Industry Dashboard for Oct. 22, 2012
The housing starts dials blasted ahead of last month and last year, but existing-home sales actually slipped. Elsewhere on the Dashboard, the average price for a gallon of gas fell 11 cents in one week.
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.”