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18:45:26 BLDR Builders Firstsource beats by $0.04, misses on revs
Reports Q4 (Dec) loss of $0.15 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of ($0.19); revenues fell 4.5% year/year to $147.1 mln vs the $154.3 mln consensus. "we are seeing some signs that point to improvements in our business. Recently, we have seen a return of certain customers that we had previously lost due to pricing. The return of these customers is due, in part, to our ability to offer a service-level that we believe is unsurpassed in the industry and which aids the customer in job-site control. Competitive pricing pressure continues, but in certain markets we saw some signs of slight easing towards the end of the year. We were able to increase our liquidity through the recent amendment to our credit facility, and previous efforts to lower our operating expense structure should make us a more efficient company going forward. Even though industry forecasters are predicting that housing conditions are expected to show improvements during 2011, the first six months of 2011 may be difficult, especially on a year-over-year comparative basis, due to the momentum created by the expiration of the federal tax credit for first-time homebuyers during the first half of 2010. We are, however, optimistic about the long-term outlook for our industry."
19:04:23 Today BLDR PRESS RELEASE: Builders FirstSource to Host Fourth Quarter and..
Fiscal Year 2010 Financial Results Conference Call and Webcast
Builders FirstSource to Host Fourth Quarter and Fiscal Year 2010 Financial
Results Conference Call and Webcast
DALLAS, Jan. 24, 2011 (GLOBE NEWSWIRE) -- Builders FirstSource, Inc.
(Nasdaq:BLDR) will hold a conference call and webcast on Friday, February 18th,
to discuss the company's fourth quarter and fiscal year 2010 financial results
and other business matters. The teleconference will begin at 10:00 a.m. Central
Time and will be hosted by Floyd Sherman, Chief Executive Officer, and M. Chad
Crow, Senior Vice President and Chief Financial Officer. A copy of the
company's press release announcing its financial results and other statistical
information about the period is expected to be made available after the market
closes on Thursday, February 17th, in the Investors section of the Builders
FirstSource, Inc. website, at www.bldr.com.
To participate in the teleconference, please dial into the call a few minutes
before the start time: 888-656-7422(U.S. and Canada) and 913-312-1449
(international.) A replay of the call will be available at 3:00 p.m. Central
Time through February 23rd.To access the replay, please dial 888-203-1112 (U.S.
and Canada) and 719-457-0820 (international) and refer to pass code 4510180.
The live webcast and archived replay can also be accessed on the company's
website at www.bldr.com.
About Builders FirstSource
Headquartered in Dallas, Texas, Builders FirstSource is a leading supplier
and manufacturer of structural and related building products for residential
new construction. The company operates distribution centers and manufacturing
facilities in 9 states, principally in the southern and eastern United States.
Manufacturing facilities include plants that manufacture roof and floor
trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork and
pre-hung doors. Builders FirstSource also distributes windows, interior and
exterior doors, dimensional lumber and lumber sheet goods, millwork and other
building products. For more information about Builders FirstSource, visit the
company's website at www.bldr.com.
CONTACT: M. Chad Crow
Senior Vice President and Chief Financial Officer
Builders FirstSource, Inc.
(214) 880-3585
Click here to go to Dow Jones NewsPlus, a web front page of today's most
important business and market news, analysis and commentary:
http://www.djnewsplus.com/nae/al?rnd=tQEtaKD5hMUtDy%2BfDyNLqw%3D%3D. You can
use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
01-24-11 1904ET
19:04 012411
BLDR~~~
Click here to view our Locations
We base our product selection on the needs of our customers, new home builders. Product lines vary as a result of differing demands of local markets. Builders FirstSource works in partnership with the builder to help them achieve success by providing quality, availibility, and the best price.
If the builder succeeds, we succeed. We are committed to satisfying the demands of the new home builder.
Following is a general list of product categories:
Prefabricated Components:
Roof Trusses
Floor Trusses
I-Joist Floor Systems
Wall Panels
Stairs
Windows and Doors:
Interior and Exterior Doors
Vinyl, Aluminum and Clad Windows
Millwork:
Mouldings
Custom Millwork
Columns
Other Building Products:
Sheathing
Gypsum
Roofing
Concrete Block
Concrete
Decking
Paint
Cabinets
Countertops
Builder Hardware
Cabinet Hardware
Fireplaces
Power Tools
Pneumatic Tools
http://www.bldr.com/builder.php?source=distribution
m1999
BLDR~~~ Builders FirstSource provides installation for a variety of different products for homebuilders. The increasing complexity of product systems and the scarcity of well trained trade labor result in a strong demand for these value added services.
