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Builders FirstSource Reports Fourth Quarter And Fiscal Year 2010 Results

Stocks in this article: BLDR

DALLAS,, Feb. 17, 2011 (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 fourth quarter and fiscal year ended December 31, 2010.

  Fourth Quarter and Fiscal Year Financial Highlights (unaudited)
  Fourth Quarter 2010 Diluted Per Share Fourth Quarter 2009 Diluted Per Share
Sales $ 147.1 million   $ 154.0 million  
Income (loss) from continuing operations $ (24.5) million $ (0.26) $ 6.2 million $ 0.16
Included in the calculation of income (loss) from continuing operations:        
 Debt issuance cost write-offs $ 0.6 million $ 0.01  $ 0.0 million $ 0.00
 Recapitalization costs $ 0.0 million $ 0.00  $ 3.0 million $ 0.04
 Tax valuation allowance $ 9.4 million $ 0.10  $ (21.1) million $ (0.53)
Adjusted loss from continuing operations* $ (14.6) million $ (0.15) $ (13.1) million $ (0.33)
Weighted average shares outstanding 94.9 million   39.9 million  
Adjusted EBITDA* $ (12.5) million   $ (12.2) million  
  Fiscal Year 2010 Diluted Per Share Fiscal Year 2009 Diluted Per Share
Sales $ 700.3 million   $ 677.9 million  
Loss from continuing operations $ (94.3) million $ (1.03) $ (56.9) million $ (1.45)
Included in the calculation of loss from continuing operations:        
 Debt issuance cost write-offs $ 4.7 million $ 0.03 $ 1.2 million $ 0.02
 Recapitalization costs $ 0.0 million $ 0.00  $ 3.2 million $ 0.05
 Tax valuation allowance $ 35.4 million $ 0.39 $ 3.9 million $ 0.10
Adjusted loss from continuing operations* $ (55.8) million $ (0.61) $ (50.3) million $ (1.28)
Weighted average shares outstanding 91.7 million   39.2 million  
Adjusted EBITDA* $ (43.6) million   $ (35.1) million  
* See reconciliation attached.

"Actual U.S. single-family starts were 471,100 in 2010, a 5.9 percent increase over 2009. This is the first time in the past five years there has been a year-over-year increase in housing starts," said Floyd Sherman, Builders FirstSource Chief Executive Officer. Commenting on the recent quarter, Mr. Sherman added, "However, it is evident that challenging conditions still persist, as actual U.S. single-family starts for the fourth quarter of 2010 were 95,600, a decrease of 8.7 percent compared to the fourth quarter of 2009. In the South Region, as defined by the U.S. Census Bureau and which encompasses our entire geographic footprint, actual single-family starts were 49,900, down 9.3 percent from the fourth quarter of 2009, and single-family units under construction were 116,800, a decrease of 8.2 percent compared to the fourth quarter of 2009.  Despite this decline in construction activity, our sales of $147.1 million for the current quarter were down just 4.5 percent when compared to sales of $154.0 million in the fourth quarter of 2009. These sales results, even when adjusted for commodity inflation, would indicate we gained market share during the quarter. We look to continue this trend, but only where these gains are at acceptable margins."

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