Universal Forest Products, Inc.

Page 1

 

 

Exhibit 99(a)

 

Image - Image1.jpeg

News release

 

---------------AT THE COMPANY---------------

Brandon Froysland

Director of Finance

(616) 365-1589

 

FOR IMMEDIATE RELEASE

Wednesday, July 24, 2019

 

 

 

UFPI reports record net earnings
- Net earnings up 24 percent, unit sales up 5 percent -

GRAND RAPIDS, Mich., Wednesday, July 24, 2019 – Universal Forest Products, Inc. (Nasdaq: UFPI) today announced net sales of $1.24 billion and net earnings attributable to controlling interests of $54.5 million, or 88 cents per diluted share, for the quarter ended June 29, 2019. Net earnings were the highest recorded at any time in the company’s history.

“The employees of Universal continue to do a great job growing unit sales, improving our company’s gross profit per unit, and generating robust cash flow despite pressures from rising labor costs and significant fluctuations in the lumber market,” said CEO Matthew J. Missad. “Our strong results are evidence that we are pursuing the right strategies to make our business more efficient and grow through new, value-added products.”

The company’s mix of value-added sales relative to commodity sales improved from 60 percent in the second quarter of 2018 to 67 percent in the second quarter of 2019, and new product sales grew 18 percent over the same period of 2018. Although significantly lower lumber pricing affected the company’s second-quarter net sales, unit sales increased 5 percent over the same period of last year, driven mostly by organic sales growth.

“I am pleased we experienced such strong growth with new products in our retail and industrial markets,” added Missad. “We will continue to closely manage our SG&A expenses, including those needed to grow our value-added products, so that we can better leverage these expenses as we grow revenue.”

 

 

 

-more-

Universal Forest Products, Inc.

Page 2

 

Second Quarter 2019 Highlights (comparisons on a year-over-year basis):

-

Operating profit of $74.2 million was up 22 percent and net earnings of $54.5 million was up 24 percent

-

EBITDA of $90.8 million was up 18 percent

-

Net sales of $1.24 billion represented a 4 percent decrease; lower lumber prices contributed significantly to the gross sales reduction as selling prices were down by 9 percent.

-

Unit sales grew 5 percent; organic sales accounted for 4 percent of the growth while acquisitions added 1 percent. 

-

New product sales were $175.3 million, up 18 percent

-

Core SG&A as a percentage of gross profit fell from 54.4 percent in the second quarter of 2018 to 50.7 percent during the same period in 2019.

By market, the Company reported the following second-quarter results.

Retail

·

$521 million in gross sales, down 4 percent compared to the second quarter of 2018. A unit sales increase of 6 percent was offset by selling prices that were 10 percent lower. Organic growth was responsible for all of the unit sales increase and was largely driven by sales of Deckorators decking and deck accessories.

Industrial

·

$357.3 million in gross sales, up 3 percent over the second quarter of 2018. A unit sales increase of 7 percent was offset by lower selling prices of 4 percent. Acquisitions contributed 6 percent of the unit sales increase; organic growth was responsible for 1 percent.

Construction

·

$386.2 million in gross sales, down 10 percent compared to the second quarter of 2018, due to a 14 percent decrease in selling prices and a 4 percent increase in overall unit sales. Unit sales growth was entirely organic, with commercial and residential housing customers each growing at 5 percent and manufactured housing customers growing at 1 percent.

CONFERENCE CALL

Universal Forest Products will conduct a conference call to discuss information included in this news release and related matters at 8:30 a.m. ET on Thursday, July 25, 2019. The call will be hosted by CEO Matthew J. Missad and CFO Michael Cole, and will be available for analysts and institutional investors domestically at 866-518-4547, and internationally at 213-660-0879. Analysts and institutional investors should use conference pass code 1794208. The conference call will be available simultaneously and in its entirety to all interested investors, news media and Universal employees through a webcast at http://www.ufpi.com. A replay of the call will be available through August 25, 2019, at 855-859-2056, 404-537-3406 or 800-585-5367.

 

 

 

 

 

-more-

 

Universal Forest Products, Inc.

Page 3

 

 

UNIVERSAL FOREST PRODUCTS, INC.

Universal Forest Products, Inc. is a holding company whose subsidiaries supply wood, wood composite and other products to three robust markets: retail, construction and industrial.  Founded in 1955, the Company is headquartered in Grand Rapids, Mich., with affiliates throughout North America, Europe, Asia and Australia. For more about Universal Forest Products, go to www.ufpi.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.

 

Non-GAAP Financial Information

This release includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies.  Management considers EBITDA, a non-GAAP measure, an alternative performance measure which may provide useful information to investors.