Builders FirstSource forms a close relationship with professional subcontractors specializing in specific construction processes.
Builders FirstSource offers value through sales, installation and project management assistance to the homebuilder.
The following is a general listing of installed products. For specific information about installation services in your area, please go to the location links.
Framing
Roofing
Insulation
Windows
Doors
Kitchen Cabinets
Countertops
Stairs
Stair Rails
Trim
Fireplaces
Garage Doors
Siding
http://www.bldr.com/builder.php?source=installation
m1999
BLDR~~~Builders FirstSource manufactures professional quality building components for today's fast-paced construction process. Homebuilders are working to shorten construction cycle times and improve the quality of their product. Building components fabricated in a controlled manufacturing environment are quicker and easier to install and provide superior quality compared to traditional jobsite fabrication.
Builders FirstSource manufactures prefabricated structural components - roof trusses, floor trusses, stairways and wall panels - as well as interior and exterior doors and windows. These capabilities allow us to tailor our manufactured products offering to the needs of homebuilders in specific markets
http://www.bldr.com/builder.php?source=manufacturing
m1999
BLDR~~~at 2.26~~http://stockcharts.com/freecharts/gallery.html?s=bldr
m1999
I wrote a letter to the CEO a while back asking him to get in touch with me because I could offer some services to help the company. When he didn't I sold all 20k of my shares. Glad I did. I won't buy back in as I think there is some ineptitude in the handling of business. I hope it works out for you and anyone still holding.
09:15:05 Today BLDR PRESS RELEASE: Builders FirstSource Amends 2007 Senior Secured..
Revolving Credit Facility
Builders FirstSource Amends 2007 Senior Secured Revolving Credit Facility
DALLAS, Nov. 30, 2010 (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,
announced today it has amended its 2007 senior secured revolving credit
facility (the "Facility"). The amendment was requested by the company in order
to increase its borrowing availability and reduce the commitment fees paid
under the Facility.
Commenting on the transaction, Builders FirstSource Senior Vice President and
Chief Financial Officer Chad Crow said, "We could not be more pleased with this
amendment and the willingness of our bank group, led by Wells Fargo Bank, to
partner with us in getting this done. This amendment provides us with up to
$25.0 million of additional borrowing availability by reducing our minimum
liquidity requirement, and also reduces the maximum borrowing capacity under
the Facility from $250.0 million to $150.0 million, lowering our annual
interest expense related to commitment fees by approximately $0.4 million. This
is a significant improvement to our overall liquidity and should not limit our
future borrowing capacity as we do not anticipate our borrowing base will
support borrowings in excess of $150.0 million prior to the expiration of the
Facility in December 2012."
The Facility has certain restrictive covenants including a fixed charge
coverage ratio of 1:1 that, prior to the amendment, was triggered if our excess
availability, as determined under the borrowing base formula, fell below a
minimum liquidity requirement of $35.0 million. Under the terms of the
amendment, the minimum liquidity requirement was reduced and will now be
determined on a sliding scale based on our average gross availability, as
outlined in the table below:
Ninety Day Average Minimum Liquidity
Gross Availability Requirement
Greater than $130.0
million $18.75 million
Less than or equal to
$130.0 million and greater
than
$80.0 million $16.25 million
Less than or equal to
$80.0 million $10.0 million
Floyd Sherman, Builders FirstSource Chief Executive Officer, added , "I don't
believe this amendment would have been possible if not for the sacrifices made
by all Builders FirstSource employees and their willingness to do whatever it
takes to manage through this housing downturn. Our ability to adapt to the
pressures placed on us by the sluggish homebuilding industry helped make this
amendment possible. While I am very appreciative of our bank group, I am just
as appreciative of our employees for putting us in a position to make this
happen."
About Builders FirstSource
Headquartered in Dallas, Texas, Builders FirstSource is a leading supplier
and manufacturer of structural and related building products for residential
new construction. The company operates in 9 states, principally in the southern
and eastern United States, and has 53 distribution centers and 47 manufacturing
facilities, many of which are located on the same premises as our distribution
facilities. Manufacturing facilities include plants that manufacture roof and
floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork
and pre-hung doors. Builders FirstSource also distributes windows, interior and
exterior doors, dimensional lumber and lumber sheet goods, millwork and other
building products. For more information about Builders FirstSource, visit the
company's website at www.bldr.com.
