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
TheStreet Open House

UFPI Ends 2012 With Annual Net Earnings Of $24 Million

CONFERENCE CALL

Universal Forest Products will conduct a conference call to discuss information included in this news release and related matters at 8:30 a.m. ET on Thursday, February 14, 2013. The call will be hosted by CEO Matthew J. Missad and CFO Michael Cole, and will be available for analysts and institutional investors domestically at (800) 260-8140 and internationally at (617) 614-3672. Use conference pass code 74064901. The conference call will be available simultaneously and in its entirety to all interested investors and news media through a webcast at http://www.ufpi.com. A replay of the call will be available through Friday, March 15, 2013, domestically at (888) 286-8010 and internationally at (617) 801-6888. Use replay pass code 85519732.

UNIVERSAL FOREST PRODUCTS, INC.

Universal Forest Products, Inc. is a holding company that provides capital, management and administrative resources to subsidiaries that design, manufacture and market wood and wood-alternative products for DIY/retail home centers and other retailers, structural lumber products for the manufactured housing industry, engineered wood components for residential and commercial construction, specialty wood packaging and components for various industries, and forming products for concrete construction. The Company's consumer products subsidiary offers a large portfolio of outdoor living products, including wood composite decking, decorative balusters, post caps and plastic lattice. Its lawn and garden group offers an array of products, such as trellises and arches, to retailers nationwide. Universal’s subsidiaries also provide framing services for the site-built construction market. Founded in 1955, Universal Forest Products is headquartered in Grand Rapids, Mich., with operations throughout North America. For more about Universal Forest Products, go to www.ufpi.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.

 
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)
FOR THE TWELVE MONTHS ENDED
DECEMBER 2012/2011
    Quarter Period   Year to Date
(In thousands, except per share data)   2012       2011       2012       2011    
               
 
 
NET SALES $ 470,763 100 % $ 422,023 100 % $ 2,054,933 100 % $ 1,822,336 100 %
 
COST OF GOODS SOLD   426,621   90.6   374,655   88.8   1,829,824   89.0   1,622,609   89.0
 
GROSS PROFIT 44,142 9.4 47,368 11.2 225,109 11.0 199,727 11.0
 
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 44,849 9.5 45,534 10.8 184,919 9.0 181,363 10.0
CANADIAN ANTI-DUMPING DUTY
ASSESSMENT - - - - 2,328 0.1 - -
NET (GAIN) LOSS ON DISPOSITION OF ASSETS,
EARLY RETIREMENT, AND   386   0.1   2,657   0.6   (6,666 ) (0.3 )   6,353   0.3
 
EARNINGS FROM OPERATIONS (1,093 ) (0.2 ) (823 ) (0.2 ) 44,528 2.2 12,011 0.7
 
OTHER EXPENSE, NET   1,134   0.2   987   0.2   3,464   0.2   3,224   0.2
 
EARNINGS BEFORE INCOME TAXES (2,227 ) (1,810 ) 41,064 8,787
 
INCOME TAXES   (1,086 ) (0.2 )   (634 ) (0.2 )   15,054   0.7   2,874   0.2
 
NET EARNINGS (1,141 ) (0.2 ) (1,176 ) (0.3 ) 26,010 1.3 5,913 0.3
 
LESS NET EARNINGS ATTRIBUTABLE TO
NONCONTROLLING INTEREST   (786 ) (0.2 )   (498 ) (0.1 )   (2,076 ) (0.1 )   (1,364 ) (0.1 )
 
NET EARNINGS ATTRIBUTABLE TO
CONTROLLING INTEREST $ (1,927 ) (0.4 ) $ (1,674 ) (0.4 ) $ 23,934   1.2 $ 4,549   0.2
 
 
EARNINGS PER SHARE - BASIC $ (0.10 ) $ (0.09 ) $ 1.21 $ 0.23
 
EARNINGS PER SHARE - DILUTED $ (0.10 ) $ (0.09 ) $ 1.21 $ 0.23
 
 
 
COMPREHENSIVE INCOME (1,500 ) (1,650 ) 26,990 4,846
 
LESS COMPREHENSIVE INCOME ATTRIBUTABLE
TO NONCONTROLLING INTEREST   (724 )   (268 )   (2,398 )   (862 )
 
COMPREHENSIVE INCOME
ATTRIBUTABLE TO CONTROLLING INTEREST $ (2,224 ) $ (1,918 ) $ 24,592   $ 3,984  
 
 

