Builders FirstSource Reports Second Quarter 2010 Results
DALLAS, July 22, 2010 (GLOBE NEWSWIRE) -- Builders FirstSource, Inc. (Nasdaq:BLDR), a leading supplier and manufacturer of structural and related building products for residential new construction in the United States, today reported its results for the second quarter ended June 30, 2010.
|Second Quarter Financial Highlights (unaudited)|
|Second Quarter 2010||Diluted Per Share||Second Quarter 2009||Diluted Per Share|
|Sales||$ 211.5 million||$175.5 million|
|Loss from continuing operations||(18.9) million||$(0.20)||(18.6) million||$(0.47)|
|Included in the calculation of loss from continuing operations:|
|Tax valuation allowance||7.1 million||0.08||6.6 million||0.17|
|Adjusted loss from continuing operations||$(11.8) million||$(0.12)||$(12.0) million||$(0.30)|
|Adjusted EBITDA*||$(7.6) million||$(5.6) million|
|*See reconciliation attached.|
"Our sales for the second quarter of 2010 were $211.5 million, up 20.5 percent over sales of $175.5 million one year ago," said Floyd Sherman, Builders FirstSource Chief Executive Officer. "Fueled by the federal tax credit for first-time homebuyers, the seasonally adjusted annual rate for U.S. single-family starts increased to 563,000 as of April, but fell to 454,000 as of June, down 4.6 percent from one year ago, as the tax credit expired. For the current quarter, actual U.S. single-family housing starts were 142,000, up 14.8 percent from the same quarter last year, but the number of single-family units under construction fell 6.6 percent." Mr. Sherman continued, "The South Region, as defined by the U.S. Census Bureau and which encompasses our entire geographic footprint, fared slightly better as actual single-family housing starts were 72,000, up 18.0 percent from the second quarter of 2009, and single-family units under construction were up 1.1 percent over the same period."
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