Cautionary Notice
Statements in this news release and the schedules hereto which are not purely
historical facts or which necessarily depend upon future events, including
statements about future liquidity or other statements about anticipations,
beliefs, expectations, hopes, intentions or strategies for the future, may be
forward-looking statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. Readers are cautioned not to place undue
reliance on forward-looking statements. All forward-looking statements are
based upon information available to Builders FirstSource, Inc. on the date this
release was submitted. Builders FirstSource, Inc. undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise. Any forward-looking statements
involve risks and uncertainties that could cause actual events or results to
differ materially from the events or results described in the forward-looking
statements. Builders FirstSource, Inc. may not succeed in addressing these
risks. Further information regarding factors that could affect our financial
and other results can be found in the risk factors section of Builders
FirstSource, Inc.'s most recent annual report on Form 10-K filed with the
Securities and Exchange Commission. Consequently, all forward-looking
statements in this release are qualified by the factors, risks and
uncertainties contained therein.
CONTACT: Builders FirstSource, Inc.
M. Chad Crow, Senior Vice President
and Chief Financial Officer
(214) 880-3585
Click here to go to Dow Jones NewsPlus, a web front page of today's most
important business and market news, analysis and commentary:
http://www.djnewsplus.com/nae/al?rnd=rmrETnwrkMFvzj0HN6m1%2FA%3D%3D. You can
use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
11-30-10 0915ET
09:15 113010
I've been gobbling up some SPTN @15.50ish. Flipped Cree and Bac this week. Just deciding what to hit next. I'll check out what you've posted. My main flips are usually Pacr and Egle. Both are fairly dormant right now though.
I like CWF though, that's my divi boss. I always buy more when it dips below 4.
Hey digiholic....lol I hear that. lolol wasn't quite as bad as I thought it might be.....so I'll hold what I got and just sit back and wait. QE2 might have some surprises for the homebuilders....and maybe help BLDR....fingers crossed. I am buying BZH on dips because I think they are a takeover prospect. I'm loading up on SPF also...they seem to be gaining traction out here on the upper west coast....but we'll see.
Hope your doing well.
A couple of other plays if your interested...
YRCWD...US larges short haul trucking firm...wait till you see the union vote thats coming up shortly.
REIT's are hot.... I like RAS
Property insurance.... I like RDN
Z
Builders First couldn't beat a quarter if they were given money. I might sell all of my shares tomorrow and buy again later. It seems there's nothing really to get excited about.
Well, tomorrow we'll see if they are taking a shit on our porch.
The chart is looking better. It has been holding well against the continued battering of the market, but appears to be consolidating...again.:) I agree, this had had more bottoms than Playboy magazine.lol
15:30:00 OPTIONS REPORT: Builder Bulls Charge Past Poor Housing Data
By Brendan Conway
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Options traders looked past a glum reading on home
sales as they took bullish positions on a number of homebuilder stocks.
One of the companies in focus was Beazer Homes USA Inc., whose battered
shares have fallen by about half since May. Rebound-minded traders scooped up
more than 4,000 $5 November call options that make money if the stock gains at
least 41% in the next three months. Beazer's shares gained as much as 17 cents,
or 4.9%, to $3.64.
The same investors also appeared to sell a similar number of $2.50 November
Beazer puts in a bullish "risk reversal" trade. Selling puts allows traders to
collect a premium on the view that the stock is unlikely to fall below certain
levels, and is worth owning if it does.
Homebuilder stocks were broadly higher Wednesday, shrugging off data showing
new-home sales dropped to a record low in July. A surprise profit by luxury
homebuilder Toll Brothers Inc. helped. So did the feeling among investors that
bad data like Wednesday's can provide a good opportunity to buy.
D.R. Horton Inc. was another homebuilder of interest. Traders showed up for
September $11 calls on a day that shares in the builder gained 45 cents, or
4.5%, to $10.41. At a cost of 20 cents, the contracts make money if D.R.
Horton's stock adds at least 7.6% by the middle of next month.
Bullish-looking trades also crossed the tape in Lennar Corp. and the SPDR S&PHomebuilders exchange-traded fund, also called the XHB. As Lennar's stock rose
41 cents, or 3.1%, to $13.31, trading was notable in October $14 call options
that make money if the shares gain more than 11% in the next two months.
"Perhaps the message is to play a move higher in the stocks through buying
slightly out-of-the-money calls," Lillian Seidman-Davis, chief options
strategist at Miller Tabak & Co., said.
The one big exception Wednesday: Toll Brothers. Here, traders in the high-end
builders' options appeared to sell large batches of $17 call options. Traders
often sell calls when they don't expect a stock will rise appreciably higher.
For shareholders, selling calls can be an "overwrite" strategy that generates
income and sets up a potential exit from the stock.
