Boise Cascade income multiplies in Q4
Boise Cascade did well for itself in the fourth quarter of 2013, with sales and income both benefiting from robust year-end growth.
Net sales for the three months ended Dec. 31, 2013, were $798.3 million, up from $694.6 in the fourth quarter of 2012. Income for the quarter came in at $9.8 million, a considerable improvement from 2012’s $1.2 million take-home total.
For the full year, sales were up 17.8% at $3.27 billion; income was up 182% at $116.9 million.
"We are pleased by our accomplishments in 2013," said CEO Tom Carlile. "Our manufacturing business continued to execute well, capturing the benefit of higher prices and increased engineered wood products sales volumes. In addition, the two plywood plants we acquired at the end of the third quarter have been successfully integrated and provided incremental volume and earnings consistent with our expectations. Our distribution business managed its way through the volatile commodity pricing in the first half of the year and had a solid second half of the year providing positive cost leverage on the 2013 sales growth. The operational achievements and acquisition, along with our initial public offering in February, made for an exciting 2013."
The Wood Products segment experienced the greatest sales growth at 31% for the quarter. Building Materials Distribution received an 11% boost in sales.
"In 2014, we look forward to taking further advantage of improvements in construction activity, growing the company, and executing on the strategic initiatives of our existing operations," added Carlile.
Tile Shop reports gains, sees work ahead
After making major investments in store openings and infrastructure in 2013, Tile Shop Holdings reported fourth-quarter improvements in sales and earnings.
But with a full-year loss of $35.7 million, the company said it still has a long way to go.
In the fourth quarter, the specialty retailer of manufactured and natural stone tiles, reported net sales of $57.8 million, up 25.2% from the year-ago period. Comparable-store sales increased 10.1%.
Fourth-quarter net income swung to a profit of $1.4 million, compared with a net income loss of $35.8 million in the fourth quarter last year.
“We have made significant investments in the company in 2013, including the opening of 20 new stores, a new distribution and manufacturing facility and additional corporate infrastructure, all of which are necessary and valuable for the future of the company,” said Robert Rucker, CEO. “While we made progress in strengthening The Tile Shop brand and infrastructure this past year, we recognize that we have more work in 2014 and beyond. We continue to firmly believe that as our new stores mature, the company will return to the historical levels of profitability.”
For the full year, the company posted a net loss of $35.7 million, compared with a net loss of $46.9 million in 2012.
Harsh weather conditions weighed on Tile Shops’ performance in the fourth quarter, according to the company.
Tile Shop opened eight new stores in the quarter. The company operates 90 stores in 28 states.
Whirlpool elects Gerri Elliott to its board
Whirlpool Corporation has elected Geraldine "Gerri" Elliott, EVP and chief customer officer at Juniper Networks, to its board of directors.
"Gerri has exceptional information technology and leadership expertise, and we are delighted to welcome her to our board," said Jeff M. Fettig, Whirlpool Corporation’s chairman and CEO. "As we drive results in an increasingly digital economy, Gerri’s strategic understanding of transformative digital technologies, as well as her global marketing, sales and service experience, will be invaluable to our board of directors and Whirlpool Corporation."
Elliott has been with Juniper since 2009; before then, she worked for Microsoft Corporation in various senior executive positions, as well as IBM Corporation in several executive and management roles. In her current role with Juniper, she drives strategic and operational objectives for global marketing, sales, systems engineering, advanced technologies, channel partners, field operations and customer service organizations. She will be retiring from Juniper later in 2014.
Elliott was also recently elected to Bed Bath & Beyond’s board of directors.