<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended: JUNE 30, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
ACT OF 1934
For the transition period from _________________ to _________________
Commission File Number: 0-24094
LESLIE BUILDING PRODUCTS, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 13-3764357
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
200 Mamaroneck Avenue, White Plains, N.Y. 10601
(Address of principal executive offices) (Zip Code)
(914) 421-2545
Registrant's Telephone Number including Area Code
(Former name, former address and former fiscal year,
if changed since last year)
Indicate by check marks whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities & Exchange Act of
1934 during the preceding 12 months (or such shorter period that the registrant
was required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.
Yes XX No _____
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date. 4,814,289 shares of common
stock as of July 26, 1996.
<PAGE>
LESLIE BUILDING PRODUCTS, INC.
INDEX TO FINANCIAL STATEMENTS FILED WITH
QUARTERLY REPORT OF REGISTRANT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 1996
(UNAUDITED)
Page
PART I - FINANCIAL INFORMATION
CONSOLIDATED STATEMENTS OF OPERATIONS 3
CONSOLIDATED BALANCE SHEETS 4
CONSOLIDATED STATEMENTS OF CASH FLOWS 5
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 7-8
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS 9-12
PART II - OTHER INFORMATION
Item 1 13
SIGNATURES 14
<PAGE>
LESLIE BUILDING PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended Three Months Ended
June 30, June 30,
------------------- ------------------
1996 1995 1996 1995
---- ---- ---- ----
(In thousands, except per share amounts)
<S> <C> <C> <C> <C>
Net sales $44,720 $38,606 $25,969 $22,039
Cost of sales (Note 2) 36,281 31,852 20,777 17,845
------- ------- ------- -------
Gross profit 8,439 6,754 5,192 4,194
Selling, general and administrative expenses 6,793 6,114 3,699 3,233
Restructuring expense 469 324
------- ------- ------- -------
Operating income 1,646 171 1,493 637
Interest expense, net 874 461 454 268
------- ------- ------- -------
Net income (loss) $ 772 $ (290) $ 1,039 $ 369
======= ======= ======= =======
Net income (loss) per common share $ .16 $ (.06) $ .22 $ .08
======= ======= ======= =======
Weighted average common shares outstanding 4,808 4,787 4,812 4,787
======= ======= ======= =======
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
3
<PAGE>
LESLIE BUILDING PRODUCTS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
June 30,
----------------------- December 31,
1996 1995 1995
---- ---- ----
(In thousands, except shares and per share amounts)
<S> <C> <C> <C>
ASSETS
Current assets
Cash $ 10 $ 131 $ 15
Accounts receivable, trade, less allowance for
doubtful accounts 15,100 11,994 7,707
Inventories (Note 2) 10,672 13,503 12,242
Prepaid expenses and other current assets 1,544 1,993 1,842
------- ------- -------
Total current assets 27,326 27,621 21,806
Fixed assets, net 16,318 14,611 16,383
Goodwill, net 5,121
Other assets 506 590 560
------- ------- -------
Total assets $44,150 $47,943 $38,749
======= ======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current maturities of long-term debt $ 886 $ 362 $ 551
Accounts payable, trade 8,189 6,868 5,255
Accrued expenses and other current liabilities 4,587 5,260 5,444
Discontinued operations, net (Note 3) 3,620 3,467 3,541
------- ------- -------
Total current liabilities 17,282 15,957 14,791
Long-term debt (Note 4) 16,970 12,755 14,749
Other long-term liabilities 1,227 3,600 1,341
------- ------- -------
Total liabilities 35,479 32,312 30,881
------- ------- -------
Commitments and Contingencies (Note 3)
Stockholders' equity
Common stock par value $.01 per share: authorized 20,000,000
shares; issued 4,814,289 shares in June 1996, 4,787,393
shares in June 1995 and 4,796,920 shares in December 1995 48 48 48
Paid-in capital 20,275 20,228 20,244
Accumulated deficit (11,652) (4,645) (12,424)
------- ------- -------
Total stockholders' equity 8,671 15,631 7,868
------- ------- -------
Total liabilities and stockholders' equity $44,150 $47,943 $38,749
======= ======= =======
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
4
<PAGE>
LESLIE BUILDING PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
