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Universal Forest Products
reported on April 15, 2009 that its Q1 FY09 net loss narrowed due to improved efficiencies and inventory management. Net loss for the quarter stood at $1.16 million or $0.06 per share compared to a loss of $4.40 million or $0.24 per share in the prior year's quarter. The most recent consensus estimate was a loss of $0.21 per share.
Total revenue plunged 26.1% to $361.72 million from $489.51 million a year ago. Looking at the company's business segments, revenue from Do-It-Yourself/Retail segment decreased 4.2% to $168.13 million from $175.46 million, and Site-Built Construction revenue dropped 43.2% to $60.77 million from $107.01 million in the year-ago quarter. Industrial revenue slipped 25.8% to $103.66 million from $139.61 million in Q1 FY08, due to a decline in demand for wood packaging and other products. Revenue from the Manufactured Housing segment slumped 52.2% to $36.55 million from $76.44 million.
During Q1 FY09, the cost of goods sold decreased 27.6% to $314.90 million from $434.69 million. Gross profit dropped 14.6% to $46.82 million from $54.82 million, but gross margin improved 174 basis points to 12.94% from 11.20%. Selling, general, and administrative expenses diminished 16.1% to $49.09 million from $58.54 million a year ago. Loss on disposition of assets and other impairment and exit charges stood at $1.14 million compared to a gain of $807,000 in the year-ago quarter.
Going forward, the company will cease providing guidance for the foreseeable future due to weak economic conditions.