The investors appeared to collect a premium of nearly 5% of the shares'
value. Later in the session, Toll Brothers' stock rose as much as $1.06, or
6.5%, to $17.25. That jump in the shares means the calls were "in the money"
after just a few hours, meaning sellers could be required to hand over shares.
-By Brendan Conway, Dow Jones Newswires; (212) 416-2670;
brendan.conway@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most
important business and market news, analysis and commentary:
http://www.djnewsplus.com/nae/al?rnd=PL8KSeuz4HY0IaGSxX%2F4DA%3D%3D. You can
use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
08-25-10 1530ET
Copyright (c) 2010 Dow Jones & Company, Inc.
15:30 082510
gotta chance now...think the bottoms in.....again. lol Z
It tried to look bull for a minute Friday, then someone stepped on our toes.lol
Yep...adding a bit on every big dip. Z
Still holding? This thing hit the crapper quick. Like watching that movie groundhogs day.
BLDR has been oversold bad, rebounding a bit. Probably some options too.
Man this thing is getting bled dry! Where are the paddles?
I just place an order for 300 more at 3.60 and put a sell order in for 500 at 3.98 to try and flip. This will either cause it to tank or run past my sell and never drop.lol
was thinking of picking up a few down here
ugh suppose to be taking a break but jeez, too much cheap stuff right now
I swear, Lebanon was hit hard by the flood. BFS Lebanon is poised to make a boatload there. If they drop the ball there, they need to just close the doors. Honestly. They are like 3 minutes away from ground zero.
We need to close above the 200dMA at 4.24 and then we could be setting up for a full on move up! Good trading range lately though. Someone could have made GOOD MONEY off of 1k shares or so. I might put in a sell right below the MA and try to exploit a flip. It's trading with the market since there is so little volume and NEVER any news or PR work.
maybe a little bit at least...we'll see. Z
If BLDR can tap into some of this flood damage we have around here, we'll get paid in full.
Boy, the market drug this thing down. Kicking myself in the butt for not selling yesterday when I had my finger on the trigger at 4.25. Would have been nice to buy back here. Oh well, hind sight is 20/20.
09:57:07 US March Building Permits Revised To +6.7% From +7.5%
DOW JONES NEWSWIRES
U.S. building permits for March were revised to up 6.7% from February to a
seasonally adjusted rate of 680,000, the Commerce Department reported Monday.
March building permits were originally reported as being up 7.5% at a
seasonally adjusted rate of 685,000.
Building permits are a precursor of building activity.
Click here to go to Dow Jones NewsPlus, a web front page of today's most
important business and market news, analysis and commentary:
http://www.djnewsplus.com/nae/al?rnd=hE%2FXzRj02ENkNqZPR4t6vA%3D%3D. You can
use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
04-26-10 0957ET
Copyright (c) 2010 Dow Jones & Company, Inc.
09:57 042610
Although pretty terrible, it pointed to a better 2nd q. I know orders have bumped up, let's see if it holds.
19:24:59 Today BLDR Builders FirstSource Reports First Quarter 2010 Results
Builders FirstSource Reports First Quarter 2010 Results
DALLAS, Apr 22, 2010 (GlobeNewswire via COMTEX) -- Builders FirstSource, Inc.
(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 quarter ended March 31, 2010.
First Quarter Financial Highlights (unaudited)
----------------------------------------------------------------------------------------------
FirstDilutedFirstDiluted
QuarterPerQuarterPer
2010Share2009Share
----------------------------------------------------------------------------------------------
Sales$ 161.4 million$159.6 million
Loss from continuing operations$(31.2) million$(0.38)$(28.6) million$(0.73)
Included in the calculation of
loss from continuing
operations:
Debt issue costs write-off$ 4.1 million$0.03$ 1.2 million$0.02
Tax valuation allowance$11.6 million$0.14$0.31
----------------$12.2 million----------------
$0.17$0.33
Adjusted loss from continuing
operations*$(17.0) million$(0.21)$(0.40)
================$(15.6) million================
Adjusted EBITDA*$(15.3) million$(12.5) million
==============================================================
* See reconciliation attached.
"The first quarter of 2010 saw a continued improvement in housing starts as
actual U.S. single-family housing starts increased to 114,300, up 46.0 percent
from the same quarter last year," said Floyd Sherman, Builders FirstSource Chief
Executive Officer. "The annualized rate for single-family housing starts at the
end of the current quarter was 531,000, up 47.1 percent from the annualized rate
of 361,000 one year ago."
Mr. Sherman added, "Though housing starts improved in the current quarter, actual
U.S. single-family units under construction declined 16.8 percent
quarter-over-quarter, indicating the number of homes in the construction pipeline
continues to decrease. The annualized rate for single-family housing units under
construction at the end of the current quarter was 305,000, down 12.1 percent
from the annualized rate of 347,000 one year ago. The trend was similar for
building activity in the South Region, as defined by the U.S. Census Bureau,
which encompasses our entire geographic operating footprint.
