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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

|/x/ |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 
|--- |  | ----------------------------------------------------------------------------------------
|    |  | For the quarterly period endedJune 30, 2000                                             
|    |  | OR                                                                                      
|/ / |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from  to

Commission file number333-05978

EURAMAX INTERNATIONAL, INC.(Exact name of registrant as specified in its charter)

Delaware

58-2502320(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer Identification No.)5445 Triangle Parkway, Suite 350,
Norcross, Georgia(Address of principal executive offices)

30092(Zip Code)


Registrant's telephone number, including area code 770-449-7066

Indicate
by check mark 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 for 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.  /x/ Yes  / / No

As
of August 10, 2000, Registrant had outstanding 45,567,312 shares of Class A common stock and 4,434,680 shares of Class B common stock.

Page
1 of 31
Exhibit Index located on page 27

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## 

Part IFinancial Information

Item 1. Financial Statements

Euramax International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(Thousands of U.S. Dollars)
(Unaudited)

|                                                 |                               | Quarters ended               |         | Six months ended |       
|------------------------------------------------ | ----------------------------- | ---------------------------- | ------- | ---------------- | ------
|
|Net sales                                        |                               | $                            | 163,715 |                  | $     
|Costs and expenses:                              |                               |                              |         |                  |       
|                                                 | Cost of goods sold            |                              |         | 132,076          |       
|                                                 | Selling and general           |                              |         | 13,925           |       
|                                                 | Depreciation and amortization |                              |         | 4,301            |       
|                                                 |                               |                              |         |                  |       
|                                                 |                               | Earnings from operations     |         |                  | 13,413
|Interest expense, net                            |                               |                              | (6,760  | )                |       
|Other expenses, net                              |                               |                              | (538    | )                |       
|                                                 |                               |                              |         |                  |       
|                                                 |                               | Earnings before income taxes |         |                  | 6,115 
|                                                 |                               |                              |         |                  |       
|Provision for income taxes                       |                               |                              | 2,679   |                  |       
|                                                 |                               |                              |         |                  |       
|                                                 |                               | Net earnings                 |         |                  | 3,436 
|Dividends on redeemable preference shares        |                               |                              |        |                  |       
|                                                 |                               |                              |         |                  |       
|Net earnings available for ordinary shareholders |                               | $                            | 3,436   |                  | $     
|                                                 |                               |                              |         |                  |       

The
accompanying notes are an integral part of these condensed consolidated financial statements.

2

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Euramax International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Thousands of U.S. Dollars)
(Unaudited)

|                                        |                                                | June 30,
2000              |         | December 31,
1999 |        
|--------------------------------------- | ---------------------------------------------- | -------------------------- | ------- | ----------------- | -------
|ASSETS                                  |                                                |                            |         |                  
|Current assets:                         |                                                |                            |         |                   |        
|                                        | Cash and equivalents                           |                            | $       | 19,781            |        
|                                        | Accounts receivable, net                       |                            |         | 99,013            |        
|                                        | Inventories                                    |                            |         | 92,673            |        
|                                        | Other current assets                           |                            |         | 4,504             |        
|                                        |                                                |                            |         |                   |        
|                                        |                                                | Total current assets       |         |                   | 215,971
|Property, plant and equipment, net      |                                                |                            | 121,994 |                   |        
|Goodwill, net                           |                                                |                            | 117,385 |                   |        
|Deferred income taxes                   |                                                |                            | 6,617   |                   |        
|Other assets                            |                                                |                            | 12,793  |                   |        
|                                        |                                                |                            |         |                   |        
|                                        |                                                | $                          | 474,760 |                   | $      
|                                        |                                                |                            |         |                   |        
|LIABILITIES AND SHAREHOLDERS' EQUITY    |                                                |                            |         |                  
|Current liabilities:                    |                                                |                            |         |                   |        
|                                        | Cash overdrafts                                |                            | $       | 2,497             |        
|                                        | Accounts payable                               |                            |         | 65,065            |        
|                                        | Accrued expenses and other current liabilities |                            |         | 28,377            |        
|                                        | Current maturities of long-term debt           |                            |         | 5,352             |        
|                                        |                                                |                            |         |                   |        
|                                        |                                                | Total current liabilities  |         |                   | 101,291
|Long-term debt, less current maturities |                                                |                            | 277,779 |                   |        
|Deferred income taxes                   |                                                |                            | 20,764  |                   |        
|Other liabilities                       |                                                |                            | 8,025   |                   |        
|                                        |                                                |                            |         |                   |        
|                                        |                                                | Total liabilities          |         |                   | 407,859
|                                        |                                                |                            |         |                   |        
|Shareholders' equity:                   |                                                |                            |         |                   |        
|                                        | Common stock                                   |                            |         | 500               |        
|                                        | Additional paid-in capital                     |                            |         | 53,220            |        
|                                        | Treasury stock                                 |                            |         | (1,581            | )      
|                                        | Retained earnings                              |                            |         | 21,311            |        
|                                        | Accumulated other comprehensive loss           |                            |         | (6,549            | )      
|                                        |                                                |                            |         |                   |        
|                                        |                                                | Total shareholders' equity |         |                   | 66,901 
|                                        |                                                |                            |         |                   |        
|                                        |                                                |                            | $       | 474,760           |        
|                                        |                                                |                            |         |                   |        

The
accompanying notes are an integral part of these condensed consolidated financial statements.

3

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Euramax International, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Thousands of U.S. Dollars)
(Unaudited)

|                                                    |                                                                                                                     | Six months ended                          |       
|--------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------- | ----------------------------------------- | ------
|
|Net cash (used in)/provided by operating activities |                                                                                                                     | $                                         | (9,030
|                                                    |                                                                                                                     |                                           |       
|Cash flows from investing activities:               |                                                                                                                     |                                           |       
|                                                    | Purchases of businesses                                                                                             |                                           |       
|                                                    | Proceeds from sales of assets                                                                                       |                                           |       
|                                                    | Capital expenditures                                                                                                |                                           |       
|                                                    |                                                                                                                     |                                           |       
|                                                    |                                                                                                                     | Net cash used in investing activities     |       
|                                                    |                                                                                                                     |                                           |       
|Cash flows from financing activities:               |                                                                                                                     |                                           |       
|                                                    | Repayment of debt                                                                                                   |                                           |       
|                                                    | Proceeds from debt                                                                                                  |                                           |       
|                                                    | Purchase of treasury stock                                                                                          |                                           |       
|                                                    | Change in cash overdrafts                                                                                           |                                           |       
|                                                    |                                                                                                                     |                                           |       
|                                                    |                                                                                                                     | Net cash provided by financing activities |       
|                                                    |                                                                                                                     |                                           |       
|Effect of exchange rate changes on cash             |                                                                                                                     |                                           | 3,399 
|                                                    |                                                                                                                     |                                           |       
|Net increase/(decrease) in cash and equivalents     |                                                                                                                     |                                           | 6,396 
|Cash and equivalents at beginning of period         |                                                                                                                     |                                           | 13,385
|                                                    |                                                                                                                     |                                           |       
|Cash and equivalents at end of period               |                                                                                                                     | $                                         | 19,781
|                                                    |                                                                                                                     |                                           |       
|Non-cash investing and financing activities:        |                                                                                                                     |                                           |       
|                                                    | Payables for certain non-compete agreements and working capital
adjustments associated with purchases of businesses |                                           | $     
|                                                    |                                                                                                                     |                                           |       
|                                                    | Dividends on redeemable preference shares                                                                           |                                           | $     
|                                                    |                                                                                                                     |                                           |       

The
accompanying notes are an integral part of these condensed consolidated financial statements.

4

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## 

Euramax International, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Thousands of U.S. Dollars)
(Unaudited)

1. Basis of Presentation:

For purposes of this report the "Company" refers to Euramax International, Inc. ("Euramax") and Subsidiaries, collectively.

The
Condensed Consolidated Financial Statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC").
In the opinion of the management of the Company, these statements include all adjustments necessary for a fair presentation of the results of all interim periods reported herein. All adjustments are
of a normal recurring nature unless otherwise disclosed. Management believes that the disclosures made are adequate for a fair presentation of results of operations, financial position and cash flows.
These Condensed Consolidated Financial Statements should be read in conjunction with the year-end Consolidated Financial Statements and accompanying notes included in the Company's Annual
Report on Form 10-K for the year ended December 31, 1999. Operating results for the period ended June 30, 2000, are not necessarily indicative of future results that
may be expected for the year ending December 29, 2000.

Certain
1999 amounts have been reclassified to conform to current year presentation.

