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Builders FirstSource Reports Third Quarter 2012 Results

DALLAS, Oct. 18, 2012 (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, 2012.
  Third Quarter Financial Highlights (unaudited)
  Third   Third  
  Quarter Diluted  Quarter Diluted
  2012 Per Share 2011 Per Share
Sales $ 291.8 million   $ 217.2 million  
Loss from continuing operations $(12.3) million ($0.13) $(11.5) million ($0.12)
Included in the calculation of loss from continuing operations:        
 Warrant fair value adjustment  $ 0.7 million $0.01 $0.0 million $0.00
 Facility closure costs  $ 0.7 million $0.00  $0.1 million $0.00
 Tax valuation allowance  $ 4.6 million $0.05 $4.7 million $0.05
Adjusted loss from continuing operations         
  $(6.5) million  ($0.07) $(6.7) million ($0.07)
Adjusted EBITDA*  $3.0 million   $(0.7) million  
* See reconciliation attached.      

"Sales for the third quarter of 2012 were $291.8 million, an increase of 34.3 percent when compared to the third quarter of 2011. Our topline growth continues to exceed the increase in residential construction activity, as actual single-family housing starts in the South Region increased 27.7 percent over the same time period and single-family units under construction increased only 12.4 percent," said Builders FirstSource Chief Executive Officer Floyd Sherman. "For the second consecutive quarter, we reported positive Adjusted EBITDA, finishing with $3.0 million for the current quarter as compared to an Adjusted EBITDA loss of $0.7 million in the third quarter of 2011, and on a year-to-date basis, our Adjusted EBITDA has improved from a loss of $11.7 million in 2011 to positive $3.0 million in 2012."

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