"Our sales in the current quarter were up slightly, but we experienced a 48.1
percent increase in commodity prices quarter-over-quarter. While commodity prices
were up dramatically, fixed pricing agreements with our customers which range
from 30, 60 and 90 days, prevented us from passing along a substantial portion of
these increases to our customers. As a result of this unprecedented run up in
commodity prices during the quarter, combined with fixed pricing agreements with
our customers, our gross margin fell to 18.2%, down from 21.0% in the first
quarter of 2009. This run up in commodity pricing has continued into April, but
we believe our current inventory levels should help mitigate some of the pricing
pressure in the second quarter. While higher commodity prices are good for the
long-term health of our company, rapid increases which we are currently
experiencing places added pressure on gross margins."
Commenting on the first quarter results, Chad Crow, Builders FirstSource Senior
Vice President and Chief Financial Officer, added, "We ended the quarter with
over $124.8 million in cash, which does not include the $33.8 million income tax
refund we received subsequent to quarter-end. Available liquidity was $131.2
million, as we had $6.4 million of net borrowing availability at quarter-end
under our revolver. Cash used for the current quarter, excluding the net proceeds
from our recently closed rights offering, was $27.2 million, which was less than
we had forecasted. Of the $27.2 million of cash used, $4.4 million was due to an
increase in working capital, the result of improved sales in March combined with
inventory buys to cover fixed customer pricing arrangements, and $1.9 million
related to capital expenditures. The remaining $20.9 million of cash used to fund
general operations was impacted by rapidly increasing commodity prices, which
reduced our gross margin by approximately $4.0-$5.0 million during the quarter.
From a working capital perspective, our accounts receivable days decreased to
36.1 days for the current quarter, compared to 42.1 days last year. Inventory
turns improved to 9.1x from 7.7x for the same quarter of last year. Additionally,
accounts payable days increased to 34.4 days, up from the 27.3 days for the first
quarter of last year. These improvements helped to lower our cash conversion days
to 41.9 days in the current quarter, down from 61.9 days for the same time last
year."
First Quarter 2010 Results Compared to First Quarter 2009
(See accompanying financial schedules for full financial details and
reconciliations of Non-GAAP financial measures to their GAAP equivalents.)
--Sales were $161.4 million compared to $159.6 million last year, an
increase of $1.8 million or 1.1 percent. Our sales increase was
primarily attributable to commodity inflation during the current
quarter.
--Gross margin percentage was 18.2 percent, down from 21.0 percent, a 2.8
percentage point decline. Specifically, our gross margin percentage
declined 3.1 percentage points due to price and was only slightly
impacted by volume (fixed costs in costs of goods sold) and sales
mix.
--Selling, general and administrative ("SG&A") expenses decreased $2.6
million, or 5.0 percent. As a percentage of sales, SG&A expense
decreased from 32.6 percent in 2009 to 30.6 percent in 2010 primarily
due to reduced customer write-offs, lower salaries and benefits expense,
and better leveraging of costs due to commodity inflation and improved
sales.
--Interest expense was $11.3 million in the current quarter, an increase
of $3.8 million over the year ago quarter. The increase was due to the
write off of $1.6 million of unamortized debt issue costs related to
long-term debt repaid during the quarter and $2.5 million of costs
related to the recapitalization transaction. Interest expense also
increased by $0.8 million related to fair value adjustments on our
interest rate swaps.These increases were partially off-set by a
write-off of $1.2 million in debt issue costs related to the capacity
reduction of our revolving credit facility from $350 million to $250
million in the first quarter of 2009.
--We recorded an income tax benefit of $0.1 million during the quarter
compared to $2.1 million of expense in the first quarter of 2009. We
recorded an after-tax, non-cash valuation allowance of $11.6 million and
$12.2 million, in 2010 and 2009, respectively, related to our net
deferred tax assets. Absent this valuation allowance, our tax benefit
rate would have been 37.6 percent and 38.0 percent in 2010 and 2009,
respectively.
--Loss from continuing operations was $31.2 million, or $0.38 loss per
diluted share, compared to $28.6 million, or $0.73 loss per diluted
share. Excluding the valuation allowance and the write-off of debt issue
costs, our loss from continuing operations per diluted share was $0.21
and $0.40 for 2010 and 2009, respectively.
--Our loss from discontinued operations for the first quarter of 2010 was
$0.2 million, or $0.00 per diluted share, compared to $2.0 million, or
$0.05 loss per diluted share for the first quarter of 2009.
