine months, this backlog provides good revenue visibility into the first half of FY 2019.

“Gross margin this quarter benefitted from approximately 60 basis points of litigation settlements, which we had expected to occur in the fourth quarter. Excluding these settlements, our third-quarter Adjusted Gross Margin still exceeded our guidance by 30 basis points. 

“Toll Brothers Apartment Living, our residential rental development platform, is performing well and should continue to show significant growth. Our apartment strategy includes regularly monetizing apartment assets through sale or recapitalization to contribute to earnings. During the third quarter, we sold Parc Westborough, a 249-unit garden-style community held in joint venture and located in Westborough Massachusetts. This resulted in a $9 million gain to Toll Brothers.

“We remain focused on returning value to shareholders and improving our return on equity, as indicated by the year-over-year reduction in our lots owned compared to total lots controlled, our recently increased dividend, and our continued stock buybacks. Owned lots as a percent of total were 63%, down from 68% at FY 2017’s third-quarter end, and we repurchased another $147 million of our stock since the end of the second quarter of FY 2018 for a total of $438 million purchased so far in FY 2018. Return on beginning equity for FY 2018 is now forecast to be approximately 16%. 

“Turning to guidance, we project full FY 2018 deliveries of between 8,100 and 8,400 units with an average price between $835,000 and $860,000. This would result in revenues of between $6.76 billion and $7.22 billion, which would be the highest annual revenues in the history of the Company. Fourth-quarter deliveries are expected to be between 2,550 and 2,850 units with an average price of between $840,000 and $870,000.

“For the full FY 2018, we are projecting an Adjusted Gross Margin of approximately 24.0%, which is consistent with the mid-point of our previous guidance, and 24.8% for the fourth quarter. 

“We expect full year SG&A, as a percentage of revenues, to be 9.8%, which is a 20-basis point improvement from our previous guidance. Fourth quarter SG&A is expected to be 8.1% of revenues. 

“FY 2018 Joint Venture and Other income is projected to be approximately $145 million with approximately $55 million expected in the fourth quarter. 

“We are also lowering our full-year effective tax rate from a midpoint of 24% to approximately 23%. Our fourth-quarter effective tax rate guidance is approximately 28.5%. Lastly, we reaffirm our guidance for FYE 2018 community count of 315, compared to 305 at FYE 2017.” 

Robert I. Toll, executive chairman, stated: “We believe there is room for continued growth in the new home market in the coming years. Household formations have been increasing and in many regions the aging housing stock may not satisfy the lifestyles of today’s buyers. Yet new home production has not kept pace with the growth in population and households. On the single-family side, housing starts, other than during the anemic years of this recovery, are at their lowest level since 1970. In addition, existing home values have increased, providing potential move-up and empty nester customers with more equity that they can put toward a new home purchase. We believe these two groups, along with the growing number of millennials starting to buy homes, are all sources of potential new demand in the coming years.”

The financial highlights for the third quarter and nine months ended July 31, 2018 (unaudited):

  • FY 2018’s third-quarter net income was $193.3 million, or $1.26 per share diluted, compared to FY 2017’s third-quarter net income of $148.6 million, or $0.87 per share diluted.
     
  • FY 2018’s third-quarter pre-tax income was $253.1 million, compared to FY 2017’s third-quarter pre-tax income of $203.6 million. FY 2018’s third-quarter results included pre-tax inventory write-downs totaling $11.1 million ($9.1 million attributable to operating communities and $2.0 million attributable to future communities). FY 2017’s third-quarter results included pre-tax inventory write-downs of $2.4 million ($1.4 million attributable to operating communities and $1.0 million attributable to future communities).
     
  • FY 2018’s nine-month net income was $437.2 million, or $2.81 per share diluted, compared to FY 2017’s nine-month net income of $343.6 million, or $2.01 per share diluted.
     
  • FY 2018’s nine-month pre-tax income was $537.4 million, compared to FY 2017’s nine-month pre-tax income of $512.6 million. 
     
  • FY 2018’s nine-month pre-tax income results included pre-tax inventory write-downs totaling $28.7 million ($26.1 million attributable to operating communities and $2.6 million attributable to future communities). FY 2017’s nine-month results included pre-tax inventory write-downs of $11.3 million ($8.3 million attributable to operating communities and $3.0 million attributable to future communities).
     
  • FY 2018’s third-quarter total revenues of $1.91 billion and 2,246 units rose 27% in dollars and 18% in units, compared to FY 2017’s third-quarter total revenues of $1.50 billion and 1,899 units. The average price of homes delivered was $851,900, compared to $791,400 in FY 2017’s third quarter.
     
  • FY 2018’s nine-month total revenues of $4.69 billion and 5,555 units rose 24% in dollars and 18% in units, compared to FY 2017’s nine-month period totals of $3.79 billion and 4,727 units. 
     
  • The Company’s FY 2018 third-quarter net signed contracts of $2.03 billion and 2,316 units rose by 12% in dollars and 7% in units, compared to FY 2017’s third-quarter net signed contracts of $1.81 billion and 2,163 units. The average price of net signed contracts was $877,400, compared to $837,300 in FY 2017’s third quarter.
     
  • On a per-community basis, FY 2018’s third-quarter net signed contracts were 8.10 units, compared to third-quarter totals of 6.89 units in FY 2017, 5.85 in FY 2016, 5.50 in FY 2015, and 5.25 in FY 2014.
     
  • The Company’s FY 2018 nine-month net signed contracts of $6.11 billion and 6,804 units increased 20% in dollars and 10% in units, compared to net contracts of $5.07 billion and 6,196 units in FY 2017’s nine-month period.
  • In FY 2018, third-quarter-end backlog of $6.48 billion and 7,100 units increased 22% in dollars and 13% in units, compared to FY 2017’s third-quarter-end backlog of $5.31 billion and 6,282 units. The average price of homes in backlog was $912,600 compared to $845,100 at FY 2017’s third-quarter end.
     
  • FY 2018’s third-quarter gross margin was 21.1% of revenues, compared to 21.7% in FY 2017’s third quarter. FY 2018’s third-quarter Adjusted Gross Margin was 24.3%, compared to 25.0% in FY 2017’s third quarter.
     
  • Interest included in cost of sales was 2.6% of revenues in FY 2018’s third quarter, compared to 3.1% in FY 2017’s third quarter.
     
  • SG&A, as a percentage of revenues, was 9.1% in FY 2018’s third quarter, compared to 10.3% in FY 2017’s third quarter.
     
  • Income from operations of $229.7 million represented 12.0% of revenues in FY 2018’s third quarter, compared to $172.2 million and 11.5% of revenues in FY 2017’s third quarter. 
     
  • Income from operations of $447.8 million represented 9.6% of revenues in FY 2018’s nine-month period, compared to $362.2 million and 9.6% of revenues in FY 2017’s nine-month period.
     
  • Other income and Income from unconsolidated entities in FY 2018’s third quarter totaled $23.4 million, compared to $31.3 million in FY 2017’s third quarter.
     
  • Other income and Income from unconsolidated entities in FY 2018’s nine-month period totaled $89.7 million, compared to $150.4 million in FY 2017’s nine-month period. 
     
  • FY 2018’s third-quarter cancellation rate (current-quarter cancellations divided by current-quarter signed contracts) was 5.4%, compared to 5.8% in FY 2017’s third quarter. As a percentage of beginning-quarter backlog, FY 2018’s third-quarter cancellation rate was 1.9%, compared to 2.2% in FY 2017’s third quarter.
     
  • The Company ended its FY 2018 third quarter with $522.2 million in cash, compared to $475.1 million in cash at 2018’s second-quarter end, and $946.2 million in cash at FY 2017’s third-quarter end. At FY 2018’s third-quarter end, the Company also had $1.12 billion available under its $1.295 billion, 20-bank credit facility, which matures in May 2021.
     
  • During the third quarter of FY 2018, the Company repurchased approximately 3.7 million shares of its common stock at an average price of $37.24 per share for a total purchase price of approximately $136.0 million and an additional approximately 0.3 million shares of its common stock at an average price of $35.02 per share for a total purchase price of $10.5 million to date in its FY 2018 fourth quarter.
     
  • To date in FY 2018, the Company has repurchased approximately 10.2 million shares of its common stock at an average price of $43.05, for a total purchase price of approximately $438.0 million.     
     
  • On July 27, 2018, the Company paid its quarterly dividend of $0.11 per share to shareholders of record on the close of business on July 13, 2018.
  • The Company’s Stockholders’ Equity at FY 2018’s third-quarter end was $4.53 billion, compared to $4.53 billion at FY 2017’s third-quarter end.
     
  • The Company ended FY 2018’s third quarter with a debt-to-capital ratio of 44.5%, compared to 44.6% at FY 2018’s second-quarter end and 45.8% at FY 2017’s third-quarter end. The Company ended FY 2018’s third quarter with an adjusted net debt-to-capital ratio(1) of 40.1%, compared to 40.4% at FY 2018’s second-quarter end, and 38.4% at FY 2017’s third-quarter end. 
     
  • The Company ended FY 2018’s third quarter with approximately 53,600 lots owned and optioned, compared to 51,000 one quarter earlier, and 47,800 one year earlier. At FY 2018’s third-quarter end, approximately 33,900 of these lots were owned, of which approximately 16,900 lots, including those in backlog, were substantially improved.  
     
  • In the third quarter of FY 2018, the Company purchased 4,308 lots for $306.1 million.
     
  • The Company ended FY 2018’s third quarter with 301 selling communities, compared to 283 at FY 2018’s second-quarter end, and 312 at FY 2017’s third-quarter end. 
     
  • Based on FY 2018’s third-quarter-end backlog and the pace of activity at its communities, the Company now estimates it will deliver between 8,100 and 8,400 homes in FY 2018, compared to previous guidance of 8,000 and 8,500 units. It now believes the average delivered price for FY 2018 will be between $835,000 and $860,000 per home. This translates to projected revenues of between $6.76 billion and $7.22 billion in FY 2018, compared to $5.82 billion in FY 2017.
     
  • The Company continues to expect FY 2018 Other income and Income from unconsolidated entities of approximately $145 million. 
     
  • The Company projects FY 2018 Adjusted Gross Margin of approximately 24.0%, which is consistent with the mid-point of its previous guidance for full FY 2018.
     
  • The Company revises its full FY 2018 guidance on SG&A, as a percentage of revenues, to approximately 9.8% from 10.0% and reduces its guidance on its FY 2018 tax rate to 23% from the previous range of between 23% and 25%.
     
