Builders First Source Boosts Annual Sales by 31 PercentFebruary 17th, 2012 by DWM Magazine
Builders FirstSource Inc. reported its results for the fourth quarter and fiscal year ended December 31, 2011, today and the results included a 31 percent improvement in annual sales: $192.7 million compared to $147.1 million last year.
“We accomplished this substantial sales increase despite actual U.S. single-family starts increasing only 4.7 percent, the average number of U.S. single-family units under construction decreasing 10.7 percent, and average commodity prices being relatively flat during the quarter”, says Floyd Sherman, CEO. “Our Adjusted EBITDA for the quarter was a loss of $3.3 million compared to a loss of $12.5 million in the fourth quarter of 2010.”
He adds that the company continues to open a significant number of new accounts and is increasing sales with national builders.
“In addition, our improved liquidity made possible by our new term loan enabled us to take advantage of opportunistic inventory buys towards the end of the year,” he adds. “Our strong inventory position at year-end should allow us to cover our customer requirements in the first quarter of 2012, and also give our sales force the flexibility to continue to pursue new sales opportunities.”
Net loss for the fourth quarter of 2011 was $16.7 million, or $0.18 loss per diluted share, compared to a loss of $24.6 million, or $0.26 per diluted share, in the fourth quarter of 2010.
Operating cash flow was negative $18.5 million for the fourth quarter of 2011, as compared to negative $17.6 million for the same quarter last year. Working capital increased in the fourth quarter of 2011, representing an $8.0 million use of cash. In the fourth quarter of 2010, working capital decreased $1.9 million, according to the company.