Exhibit 99(a)
News release
     
—AT THE COMPANY—
   
Lynn Afendoulis
   
Director, Corporate Communications
   
(616) 365-1502
   
FOR IMMEDIATE RELEASE

Wednesday, February 9, 2011
UFPI reports annual net sales of $1.9 billion for 2010, up 13 percent over 2009
Fourth-quarter sales up 12 percent over 2009

—Posts sales growth in all markets and double-digit increases in two; maintains strong balance sheet—
GRAND RAPIDS, Mich., Wed., Feb. 9, 2011 — Universal Forest Products, Inc. (Nasdaq: UFPI) today announced 2010 results that include annual net sales of $1.9 billion, up 13 percent over 2009 annual net sales of $1.7 billion. Fourth-quarter 2010 sales of $378.7 million were up 12 percent over the same period of 2009. In 2010, the Company saw sales growth in each of its markets in the fourth quarter and for the year. Annual net earnings for 2010 were $17.4 million, or $0.89 per diluted share, compared to annual net earnings of $24.3 million, or $1.25 per diluted share, for 2009. Earnings for the fourth quarter of 2010 were $124,000 or $0.01 per diluted share, compared with a 2009 fourth-quarter loss of $663,000 or ($0.03) per diluted share. Fourth-quarter 2010 results include a non-cash tax benefit of $2.4 million, or $0.13 per diluted share, associated with removing a valuation allowance against a deferred tax asset.
“We said our focus in 2010 would be on growing our top line, and that’s exactly what we did,” said CEO Michael B. Glenn. “I’m proud of our people, and of our ability to maintain profitability and the best balance sheet in the industry. In 2011, our challenges will be to find and capitalize on new opportunities for growth, to do what it takes to be the preferred supplier to our markets and to continually enhance our efficiency. We have the best people, the right strategies and a strong organization in place, and we’re confident in our opportunities to achieve sustainable growth and success in today’s economy.”
Glenn noted that the Company ended the year with $43.4 million in cash and $55.3 million in debt, putting it in a strong position to employ strategies to enhance its growth and return to shareholders, such as acquisitions, stock repurchases and dividend payments.
—more—

 

 


The following information was filed by Universal Forest Products Inc (UFPI) on Wednesday, February 9, 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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