"For the full year 2012, we grew total revenue 8.7% while successfully producing our highest gross profit margins on record as we focused on opportunities for profitable growth. As a result, we narrowed our comparable full year adjusted net loss by $12.2 million relative to a year ago as the housing market continued to accelerate," said George Judd, President and Chief Executive Officer.

"As we move forward in 2013, we are confident in our ability to both increase our penetration of a growing market and maintain the operating discipline that we demonstrated over the last several years. Our outlook in 2013 is based on expectations of a significant increase in revenue from 2012," Mr. Judd concluded.

The Company's operating results for the 2012 and 2011 fourth quarter and full year periods, adjusted for significant special items, are shown in the following table (see accompanying financial schedules for full financial details and reconciliations of non-GAAP financial measures to their GAAP equivalents):
 
in millions, except per share amounts
(unaudited) Quarters Ended Years Ended
  December 29, 2012 December 31, 2011 December 29, 2012 December 31, 2011
Pretax loss ($11.3) ($9.4) ($22.6) ($37.6)
Gain from sale of certain properties 1 (0.2) (3.7) (9.9) (10.6)
Gain on modification of lease agreement 1 -- -- -- (2.0)
Gain from insurance settlement 1 -- (0.2) (0.5) (1.4)
Severance related costs 1 -- -- -- 1.4
         
Adjusted pretax loss before the effect of special interest items (11.5) (13.3) (33.0) (50.2)
Changes associated with the ineffective interest rate swap -- -- -- (1.7)
         
Adjusted pretax loss (11.5) (13.3) (33.0) (51.9)
Adjusted benefit from income taxes (4.4) (4.3) (12.4) (19.1)
         
Adjusted net loss ($7.1) ($9.0) ($20.6) ($32.8)
         
Basic weighted average shares 2 60.1 59.7 60.1 43.2
         
Adjusted basic net loss per share applicable to common shares ($0.12) ($0.15) ($0.34) ($0.76)
         
Diluted weighted average shares 2 60.1 59.7 60.1 43.2
         
Adjusted diluted net loss per share applicable to common shares ($0.12) ($0.15) ($0.34) ($0.76)
         
1 Significant special items included in SG&A ($0.2) ($3.9) ($10.4) ($12.6)
1 Dilutive EPS related to significant special items included in SG&A -- ($0.07) ($0.17) ($0.29)
         
2 The increase in basic and diluted weighted average shares primarily results from the issuance of 28.6 million shares as a result of the July 29, 2011 rights offering.

For the quarter and full year periods ended December 29, 2012, the above table reflects the following events: (i) the Company recorded a gain on the sale of certain properties; and (ii) the Company recorded a gain from an insurance settlement. The adjusted benefit from income taxes reflected in the table is comprised of the Company's effective tax rate excluding the valuation allowance related to its deferred tax assets and the tax effect of significant special items. The adjusted benefit from income taxes assumes the Company's deferred tax assets are realizable.

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