DALLAS, Feb. 19, 2009 (GLOBE NEWSWIRE) -- Builders FirstSource, Inc. (Nasdaq:BLDR), a leading supplier and manufacturer of structural and related building products for residential new construction in the United States, today reported its results for the fourth quarter and fiscal year ended December 31, 2008.
2008 Financial Highlights (unaudited)
---------------------------------------------------
Diluted Diluted
Fourth Per Fiscal Per
Quarter Share Year Share
--------------- ------- ---------------- -------
Sales $ 201.3 million $1,034.5 million
Loss from
continuing
operations $(53.4) million $(1.50) $(131.8) million $(3.70)
Loss from
discontinued
operations, net
of tax $ (5.4) million $(0.15) $ (7.7) million $(0.21)
Net loss $(58.9) million $(1.65) $(139.5) million $(3.91)
Included in the
calculation
thereof:
Asset
impairments $ 36.8 million $ 0.72 $ 51.1 million $ 0.97
Facility
closure
costs $ 0.5 million $ 0.01 $ 4.8 million $ 0.08
Valuation
Allowance $ 9.0 million $ 0.25 $ 35.5 million $ 1.00
------- -------
$ 0.98 $ 2.05
Adjusted EBITDA $(12.1) million $ (36.2) million
"During the fourth quarter, we saw a continued decline in housing activity as actual single-family housing starts dropped to 103,600 from 188,300 in the same period of 2007, or a 45.0 percent decline. The fourth quarter percentage decline was the largest year-over-year change since the housing correction began in March 2006," said Floyd Sherman, Builders FirstSource Chief Executive Officer. "For the year, actual single-family housing starts fell to 622,400 from 1,046,100 last year, or a 40.5 percent decline. However, the annualized rate for single-family starts at the end of 2008 was 398,000, the lowest recorded since the U.S. Census Bureau began its record keeping in 1959. This level suggests that 2009 will likely be worse than 2008, with our belief that the first six months of 2009 will be especially challenging."
Mr. Sherman continued, "We felt the impact of these difficult conditions on our 2008 results although we were able to limit it through our action plan. Our action plan principally consisted of growing market share, reducing physical capacity, adjusting staffing levels, implementing cost containment programs, managing credit tightly, and, most importantly, conserving cash. Overall we feel these efforts were very successful. We estimate that market share gains reduced our sales decline year-over-year by an estimated 10 percent. From a capacity standpoint, we closed or mothballed 14 facilities during 2008. The closures reduced our fixed operating costs and largely allowed us to redeploy sales to other locations to gain efficiencies. We lowered our average headcount by over 1,600 to 4,850 in 2008, a decrease of 25.2 percent from 2007. Our headcount at December 31, 2008, was down over 2,100 to 3,274, a 39.3 percent decrease from the beginning of 2008. The reductions in payroll costs coupled with our other cost reductions allowed us to reduce our selling, general and administrative expenses, excluding non-cash and non-recurring charges, by 19.5 percent or approximately 65 percent variable with the sales volume decline. Our bad debt expense as a percentage of sales increased only 24 basis points. The most important measure to us, cash used, was only $30.7 million for 2008. These efforts will not only benefit us in the short-term but will allow us to be a more efficient organization in the long-term."
"During these difficult economic times, we are focused not only on the fiscal side of our business, but also on maintaining and building on customer and supplier relationships. We have expanded our reach into the multi-family and light commercial segments while fostering our relations with our existing customers," Mr. Sherman said. "We know our employees are critical in maintaining and building on these relationships. We have asked a lot from them over the last two years and I am appreciative of how they have responded. Without their efforts, we would not have been able to weather this downturn as well as we have."
Charles Horn, Builders FirstSource Senior Vice President and Chief Financial Officer, added, "Since the beginning of the housing downturn, a primary focus has been on protecting liquidity. Thirty-three months into this correction, we feel we have been successful. We ended 2008 with almost $107 million in cash while we used only $30.7 million during the year. A big element in protecting liquidity is tight working capital management. For 2008, our working capital percentage of sales was 11.9 percent, excluding cash and income tax receivables, up only slightly from 11.4 percent in 2007."
