Do it Best to carry Perf Go Green products
Perf Go Green, a marketer and distributor of biodegradable plastics, announced that its 13-gallon kitchen trash bags, 30-gallon lawn and leaf bags and 39-gallon garage bags will soon be available for purchase through Do it Best’s 4,100 independent hardware stores.
“Do it Best offers a strategic new channel for Perf Go Green to grow our business through thousands of hardware and home improvement stores around the globe,” said chairman and CEO Tony Tracy. “We look forward to a successful partnership that will also help further the ‘go green’ movement, which is estimated to become a $500 billion market in the U.S. in 2009.”
Perf Go Green began shipping to Do it Best in mid-October. In addition, Perf Go Green products will be available through the co-op’s Web site, doitbest.com, beginning in November.
Perf Go Green products incorporate recycled plastics that are combined with an Oxo-Biodegradable proprietary application method to produce the film for its bags. The company says Perf Go Green products biodegrade within two years, decomposing into simple materials found in nature much faster than regular plastics, which can take hundreds of years to break down.
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.
HCN Index limps into the weekend
The HCN Stock Index declined 4.68 percent on Friday to finish the week at 646.58. Since Monday, the index has steadily deteriorated, shedding 14.2 percent in four straight days of downward movement.
Also on Friday, the Dow Jones Industrial Average declined 3.59 percent, dropping 312.3 points to finish at 8,378.95.
Among the 20 home channel companies on the HCN index, BMHC suffered the highest percent decline on Friday – 40.9 percent. It finished the day at $0.42, after announcing the day before that it would no longer be traded on the New York Stock Exchange. Other big decliners were BlueLinx, down 9.1 percent; Fastenal, down 8.0 percent; and Builders FirstSource, down 7.74 percent.
Shares of Louisiana Pacific rose 20 cents to $3.48, a 6.1 percent gain.