Beacon Roofing Supply's net income dropped nearly 24% to $19 million in its fiscal fourth quarter ended Sept. 30 from $24.9 million a year earlier, but the roofing distributor still posted a company-record $52.4 million net income for the year, up 30.1% from fiscal 2008's $40.3 million, the company announced today.
Fourth-quarter sales at the Peabody, Mass.-based company--the No. 5 business on the 2009 ProSales 100--fell 14% to $487.7 million from $567.2 million in July through September 2008. Sales for the fiscal year slipped 2.8% to $1.73 billion from $1.78 billion.
"We are very pleased to deliver record annual earnings for our shareholders in a still very difficult economic climate, and I congratulate our employees for their hard work and dedication in achieving these results," CEO and chairman Robert Buck said in a prepared statement.
"Our focus on cost controls, exceptional customer service and working capital management during 2009 has positioned us well to continue to deliver solid results, grow our company, and increase shareholder value in 2010 even amidst the continuing softness in new residential and commercial construction," Buck added.
Residential roofing sales decreased 6.7% during the quarter while non-residential roofing and complementary product sales declined 21.2% and 17.8%, respectively. Beacon attributed the fall-off in all three major product lines to economic conditions this year and lower levels of new construction and remodeling. Beacon also noted that there were sharp price increases and strong re-roofing activity in the fourth quarter last year, but not this year.
For the full year, residential roofing sales increased 18.3% while non-residential roofing and complementary product sales declined 17.1% and 21.6%, respectively.
During the fourth quarter, Beacon added new branches in Albuquerque, N.M., and Oklahoma City. Along with the North Texas sales staff, the new units have become part of the company's Shelter Southwest region.
Beacon Roofing Supply operates 172 branches in 37 states in the United States and three provinces in Eastern Canada.