1996 1995
---- ----
(In thousands)
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ 772 $ (290)
Adjustments to reconcile net income (loss) to cash flows
used for operating activities:
Depreciation and amortization 1,023 891
Provision for accounts receivable 58 4
Loss on disposal of fixed assets 15 2
Changes in assets and liabilities:
Accounts receivable (7,451) (4,395)
Inventories 1,570 (1,145)
Prepaid expenses and other assets 269 49
Accounts payable, accrued expenses and other current liabilities 2,042 1,587
Other noncurrent liabilities (12)
------- -------
Net cash flows used for operating activities (1,702) (3,309)
------- -------
Cash flows from investing activities:
Capital expenditures (890) (5,257)
------- -------
Net cash flows used for investing activities (890) (5,257)
------- -------
Cash flows from financing activities:
Equipment loan 925 1,750
Mortgage loan 3,586
Borrowings under revolving line of credit 16,240 16,915
Loan repayments under revolving line of credit (14,363) (13,660)
Other (215) (86)
------- -------
Net cash flows provided by financing activities 2,587 8,505
------- -------
Net decrease in cash (5) (61)
Cash at beginning of period 15 192
------- -------
Cash at end of period $ 10 $ 131
======= =======
Supplemental disclosure of cash flows information:
Cash paid during the period for:
Interest on debt $ 838 $ 425
Income taxes $ 8 $ 5
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
5
<PAGE>
LESLIE BUILDING PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
<TABLE>
<CAPTION>
Total
Common Paid-in Accumulated Stockholders'
Stock Capital Deficit Equity
----- ------- ------- ------
(In thousands, except shares)
<S> <C> <C> <C> <C>
Balance - December 31, 1996 $48 $20,244 $(12,424) $7,868
Net income for six months ended June 30, 1996 772 772
Employee Stock Purchase Plan - 17,369 shares 31 31
--- ------- -------- ------
Balance - June 30, 1996 $48 $20,275 $(11,652) $8,671
=== ======= ======== ======
</TABLE>
6
<PAGE>
LESLIE BUILDING PRODUCTS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
The Consolidated Financial Statements presented herein have been
prepared by the Company in accordance with the accounting policies described in
its December 31, 1995 Annual Report on Form 10-K and should be read in
conjunction with the Notes to Consolidated Financial Statements included
therein.
In the opinion of management, the information furnished in this Form
10-Q reflects all adjustments necessary for a fair statement of the results of
operations as of and for the six and three month periods ended June 30, 1996 and
1995. All such adjustments are of a normal recurring nature. The Consolidated
Financial Statements have been prepared in accordance with the instructions to
Form 10-Q and therefore do not include some information and notes necessary to
conform with annual reporting requirements. Certain prior year amounts have been
reclassified to conform with the current year presentation.
The Company adopted Statement of Financial Accounting Standards No.
121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to be Disposed Of" in the first quarter of 1996. The adoption had no
effect on the financial statements.
2. Inventories
Inventories are valued at the lower of cost (using the last-in,
first-out and first-in, first-out methods) or market. Cost includes material,
labor and overhead (for manufactured products); market is replacement cost or
realizable value after allowance for costs of distribution.
Quarterly inventories valued on the last-in, first-out method are based
on an annual determination of quantities and costs as of the previous year-end.
Therefore, such quarterly inventory valuations are based on estimates.
3. Discontinued Operations
In fiscal 1990, the Company discontinued the operations of White Metal
Rolling and Stamping Corp. ("White Metal"), the Company's ladder manufacturing
subsidiary, and sold certain assets of White Metal, (machinery, equipment and
supplies and customer lists) to a private company. The buyer did not assume any
liabilities of White Metal, did not acquire the White Metal name and does not
produce White Metal ladders. All manufacturing operations of White Metal ceased
as of January 31, 1991 and substantially all of its remaining assets have since
been liquidated.