--Net loss was $31.4 million, or $0.38 loss per diluted share, compared to
net loss of $30.6 million, or $0.78 loss per diluted share.
--Diluted weighted average shares outstanding were 81.8 million compared
to 39.0 million. Approximately 58.6 million additional shares were
issued in the current quarter as part of our rights offering and debt
exchange.
--Adjusted EBITDA was a loss of $15.3 million compared to a loss of $12.5
million last year. See reconciliation attached.
Liquidity and Capital Resources
--In January 2010, we announced the completion of our rights offering and
debt exchange. The closing of these transactions reduced our long-term
debt by $130 million and extended the maturity of $139.7 million of our
remaining debt to 2016. The rights offering also provided us
approximately $65 million in net proceeds to be used for general
corporate purposes.
--Our cash on hand was $124.8 million at March 31, 2010. Our net borrowing
availability at March 31, 2010, in excess of the $35.0 million minimum
liquidity covenant, was $6.4 million. We also received our federal
income tax refund of approximately $33.8 million in April 2010.
--Operating cash flow was $(26.9) million compared to $(3.2) million for
the first quarter of 2009.
--Capital expenditures were $1.9 million which primarily related to lease
buyouts on rolling stock. Capital expenditures in the first quarter of
2009 were $1.7 million.
Outlook
Mr. Sherman concluded, "Although housing starts have somewhat stabilized, we
continue to experience intense pricing pressure from competition, and rapidly
rising commodity prices will continue to present challenges in the second
quarter. We also do not yet know the future impact on our sales, if any, that may
result from the upcoming expiration of the federal tax credit for first-time
homebuyers. However, while industry conditions remain difficult, our improved
liquidity position, coupled with our $33.8 million federal income tax refund
received in April, currently has us well positioned to take advantage of a
housing recovery. Finally, I would like to thank all our employees for their hard
work and the sacrifices they have made during these challenging times. I believe
we have the strongest team in the industry and I am proud to be a part of the BFS
team."
Conference Call
Builders FirstSource will host a conference call Friday, April 23, 2010, at 10:00
a.m. Central Time (CT) and will simultaneously broadcast it live over the
Internet. To participate in the teleconference, please dial into the call a few
minutes before the start time: 888-677-8751 (U.S. and Canada) and 913-905-1084
(international). A replay of the call will be available from 3:00 p.m. through
April 28, 2010. To access the replay, please dial 888-203-1112 (U.S. and Canada)
and 719-457-0820 (international). Please refer to pass code 8892646. To access
the webcast, go to http://www.bldr.com and click on "Investors." The online
archive of the webcast will be available for approximately 90 days.
About Builders FirstSource
Headquartered in Dallas, Texas, Builders FirstSource is a leading supplier and
manufacturer of structural and related building products for residential new
construction. The company operates in 9 states, principally in the southern and
eastern United States, and has 55 distribution centers and 51 manufacturing
facilities, many of which are located on the same premises as our distribution
facilities. Manufacturing facilities include plants that manufacture roof and
floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork
and pre-hung doors. Builders FirstSource also distributes windows, interior and
exterior doors, dimensional lumber and lumber sheet goods, millwork and other
building products. For more information about Builders FirstSource, visit the
company's Web site at http://www.bldr.com.
Cautionary Notice
Statements in this news release and the schedules hereto that are not purely
historical facts or that necessarily depend upon future events, including
statements about the impact of expected market share gains, plans to reduce
costs, forecasted financial performance or other statements about anticipations,
beliefs, expectations, hopes, intentions or strategies for the future, may be
forward-looking statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. Readers are cautioned not to place undue
reliance on forward-looking statements. All forward-looking statements are based
upon information available to Builders FirstSource, Inc. on the date this release
was submitted. Builders FirstSource, Inc. undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Any forward-looking statements involve
risks and uncertainties that could cause actual events or results to differ
materially from the events or results described in the forward-looking
statements, including risks or uncertainties related to the Company's growth
strategies, including gaining market share, or the Company's revenues and
operating results being highly dependent on, among other things, the homebuilding
industry, lumber prices and the economy. Builders FirstSource, Inc. may not
succeed in addressing these and other risks. Further information regarding
factors that could affect our financial and other results can be found in the
risk factors section of Builders FirstSource, Inc.'s most recent annual report on
Form 10-K filed with the Securities and Exchange Commission. Consequently, all
forward-looking statements in this release are qualified by the factors, risks
and uncertainties contained therein.