  • The Company expects FY 2018 fourth-quarter deliveries of between 2,550 and 2,850 units with an average price of between $840,000 and $870,000.
     
  • The Company expects its fourth-quarter FY 2018 Adjusted Gross Margin to be approximately 24. 8% of revenues.
     
  • FY 2018 fourth-quarter SG&A is expected to be approximately 8.1% of fourth quarter revenues.
     
  • The Company’s fourth-quarter FY 2018 Other income and Income from unconsolidated entities is expected to be approximately $55 million.
     
  • FY 2018’s fourth-quarter effective tax rate is expected to be approximately 28.5%.
     
  • The Company now expects to end FY 2018 with approximately 315 selling communities.  

        (1) See “Reconciliation of Non-GAAP Measures” below for more information on the calculation of the Company’s net debt-to-capital ratio.  

Toll Brothers will be broadcasting live via the Investor Relations section of its website, www.tollbrothers.com, a conference call hosted by CEO Douglas C. Yearley, Jr. at 11:00 a.m. (EDT) today, August 21, 2018, to discuss these results and its outlook for FY 2018. To access the call, enter the Toll Brothers website, click on the Investor Relations page, and select "Conference Calls.” Participants are encouraged to log on at least fifteen minutes prior to the start of the presentation to register and download any necessary software.

The call can be heard live with an online replay which will follow. MP3 format replays will be available after the conference call via the "Conference Calls" section of the Investor Relations portion of the Toll Brothers website.

Toll Brothers, Inc., A FORTUNE 500 Company, is the nation's leading builder of luxury homes. The Company began business over fifty years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. It operates in 22 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia (Toll Brothers Apartment Living), Idaho, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia.

Toll Brothers builds an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid-, and high-rise communities, principally on land it develops and improves. The Company acquires and develops rental apartment and commercial properties through Toll Brothers Apartment Living, Toll Brothers Campus Living, and the affiliated Toll Brothers Realty Trust, and develops urban low-, mid-, and high-rise for-sale condominiums through Toll Brothers City Living. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, and landscape subsidiaries. Toll Brothers also operates its own security company, TBI Smart Home Solutions, which also provides homeowners with home automation and technology options. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. Through its Gibraltar Real Estate Capital joint venture, the Company provides builders and developers with land banking, non-recourse debt and equity capital.

In 2018, Toll Brothers was named World’s Most Admired Home Building Company in Fortune magazine’s survey of the World’s Most Admired Companies, the fourth year in a row it has been so honored. Toll Brothers was named 2014 Builder of the Year by Builder magazine, and is honored to have been awarded Builder of the Year in 2012 by Professional Builder magazine, making it the first two-time recipient. Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company sponsors the Toll Brothers Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world.  For more information, visit www.tollbrothers.com.

Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website website (tollbrothers.com/investor-relations).

Forward-Looking Statements
Information presented herein for the third quarter ended July 31, 2018 is subject to finalization of the Company's regulatory filings, related financial and accounting reporting procedures and external auditor procedures.

This release contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act.  One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events.  These statements contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “can,” “could,” “might,” “should” and other words or phrases of similar meaning. Such statements may include, but are not limited to, anticipated operating results; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues; selling, general and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; the ability to acquire land and pursue real estate opportunities; the ability to gain approvals and open new communities; the ability to sell homes and properties; the ability to deliver homes from backlog; the ability to secure materials and subcontractors; the ability to produce the liquidity and capital necessary to expand and take advantage of opportunities; and legal proceedings, investigations and claims.

Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements.  Therefore, we caution you not to place undue reliance on our forward-looking statements.

The factors that could cause actual results to differ from those expressed or implied by our forward-looking statements include, among others: demand fluctuations in the housing industry; adverse changes in economic conditions in markets where we conduct our operations and where prospective purchasers of our homes live; increases in cancellations of existing agreements of sale; the competitive environment in which we operate; changes in interest rates or our credit ratings; the availability of capital; uncertainties in the capital and securities markets; the ability of customers to obtain financing for the purchase of homes; the availability and cost of land for future growth; the ability of the participants in various joint ventures to honor their commitments; effects of governmental legislation and regulation; effects of increased taxes or governmental fees; weather conditions; the availability and cost of labor and building and construction materials; the cost of raw materials; the outcome of various product liability claims, litigation and warranty claims; the effect of the loss of key management personnel; changes in tax laws and their interpretation; construction delays; and the seasonal nature of our business.  For a more detailed discussion of these factors, see the risk factors in the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent annual report on Form 10-K filed with the SEC.

From time to time, forward-looking statements also are included in our periodic reports on Forms 10-K, 10-Q and 8-K, in press releases, in presentations, on our website and in other materials released to the public.

Any or all of the forward-looking statements included in our reports or public statements made by us are not guarantees of future performance and may turn out to be inaccurate. This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties.  Many factors mentioned in our reports or public statements made by us, such as market conditions, government regulation, and the competitive environment, will be important in determining our future performance.  Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements.

This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section.

Forward-looking statements speak only as of the date they are made.  We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

 
TOLL BROTHERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
 
 July 31,
 2018
 October 31,
 2017
 (Unaudited)  
ASSETS   
Cash and cash equivalents$522,181  $712,829 
Inventory7,957,616  7,281,453 
Property, construction and office equipment, net195,728  189,547 
Receivables, prepaid expenses and other assets623,088  544,699 
Mortgage loans held for sale94,291  132,922 
Customer deposits held in escrow136,322  102,017 
Investments in unconsolidated entities419,994  481,758 
 $9,949,220  $9,445,225 
    
LIABILITIES AND EQUITY   
Liabilities:   
Loans payable$694,409  $637,416 
Senior notes2,860,771  2,462,463 
Mortgage company loan facility82,274  120,145 
Customer deposits470,231  396,026 
Accounts payable327,872  275,223 
Accrued expenses936,084  959,353 
Income taxes payable40,199  57,509 
Total liabilities5,411,840  4,908,135 
    
Equity:   
Stockholders’ Equity   
Common stock1,779  1,779 
Additional paid-in capital722,461  720,115 
Retained earnings4,866,980  4,474,064 
Treasury stock, at cost(1,060,746) (662,854)
Accumulated other comprehensive loss(1,810) (1,910)
Total stockholders' equity4,528,664  4,531,194 
Noncontrolling interest8,716  5,896 
Total equity4,537,380  4,537,090 
 $9,949,220  $9,445,225 
        


 
TOLL BROTHERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data and percentages)
(Unaudited)
 
 Nine Months Ended
July 31,
 Three Months Ended
July 31,
 2018 2017 2018 2017
 $% $% $% $%
Revenues$4,688,020   $3,787,151   $1,913,353   $1,502,909  
Cost of revenues3,742,256 79.8% 2,986,471 78.9% 1,509,619 78.9% 1,176,028 78.3%
Gross margin945,764 20.2% 800,680 21.1% 403,734 21.1% 326,881 21.7%
            
Selling, general and administrative expenses497,990 10.6% 438,497 11.6% 174,071 9.1% 154,650 10.3%
Income from operations447,774 9.6% 362,183 9.6% 229,663 12.0% 172,231 11.5%
            
Other:           
Income from unconsolidated entities53,913   112,274   12,469   19,925  
Other income - net35,756   38,107   10,965   11,418  
Income before income taxes537,443   512,564   253,097   203,574  
Income tax provision100,268   168,947   59,839   55,011  
Net income$437,175   $343,617   $193,258   $148,563  
Per share:           
Basic earnings$2.85   $2.11   $1.28   $0.91  
Diluted earnings$2.81   $2.01   $1.26   $0.87  
Cash dividend declared$0.30   $0.16   $0.11   $0.08  
Weighted-average number of shares:           
Basic153,290   163,186   151,257   163,478  
Diluted155,733   171,127   153,173   171,562  
            
Effective tax rate18.7%  33.0%  23.6%  27.0% 
                


 
TOLL BROTHERS, INC. AND SUBSIDIARIES
SUPPLEMENTAL DATA
(Amounts in thousands)
(unaudited)
 
 Nine Months Ended
July 31,
 Three Months Ended
July 31,
 2018 2017 2018 2017
Impairment charges recognized:       
Cost of sales - land owned/controlled for future communities$2,620  $3,019  $1,996  $1,037 
Cost of sales - operating communities26,126  8,295  9,065  1,360 
 $28,746  $11,314  $11,061  $2,397 
        
Depreciation and amortization$18,724  $18,437  $6,204  $6,314 
Interest incurred$123,028  $130,887  $41,759  $45,577 
Interest expense:       
Charged to cost of sales$128,915  $114,365  $50,003  $45,879 
Charged to other income - net2,259  2,097  1,258  102 
 $131,174  $116,462  $51,261  $45,981 
        
Home sites controlled:July 31,
2018
 July 31,
2017
    
Owned33,884  32,392     
Optioned19,720  15,448     
 53,604  47,840     
          

Inventory at July 31, 2018 and October 31, 2017 consisted of the following (amounts in thousands):

    
 July 31,
 2018
 October 31,
 2017
Land and land development costs$1,957,878  $1,861,820 
Construction in progress5,202,604  4,720,926 
Sample homes534,327  506,557 
Land deposits and costs of future development237,516  167,445 
Other25,291  24,705 
 $7,957,616  $7,281,453 
        

Toll Brothers operates in two segments: Traditional Home Building and Urban Infill ("City Living").  Within Traditional Home Building, Toll operates in five geographic segments:

North:                  Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey and New York
Mid-Atlantic:       Delaware, Maryland, Pennsylvania and Virginia
South:                 Florida, North Carolina and Texas
West:                   Arizona, Colorado, Idaho, Nevada, and Washington
California:           California

  
 Three Months Ended
July 31,
 Units $ (Millions) Average Price Per Unit $
 2018 2017 2018 2017 2018 2017
HOME BUILDING REVENUES           
North403  326  $266.2  $225.8  $660,600  $692,700 
Mid-Atlantic487  469  304.1  281.9  624,400  601,100 
South402  344  299.3  253.9  744,400  738,100 
West558  464  382.5  307.4  685,400  662,500 
California367  218  610.7  335.2  1,664,100  1,537,700 
Traditional Home Building2,217  1,821  1,862.8  1,404.2  840,200  771,200 
City Living29  78  50.6  98.7  1,745,400  1,264,500 
Total consolidated2,246  1,899  $1,913.4  $1,502.9  $851,900  $791,400 
            
