Stock Building Supply issued a revised financial forecast Monday projecting second quarter 2013 net income of between $1.3 million and $2.3 million, compared to a loss of $2.2 million in the year-ago quarter.
The update was provided in the company’s July 29 Securities and Exchange Commission (SEC) S-1 filing for its initial public offering originally announced in June. Stock says net sales in the quarter ending June 30 will come to between $313.7 million to $315.3 million, a 27% increase over the $246.5 million in sales for the second quarter of 2012.
For the first half of 2013, the company expects nets sales of $562.4 million to $564 million, compared to $434.4 million the year before.
In another SEC filing published today, the Raleigh-based company says it expects to raise between $141.2 million and $158.8 million by selling 8,823,530 shares of common stock at an anticipated price of $16 to $18 a share.
Stock says the company will offer half (4,411,765) of the shares for sale, while certain stockholders will offer the other half of the shares available. Stock says the company will offer half (4,411,765) of the share for sale, while certain stockholders will offer the other half of the shares available.
The stock will be listed on the NASDAQ Global Select Market under the symbol “STCK.”
The company will not receive any proceeds from the offering of shares by the selling stockholders. Goldman, Sachs & Co., Barclays Capital Inc. and Citigroup are serving as joint book-running managers for the offering. Robert W. Baird & Co. Incorporated is acting as lead co-manager, and Stephens Inc. and Wells Fargo Securities, LLC are acting as co-managers.
The nation’s ninth largest building supply company, Stock has operated in the red for years. Net losses in 2010, 2011, and 2012 totaled $83 million, $54 million, and $36.9 million, respectively.