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INSTALLED BUILDING PRODUCTS REPORTS RESULTS FOR FOURTH QUARTER, ACHIEVES RECORD REVENUE FOR FULL YEAR 2013
|-||Net Revenue Increases 30.6% to $119.3 Million in Fourth Quarter 2013 |
|-||Adjusted EBITDA Increases from $1.0 Million to $9.3 Million in Fourth Quarter 2013 |
|-||Operating Income Increases 55.3% to $4.5 Million in Fourth Quarter 2013 |
Columbus, Ohio, March 26, 2014. Installed Building Products, Inc. (the Company or IBP), an industry-leading installer of insulation products, announced today results for the fourth quarter and full year ended December 31, 2013.
Fourth Quarter 2013 Highlights
|||Net revenue increased 30.6% to $119.3 million compared to fourth quarter 2012; same branch sales increased 29.3% compared to fourth quarter 2012|
|||Adjusted EBITDA increased to $9.3 million compared to $1.0 million in fourth quarter 2012|
|||Operating income increased 55.3% to $4.5 million compared to fourth quarter 2012|
|||Net income from continuing operations of $2.4 million was consistent with fourth quarter 2012|
|||In February 2014, the Company completed its initial public offering (IPO), raising net proceeds of approximately $79.8 million|
Full Year 2013 Highlights
|||Net revenue increased 43.4% to $431.9 million compared to fiscal 2012; same branch sales increased 29.6% compared to fiscal 2012|
|||Adjusted EBITDA increased to $25.5 million compared to $6.2 million in fiscal 2012|
|||Operating income increased to $13.1 million compared to an operating loss of $1.9 million in fiscal 2012|
|||Net income from continuing operations increased to $6.6 million compared to a net loss from continuing operations of $4.3 million in fiscal 2012|
The significant growth we achieved in our revenue and profits during 2013 as compared to the prior year was the result of the expansion strategy we put in place and the improving demand for our services, stated Jeff Edwards, Chairman and Chief Executive Officer. Our 2013 fourth quarter revenue growth of 30.6% reflects the strong demand environment for our installation service offerings, especially in new residential end markets, and the steps we have taken to continue expanding our footprint across the nation. Furthermore, our full year same branch revenue improvement of 29.6% exceeded the 17.7% increase in U.S. housing completions during 2013, which reflects our strategic focus on establishing market-leading positions in the most attractive U.S. housing markets. As we progress through 2014, we are well positioned to continue capitalizing on the new home construction recovery, strengthening our market position and pursuing value-enhancing acquisitions while remaining disciplined with our costs to improve profitability. In the first quarter of 2014, adverse winter weather conditions have slowed sales growth in many of our markets due to delayed construction activity; however, we expect to regain most of any weather-impacted demand during the remainder of the year.
The following information was filed by Installed Building Products, Inc. (IBP) on Wednesday, March 26, 2014 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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