CONTRACTS           
North353  368  $239.7  $239.9  $679,100  $651,800 
Mid-Atlantic544  473  343.0  300.8  630,600  636,000 
South414  330  311.3  251.9  751,900  763,400 
West566  537  417.9  335.3  738,400  624,400 
California390  408  639.4  642.7  1,639,400  1,575,300 
Traditional Home Building2,267  2,116  1,951.3  1,770.6  860,800  836,800 
City Living49  47  80.7  40.4  1,646,300  858,500 
Total consolidated2,316  2,163  $2,032.0  $1,811.0  $877,400  $837,300 
            
BACKLOG           
North1,254  1,217  $879.1  $807.7  $701,000  $663,700 
Mid-Atlantic1,342  1,269  878.6  801.9  654,700  631,900 
South1,296  1,154  994.3  895.2  767,200  775,700 
West1,610  1,500  1,179.0  1,003.8  732,300  669,200 
California1,407  934  2,345.5  1,511.4  1,667,000  1,618,200 
Traditional Home Building6,909  6,074  6,276.5  5,020.0  908,500  826,500 
City Living191  208  202.6  289.0  1,060,700  1,389,400 
Total consolidated7,100  6,282  $6,479.1  $5,309.0  $912,600  $845,100 
                      


            
 Nine Months Ended
July 31,
 Units $ (Millions) Average Price Per Unit $
 2018 2017 2018 2017 2018 2017
HOME BUILDING REVENUES           
North950  812  $626.7  $560.8  $659,700  $690,600 
Mid-Atlantic1,217  1,133  765.9  692.5  629,300  611,200 
South942  808  711.5  591.2  755,300  731,700 
West1,502  1,240  989.9  821.3  659,100  662,300 
California822  621  1,336.2  928.3  1,625,500  1,494,800 
Traditional Home Building5,433  4,614  4,430.2  3,594.1  815,400  779,000 
City Living122  113  257.8  193.1  2,113,100  1,708,800 
Total consolidated5,555  4,727  $4,688.0  $3,787.2  $843,900  $801,200 
            
CONTRACTS           
North987  1,052  $689.7  $675.8  $698,800  $642,400 
Mid-Atlantic1,416  1,416  903.0  884.3  637,700  624,500 
South1,183  1,002  889.8  750.0  752,200  748,500 
West1,715  1,592  1,197.0  1,019.7  698,000  640,500 
California1,342  1,022  2,186.5  1,572.0  1,629,300  1,538,200 
Traditional Home Building6,643  6,084  5,866.0  4,901.8  883,000  805,700 
City Living161  112  239.6  171.5  1,488,200  1,531,300 
Total consolidated6,804  6,196  $6,105.6  $5,073.3  $897,400  $818,800 
                      

Unconsolidated entities:

Information related to revenues and contracts of entities in which we have an interest for the three-month and nine-month periods ended July 31, 2018 and 2017, and for backlog at July 31, 2018 and 2017 is as follows:

      
 Units $ (Millions) Average Price Per Unit $
 2018 2017 2018 2017 2018 2017
Three months ended July 31,           
Revenues19  33  $36.0  $81.0  $1,896,900  $2,455,300 
Contracts25  38  $67.5  $58.1  $2,699,100  $1,528,900 
            
Nine months ended July 31,           
Revenues73  176  $104.0  $451.6  $1,424,000  $2,566,100 
Contracts143  107  $259.2  $138.0  $1,812,900  $1,290,000 
            
Backlog at July 31,186  115  $322.7  $157.9  $1,735,100  $1,372,800 
                      

RECONCILIATION OF NON-GAAP MEASURES

This press release contains, and Company management’s discussion of the results presented in this press release may include, information about the Company’s Adjusted Gross Margin and the Company’s net debt-to-capital ratio.

These two measures are non-GAAP financial measures which are not calculated in accordance with generally accepted accounting principles (“GAAP”). These non-GAAP financial measures should not be considered a substitute for, or superior to, the comparable GAAP financial measures, and may be different from non-GAAP measures used by other companies in the homebuilding business.

The Company’s management considers these non-GAAP financial measures as we make operating and strategic decisions and evaluate our performance, including against other homebuilders that may use similar non-GAAP financial measures. The Company’s management believes these non-GAAP financial measures are useful to investors in understanding our operations and leverage and may be helpful in comparing the Company to other homebuilders to the extent they provide similar information.

Adjusted Gross Margin
The following table reconciles the Company’s gross margin as a percentage of revenues (calculated in accordance with GAAP) to the Company’s Adjusted Gross Margin (a non-GAAP financial measure).  Adjusted Gross Margin is calculated as (i) gross margin plus interest recognized in cost of sales plus inventory write-downs divided by (ii) revenues.

 
Adjusted Gross Margin Reconciliation
(Amounts in thousands, except percentages)
 
  Three Months Ended
July 31,
  2018 2017
Revenues$1,913,353  $1,502,909 
Cost of revenues1,509,619  1,176,028 
Gross margin403,734  326,881 
Add:Interest recognized in cost of sales50,003  45,879 
 Inventory write-downs11,061  2,397 
Adjusted gross margin$464,798  $375,157 
     
Gross margin as a percentage of revenues21.1% 21.7%
     
Adjusted Gross Margin24.3% 25.0%
     

The Company’s management believes Adjusted Gross Margin is a useful financial measure to investors because it allows them to evaluate the performance of our homebuilding operations without the often varying effects of capitalized interest costs and inventory impairments. The use of Adjusted Gross Margin also assists the Company’s management in assessing the profitability of our homebuilding operations and making strategic decisions regarding community location and product mix.

Forward-looking Adjusted Gross Margin
The Company has not provided projected fourth quarter and full year fiscal 2018 gross margin or a GAAP reconciliation for forward-looking Adjusted Gross Margin because such measure cannot be provided without unreasonable efforts on a forward-looking basis, since inventory write-downs are based on future activity and observation and therefore cannot be projected for the fourth quarter or the full fiscal year. The variability of these charges may have a potentially unpredictable, and potentially significant, impact on our fourth quarter and full year fiscal 2018 gross margin.

Net Debt-to-Capital Ratio
The following table reconciles the Company’s ratio of debt to capital (calculated in accordance with GAAP) to the Company’s net debt-to-capital ratio (a non-GAAP financial measure). The net debt-to-capital ratio is calculated as (i) total debt minus mortgage warehouse loans minus cash and cash equivalents divided by (ii) total debt minus mortgage warehouse loans minus cash and cash equivalents plus stockholders’ equity.

 
Net Debt-to-Capital Ratio Reconciliation
(Amounts in thousands, except percentages)
       
  July 31, 2018 July 31, 2017 April 30, 2018
Loans payable$694,409  $619,574  $649,299 
Senior notes2,860,771  3,148,905  2,860,290 
Mortgage company loan facility82,274  57,921  103,550 
Total debt3,637,454  3,826,400  3,613,139 
Total stockholders' equity4,528,664  4,532,714  4,480,703 
Total capital$8,166,118  $8,359,114  $8,093,842 
Ratio of debt-to-capital44.5% 45.8% 44.6%
       
Total debt$3,637,454  $3,826,400  $3,613,139 
Less:Mortgage company loan facility(82,274) (57,921) (103,550)
 Cash and cash equivalents(522,181) (946,195) (475,113)
Total net debt3,032,999  2,822,284  3,034,476 
Total stockholders' equity4,528,664  4,532,714  4,480,703 
Total net capital$7,561,663  $7,354,998  $7,515,179 
Net debt-to-capital ratio40.1% 38.4% 40.4%
         

The Company’s management uses the net debt-to-capital ratio as an indicator of its overall leverage and believes it is a useful financial measure to investors in understanding the leverage employed in the Company’s operations.

CONTACT: Frederick N. Cooper (215) 938-8312
fcooper@tollbrothers.com

SIKA EXPANDS ITS PRESENCE IN UNITED ARAB EMIRATES WITH A NEW FACTORY IN DUBAI

Sika is developing its operations in the United Arab Emirates (UAE) with the opening of a new factory in Dubai. An existing production facility for concrete admixtures has been relocated to the new site and expanded. A state-of-the-art mortar facility and a reactor for producing polymers have been installed and will constitute the basis for the production of high-performance concrete admixtures. Furthermore, the new facility will play a strategic role as a sales and distribution center for the region.

Sika has grouped together and greatly expanded its mortar and concrete admixtures production, warehouse capacity, and offices at the  new location in Dubai Industrial City. Material streams, logistics, and the cost structure will thus be optimized, and the course set for further growth. The local polymer production facility will help to significantly cut costs and make it possible to supply customers located in all states of the Gulf Cooperation Council (GCC) with customized concrete admixtures for demanding construction projects.

Ivo Schädler, Regional Manager EMEA: "The new site in Dubai Industrial City is conveniently located between Dubai and Abu Dhabi and has been established as our strategic production, distribution, and sales center for the entire GCC area. We have thus created the ideal conditions for developing our growth potential in these booming construction markets."

CONSTRUCTION SECTOR BENEFITING FROM ECONOMIC DIVERSIFICATION
The UAE wants to reduce its dependence on oil and to diversify its economy. The construction industry is benefiting from growing tourism as well as from the UAE's development into a regional logistics center and a hub for renewable energies and green technologies. Moreover, Dubai has been selected to host Expo 2020, which will provide a further boost to the construction sector. Estimates put growth at close to 7% for the next few years.

CONTACT
Dominik Slappnig
Corporate Communications &
Investor Relations
+41 58 436 68 21
slappnig.dominik@ch.sika.com

SIKA CORPORATE PROFILE
Sika is a specialty chemicals company with a leading position in the development and production of systems and products for bonding, sealing, damping, reinforcing and protecting in the building sector and motor vehicle industry. Sika has subsidiaries in 101 countries around the world and manufactures in over 200 factories. Its more than 18,000 employees generated annual sales of CHF 6.25 billion in 2017.

The media release can be downloaded from the following link:

Attachment

Matrix Service Company Sets Date to Discuss Results for Fourth Quarter and Fiscal Year Ended June 30, 2018

TULSA, Okla., Aug. 20, 2018 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) will announce results for the Fourth quarter and Fiscal Year Ended June 30, 2018, and provide guidance for Fiscal 2019 on Monday, September 10, 2018 after the market closes.  The release will be followed by a conference call on Tuesday, September 11, 2018 at 10:30 a.m. Eastern time / 09:30 a.m. Central time.