At June 30, 1996, White Metal's estimated future product liability,
which is no longer covered by insurance, was approximately $4.2 million which is
reflected on the Balance Sheet, net of imputed interest, at $3.6 million
representing (i) the estimated non-discounted cost of existing product liability
claims in excess of insurance coverage, (ii) future estimated non-discounted
claims administration costs and (iii) the actuarially estimated reserve for
potential future unasserted claims, which are anticipated to be incurred over an
extended number of years. On September 30, 1994, White Metal filed a voluntary
petition seeking liquidation under the provisions of chapter 7 of the United
States Bankruptcy Code. Although the Company's subsidiary, Leslie-Locke, Inc.
("Leslie-Locke") was named as a defendant in certain actions commenced in
connection
7
<PAGE>
LESLIE BUILDING PRODUCTS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
with these claims, Leslie-Locke has not been held responsible, and the Company
and Leslie-Locke disclaim any liability for the obligations of White Metal.
On May 6, 1996, the Company and Leslie-Locke and Drew Industries
Incorporated ("Drew"), the former parent of Leslie-Locke, and its subsidiary,
Kinro, Inc., were served with a summons and complaint in an adversary proceeding
commenced by the Chapter 7 trustee of White Metal. The proceeding is based upon
the trustee's allegations, previously disclosed by the Company, that
Leslie-Locke, as well as Drew and Drew affiliated companies, obtained tax
benefits attributable to the use of White Metal's net operating losses. The
trustee seeks to recover the purported value of the tax savings achieved. In
addition, the trustee alleges that White Metal made certain payments to
Leslie-Locke and Drew which were preferential and are recoverable by White
Metal. The complaint, which appears to allege several duplicate claims, seeks
damages in the aggregate amount of approximately $10.6 million plus attorneys'
fees. Management believes that the trustee's allegations are without merit and
have no basis in fact. The Company and Leslie-Locke deny any liability for any
amount claimed and are vigorously defending against the allegations. However, an
estimate of potential loss, if any, cannot be made at this time. The Company
believes that it has sufficient accruals for the defense of this proceeding and
there will be no material adverse impact on its financial statements.
In connection with the chapter 7 filing by White Metal, numerous proofs
of claim have been filed against White Metal. Included is a claim by Sears,
Roebuck & Co., ("Sears") dated April 7, 1995, in the amount of $164 million,
including actual losses of $1,657,000 and estimated future product liability
losses for the next 20 years, based upon indemnification obligations which Sears
alleges White Metal undertook in connection with White Metal's sale of ladders
to Sears. These proofs of claim have been evaluated and no change was required
in the Company's estimated product liability accrual. The Company and
Leslie-Locke have in the past disclaimed, and continue to disclaim, any
liability for the obligations of White Metal.
4. Long-Term Debt
The Company's credit agreement with Branch Banking and Trust Company,
which is secured by substantially all the assets of the Company, has been
extended to July 1998.
8
<PAGE>
LESLIE BUILDING PRODUCTS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Leslie Building Products, Inc. ("Leslie Building Products"), including
its wholly-owned subsidiary Leslie-Locke, Inc. ("Leslie-Locke") (together, the
"Company"), is a diversified manufacturer and marketer of a wide variety of
specialty building products for the professional and do-it-yourself home
remodeling and residential construction industry. Its products consist of
ornamental iron security products (including doors, window guards, fencing and
railings), residential ventilation products, metal and fiberglass air
distribution products for the HVAC industry, skylights, a line of professional
aluminum rakes, and a full line of door louvers and vision lite products for the
architectural door market. This broad range of products is marketed primarily to
leading home center chains and, to a lesser extent, to building material
distributors, hardware co-ops and mass merchandisers.
