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Beacon Roofing Supply, Inc. (the “Company”) (NASDAQ: BECN) announced results today for its first quarter ended December 31, 2011 (“2012”) of the fiscal year ending September 30, 2012 (“fiscal 2012”).
Paul Isabella, the Company’s President & Chief Executive Officer, stated: “We began fiscal 2012 with a very strong first quarter. Most of our geographic regions exceeded our expectations by achieving double-digit sales percentage increases and significant operating income growth. Once again our company-wide residential and non-residential product sales both showed double-digit percentage increases for the quarter, while our complementary product sales were down slightly. Our roofing businesses continued to benefit from higher volume, including sales from increased residential re-roofing activities in all of our geographic regions, and from industry-wide price increases that mostly occurred during the second half of last year. Our commercial business has been consistently strong since the third quarter of 2010. Our gross margin and operating margin continued to improve and we were able to increase our cash holdings since our 2011 year-end, even after the cash used to complete our first-quarter acquisitions. We continue aggressively to seek quality companies that fit our target acquisition profile, such as Fowler & Peth, which we acquired in the first quarter. We are encouraged by our strong start to fiscal 2012 and expect to continue our steady growth.”
Total sales increased 21.0% to $489.9 million in 2012 from $404.8 million in 2011. Existing market (organic) sales, which exclude branches acquired after the beginning of last year’s first quarter, increased 17.0%. In existing markets, residential and non-residential roofing product sales increased 25.4% and 15.5%, respectively, while complementary product sales declined 2.6%. Our first-quarter roofing sales this year were favorably impacted by increased re-roofing activities, including the impact from improved weather conditions and stronger business in several markets that experienced significant storms subsequent to last year’s first quarter, and higher average selling prices.