Earnings Conference Call instructions

Matrix Service Company will host a conference call with John R. Hewitt, President and CEO and Kevin S. Cavanah, Vice President and CFO at 10:30 a.m. Eastern Time / 09:30 a.m. Central Time on September 11th.  The call will be simultaneously broadcast live over the Internet, which can be accessed at the Company’s website at www.matrixservicecompany.com on the Investor Relations page under Events & Presentations.  Please allow extra time prior to the call to visit the site and download the streaming media software required to listen to the Internet broadcast.  The conference call will be recorded and will be available for replay within one hour of the live call and can be accessed following the same link as the live call.

About Matrix Service Company                         

Founded in 1984, Matrix Service Company is parent to a family of companies that include Matrix Service Inc., Matrix NAC, Matrix PDM Engineering and Matrix Applied Technologies. Our subsidiaries design, build and maintain infrastructure critical to North America’s energy, power and industrial markets. Matrix Service Company is headquartered in Tulsa, Oklahoma with subsidiary offices located throughout the United States and Canada, as well as Sydney, Australia and Seoul, South Korea.

The Company reports its financial results based on four key operating segments: Electrical Infrastructure, Storage Solutions, Oil Gas & Chemical and Industrial. To learn more about Matrix Service Company, visit matrixservicecompany.com

This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  These statements are generally accompanied by words such as "anticipate," "continues," "expect," "forecast," "outlook," "believe," "estimate," "should" and "will" and words of similar effect that convey future meaning, concerning the Company's operations, economic performance and management's best judgment as to what may occur in the future.   Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate.  The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company's reports and filings made from time to time with the Securities and Exchange Commission.  Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition.  We undertake no obligation to update information contained in this release.

For more information, please contact:

Matrix Service Company Alpha IR Group
Kevin S. Cavanah Investor Relations
Vice President and CFO Robert Winters
T: 918-838-8822 T: 929-266-6315
E: kcavanah@matrixservicecompany.com E: MTRX@alpha-ir.com

 

F12.net Continues Toronto Expansion with Acquisition of Apps on Tap and Paradigm Network Solutions Inc.

EDMONTON, Alberta, Aug. 20, 2018 (GLOBE NEWSWIRE) -- Today, F12.net (F12) announced the acquisition of Apps on Tap Inc. and Paradigm Network Solutions Inc., two IT service providers located in North York, Ontario.  

The addition of Apps on Tap and Paradigm Network Solutions, which are branded separately but operate as one business, helps F12 establish a stronger presence in the Greater Toronto Area.

“F12 helps business leaders succeed by reducing technology distractions and bringing focus to business solutions,” remarked Alex Webb, CEO of F12. “Apps on Tap and Paradigm created an innovative platform that helps organizations rapidly migrate legacy services to cloud-based technology. We are excited to gain both Apps on Tap’s cloud services and Paradigm’s passionate team.”

Apps on Tap and Paradigm will continue to help organizations optimize the use of technology to achieve their business objectives, all while leveraging F12’s offerings, vendor partnerships and data centre capabilities. Together as one entity, Apps on Tap, Paradigm, and F12 have greater capability and a stronger national footprint.

“Paradigm Network Solutions Inc. and Apps on Tap Inc. are excited to join the F12 team,” explained Brad McMillan, owner of Paradigm and Apps on Tap. “Accessing talent and technology resources beyond what we could independently, empowers us to better serve our customers. F12 is a perfect partner for us with in-house Canadian based cloud services which compliment ours and a similar record of accomplishment. F12 has a clear vision to become the largest MSP in Canada and we are thrilled to be part of that story.”  

Brad McMillan, is an industry veteran with over twenty-five years of experience helping small and medium-sized business identify, implement, and maintain their technology. Brad will be joining F12 in the key business role of Regional Manager, Toronto Region. The Apps on Tap and Paradigm team has moved into F12’s brand new facility in Markham, ON, which opened in August of 2017.  

About Apps on Tap Inc. and Paradigm Network Solutions Inc.  
Apps on Tap and Paradigm’s dedicated IT professionals have provided Managed IT Solutions and Valued Added Reseller services in the North York, ON region since 2002 and 1992, respectively.  By adopting industry standards, both companies deliver proven IT solutions across many organizations in diverse verticals.  Additional information can be found at http://www.appsontap.ca/ and http://www.ittoronto.com/.

About F12.net, Inc.
F12.net is a leading provider of comprehensive IT programs designed to minimize conversations about networks and computers and maximize focus on business objectives. F12’s suite of solutions improves productivity, reduces risk, and tightly manages expenses. Additional information can be found at www.f12.net.

For more information about this acquisition, contact:

Devon GillardBrad McMillan
Director of Client Relations, Managing PartnerPresident
F12.net Inc.Apps on Tap and Paradigm Network Solutions 
403-210-2022 ext. 2207419-490-9019 ext. 222
dgillard@f12.netbrad.mcmillan@appsontap.ca
  

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Acrow Bridge Supplies Structure to Restore Passage During Reconstruction of the Port Bruce Bridge in Ontario

Detour bridge maintains town’s only passage over Catfish Creek

BOLTON, Ontario, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Acrow Bridge, a leading international bridge engineering and supply company, has announced that it designed and provided a modular structure to Elgin County for use during the reconstruction of the Port Bruce Bridge on Imperial Road/County Road 73 in Port Bruce, Ontario. The bridge will restore safe passage of traffic after the collapse of the existing bridge in February during heavy rains and flooding throughout Southwestern Ontario.

The Port Bruce Bridge is the only direct route over Catfish Creek, which divides the north and south sides of the small town on the shores of Lake Erie. In addition to impacting local businesses and residents, the collapse and resulting 5 km detour has led to increased response times for emergency vehicles and inconvenienced visitors to the area, which is a popular destination for anglers during the May to early October fishing season.

At the time of the collapse of the 54-year-old concrete structure, a loaded dump truck was crossing and was left stranded and partially submerged in the creek. Fortunately, there were no injuries as a result of the accident, but the truck remained where it fell for four weeks until a comprehensive plan was put in place to safely remove its cargo and fuel and proceed with a complicated extrication. Ultimately, the truck was lifted off with a giant crane, an event that attracted media and a large crowd of onlookers.

The Acrow bridge was purchased by Elgin County, which anticipates reusing it for future projects. The single-lane span is 54.8 meters (180 feet) long and 5.5 meters (18 feet) wide with an epoxy aggregate anti-skid coated steel deck and a CL-625 ONT Truck load rating per Canadian Highway Bridge Design Code. Construction on the temporary bridge began July 3 and was completed on August 15. It opened to traffic on August 20 and is expected to be in place for two years.

Spriet Associates Ltd. of London, Ontario is the design engineer for the project and the contractor is Maclean Taylor Construction Ltd. of St. Marys, Ontario.

“Using a temporary detour bridge can help ensure the project stays on or ahead of schedule, important for both contractors and government agencies,” said Gordon Scott, Senior Project Manager and Structural Engineer at Acrow Bridge. “Acrow modular bridges, available for rent or purchase, are cost-effective and provide a safe and dependable route for local residents and area businesses.”

About Acrow Bridge
Acrow Bridge has been serving the transportation and construction industries for more than 60 years with a full line of modular steel bridging solutions for vehicle, rail, military and pedestrian use. Acrow’s extensive international presence includes its leadership in the development and implementation of bridge infrastructure projects in over 80 countries, covering Africa, Asia, the Americas, Europe and the Middle East. For more information, please visit www.acrow.com.

Contact:
Tracy Van Buskirk
Marketcom PR
Main: (212) 537-5177, ext. 8
Mobile: (203) 246-6165
tvanbuskirk@marketcompr.com

Photos accompanying this announcement are available at:

http://www.globenewswire.com/NewsRoom/AttachmentNg/5339ca77-bce3-4d1c-b482-a1247407d0b3

http://www.globenewswire.com/NewsRoom/AttachmentNg/9691c21b-0866-4428-a5bb-200c475fc720

Toll Brothers Reports FY 2018 3rd Qtr and 9 Month Results

HORSHAM, Pa., Aug. 21, 2018 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation’s leading builder of luxury homes, today announced results for its third quarter ended July 31, 2018.

FY 2018’s Third Quarter Financial Highlights (Compared to FY 2017’s Third Quarter):

  • Net income was $193.3 million, or $1.26 per share diluted, compared to net income of $148.6 million, or $0.87 per share diluted, in FY 2017’s third quarter  
  • Pre-tax income was $253.1 million, compared to $203.6 million
  • Other income and Income from unconsolidated entities was $23.4 million, compared to $31.3 million
  • Revenues were $1.91 billion – up 27%; home deliveries were 2,246 units – up 18%
  • Net signed contracts value was $2.03 billion – up 12%; contract units were 2,316 – up 7%
  • Per-community net signed contracts were 8.10 units per community – up 18%
  • Backlog value at third-quarter end rose to $6.48 billion – up 22%; units totaled 7,100 – up 13%
  • Gross margin, as a percent of revenues, was 21.1%
  • Adjusted Gross Margin, which excludes interest and inventory write-downs (“Adjusted Gross Margin”), was 24.3%
  • Inventory write-downs were $11.1 million, compared to $2.4 million
  • SG&A, as a percentage of revenues, was 9.1%
  • Income from operations was 12.0% of revenues

In Addition, the Company:

  • Repurchased approximately 3.7 million shares of its common stock at an average price of $37.24 per share for a total purchase price of approximately $136.0 million in its third quarter
  • Repurchased approximately 300,000 additional shares of its common stock at an average price of $35.02 per share for a total purchase price of $10.5 million in its FY 2018 fourth quarter to date
  • In FY 2018 to date, repurchased approximately 10.2 million shares of its common stock at an average price of $43.05 per share for a total purchase price of approximately $438.0 million

FY 2018 Financial Guidance (Subject to the Forward-Looking Statement Below):

  • Full FY 2018 deliveries of between 8,100 and 8,400 units with an average price of between $835,000 and $860,000; fourth-quarter deliveries of between 2,550 and 2,850 units with an average price of between $840,000 and $870,000
  • FY Adjusted Gross Margin of approximately 24.0% of revenues, consistent with the mid-point of its previous guidance range; fourth-quarter Adjusted Gross Margin of approximately 24.8%
  • FY SG&A, as a percentage of FY revenues, of approximately 9.8%; fourth-quarter SG&A, as a percentage of fourth-quarter revenues, of approximately 8.1%
  • FY Other income and Income from unconsolidated entities of approximately $145 million, with approximately $55 million in the fourth quarter 
  • FY tax rate of approximately 23%; fourth-quarter tax rate of approximately 28.5%

Douglas C. Yearley, Jr., Toll Brothers’ chief executive officer, stated: “We had an outstanding quarter with earnings per share, net income, pre-tax income and income from operations rising 45%, 30%, 24% and 33%, respectively, compared to one year ago. Revenues of $1.91 billion were up 27%, our highest third quarter ever, driven by strong revenue growth in our California, West, South, Mid-Atlantic and North regions.