 

 

 

 

 

# # #

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Universal Forest Products, Inc.

Page 4

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

Year to Date

(In thousands, except per share data)

    

2019

2018

2019

2018

NET SALES

 

$

1,239,817

  

100

$

1,294,440

  

100

$

2,254,943

  

100

$

2,288,297

  

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF GOODS SOLD 

 

 

1,053,091

 

84.9

 

 

1,128,751

 

87.2

 

 

1,913,950

 

84.9

 

 

1,991,719

 

87.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

186,726

 

15.1

 

 

165,689

 

12.8

 

 

340,993

 

15.1

 

 

296,578

 

13.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SELLING,   GENERAL  AND ADMINISTRATIVE  EXPENSES

 

 

112,891

 

9.1

 

 

104,665

 

8.1

 

 

218,207

 

9.7

 

 

196,793

 

8.6

 

FOREIGN CURRENCY EXCHANGE (GAIN) LOSS

 

 

(203)

 

 —

 

 

(70)

 

 —

 

 

424

 

 —

 

 

1,007

 

 —

 

NET (GAIN) LOSS ON DISPOSITION OF ASSETS

 

 

(199)

 

 —

 

 

477

 

 —

 

 

(321)

 

 —

 

 

(6,057)

 

(0.3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS FROM OPERATIONS

 

 

74,237

 

6.0

 

 

60,617

 

4.7

 

 

122,683

 

5.4

 

 

104,835

 

4.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER EXPENSE, NET

 

 

1,725

 

0.1

 

 

2,067

 

0.2

 

 

2,592

 

0.1

 

 

3,127

 

0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS BEFORE INCOME TAXES

 

 

72,512

 

5.8

 

 

58,550

 

4.5

 

 

120,091

 

5.3

 

 

101,708

 

4.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAXES

 

 

17,367

 

1.4

 

 

13,420

 

1.0

 

 

28,944

 

1.3

 

 

22,994

 

1.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS

 

 

55,145

 

4.4

 

 

45,130

 

3.5

 

 

91,147

 

4.0

 

 

78,714

 

3.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

(630)

 

(0.1)

 

 

(1,086)

 

(0.1)

 

 

(1,092)

 

 —

 

 

(1,836)

 

(0.1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

54,515

 

4.4

 

$

44,044

 

3.4

 

$

90,055

 

4.0

 

$

76,878

 

3.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - BASIC

 

$

0.88

 

 

 

$

0.71

 

 

 

$

1.46

 

 

 

$

1.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - DILUTED

 

$

0.88

 

 

 

$

0.71

 

 

 

$

1.46

 

 

 

$

1.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

 

 

Year to Date

Market Classification

    

 

2019

 

 

 

 

 

2018

 

%

    

 

2019

    

 

 

 

 

2018

 

%

Retail

 

 

$

520,964

 

 

 

 

 

$

544,612

 

-4%

 

 

$

878,451

 

 

 

 

 

$

915,013

 

-4%

Industrial

 

 

 

357,301

 

 

 

 

 

 

347,258

 

3%

 

 

 

686,999

 

 

 

 

 

 

632,749

 

9%

Construction

 

 

 

386,242

 

 

 

 

 

 

428,498

 

-10%

 

 

 

730,662

 

 

 

 

 

 

784,273

 

-7%

Total Gross Sales

 

 

 

1,264,507

 

 

 

 

 

 

1,320,368

 

-4%

 

 

 

2,296,112

 

 

 

 

 

 

2,332,035

 

-2%

Sales Allowances

 

 

 

(24,690)

 

 

 

 

 

 

(25,928)

 

5%

 

 

 

(41,169)

 

 

 

 

 

 

(43,738)

 

6%

Total Net Sales

 

 

$

1,239,817

 

 

 

 

 

$

1,294,440

 

-4%

 

 

$

2,254,943

 

 

 

 

 

$

2,288,297

 

-1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

% of Sales

 

2018

 

% of Sales

 

 

2019

 

% of Sales

 

2018

 

% of Sales

SG&A, Excluding Bonus Expense

 

 

$

94,620

 

7.6%

 

$

90,146

 

7.0%

 

 

$

187,554

 

8.3%

 

$

173,208

 

7.6%

Bonus Expense

 

 

 

18,271

 

1.5%

 

 

14,519

 

1.1%

 

 

 

30,653

 

1.4%

 

 

23,585

 

1.0%

Total SG&A

 

 

$

112,891

 

9.1%

 

$

104,665

 

8.1%

 

 

$

218,207

 

9.7%

 

$

196,793

 

8.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SG&A, Excluding Bonus Expense as a Percentage of Gross Profit

 

 

 

50.7%

 

 

 

 

 

 

54.4%

 

 

 

 

 

55.0%

 

 

 

 

 

 

58.4%

 

 

 

Universal Forest Products, Inc.