2. Acquisitions:

On April 10, 2000, the Company, through its wholly owned subsidiary Amerimax Home Products, Inc., acquired substantially all of the assets and
assumed certain liabilities of Gutter World, Inc. and Global Expanded Metals, Inc., companies under common control, ("Gutter World" and "Global", respectively). The purchase price,
including approximately $345.0 thousand in acquisition-related fees and expenses, was approximately $45.6 million in cash. Gutter World is a manufacturer of raincarrying accessories,
such as gutter guards, water diverters and downspout strainers, as well as door guards. Global manufactures expanded metal products.

The
following unaudited pro forma data present the results of operations for the six months ended June 30, 2000 and June 26, 1999, as though the acquisition had been
completed January 1, 2000 and January 1, 1999, respectively, and assume that there are no other changes in the operations of the Company. Such pro forma information includes adjustments
to interest expense; changes in depreciation of property, plant and equipment and amortization of goodwill relating to the allocation of the purchase price; elimination of the effect of transactions
between Gutter World and a Euramax subsidiary and between Gutter World and Global; and the income tax effect related to these items. The pro forma results are not necessarily indicative of the
financial results that might have occurred had the acquisition actually taken place on the above-mentioned dates, or of the future results of operations:

Six months ended
June 30,2000

Six months ended
June 26, 1999Net sales

$
312,037

$
298,174Earnings before income taxes


9,182


10,264Net earnings


5,218


5,872


5

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3. Summary of Significant Accounting Policies:

For information regarding significant accounting policies, see Note 2 to the Consolidated Financial Statements of the Company for the year ended
December 31, 1999, set forth in the Company's Annual Report on Form 10-K.

In
June 1998, the Financial Accounting Standards Board ("FASB") issued SFAS No. 133,Accounting for Derivative Instruments and Hedging
Activities. SFAS 133 is effective for all fiscal quarters of all fiscal years beginning after June 15, 2000 (January 1, 2001 for the Company).
SFAS 133 requires that all derivative instruments be recorded on the balance sheet at their fair value. Changes in the fair value of derivatives are recorded each period in current earnings or
other comprehensive income, depending on whether a derivative is designated as part of a hedge transaction and, if it is, the type of hedge transaction. For fair-value hedge transactions
in which the Company is hedging changes in the fair value of an asset, liability, or firm commitment, changes in the fair value of the derivative instrument will generally be offset in the income
statement by changes in the hedged item's fair value. For cash-flow hedge transactions, in which the Company is hedging the variability of cash flows related to a variable-rate
asset, liability, or a forecasted transaction, changes in the fair value of the derivative instrument
will be reported in other comprehensive income. The gains and losses on the derivative instrument that are reported in other comprehensive income will be reclassified as earnings in the periods in
which earnings are impacted by the variability of the cash flows of the hedged item. The ineffective portion of all hedges will be recognized in current-period earnings. Management is currently
reviewing the provisions of SFAS No. 133 and does not believe that the Company's financial statements will be materially impacted by the adoption.

In
December 1999, the staff of the Securities and Exchange Commission issued Staff Accounting Bulletin ("SAB") 101, "Revenue Recognition in Financial Statements."
SAB 101 outlines the basic criteria for revenue recognition and related disclosures. SAB 101 is effective beginning in the fourth quarter of 2000. Management is currently reviewing the
guidance provided by SAB 101 and does not believe the Company's financial statements will be materially impacted.

4. Inventories:

Inventories were comprised of:

June 30,
2000

December 31,
1999Raw materials

$
63,322

$
57,146Work in process


11,511


11,708Finished products


17,840


13,645$
92,673

$
82,499


6

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5. Long-Term Obligations:

Long-term obligations consisted of the following:

June 30,
2000

December 31,
1999Credit Agreement:Revolving Credit Facility

$
82,836

$
57,600Term Loans


65,295


28,67911.25% Senior Subordinated Notes due 2006


135,000


135,000283,131


221,279Less current portion


(5,352
)

(6,236
)$
277,779

$
215,043


Effective
April 10, 2000, the Company amended its Credit Agreement to, among other items, permit the acquisition of Gutter World and Global; provide an additional term loan of
$40.0 million; and permanently waive the 1999 Excess Cash Flow payment provision (as defined in the Credit Agreement).

6. Commitments and Contingencies:

Litigation

The Company is subject to legal proceedings and claims that have arisen in the ordinary course of business. Although occasional adverse decisions or
settlements may occur, it is the opinion of the Company's management, based upon information available at this time, that the expected outcome of these matters, individually or in the aggregate, would
not reasonably be expected to have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company and its subsidiaries taken as a whole.

Environmental Matters

The Company's operations are subject to federal, state, local and European environmental laws and regulations concerning the management of pollution and
hazardous substances.

The
Company has been named as a defendant in lawsuits or as a potentially responsible party in state and Federal administrative and judicial proceedings seeking contribution for costs
associated with the investigation, analysis, correction and remediation of environmental conditions at various hazardous waste disposal sites. The Company continues to monitor these actions and
proceedings and to vigorously defend both its own interests as well as the interests of its affiliates. The Company's ultimate liability in connection with present and future environmental claims will
depend on many factors, including its volumetric share of the waste at a given site, the remedial action required, the total cost of remediation, and the financial viability and participation of the
other entities that also sent waste to the site. Once it becomes probable that the Company will incur costs in connection with remediation of a site and such costs can be reasonably estimated, the
Company establishes or adjusts its reserve for its projected share of these costs. Based upon current law and information known to the Company concerning the size of the sites known to it, anticipated
costs, their years of operations and the number of other potentially responsible parties,

7

---

management believes that it has adequate reserves for the Company's potential share of the estimated aggregate liability for the costs of remedial actions and related costs and expenses. In addition,
the Company establishes reserves for remedial measures required from time to time at its own facilities. Management believes that the reasonably probable outcomes of these matters will not materially
exceed established reserves and will not have a material impact on the future financial position, net earnings or cash flows of the Company. The Company's reserves, expenditures and expenses for all
environmental exposures were not significant for any of the dates or periods presented.

In
connection with the acquisition of the Company from Alumax Inc. (acquired by Aluminum Company of America in May 1998, and hereafter referred to as "Alumax") on
September 25, 1996, the Company was indemnified by Alumax for substantially all of its costs, if any, related to environmental matters for occurrences arising prior to the closing date of the
acquisition during the period of time it was owned directly or indirectly by Alumax. Such indemnification includes costs that may ultimately be incurred to contribute to the remediation of certain
specified existing National Priorities List ("NPL") sites for which the Company had been named a potentially responsible party under the federal Comprehensive Environmental Response,
Compensation, and Liability Information System ("CERCLA") as of the closing date of the acquisition, as well as certain potential costs for sites listed on state hazardous cleanup lists. With respect
to all other environmental matters, Alumax's obligations are limited to $125.0 million. However, notwithstanding the indemnity, the Company does not believe that it has any significant probable
liability for environmental claims. Further, the Company believes it to be unlikely that the Company would be required to bear environmental costs in excess of its pro rata share of such costs as a
potentially responsible party under CERCLA.

7. Comprehensive Income:

For the six months ended June 30, 2000 and June 26, 1999, comprehensive income was approximately $3.4 million and $3.1 million,
respectively. Other comprehensive income refers to revenue, expenses, gains and losses that are reflected in stockholders' equity but excluded from net earnings. For the Company, the components of
other comprehensive income are principally foreign currency translation adjustments and minimum pension liability adjustments. For the six months ended June 30, 2000 and June 26, 1999,
other comprehensive loss, net of tax, was approximately $(1.4) million and $(3.4) million, respectively.

8. Segment Information:

For detailed information regarding the Company's reportable segments, see Note 13 to the Consolidated Financial Statements of the Company for the year
ended December 31, 1999, set forth in the Company's Annual Report on Form 10-K. The table below presents information about reported segments for the quarters ended
June 30, 2000 and June 26, 1999.