“We achieved 12% growth in the value of new contracts signed, which, at $2.03 billion, was the highest for any third quarter in our history. Record third-quarter contracts and a third-quarter-end backlog, up 22% in dollars from one year ago, indicate revenue and earnings growth in FY 2019.

“On a per-community (same store) basis, contracts of 8.1 were the highest for a third quarter in over a decade, and up 18% compared to FY 2017. Our community count grew from 283 at second-quarter end to 301 at third-quarter end but still lagged FY 2017’s 312 at third-quarter end. We expect to reach approximately 315 selling communities by FYE 2018, which should give us a strong start for FY 2019. And we expect further community count growth by FYE 2019.

“The value of contracts in the West, South and Mid-Atlantic regions and in our City Living division were all up at least double digits while the North region was essentially flat. In California, contracts were down 1% in dollars and 4% in units. Contracts per-community in California declined from 11.3 in FY 2017’s third quarter to 10.0 this quarter. However, contracts per-community in California were still well-ahead of the company-wide average of 8.1. While California is not as hot as a year ago, it is still one of our stronger markets. Compared to one year ago, backlog in California was up 55% in value at third-quarter end. Most of this backlog will be delivered in FY 2019.

“Our double-digit growth in revenues, contracts and backlog and our strong earnings reflect the health of the new home industry in general and our unique position in the luxury market. Through our customization program, our buyers are adding, on average, $165,000 in lot premiums and structural and designer options to their homes. We are also benefiting from the quality of our brand, the diversity of our product lines and our attractively-located land pipeline across approximately 50 markets. In the current supply-constrained housing environment, we are well-positioned to grow.”

Martin P. Connor, Toll Brothers’ chief financial officer, stated: “We are very pleased with this third quarter’s results as we exceeded our guidance for closings, average delivered price, adjusted gross margin, SG&A leverage, Other income and Income from unconsolidated entities, and effective tax rate. 

“Contracts per community improved over last year, our quarter-end community count was above expectations, and our backlog was the highest at third-quarter end in a dozen years. With an average build time of over nine months, this backlog provides good revenue visibility into the first half of FY 2019.

“Gross margin this quarter benefitted from approximately 60 basis points of litigation settlements, which we had expected to occur in the fourth quarter. Excluding these settlements, our third-quarter Adjusted Gross Margin still exceeded our guidance by 30 basis points. 

“Toll Brothers Apartment Living, our residential rental development platform, is performing well and should continue to show significant growth. Our apartment strategy includes regularly monetizing apartment assets through sale or recapitalization to contribute to earnings. During the third quarter, we sold Parc Westborough, a 249-unit garden-style community held in joint venture and located in Westborough Massachusetts. This resulted in a $9 million gain to Toll Brothers.

“We remain focused on returning value to shareholders and improving our return on equity, as indicated by the year-over-year reduction in our lots owned compared to total lots controlled, our recently increased dividend, and our continued stock buybacks. Owned lots as a percent of total were 63%, down from 68% at FY 2017’s third-quarter end, and we repurchased another $147 million of our stock since the end of the second quarter of FY 2018 for a total of $438 million purchased so far in FY 2018. Return on beginning equity for FY 2018 is now forecast to be approximately 16%. 

“Turning to guidance, we project full FY 2018 deliveries of between 8,100 and 8,400 units with an average price between $835,000 and $860,000. This would result in revenues of between $6.76 billion and $7.22 billion, which would be the highest annual revenues in the history of the Company. Fourth-quarter deliveries are expected to be between 2,550 and 2,850 units with an average price of between $840,000 and $870,000.

“For the full FY 2018, we are projecting an Adjusted Gross Margin of approximately 24.0%, which is consistent with the mid-point of our previous guidance, and 24.8% for the fourth quarter. 

“We expect full year SG&A, as a percentage of revenues, to be 9.8%, which is a 20-basis point improvement from our previous guidance. Fourth quarter SG&A is expected to be 8.1% of revenues. 

“FY 2018 Joint Venture and Other income is projected to be approximately $145 million with approximately $55 million expected in the fourth quarter. 

“We are also lowering our full-year effective tax rate from a midpoint of 24% to approximately 23%. Our fourth-quarter effective tax rate guidance is approximately 28.5%. Lastly, we reaffirm our guidance for FYE 2018 community count of 315, compared to 305 at FYE 2017.” 

Robert I. Toll, executive chairman, stated: “We believe there is room for continued growth in the new home market in the coming years. Household formations have been increasing and in many regions the aging housing stock may not satisfy the lifestyles of today’s buyers. Yet new home production has not kept pace with the growth in population and households. On the single-family side, housing starts, other than during the anemic years of this recovery, are at their lowest level since 1970. In addition, existing home values have increased, providing potential move-up and empty nester customers with more equity that they can put toward a new home purchase. We believe these two groups, along with the growing number of millennials starting to buy homes, are all sources of potential new demand in the coming years.”

The financial highlights for the third quarter and nine months ended July 31, 2018 (unaudited):

  • FY 2018’s third-quarter net income was $193.3 million, or $1.26 per share diluted, compared to FY 2017’s third-quarter net income of $148.6 million, or $0.87 per share diluted.
     
  • FY 2018’s third-quarter pre-tax income was $253.1 million, compared to FY 2017’s third-quarter pre-tax income of $203.6 million. FY 2018’s third-quarter results included pre-tax inventory write-downs totaling $11.1 million ($9.1 million attributable to operating communities and $2.0 million attributable to future communities). FY 2017’s third-quarter results included pre-tax inventory write-downs of $2.4 million ($1.4 million attributable to operating communities and $1.0 million attributable to future communities).
     
  • FY 2018’s nine-month net income was $437.2 million, or $2.81 per share diluted, compared to FY 2017’s nine-month net income of $343.6 million, or $2.01 per share diluted.
     
  • FY 2018’s nine-month pre-tax income was $537.4 million, compared to FY 2017’s nine-month pre-tax income of $512.6 million. 
     
  • FY 2018’s nine-month pre-tax income results included pre-tax inventory write-downs totaling $28.7 million ($26.1 million attributable to operating communities and $2.6 million attributable to future communities). FY 2017’s nine-month results included pre-tax inventory write-downs of $11.3 million ($8.3 million attributable to operating communities and $3.0 million attributable to future communities).
     
  • FY 2018’s third-quarter total revenues of $1.91 billion and 2,246 units rose 27% in dollars and 18% in units, compared to FY 2017’s third-quarter total revenues of $1.50 billion and 1,899 units. The average price of homes delivered was $851,900, compared to $791,400 in FY 2017’s third quarter.
     
  • FY 2018’s nine-month total revenues of $4.69 billion and 5,555 units rose 24% in dollars and 18% in units, compared to FY 2017’s nine-month period totals of $3.79 billion and 4,727 units. 
     
  • The Company’s FY 2018 third-quarter net signed contracts of $2.03 billion and 2,316 units rose by 12% in dollars and 7% in units, compared to FY 2017’s third-quarter net signed contracts of $1.81 billion and 2,163 units. The average price of net signed contracts was $877,400, compared to $837,300 in FY 2017’s third quarter.
     
  • On a per-community basis, FY 2018’s third-quarter net signed contracts were 8.10 units, compared to third-quarter totals of 6.89 units in FY 2017, 5.85 in FY 2016, 5.50 in FY 2015, and 5.25 in FY 2014.
     
  • The Company’s FY 2018 nine-month net signed contracts of $6.11 billion and 6,804 units increased 20% in dollars and 10% in units, compared to net contracts of $5.07 billion and 6,196 units in FY 2017’s nine-month period.
  • In FY 2018, third-quarter-end backlog of $6.48 billion and 7,100 units increased 22% in dollars and 13% in units, compared to FY 2017’s third-quarter-end backlog of $5.31 billion and 6,282 units. The average price of homes in backlog was $912,600 compared to $845,100 at FY 2017’s third-quarter end.
     
  • FY 2018’s third-quarter gross margin was 21.1% of revenues, compared to 21.7% in FY 2017’s third quarter. FY 2018’s third-quarter Adjusted Gross Margin was 24.3%, compared to 25.0% in FY 2017’s third quarter.
     
  • Interest included in cost of sales was 2.6% of revenues in FY 2018’s third quarter, compared to 3.1% in FY 2017’s third quarter.
     
  • SG&A, as a percentage of revenues, was 9.1% in FY 2018’s third quarter, compared to 10.3% in FY 2017’s third quarter.
     
  • Income from operations of $229.7 million represented 12.0% of revenues in FY 2018’s third quarter, compared to $172.2 million and 11.5% of revenues in FY 2017’s third quarter. 
     
  • Income from operations of $447.8 million represented 9.6% of revenues in FY 2018’s nine-month period, compared to $362.2 million and 9.6% of revenues in FY 2017’s nine-month period.
     
  • Other income and Income from unconsolidated entities in FY 2018’s third quarter totaled $23.4 million, compared to $31.3 million in FY 2017’s third quarter.
     
  • Other income and Income from unconsolidated entities in FY 2018’s nine-month period totaled $89.7 million, compared to $150.4 million in FY 2017’s nine-month period. 
     
  • FY 2018’s third-quarter cancellation rate (current-quarter cancellations divided by current-quarter signed contracts) was 5.4%, compared to 5.8% in FY 2017’s third quarter. As a percentage of beginning-quarter backlog, FY 2018’s third-quarter cancellation rate was 1.9%, compared to 2.2% in FY 2017’s third quarter.
     
  • The Company ended its FY 2018 third quarter with $522.2 million in cash, compared to $475.1 million in cash at 2018’s second-quarter end, and $946.2 million in cash at FY 2017’s third-quarter end. At FY 2018’s third-quarter end, the Company also had $1.12 billion available under its $1.295 billion, 20-bank credit facility, which matures in May 2021.
     
  • During the third quarter of FY 2018, the Company repurchased approximately 3.7 million shares of its common stock at an average price of $37.24 per share for a total purchase price of approximately $136.0 million and an additional approximately 0.3 million shares of its common stock at an average price of $35.02 per share for a total purchase price of $10.5 million to date in its FY 2018 fourth quarter.
     