Fourth Quarter 2008 Results Compared to Fourth Quarter 2007 (See accompanying financial schedules for full financial details and reconciliations of Non-GAAP financial measures to their GAAP equivalents.)
* Sales were $201.3 million compared to $290.2 million last year, a
year-over-year decline of $88.9 million or 30.6 percent. Our
sales volume dropped an estimated 27.9 percent compared to an
estimated 45.6 percent decline in housing activity in our
markets, signifying a contribution from market share gains of an
estimated 15 percent.
* Gross margin percentage was 21.3 percent, down from 23.0 percent,
a 1.7 percentage point decline year-over-year. Specifically, our
gross margin percentage declined 0.8 percentage points due to
price, 0.6 percentage points due to volume (fixed costs in costs
of goods sold), and 0.3 percentage points due to a shift in sales
mix toward installed product sales, which carry a lower gross
margin percentage than distributed sales.
* Selling, general and administrative ("SG&A") expenses decreased
$15.1 million, or 18.7 percent. As a percentage of sales,
however, SG&A expense increased from 27.9 percent in 2007 to 32.7
percent in 2008 which is reflective of fixed cost items becoming
a larger percentage of our SG&A. Average full-time equivalent
employees for the fourth quarter 2008 were 27.0 percent lower
than the fourth quarter 2007, while our salaries and benefits
expense, excluding stock compensation expense, fell $11.3
million, or 24.6 percent. Offsetting the declines in SG&A were a
$1.1 million increase in stock compensation expense and $2.8
million in transaction costs associated with cancelled
acquisitions.
* We recorded asset impairment charges of $36.8 million before tax,
or $0.72 per share net of tax. We recorded a goodwill impairment
charge of $36.4 million related to our Florida business unit. The
impairment charge is the result of the continued decline in
housing starts in this market and the effect of this decline on
this business unit's current operating performance as well as
long-term expectations. Additionally, we recorded a pre-tax asset
impairment charge of $0.4 million related to land we have held
for sale. As a result of the goodwill impairment charge taken
during the fourth quarter, the Florida business unit no longer
has any remaining goodwill on the balance sheet.
* We recorded a tax benefit of $13.4 million, or a 20.0 percent tax
benefit rate, during the quarter compared to a tax benefit of
$10.3 million, or 37.7 percent tax benefit rate, last year. Our
benefit for the quarter was reduced by an after-tax, non-cash
valuation allowance of $9.0 million, or $0.25 per share, related
to our net deferred tax assets. The valuation allowance is
reflected as a reduction to fourth quarter income tax benefit and
to the Company's net deferred tax assets as of December 31, 2008.
* Loss from continuing operations was $53.4 million, or $1.50 loss
per diluted share, compared to $16.9 million, or $0.48 loss per
diluted share.
* As announced subsequent to the third quarter of 2008, we exited
the New Jersey market, which we are treating as a discontinued
operation for accounting purposes. As such, our loss from
discontinued operations for the fourth quarter of 2008 was $5.4
million, or $0.15 loss per diluted share, compared to $3.4
million, or $0.10 loss per diluted share. Included in
discontinued operations in the fourth quarter of 2008 was $3.7
million in facility closure costs.
* Net loss was $58.9 million, or $1.65 loss per diluted share,
compared to net loss of $20.4 million, or $0.58 loss per diluted
share.
* Diluted weighted average shares outstanding were 35.7 million
compared to 35.1 million.
* Adjusted EBITDA was a loss of $12.1 million compared to a loss of
$5.2 million last year. See reconciliation attached.
* Operating cash flow was $(5.6) million compared to $11.8 million
for the fourth quarter of 2008 and 2007, respectively.
* Capital expenditures were $0.6 million compared to $2.6 million
for the fourth quarter of 2008 and 2007, respectively.
Fiscal Year 2008 Financial Results Compared to Fiscal Year 2007 (See accompanying financial schedules for full financial details and reconciliations of Non-GAAP financial measures to their GAAP equivalents.)
