Epicor completes acquisition
Epicor Software Corp., the business software solutions provider, has announced its preliminary financial results for fiscal 2012 and the completion of its acquisition of Solarsoft Business Systems.
Based on its preliminary financial data, the Dublin, Calif.-based company expects total revenue for fiscal 2012 to be in the range of $866 million to $870 million, compared with fiscal 2011 pro forma total revenue of $847 million, an estimated 2% to 3% increase from fiscal 2011. Adjusted EBITDA is expected to be in the range of $220 million to $222 million for fiscal 2012, representing a 14% increase over the prior year, with pro forma adjusted EBITDA of $194 million, which was driven by increased revenue, as well as synergies achieved from the 2011 merger of Activant and Epicor.
Epicor expects a net loss for fiscal year 2012, which ended Sept. 30, to range from $36 million to $42 million as compared with a net loss of $56 million in fiscal 2011.
Epicor has completed its acquisition of Solarsoft Business Systems for $155 million, which was funded with cash on hand and a draw on an existing revolving credit facility of $69 million. The purchase of Solarsoft brings with it Progressive Solutions, a leading provider of enterprise resource planning (ERP) software for the LBM industry. Solarsoft acquired Progressive Solutions in June 2012.
Illinois hardware store to close
Marlowe’s Ace Hardware in Hampshire, Ill., will close by Nov. 10, according to an article in the Elgin Courier News. The Chicago-area store, formerly known as Myers Ace Hardware, has been in operation for more than 60 years.
Current owners Dean and Marge Marlowe, who have operated the business since June 1, 1981, are retiring. They told the newspaper they have tried unsuccessfully for two years to find a buyer who would purchase the building and take over the Ace Hardware business.
The store, located in an old building that once housed the town’s library, has a basement that the owners used for seasonal merchandise storage.
“People could come to us for pool chemicals year-round if they had hot tubs,” Marge Marlowe said. “We’ve also sold box fans year-round.”
September existing-home sales declined
September existing-home sales declined modestly, according to the National Association of Realtors. Inventory continued to tighten and the national median home price recorded its seventh back-to-back monthly increase from a year earlier.
Total existing-home sales fell 1.7% to a seasonally adjusted annual rate of 4.75 million in September from an upwardly revised 4.83 million in August, but are 11.0% above the 4.28 million-unit pace in September 2011.
Total existing-home sales are defined as completed transactions that include single-family homes, townhomes, condominiums and co-ops.
"Despite occasional month-to-month setbacks, we’re experiencing a genuine recovery," said Lawrence Yun , NAR chief economist. "More people are attempting to buy homes than are able to qualify for mortgages, and recent price increases are not deterring buyer interest. Rather, inventory shortages are limiting sales, notably in parts of the West."
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 3.47% in September from 3.60% in August; the rate was 4.11% in September 2011.
The national median existing-home price for all housing types was $183,900 in September, up 11.3% from a year ago.
Single-family home sales declined 1.9% to a seasonally adjusted annual rate of 4.21 million in September from 4.29 million in August, but are 10.8% higher than the 3.80 million-unit level in September 2011. The median existing single-family home price was $184,300 in September, up 11.4% from a year ago.
Existing condominium and co-op sales were unchanged at a seasonally adjusted annual rate of 540,000 in September, but are 12.5 percent above the 480,000-unit pace a year ago. The median existing condo price was $181,000 in September, which is 10.0 percent higher than September 2011.
Existing-home sales in the Northeast fell 6.3% to an annual level of 590,000 in September but are 7.3% above September 2011. Existing-home sales in the Midwest slipped 0.9% in September to a pace of 1.10 million but are 19.6% higher than a year ago. In the South, existing-home sales increased 0.5% to an annual level of 1.93 million in September and are 14.2% above September 2011. Existing-home sales in the West fell 3.4% to an annual pace of 1.13 million in September but are 0.9% above a year ago.