European
Roll Coating

U.S.
Fabrication

European
Fabrication

TotalQuarter ended June 30, 2000Sales

$
38,190

$
110,509

$
15,656

$
164,355EBITDA


5,326


11,673


1,918


18,917


8

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Quarter ended June 26, 1999Sales

$
35,193

$
104,788

$
16,643

$
156,624EBITDA


5,730


11,082


2,122


18,934Six months ended June 30, 2000Sales

$
78,284

$
195,570

$
33,712

$
307,566EBITDA


11,453


15,943


4,267


31,663Six months ended June 26, 1999Sales

$
71,368

$
185,788

$
32,762

$
289,918EBITDA


10,623


16,597


3,881


31,101


A
reconciliation of total segment sales to total consolidated sales and of total segment EBITDA to total consolidated earnings before income taxes, for the quarters and six months
ended June 30, 2000 and June 26, 1999, is as follows:

|                                       |                                           | Quarter ended
June 30,
2000 |         | Quarter ended
June 26,
1999 |   | Six months ended
June 30,
2000 |         | Six months ended
June 26,
1999 |        
|-------------------------------------- | ----------------------------------------- | --------------------------- | ------- | --------------------------- | - | ------------------------------ | ------- | ------------------------------ | -------
|Sales                                  |                                           |                             |         |                             |   |                                |         |                                |        
|Total segment sales                    |                                           | $                           | 164,355 |                             | $ | 156,624                        |         | $                              | 307,566
|Eliminations                           |                                           |                             | (640    | )                           |   | (425                           | )       |                                | (1,578 
|                                       |                                           |                             |         |                             |   |                                |         |                                |        
|                                       | Consolidated net sales                    |                             | $       | 163,715                     |   | $                              | 156,199 |                                | $      
|                                       |                                           |                             |         |                             |   |                                |         |                                |        
|EBITDA                                 |                                           |                             |         |                             |   |                                |         |                                |        
|Total EBITDA for reportable segments   |                                           | $                           | 18,917  |                             | $ | 18,934                         |         | $                              | 31,663 
|Expenses that are not segment specific |                                           |                             | (1,741  | )                           |   | (1,081                         | )       |                                | (2,933 
|Depreciation and amortization          |                                           |                             | (4,301  | )                           |   | (3,437                         | )       |                                | (8,059 
|Interest expense, net                  |                                           |                             | (6,760  | )                           |   | (5,373                         | )       |                                | (12,198
|                                       |                                           |                             |         |                             |   |                                |         |                                |        
|                                       | Consolidated earnings before income taxes |                             | $       | 6,115                       |   | $                              | 9,043   |                                | $      
|                                       |                                           |                             |         |                             |   |                                |         |                                |        

9

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The following table reflects revenues from external customers by groups of similar products for the quarters ended June 30, 2000 and June 26, 1999:

|                                          |  |                                                                                                                                                                                 |  | Quarters ended |         | Six months ended
|----------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------- | ------- | ----------------
|
|Original Equipment Manufacturers ("OEMs") |  | Painted aluminum sheet and coil; fabricated painted aluminum, laminated and fiberglass panels; RV doors, windows and roofing; and composite building panels                     |  | $              | 72,927  |                 
|Rural Contractors                         |  | Steel and aluminum roofing and siding                                                                                                                                           |  |                | 31,498  |                 
|Home Centers                              |  | Raincarrying systems, roofing accessories, windows, doors, and shower enclosures                                                                                                |  |                | 24,549  |                 
|Manufactured Housing                      |  | Steel siding and trim components                                                                                                                                                |  |                | 9,596   |                 
|Distributors                              |  | Metal coils, raincarrying systems and roofing accessories                                                                                                                       |  |                | 10,514  |                 
|Industrial and Architectural Contractors  |  | Standing seam panels and siding and roofing accessories                                                                                                                         |  |                | 4,791   |                 
|Home Improvement Contractors              |  | Vinyl replacement windows; metal coils, raincarrying systems and roofing accessories; metal roofing and insulated roofing panels; shower, patio and entrance doors; and awnings |  |                | 9,840   |                 
|                                          |  |                                                                                                                                                                                 |  |                |         |                 
|                                          |  |                                                                                                                                                                                 |  | $              | 163,715 |                 
|                                          |  |                                                                                                                                                                                 |  |                |         |                 

10

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9. Supplemental Condensed Combined Financial Statements:

On September 25, 1996, Euramax purchased the Company from Alumax. The acquisition was financed, in part, through Senior Subordinated Notes due 2006 (the
"Notes"). Euramax International Limited, Euramax European Holdings Limited and Euramax European Holdings B.V. are co-obligors under the Notes (the "Co-Obligors"). Euramax
International, Inc. has provided a full and unconditional guarantee of the Notes ("Parent Guarantor"). In addition, Amerimax Holdings, Inc., Amerimax Fabricated Products, Inc.,
Euramax International Holdings Limited and Euramax Continental Limited, holding company subsidiaries of Euramax, have provided full and unconditional guarantees of the Notes (collectively, the
"Guarantor Subsidiaries"). The following supplemental condensed combining financial statements as of June 30, 2000 and December 31, 1999, and for the quarters and six months ended
June 30, 2000 and June 26, 1999, reflect the financial position, results of operations, and cash flows of each of the Parent Guarantor, the Co-Obligors, and such combined
information of the Guarantor Subsidiaries and the non-guarantor subsidiaries, principally the operating subsidiaries, (collectively, the "Non-Guarantor Subsidiaries"). The
Co-Obligors and Guarantors are wholly-owned subsidiaries of Euramax and are each jointly, severally, fully, and unconditionally liable under the Notes. Separate complete financial
statements of each Co-Obligor and Guarantor are not presented because management has determined that they are not material to investors.

|                                     |                                     | Quarter ended June 30, 2000 |      
|------------------------------------ | ----------------------------------- | --------------------------- | -----
|
|Net sales                            |                                     | $                           |     
|Costs and expenses:                  |                                     |                             |      
|                                     | Cost of goods sold                  |                             |      
|                                     | Selling and general                 |                             |      
|                                     | Depreciation and amortization       |                             |      
|                                     |                                     |                             |      
|                                     | Earnings (loss) from operations     |                             |      
|Equity in earnings of subsidiaries   |                                     |                             | 4,397
|Interest expense, net                |                                     |                             | (375 
|Other income (expense), net          |                                     |                             |     
|                                     |                                     |                             |      
|                                     | Earnings (loss) before income taxes |                             |      
|Provision (benefit) for income taxes |                                     |                             | (319 
|                                     |                                     |                             |      
|                                     | Net earnings (loss)                 |                             | $    
|                                     |                                     |                             |      

11

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|                                          |                                                  | Quarter ended June 26, 1999 |  
|----------------------------------------- | ------------------------------------------------ | --------------------------- | -
|
|Net sales                                 |                                                  | $                           | 
|Costs and expenses:                       |                                                  |                             |  
|                                          | Cost of goods sold                               |                             |  
|                                          | Selling and general                              |                             |  
|                                          | Depreciation and amortization                    |                             |  
|                                          |                                                  |                             |  
|                                          | Earnings (loss) from operations                  |                             |  
|Equity in earnings of subsidiaries        |                                                  |                             | 
|Interest income (expense), net            |                                                  |                             | 
|Other income (expense), net               |                                                  |                             | 
|                                          |                                                  |                             |  
|                                          | Earnings before income taxes                     |                             |  
|Provision (benefit) for income taxes      |                                                  |                             | 
|                                          |                                                  |                             |  
|                                          | Net earnings                                     |                             |  
|Dividends on redeemable preference shares |                                                  |                             | 
|                                          |                                                  |                             |  
|                                          | Net earnings available for ordinary shareholders |                             | $
|                                          |                                                  |                             |  

12

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|                                     |                                     | Six months ended June 30, 2000 |      
|------------------------------------ | ----------------------------------- | ------------------------------ | -----
|
|Net sales                            |                                     | $                              |     
|Costs and expenses:                  |                                     |                                |      
|                                     | Cost of goods sold                  |                                |      
|                                     | Selling and general                 |                                |      
|                                     | Depreciation and amortization       |                                |      
|                                     |                                     |                                |      
|                                     | Earnings (loss) from operations     |                                |      
|Equity in earnings of subsidiaries   |                                     |                                | 6,464
|Interest expense, net                |                                     |                                | (751 
|Other income (expense), net          |                                     |                                |     
|                                     |                                     |                                |      
|                                     | Earnings (loss) before income taxes |                                |      
|Provision (benefit) for income taxes |                                     |                                | (777 
|                                     |                                     |                                |      
|                                     | Net earnings (loss)                 |                                | $    
|                                     |                                     |                                |      

13

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|                                          |                                                  | Six months ended June 26, 1999 |  
|----------------------------------------- | ------------------------------------------------ | ------------------------------ | -
|
|Net sales                                 |                                                  | $                              | 
|Costs and expenses:                       |                                                  |                                |  
|                                          | Cost of goods sold                               |                                |  
|                                          | Selling and general                              |                                |  
|                                          | Depreciation and amortization                    |                                |  
|                                          |                                                  |                                |  
|                                          | Earnings (loss) from operations                  |                                |  
|Equity in earnings of subsidiaries        |                                                  |                                | 
|Interest income (expense), net            |                                                  |                                | 
|Other income (expense), net               |                                                  |                                | 
|                                          |                                                  |                                |  
|                                          | Earnings before income taxes                     |                                |  
|Provision (benefit) for income taxes      |                                                  |                                | 
|                                          |                                                  |                                |  
|                                          | Net earnings                                     |                                |  
|Dividends on redeemable preference shares |                                                  |                                | 
|                                          |                                                  |                                |  
|                                          | Net earnings available for ordinary shareholders |                                | $
|                                          |                                                  |                                |  