* Sales were $1,034.5 million compared to $1,530.5 million, a decline of $496.0 million or 32.4 percent. Our sales volume dropped an estimated 30.4 percent compared to an estimated 42.5 percent decline in housing activity in our markets, signifying a contribution from market share gains of an estimated 10 percent. * Gross margin percentage was 21.6 percent, down from 24.6 percent, a 3.0 percentage point decline from last year. Specifically, our gross margin percentage decreased by 1.9 percentage points due to price, 0.9 percentage points due to volume (fixed costs in costs of goods sold),and 0.2 percentage points due to a shift in sales mix toward installed product sales, which carry a lower gross margin percentage than distributed sales. * Selling, general and administrative expenses decreased $66.0 million, or 18.4 percent. As a percentage of sales, however, SG&A expense increased from 23.4 percent in 2007 to 28.3 percent in 2008 which is reflective of fixed cost items becoming a larger percentage of our SG&A. Average full time equivalent employees for 2008 were 25.0 percent lower than 2007, while our salaries and benefits expense, excluding stock compensation expense, fell $49.3 million, or 23.2 percent. Offsetting the declines in SG&A were a $1.5 million increase in stock compensation expense, and $2.8 million in transaction costs associated with cancelled acquisitions. * We recorded asset impairment charges charges of $51.1 million before tax, or $0.97 per diluted share net of tax. We recorded goodwill impairment charges of $44.0 million in 2008 related to our Ohio and Florida business units. The impairment charge is the result of a continued decline in housing starts in these specific business units and the effect of this decline on these business units' current operating performance as well as long-term expectations. Additionally, we recorded pre-tax asset impairment charges of $7.1 million which consisted of $4.4 million of other intangible assets, $2.3 million of fixed assets, and $0.4 million related to land held for sale. * We recorded facility closure costs of $4.8 million, or $0.08 per share net of tax, in 2008 compared to $0.1 million, or $0.00 per share net of tax, in 2007. Due to the protracted decline in the economic conditions that affect our industry, we evaluated the current operating performance as well as the long-term expectations of our locations. Based on this evaluation, we closed a number of underperforming locations in 2008. The majority of the facility closure costs relate to future lease obligations on our closed facilities. * We recorded a tax benefit of $18.9 million, or a 12.5 percent tax benefit rate, during 2008 compared to a tax benefit of $12.1 million, or a 44.8 percent tax benefit rate, during 2007. Our benefit for 2008 was reduced by an after-tax, non-cash valuation allowance of $35.5 million, or $1.00 per share, related to our net deferred tax assets. The valuation allowance is reflected as a reduction to the income tax benefit and to the Company's net deferred tax assets as of December 31, 2008. The 2007 tax benefit rate was affected by tax legislation that was enacted in one of our filing jurisdictions which resulted in a $1.4 million increase in the value of our deferred tax assets related to loss carryforwards for this jurisdiction. * Loss from continuing operations was $131.8 million, or $3.70 loss per diluted share, compared to $14.9 million, or $0.43 loss per diluted share. * As announced subsequent to the third quarter of 2008, we exited the New Jersey market which we are treating as a discontinued operation for accounting purposes. As such, our loss from discontinued operations for 2008 was $7.7 million, or $0.21 loss per diluted share, compared to $8.9 million, or $0.25 loss per diluted share. Included in discontinued operations in 2008 was $3.7 million in facility closure costs. * Net loss was $139.5 million, or $3.91 loss per diluted share, compared to net loss of $23.8 million, or $0.68 loss per diluted share. * Diluted weighted average shares outstanding were 35.6 million compared to 34.9 million. * Adjusted EBITDA was a loss of $36.2 million compared to income of $51.1 million for 2007. See attached reconciliation.
Liquidity and Capital Resources
* During the fourth quarter of 2008, we repaid $20 million of
outstanding borrowings under our revolving credit facility
reducing the balance to $40 million at December 31, 2008.
Subsequent to year-end, we reduced our revolving credit facility
from $350 million to $250 million as allowed by the revolving
credit facility agreement. Our available borrowing capacity at
December 31, 2008 was not affected by this reduction as eligible
accounts receivable and inventory balances ("borrowing base"),
which are used to calculate the available borrowing capacity, did
not support $250 million in borrowings. We do not anticipate that
our borrowing base will support borrowings in excess of $250
million at any point during the remaining life of the credit
facility. This reduction will allow us to reduce our interest
expense related to commitment fees. As a result, we wrote-off
$1.2 million of deferred financing costs in January 2009.
