RALEIGH, N.C., Oct. 30, 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 remodel contractors, today reported its financial results for the third quarter ended September 30, 2013.
Third Quarter Financial Highlights
- Net sales of $328.5 million, up 28.4%, compared to $255.8 million in the prior year period
- Adjusted EBITDA of $10.4 million, compared to $4.3 million in the prior year period
- Net loss of $5.5 million, including $9.3 million of initial public offering ("IPO") transaction-related costs, compared to net income of $0.04 million in the prior year period
- Completed its IPO on August 14, 2013, yielding approximately $46.8 million of proceeds that were used to repay borrowings under the Company's revolver
- Cash provided by operating activities of $4.2 million, including the payment of $9.3 million of IPO transaction-related costs, compared to cash used in operating activities of $5.4 million in the prior year period
- Improved liquidity to approximately $92.0 million
"In the third quarter, our business performance continued its positive trend of strong revenue growth and increases in Adjusted EBITDA. Additionally we completed our transition to a public company with a successful IPO on August 14th which helped improve our liquidity and strengthen our balance sheet," stated Jeff Rea, Chief Executive Officer of Stock Building Supply. "We believe our growth rate continues to outperform our industry benchmarks as revenues from new single-family construction increased approximately 31%, while repair and remodel revenues increased 28% compared to third quarter 2012."Commenting on the third quarter results, Jim Major, Executive Vice President and Chief Financial Officer, added, "Our third quarter performance reflects significant improvements in our operating results and capital structure. We once again leveraged our cost structure to reduce selling, general and administrative expenses as a percentage of net sales to 20.4% in the third quarter of 2013, compared to 21.9% in the third quarter of 2012. The completion of our IPO in August combined with effective working capital management resulted in total debt, net of cash and cash equivalents, at September 30, 2013 of $57.2 million as compared to $116.6 million at the beginning of the quarter. We believe our current capital structure will allow us to make the required investments in our business to support our anticipated future growth."