On July 29, 1994, Drew Industries Incorporated ("Drew") spun off Leslie
Building Products to Drew's shareholders on a one-for-one basis (the
"Spin-off"). Thereafter Leslie Building Products became a stand-alone company
whose common shares are publicly traded.
RESULTS OF OPERATIONS
Restructuring
In December 1994, the Board of Directors of the Company approved a plan
to restructure its manufacturing facilities in order to achieve more efficient
and less costly manufacturing and distribution of its products. The plan, as
revised in 1995, involved (i) expanding the Company's facility in Burgaw, North
Carolina by 165,000 square feet, (ii) closing the Company's facilities in
Chicago, Illinois and Atlanta, Georgia and (iii) transferring operations of the
closed facilities to the new Burgaw factory and the Company's existing facility
in Compton, California. The restructuring was substantially completed by
December 31, 1995. The Company recorded total pretax restructuring charges of
$2,816,000 in 1995 (of which $469,000 was recorded in the six months ended June
30, 1995) and $4,433,000 in the fourth quarter of 1994.
Operations
The results of operations for the six months and three months ended
June 30, 1996 and 1995 should not be regarded as indicative of the results that
may be expected for the entire year, since operations are seasonal in nature.
Operations are historically stronger in the spring and summer months with 60% of
sales occurring during the six month period March to August.
Net sales increased 16% and 18%, respectively, for the six months and
three months ended June 30, 1996 compared to the same periods last year, as a
result of increased sales of ventilation products and ductwork. Excluding postal
products, which were discontinued during 1995, net sales increased 21% and 22%
for the six months and three months ended June 30, 1996, respectively. This
sales increase is primarily volume related and, to a lesser extent, the result
of price increases during the second quarter of 1995.
Gross profit as a percentage of sales improved 1.4% and 1.0%,
respectively for the six months and three months ended June 30, 1996 over the
same periods last year. Material costs as a percentage of sales have improved
over last year's percentage as the costs of raw materials which increased last
year have now stabilized. The Company's new plant in Burgaw, North Carolina
combined with improvements at the Company's west coast facility are yielding
improved efficiencies and reduced labor costs. In addition, the
9
<PAGE>
LESLIE BUILDING PRODUCTS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Burgaw facility further enhanced margins by permitting the Company to produce
products in-house that were previously produced by outside vendors.
Selling, general and administrative expenses increased 11% and 14%,
respectively for the six months and three months ended June 30, 1996 over the
1995 periods. These increases are less than the increase in net sales as a
result of staff reductions and the effect of higher volume and fixed costs. The
six months ended June 30, 1995 includes $85,000 of goodwill amortization which
was not recorded in 1996 since the goodwill was written off in the third quarter
of 1995.
Interest Expense, Net
Interest expense, net includes interest on bank debt, as well as
imputed interest on certain long-term obligations of White Metal, Leslie-Locke's
discontinued ladder manufacturing subsidiary. The $413,000 and $186,000
increases in interest expense for the six months and quarter, respectively,
ended June 30, 1996 result primarily from debt incurred in connection with the
restructuring, including capital expenditures.
Income Taxes
The Company's income tax provision is recorded pursuant to the
requirements of Financial Accounting Standards No. 109 "Accounting for Income
Taxes" ("Statement 109"). At December 31, 1995, the Company had a net operating
loss carryforward for Federal income tax purposes of approximately $3.9 million
that expires in the year 2010. The operating loss carryforward for financial
statement purposes at December 31, 1995 was in excess of $7 million. Due to the
uncertainty of future realization no income tax benefit has been recorded
through December 31, 1995. No income tax provision has been recorded in 1996 due
to the Company's net operating loss carryforward and its expected zero effective
tax rate for the year.
Other
The Company has adopted Statement of Financial Accounting
Standards No. 121, "Accounting for the Impairment of Long-Lived Assets and
for Long-Lived Assets to be Disposed Of" in the first quarter of 1996. The
adoption had no effect on the financial statements.