Page 5

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

JUNE 2019/2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

    

 

2019

    

 

2018

    

LIABILITIES AND EQUITY

    

 

2019

    

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

20,497

 

$

27,501

 

Cash overdraft

 

$

24,972

 

$

33,608

 

Restricted cash

 

 

1,024

 

 

14,493

 

Accounts payable

 

 

189,649

 

 

197,408

 

Investments

 

 

16,776

 

 

16,758

 

Accrued liabilities

 

 

164,812

 

 

138,809

 

Accounts receivable

 

 

483,263

 

 

489,145

 

Current portion of debt

 

 

173

 

 

542

 

Inventories

 

 

528,680

 

 

531,874

 

 

 

 

 

 

 

 

 

Other current assets

 

 

46,868

 

 

32,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL CURRENT ASSETS

 

 

1,097,108

 

 

1,112,631

 

TOTAL CURRENT LIABILITIES

 

 

379,606

 

 

370,367

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS

 

 

111,175

 

 

20,266

 

 

 

 

 

 

 

 

 

INTANGIBLE ASSETS, NET

 

 

273,804

 

 

263,024

 

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS

 

 

187,471

 

 

276,274

 

 

 

 

 

 

 

 

 

OTHER LIABILITIES

 

 

100,349

 

 

42,255

 

PROPERTY, PLANT AND EQUIPMENT,  NET

 

 

368,572

 

 

340,698

 

EQUITY

 

 

1,183,233

 

 

1,047,723

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

1,850,659

 

$

1,736,619

 

TOTAL LIABILITIES AND EQUITY

 

$

1,850,659

 

$

1,736,619

 

 

 

Universal Forest Products, Inc.

Page 6

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED

JUNE 2019/2018

 

 

 

 

 

 

 

 

 

(In thousands)

    

 

2019

 

    

 

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net earnings

 

$

91,147

 

 

$

78,714

 

Adjustments to reconcile net earnings to net cash from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

29,200

 

 

 

26,144

 

Amortization of intangibles

 

 

2,946

 

 

 

2,702

 

Expense associated with share-based and grant compensation arrangements

 

 

2,209

 

 

 

1,924

 

Deferred income taxes credit

 

 

(536)

 

 

 

(565)

 

Unrealized gain on investment

 

 

(1,518)

 

 

 

 —

 

Net gain on disposition of assets

 

 

(321)

 

 

 

(6,057)

 

Changes in:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(139,468)

 

 

 

(155,666)

 

Inventories

 

 

28,008

 

 

 

(61,828)

 

Accounts payable and cash overdraft

 

 

49,947

 

 

 

62,665

 

Accrued liabilities and other

 

 

9,334

 

 

 

15,895

 

NET CASH USED IN OPERATING ACTIVITIES

 

 

70,948

 

 

 

(36,072)

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

(42,477)

 

 

 

(54,313)

 

Proceeds from sale of property, plant and equipment

 

 

977

 

 

 

36,724

 

Acquisitions and purchase of noncontrolling interest, net of cash received

 

 

(5,034)

 

 

 

(37,960)

 

Purchases of investments

 

 

(4,859)

 

 

 

(9,348)

 

Proceeds from sale of investments

 

 

3,667

 

 

 

3,180

 

Other

 

 

(10)

 

 

 

(1,352)

 

NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES

 

 

(47,736)

 

 

 

(63,069)

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Borrowings under revolving credit facilities

 

 

393,434

 

 

 

488,853

 

Repayments under revolving credit facilities

 

 

(408,027)

 

 

 

(431,657)

 

Borrowings of debt

 

 

 —

 

 

 

1,639

 

Repayments of debt

 

 

(3,061)

 

 

 

(5,437)

 

Issuance of long-term debt

 

 

 —

 

 

 

75,000

 

Proceeds from issuance of common stock

 

 

542

 

 

 

500

 

Distributions to noncontrolling interest

 

 

(900)

 

 

 

(1,078)

 

Dividends paid to shareholders

 

 

(12,271)

 

 

 

(11,090)

 

Repurchase of common stock

 

 

 —

 

 

 

(1,819)

 

Other

 

 

28

 

 

 

(71)

 

NET CASH FROM PROVIDED BY FINANCING ACTIVITIES

 

 

(30,255)

 

 

 

114,840

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

366

 