  • To date in FY 2018, the Company has repurchased approximately 10.2 million shares of its common stock at an average price of $43.05, for a total purchase price of approximately $438.0 million.     
     
  • On July 27, 2018, the Company paid its quarterly dividend of $0.11 per share to shareholders of record on the close of business on July 13, 2018.
  • The Company’s Stockholders’ Equity at FY 2018’s third-quarter end was $4.53 billion, compared to $4.53 billion at FY 2017’s third-quarter end.
     
  • The Company ended FY 2018’s third quarter with a debt-to-capital ratio of 44.5%, compared to 44.6% at FY 2018’s second-quarter end and 45.8% at FY 2017’s third-quarter end. The Company ended FY 2018’s third quarter with an adjusted net debt-to-capital ratio(1) of 40.1%, compared to 40.4% at FY 2018’s second-quarter end, and 38.4% at FY 2017’s third-quarter end. 
     
  • The Company ended FY 2018’s third quarter with approximately 53,600 lots owned and optioned, compared to 51,000 one quarter earlier, and 47,800 one year earlier. At FY 2018’s third-quarter end, approximately 33,900 of these lots were owned, of which approximately 16,900 lots, including those in backlog, were substantially improved.  
     
  • In the third quarter of FY 2018, the Company purchased 4,308 lots for $306.1 million.
     
  • The Company ended FY 2018’s third quarter with 301 selling communities, compared to 283 at FY 2018’s second-quarter end, and 312 at FY 2017’s third-quarter end. 
     
  • Based on FY 2018’s third-quarter-end backlog and the pace of activity at its communities, the Company now estimates it will deliver between 8,100 and 8,400 homes in FY 2018, compared to previous guidance of 8,000 and 8,500 units. It now believes the average delivered price for FY 2018 will be between $835,000 and $860,000 per home. This translates to projected revenues of between $6.76 billion and $7.22 billion in FY 2018, compared to $5.82 billion in FY 2017.
     
  • The Company continues to expect FY 2018 Other income and Income from unconsolidated entities of approximately $145 million. 
     
  • The Company projects FY 2018 Adjusted Gross Margin of approximately 24.0%, which is consistent with the mid-point of its previous guidance for full FY 2018.
     
  • The Company revises its full FY 2018 guidance on SG&A, as a percentage of revenues, to approximately 9.8% from 10.0% and reduces its guidance on its FY 2018 tax rate to 23% from the previous range of between 23% and 25%.
     
  • The Company expects FY 2018 fourth-quarter deliveries of between 2,550 and 2,850 units with an average price of between $840,000 and $870,000.
     
  • The Company expects its fourth-quarter FY 2018 Adjusted Gross Margin to be approximately 24. 8% of revenues.
     
  • FY 2018 fourth-quarter SG&A is expected to be approximately 8.1% of fourth quarter revenues.
     
  • The Company’s fourth-quarter FY 2018 Other income and Income from unconsolidated entities is expected to be approximately $55 million.
     
  • FY 2018’s fourth-quarter effective tax rate is expected to be approximately 28.5%.
     
  • The Company now expects to end FY 2018 with approximately 315 selling communities.  

        (1) See “Reconciliation of Non-GAAP Measures” below for more information on the calculation of the Company’s net debt-to-capital ratio.  

Toll Brothers will be broadcasting live via the Investor Relations section of its website, www.tollbrothers.com, a conference call hosted by CEO Douglas C. Yearley, Jr. at 11:00 a.m. (EDT) today, August 21, 2018, to discuss these results and its outlook for FY 2018. To access the call, enter the Toll Brothers website, click on the Investor Relations page, and select "Conference Calls.” Participants are encouraged to log on at least fifteen minutes prior to the start of the presentation to register and download any necessary software.

The call can be heard live with an online replay which will follow. MP3 format replays will be available after the conference call via the "Conference Calls" section of the Investor Relations portion of the Toll Brothers website.

Toll Brothers, Inc., A FORTUNE 500 Company, is the nation's leading builder of luxury homes. The Company began business over fifty years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. It operates in 22 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia (Toll Brothers Apartment Living), Idaho, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia.

Toll Brothers builds an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid-, and high-rise communities, principally on land it develops and improves. The Company acquires and develops rental apartment and commercial properties through Toll Brothers Apartment Living, Toll Brothers Campus Living, and the affiliated Toll Brothers Realty Trust, and develops urban low-, mid-, and high-rise for-sale condominiums through Toll Brothers City Living. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, and landscape subsidiaries. Toll Brothers also operates its own security company, TBI Smart Home Solutions, which also provides homeowners with home automation and technology options. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. Through its Gibraltar Real Estate Capital joint venture, the Company provides builders and developers with land banking, non-recourse debt and equity capital.

In 2018, Toll Brothers was named World’s Most Admired Home Building Company in Fortune magazine’s survey of the World’s Most Admired Companies, the fourth year in a row it has been so honored. Toll Brothers was named 2014 Builder of the Year by Builder magazine, and is honored to have been awarded Builder of the Year in 2012 by Professional Builder magazine, making it the first two-time recipient. Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company sponsors the Toll Brothers Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world.  For more information, visit www.tollbrothers.com.

Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website website (tollbrothers.com/investor-relations).

Forward-Looking Statements
Information presented herein for the third quarter ended July 31, 2018 is subject to finalization of the Company's regulatory filings, related financial and accounting reporting procedures and external auditor procedures.

This release contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act.  One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events.  These statements contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “can,” “could,” “might,” “should” and other words or phrases of similar meaning. Such statements may include, but are not limited to, anticipated operating results; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues; selling, general and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; the ability to acquire land and pursue real estate opportunities; the ability to gain approvals and open new communities; the ability to sell homes and properties; the ability to deliver homes from backlog; the ability to secure materials and subcontractors; the ability to produce the liquidity and capital necessary to expand and take advantage of opportunities; and legal proceedings, investigations and claims.

Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements.  Therefore, we caution you not to place undue reliance on our forward-looking statements.

The factors that could cause actual results to differ from those expressed or implied by our forward-looking statements include, among others: demand fluctuations in the housing industry; adverse changes in economic conditions in markets where we conduct our operations and where prospective purchasers of our homes live; increases in cancellations of existing agreements of sale; the competitive environment in which we operate; changes in interest rates or our credit ratings; the availability of capital; uncertainties in the capital and securities markets; the ability of customers to obtain financing for the purchase of homes; the availability and cost of land for future growth; the ability of the participants in various joint ventures to honor their commitments; effects of governmental legislation and regulation; effects of increased taxes or governmental fees; weather conditions; the availability and cost of labor and building and construction materials; the cost of raw materials; the outcome of various product liability claims, litigation and warranty claims; the effect of the loss of key management personnel; changes in tax laws and their interpretation; construction delays; and the seasonal nature of our business.  For a more detailed discussion of these factors, see the risk factors in the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent annual report on Form 10-K filed with the SEC.

From time to time, forward-looking statements also are included in our periodic reports on Forms 10-K, 10-Q and 8-K, in press releases, in presentations, on our website and in other materials released to the public.

Any or all of the forward-looking statements included in our reports or public statements made by us are not guarantees of future performance and may turn out to be inaccurate. This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties.  Many factors mentioned in our reports or public statements made by us, such as market conditions, government regulation, and the competitive environment, will be important in determining our future performance.  Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements.

This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section.

Forward-looking statements speak only as of the date they are made.  We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

 
TOLL BROTHERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
 
 July 31,
 2018
 October 31,
 2017
 (Unaudited)  
ASSETS   
Cash and cash equivalents$522,181  $712,829 
Inventory7,957,616  7,281,453 
Property, construction and office equipment, net195,728  189,547 
Receivables, prepaid expenses and other assets623,088  544,699 
Mortgage loans held for sale94,291  132,922 
Customer deposits held in escrow136,322  102,017 
Investments in unconsolidated entities419,994  481,758 
 $9,949,220  $9,445,225 
    
LIABILITIES AND EQUITY   
Liabilities:   
Loans payable$694,409  $637,416 
Senior notes2,860,771  2,462,463 
Mortgage company loan facility82,274  120,145 
Customer deposits470,231  396,026 
Accounts payable327,872  275,223 
Accrued expenses936,084  959,353 
Income taxes payable40,199  57,509 
Total liabilities5,411,840  4,908,135 
    
Equity:   
Stockholders’ Equity   
Common stock1,779  1,779 
Additional paid-in capital722,461  720,115 
Retained earnings4,866,980  4,474,064 
Treasury stock, at cost(1,060,746) (662,854)
Accumulated other comprehensive loss(1,810) (1,910)
Total stockholders' equity4,528,664  4,531,194 
Noncontrolling interest8,716  5,896 
Total equity4,537,380  4,537,090 
 $9,949,220  $9,445,225 
        


 
TOLL BROTHERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data and percentages)
(Unaudited)
 
 Nine Months Ended
July 31,
 Three Months Ended
July 31,
 2018 2017 2018 2017
 $% $% $% $%
Revenues$4,688,020   $3,787,151   $1,913,353   $1,502,909  
Cost of revenues3,742,256 79.8% 2,986,471 78.9% 1,509,619 78.9% 1,176,028 78.3%
Gross margin945,764 20.2% 800,680 21.1% 403,734 21.1% 326,881 21.7%
            
Selling, general and administrative expenses497,990 10.6% 438,497 11.6% 174,071 9.1% 154,650 10.3%
Income from operations447,774 9.6% 362,183 9.6% 229,663 12.0% 172,231 11.5%
            
Other:           
Income from unconsolidated entities53,913   112,274   12,469   19,925  
Other income - net35,756   38,107   10,965   11,418  
Income before income taxes537,443   512,564   253,097   203,574  
Income tax provision100,268   168,947   59,839   55,011  
Net income$437,175   $343,617   $193,258   $148,563  
Per share:           
Basic earnings$2.85   $2.11   $1.28   $0.91  
Diluted earnings$2.81   $2.01   $1.26   $0.87  
Cash dividend declared$0.30   $0.16   $0.11   $0.08  
Weighted-average number of shares:           
Basic153,290   163,186   151,257   163,478  
Diluted155,733   171,127   153,173   171,562  
            
Effective tax rate18.7%  33.0%  23.6%  27.0% 
                


 
TOLL BROTHERS, INC. AND SUBSIDIARIES
SUPPLEMENTAL DATA
(Amounts in thousands)
(unaudited)
 