Pursuant to a Shared Services Agreement in connection with the
Spin-off, for a period of two years following the Spin-off, Drew and Leslie
Building Products share certain administrative functions and employee services,
such as management overview and planning, tax preparation, financial reporting,
coordination of independent audit, stockholder relations, and regulatory
matters. Drew will be reimbursed by Leslie Building Products for the fair market
value of such services. On May 9, 1996, this Agreement was extended to December
31, 1997. The Company was charged management fees by Drew of $266,000 and
$295,000 for the six months ended June 30, 1996 and 1995, respectively.
10
<PAGE>
LESLIE BUILDING PRODUCTS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
LIQUIDITY AND CAPITAL RESOURCES
The Company has a seasonally adjusted $12 million revolving line of
credit with Branch Banking and Trust Company ("BBT"), consisting of cash
advances of a maximum of $10.5 million and letters of credit of $1.5 million,
with interest payable at 0.375% over the prime rate. The interest rate was
amended to 0.625% over the prime rate on February 20, 1996. The line of credit,
of which $3.5 million is available at June 30, 1996, is adequate for the
Company's anticipated needs. The loan agreement expires in July 1998.
In connection with the facilities restructuring plan approved by the
Board of Directors in December 1994, on January 6, 1995 the Company entered into
a new $7.2 million Construction and Equipment Loan Facility with BBT to provide
construction and permanent financing for a 165,000 square foot, 17 acre,
addition to the Company's manufacturing, warehouse and distribution facility in
Burgaw, North Carolina, and for acquisition of manufacturing equipment. The new
building mortgage loan of $4.2 million bears interest at the LIBO rate plus
2.825%. Payments under the mortgage loan commenced in September 1995 based on a
fifteen year amortization schedule with a balloon payment after five years. The
$3 million equipment loan is payable over four years commencing July 1, 1996.
Interest on $690,000 of the equipment loan is at 4% per annum and the remainder
bears interest at the LIBO rate plus 2.825%.
Pursuant to its bank agreements the Company is prohibited from
declaring or paying dividends without the prior written consent of the lender.
Leslie Locke is also required to maintain certain financial covenants typical to
secured borrowing arrangements.
The Statements of Cash Flows reflect the following (in thousands):
Quarter Ended June 30,
1996 1995
---- ----
Net cash flows used for operating activities $(1,702) $ (3,309)
Net cash flows used for investing activities $ (890) $ (5,257)
Net cash flows provided by financing activities $ 2,587 $ 8,505
Net cash used for operating activities was $1.7 million in the 1996
period compared to $3.3 million in the 1995 period. The seasonal increase in
accounts receivable was $7.5 million compared to $4.4 million for the 1995
period primarily as a result of the increased sales. Inventories decreased $1.6
million compared to an increase of $1.1 million in the prior year's period. The
inventory buildup in 1995 was a result of a lower than expected sales. The
combined increases in accounts receivable and inventories were partially offset
by increased payables of $2.0 million and $1.6 million in the 1996 and 1995
periods, respectively.
Cash flows used for investing activities represent capital expenditures
which aggregated $.9 million for the six months ended June 30, 1996 compared to
$5.3 million for the six months ended June 30, 1995, which related to the new
plant in Burgaw, North Carolina. Such expenditures were funded by the $4.2
million mortgage and $3 million equipment loan from BBT.
At June 30, 1996, White Metal's estimated future product liability was
approximately $4.2 million which is reflected in discontinued operations, net on
the Consolidated Balance Sheet, net of imputed interest, at $3.6
11
<PAGE>
LESLIE BUILDING PRODUCTS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
million. On September 30, 1994, White Metal filed a voluntary petition seeking
liquidation under chapter 7 of the United States Bankruptcy Code. Although
Leslie-Locke was named as a defendant in certain product liability actions,
Leslie-Locke has not been held responsible, and the Company and Leslie-Locke
disclaim any liability for the obligations of White Metal.