* Our cash on hand was $106.9 million at December 31, 2008. Our net
borrowing availability at December 31, 2008 was zero due to a
drop in our eligible borrowing base coupled with lower seasonal
advance rates set forth under the credit agreement. Approximately
$12.8 million of cash on hand at year-end supported a short-fall
in the calculation of the $35 million minimum liquidity covenant
contained in the credit agreement. This covenant calculates as
eligible borrowing base minus outstanding borrowings, and the
resulting amount must exceed $35 million or the Company is
required to meet a fixed charge coverage ratio, which we
currently would not meet. The calculation also allows cash on
deposit with the agent to be included as eligible borrowing base.
Absent the use of cash in the calculation, we would have been
forced to repay $12.8 million in borrowings in order to comply
with the covenant. Accordingly, our available cash was $94.1
million at December 31, 2008. We anticipate this shortfall in
eligible borrowing base to dissipate by March 2009, when our
advance rates increase in accordance with the credit facility.
* Operating cash flow was $(28.9) million compared to $71.5 million
for 2008 and 2007, respectively.
* Capital expenditures were $8.2 million and $10.1 million for 2008
and 2007, respectively
Outlook
The company cannot predict the duration of the current market conditions or the strength of future recovery in the housing market. However, we expect the difficult conditions to continue throughout 2009. Additionally, increased competitive pressure arising from the current operating conditions could continue to have a negative impact on our operating results.
Mr. Sherman concluded, "We expect 2009 to be a continuation of a very difficult housing environment. The National Association of Home Builders is forecasting 461,000 single-family housing starts for 2009. We will continue executing our strategy of implementing cost containment programs, managing credit tightly, rationalizing physical capacity, and growing market share in order to conserve liquidity. The continued execution of our strategy coupled with $94.1 million in available cash and $35 million in expected income tax refunds in 2009 should provide the liquidity to weather yet another year in these unprecedented industry conditions."
Conference Call
Builders FirstSource will host a conference call Friday, February 20, 2009, at 10:00 a.m. Central Time (CT) and will simultaneously broadcast it live over the Internet. To participate in the teleconference, please dial into the call a few minutes before the start time: 888-690-2877 (U.S. and Canada) and 913-981-5545 (international). A replay of the call will be available from 1:00 p.m. CT February 20, 2009 through April 15, 2009. To access the replay, please dial 888-203-1112 (U.S. and Canada) and 719-457-0820 (international). Please refer to pass code 8664427. To access the webcast, go to www.bldr.com and click on "Investors." The online archive of the webcast will be available for approximately 90 days.
About Builders FirstSource
Headquartered in Dallas, Texas, Builders FirstSource is a leading supplier and manufacturer of structural and related building products for residential new construction. The company operates in 11 states, principally in the southern and eastern United States, and has 58 distribution centers and 57 manufacturing facilities, many of which are located on the same premises as our distribution facilities. Manufacturing facilities include plants that manufacture roof and floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes windows, interior and exterior doors, dimensional lumber and lumber sheet goods, millwork and other building products. For more information about Builders FirstSource, visit the company's Web site at www.bldr.com.
Cautionary Notice
Statements in this news release and the schedules hereto which are not purely historical facts or which necessarily depend upon future events, including statements about the impact of expected market share gains, plans to reduce costs, forecasted financial performance or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements are based upon information available to Builders FirstSource, Inc. on the date this release was submitted. Builders FirstSource, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to the Company's growth strategies, including gaining market share, or the Company's revenues and operating results being highly dependent on, among other things, the homebuilding industry, lumber prices and the economy. Builders FirstSource, Inc. may not succeed in addressing these and other risks. Further information regarding factors that could affect our financial and other results can be found in the risk factors section of Builders FirstSource, Inc.'s most recent annual report on Form 10-K filed with the Securities and Exchange Commission. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein.
