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Headwaters' CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stocks in this article: HW

Before we get started, I'd like to remind you that certain statements made during this call including statements relating to our expected future business and financial performance may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the SEC Act of 1934.

Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These uncertainties which are described in more detail in Headwaters' annual and quarterly report filed with the SEC may cause our actual future results to be materially different than those expressed in our forward-looking statements, and could be a result of new information, further events or otherwise, except as what may be required by law. You can find Headwaters' annual report on Form 10-K, quarterly report on Form 10-Q and other SEC filings readily available from the SEC's website, from Headwaters' website or directly from the company.

I'll now turn the call over to Kirk Benson. Kirk?

Kirk Benson

Thank you, Sharon. Good morning, everyone. Thank you for joining us on our quarterly conference call. All of us on the call this morning would like to express appreciation for your interest in Headwaters.

The same for the quarter in construction materials was the April cold weather that pushed back the start of the construction season by at least 30 days. Examining the consolidated adjusted EBITDA of our heavy and light construction unit, we had a negative variance compared to last year's adjusted EBITDA in the month of April by $5 million. But by June, we had a combined positive adjusted EBITDA variance, which was very small but nevertheless positive. Although there are multiple variables in the quarter impacting adjusted EBITDA, most, if not all, of our decline in light and heavy construction materials combined adjusted EBITDA to be attributed to the slow start of the construction season.

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