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Builders FirstSource Reports Fourth Quarter And Fiscal Year 2012 Results

Stocks in this article: BLDR

DALLAS, Feb. 21, 2013 (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 fourth quarter and fiscal year ended December 31, 2012.

Highlights include the following (see financial schedules for more information, including non-GAAP reconciliations):

  • Fourth quarter 2012 sales increased 49.3 percent to $287.6 million.
  • Adjusted EBITDA was $3.4 million for the fourth quarter and $6.4 million for fiscal year 2012. This compares to Adjusted EBITDA of ($3.3) million for the fourth quarter and ($15.0) million for fiscal year 2011.
  • The company amended its term loan, allowing it to enhance liquidity by $93 million.

Commenting on the company's financial results, Floyd Sherman, Builders FirstSource Chief Executive Officer said, "We are very pleased with our fiscal 2012 financial results, as we ended the year with close to $1.1 billion in sales, up 37.4 percent over fiscal 2011, and reported full year Adjusted EBITDA of $6.4 million, a $21.5 million improvement over last year. For the fourth quarter of 2012, our sales were $287.6 million, an increase of 49.3 percent when compared to the fourth quarter of 2011, which helped generate our first quarter of positive operating income since 2007. As a comparison, actual single-family housing starts in the South Region increased 25.6 percent during the quarter, while single-family units under construction increased 20.2 percent over this same time period. Since 2007, our company, through hard work and sacrifice, and with the unwavering support of our shareholders, has weathered the worst housing recession in our nation's history. To say I am proud of what our employees have accomplished in recent years would be an extreme understatement."

Mr. Sherman continued, "The housing industry continues to strengthen. Our sales per day in the fourth quarter exceeded that of the third quarter, which is highly unusual given the seasonality of our business. From a U.S. single-family housing starts perspective, 2012 ended with 534,600 actual starts, up 24.2% over 2011, although that is still well below the historical average of 1.1 million starts per year. On a sequential quarter basis we were able to improve our gross margin by 40 basis points in spite of commodity inflation of over 20% during the current quarter."

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