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AP
Builders FirstSource Sees Tough 2007
Thursday February 22, 6:18 pm ET
Builders FirstSource Cautions Housing Slowdown Will Affect 2007 Revenue, Profit

DALLAS (AP) -- Building products supplier Builders FirstSource Inc. said Thursday its earnings and sales will continue to be negatively affected through the middle of 2007 by a housing slowdown.
The company did not give specific guidance for profit or revenue but it said its operating results will be hurt by difficult market conditions.

"At this point it is unclear if the housing market has hit bottom," said Chief Executive Floyd Sherman. "Until housing demand becomes more predictable, we will manage our business day-to-day in order to meet customer needs."

Sherman said the company will initiate short-term costs reductions to help offset the lower sales.

Chief Financial Officer Charles Horn said the company will also adjust staffing levels "commensurate with changes in sales volume."

Builders FirstSource shares fell 77 cents, or 4 percent, to close at $18.49 on the Nasdaq Stock Market. The stock has ranged from $14.10 to $25.76 over the past year.