DALLAS, Oct. 21, 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 third quarter ended September 30, 2010.
|Third Quarter Financial Highlights (unaudited)|
|Third Quarter 2010||Diluted Per Share||Third Quarter 2009||Diluted Per Share|
|Sales||$ 180.4 million||$188.9 million|
|Loss from continuing operations||(19.7) million||$(0.21)||(15.9) million||$(0.41)|
|Included in the calculation of loss from continuing operations:|
|Tax valuation allowance||7.2 million||0.08||6.2 million||0.16|
|Adjusted loss from continuing operations||$(12.4) million||$(0.13)||$(9.7) million||$(0.25)|
|Adjusted EBITDA*||$(8.3) million||$(4.8) million|
|*See reconciliation attached.|
"The third quarter of 2010 saw a decline in housing starts as the September seasonally adjusted annual rate for U.S. single-family housing starts decreased to 452,000, down 10.8 percent from September last year. Actual U.S. single-family housing starts for the current quarter were 119,600, down 13.5 percent from the third quarter of 2009. We saw a similar level of decline in actual U.S. single-family units under construction, as they decreased 12.8 percent from the same quarter last year," said Floyd Sherman, Builders FirstSource Chief Executive Officer. "Despite the decline in building activity, our sales of $180.4 million were down just 4.5 percent from sales of $188.9 million in the third quarter of 2009."