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(unaudited)
Three months ended Twelve months ended
December 31, December 31,
----------------------------------------------
2008 2007 2008 2007
---------------------------------------------------------------------
(in thousands, except per share amounts)
Sales $ 201,339 $ 290,194 $1,034,524 $1,530,527
Cost of sales 158,375 223,428 811,372 1,154,081
----------------------- ----------------------
Gross margin 42,964 66,766 223,152 376,446
Selling, general
and administrative
expenses (includes
stock-based
compensation
expense of $2,116
and $1,015 for
the three months
ended in 2008
and 2007,
respectively, and
$8,479 and $6,970
for the twelve
months ended in
2008 and 2007,
respectively) 65,795 80,896 292,286 358,293
Asset impairments 36,818 5,350 51,053 17,268
Facility closure
costs 470 (162) 4,809 128
----------------------- ----------------------
(Loss) income
from operations (60,119) (19,318) (124,996) 757
Interest expense,
net 6,756 7,882 25,664 27,729
----------------------- ----------------------
Loss from
continuing
operations
before income
taxes (66,875) (27,200) (150,660) (26,972)
Income tax benefit (13,429) (10,261) (18,870) (12,084)
----------------------- ----------------------
Loss from
continuing
operations (53,446) (16,939) (131,790) (14,888)
Loss from
discontinued
operations (net
of income tax
benefit of none
and $1,843 for
the three months
ended 2008 and
2007,
respectively,
and none and
$4,766 for the
twelve months
ended 2008 and
2007,
respectively (5,433) (3,428) (7,704) (8,864)
----------------------- ----------------------
Net loss $ (58,879) $ (20,367) $ (139,494) $ (23,752)
======================= ======================
Net loss per share:
Loss from
continuing
operations $ (1.50) $ (0.48) $ (3.70) $ (0.43)
Loss from
discontinued
operations (0.15) (0.10) (0.21) (0.25)
----------------------- ----------------------
Net loss $ (1.65) $ (0.58) $ (3.91) $ (0.68)
======================= ======================
Weighted average
common shares:
Basic and diluted 35,721 35,060 35,634 34,904
======================= ======================
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
Sales by Product Category
(unaudited)
Three months ended December 31,
----------------------------------------
2008 2007
---------------------------------------------------------------------
(dollars in thousands)
Prefabricated components $ 37,986 18.9% $ 57,823 19.9%
Windows & doors 50,705 25.2% 72,901 25.1%
Lumber & lumber sheet
goods 45,626 22.7% 70,911 24.4%
Millwork 20,396 10.1% 30,987 10.7%
Other building products
& services 46,626 23.1% 57,572 19.9%
------------------- ------------------
Total sales $ 201,339 100.0% $ 290,194 100.0%
=================== ==================
Twelve months ended December 31,
----------------------------------------
2008 2007
---------------------------------------------------------------------
(dollars in thousands)
Prefabricated components $ 204,671 19.8% $ 316,254 20.7%
Windows & doors 255,949 24.7% 358,895 23.4%
Lumber & lumber sheet
goods 247,569 23.9% 405,991 26.5%
Millwork 107,612 10.4% 151,802 9.9%
Other building products
& services 218,723 21.2% 297,585 19.5%
------------------- ------------------
Total sales $1,034,524 100.0% $1,530,527 100.0%
=================== ==================
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(unaudited)
December 31, December 31,
2008 2007
---------------------------------------------------------------------
(in thousands, except per share amounts)
ASSETS
Current assets:
Cash and cash equivalents $ 106,891 $ 97,574
Trade accounts receivable,
less allowance of $6,194 and
$7,209, respectively 84,984 126,430
Other receivables 41,516 23,052
Inventories 68,868 95,038
Other current assets 8,358 26,672
------------ ------------
Total current assets 310,617 368,766
Property, plant and equipment,
net 80,374 96,358
Goodwill 111,193 155,588
Other assets, net 18,956 26,711
------------ ------------
Total assets $ 521,140 $ 647,423
============ ============
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts Payable $ 35,414 $ 65,811
Accrued liabilities 37,794 47,626