 Nine Months Ended
July 31,
 Three Months Ended
July 31,
 2018 2017 2018 2017
Impairment charges recognized:       
Cost of sales - land owned/controlled for future communities$2,620  $3,019  $1,996  $1,037 
Cost of sales - operating communities26,126  8,295  9,065  1,360 
 $28,746  $11,314  $11,061  $2,397 
        
Depreciation and amortization$18,724  $18,437  $6,204  $6,314 
Interest incurred$123,028  $130,887  $41,759  $45,577 
Interest expense:       
Charged to cost of sales$128,915  $114,365  $50,003  $45,879 
Charged to other income - net2,259  2,097  1,258  102 
 $131,174  $116,462  $51,261  $45,981 
        
Home sites controlled:July 31,
2018
 July 31,
2017
    
Owned33,884  32,392     
Optioned19,720  15,448     
 53,604  47,840     
          

Inventory at July 31, 2018 and October 31, 2017 consisted of the following (amounts in thousands):

    
 July 31,
 2018
 October 31,
 2017
Land and land development costs$1,957,878  $1,861,820 
Construction in progress5,202,604  4,720,926 
Sample homes534,327  506,557 
Land deposits and costs of future development237,516  167,445 
Other25,291  24,705 
 $7,957,616  $7,281,453 
        

Toll Brothers operates in two segments: Traditional Home Building and Urban Infill ("City Living").  Within Traditional Home Building, Toll operates in five geographic segments:

North:                  Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey and New York
Mid-Atlantic:       Delaware, Maryland, Pennsylvania and Virginia
South:                 Florida, North Carolina and Texas
West:                   Arizona, Colorado, Idaho, Nevada, and Washington
California:           California

  
 Three Months Ended
July 31,
 Units $ (Millions) Average Price Per Unit $
 2018 2017 2018 2017 2018 2017
HOME BUILDING REVENUES           
North403  326  $266.2  $225.8  $660,600  $692,700 
Mid-Atlantic487  469  304.1  281.9  624,400  601,100 
South402  344  299.3  253.9  744,400  738,100 
West558  464  382.5  307.4  685,400  662,500 
California367  218  610.7  335.2  1,664,100  1,537,700 
Traditional Home Building2,217  1,821  1,862.8  1,404.2  840,200  771,200 
City Living29  78  50.6  98.7  1,745,400  1,264,500 
Total consolidated2,246  1,899  $1,913.4  $1,502.9  $851,900  $791,400 
            
CONTRACTS           
North353  368  $239.7  $239.9  $679,100  $651,800 
Mid-Atlantic544  473  343.0  300.8  630,600  636,000 
South414  330  311.3  251.9  751,900  763,400 
West566  537  417.9  335.3  738,400  624,400 
California390  408  639.4  642.7  1,639,400  1,575,300 
Traditional Home Building2,267  2,116  1,951.3  1,770.6  860,800  836,800 
City Living49  47  80.7  40.4  1,646,300  858,500 
Total consolidated2,316  2,163  $2,032.0  $1,811.0  $877,400  $837,300 
            
BACKLOG           
North1,254  1,217  $879.1  $807.7  $701,000  $663,700 
Mid-Atlantic1,342  1,269  878.6  801.9  654,700  631,900 
South1,296  1,154  994.3  895.2  767,200  775,700 
West1,610  1,500  1,179.0  1,003.8  732,300  669,200 
California1,407  934  2,345.5  1,511.4  1,667,000  1,618,200 
Traditional Home Building6,909  6,074  6,276.5  5,020.0  908,500  826,500 
City Living191  208  202.6  289.0  1,060,700  1,389,400 
Total consolidated7,100  6,282  $6,479.1  $5,309.0  $912,600  $845,100 
                      


            
 Nine Months Ended
July 31,
 Units $ (Millions) Average Price Per Unit $
 2018 2017 2018 2017 2018 2017
HOME BUILDING REVENUES           
North950  812  $626.7  $560.8  $659,700  $690,600 
Mid-Atlantic1,217  1,133  765.9  692.5  629,300  611,200 
South942  808  711.5  591.2  755,300  731,700 
West1,502  1,240  989.9  821.3  659,100  662,300 
California822  621  1,336.2  928.3  1,625,500  1,494,800 
Traditional Home Building5,433  4,614  4,430.2  3,594.1  815,400  779,000 
City Living122  113  257.8  193.1  2,113,100  1,708,800 
Total consolidated5,555  4,727  $4,688.0  $3,787.2  $843,900  $801,200 
            
CONTRACTS           
North987  1,052  $689.7  $675.8  $698,800  $642,400 
Mid-Atlantic1,416  1,416  903.0  884.3  637,700  624,500 
South1,183  1,002  889.8  750.0  752,200  748,500 
West1,715  1,592  1,197.0  1,019.7  698,000  640,500 
California1,342  1,022  2,186.5  1,572.0  1,629,300  1,538,200 
Traditional Home Building6,643  6,084  5,866.0  4,901.8  883,000  805,700 
City Living161  112  239.6  171.5  1,488,200  1,531,300 
Total consolidated6,804  6,196  $6,105.6  $5,073.3  $897,400  $818,800 
                      

Unconsolidated entities:

Information related to revenues and contracts of entities in which we have an interest for the three-month and nine-month periods ended July 31, 2018 and 2017, and for backlog at July 31, 2018 and 2017 is as follows:

      
 Units $ (Millions) Average Price Per Unit $
 2018 2017 2018 2017 2018 2017
Three months ended July 31,           
Revenues19  33  $36.0  $81.0  $1,896,900  $2,455,300 
Contracts25  38  $67.5  $58.1  $2,699,100  $1,528,900 
            
Nine months ended July 31,           
Revenues73  176  $104.0  $451.6  $1,424,000  $2,566,100 
Contracts143  107  $259.2  $138.0  $1,812,900  $1,290,000 
            
Backlog at July 31,186  115  $322.7  $157.9  $1,735,100  $1,372,800 
                      

RECONCILIATION OF NON-GAAP MEASURES

This press release contains, and Company management’s discussion of the results presented in this press release may include, information about the Company’s Adjusted Gross Margin and the Company’s net debt-to-capital ratio.

These two measures are non-GAAP financial measures which are not calculated in accordance with generally accepted accounting principles (“GAAP”). These non-GAAP financial measures should not be considered a substitute for, or superior to, the comparable GAAP financial measures, and may be different from non-GAAP measures used by other companies in the homebuilding business.

The Company’s management considers these non-GAAP financial measures as we make operating and strategic decisions and evaluate our performance, including against other homebuilders that may use similar non-GAAP financial measures. The Company’s management believes these non-GAAP financial measures are useful to investors in understanding our operations and leverage and may be helpful in comparing the Company to other homebuilders to the extent they provide similar information.

Adjusted Gross Margin
The following table reconciles the Company’s gross margin as a percentage of revenues (calculated in accordance with GAAP) to the Company’s Adjusted Gross Margin (a non-GAAP financial measure).  Adjusted Gross Margin is calculated as (i) gross margin plus interest recognized in cost of sales plus inventory write-downs divided by (ii) revenues.

 
Adjusted Gross Margin Reconciliation
(Amounts in thousands, except percentages)
 
  Three Months Ended
July 31,
  2018 2017
Revenues$1,913,353  $1,502,909 
Cost of revenues1,509,619  1,176,028 
Gross margin403,734  326,881 
Add:Interest recognized in cost of sales50,003  45,879 
 Inventory write-downs11,061  2,397 
Adjusted gross margin$464,798  $375,157 
     
Gross margin as a percentage of revenues21.1% 21.7%
     
Adjusted Gross Margin24.3% 25.0%
     

The Company’s management believes Adjusted Gross Margin is a useful financial measure to investors because it allows them to evaluate the performance of our homebuilding operations without the often varying effects of capitalized interest costs and inventory impairments. The use of Adjusted Gross Margin also assists the Company’s management in assessing the profitability of our homebuilding operations and making strategic decisions regarding community location and product mix.

Forward-looking Adjusted Gross Margin
The Company has not provided projected fourth quarter and full year fiscal 2018 gross margin or a GAAP reconciliation for forward-looking Adjusted Gross Margin because such measure cannot be provided without unreasonable efforts on a forward-looking basis, since inventory write-downs are based on future activity and observation and therefore cannot be projected for the fourth quarter or the full fiscal year. The variability of these charges may have a potentially unpredictable, and potentially significant, impact on our fourth quarter and full year fiscal 2018 gross margin.

Net Debt-to-Capital Ratio
The following table reconciles the Company’s ratio of debt to capital (calculated in accordance with GAAP) to the Company’s net debt-to-capital ratio (a non-GAAP financial measure). The net debt-to-capital ratio is calculated as (i) total debt minus mortgage warehouse loans minus cash and cash equivalents divided by (ii) total debt minus mortgage warehouse loans minus cash and cash equivalents plus stockholders’ equity.

 
Net Debt-to-Capital Ratio Reconciliation
(Amounts in thousands, except percentages)
       
  July 31, 2018 July 31, 2017 April 30, 2018
Loans payable$694,409  $619,574  $649,299 
Senior notes2,860,771  3,148,905  2,860,290 
Mortgage company loan facility82,274  57,921  103,550 
Total debt3,637,454  3,826,400  3,613,139 
Total stockholders' equity4,528,664  4,532,714  4,480,703 
Total capital$8,166,118  $8,359,114  $8,093,842 
Ratio of debt-to-capital44.5% 45.8% 44.6%
       
Total debt$3,637,454  $3,826,400  $3,613,139 
Less:Mortgage company loan facility(82,274) (57,921) (103,550)
 Cash and cash equivalents(522,181) (946,195) (475,113)
Total net debt3,032,999  2,822,284  3,034,476 
Total stockholders' equity4,528,664  4,532,714  4,480,703 
Total net capital$7,561,663  $7,354,998  $7,515,179 
Net debt-to-capital ratio40.1% 38.4% 40.4%
         

The Company’s management uses the net debt-to-capital ratio as an indicator of its overall leverage and believes it is a useful financial measure to investors in understanding the leverage employed in the Company’s operations.

