BFS files early results
In connection with a recent offering of senior secured notes, Builders FirstSource filed financial results for the fist two months of 2011 with the Securities and Exchange Commission (SEC) on April 5.
Sales for January and February 2011 were $95.7 million, a 4.2% increase over sales of $91.8 million for the two months ended Feb. 28, 2010. Lumber commodity prices were comparable over these same periods, and single-family housing starts declined 19.8% in its markets during January and February.
The Dallas-based pro dealer said it expects sales will be in the range of approximately $160 million to $165 million for the fiscal first quarter ending March 31, 2011, essentially flat with first-quarter 2010 sales of $161.4 million.
The company also expects that its fiscal first quarter, adjusted for EBITDA loss, will be in the range of approximately $9 million to $12 million, compared with a loss of $15.3 million in the first quarter of 2010.
Loss widens at KB Home
Los Angeles-based KB Home saw revenues drop 25% to $196.9 million in its first quarter ended Feb. 28. For the three months, the builder posted a net loss of $114.5 million, compared with a loss of $54.7 million in the same quarter last year.
President and CEO Jeffrey Mezger pointed to some positive trends.
"Despite the many headwinds that persist in today’s housing markets, our year-over-year pretax results, excluding noncash charges and the loss on loan guaranty, improved for the fourth consecutive quarter," he said.
Mezger added that the company is seeing higher traffic compared with a year ago.
The company delivered 949 homes in the first quarter of 2011, down 28% from the same period of 2010, with decreases in each of KB Home’s geographic regions.
NAHB renames suppliers council
The National Association of Home Builders (NAHB) has formally renamed its National Council of the Housing Industry, which represents 89 key companies that provide goods and services to builders. The new name of the organization is the NAHB Leading Suppliers Council.
The new name raises the visibility and reinforces the importance and support manufacturers and vendors give to NAHB members and the association, according to the NAHB announcement. Leading Suppliers members not only have a voice in association policy decisions through their operating committees, they also are encouraged to participate on NAHB committees as liaisons — making their specific expertise available to the members in areas of shared interest.
The Leading Suppliers also equip The New American Home, the show home created annually and put on display at the International Builders’ Show. For more information about the council, click here.