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(unaudited)
Three months ended
March 31,
------------------------
20102009
----------------------
(in thousands, except
per share amounts)
Sales$ 161,373$ 159,576
Cost of sales131,942126,026
----------------------
Gross margin29,43133,550
Selling, general and administrative expenses
(includes
stock-based compensation expense of
$1,041 and
$1,437 for the three months ended in 2010
and 2009,
respectively)49,44552,062
Facility closure costs5454
----------------------
Loss from operations(20,019)(18,966)
Interest expense, net11,3257,536
----------------------
Loss from continuing operations before
income taxes(31,344)(26,502)
Income tax (benefit) expense(144)2,114
----------------------
Loss from continuing operations(31,200)(28,616)
Loss from discontinued operations (net of
income tax
benefit of $0 in 2010 and 2009,
respectively)(186)(1,962)
----------------------
Net loss$ (31,386)$ (30,578)
======================
Basic and diluted net loss per share:
Loss from continuing operations$ (0.38)$ (0.73)
Loss from discontinued operations(0.00)(0.05)
----------------------
Net loss$ (0.38)$ (0.78)
======================
Weighted average common shares:
Basic and diluted81,84939,025
======================
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
Sales by Product Category
(unaudited)
Three months ended March 31,
--------------------------------------
20102009
------------------------------------
(dollars in thousands)
Prefabricated components$ 31,97019.8%$ 28,95318.1%
Windows & doors36,93722.9%39,90425.0%
Lumber & lumber sheet goods44,38827.5%38,92724.4%
Millwork17,77811.0%16,47810.3%
Other building products &
services30,30018.8%35,31422.2%
--------------------------------
Total sales$ 161,373100.0%$ 159,576100.0%
================================
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(unaudited)
December
March 31,31,
20102009
--------------------
(in thousands, except
per share amounts)
ASSETS
Current assets:
Cash and cash equivalents$ 124,817$ 84,098
Trade accounts receivable, less
allowance of $4,303 and $4,883
at
March 31, 2010 and December 31,
2009, respectively74,23860,723
Other receivables36,51339,758
Inventories63,38448,022
Other current assets7,5487,741
--------------------
Total current assets306,500240,342
Property, plant and equipment,
net62,19564,025
Goodwill111,193111,193
Other assets, net11,21019,391
--------------------
Total assets$ 491,098$ 434,951
====================
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts Payable$ 57,593$ 39,570
Accrued liabilities26,58628,923
Current maturities of long-term
debt4948
--------------------
Total current liabilities84,22868,541
Long-term debt, net of current
maturities169,089299,135
Other long-term liabilities19,16420,328
--------------------
272,481388,004
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par
value, 10,000 shares
authorized; zero shares
issued and outstanding----
Common stock, $0.01 par value,
200,000 shares authorized;
96,709
and 36,347 shares issued and
outstanding at March 31, 2010
and
December 31, 2009, respectively949363
Additional paid-in capital351,927150,240
Accumulated deficit(130,359)(98,973)
Accumulated other comprehensive
loss(3,900)(4,683)
--------------------
Total stockholders' equity218,61746,947
--------------------
Total liabilities and
stockholders' equity$ 491,098$ 434,951
====================
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(unaudited)
Three months ended March
31,
------------------------
20102009
----------------------
(in thousands)
Cash flows from operating activities:
Net loss$ (31,386)$ (30,578)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization3,7684,748
Amortization of deferred loan costs4,4911,875
Deferred income taxes(329)103
Bad debt expense4101,130
Net non-cash (income) expense from
discontinued
operations(3)77
Non-cash stock based compensation1,0411,437
Net gain on sales of assets(61)(283)
Changes in assets and liabilities:
Receivables(10,677)13,088
Inventories(15,362)5,033
Other current assets1932,254
Other assets and liabilities(387)(458)
Accounts payable18,0237,820
Accrued liabilities3,388(9,481)
----------------------
Net cash used in operating activities(26,891)(3,235)
----------------------
Cash flows from investing activities:
Purchases of property, plant and
equipment(1,858)(1,670)
Proceeds from sale of property, plant
and equipment118700
----------------------
Net cash used in investing activities(1,740)(970)
----------------------
Cash flows from financing activities:
Payments of long-term debt and other
loans(105,152)(10)
Proceeds from rights offering180,107--
Payment of recapitalization costs(5,574)--
Repurchase of common stock(31)(126)
----------------------
Net cash provided by (used in)
financing activities69,350(136)
----------------------
Net change in cash and cash equivalents40,719(4,341)
Cash and cash equivalents at beginning of
period84,098106,891
----------------------
Cash and cash equivalents at end of
period$ 124,817$ 102,550
======================
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures to their GAAP
Equivalents
(unaudited - dollars in thousands)
Note: The company provided detailed explanations of these non-GAAP
financial measures in its Form 8-K filed
with the Securities and Exchange Commission on April 22, 2010.
