Builders FirstSource Reports Third Quarter 2013 Results

DALLAS, Oct. 24, 2013 (GLOBE NEWSWIRE) -- Builders FirstSource, Inc. (Nasdaq:BLDR),a leading supplier and manufacturer of structural and related building products for residential new construction in the United States, today reported its results for the third quarter ended September 30, 2013.

Highlights include the following (see financial schedules for more information, including non-GAAP reconciliations):
  • Third quarter 2013 sales increased 38.1 percent to $402.9 million compared to third quarter 2012 sales of $291.8 million.
  • Gross margin percentage improved to 23.0 percent, up from 19.8 percent in the third quarter of 2012.
  • Operating income was $20.3 million, up nearly $22.0 million when compared to an operating loss of ($1.6) million for the third quarter of 2012.
  • Net income was $12.8 million, a $26.4 million improvement over a net loss of ($13.6) million for the third quarter of 2012.
  • Third quarter 2013 Adjusted EBITDA was $23.0 million compared to Adjusted EBITDA of $3.0 million for the third quarter of 2012.
  • Positive cash generation of $24.8 million in the third quarter of 2013 compared to cash used of $14.4 million in the third quarter of 2012.

Floyd Sherman, Builders FirstSource Chief Executive Officer said, "Our trend of improving financial results continued as our top line growth and gross margin increase helped us achieve positive net income and positive cash flow in the current quarter. As we have previously stated, our focus has been on increasing market share while expanding gross margins. To that end, our third quarter sales were $402.9 million, an increase of 38.1 percent when compared to the third quarter of 2012. This marks the eighth consecutive quarter of year-over-year sales growth above 30 percent, and shows our sales growth is still outpacing the increase in residential construction activity."

Mr. Sherman added, "Our gross margin percentage increased to 23.0 percent for the current quarter, up from 19.8 percent for the third quarter of 2012. This margin increase was accomplished in spite of the continuation of a very competitive pricing environment, and was largely due to better customer pricing, an increase in sales volume, and a lower rate of material cost inflation."

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