 

 

(256)

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

(6,677)

 

 

 

15,443

 

 

 

 

 

 

 

 

 

 

ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

 

28,198

 

 

 

28,816

 

 

 

 

 

 

 

 

 

 

ALL CASH AND CASH EQUIVALENTS, END OF PERIOD

 

$

21,521

 

 

$

44,259

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash and cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

$

27,316

 

 

$

28,339

 

Restricted cash, beginning of period

 

 

882

 

 

 

477

 

All cash and cash equivalents, beginning of period

 

$

28,198

 

 

$

28,816

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

20,497

 

 

$

27,501

 

Restricted cash, end of period

 

 

1,024

 

 

 

16,758

 

All cash and cash equivalents, end of period

 

$

21,521

 

 

$

44,259

 

 

 

 

 

 

 

 

 

 

 

 

Universal Forest Products, Inc.

Page 7

 

 

EBITDA RECONCILIATION (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED

JUNE 2019/2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

Year to Date

(In thousands)

 

2019

 

2018

2019

2018

Net earnings

 

$

55,145

 

$

45,130

$

91,147

 

$

78,714

Interest  expense

 

 

2,407

 

 

2,248

 

4,867

 

 

4,025

Interest and investment income

 

 

(682)

 

 

(181)

 

(2,275)

 

 

(898)

Net gain on disposition of assets

 

 

(199)

 

 

477

 

(321)

 

 

(6,057)

Income taxes

 

 

17,367

 

 

13,420

 

28,944

 

 

22,994

Expense associated with share-based compensation arrangements

 

 

922

 

 

831

 

2,209

 

 

1,924

Depreciation expense

 

 

14,725

 

 

13,432

 

29,200

 

 

26,144

Amortization of intangibles

 

 

1,094

 

 

1,474

 

2,946

 

 

2,702

EBITDA

 

$

90,779

 

$

76,831

$

156,717

 

$

129,548

 

Universal Forest Products, Inc.

Page 8

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AS A PERCENTAGE OF SALES

CURRENT YEAR’S SALES STATED AT LAST YEAR’S SELLING PRICES (UNAUDITED)

FOR THE THREE MONTHS ENDED - JUNE 2019/2018

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

 

Actual

Sales Adjusted to Last Year's Selling Price

Actual

 

 

2019

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

NET SALES

 

100.0

%

 

100.0

%

 

100.0

%

COST OF GOODS SOLD 

 

84.9

 

 

86.2

 

 

87.2

 

GROSS PROFIT

 

15.1

 

 

13.8

 

 

12.8

 

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

9.1

 

 

8.3

 

 

8.1

 

NET GAIN ON DISPOSITION OF ASSETS

 

 -

 

 

 -

 

 

 -

 

EARNINGS FROM OPERATIONS

 

6.0

 

 

5.5

 

 

4.7

 

OTHER EXPENSE, NET

 

0.1

 

 

0.1

 

 

0.2

 

EARNINGS BEFORE INCOME TAXES

 

5.9

 

 

5.4

 

 

4.5

 

INCOME TAXES

 

1.4

 

 

1.3

 

 

1.0

 

NET EARNINGS

 

4.4

 

 

4.1

 

 

3.5

 

LESS NET EARNINGS ATTRIBUTABLE TO

 

 

 

 

 

 

 

 

 

    NONCONTROLLING INTEREST

 

(0.1)

 

 

 -

 

 

(0.1)

 

NET EARNINGS ATTRIBUTABLE TO

 

 

 

 

 

 

 

 

 

    CONTROLLING INTEREST

 

4.4

%

 

4.0

%

 

3.4

%

 

 

 

 

 

 

 

 

 

 

Note: Actual percentages are calculated and may not sum to total due to rounding.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018 NET SALES

$

1,294,440

 

 

 

 

 

 

 

2019 SELL PRICE DECLINE

 

9.00

%

 

 

 

 

 

 

DECREASE IN 2019 NET SALES DUE TO SELL PRICE DECLINE

$

116,500

 

 

 

 

 

 

 

ACTUAL 2019 NET SALES

 

1,239,817

 

 

 

 

 

 

 

ADJUSTED 2019 NET SALES

$

1,356,317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACTUAL 2019 COST OF GOODS SOLD

$

1,053,091

 

 

 

 

 

 

 

PLUS DIFFERENCE IN NET SALES (ABOVE)

 

116,500

 

 

 

 

 

 

 

ADJUSTED 2019 COST OF GOODS SOLD

$

1,169,591

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


The following information was filed by Universal Forest Products Inc (UFPI) on Wednesday, July 24, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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