RALEIGH, N.C., April 29, 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 first quarter ended March 31, 2014.
First Quarter 2014 Financial Highlights
- Net sales of $280.0 million, up 12.6%, compared to $248.7 million for the first quarter of 2013
- Operating loss of $4.4 million, compared to an operating loss of $5.3 million for the first quarter of 2013
- Net loss of $3.3 million, compared to a net loss of $4.1 million for the first quarter of 2013
- Adjusted loss from continuing operations of $2.4 million, compared to an adjusted loss from continuing operations of $3.7 million for the first quarter of 2013
- Adjusted EBITDA of $0.1 million, compared to an Adjusted EBITDA loss of $1.2 million for the first quarter of 2013
- Cash provided by operating activities of $8.4 million, compared to cash used in operating activities of $17.6 million for the first quarter of 2013
Commenting on the Company's results, Jeff Rea, President and Chief Executive Officer of Stock Building Supply, stated, "Sales to single-family homebuilders and repair and remodeling contractors during the first quarter increased by approximately 9.0% and 17.3%, respectively, compared to the first quarter of 2013. Our continued success in growing revenue is a direct reflection of our flexible business model and ability to withstand a challenging operating environment during the first quarter in which construction activity was slowed by harsh winter weather and U.S. single-family housing starts declined by approximately 1.7% as compared to the prior year. In spite of this slow down, we continued to drive improvements in our operating results while also making important investments in the business. This included additional resources to expand product and service offerings and deepen customer relationships in our local markets."