14

---

|                                        |                                                | As of June 30, 2000        |        
|--------------------------------------- | ---------------------------------------------- | -------------------------- | -------
|
|ASSETS                                  |                                               
|Current assets:                         |                                                |                            |        
|                                        | Cash and equivalents                           |                            | $      
|                                        | Accounts receivable, net                       |                            |        
|                                        | Inventories                                    |                            |        
|                                        | Other current assets                           |                            |        
|                                        |                                                |                            |        
|                                        |                                                | Total current assets       |        
|Property, plant and equipment, net      |                                                |                            |       
|Amounts due from parent/affiliates      |                                                |                            | 80,790 
|Goodwill, net                           |                                                |                            |       
|Investment in consolidated subsidiaries |                                                |                            | 123,005
|Deferred income taxes                   |                                                |                            |       
|Other assets                            |                                                |                            |       
|                                        |                                                |                            |        
|                                        |                                                | $                          | 203,796
|                                        |                                                |                            |        
|LIABILITIES AND SHAREHOLDERS' EQUITY    |                                               
|Current liabilities:                    |                                                |                            |        
|                                        | Cash overdrafts                                |                            | $      
|                                        | Accounts payable                               |                            |        
|                                        | Accrued expenses and other current liabilities |                            |        
|                                        | Current maturities of long- term debt          |                            |        
|                                        |                                                |                            |        
|                                        |                                                | Total current liabilities  |        
|Long-term debt, less current maturities |                                                |                            |       
|Amounts due to parent/affiliates        |                                                |                            | 135,811
|Deferred income taxes                   |                                                |                            | 2,203  
|                                        |                                                | Other liabilities          |        
|                                        |                                                |                            |        
|                                        |                                                | Total liabilities          |        
|                                        |                                                |                            |        
|Shareholders' equity:                   |                                                |                            |        
|                                        | Common stock                                   |                            |        
|                                        | Additional paid-in capital                     |                            |        
|                                        | Treasury stock                                 |                            |        
|                                        | Retained earnings (deficit)                    |                            |        
|                                        | Accumulated other comprehensive loss           |                            |        
|                                        |                                                |                            |        
|                                        |                                                | Total shareholders' equity |        
|                                        |                                                |                            |        
|                                        |                                                | $                          | 203,796
|                                        |                                                |                            |        

15

---

|                                        |                                                | As of December 31, 1999    |        
|--------------------------------------- | ---------------------------------------------- | -------------------------- | -------
|
|ASSETS                                  |                                               
|Current assets:                         |                                                |                            |        
|                                        | Cash and equivalents                           |                            | $      
|                                        | Accounts receivable, net                       |                            |        
|                                        | Inventories                                    |                            |        
|                                        | Other current assets                           |                            |        
|                                        |                                                |                            |        
|                                        |                                                | Total current assets       |        
|Property, plant and equipment, net      |                                                |                            |       
|Amounts due from parent/affiliates      |                                                |                            | 76,535 
|Goodwill, net                           |                                                |                            |       
|Investment in consolidated subsidiaries |                                                |                            | 117,490
|Deferred income taxes                   |                                                |                            |       
|Other assets                            |                                                |                            |       
|                                        |                                                |                            |        
|                                        |                                                | $                          | 194,025
|                                        |                                                |                            |        
|LIABILITIES AND SHAREHOLDERS' EQUITY    |                                               
|Current liabilities:                    |                                                |                            |        
|                                        | Cash overdrafts                                |                            | $      
|                                        | Accounts payable                               |                            |        
|                                        | Accrued expenses and other current liabilities |                            |        
|                                        | Current maturities of long- term debt          |                            |        
|                                        |                                                |                            |        
|                                        |                                                | Total current liabilities  |        
|Long-term debt, less current maturities |                                                |                            |       
|Amounts due to parent/affiliates        |                                                |                            | 126,739
|Deferred income taxes                   |                                                |                            | 2,203  
|Other liabilities                       |                                                |                            |       
|                                        |                                                |                            |        
|                                        |                                                | Total liabilities          |        
|                                        |                                                |                            |        
|Shareholders' equity:                   |                                                |                            |        
|                                        | Common stock                                   |                            |        
|                                        | Additional paid-in capital                     |                            |        
|                                        | Retained earnings (deficit)                    |                            |        
|                                        | Dividends declared                             |                            |        
|                                        | Accumulated other comprehensive loss           |                            |        
|                                        |                                                |                            |        
|                                        |                                                | Total shareholders' equity |        
|                                        |                                                |                            |        
|                                        |                                                | $                          | 194,025
|                                        |                                                |                            |        

16

---

|                                                    |                                                 | Six months ended June 30, 2000                      |       
|--------------------------------------------------- | ----------------------------------------------- | --------------------------------------------------- | ------
|
|Net cash (used in) provided by Operating activities |                                                 | $                                                   | (2,462
|                                                    |                                                 |                                                     |       
|Cash flows from investing activities:               |                                                 |                                                     |       
|                                                    | Purchase of business                            |                                                     |       
|                                                    | Proceeds from sales of assets                   |                                                     |       
|                                                    | Capital expenditures                            |                                                     |       
|                                                    |                                                 |                                                     |       
|                                                    |                                                 | Net cash used in investing activities               |       
|                                                    |                                                 |                                                     |       
|Cash flows from financing activities:               |                                                 |                                                     |       
|                                                    | Repayment of debt                               |                                                     |       
|                                                    | Proceeds from debt                              |                                                     |       
|                                                    | Purchase of treasury stock                      |                                                     |       
|                                                    | Changes in cash overdrafts                      |                                                     |       
|                                                    | Due to/from parent or affiliate                 |                                                     |       
|                                                    |                                                 |                                                     |       
|                                                    |                                                 | Net cash provided by (used in) financing activities |       
|                                                    |                                                 |                                                     |       
|                                                    | Effect of exchange rate changes on cash         |                                                     |       
|                                                    |                                                 |                                                     |       
|                                                    | Net increase (decrease) in cash and equivalents |                                                     |       
|                                                    | Cash and equivalents at beginning of period     |                                                     |       
|                                                    |                                                 |                                                     |       
|                                                    | Cash and equivalents at end of period           |                                                     | $     
|                                                    |                                                 |                                                     |       

17

---

|                                                    |                                                     | Six months ended June 26, 1999        |  
|--------------------------------------------------- | --------------------------------------------------- | ------------------------------------- | -
|
|Net cash (used in) provided by Operating activities |                                                     | $                                     | 
|                                                    |                                                     |                                       |  
|Cash flows from investing activities:               |                                                     |                                       |  
|                                                    | Purchases of businesses                             |                                       |  
|                                                    | Proceeds from sales of assets                       |                                       |  
|                                                    | Capital expenditures                                |                                       |  
|                                                    |                                                     |                                       |  
|                                                    |                                                     | Net cash used in investing activities |  
|                                                    |                                                     |                                       |  
|Cash flows from financing activities:               |                                                     |                                       |  
|                                                    | Repayment of debt                                   |                                       |  
|                                                    | Proceeds from debt                                  |                                       |  
|                                                    | Changes in cash overdrafts                          |                                       |  
|                                                    | Due to/from parent or affiliate                     |                                       |  
|                                                    |                                                     |                                       |  
|                                                    | Net cash provided by (used in) financing activities |                                       |  
|                                                    |                                                     |                                       |  
|                                                    | Effect of exchange rate changes on cash             |                                       |  
|                                                    |                                                     |                                       |  
|                                                    | Net increase (decrease) in cash and equivalents     |                                       |  
|                                                    | Cash and equivalents at beginning of period         |                                       |  
|                                                    |                                                     |                                       |  
|                                                    | Cash and equivalents at end of period               |                                       | $
|                                                    |                                                     |                                       |  

18

---

## 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Business Overview

The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements included elsewhere in this document, as well as the
year-end Consolidated Financial Statements and Management's Discussion and Analysis included in the Company's Annual Report on Form 10-K for the year ended
December 31, 1999.

