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."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV