Builders FirstSource (BFS) said today that its net sales plus those of its recently acquired ProBuild operations totaled $1.45 billion in 2015's fourth quarter, about 1% lower than what the two companies did in 2014's fourth quarter, when they were still separate. Sales volume rose 8%, but all those gains were overcome by commodity price deflation, the Dallas-based company said.
In other preliminary signals given to the market ahead of its planned March 3 earnings report, BFS said its gross margins were between 26.1% and 26.4% while adjusted EBITDA was between $70 million and $80 million and total liquidity as of Dec. 31 was over $680 million. The 1% decline in net sales excludes the impact of closed locations.
No net or operating profit numbers were released. BFS defines its adjusted EBITDA count as "net income (loss) before depreciation and amortization, interest expense, income taxes, gain (loss) on sale of assets, (income) loss from discontinued operations, and other non-cash or special items including asset impairments, facility closure costs, acquisition costs, severance, transaction and integration costs, and stock compensation expense and certain other unusual or infrequent items that are not representative of underlying trends."
BFS acquired ProBuild last July 31, creating the biggest full-service lumberyard chain in America. Its official third-quarter numbers, based solely on its operations, cited an $8.8 million net loss for the quarter. But with ProBuild's numbers included, it showed a pro forma net income of $19.2 million on net sales of $1.7 billion.