The
Company is an international producer of value-added aluminum, steel, vinyl and fiberglass fabricated products, with facilities strategically located in the United Kingdom
("U.K."), The Netherlands, France, and all major regions of the continental United States ("U.S."). Euramax's core products include specialty coated coils, aluminum recreational vehicle ("RV")
sidewalls, RV doors, farm and agricultural panels, roofing accessories, metal and vinyl raincarrying systems, soffit and fascia systems, and vinyl replacement windows. The Company's customers include
original equipment manufacturers ("OEMs") such as RV, commercial panel and transportation industry manufacturers; rural contractors; home centers; manufactured housing producers; distributors;
industrial and architectural contractors; and home improvement contractors.

Effective
April 10, 2000, the Company, through its wholly owned subsidiary Amerimax Home Products, Inc., acquired substantially all of the assets and assumed certain
liabilities of Gutter World, Inc. ("Gutter World") and Global Expanded Metals, Inc. ("Global"). Gutter World manufactures a variety of raincarrying accessories, including gutter and door
guards, water diverters and downspout strainers. Global manufactures expanded metal products.

The
Company expects these acquisitions to increase net sales in its U.S. Fabrication segment, particularly those to home centers and distributors. Consistent with the Company's
business strategy, management expects to continue identifying and acquiring businesses that will allow it to expand its customer base, geographic coverage and product offerings.

Financial
results for the six months ended June 30, 2000, compared to the same period of 1999, reflect a higher volume of shipments of aluminum and steel; higher realized
selling prices, particularly in Europe; and sales from the April 2000 acquisitions of Gutter World and Global, as well as the June 1999 acquisition of Atlanta Metal Products, Inc.
These improvements were offset by lower net sales resulting from the weakening of foreign currencies relative to the U.S. Dollar, and the softening of demand in certain U.S. markets. The net effect of
these conditions enabled a 6.0% increase in net sales. Further, higher aluminum costs enabled the Company to increase average selling prices in Europe, contributing to an increase in earnings from
operations in Europe, despite weakening of European currencies relative to the U.S. Dollar. Price increases were also obtained in the U.S., although lower levels of demand in rural construction and
OEM markets lead to lower U.S. operating earnings. The volatile market for aluminum raw material, together with an anticipated generally slower pace of U.S. business activity, will likely continue to
pressure operating margins in the U.S. for the balance of 2000.

19

---

Results of Operations

Quarter Ended June 30, 2000 as Compared to Quarter Ended June 26, 1999

The following table sets forth the Company's Statements of Earnings Data expressed as a percentage of net sales:

Quarters endedJune 30,
2000

June 26,
1999Statements of Earnings Data:Net sales

100.0
%
100.0
%Costs and expenses:Cost of goods sold

80.7

79.3Selling and general

8.5

9.1Depreciation and amortization

2.6

2.2Earnings from operations

8.2

9.4Interest expense, net

(4.1
)
(3.4
)Other expenses, net

(0.3
)
(0.2
)Earnings before income taxes

3.8

5.8Provision for income taxes

1.6

2.4Net earnings

2.2
%
3.4
%


Net Sales

Earnings from OperationsDollars in thousands

June 30,
2000

June 26,
1999

Increase/
(decrease)

June 30,
2000

June 26,
1999

Increase/
(decrease)United States

$
110,507

$
104,788

5.5%

$
8,075

$
9,051

(10.8)%Europe


53,208


51,411

3.5%


5,338


5,588

(4.5)%Totals

$
163,715

$
156,199

4.8%

$
13,413

$
14,639

(8.4)%


Net Sales.Net sales increased 4.8% to $163.7 million for the quarter ended June 30, 2000, from
$156.2 million for the quarter ended June 26, 1999. Sales in the U.S. increased principally due to increased sales to home centers, distributors and home improvement contractors
resulting primarily from the second quarter acquisitions of Gutter World and Global (see Note 2 to the Condensed Consolidated Finance Statements), as well as the 1999 acquisition of Atlanta
Metal Products, Inc., acquired in June, 1999 (see Note 2 to the Consolidated Financial Statements of the Company for the year ended December 31, 1999, set forth in the Company's
Annual Report on Form 10-K). These acquisitions contributed approximately $8.0 million to second quarter 2000 sales. These increases were offset by a decline in sales to
producers of manufacturing housing due to reduced demand for products resulting,
in part, from the producers' overstock of manufactured housing inventory. Further, second quarter 2000 sales to the RV market were higher than in the second quarter of 1999; however, we expect
shipments to the RV industry to slow in the second half of the year. The Company's U.S. subsidiaries are included in the U.S. Fabrication Segment (see Note 8 to the Condensed Consolidated
Financial Statements).

Despite
a decline in reported net sales of approximately $5.3 million due to the weakening of foreign exchange rates relative to the U.S. Dollar, second quarter net sales in
Europe increased by approximately 3.5% over the same period in 1999. Sales in the European Roll Coating Segment (see Note 8 to the Condensed Consolidated Financial Statements) increased
primarily from strong demand for specialty coated coil in continental Europe resulting from continued economic improvements in Europe, as well as from higher realized selling prices precipitated by
increases in aluminum costs. Offsetting the increases

20

---

within the European Roll Coating Segment were decreases in sales to the U.K. export markets resulting from the continued strength of the Pound Sterling relative to other European currencies.

Cost of goods sold.Cost of goods sold, as a percentage of net sales, increased to 80.7% for the quarter ended
June 30, 2000, from 79.3% for the quarter ended June 26, 1999. This increase is primarily attributable to an increase in raw material aluminum prices compared to the same period in the
prior year.

Selling and general.Selling and general expenses, as a percentage of net sales, decreased to 8.5% for the quarter
ended June 30, 2000, from 9.1% for the quarter ended June 26, 1999. This decrease is primarily attributable to higher net sales, lower levels of spending on information technology and
incentive compensation, and a weakening of foreign exchange rates relative to the U.S. Dollar.

Depreciation and amortization.Depreciation and amortization, as a percentage of net sales, was 2.6% for the quarter
ended June 30, 2000, compared to 2.2% for the quarter ended June 26, 1999. The increase in depreciation and amortization is primarily the result of acquisitions.

Earnings from operations.As noted above, earnings from operations in the U.S. decreased to $8.1 million for the
quarter ended June 30, 2000, from $9.1 million for the quarter ended June 26, 1999, and earnings from operations in Europe decreased to $5.3 million for the quarter ended
June 30, 2000, from $5.6 million for the quarter ended June 26, 1999. Earnings from operations in the U.S. were more negatively impacted by the higher raw material costs than were
earnings in Europe, as, historically, the
U.S. operations are not able to pass along raw material price increases as quickly as the European operations. The decrease in earnings from operations in Europe is attributable to the weakening of
European currencies relative to the U.S. Dollar, which reduced reported operating earnings by $707.0 thousand compared to the second quarter of 1999.

Interest expense, net.Net interest expense, increased to $6.8 million for the quarter ended June 30,
2000, from $5.4 million for the quarter ended June 26, 1999. The increase in interest expense is due to additional borrowings to fund acquisitions, as well as to higher interest rates.

Other expenses, net.Other expenses were not significant for the quarters ended June 30, 2000 and
June 26, 1999.

Provision for income taxes.The income tax provision for the period is based on the effective tax rate expected to be
applicable for the full year. The effective rate for the provision for income taxes increased to 43.8% from 42.2% for the quarters ended June 30, 2000 and June 26, 1999, respectively.
The slightly higher rate is primarily due to an increase in non-deductible goodwill amortization resulting from the acquisition of Atlanta Metal Products, Inc.

21

---

Six Months Ended June 30, 2000 as Compared to Six Months Ended June 26, 1999

The following table sets forth the Company's Statements of Earnings Data expressed as a percentage of net sales:

Six months endedJune 30,
2000

June 26,
1999Statements of Earnings Data:Net sales

100.0
%
100.0
%Costs and expenses:Cost of goods sold

81.3

80.3Selling and general

9.1

9.5Depreciation and amortization

2.6

2.4Earnings from operations

7.0

7.8Interest expense, net

(4.0
)
(3.7
)Other expenses, net

(0.2
)
(0.3
)Earnings before income taxes

2.8

3.8Provision for income taxes

1.2

1.6Net earnings

1.6
%
2.2
%


Net Sales

Earnings from OperationsDollars in thousands

June 30,
2000

June 26,
1999

Increase/
(decrease)

June 30,
2000

June 26,
1999

Increase/
(decrease)United States

$
195,569

$
185,788

5.3%

$
9,536

$
12,799

(25.5
)%Europe


110,419


102,798

7.4%


11,786


9,875

19.4
%Totals

$
305,988

$
288,586

6.0%

$
21,322

$
22,674

(6.0
)%


Net Sales.Net sales increased 6.0% to $306.0 million for the six months ended June 30, 2000, from
$288.6 million for the six months ended June 26, 1999. As reflected in the quarter ended June 30, 2000, compared to the quarter ended June 26, 1999, sales in the U.S. were
higher principally due to increased sales to home centers, distributors and home improvement contractors resulting primarily from the second quarter acquisitions of Gutter World and Global, as well as
the 1999 acquisition of Atlanta Metal Products, Inc. Increases were also experienced in vinyl window sales to home improvement contractors and sales of roofing accessories to industrial and
architectural contractors. These increases were offset by a decline in sales to producers of manufacturing housing. See "Quarter Ended June 30, 2000 as Compared to Quarter Ended June 26,
2000Net Sales" for further discussion of the factors
affecting sales in the U.S., as these factors also apply to the change in net sales for the six months ended June 30, 2000, compared to the six months ended June 26, 1999.

