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Exhibit 99.1
For Immediate Release
Builders FirstSource Reports Fourth Quarter and Fiscal 2017 Results
Financial highlights include sales and earnings growth with debt reduction and capital structure improvement
February 28, 2018 (Dallas, TX) Builders FirstSource, Inc. (NasdaqGS: BLDR) today reported its results for the fourth quarter and Fiscal year ended December 31, 2017.
Commenting on fourth quarter results, CEO Chad Crow remarked, I am pleased to report we had a strong finish to the year, growing sales per day, excluding closed locations, by 13.2 percent in the fourth quarter. We saw an increase in sales volume in the single family construction end market of 7.5 percent, and 5.2 percent in the repair and remodeling / other end market. Additionally, we saw growth in manufactured products of 11.3 percent.
We are leveraging our platform strengths to deliver sales growth and strong financial results while executing on our strategic priorities and investing in our future. We continued our investments in manufacturing capacity and talent to drive enhanced growth in margin-accretive products and markets, while making further progress in paying down debt and reducing our leverage ratio on a year over year basis.
Peter Jackson, CFO, added, In the quarter, we further refined our capital structure by redeeming our most expensive debt, the 10.75% unsecured notes, reducing go forward interest expense by $35 million annually. I am very pleased with the progress we are making on de-leveraging, as we reduced our leverage ratio by 0.6 times year over year to 4.2 times. Cash flow generation and debt reduction will continue to be a priority for 2018, as we execute on our multi-year plan to de-lever the balance sheet and fund growth initiatives.
The Company has provided supplemental non-GAAP financial information of the consolidated company that is adjusted to exclude one-time integration, facility closure, one-time refinancing, non-cash release of tax valuation allowance and revaluation of deferred taxes, and other costs (Adjusted). As the information below includes non-GAAP financial information, please refer to the accompanying financial schedules for non-GAAP reconciliations to their GAAP equivalents.
Fourth Quarter 2017 Compared to Fourth Quarter 2016:
Net Sales
| Net sales for the quarter ended December 31, 2017 were $1.8 billion, a sales increase of 15.0 percent over net sales for the fourth quarter of 2016. Sales per day, excluding closed locations, grew 13.2 percent in the quarter, which was benefited approximately 7.6 percent from the impact of commodity lumber price inflation on our sales and 5.6 percent from sales volume growth. Sales volume per day, excluding commodity inflation and closed locations, grew approximately 7.5 percent in the single family homebuilding end market and 5.2 percent in the repair and remodeling/other end market, offset by expected declines in multi-family. |
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Builders Firstsource, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Factors that could negatively impact the estimated fair value of our reporting units and potentially trigger additional impairment include, but are not limited to, unexpected competition, lower than expected housing starts, an increase in market participant weighted average cost of capital, increases in material or labor cost, and significant declines in our market capitalization.
Synergy cost savings were primarily attributable to reduced payroll and benefits expense, as well as decreased delivery costs and location consolidations.
The increase in cash provided by operations is due to increased sales and profitability during the year ended December 31, 2017.
Due to the uncertainties associated with such estimates, interpretations and assumptions, actual results could differ from projected results, which could result in impairment of goodwill could be recorded.
Our gross margin percentage decreased primarily due to gross profit margin compression on commodity products resulting from inflation in the lumber and lumber sheet goods markets during most of 2017.
This increased investment in working...Read more
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We had $350.0 million in...Read more
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Due to the ProBuild acquisition,...Read more
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Our gross margin percentage decreased...Read more
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Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
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Builders Firstsource, Inc. provided additional information to their SEC Filing as exhibits
Ticker: BLDR
CIK: 1316835
Form Type: 10-K Annual Report
Accession Number: 0001564590-18-004035
Submitted to the SEC: Thu Mar 01 2018 1:27:25 PM EST
Accepted by the SEC: Thu Mar 01 2018
Period: Sunday, December 31, 2017
Industry: Retail Lumber And Other Building Materials Dealers