Current maturities of
long-term debt 44 40
------------ ------------
Total current liabilities 73,252 113,477
Long-term debt, net of current
maturities 319,182 279,226
Other long-term liabilities 26,232 13,173
------------ ------------
418,666 405,876
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par
value, 10,000 shares
authorized; zero shares
issued and outstanding -- --
Common stock, $0.01 par value,
200,000 shares authorized;
36,128 and 35,701 shares
issued and outstanding at
December 31, 2008 and
2007, respectively 357 351
Additional paid-in capital 146,650 138,476
Retained (deficit) earnings (37,119) 102,375
Accumulated other
comprehensive (loss) income (7,414) 345
------------ ------------
Total stockholders' equity 102,474 241,547
------------ ------------
Total liabilities and
stockholders' equity $ 521,140 $ 647,423
============ ============
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(unaudited)
Twelve months ended December 31,
---------------------------------
2008 2007
---------------------------------------------------------------------
(in thousands)
Cash flows from operating
activities:
Net loss $ (139,494) $ (23,752)
Adjustments to reconcile net
loss to net cash (used in)
provided by operating
activities:
Depreciation and amortization 21,574 23,331
Asset impairments 51,053 17,268
Amortization of deferred
loan costs 2,835 4,206
Deferred income taxes 18,705 (9,686)
Bad debt expense 4,695 3,323
Non-cash loss from
discontinued operations 7 8,876
Non-cash stock based
compensation 8,479 6,970
Net gain on sales of assets (1,617) (797)
Changes in assets and
liabilities:
Receivables 16,830 48,186
Inventories 26,170 28,851
Other current assets 915 966
Other assets and liabilities 2,619 (3,007)
Accounts payable (30,397) (20,789)
Accrued liabilities (11,251) (12,449)
---------- ----------
Net cash (used in)
provided by operating
activities (28,877) 71,497
---------- ----------
Cash flows from investing
activities:
Purchases of property, plant
and equipment (8,193) (10,053)
Proceeds from sale of
property, plant and equipment 5,209 2,015
Cash used for acquisitions,
net 701 (18,288)
---------- ----------
Net cash used in investing
activities (2,283) (26,326)
---------- ----------
Cash flows from financing
activities:
Net borrowings under the
revolving credit facility 40,000 --
Payments of long-term debt
and other loans (40) (39,934)
Deferred loan costs (380) (4,423)
Exercise of stock options 1,313 4,224
Repurchase of common stock (416) (722)
---------- ----------
Net cash provided by
(used in) financing
activities 40,477 (40,855)
---------- ----------
Net change in cash and cash
equivalents 9,317 4,316
Cash and cash equivalents at
beginning of period 97,574 93,258
---------- ----------
Cash and cash equivalents at
end of period $ 106,891 $ 97,574
========== ==========
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures to their
GAAP Equivalents
(unaudited - dollars in thousands)
Note: The company provided detailed explanations of these non-GAAP
financial measures in its Form 8-K filed with the Securities
and Exchange Commission on February 19, 2009.
Three months ended Twelve months ended
December 31, December 31,
--------------------- ---------------------
2008 2007 2008 2007
--------------------------------------------- ---------------------
Reconciliation to
Adjusted EBITDA:
Net loss $ (58,879) $ (20,367) $(139,494) $ (23,752)
Reconciling items:
Depreciation and
amortization
expense 5,070 5,914 21,574 23,331
Interest expense,
net 6,756 7,882 25,664 27,729
Income tax benefit (13,429) (10,261) (18,870) (12,084)
Gain on sale of
assets (337) (227) (1,617) (797)
Loss from
discontinued
operations, net
of tax 5,433 3,428 7,704 8,864
Asset impairments 36,818 5,350 51,053 17,268
Facility closure
costs 470 (162) 4,809 128
Severance 1,011 1,112 1,663 2,316
Acquisition costs 2,824 1,087 2,824 1,087
Stock compensation
expense 2,116 1,015 8,479 6,970
--------------------- ---------------------
Adjusted EBITDA $ (12,147) $ (5,229) $ (36,211) $ 51,060
===================== =====================
Adjusted EBITDA
as percentage
of sales -6.0% -1.8% -3.5% 3.3%