Wednesday, April 27, 2011

BUILDER'S FIRST SOURCE STILL STRUGGLING

Builders FirstSource improved its loss from continuing operations to $21.1 million during the first quarter from a $31.2 million loss in the year-earlier period the company announced Tuesday. Sales increased 0.9% to $162.8 million.

There is a Builder's First Source truss plant in my town and yesterday I drove past it.  There were NO Trusses in the yard, on the trucks or stacked on cribbing.  Looked empty.
Builder's First Source, Hagerstown, MD

The Dallas-based building materials dealer said the loss from continuing operations included $900,000 in transaction costs and an $8.1 million tax valuation allowance. Adjusted loss from continuing operations lessened to $12.5 million from the $17 million loss in 2010's first quarter. The company defines adjusted loss from continuing operations as income (or loss) from continuing operations before non-cash or non-recurring items, such as debt issuance cost write-offs and tax valuation allowances.

While housing starts remained low and the new construction industry continued to suffer, company officials cited fewer competitors and the company's competitive nature as the reason for the improvements during the quarter.

2 comments:

Anonymous said...

Coach, you pointed out a statistic that many economists do not go near - the economic impact the housing industry has on the US economy. Oh, they talk about the lack of new housing starts but they do not write about the material suppliers, the truss plants, the panel plants, the service providers, the draftspersons, the purchasing agents, the sales reps and the TEN's OF THOUSANDS of others who are unemployed due to the poor condition of the housing market.
Thanks for helping to keep it in the forefront. Maybe one of these days the person occupying OUR White House will hear what you and others are saying, wake up and do something about it.

Frank Walters said...

The idea that any regular Joe can make a politician understand what he is going through is like finding a pot of gold at the end of a rainbow. Those people sit in Washington and pretend to care about us but I bet they don't worry about how much gas and food goes up or how they can afford health care or if their job is going to disappear this week.
As for the people that lost their jobs, homes and families because of the housing market, the White House doesn't even care. But Lord help us if some dictator in Libya gets angry. He sends everything we have there and the hell with our own people.
It seems like they don't have a clue how to get the economy restarted but we have Obama's birth certificate now, so I guess we can go to bed tonight with something good happening today.