CONTACT: Frederick N. Cooper (215) 938-8312
fcooper@tollbrothers.com

SIKA EXPANDS ITS PRESENCE IN UNITED ARAB EMIRATES WITH A NEW FACTORY IN DUBAI

Sika is developing its operations in the United Arab Emirates (UAE) with the opening of a new factory in Dubai. An existing production facility for concrete admixtures has been relocated to the new site and expanded. A state-of-the-art mortar facility and a reactor for producing polymers have been installed and will constitute the basis for the production of high-performance concrete admixtures. Furthermore, the new facility will play a strategic role as a sales and distribution center for the region.

Sika has grouped together and greatly expanded its mortar and concrete admixtures production, warehouse capacity, and offices at the  new location in Dubai Industrial City. Material streams, logistics, and the cost structure will thus be optimized, and the course set for further growth. The local polymer production facility will help to significantly cut costs and make it possible to supply customers located in all states of the Gulf Cooperation Council (GCC) with customized concrete admixtures for demanding construction projects.

Ivo Schädler, Regional Manager EMEA: "The new site in Dubai Industrial City is conveniently located between Dubai and Abu Dhabi and has been established as our strategic production, distribution, and sales center for the entire GCC area. We have thus created the ideal conditions for developing our growth potential in these booming construction markets."

CONSTRUCTION SECTOR BENEFITING FROM ECONOMIC DIVERSIFICATION
The UAE wants to reduce its dependence on oil and to diversify its economy. The construction industry is benefiting from growing tourism as well as from the UAE's development into a regional logistics center and a hub for renewable energies and green technologies. Moreover, Dubai has been selected to host Expo 2020, which will provide a further boost to the construction sector. Estimates put growth at close to 7% for the next few years.

CONTACT
Dominik Slappnig
Corporate Communications &
Investor Relations
+41 58 436 68 21
slappnig.dominik@ch.sika.com

SIKA CORPORATE PROFILE
Sika is a specialty chemicals company with a leading position in the development and production of systems and products for bonding, sealing, damping, reinforcing and protecting in the building sector and motor vehicle industry. Sika has subsidiaries in 101 countries around the world and manufactures in over 200 factories. Its more than 18,000 employees generated annual sales of CHF 6.25 billion in 2017.

The media release can be downloaded from the following link:

Attachment

Matrix Service Company Sets Date to Discuss Results for Fourth Quarter and Fiscal Year Ended June 30, 2018

TULSA, Okla., Aug. 20, 2018 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) will announce results for the Fourth quarter and Fiscal Year Ended June 30, 2018, and provide guidance for Fiscal 2019 on Monday, September 10, 2018 after the market closes.  The release will be followed by a conference call on Tuesday, September 11, 2018 at 10:30 a.m. Eastern time / 09:30 a.m. Central time.

Earnings Conference Call instructions

Matrix Service Company will host a conference call with John R. Hewitt, President and CEO and Kevin S. Cavanah, Vice President and CFO at 10:30 a.m. Eastern Time / 09:30 a.m. Central Time on September 11th.  The call will be simultaneously broadcast live over the Internet, which can be accessed at the Company’s website at www.matrixservicecompany.com on the Investor Relations page under Events & Presentations.  Please allow extra time prior to the call to visit the site and download the streaming media software required to listen to the Internet broadcast.  The conference call will be recorded and will be available for replay within one hour of the live call and can be accessed following the same link as the live call.

About Matrix Service Company                         

Founded in 1984, Matrix Service Company is parent to a family of companies that include Matrix Service Inc., Matrix NAC, Matrix PDM Engineering and Matrix Applied Technologies. Our subsidiaries design, build and maintain infrastructure critical to North America’s energy, power and industrial markets. Matrix Service Company is headquartered in Tulsa, Oklahoma with subsidiary offices located throughout the United States and Canada, as well as Sydney, Australia and Seoul, South Korea.

The Company reports its financial results based on four key operating segments: Electrical Infrastructure, Storage Solutions, Oil Gas & Chemical and Industrial. To learn more about Matrix Service Company, visit matrixservicecompany.com

This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  These statements are generally accompanied by words such as "anticipate," "continues," "expect," "forecast," "outlook," "believe," "estimate," "should" and "will" and words of similar effect that convey future meaning, concerning the Company's operations, economic performance and management's best judgment as to what may occur in the future.   Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate.  The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company's reports and filings made from time to time with the Securities and Exchange Commission.  Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition.  We undertake no obligation to update information contained in this release.

For more information, please contact:

Matrix Service Company Alpha IR Group
Kevin S. Cavanah Investor Relations
Vice President and CFO Robert Winters
T: 918-838-8822 T: 929-266-6315
E: kcavanah@matrixservicecompany.com E: MTRX@alpha-ir.com

 

F12.net Continues Toronto Expansion with Acquisition of Apps on Tap and Paradigm Network Solutions Inc.

EDMONTON, Alberta, Aug. 20, 2018 (GLOBE NEWSWIRE) -- Today, F12.net (F12) announced the acquisition of Apps on Tap Inc. and Paradigm Network Solutions Inc., two IT service providers located in North York, Ontario.  

The addition of Apps on Tap and Paradigm Network Solutions, which are branded separately but operate as one business, helps F12 establish a stronger presence in the Greater Toronto Area.

“F12 helps business leaders succeed by reducing technology distractions and bringing focus to business solutions,” remarked Alex Webb, CEO of F12. “Apps on Tap and Paradigm created an innovative platform that helps organizations rapidly migrate legacy services to cloud-based technology. We are excited to gain both Apps on Tap’s cloud services and Paradigm’s passionate team.”

Apps on Tap and Paradigm will continue to help organizations optimize the use of technology to achieve their business objectives, all while leveraging F12’s offerings, vendor partnerships and data centre capabilities. Together as one entity, Apps on Tap, Paradigm, and F12 have greater capability and a stronger national footprint.

“Paradigm Network Solutions Inc. and Apps on Tap Inc. are excited to join the F12 team,” explained Brad McMillan, owner of Paradigm and Apps on Tap. “Accessing talent and technology resources beyond what we could independently, empowers us to better serve our customers. F12 is a perfect partner for us with in-house Canadian based cloud services which compliment ours and a similar record of accomplishment. F12 has a clear vision to become the largest MSP in Canada and we are thrilled to be part of that story.”  

Brad McMillan, is an industry veteran with over twenty-five years of experience helping small and medium-sized business identify, implement, and maintain their technology. Brad will be joining F12 in the key business role of Regional Manager, Toronto Region. The Apps on Tap and Paradigm team has moved into F12’s brand new facility in Markham, ON, which opened in August of 2017.  

About Apps on Tap Inc. and Paradigm Network Solutions Inc.  
Apps on Tap and Paradigm’s dedicated IT professionals have provided Managed IT Solutions and Valued Added Reseller services in the North York, ON region since 2002 and 1992, respectively.  By adopting industry standards, both companies deliver proven IT solutions across many organizations in diverse verticals.  Additional information can be found at http://www.appsontap.ca/ and http://www.ittoronto.com/.

About F12.net, Inc.
F12.net is a leading provider of comprehensive IT programs designed to minimize conversations about networks and computers and maximize focus on business objectives. F12’s suite of solutions improves productivity, reduces risk, and tightly manages expenses. Additional information can be found at www.f12.net.

For more information about this acquisition, contact:

Devon GillardBrad McMillan
Director of Client Relations, Managing PartnerPresident
F12.net Inc.Apps on Tap and Paradigm Network Solutions 
403-210-2022 ext. 2207419-490-9019 ext. 222
dgillard@f12.netbrad.mcmillan@appsontap.ca
  

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ABB Ltd. ( NYSE:ABB ), ABB is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB group of companies operates in some 100 countries and employs approximately 120,000 people. In Canada ( www.abb.ca ), ABB employs over 2,000 people in 26 locations from coast to coast.

Abbey plc ( LSE:ABBY.L ) main activities are residential housing developments in the UK, Ireland and Prague.

Acciona SA ( OTC:ACXIF ; MCE:ANA.MC ) is one of the foremost Spanish business corporations, leader in the development and management of infrastructure, renewable energy, water and services. ACCIONA Construction is at the forefront in R&D+ and one of the leading construction companies in the world, using the latest techniques to carry out projects. ACCIONA Construction covers the whole range of construction , from engineering to the performance of works and their later maintenance, and also the management of public works concessions, particularly in the field of transport and social infrastructures.

Acuity Brands, Inc., ( NYSE:AYI ) is a North American market leader and one of the world`s leading providers of luminaires, lighting control systems and related products and services with fiscal year 2010 net sales of over $1.6 billion. The Company`s lighting and system control product lines include Lithonia Lighting®, Holophane®, Peerless®, Mark Architectural Lighting(TM), Hydrel®, American Electric Lighting®, Gotham®, Carandini®, RELOC®, Antique Street Lamps(TM), Tersen®, Winona® Lighting, Syner­gy® Lighting Controls, Sensor Switch®, Lighting Control & Design(TM), Dark to Light®, ROAM®, Sunoptics®,  acculampTM) and Healthcare Lighting®. Headquartered in Atlanta, Georgia, Acuity Brands employs ap­proximately 6,000 associates and has operations throughout North America, Europe and Asia.

AECOM Technology Corporation ( NYSE:ACM ) is a global provider of professional technical and management support services to a broad range of markets, including transportation, facilities, environmental, energy, water and government. With approximately 45,000 employees around the world, AECOM is a leader in all of the key markets that it serves. AECOM provides a blend of global reach, local knowledge, innovation, and technical excellence in delivering solutions that enhance and sustain the world's built, natural, and social environments. A Fortune 500 company, AECOM serves clients in more than 100 countries and had revenue of $6.1 billion during its fiscal year 2009.

Aecon Group Inc. ( TSX:ARE.TO ) As the largest publicly traded construction and infrastructure development company in Canada, our expertise covers the full range of services, including design and construction, financing, operating, procurement and project management.

Aerofoam Metals Inc. ( OTCPK:AFML ) under the brand Aerometal, manufactures foamed aluminum products for applications in automotive, defense, and aerospace industries.

Alumasc Group plc ( LSE:ALU.L ) is a UK based supplier of premium building and precision engineering products. The majority of the group's business is in the area of sustainable building products which enable customers to manage energy and water use in the built environment. We believe that growth rates in these sectors, through the construction cycle, will exceed UK industry averages.

AMCOL International Corporation ( NYSE:ACO ) produces and markets a wide range of specialty minerals and materials used for industrial, environmental and consumer-related applications. AMCOL operates four primary segments: Minerals & Materials, Environmental, Oilfield Services and Transportation, providing a diverse range of products and services. Major markets served include metalcasting, detergents, pet products, building materials and personal care.

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