Three months ended
March 31,
------------------------
20102009
----------------------
Reconciliation to Adjusted EBITDA:
Net loss$ (31,386)$ (30,578)
Reconciling items:
Depreciation and amortization expense3,7684,748
Interest expense, net11,3257,536
Income tax (benefit) expense(144)2,114
Net gain on sale of assets(61)(283)
Loss from discontinued operations, net
of tax1861,962
Facility closure costs5454
Severance20114
Recapitalization costs(70)--
Stock compensation expense1,0411,437
----------------------
Adjusted EBITDA$ (15,316)$ (12,496)
======================
Adjusted EBITDA as percentage of sales-9.5%-7.8%
Three months ended
March 31,
20102009
----------------------------------------
Pre-TaxNet of TaxPre-TaxNet of Tax
------------------------------------
Reconciliation to Adjusted loss from continuing
operations:
Loss from continuing operations$ (31,200)$ (28,616)
Reconciling items:
Debt issue cost write-offs4,0942,5671,220793
Tax valuation allowance11,64412,185
----------------------
Adjusted loss from continuing operations$ (16,989)$ (15,638)
======================
Weighted average diluted shares outstanding81,84939,025
======================
Adjusted loss from continuing operations per
diluted share$ (0.21)$ (0.40)
======================
This news release was distributed by GlobeNewswire, http://www.globenewswire.com
SOURCE: Builders FirstSource, Inc.
CONTACT:Builders FirstSource, Inc.
M. Chad Crow, Senior Vice President and
Chief Financial Officer
(214) 880-3585
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.
bldr reported late last time...6:51pm...we'll see what happens. fingers crossed. lol Z
Man, I am MEGA green on this thing. Biting my nails as the quarter announcement drags out. Usually companies that miss their quarters are slow to post, let's hope this isn't the case.
Bought a few more on the pullback. Orders have picked up, won't show this quarter, but eventually. I can't imagine a downside from here in the near future, pullbacks maybe, but real down momentum, unlikely.
Housing reports were REAL GOOD!
trend should continue. Z
BOOYAHHHHHHHH!
Still kind of seems to be in the lower end of the range, but looking good again. Looks like if we break 3.20 in the next couple days and hold it will look real good. Possibly break out and bounce off of 3.40 would be amazing. Close below 3.10 could be bad. I'm gonna put another standing order in around 3.10 to square off my holdings if it hits it. GL
We should get a steady little up until the quarter. Looking good. It would be nice to see run ups like when Warburg and them were gobbling up to have 50%. That was good money for sure. Oh well.
Won't know till we get the filings. I'm just going to watch and react for the time being. Fridays job number well set the tone short term. Z
I wonder how many shares currently there are outstanding that aren't restricted right now.
88% were purchased of 58,571,428=51,542,856.64
current 94,918,918
-51542856.64
42,043,938.64 before deal
If JLL and Warburg own 25.9 and 25.6%. Then 51.5% should be safe for now.
It trades so thinly I am curious as to how much is actually trading?
very cool. It will move...imho...I'm long....and fairly long on patience. lol Z
I work at a window and door manufacturer. Mostly I make hurricane patio doors and random other stuff. We are really busy and word on the street is orders are beginning to ramp up. Good for the wallet, bad for the body and mind.lol.
Surely this thing will get moving up soon. My money is getting bored.
slammed is good I guess...what business you in? Z
I have been pouring over the chart for the last few minutes. We really don't need to dip below 3.03ish. I think 3 would break the camels back and stick us back in that range again. We are ultra mega slammed at work so if they aren't too there is something wrong!!
Man, didn't realize that by me trying to buy low would automatically make it the new high.lol Messin' up my charts and stuff. Grr.
maybe....but it's going to be so hard to police...especially on small stocks and smaller short positions. It rules are really written to go after big hedge funds or dark pools that can bang short a stock to nothing....that will show up on the radar. Smaller market cap stock like less than $1B will even be given the time of day with these rules. imho.
l'm going to wait for tomorrow to see what happens with the eco news then maybe add a little more...but next week is going to be the make or break it short term....need to see jobs number come in at 200k or more...or we're going to do another correction like Feb. imho. Z
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Builders FirstSource, Inc.
2001 Bryan Street
Suite 1600
Dallas, TX 75201
United States - Map
Phone: 214-880-3500
Fax: 214-880-3599
Web Site: http://www.bldr.com
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