Despite
a decline in reported net sales of approximately $10.1 million due to the weakening of foreign exchange rates relative to the U.S. Dollar, net sales in Europe for the
six months ended June 30, 2000, increased by approximately 7.4% over the same period in 1999. Sales in the European Roll Coating Segment increased primarily from the continued strength of the
demand for specialty coated coil in continental Europe, as well as from higher realized aluminum selling prices. Offsetting the increases in the European Roll Coating Segment were decreases in sales
to the U.K. export markets resulting from the continued strength of the Pound Sterling relative to other European currencies.

Cost of goods sold.Cost of goods sold, as a percentage of net sales, increased to 81.3% for the six months ended
June 30, 2000, from 80.3% for the six months ended June 26, 1999. This increase is primarily attributable to an increase in raw material aluminum prices compared to the same period in
the prior year.

22

---

Selling and general.Selling and general expenses, as a percentage of net sales, decreased to 9.1% for the six months
ended June 30, 2000, from 9.5% for the six months ended June 26, 1999. This decrease is primarily attributable to higher net sales, lower levels of spending on information technology and
incentive compensation, and a weakening of foreign exchange rates relative to the U.S. Dollar.

Depreciation and amortization.Depreciation and amortization, as a percentage of net sales, was 2.6% for the six months
ended June 30, 2000, compared to 2.4% for the six months ended June 26, 1999. The increase in depreciation and amortization is primarily the result of acquisitions.

Earnings from operations.As noted above, earnings from operations in the U.S. decreased to $9.5 million for the
six months ended June 30, 2000, from $12.8 million for the six months ended June 26, 1999, and earnings from operations in Europe increased to $11.8 million for the six
months ended June 30, 2000, from $9.9 million for the six months ended June 26, 1999. Earnings from operations in the U.S. were more negatively impacted by the higher raw material
costs than were earnings in Europe, as, historically, the U.S. operations are not able to pass along raw material price increases as quickly as the European operations. The ability to pass along price
increases at a quicker pace in Europe, together with strong European demand, enabled the increase in earnings from operations in Europe. This
increase was achieved despite weakening European currencies, which reduced reported operating earnings by $1.4 million compared to the first six months of 1999.

Interest expense, net.Net interest expense, increased to $12.2 million for the six months ended June 30,
2000, from $10.6 million for the six months ended June 26, 1999. The increase in interest expense is due to additional borrowings to fund acquisitions, as well as to higher interest
rates.

Other expenses, net.Other expenses were not significant for the six months ended June 30, 2000 and
June 26, 1999.

Provision for income taxes.The income tax provision for the period is based on the effective tax rate expected to be
applicable for the full year. The effective rate for the provision for income taxes increased to 43.5% from 42.5% for the six months ended June 30, 2000 and June 26, 1999, respectively.
The slightly higher rate is primarily due to an increase in non-deductible goodwill amortization resulting from the acquisition of Atlanta Metal Products, Inc.

Liquidity and Capital Resources

Liquidity.The Company's primary liquidity needs arise from debt service incurred in connection with acquisitions and
the funding of capital expenditures. As of June 30, 2000, the Company had cash of $19.8 million and outstanding indebtedness of $283.1 million, representing an increase of
$61.9 million as compared to December 31, 1999. This increase in debt is related to the financing of acquisitions, seasonal borrowing needs of the business and higher aluminum costs.
Included in such indebtedness was approximately $148.1 million under the Company's Credit Agreement, consisting of $65.3 million under the Company's Term Loans and $82.8 million
under the Company's Revolving Credit Facility. The undrawn amount of the Revolving Credit Facility at June 30, 2000, was approximately $17.2 million, which was available for working
capital and general corporate purposes, subject to borrowing base limitations. As of June 30, 2000, this amount was fully available.

The
Company's leveraged financial position requires that a substantial portion of the Company's cash flow from operations be used to pay interest on the Notes, principal and interest
under the Company's Credit Agreement and other indebtedness. Significant increases in the floating interest rates on the Term Loans and Revolving Credit Facility would result in increased debt service
requirements, which
may reduce the funds available for capital expenditures and other operational needs. In addition, the Company's leveraged position may impede its ability to obtain financing in the future for working
capital, capital expenditures and general corporate purposes. Further, the Company's leveraged position may make it more vulnerable to economic downturns and may limit its ability to withstand
competitive pressures.

23

---

The Company's primary source of liquidity is funds generated from operations, which are supplemented by borrowings under the Credit Agreement. Net cash used in operating activities
for the six months ended June 30, 2000, was $9.0 million, compared to cash provided by operating activities of $7.4 million for the six months ended June 26, 1999. The
increase in cash used in operating activities for the six months ended June 30, 2000, compared to the six months ended June 26, 1999, is primarily related to an increase in accounts
receivable resulting from higher sales and an increase in inventories due to higher aluminum prices.

Net
cash used in investing activities increased primarily as a result of the acquisitions of Gutter World and Global in the second quarter of 2000 as compared to the acquisition of
Atlanta Metal Products during the second quarter of 1999.

Net
cash provided by financing activities increased primarily due to the borrowings under the Credit Agreement which increased approximately $49.4 million to fund the
acquisitions of Gutter World and Global, and to fund increased working capital needs of the business during the six months ended June 30, 2000, compared to the six months ended June 26,
1999.

The
Company believes that cash generated from operations and, subject to borrowing base limitations, borrowings under the Company's Credit Agreement will be adequate to meet its needs
for the foreseeable future, although no assurance to that effect can be given.

Capital Expenditures.The Company's capital expenditures were $5.2 million and $6.0 million for the six
months ended June 30, 2000 and June 26, 1999, respectively. Capital expenditures in 2000 include approximately $2.2 million for several projects related to business expansion and
cost reduction activities, and approximately $758.0 thousand for improvements to the paintlines in Helena, Arkansas; Roermond, The Netherlands; and Corby, England. Capital expenditures in 1999
included approximately $1.7 million for improvements to the paintline in Corby, England and Helena, Arkansas. The balance of
capital expenditures in both periods primarily relate to purchases and upgrades of fabricating equipment, transportation and material moving equipment, and information systems.

The
Company has made and will continue to make capital expenditures to comply with Environmental Laws. The Company estimates that its environmental capital expenditures will be
approximately $250.0 thousand in 2000.

Working Capital Management.Working capital was $114.7 million as of June 30, 2000, compared to
$90.6 million as of December 31, 1999. The increase in working capital is primarily attributable to lower than expected sales to rural construction markets, rising aluminum prices,
higher net sales, the acquisitions of Gutter World and Global, and seasonal demands of the business. The Company continues to aggressively manage working capital levels and believes that current
levels of working capital represent a liquid source of funds available for future cash flows.

Recent Accounting Pronouncements

In June 1998, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 133, Accounting for Derivative Instruments and
Hedging Activities. SFAS 133 is effective for all fiscal quarters of all fiscal years beginning after
June 15, 2000 (January 1, 2001 for the Company). SFAS 133 requires that all derivative instruments be recorded on the balance sheet at their fair value. Changes in the fair value
of derivatives are recorded each period in current earnings or other comprehensive income, depending on whether a derivative is designated as part of a hedge transaction and, if it is, the type of
hedge transaction. For fair-value hedge transactions in which the Company is hedging changes in the fair value of an asset, liability, or firm commitment, changes in the fair value of the
derivative instrument will generally be offset in the income statement by changes in the hedged item's fair value. For cash-flow hedge transactions, in which the Company is hedging the
variability of cash flows related to a variable-rate asset, liability, or a forecasted transaction, changes in the fair value

24

---

of the derivative instrument will be reported in other comprehensive income. The gains and losses on the derivative instrument that are reported in other comprehensive income will be reclassified as
earnings in the periods in which earnings are impacted by the variability of the cash flows of the hedged item. The ineffective portion of all hedges will be recognized in current period earnings.
Management is currently reviewing the provisions of SFAS No. 133 and does not believe that the Company's financial statements will be materially impacted by the adoption.

