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Stock Building Supply Announces Second Quarter 2013 Results

Stocks in this article: STCK

RALEIGH, N.C., Aug. 28, 2013 (GLOBE NEWSWIRE) -- Stock Building Supply Holdings, Inc. (Nasdaq:STCK) a large, diversified lumber and building materials distributor and solutions provider that sells primarily to new construction and repair and remodeling contractors, today reported its financial results for the second quarter ended June 30, 2013:

Second Quarter Financial Highlights

  • Net sales of $314.7 million, up 27.7% compared to the prior year period
  • Operating income of $3.9 million, up $6.0 million from an operating loss of $2.1 million in the prior year period
  • Adjusted EBITDA* of $9.0 million, compared to $2.3 million in the prior year period
  • Net income of $2.0 million, resulting in earnings per diluted share of $0.07, compared to a net loss of $2.2 million or ($0.25) per diluted share in the prior year period
  • Amended its credit agreement to extend the maturity to December 31, 2016 and reduce the applicable interest rate margins by 75 basis points
  • Completed its initial public offering on August 14, 2013, increasing pro forma liquidity at June 30, 2013 to approximately $77.5 million through the use of $46.2 million of the proceeds to repay borrowings under the company's revolver

"During the second quarter we capitalized on improving trends in the housing industry and continued to successfully execute our business strategy," stated Jeff Rea, Chief Executive Officer of Stock Building Supply. "Our strong results are a reflection of the continued improvements we've made in our customer service and our efficiency in executing on our customers' needs. We estimate our second quarter net sales to single-family homebuilders increased 40.0% compared to the second quarter of 2012. This compares favorably to the 15.2% increase in U.S. single-family housing starts over the same period. We also delivered solid growth in sales to professional repair and remodeling contractors, with second quarter net sales increasing approximately 12.0% compared to the second quarter of 2012."

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