DALLAS, July 25, 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 second quarter ended June 30, 2013.
Highlights include the following (see financial schedules for more information, including non-GAAP reconciliations):
- Second quarter 2013 sales increased 46.4 percent to $398.1 million compared to the second quarter of 2012.
- Operating income was $13.2 million, up over $14 million when compared to an operating loss of ($1.4) million for the second quarter of 2012.
- Adjusted EBITDA was $16.7 million, a $14.6 million improvement compared to Adjusted EBITDA of $2.1 million for the second quarter of 2012.
- The company completed a $350 million senior secured notes offering in May 2013, lowering its annual cash interest by approximately $16 million on a go-forward basis.
- The company also entered into a new $175 million revolving credit facility providing incremental liquidity for the continuing housing market recovery.
- As a result of the refinancing, the company improved liquidity by approximately $67 million. Total liquidity as of June 30, 2013 was $170.3 million.
Floyd Sherman, Builders FirstSource Chief Executive Officer stated, "I am once again very pleased to report another quarter of improving financial performance. We ended the second quarter with almost $400 million in sales and improved our Adjusted EBITDA by over $14 million on a year-over-year basis, and our second quarter sales grew 46.4 percent compared to the second quarter of 2012. Over the same time period, actual single-family housing starts in the South Region increased 14.5 percent, and single-family units under construction increased 27.4 percent."Mr. Sherman added, "Lumber and lumber sheet good prices were, on average, 21.5 percent higher during the second quarter of 2013 as compared to those in the same quarter last year, though prices did fall approximately 30 percent during the quarter. Falling prices in the back half of the quarter relieved some of the gross margin pressure we had been experiencing from commodity inflation, and we were able to improve our gross margin by 100 basis points for the current quarter due to both improved pricing and higher sales volumes."