In
December 1999, the staff of the Securities and Exchange Commission issued Staff Accounting Bulletin ("SAB") 101, "Revenue Recognition in Financial Statements." SAB 101
outlines the basic criteria for revenue recognition and related disclosures. SAB 101 is effective beginning in the fourth quarter of 2000. Management is currently reviewing the guidance provided by
SAB 101 and does not believe the Company's financial statements will be materially impacted.

Environmental Matters

The Company's exposure to environmental matters has not changed significantly from the year ended December 31, 1999. For detailed information regarding
environmental matters, see "Management's Discussion and AnalysisRisk Management" set forth in the Company's Annual Report on Form 10-K for the year ended
December 31, 1999.

Note Regarding Forward-Looking Statements:The Management's Discussion and Analysis and other sections of this
Form 10-Q may contain forward-looking statements that are based on current expectations, estimates and projections about the industries in which the Company operates, and
management's beliefs and assumptions. Such forward-looking statements include terminology such as "expects," "anticipates," "intends," "plans," "believes," "estimates," or variations of such words and
similar expressions regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this report include, but are not limited to: (1) statements
regarding expected growth in the home center and distributor markets resulting from acquisitions; (2) statements regarding the Company's expectations to continue acquiring businesses that will
allow it to expand its customer base, geographic coverage and product offerings; (3) statements regarding the expectation that the volatile market for aluminum raw material, together with an
anticipated generally slower pace of U.S. business activity, will likely continue to pressure operating margins in the U.S. for the balance of 2000; (4) statements regarding the expectation
that shipments to the RV industry will slow in the second half of the year; and (5) statements regarding the Company's belief that cash from operations and borrowings under the Credit Agreement
will be adequate to meet its needs for the foreseeable future. These forward-looking statements are based on a number of assumptions that could ultimately prove inaccurate, and, therefore, there can
be no assurance that they will prove to be accurate. All such forward-looking statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Important
factors that could cause future financial performance to differ materially and significantly from past results and from those expressed or implied in this document include, without limitation, the
risks of acquisition of businesses (including limited knowledge of the businesses acquired and misrepresentations by sellers), changes in business strategy or development plans, the cyclical demand
for the Company's products, the supply and/or price of aluminum and other raw materials, currency exchange rate fluctuations, environmental regulations, availability of financing, competition,
reliance on key management personnel, ability to manage growth, loss of customers, and a variety of other factors. For further information on these and other risks, see the "Risk Factors" section of
Item
1 of the Company's Annual Report on Form 10-K for the year ended December 31, 1999, as well as the Company's other filings with the Securities and Exchange Commission. The
Company assumes no obligation to update publicly its forward-looking statements, whether as a result of new information, future events or otherwise.

25

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

The following discussion about the Company's risk-management activities includes forward-looking statements that involve risk and uncertainties.
Actual results could differ materially from those projected in the forward-looking statement. See "Note Regarding Forward Looking Statements" for additional information regarding the Private
Securities Litigation Reform Act. The Company's management of market risk from changes in interest rates, exchange rates and commodity prices has not changed from the year ended December 31,
1999. For detailed information regarding the Company's risk management, see "Management's Discussion and AnalysisRisk Management" and "Item 7A. Quantitative and Qualitative Disclosures
about Market Risk" set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 1999.

Interest Rate Risk

This analysis presents the hypothetical loss in fair value and increase in interest expense of those financial instruments and derivative instruments held by
the Company at June 30, 2000, which are sensitive to changes in interest rates. All other factors remaining unchanged, a hypothetical 10 percent increase in interest rates would decrease
the fair value of the Company's fixed-rate, long-term debt outstanding at June 30, 2000, by approximately $14.3 million, based upon the use of a discounted cash
flow model, as compared to a hypothetical decrease in fair value of approximately $7.0 million at December 31, 1999. The hypothetical decrease in the fair value of the Company's
fixed-rate, long-term debt is primarily the result of the depressed activity in the high yield bond market during the first half of 2000.

A
hypothetical 10 percent increase in interest rates for one year on the Company's variable rate financial instruments and derivative instruments would increase interest
expense by approximately $1.3 million as calculated at June 30, 2000, as compared to a hypothetical increase in interest expense of approximately $580.9 thousand as calculated at
December 31, 1999. The hypothetical increase in interest
expense is primarily the result of increases in interest rates and an increase in the Company's variable rate debt.

Foreign Currency Exchange Risk

This analysis presents the hypothetical increase in foreign exchange loss and increase in interest expense related to those financial instruments and
derivative instruments held by the Company at June 30, 2000, which are sensitive to changes in foreign currency exchange risks. A hypothetical 10 percent decrease in foreign currency
exchange rates would increase the Company's foreign exchange loss by approximately $859.6 thousand for those financial instruments and derivative instruments affected by foreign currency
exchange fluctuations, as compared to a hypothetical increase in foreign exchange loss of approximately $822.5 thousand for the year ended December 31, 1999.

All
other factors remaining unchanged, a hypothetical 10 percent increase in foreign currency exchange rates for one year would increase interest expense by approximately
$577.9 thousand as calculated at June 30, 2000, for those financial instruments and derivative instruments affected by foreign currency exchange fluctuations, as compared to a
hypothetical increase in interest expense of approximately $795.2 thousand as calculated at December 31, 1999. The hypothetical decrease in interest expense is primarily due to the
weakening of the Euro and Pound Sterling relative to the U.S. Dollar on the Company's currency swaps.

26

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## 

Part IIOther Information

Item 6. Exhibits and Reports on Form 8-K





|2.1**       |  | Purchase Agreement dated as of April 28, 1997, among the Company and Genstar Capital Corporation ("GCC"), Ontario Teachers' Pension Plan Board and the Management Stockholders of Gentek Holdings, Inc. ("Holdings") as sellers GCC as sellers'
representative; Holdings and Gentek Building Products, Inc. ("GBPI"). (Incorporated by reference to Exhibit 2.1 of the Registrant's Form 8-K filed August 1, 1997).
|----------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2.2******   |  | Proposals for the acquisition of the entire issued share capital of Euramax International Limited by Euramax International, Inc. to be effected by means of a Scheme Arrangement under Section 425 of the Companies Act 1985                                                                                                                                                                                       
|2.3******** |  | Purchase Agreement dated as of March 10, 2000, by and between Amerimax Home Products, Inc., Gutter World, Inc. and Global Expanded Metals, Inc., and all of the stockholders of Gutter World, Inc. and Global Expanded Metals, Inc.                                                                                                                                                                                
|3.1*        |  | Articles of Association of Euramax International plc                                                                                                                                                                                                                                                                                                                                                               
|3.2*        |  | Memorandum and Articles of Association of Euramax European Holdings plc                                                                                                                                                                                                                                                                                                                                            
|3.3*        |  | Articles of Association of Euramax International B.V.                                                                                                                                                                                                                                                                                                                                                              
|3.4*        |  | Articles of Incorporation of Amerimax Holdings, Inc.                                                                                                                                                                                                                                                                                                                                                               
|3.5*        |  | Bylaws of Amerimax Holdings, Inc.                                                                                                                                                                                                                                                                                                                                                                                  
|            |  |                                                                                                                                                                                                                                                                                                                                                                                                                    

