Beacon Roofing Supply Inc (BECN) SEC Filing 10-K Annual report for the fiscal year ending Friday, September 30, 2011

Beacon Roofing Supply Inc

CIK: 1124941 Ticker: BECN

Exhibit 99.1

From Beacon Roofing Supply, Inc.,
Peabody, Mass.    For Use Upon Receipt
Nov. 29, 2011
Beacon Roofing Supply Reports Fourth Quarter and Annual 2011 Results

•   Record fourth quarter net sales of $576 million vs. $483 million.
•   Record fourth quarter EPS of $0.56 (excl. one-time gain) vs. $0.37.
•   Record fiscal year EPS of $1.16 (excl. one-time gain) vs. $0.75.
•   Fourth quarter and fiscal year existing market sales up 16% and 9%.
•   Cash on hand builds to $143 million from $117 million last year.

PEABODY, Mass.–(BUSINESS WIRE)– Beacon Roofing Supply, Inc. (the “Company”) (NASDAQ: BECN) announced results today for its fourth quarter and fiscal year ended September 30, 2011.

Paul Isabella, the Company’s President and Chief Executive Officer, stated: “We had record fourth quarter and fiscal year results. Most of our regions achieved double-digit sales percentage increases in the fourth quarter and substantially exceeded our fourth-quarter and full-year sales and income expectations. Once again both our residential and non-residential product sales showed double-digit percentage increases for the quarter. Our complementary product sales were down only one percent. Our roofing businesses have benefited both from a pick-up in volume, including some storm business, and from industry-wide price increases mostly during the second half of the year. Our commercial business has remained consistently strong throughout this year. We were able to use our strong financial position to increase inventories ahead of some vendor price increases, which enabled us to achieve gross margins that were significantly above last year’s rates. We continued to exercise prudent expense controls to further improve our operating margin and our cash holdings have increased since last year even after this year’s third-quarter purchase of Enercon Products. We continue to aggressively seek quality companies that fit our target acquisition profile, such as Denver-based Fowler & Peth acquired in the first quarter of fiscal 2012. We believe there are many favorable long-term growth factors in our industry, so we expect to continue expanding our geographic reach in 2012.”

Fourth Quarter

Total sales increased 19.3% to $575.6 million in 2011 from $482.6 million in 2010. Existing market (organic) sales, which exclude branches acquired after the beginning of last year’s fourth quarter, increased 15.6%. In existing markets, residential and non-residential roofing product sales increased 25.7% and 10.8%, respectively, while complementary product sales declined only 1.0%. Our fourth quarter roofing sales this year were favorably impacted by higher average selling prices and by increased business in several markets that experienced significant spring hail storms.

Net income for the fourth quarter, which included a one-time income tax benefit of $5.1 million, was $31.3 million compared to $16.9 million in 2010, an improvement of 85.3%. This year’s fourth-quarter net income, even prior to the tax benefit, represented a record for any prior quarter. Diluted net income per share was $0.67, including $0.11 per share for the one-time tax benefit, compared to $0.37 in 2010. The higher net income was due to the higher sales and gross margin rate, as well as lower interest expense, partially offset by the impact from higher operating expenses and a higher income tax provision (even after the tax benefit).

Earnings before interest, taxes, depreciation and amortization, and stock-based compensation (“Adjusted EBITDA”), which are reconciled to the net income in this press release, were $55.4 million in 2011 compared to $38.9 million in 2010, an increase of 42.5%.


The following information was filed by Beacon Roofing Supply Inc (BECN) on Tuesday, November 29, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity And Comprehensive Income
Accrued Expenses
Accrued Expenses (detail)
Accrued Expenses (tables)
Accumulated Other Comprehensive Loss (detail)
Acquisitions - Additional Information (detail)
Activity In Allowance For Doubtful Accounts (detail)
Allowance For Doubtful Accounts
Allowance For Doubtful Accounts (tables)
Annual Principal Payments For All Outstanding Borrowings For Each Of The Next Five Years And Thereafter (detail)
Benefit Plans
Benefit Plans - Additional Information (detail)
Calculation Of Weighted Average Shares Outstanding (detail)
Company's Geographic And Product Information (detail)
Components Of The Company's Deferred Taxes (detail)
Details Regarding Options To Purchase Common Stock Outstanding (detail)
Estimated Future Annual Amortization (detail)
Fair Value Of Interest Rate Derivative Instruments (detail)
Fair Values Of Options, Black-scholes Option-pricing Model, Weighted-average Assumptions (detail)
Financial Derivatives
Financial Derivatives (tables)
Financial Derivatives - Additional Information (detail)
Financing Arrangements
Financing Arrangements (tables)
Financing Arrangements - Additional Information (detail)
Geographic And Product Data
Geographic And Product Data (tables)
Goodwill, Intangibles And Other Assets
Goodwill, Intangibles And Other Assets (tables)
Goodwill, Intangibles And Other Assets - Additional Information (detail)
Income Tax Provision (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Intangibles And Other Assets, Included In Other Long-term Assets (detail)
Leases (tables)
Net Revenues From External Customers By Product Group (detail)
Operating Leases (detail)
Operating Leases - Additional Information (detail)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (tables)
Principal Reason For The Difference Between Effective Income Tax Rate And The Statutory Federal Income Tax Rate (detail)
Property And Equipment, Net
Property And Equipment, Net (detail)
Property And Equipment, Net (tables)
Property And Equipment, Net - Additional Information (detail)
Reconciliation Of The Beginning And Ending Amounts Of Gross Unrecognized Income Tax Benefits (detail)
Related-party Transactions
Related-party Transactions - Additional Information (detail)
Restricted Shares And Units Outstanding And Activity During The Period (detail)
Senior Notes Payable (detail)
Senior Notes Payable (parenthetical) (detail)
Significant Components Of Prepaid Expenses And Other Current Assets (detail)
Stock Options And Restricted Share Awards - Additional Information (detail)
Stock Options And Restricted Stock Awards
Stock Options And Restricted Stock Awards (tables)
Stock Options Outstanding And Activity During The Period (detail)
Subsequent Events
Subsequent Events - Additional Information (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (detail)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
The Company
Ticker: BECN
CIK: 1124941
Form Type: 10-K Annual Report
Accession Number: 0001144204-11-067281
Submitted to the SEC: Tue Nov 29 2011 7:45:52 AM EST
Accepted by the SEC: Tue Nov 29 2011
Period: Friday, September 30, 2011
Industry: Wholesale Lumber And Other Construction Materials

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