President and CEO Gary Yetman stated, "We finished 2012 on a very strong note as our fourth quarter profitability, driven by higher sales and a significant increase in gross profit, exceeded our expectations and contributed to an outstanding year. The year-over-year gross profit improvement during the fourth quarter was fairly broad based with particularly strong performance within our Distribution segment. These factors, coupled with the diversity of our platform and our continued focus on improving our operations, favorably impacted profitability on a year-over-year basis."
Mr. Yetman concluded, "Looking to 2013, we anticipate continued growth throughout the year with additional benefits arising in the back half of the year as we start to experience the positive effects of our plant consolidation and expansion efforts which was a focus of ours in 2012. Additionally, though visibility with respect to such an occurrence is limited, we would also significantly benefit in the event of any meaningful and sustained rebound in the residential and commercial construction markets, as we are very well positioned from a capacity and product standpoint to serve any such increased demand in these markets. In short, we remain confident the Company is well positioned heading into 2013."
On a GAAP basis, the Company recorded earnings of $0.38 per diluted share for the fourth quarter of 2012 compared to $0.08 per diluted share for the fourth quarter last year. Results for the 2012 and 2011 periods included restructuring charges and share-based compensation expense. Additionally, results for the fourth quarter of 2011 included the favorable impact of an insurance settlement received in 2011 for a 2005 inventory-related theft. All of these items are excluded from the Company's Adjusted EBITDA and Adjusted EPS results. Please see the discussion of Non-GAAP results below and the attached schedules for a full reconciliation of GAAP results to non-GAAP results.
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