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|4.3*       |  | Indenture, dated as of September 25, 1996, by and among Euramax International plc, Euramax European Holdings plc, Euramax European Holdings B.V., Amerimax Holdings, Inc. and the Chase Manhattan Bank, as Trustee.                                                                         
|---------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|4.4*       |  | Deposit Agreement, dated as of September 25, 1996, by and among Euramax International plc, Euramax European Holdings plc, Euramax European Holdings B.V., and The Chase Manhattan Bank, as book-entry depositary                                                                            
|4.5*       |  | Registration Rights Agreement, dated as of September 25, 1996, by and among Euramax International plc, Euramax European Holdings plc, Euramax European Holdings B.V., Amerimax Holdings, Inc. and J.P. Morgan Securities Inc. and Goldman Sachs &
Co.                                       
|4.6*       |  | Purchase Agreement dated as of September 18, 1996, by and among Euramax International Ltd., Euramax European Holdings Ltd., Euramax European Holdings B.V., Amerimax Holdings, Inc. and J.P. Morgan Securities Inc. and Goldman Sachs &
Co.                                                 
|4.7******* |  | Supplemental Indenture, dated as of November 18, 1999, among Euramax International Limited, Euramax European Holdings plc, Euramax European Holdings, B.V., as Issuers, Amerimax Holdings, Inc., as Guarantor, and The Chase Manhattan Bank, as
Trustee                                     
|4.8******* |  | Amended and Restated Supplemental Indenture, dated as of December 14, 1999, among Euramax International Limited, Euramax European Holdings plc, Euramax European Holdings, B.V., as Issuers, Amerimax Holdings, Inc., as Guarantor, and The Chase
Manhattan Bank, as Trustee                
|10.1*      |  | Purchase Agreement, dated as of June 24, 1996, by and between Euramax International Ltd. and Alumax Inc.                                                                                                                                                                                    
|10.2*      |  | Executive Employment Agreement, dated as of September 25, 1996, by and between J. David Smith and Euramax International plc                                                                                                                                                                 
|10.5*      |  | Domestic Security Agreement, dated as of September 25, 1996, by Amerimax Holdings, Inc. in favor of Banque Paribas, as agent                                                                                                                                                                
|10.6*      |  | Domestic Security Agreement, dated as of September 25, 1996, by Amerimax Fabricated Products, Inc. in favor of Banque Paribas, as agent                                                                                                                                                     
|10.7*      |  | Domestic Security Agreement, dated as of September 25, 1996, by Amerimax Home Products, Inc. in favor of Banque Paribas, as agent                                                                                                                                                           
|10.8*      |  | Domestic Security Agreement, dated as of September 25, 1996, by Amerimax Building Products, Inc. in favor of Banque Paribas, as agent                                                                                                                                                       
|10.9*      |  | Domestic Security Agreement, dated as of September 25, 1996, by Amerimax Coated Products, Inc. in favor of Banque Paribas, as agent                                                                                                                                                         
|10.10*     |  | Domestic Security Agreement, dated as of September 25, 1996, by Johnson Door Products, Inc. in favor of Banque Paribas, as agent                                                                                                                                                            
|10.11*     |  | Domestic Security Agreement, dated as of September 25, 1996, by Amerimax Specialty Products, Inc. in favor of Banque Paribas, as agent                                                                                                                                                      
|10.12*     |  | Domestic Subsidiary Guaranty, dated as of September 25, 1996, by each of Amerimax Home Products, Inc., Amerimax Specialty Products, Inc., Amerimax Building Products, Inc., Amerimax Coated Products and Johnson Door Products,
 Inc. in favor of the Guarantied Parties referred to therein
|           |  |                                                                                                                                                                                                                                                                                             

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|10.13*    |  | U.S. Holdings Guaranty, dated as of September 25, 1996, by Amerimax Holdings, Inc. in favor of the Guaranteed Parties referred to therein                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|--------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.14*    |  | U.S. Holdings Pledge Agreement, dated as of September 25, 1996, by Amerimax Holdings, Inc., to Banque Paribas, as Agent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|10.15*    |  | U.S. Operating Co. Guaranty, dated as of September 25, 1996, by Amerimax Fabricated Products, Inc. in favor of the Guarantied Parties referred to therein                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|10.16*    |  | U.S. Operating Co. Pledge Agreement dated as of September 25, 1996, by Amerimax Fabricated Products, Inc. to Banque Paribas, as Agent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|10.17*    |  | Euramax Assignment Agreement, dated as of September 25, 1996, by Euramax International plc in favor of Banque Paribas, as Agent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|10.18*    |  | Euramax Pledge Agreement, dated as of September 25, 1996, by Euramax International plc to Banque Paribas, as Agent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|10.19*    |  | Building Products Pledge Agreement, dated as of September 25, 1996, by Amerimax Building Products, Inc. to Banque Paribas, as Agent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|10.20*    |  | Dutch Holdings Guaranty, dated as of September 25, 1996, by Euramax European Holdings B.V. in favor of the Guarantied Parties referred to therein                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|10.21*    |  | Dutch Company Guaranty, dated as of September 25, 1996, by Euramax Netherlands B.V., in favor of the Guarantied Parties referred to therein                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|10.22*    |  | Dutch Operating Co. Guaranty, dated as of September 25, 1996, by Euramax Europe B.V., in favor of the Guarantied Parties referred to therein                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|10.23*    |  | Dutch Subsidiary Guaranty, dated as of September 25, 1996, by Euramax Coated Products B.V., in favor of the Guarantied Parties referred to therein                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|10.24***  |  | Amended and Restated Credit Agreement, dated as of July 16, 1997, by and among Amerimax Fabricated Products, Euramax Holdings Limited, Euramax Europe B.V., Euramax Netherlands B.V., as Borrowers; Euramax International plc, Amerimax Holdings, Inc.,
Euramax European Holdings plc, Euramax European Holdings B.V., Euramax Europe Limited and certain of their operating subsidiaries, as other Loan Parties; Banque Paribas, as Agent, as a Lender and as the Issuer; and the other lenders named therein.
(Incorporated by reference to Exhibit 10.1 of the Registrant's Form 10-Q for the quarter ended June 28, 1997.)
|10.25***  |  | Amendment to Credit Agreement, dated as of December 18, 1997, by and among Amerimax Fabricated Products, Euramax Holdings Limited, Euramax Europe B.V., Euramax Netherlands B.V., as Borrowers; Euramax International plc, Amerimax Holdings, Inc.,
Euramax European Holdings plc, Euramax European Holdings B.V., Euramax Europe Limited and certain of their operating subsidiaries, as other Loan Parties; Banque Paribas, as Agent, as a Lender and as the Issuer; and the other lenders named therein.
(Incorporated by reference to Exhibit 10.25 of the Registrant's Form 10-K for the year ended December 26, 1997.)  
|10.26**** |  | Incentive Compensation Plan effective January 1, 1997, by Euramax International Limited                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|10.27**** |  | Phantom Stock Plan effective January 1, 1999, by Euramax International Limited                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|          |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

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|10.28*****   |  | Amendment and Waiver dated as of April 6, 1999, among Euramax International Limited, and its subsidiaries, Paribas (as Agent and Lender), and the Lenders, to the Amended and Restated Credit Agreement dated as of July 16, 1997                                                     
|------------ |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.29******* |  | Amendment, dated as of December 8, 1999, among Euramax International Limited, the other Loan Parties, the Swing Loan Lender and the Issuer and Paribas, as Agent, to (a) the Amended and Restated Credit Agreement, dated as of July 16, 1997 and (b) the
other Loan Documents        
|10.30******* |  | Amendment and Consent, dated as of December 9, 1999, among Euramax International Limited, the other Loan Parties, the Swing Loan Lender and the Issuer and Paribas, as Agent, to (a) Amended and Restated Credit Agreement, dated as of July 16, 1997 and
(b) the other Loan Documents
|10.31        |  | Amendment and Waiver dated as of April 10, 2000, among Euramax International, Inc. and its subsidiaries, Paribas (as Agent and Lender), and the Lenders, to the Amended and Restated Credit Agreement dated as of July 16, 1997                                                       
|27           |  | Financial Data Schedule                                                                                                                                                                                                                                                               
|             |  |                                                                                                                                                                                                                                                                                       

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|*        |  | Incorporated by reference to the Exhibit with the same number in the Registrant's Registration Statement on Form S-4 (333-05978) which became effective on February 7, 1997.
|-------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|**       |  | Incorporated by reference to the Exhibit with the same number in the Registrant's Annual Report on Form 10-K (333-05978) which was filed on March 12, 1998.                 
|***      |  | Incorporated by reference to the Exhibit with the same number in the Registrant's Annual Report on Form 10-K (333-05978) which was filed on March 5, 1999.                  
|****     |  | Incorporated by reference to the Exhibit with the same number in the Quarterly Report on Form 10-Q (333-05978) which was filed on April 26, 1999.                           
|*****    |  | Incorporated by reference to the Exhibit with the same number in the Quarterly Report on Form 10-Q (333-05978) which was filed on August 2, 1999.                           
|******   |  | Incorporated by reference to the Exhibit with the same number in the Quarterly Report on Form 10-Q (333-05978) which was filed on November 3, 1999.                         
|*******  |  | Incorporated by reference to the Exhibit with the same number in the Registrant's Annual Report on Form 10-K (333-05978) which was filed on March 23, 2000.                 
|******** |  | Incorporated by reference to Exhibit 2.2 in the Registrant's Current Report on Form 8-K (333-05978) which was filed on April 24, 2000.                                      

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, Euramax
International, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EURAMAX INTERNATIONAL, INC.

|Signature                           |  | Title                                 |  | Date           
|----------------------------------- |  | ------------------------------------- |  | ---------------
|                                    |  |                                       |  |                
|/s/J. DAVID SMITHJ. David Smith     |  | Chief Executive Officer and President |  | August 10, 2000
|/s/R. SCOTT VANSANTR. Scott Vansant |  | Chief Financial Officer and Secretary |  | August 10, 2000
|                                    |  |                                       |  |                

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