On May 6, 1996, the Company and Leslie-Locke and Drew Industries
Incorporated ("Drew"), the former parent of Leslie-Locke, and its subsidiary,
Kinro, Inc., were served with a summons and complaint in an adversary proceeding
commenced by the Chapter 7 trustee of White Metal. The proceeding is based upon
the trustee's allegations, previously disclosed by the Company, that
Leslie-Locke, as well as Drew and Drew affiliated companies, obtained tax
benefits attributable to the use of White Metal's net operating losses. The
trustee seeks to recover the purported value of the tax savings achieved. In
addition, the trustee alleges that White Metal made certain payments to
Leslie-Locke and Drew which were preferential and are recoverable by White
Metal. The complaint, which appears to allege several duplicate claims, seeks
damages in the aggregate amount of approximately $10.6 million plus attorneys'
fees. Management believes that the trustee's allegations are without merit and
have no basis in fact. The Company and Leslie-Locke deny any liability for any
amount claimed and are vigorously defending against the allegations. However, an
estimate of potential loss, if any, cannot be made at this time. The Company
believes that it has sufficient accruals for the defense of this proceeding and
there will be no material adverse impact on its financial statements.
In connection with the chapter 7 filing by White Metal, numerous proofs
of claim have been filed against White Metal. Included is a claim by Sears,
Roebuck & Co., ("Sears") dated April 7, 1995, in the amount of $164 million,
including actual losses of $1,657,000 and estimated future product liability
losses for the next 20 years, based upon indemnification obligations which Sears
alleges White Metal undertook in connection with White Metal's sale of ladders
to Sears. These proofs of claim have been evaluated and no change was required
in the Company's estimated product liability accrual. The Company and
Leslie-Locke have in the past disclaimed, and continue to disclaim, any
liability for the obligations of White Metal.
INFLATION
The prices of raw materials, consisting primarily of steel, aluminum,
paint, electric motors and packaging materials are influenced by demand and
other factors specific to these commodities rather than being directly affected
by inflationary pressures.
12
<PAGE>
LESLIE BUILDING PRODUCTS, INC.
Part II - Other Information
Item 1 - Legal Proceedings
On May 6, 1996, the Company was served with a Summons and Complaint in
an adversary proceeding entitled In re White Metal Rolling and Stamping
--------------------------------------
Corp., Debtor, Alan Nisselson, Chapter 7 Trustee of White Metal Rolling and
- ---------------------------------------------------------------------------
Stamping Corp., Plaintiff vs. Drew Industries, Inc., Leslie-Locke, Inc.,
- ------------------------------------------------------------------------
Leslie Building Products, Inc. and Kinro, Inc. pending in the United States
- ----------------------------------------------
Bankruptcy Court, Southern District of New York (Adversary Proceeding No.
96/961 8544A). See Note 3 of Notes to Consolidated Financial Statements for a
description of this proceeding.
13
<PAGE>
LESLIE BUILDING PRODUCTS, INC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LESLIE BUILDING PRODUCTS, INC.
Registrant
By /s/ Fredric M. Zinn
------------------------
Fredric M. Zinn
Principal Financial Officer
August 12, 1996
14
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> $10
<SECURITIES> $0
<RECEIVABLES> $15,495
<ALLOWANCES> $395
<INVENTORY> $10,672
<CURRENT-ASSETS> $27,326
<PP&E> $22,409
<DEPRECIATION> $6,091
<TOTAL-ASSETS> $44,150
<CURRENT-LIABILITIES> $17,282
<BONDS> 0
0
0
<COMMON> $48
<OTHER-SE> $8,623
<TOTAL-LIABILITY-AND-EQUITY> $44,150
<SALES> $44,720
<TOTAL-REVENUES> $44,720
<CGS> $36,281
<TOTAL-COSTS> $43,074
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> $874
<INCOME-PRETAX> $772
<INCOME-TAX> $0
<INCOME-CONTINUING> $772
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> $772
<EPS-PRIMARY> $.16
<EPS-DILUTED> $.16
</TABLE>
