This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Headwaters Incorporated Announces Results For First Quarter Of Fiscal 2013

HEADWATERS INCORPORATED (NYSE: HW), a building products company dedicated to improving lives through innovative advancements in construction materials, today announced results for its first quarter of fiscal 2013.

First Quarter Highlights
  • Revenue increased 9% to $149.6 million
  • Gross profit increased 8% to $37.2 million
  • Results from continuing operations improved by over 70%
  • Increasing expected 2013 Adjusted EBITDA range by $10 million to $110 to $125 million, and on track to achieve first annual net profit since 2007
  • Issued 11.5 million shares of common stock at $7.25 per share, generating net cash proceeds of $77.8 million
  • Acquired the assets of Kleer Lumber, Inc. ("Kleer"), adding products in key niche markets, increasing distribution channels, and positioning Headwaters for increased participation in new residential construction

CEO Commentary

“Benefiting from the recovery in new residential construction, we had a strong first quarter with revenue increases in both our light building products and heavy construction materials segments,” said Kirk A. Benson, Chairman and Chief Executive Officer of Headwaters. “Our year-over-year revenue growth gave us confidence to increase our Adjusted EBITDA guidance for 2013. Our forecast anticipates continued momentum in new residential construction spending, as well as an EBITDA contribution from the recent Kleer acquisition.

“Early in January, we completed a major step in our transition to a pure play light building products and heavy construction materials company with the sale of our remaining coal cleaning facilities,” continued Mr. Benson. “2013 is off to a great start. We are beginning the new year with a more focused, streamlined business and an improved balance sheet, positioning us to capitalize on the recovery of the new residential housing and remodeling markets.”

First Quarter Summary

Headwaters’ first quarter 2013 revenue increased by 9% to $149.6 million from $137.4 million for the first quarter of 2012. Gross profit increased by 8% to $37.2 million in the first quarter of 2013, compared to $34.4 million in the first quarter of 2012. Operating income improved 37% from $4.4 million in 2012 to $6.0 million in 2013 and Adjusted EBITDA declined slightly to $19.7 million from $20.4 million. Included in the 2013 results was approximately $2.2 million of compensation expense, compared to less than $0.1 million last year, tied to performance of the Company's stock price, which increased approximately 30% in the current quarter. In fiscal year 2013, we anticipate approximately $1.5 million of incremental compensation expense for each $1.00 of stock price appreciation.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs