Builders FirstSource posts $19 million loss
Builders FirstSource reported a net loss of $18.9 million for its third quarter, which ended Sept. 30, 2008, an improvement over the previous quarter’s loss of $45.9 million. The net loss for the third quarter of 2007 was $12 million.
Sales for the third fiscal quarter were $288.3 million, a 30.3 percent drop from sales of $413.9 million in the same quarter last year.
The company said it closed two facilities during the third quarter, although it did not specify where. Last week, Builders FirstSource announced it had exited the New Jersey market by shuttering five facilities: a distribution center, a manufacturing facility and three showrooms. Altogether, these closures will add $5 million to $7 million in liquidity in 2009, according to the company.
“We are more than two years into the downturn, and our cash remains strong at $131.2 million,” said CEO Floyd Sherman in a prepared statement. “Accordingly, we believe we are well positioned to withstand the challenging conditions facing our industry.”
Ranked No. 9 on the Home Channel News Top 350 Pro Dealer List, Builders FirstSource operates 61 lumberyards in 11 states.