Builders FirstSource Provides Preliminary Results for the Fourth Quarter Ended December 31, 2015
The Company is providing certain pro forma financial information in this press release that is adjusted to include the financial results of
The company is providing the following preliminary fourth quarter highlights in advance of its earnings release on or about
- Net sales were approximately
$1.45 billionfor the fourth quarter of 2015 which was down approximately 1 percent compared to pro forma results for the fourth quarter of 2014, excluding the impact of closed locations. Sales volume grew approximately 8 percent over the pro forma results for the fourth quarter of 2014. This was offset by approximately 9 percent as a result of the negative impact of commodity price deflation on our sales.
- Gross margin percentage is estimated between 26.1 percent and 26.4 percent for the fourth quarter of 2015.
- Adjusted EBITDA (a non GAAP financial measure defined below) is estimated between
$70 millionand $80 millionfor the fourth quarter of 2015.
- Total liquidity at
December 31, 2015was in excess of $680 million, consisting of net borrowing availability under the Company's revolving credit facility and cash on hand.
These preliminary, unaudited results are based on management's initial review of operations for the quarter ended
A copy of the Company's press release announcing its financial results and other statistical information for the fourth quarter and fiscal year 2015 is expected to be made available after the market closes on
Non GAAP Financial Measure - Adjusted EBITDA
The Company defines Adjusted EBITDA as GAAP net income (loss) before depreciation and amortization, interest expense, income taxes, gain (loss) on sale of assets, (income) loss from discontinued operations, and other non-cash or special items including asset impairments, facility closure costs, acquisition costs, severance, transaction and integration costs, and stock compensation expense and certain other unusual or infrequent items that are not representative of underlying trends. The Company's management uses Adjusted EBITDA as a supplemental measure in the evaluation of our business and believes that Adjusted EBITDA provides a meaningful measure of our performance because it eliminates the effects of period to period changes in taxes, costs associated with capital investments, interest expense, stock compensation expense, and other non-cash and non-recurring items. Adjusted EBITDA is not a financial measure calculated in accordance with GAAP. Accordingly, it should not be considered in isolation or as a substitute for net income (loss) or other financial measures prepared in accordance with GAAP. Because Adjusted EBITDA excludes some, but not all, items that affect net income (loss) and may vary among companies, Adjusted EBITDA presented by us may not be comparable to similarly titled measures of other companies. Adjusted EBITDA does not give effect to the cash we must use to service our debt or pay income taxes and thus does not reflect the funds generated from or used in operations or actually available for capital investments.
The Company is unable to reconcile Adjusted EBITDA to net income (loss) as it has not yet completed its financial closing procedures for the year and the quarter ended
The preliminary financial data presented herein has been prepared by, and is the responsibility of, The Company's management and has been derived from preliminary results of operations and is subject to the completion of the Company's customary closing, audit and review procedures for the quarter ended
Statements in this news release that are not purely historical facts or that necessarily depend upon future events, including statements about expected market share gains, forecasted financial performance or other statements about anticipations, beliefs, forecasted cost savings, expectations, hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements are based upon information available to
Jennifer PasquinoSVP Investor Relations Builders FirstSource, Inc.(303) 262-8571
News Provided by Acquire Media