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Stock Building Supply Announces 2013 Fourth Quarter And Full Year Results

Stocks in this article: STCK

RALEIGH, N.C., Feb. 25, 2014 (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 remodeling contractors, today reported its financial results for the fourth quarter and year ended December 31, 2013.

Fourth Quarter 2013 Financial Highlights

  • Net sales of $305.2 million, up 21.0%, compared to $252.1 million for the fourth quarter of 2012
  • Operating income of $5.1 million, compared to operating loss of $5.2 million for the fourth quarter of 2012
  • Net income of $3.0 million, compared to a net loss of $3.8 million for the fourth quarter of 2012
  • Adjusted EBITDA of $9.6 million, compared to $3.1 million for the fourth quarter of 2012

Full Year 2013 Financial Highlights

  • Net sales of $1,197.0 million, up 27.0%, compared to $942.4 million for full year 2012
  • Net loss of $4.6 million, including $10.0 million of initial public offering ("IPO") transaction-related costs, compared to net loss of $14.5 million for full year 2012
  • Adjusted EBITDA of $27.8 million, compared to $2.0 million for full year 2012

Commenting on the Company's results, Jeff Rea, Chief Executive Officer of Stock Building Supply, stated, "During the fourth quarter of 2013, the U.S. housing industry continued its recovery and our business delivered strong revenue growth and profit improvement. Over the course of 2013, our net sales to single-family homebuilders grew nearly 31% and our net sales to remodeling contractors increased over 18%. This revenue growth, which outpaced the underlying increase in US single-family housing starts of 15.5%, as reported by the US Census Bureau, enabled us to expand our operating profit margins and accelerate investments in our business."

Commenting on the fourth quarter and full year results, Jim Major, Executive Vice President and Chief Financial Officer, stated, "During the past year, we continued to implement our productivity initiatives in order to achieve margin improvements from our net sales growth and operating cost structure. These initiatives contributed to a reduction in our selling, general and administrative expenses as a percentage of net sales to 21.3% for full year 2013, compared to 23.5% in 2012. We also increased our gross profit as a percentage of net sales to 22.9% for full year 2013 as compared to 22.8% in 2012 and achieved sequential improvements in our gross margin percentage during each of the last three quarters of 2013."

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