ABC Supply names promotions
ABC Supply Co., the nation’s largest distributor of roofing, siding, windows and other exterior building products, has promoted 20 branch managers around the country to managing partners. They are Steve Colton of Neenah, Wis.; Ray Coxe of Delran, N.J.; Jamie Crawford of Salisbury, Md.; Gregg D’Angelo of Youngstown, Ohio; Dennis DeBolt of Santa Rosa, Calif.; Stephen Duggan of Conley, Ga.; Mark Forbes of Rockford, Ill.; Bob Gieseman of East Peoria, Ill.; Brian M. Jenks of Green Bay, Wis.; Allen Karspeck of Santa Fe, N.M.; Chuck Lavalley of Mentor, Ohio; Scott Morgan of Akron, Ohio; Jeremy Nickerson of Manassas, Va.; Mike Reilly of Portland, Maine; Travis Schmidt of Chippewa Falls, Wis.; Mick Self of Kenosha, Wis.; Rod Siler of Huntington, W.Va.; Kirk E. Stitt of New Castle, Pa.; Jason Torrence of Calhoun, Ga.; and Dustin Williams of St. Joseph, Mo.
The 20 new managing partners will continue to oversee their respective branches while taking on additional responsibilities. They have become members of ABC Supply’s National Branch Advisory Board, which advises senior management on a wide range of topics, including strategic initiatives, branch expansion, product development, technology, branch operation and company policy.
Based in Beloit, Wis., ABC Supply operates more than 450 branches in 44 states.
Deliveries down but orders up at KB Home
Los Angeles-based home builder KB Home reported revenues of $367.3 million for its third fiscal quarter, down 27% from $50 million in the third quarter of 2010.
The decrease was mainly due to a 31% year-over-year decrease in the number of homes delivered to 1,603, the company said, which was partly offset by a 6% year-over-year increase in the average selling price to $227,400.
The company reported a net loss of $9.6 million for the quarter, which ended Aug. 31, compared with a net loss of $1.4 million for the same quarter a year ago. The 2011 third quarter net loss included $1.2 million of noncash charges for inventory impairments and land-option contract abandonments, compared with $3.4 million of similar charges in the year-earlier quarter.
Net orders at KB Home increased 40% to 1,838 in the third quarter of 2011 from 1,314 in the corresponding period of 2010. By Aug. 31, the company had 2,657 homes in backlog, compared with a backlog of 2,169 homes by Aug. 31, 2010.
"We achieved encouraging operational and financial results in the third quarter despite the ongoing difficult housing environment," said Jeffrey Mezger, president and CEO. "We generated year-over-year growth in both net orders and backlog in all four of our operating regions. We also improved our bottom-line results by narrowing our net loss substantially from the second quarter.
"Our strategic actions over the past several quarters of investing in attractive land positions, opening new communities, and reducing construction and overhead costs are yielding measurable results," Mezger continued. "We remain carefully focused on extending and sustaining the positive sequential trends we have established, and ending the year with a strong fourth quarter, giving us momentum as we enter 2012."
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In August, new-home sales declined 2.3%
Sales of new single-family houses in August 2011 were at a seasonally adjusted annual rate of 295,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development.
The figure is 2.3% below the revised July rate of 302,000, but is 6.1% above the August 2010 estimate of 278,000.
The median sales price of new houses sold in August 2011 was $209,100; the average sales price was $246,000.
The seasonally adjusted estimate of new houses for sale at the end of August was 162,000. This represents a supply of 6.6 months at the current sales rate.
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