SUPPLEMENTAL SALES DATA

Quarter Period Year to Date

Market Classification

2012 % 2011 % 2012 % 2011 %
Retail Building Materials $ 159,485 33 % $ 165,287 38 % $ 841,500 41 % $ 838,903 45 %
Residential Construction 74,612 16 % 46,503 11 % 256,363 12 % 202,970 11 %
Commercial Construction and Concrete Forming 22,129 5 % 21,156 5 % 90,365 4 % 78,402 4 %
Industrial 139,190 29 % 128,502 30 % 583,689 28 % 492,476 27 %
Manufactured Housing   81,333   17 %   67,292   16 %   314,088   15 %   244,663   13 %
Total Gross Sales 476,749 100 % 428,740 100 % 2,086,005 100 % 1,857,414 100 %
Sales Allowances   (5,986 )   (6,717 )   (31,072 )   (35,078 )
Total Net Sales $ 470,763   $ 422,023   $ 2,054,933   $ 1,822,336  
 
 
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
DECEMBER 2012/2011
 
(In thousands)              
ASSETS     2012   2011     LIABILITIES AND EQUITY   2012   2011
 
CURRENT ASSETS CURRENT LIABILITIES
Cash and cash equivalents $ 14,478 $ 11,305 Accounts payable $ 66,054 $ 49,433
Accounts receivable 163,225 127,316 Accrued liabilities 48,730 43,092
Inventories 243,180 194,697 Current portion of long-term
Other current assets   32,290   24,876 debt and capital leases - 40,270
   
TOTAL CURRENT ASSETS 453,173 358,194
TOTAL CURRENT LIABILITIES 114,784 132,795
OTHER ASSETS 16,342 15,380
INTANGIBLE ASSETS, NET 169,757 167,966 LONG-TERM DEBT AND
PROPERTY, PLANT CAPITAL LEASE OBLIGATIONS,
AND EQUIPMENT, NET 221,268 222,467 less current portion 95,790 12,200
OTHER LIABILITIES 42,441 36,413
    EQUITY   607,525   582,599
 
TOTAL ASSETS $ 860,540 $ 764,007 TOTAL LIABILITIES AND EQUITY $ 860,540 $ 764,007
 
 
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE TWELVE MONTHS ENDED
DECEMBER 2012/2011
(In thousands)     2012     2011
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net earnings $ 26,010 $

5,913

Adjustments to reconcile net earnings attributable to controlling interest
to net cash from operating activities:
Depreciation 30,461 30,804
Amortization of intangibles 2,918 5,183
Expense associated with share-based compensation arrangements 1,270 1,361
Excess tax benefits from share-based compensation arrangements (75 ) (36 )
Expense associated with stock grant plans 97 167
Loss reserve for notes receivable 1,696 -
Deferred income taxes (credit) 2,526 (1,939 )
Equity in earnings of investee (79 ) 58
Net (gain) loss on sale or impairment of property, plant and equipment (6,890 ) 2,490
Changes in: - -
Accounts receivable (32,274 ) (6,784 )
Inventories (45,529 ) (4,496 )
Accounts payable 16,281 (9,964 )
Accrued liabilities and other   (2,133 )   (11,242 )
NET CASH FROM OPERATING ACTIVITIES (5,721 ) 11,515
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant, and equipment (30,344 ) (32,932 )
Proceeds from sale of property, plant and equipment 18,240 1,814
Acquisitions, net of cash received (16,974 ) -
Purchase of patents (95 ) (175 )
Collections of notes receivable 2,839 472
Advances of notes receivable (1,183 ) (2,468 )
Other, net   (528 )   289  
NET CASH FROM INVESTING ACTIVITIES (28,045 ) (33,000 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings (repayments) under revolving credit facilities 11,090 (2,109 )
Repayment of long-term debt (42,774 ) (745 )
Borrowings of long-term debt 75,000 -
Debt issuance costs (266 ) (946 )
Proceeds from issuance of common stock 2,061 2,971
Purchase of additional noncontrolling interest - (402 )
Distributions to noncontrolling interest (871 ) (1,413 )
Capital contribution from noncontrolling interest 281 80
Dividends paid to shareholders (7,905 ) (7,818 )
Excess tax benefits from share-based compensation arrangements 75 36
Other, net   4     32  
NET CASH FROM FINANCING ACTIVITIES 36,695 (10,314 )
 
Effect of exchange rate changes on cash   244     (259 )
NET CHANGE IN CASH AND CASH EQUIVALENTS 3,173 (32,058 )
 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD   11,305     43,363  
 
CASH AND CASH EQUIVALENTS (OVERDRAFT), END OF PERIOD $ 14,478   $ 11,305  
 
 
SUPPLEMENTAL INFORMATION:
Interest paid $ 3,982 $ 3,654
Income taxes paid 16,751 6,163
 




4 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs