x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Michigan
|
38-1465835
|
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
|
incorporation or organization)
|
Identification Number)
|
2801 East Beltline NE, Grand Rapids, Michigan
|
49525
|
|
(Address of principal executive offices)
|
(Zip Code)
|
NONE
|
(Former name or former address, if changed since last report.)
|
Large Accelerated Filer x
|
Accelerated Filer o
|
Non-Accelerated Filer o
|
Smaller reporting company o
|
Class
|
Outstanding as of September 24, 2011
|
|
Common stock, no par value
|
19,556,008
|
Page No.
|
||||
PART I. |
FINANCIAL INFORMATION.
|
|||
Item 1.
|
Financial Statements.
|
|||
3
|
||||
4
|
||||
5
|
||||
6
|
||||
7 - 16
|
||||
Item 2.
|
17 - 30
|
|||
Item 3.
|
31
|
|||
Item 4.
|
31
|
|||
PART II. |
OTHER INFORMATION.
|
|||
Item 1.
|
Legal Proceedings - NONE.
|
|||
Item 1A.
|
Risk Factors - NONE.
|
|||
Item 2.
|
32
|
|||
Item 3.
|
Defaults upon Senior Securities - NONE.
|
|||
Item 4.
|
(Removed and Reserved).
|
|||
Item 5.
|
32
|
|||
Item 6.
|
33
|
September 24,
|
December 25,
|
September 25,
|
||||||||||
2011
|
2010
|
2010
|
||||||||||
ASSETS
|
||||||||||||
CURRENT ASSETS:
|
||||||||||||
Cash and cash equivalents
|
$ | 18,649 | $ | 43,363 | $ | 41,936 | ||||||
Accounts receivable, net
|
173,965 | 126,780 | 166,369 | |||||||||
Inventories:
|
||||||||||||
Raw materials
|
106,769 | 113,049 | 104,736 | |||||||||
Finished goods
|
74,113 | 77,341 | 67,721 | |||||||||
180,882 | 190,390 | 172,457 | ||||||||||
Assets held for sale
|
5,082 | 2,446 | - | |||||||||
Refundable income taxes
|
1,779 | 816 | - | |||||||||
Other current assets
|
19,714 | 19,020 | 18,759 | |||||||||
TOTAL CURRENT ASSETS
|
400,071 | 382,815 | 399,521 | |||||||||
OTHER ASSETS
|
11,470 | 11,455 | 6,069 | |||||||||
GOODWILL
|
154,702 | 154,702 | 156,992 | |||||||||
INDEFINITE-LIVED INTANGIBLE ASSETS
|
2,340 | 2,340 | 2,340 | |||||||||
OTHER INTANGIBLE ASSETS, net
|
11,920 | 15,933 | 15,719 | |||||||||
PROPERTY, PLANT AND EQUIPMENT:
|
||||||||||||
Property, plant and equipment
|
531,431 | 517,793 | 516,337 | |||||||||
Accumulated depreciation and amortization
|
(313,511 | ) | (295,642 | ) | (294,498 | ) | ||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
217,920 | 222,151 | 221,839 | |||||||||
TOTAL ASSETS
|
$ | 798,423 | $ | 789,396 | $ | 802,480 | ||||||
LIABILITIES AND EQUITY
|
||||||||||||
CURRENT LIABILITIES:
|
||||||||||||
Accounts payable
|
$ | 65,315 | $ | 59,481 | $ | 62,621 | ||||||
Accrued liabilities:
|
||||||||||||
Compensation and benefits
|
39,269 | 43,909 | 46,949 | |||||||||
Income taxes
|
- | - | 543 | |||||||||
Other
|
17,554 | 15,135 | 21,485 | |||||||||
Current portion of long-term debt and capital lease obligations
|
266 | 712 | 702 | |||||||||
TOTAL CURRENT LIABILITIES
|
122,404 | 119,237 | 132,300 | |||||||||
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion
|
52,200 | 54,579 | 52,465 | |||||||||
DEFERRED INCOME TAXES
|
20,354 | 20,631 | 21,492 | |||||||||
OTHER LIABILITIES
|
17,496 | 13,773 | 14,134 | |||||||||
TOTAL LIABILITIES
|
212,454 | 208,220 | 220,391 | |||||||||
EQUITY:
|
||||||||||||
Controlling interest shareholders' equity:
|
||||||||||||
Preferred stock, no par value; shares authorized 1,000,000; issued and outstanding, none
|
||||||||||||
Common stock, no par value; shares authorized 40,000,000; issued and outstanding 19,556,008, 19,333,122 and 19,291,486
|
$ | 19,556 | $ | 19,333 | $ | 19,291 | ||||||
Additional paid-in capital
|
141,849 | 138,573 | 136,400 | |||||||||
Retained earnings
|
416,433 | 414,108 | 417,842 | |||||||||
Accumulated other comprehensive earnings
|
3,844 | 4,165 | 3,998 | |||||||||
Employee stock notes receivable
|
(1,439 | ) | (1,670 | ) | (1,721 | ) | ||||||
580,243 | 574,509 | 575,810 | ||||||||||
Noncontrolling interest
|
5,726 | 6,667 | 6,279 | |||||||||
TOTAL EQUITY
|
585,969 | 581,176 | 582,089 | |||||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 798,423 | $ | 789,396 | $ | 802,480 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 24,
|
September 25,
|
September 24,
|
September 25,
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
NET SALES
|
$ | 468,941 | $ | 480,574 | $ | 1,400,313 | $ | 1,512,166 | ||||||||
COST OF GOODS SOLD
|
414,583 | 426,159 | 1,247,954 | 1,328,232 | ||||||||||||
GROSS PROFIT
|
54,358 | 54,415 | 152,359 | 183,934 | ||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
44,013 | 47,286 | 135,829 | 149,815 | ||||||||||||
NET LOSS ON DISPOSITION OF ASSETS, EARLY RETIREMENT, AND OTHER IMPAIRMENT AND EXIT CHARGES
|
207 | 1,137 | 3,696 | 1,521 | ||||||||||||
EARNINGS FROM OPERATIONS
|
10,138 | 5,992 | 12,834 | 32,598 | ||||||||||||
INTEREST EXPENSE
|
926 | 888 | 2,738 | 2,677 | ||||||||||||
INTEREST INCOME
|
(69 | ) | (111 | ) | (449 | ) | (301 | ) | ||||||||
857 | 777 | 2,289 | 2,376 | |||||||||||||
EARNINGS BEFORE INCOME TAXES
|
9,281 | 5,215 | 10,545 | 30,222 | ||||||||||||
INCOME TAXES
|
3,293 | 2,017 | 3,508 | 10,836 | ||||||||||||
NET EARNINGS
|
5,988 | 3,198 | 7,037 | 19,386 | ||||||||||||
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
(372 | ) | (614 | ) | (814 | ) | (2,099 | ) | ||||||||
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST
|
$ | 5,616 | $ | 2,584 | $ | 6,223 | $ | 17,287 | ||||||||
EARNINGS PER SHARE - BASIC
|
$ | 0.29 | $ | 0.13 | $ | 0.32 | $ | 0.90 | ||||||||
EARNINGS PER SHARE - DILUTED
|
$ | 0.29 | $ | 0.13 | $ | 0.32 | $ | 0.89 | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
|
19,441 | 19,201 | 19,387 | 19,239 | ||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING WITH COMMON STOCK EQUIVALENTS
|
19,546 | 19,416 | 19,524 | 19,488 |
Controlling Interest Shareholders' Equity
|
||||||||||||||||||||||||||||
Common Stock
|
Additional Paid-In Capital
|
Retained Earnings
|
Accumulated Other Comprehensive Earnings
|
Employees Stock Notes Receivable
|
Noncontrolling Interest
|
Total
|
||||||||||||||||||||||
Balance at December 26, 2009
|
$ | 19,285 | $ | 132,765 | $ | 409,278 | $ | 3,633 | $ | (1,743 | ) | $ | 5,728 | $ | 568,946 | |||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||
Net earnings
|
17,287 | 2,099 | ||||||||||||||||||||||||||
Foreign currency translation adjustment
|
365 | 78 | ||||||||||||||||||||||||||
Total comprehensive earnings
|
19,829 | |||||||||||||||||||||||||||
Purchase of additional noncontrolling interest
|
(295 | ) | (932 | ) | (1,227 | ) | ||||||||||||||||||||||
Capital contribution from noncontrolling interest
|
250 | 250 | ||||||||||||||||||||||||||
Distributions to noncontrolling interest
|
(944 | ) | (944 | ) | ||||||||||||||||||||||||
Cash dividends - $0.200 per share
|
(3,869 | ) | (3,869 | ) | ||||||||||||||||||||||||
Issuance of 66,384 shares under employee stock plans
|
66 | 1,373 | 1,439 | |||||||||||||||||||||||||
Issuance of 76,710 shares under stock grant programs
|
77 | 57 | 134 | |||||||||||||||||||||||||
Issuance of 7,911 shares under deferred compensation plans
|
8 | (8 | ) | - | ||||||||||||||||||||||||
Repurchase of 144,900 shares
|
(145 | ) | (4,854 | ) | (4,999 | ) | ||||||||||||||||||||||
Tax benefits from non-qualified stock options exercised
|
379 | 379 | ||||||||||||||||||||||||||
Expense associated with share-based compensation arrangements
|
1,495 | 1,495 | ||||||||||||||||||||||||||
Accrued expense under deferred compensation plans
|
627 | 627 | ||||||||||||||||||||||||||
Issuance of 1,298 shares in exchange for employees' stock notes receivable
|
1 | 49 | (50 | ) | - | |||||||||||||||||||||||
Notes receivable adjustment
|
(1 | ) | (42 | ) | (9 | ) | (52 | ) | ||||||||||||||||||||
Payments received on employee stock notes receivable
|
81 | 81 | ||||||||||||||||||||||||||
Balance at September 25, 2010
|
$ | 19,291 | $ | 136,400 | $ | 417,842 | $ | 3,998 | $ | (1,721 | ) | $ | 6,279 | $ | 582,089 | |||||||||||||
Balance at December 25, 2010
|
$ | 19,333 | $ | 138,573 | $ | 414,108 | $ | 4,165 | $ | (1,670 | ) | $ | 6,667 | $ | 581,176 | |||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||
Net earnings
|
6,223 | 814 | ||||||||||||||||||||||||||
Foreign currency translation adjustment
|
(321 | ) | (220 | ) | ||||||||||||||||||||||||
Total comprehensive earnings
|
6,496 | |||||||||||||||||||||||||||
Purchase of additional noncontrolling interest
|
(402 | ) | (402 | ) | ||||||||||||||||||||||||
Capital contribution from noncontrolling interest
|
80 | 80 | ||||||||||||||||||||||||||
Distributions to noncontrolling interest
|
(1,213 | ) | (1,213 | ) | ||||||||||||||||||||||||
Cash dividends - $0.200 per share
|
(3,905 | ) | (3,905 | ) | ||||||||||||||||||||||||
Issuance of 64,989 shares under employee stock plans
|
65 | 1,241 | 1,306 | |||||||||||||||||||||||||
Issuance of 153,999 shares under stock grant programs
|
154 | 1 | 7 | 162 | ||||||||||||||||||||||||
Issuance of 5,781 shares under deferred compensation plans
|
5 | (5 | ) | - | ||||||||||||||||||||||||
Tax benefits from non-qualified stock options exercised
|
240 | 240 | ||||||||||||||||||||||||||
Expense associated with share-based compensation arrangements
|
1,281 | 1,281 | ||||||||||||||||||||||||||
Accrued expense under deferred compensation plans
|
579 | 579 | ||||||||||||||||||||||||||
Notes receivable adjustment
|
(1 | ) | (61 | ) | 62 | - | ||||||||||||||||||||||
Payments received on employee stock notes receivable
|
169 | 169 | ||||||||||||||||||||||||||
Balance at September 24, 2011
|
$ | 19,556 | $ | 141,849 | $ | 416,433 | $ | 3,844 | $ | (1,439 | ) | $ | 5,726 | $ | 585,969 |
Nine Months Ended
|
||||||||
September 24,
|
September 25,
|
|||||||
2011
|
2010
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net earnings attributable to controlling interest
|
$ | 6,223 | $ | 17,287 | ||||
Adjustments to reconcile net earnings attributable to controlling interest to net cash from operating activities:
|
||||||||
Depreciation
|
22,260 | 22,305 | ||||||
Amortization of intangibles
|
4,129 | 5,243 | ||||||
Expense associated with share-based compensation arrangements
|
1,443 | 1,629 | ||||||
Excess tax benefits from share-based compensation arrangements
|
(138 | ) | (265 | ) | ||||
Deferred income tax credit
|
(222 | ) | (228 | ) | ||||
Net earnings attributable to noncontrolling interest
|
814 | 2,099 | ||||||
Net (gain) loss on sale or impairment of property, plant and equipment
|
(183 | ) | 1,053 | |||||
Changes in:
|
||||||||
Accounts receivable
|
(47,438 | ) | (58,151 | ) | ||||
Inventories
|
9,497 | (7,103 | ) | |||||
Accounts payable
|
5,849 | 12,829 | ||||||
Accrued liabilities and other
|
(109 | ) | 14,711 | |||||
NET CASH FROM OPERATING ACTIVITIES
|
2,125 | 11,409 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of property, plant and equipment
|
(21,774 | ) | (15,679 | ) | ||||
Acquisitions, net of cash received
|
- | (6,529 | ) | |||||
Proceeds from sale of property, plant and equipment
|
1,485 | 540 | ||||||
Purchase of patents
|
(116 | ) | (4,589 | ) | ||||
Advances of notes receivable
|
- | (1,000 | ) | |||||
Collections of notes receivable
|
308 | 143 | ||||||
Other, net
|
100 | 17 | ||||||
NET CASH FROM INVESTING ACTIVITIES
|
(19,997 | ) | (27,097 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net repayments under revolving credit facilities
|
(2,109 | ) | - | |||||
Repayment of long-term debt
|
(745 | ) | (719 | ) | ||||
Proceeds from issuance of common stock
|
1,306 | 1,439 | ||||||
Purchase of additional noncontrolling interest
|
(402 | ) | (1,227 | ) | ||||
Distributions to noncontrolling interest
|
(1,213 | ) | (944 | ) | ||||
Capital contribution from noncontrolling interest
|
80 | 250 | ||||||
Dividends paid to shareholders
|
(3,905 | ) | (3,869 | ) | ||||
Repurchase of common stock
|
- | (4,999 | ) | |||||
Excess tax benefits from share-based compensation arrangements
|
138 | 265 | ||||||
Other, net
|
8 | 18 | ||||||
NET CASH FROM FINANCING ACTIVITIES
|
(6,842 | ) | (9,786 | ) | ||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
(24,714 | ) | (25,474 | ) | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
43,363 | 67,410 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$ | 18,649 | $ | 41,936 | ||||
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid (refunded) during the period for:
|
||||||||
Interest
|
$ | 2,162 | $ | 2,058 | ||||
Income taxes
|
3,483 | (1,488 | ) | |||||
NON-CASH FINANCING ACTIVITIES:
|
||||||||
Common stock issued under deferred compensation plans
|
$ | 185 | $ | 337 |
A.
|
BASIS OF PRESENTATION
|
B.
|
FAIR VALUE
|
September 24, 2011
|
September 25, 2010
|
|||||||||||||||||||||||
(in thousands)
|
Quoted Prices in Active Markets
(Level 1)
|
Prices with Other Observable Inputs
(Level 2)
|
Total
|
Quoted Prices in Active Markets
(Level 1)
|
Prices with Other Observable Inputs
(Level 2)
|
Total
|
||||||||||||||||||
Recurring:
|
||||||||||||||||||||||||
Money market funds
|
$ | 83 | $ | 83 | $ | 66 | $ | 66 | ||||||||||||||||
Mutual funds:
|
||||||||||||||||||||||||
Domestic stock funds
|
587 | 587 | 397 | 397 | ||||||||||||||||||||
International stock funds
|
546 | 546 | 353 | 353 | ||||||||||||||||||||
Target funds
|
142 | 142 | 105 | 105 | ||||||||||||||||||||
Bond funds
|
107 | 107 | 51 | 51 | ||||||||||||||||||||
Total mutual funds
|
1,382 | 1,382 | 906 | 906 | ||||||||||||||||||||
Non-Recurring:
|
||||||||||||||||||||||||
Property, plant and equipment
|
$ | 165 | 165 | |||||||||||||||||||||
$ | 1,465 | $ | 1,465 | $ | 972 | $ | 165 | $ | 1,137 |
C.
|
REVENUE RECOGNITION
|
|
September 24, 2011
|
December 25, 2010
|
September 25, 2010
|
|||||||||
Cost and Earnings in Excess of Billings
|
$ | 6,151 | $ | 3,604 | $ | 4,602 | ||||||
Billings in Excess of Cost and Earnings
|
3,592 | 2,126 | 3,275 |
D.
|
EARNINGS PER SHARE
|
Three Months Ended September 24, 2011
|
Three Months Ended September 25, 2010
|
|||||||||||||||||||||||
Income
(Numerator)
|
Shares
(Denominator)
|
Per Share Amount
|
Income
(Numerator)
|
Shares
(Denominator)
|
Per Share Amount
|
|||||||||||||||||||
Net Earnings Attributable to Controlling Interest
|
$ | 5,616 | $ | 2,584 | ||||||||||||||||||||
EPS – Basic
Income available to common stockholders
|
5,616 | 19,441 | $ | 0.29 | 2,584 | 19,201 | $ | 0.13 | ||||||||||||||||
Effect of dilutive securities
Options
|
105 | 215 | ||||||||||||||||||||||
EPS - Diluted
Income available to common stockholders and assumed options exercised
|
$ | 5,616 | 19,546 | $ | 0.29 | $ | 2,584 | 19,416 | $ | 0.13 |
Nine Months Ended September 24, 2011
|
Nine Months Ended September 25, 2010
|
|||||||||||||||||||||||
Income
(Numerator)
|
Shares
(Denominator)
|
Per Share Amount
|
Income
(Numerator)
|
Shares
(Denominator)
|
Per Share Amount
|
|||||||||||||||||||
Net Earnings Attributable to Controlling Interest
|
$ | 6,223 | $ | 17,287 | ||||||||||||||||||||
EPS – Basic
Income available to common stockholders
|
6,223 | 19,387 | $ | 0.32 | 17,287 | 19,239 | $ | 0.90 | ||||||||||||||||
Effect of dilutive securities
Options
|
137 | 249 | ||||||||||||||||||||||
EPS - Diluted
Income available to common stockholders and assumed options exercised
|
$ | 6,223 | 19,524 | $ | 0.32 | $ | 17,287 | 19,488 | $ | 0.89 |
E.
|
ASSETS HELD FOR SALE AND NET LOSS ON DISPOSITION OF ASSETS, EARLY RETIRMENT AND OTHER IMPAIRMENTS AND EXIT CHARGES
|
Three Months Ended September 24, 2011
|
Three Months Ended September 25, 2010
|
|||||||||||||||||||||||||||||||
Eastern and
Western
Divisions
|
Atlantic
Division
|
Corporate
|
All
Other
|
Eastern and
Western
Divisions
|
Atlantic
Division
|
Corporate
|
All
Other
|
|||||||||||||||||||||||||
Severances and early retirement
|
$ | - | $ | - | $ | 411 | $ | - | $ | 197 | $ | 12 | $ | - | $ | (7 | ) | |||||||||||||||
Property, plant and equipment
|
(199 | ) | (26 | ) | 21 | 84 | (6 | ) | 153 | |||||||||||||||||||||||
Other intangibles
|
645 | |||||||||||||||||||||||||||||||
Lease termination
|
59 |
Nine Months Ended September 24, 2011
|
Nine Months Ended September 25, 2010
|
|||||||||||||||||||||||||||||||
Eastern and
Western
Divisions
|
Atlantic
Division
|
Corporate
|
All
Other
|
Eastern and
Western
Divisions
|
Atlantic
Division
|
Corporate
|
All
Other
|
|||||||||||||||||||||||||
Severances and early retirement
|
$ | 118 | $ | 16 | $ | 3,745 | $ | - | $ | 333 | $ | 98 | $ | 21 | $ | 16 | ||||||||||||||||
Property, plant and equipment
|
(305 | ) | (59 | ) | 179 | 2 | (61 | ) | (17 | ) | 431 | (4 | ) | |||||||||||||||||||
Other intangibles
|
645 | |||||||||||||||||||||||||||||||
Lease termination
|
59 |
Description
|
Net Book Value
|
Date of Sale
|
Net Sales Price
|
|||
Assets held for sale as of December 25, 2010
|
$ | 2,446 | ||||
Additions
|
5,082 | |||||
Transfers to held for use
|
(1,619 | ) | ||||
Sale of certain real estate in Indianapolis, Indiana
|
(827 | ) |
May 17, 2011
|
$0.7 million
|
||
Assets held for sale as of September 24, 2011
|
$ | 5,082 |
F.
|
COMMITMENTS, CONTINGENCIES, AND GUARANTEES
|
G.
|
BUSINESS COMBINATIONS
|
Company Name
|
Acquisition Date
|
Purchase Price
|
Intangible Assets
|
Net Tangible Assets
|
Operating
Segment
|
Business Description
|
||||||
Shepherd Distribution Co.
(“Shepherd”)
|
April 29, 2010
|
$5.9 (asset purchase)
|
$ | 2.2 | $ | 3.7 |
Distribution Division
|
Distributes shingle underlayment, bottom board, house wrap, siding, poly film and other products to manufactured housing and RV customers. Headquartered in Elkhart, Indiana, it has distribution capabilities throughout the United States.
|
||||
Service Supply Distribution, Inc.
(“Service Supply”)
|
March 8, 2010
|
$0.6 (asset purchase)
|
$ | 0.0 | $ | 0.6 |
Distribution Division
|
Distributes certain plumbing, electrical, adhesives, flooring, paint and other products to manufactured housing and RV customers. Headquartered in Cordele, Georgia, it has distribution capabilities throughout the United States.
|
H.
|
SEGMENT REPORTING
|
Nine Months Ended September 24, 2011
|
||||||||||||||||||||
Eastern and
Western
Divisions
|
Atlantic Division
|
Corporate
|
All Other
|
Total
|
||||||||||||||||
Net sales to outside customers
|
$ | 946,779 | $ | 338,165 | $ | - | $ | 115,369 | $ | 1,400,313 | ||||||||||
Intersegment net sales
|
48,999 | 32,378 | - | 26,491 | 107,868 | |||||||||||||||
Segment operating profit (loss)
|
13,144 | (2,138 | ) | 6,429 | (4,601 | ) | 12,834 |
Nine Months Ended September 25, 2010
|
||||||||||||||||||||
Eastern and
Western
Divisions
|
Atlantic Division
|
Corporate
|
All Other
|
Total
|
||||||||||||||||
Net sales to outside customers
|
$ | 1,020,118 | $ | 373,776 | $ | - | $ | 118,272 | $ | 1,512,166 | ||||||||||
Intersegment net sales
|
68,247 | 26,955 | - | 41,715 | 136,917 | |||||||||||||||
Segment operating profit
|
19,680 | 4,317 | 3,758 | 4,843 | 32,598 |
I.
|
SUBSEQUENT EVENT
|
Ÿ
|
Our overall unit sales remained flat compared to the third quarter of 2010 due to a decline in sales to our residential construction and retail building materials markets, offset by increases in unit sales to our commercial construction and concrete forming, industrial and manufactured housing markets. We believe we gained additional share of the concrete forming and industrial markets we serve. Share gains in our industrial market were achieved by adding many new customers. We believe we have maintained our share of the retail building materials market based on the number of stores we serve of our customers compared to last year. We have also maintained our share of the manufactured housing market in the product lines we offer. Finally, within the last year we closed several plants that supply the site-built construction market in order to achieve profitability and cash flow goals. Consequently, we believe that these actions may temporarily cause us to lose some market share.
|
Ÿ
|
The overall Lumber Market was up 6.4%, while the composite price for Southern Yellow Pine (SYP) declined 1.2% in the quarter compared to the same period of 2010. We estimate that lower SYP prices (which comprises up to 50% of our sales volume) among other factors, including competitive price pressure, reduced our overall selling prices by approximately 2% comparing the third quarter of 2011 and 2010.
|
Ÿ
|
The retail building materials market has been adversely impacted by a decline in consumer demand attributed to several factors, including high unemployment rates, tighter credit availability, and home values which continue to decline in many parts of the country. The primary products we sell to this market include decking, fencing and other outdoor specialty products used in higher cost home improvement projects.
|
Ÿ
|
National housing starts increased approximately 5% in the period from June through August of 2011 (our sales trail housing starts by about a month), compared to the same period of 2010.
|
Ÿ
|
Shipments of HUD code manufactured homes were down 3% in July and August of 2011, compared to the same period of 2010.
|
Random Lengths Composite
|
||||||||
Average $/MBF
|
||||||||
2011
|
2010
|
|||||||
January
|
$ | 301 | $ | 264 | ||||
February
|
296 | 312 | ||||||
March
|
294 | 310 | ||||||
April
|
275 | 351 | ||||||
May
|
259 | 333 | ||||||
June
|
262 | 267 | ||||||
July
|
269 | 251 | ||||||
August
|
265 | 245 | ||||||
September
|
262 | 250 | ||||||
Third quarter average
|
$ | 265 | $ | 249 | ||||
Year-to-date average
|
$ | 276 | $ | 287 | ||||
Third quarter percentage change from 2010
|
6.4 | % | ||||||
Year-to-date percentage change from 2010
|
(3.8 | %) |
Random Lengths SYP
|
||||||||
|
Average $/MBF
|
|||||||
2011
|
2010
|
|||||||
January
|
$ | 282 | $ | 269 | ||||
February
|
289 | 331 | ||||||
March
|
290 | 337 | ||||||
April
|
266 | 382 | ||||||
May
|
254 | 374 | ||||||
June
|
246 | 293 | ||||||
July
|
253 | 264 | ||||||
August
|
263 | 249 | ||||||
September
|
239 | 252 | ||||||
Third quarter average
|
$ | 252 | $ | 255 | ||||
Year-to-date average
|
$ | 265 | $ | 306 | ||||
Third quarter percentage change from 2010
|
(1.2 | %) | ||||||
Year-to-date percentage change from 2010
|
(13.4 | %) |
Ÿ
|
Products with fixed selling prices. These products include value-added products such as decking and fencing sold to DIY/retail customers, as well as trusses, wall panels and other components sold to the site-built construction market, and most industrial packaging products. Prices for these products are generally fixed at the time of the sales quotation for a specified period of time or are based upon a specific quantity. In order to maintain margins and reduce any exposure to adverse trends in the price of component lumber products, we attempt to lock in costs for these sales commitments with our suppliers. Also, the time period and quantity limitations generally allow us to re-price our products for changes in lumber costs from our suppliers.
|
Ÿ
|
Products with selling prices indexed to the reported Lumber Market with a fixed dollar "adder" to cover conversion costs and profits. These products primarily include treated lumber, remanufactured lumber, and trusses sold to the manufactured housing industry. For these products, we estimate the customers' needs and carry anticipated levels of inventory. Because lumber costs are incurred in advance of final sale prices, subsequent increases or decreases in the market price of lumber impact our gross margins. For these products, our margins are exposed to changes in the trend of lumber prices. As a result of the decline in the housing market and our sales to residential and commercial builders, a greater percentage of our sales fall into this general pricing category. Consequently, we believe our profitability may be impacted to a much greater extent to changes in the trend of lumber prices.
|
Ÿ
|
Products with significant inventory levels with low turnover rates, whose selling prices are indexed to the Lumber Market. In other words, the longer the period of time these products remain in inventory, the greater the exposure to changes in the price of lumber. This would include treated lumber, which comprises approximately 17% of our total sales. This exposure is less significant with remanufactured lumber, trusses sold to the manufactured housing market, and other similar products, due to the higher rate of inventory turnover. We attempt to mitigate the risk associated with treated lumber through vendor consignment inventory programs. (Please refer to the “Risk Factors” section of our annual report on form 10-K, filed with the United States Securities and Exchange Commission.)
|
Ÿ
|
Products with fixed selling prices sold under long-term supply arrangements, particularly those involving multi-family construction projects. We attempt to mitigate this risk through our purchasing practices by locking in costs.
|
Period 1
|
Period 2
|
|||||||
Lumber cost
|
$ | 300 | $ | 400 | ||||
Conversion cost
|
50 | 50 | ||||||
= Product cost
|
350 | 450 | ||||||
Adder
|
50 | 50 | ||||||
= Sell price
|
$ | 400 | $ | 500 | ||||
Gross margin
|
12.5 | % | 10.0 | % |
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
September 24, 2011
|
September 25, 2010
|
September 24, 2011
|
September 25, 2010
|
|||||||||||||
Net sales
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Cost of goods sold
|
88.4 | 88.7 | 89.1 | 87.8 | ||||||||||||
Gross profit
|
11.6 | 11.3 | 10.9 | 12.2 | ||||||||||||
Selling, general, and administrative expenses
|
9.4 | 9.8 | 9.7 | 9.9 | ||||||||||||
Net loss on disposition of assets, early retirement, and other impairment and exit charges
|
0.0 | 0.2 | 0.3 | 0.1 | ||||||||||||
Earnings from operations
|
2.2 | 1.3 | 0.9 | 2.2 | ||||||||||||
Interest, net
|
0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||
Earnings before income taxes
|
2.0 | 1.1 | 0.8 | 2.0 | ||||||||||||
Income taxes
|
0.7 | 0.5 | 0.3 | 0.7 | ||||||||||||
Net earnings
|
1.3 | 0.7 | 0.5 | 1.3 | ||||||||||||
Less net earnings attributable to noncontrolling interest
|
(0.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | ||||||||
Net earnings attributable to controlling interest
|
1.2 | % | 0.5 | % | 0.4 | % | 1.1 | % |
Ÿ
|
Diversifying our end market sales mix by increasing sales of specialty wood packaging to industrial users, increasing our penetration of the concrete forms market, increasing our sales of engineered wood components for custom home, multi-family, military and light commercial construction, and increasing our market share with independent retailers.
|
Ÿ
|
Expanding geographically in our core businesses, domestically and internationally.
|
Ÿ
|
Increasing sales of "value-added" products. Value-added product sales primarily consist of fencing, decking, lattice, and other specialty products sold to the retail building materials market, specialty wood packaging, engineered wood components, and "wood alternative" products. Engineered wood components include roof trusses, wall panels, and floor systems. Wood alternative products consist primarily of composite wood and plastics. Although we consider the treatment of dimensional lumber with certain chemical preservatives a value-added process, treated lumber is not presently included in the value-added sales totals.
|
Ÿ
|
Developing new products and expanding our product offering for existing customers.
|
Ÿ
|
Maximizing unit sales growth while achieving return on investment goals.
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||||||||||
Market Classification
|
September 24, 2011
|
September 25, 2010
|
% Change
|
September 24, 2011
|
September 25, 2010
|
% Change
|
||||||||||||||||||
Retail Building Materials
|
$ | 210,912 | $ | 222,842 | (5.4 | ) | $ | 673,720 | $ | 762,929 | (11.7 | ) | ||||||||||||
Residential Construction
|
52,174 | 62,857 | (17.0 | ) | 156,660 | 183,596 | (14.7 | ) | ||||||||||||||||
Commercial Construction and Concrete Forming
|
21,220 | 19,003 | 11.7 | 56,490 | 50,305 | 12.3 | ||||||||||||||||||
Industrial
|
128,267 | 120,613 | 6.3 | 364,453 | 345,277 | 5.6 | ||||||||||||||||||
Manufactured Housing
|
65,718 | 64,175 | 2.4 | 177,351 | 195,941 | (9.5 | ) | |||||||||||||||||
Total Gross Sales
|
478,291 | 489,490 | (2.3 | ) | 1,428,674 | 1,538,048 | (7.1 | ) | ||||||||||||||||
Sales Allowances
|
(9,350 | ) | (8,916 | ) | (28,361 | ) | (25,882 | ) | ||||||||||||||||
Total Net Sales
|
$ | 468,941 | $ | 480,574 | (2.4 | ) | $ | 1,400,313 | $ | 1,512,166 | (7.4 | ) |
Note:
|
In the second quarter of 2011, we made changes to our customer market classifications to improve our reporting by better aligning our customer market designations with available industry reporting and end market research. Prior year information has been restated to reflect these reclassifications. See also Exhibit 99(a).
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 24,
2011
|
September 25,
2010
|
September 24,
2011
|
September 25,
2010
|
|||||||||||||
Value-Added
|
59.0 | % | 59.0 | % | 59.0 | % | 58.7 | % | ||||||||
Commodity-Based
|
41.0 | % | 41.0 | % | 41.0 | % | 41.3 | % |
|
Ÿ
|
Material costs as a percentage of sales decreased 1.2% points as our inventory costs for most of the quarter were more in line with the current Lumber Market in 2011 than they were in 2010. As previously mentioned, the selling prices of the majority of our products are indexed to the current Lumber Market.
|
|
Ÿ
|
Labor and overhead costs as a percentage of sales increased 0.2% points due in part to our decline in sales volume to the retail building materials and residential construction markets.
|
|
Ÿ
|
Freight costs as a percentage of sales increased 0.7% points due in part to higher fuel costs and transportation rates from carriers.
|
|
Ÿ
|
Most notably, gross margins on sales to the retail building materials market declined primarily due to an increase in material costs as a percentage of sales to this market. This was primarily due to the Lumber Market, which decreased 11 consecutive weeks from the end of March 2011 through the end of May 2011. As a result, this adversely impacted our gross margins on products whose prices were indexed to the current Lumber Market at the time they are sold. Conversely, we were selling into a rising Lumber Market from January through most of May of 2010, which increased our gross margins on these products.
|
|
Ÿ
|
A decline in sales to our retail building materials, residential construction, and manufactured housing markets adversely impacted our margins due to fixed manufacturing costs. In addition, as these markets have contracted, competitive pricing pressure has become greater and adversely impacted 2011 margins.
|
|
Ÿ
|
Freight costs as a percentage of sales increased primarily due to higher year over year fuel prices.
|
|
Ÿ
|
We recorded a $2 million loss during the second quarter of 2011 on a construction project, which represents the entire loss we believe we will incur on the project.
|
|
Ÿ
|
Finally, inclement weather in the first quarter resulted in many lost production days and adversely impacted our efficiencies and profitability.
|
Ÿ
|
Current and projected earnings, cash flow and return on investment
|
Ÿ
|
Current and projected market demand
|
Ÿ
|
Market share
|
Ÿ
|
Competitive factors
|
Ÿ
|
Future growth opportunities
|
Ÿ
|
Personnel and management
|
Nine Months Ended
|
||||||||
September 24, 2011
|
September 25, 2010
|
|||||||
Cash from operating activities
|
$ | 2,125 | $ | 11,409 | ||||
Cash from investing activities
|
(19,997 | ) | (27,097 | ) | ||||
Cash from financing activities
|
(6,842 | ) | (9,786 | ) | ||||
Net change in cash and cash equivalents
|
(24,714 | ) | (25,474 | ) | ||||
Cash and cash equivalents, beginning of period
|
43,363 | 67,410 | ||||||
Cash and cash equivalents, end of period
|
$ | 18,649 | $ | 41,936 |
(a)
|
Evaluation of Disclosure Controls and Procedures. With the participation of management, our chief executive officer and chief financial officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a – 15e and 15d – 15e) as of the quarter ended September 24, 2011 (the “Evaluation Date”), have concluded that, as of such date, our disclosure controls and procedures were effective.
|
(b)
|
Changes in Internal Controls. During the quarter ended September 24, 2011, there were no changes in our internal control over financial reporting that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
|
(a)
|
None.
|
(b)
|
None.
|
(c)
|
Issuer purchases of equity securities.
|
Fiscal Month
|
(a)
|
(b)
|
(c)
|
(d)
|
||||||||||||
June 26, 2011 – July 30, 2011(1)
|
2,988,229 | |||||||||||||||
July 31 – August 27, 2011
|
2,988,229 | |||||||||||||||
August 28 – September 24, 2011
|
2,988,229 |
|
(a)
|
Total number of shares purchased.
|
|
(b)
|
Average price paid per share.
|
|
(c)
|
Total number of shares purchased as part of publicly announced plans or programs.
|
|
(d)
|
Maximum number of shares that may yet be purchased under the plans or programs.
|
|
(1)
|
On November 14, 2001, the Board of Directors approved a share repurchase program (which succeeded a previous program) allowing us to repurchase up to 2.5 million shares of our common stock. On October 14, 2010, our Board authorized an additional 2 million shares to be repurchased under our share repurchase program. The total number of shares that may be repurchased under the program is almost 3 million shares.
|
31
|
Certifications.
|
|
(a)
|
Certificate of the Chief Executive Officer of Universal Forest Products, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
|
|
(b)
|
Certificate of the Chief Financial Officer of Universal Forest Products, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
|
32
|
Certifications.
|
|
(a)
|
Certificate of the Chief Executive Officer of Universal Forest Products, Inc., pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
|
|
(b)
|
Certificate of the Chief Financial Officer of Universal Forest Products, Inc., pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
|
99
|
Additional Exhibits.
|
|
(a)
|
Summary of historical quarterly sales based on our new market classifications.
|
101
|
Interactive Data File.
|
|
(INS)
|
XBRL Instance Document.
|
|
(SCH)
|
XBRL Schema Document.
|
|
(CAL)
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
(LAB)
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
(PRE)
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
(DEF)
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
UNIVERSAL FOREST PRODUCTS, INC. | ||||
Date: |
October 24, 2011
|
By:
|
/s/ Matthew J. Missad | |
Matthew J. Missad | ||||
Chief Executive Officer and Principal Executive Officer |
Date: |
October 24, 2011
|
|
By:
|
/s/ Michael R. Cole |
Michael R. Cole, | ||||
Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer |
Exhibit No.
|
Description
|
31
|
Certifications.
|
|
Certificate of the Chief Executive Officer of Universal Forest Products, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
|
|
Certificate of the Chief Financial Officer of Universal Forest Products, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
|
32
|
Certifications.
|
|
Certificate of the Chief Executive Officer of Universal Forest Products, Inc., pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
|
|
Certificate of the Chief Financial Officer of Universal Forest Products, Inc., pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
|
99
|
Additional Exhibits.
|
|
Summary of historical quarterly sales based on our new market classifications.
|
101
|
Interactive Data File.
|
|
(INS)
|
XBRL Instance Document.
|
|
(SCH)
|
XBRL Schema Document.
|
|
(CAL)
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
(LAB)
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
(PRE)
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
(DEF)
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
1.
|
I have reviewed this report on Form 10-Q of Universal Forest Products, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and
|
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):
|
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: |
October 24, 2011
|
|
/s/ Matthew J. Missad | |
Matthew J. Missad, | ||||
Chief Executive Officer and Principal Executive Officer |
1.
|
I have reviewed this report on Form 10-Q of Universal Forest Products, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and
|
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):
|
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: |
October 24, 2011
|
|
/s/ Michael R. Cole
|
|
Michael R. Cole,
|
||||
Chief Financial Officer,
Principal Financial Officer and
Principal Accounting Officer
|
UNIVERSAL FOREST PRODUCTS, INC. | |||||
Date: |
October 24, 2011
|
By:
|
/s/ Matthew J. Missad | ||
Matthew J. Missad, | |||||
Chief Executive Officer and Principal Executive Officer |
UNIVERSAL FOREST PRODUCTS, INC. | |||||
Date: |
October 24, 2011
|
By:
|
/s/ Michael R. Cole | ||
Michael R. Cole,
|
|||||
Chief Financial Officer,
Principal Financial Officer and
Principal Accounting Officer
|
Market
|
Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 |
Total 2010
|
|||||||||||||||
Retail Building Materials
|
$ | 187,026 | $ | 353,059 | $ | 222,842 | $ | 153,540 | $ | 916,467 | ||||||||||
Industrial
|
95,591 | 129,073 | 120,613 | 105,130 | 450,407 | |||||||||||||||
Commercial Construction and Concrete Forming
|
14,389 | 16,914 | 19,003 | 17,878 | 68,184 | |||||||||||||||
Residential Construction
|
53,704 | 67,035 | 62,857 | 57,718 | 241,314 | |||||||||||||||
Manufactured Housing
|
48,936 | 82,831 | 64,175 | 49,828 | 245,770 | |||||||||||||||
Total Gross Sales
|
399,646 | 648,912 | 489,490 | 384,094 | 1,922,142 | |||||||||||||||
Sales Allowances
|
(6,688 | ) | (10,277 | ) | (8,916 | ) | (5,409 | ) | (31,291 | ) | ||||||||||
Total Net Sales
|
$ | 392,958 | $ | 638,635 | $ | 480,574 | $ | 378,685 | $ | 1,890,851 |
Market
|
Q1 2009 | Q2 2009 | Q3 2009 | Q4 2009 |
Total 2009
|
|||||||||||||||
Retail Building Materials
|
$ | 186,475 | $ | 320,527 | $ | 236,861 | $ | 146,827 | $ | 890,691 | ||||||||||
Industrial
|
76,837 | 93,157 | 99,476 | 84,534 | 354,004 | |||||||||||||||
Commercial Construction and Concrete Forming
|
16,969 | 16,372 | 18,828 | 19,404 | 71,573 | |||||||||||||||
Residential Construction
|
51,571 | 52,778 | 60,074 | 45,496 | 209,919 | |||||||||||||||
Manufactured Housing
|
37,255 | 45,485 | 54,252 | 49,186 | 186,178 | |||||||||||||||
Total Gross Sales
|
369,107 | 528,319 | 469,491 | 345,447 | 1,712,365 | |||||||||||||||
Sales Allowances
|
(7,385 | ) | (13,374 | ) | (11,723 | ) | (6,882 | ) | (39,365 | ) | ||||||||||
Total Net Sales
|
$ | 361,722 | $ | 514,945 | $ | 457,768 | $ | 338,565 | $ | 1,673,000 |
Market
|
Q1 2008 | Q2 2008 | Q3 2008 | Q4 2008 |
Total 2008
|
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Retail Building Materials
|
$ | 201,800 | $ | 374,326 | $ | 285,595 | $ | 174,006 | $ | 1,035,727 | ||||||||||
Industrial
|
102,570 | 123,048 | 119,869 | 91,477 | 436,964 | |||||||||||||||
Commercial Construction and Concrete Forming
|
25,696 | 29,793 | 30,565 | 30,157 | 116,211 | |||||||||||||||
Residential Construction
|
90,858 | 112,987 | 100,264 | 72,661 | 376,770 | |||||||||||||||
Manufactured Housing
|
77,593 | 85,444 | 86,580 | 58,902 | 308,519 | |||||||||||||||
Total Gross Sales
|
498,517 | 725,598 | 622,873 | 427,203 | 2,274,191 | |||||||||||||||
Sales Allowances
|
(9,005 | ) | (17,113 | ) | (12,129 | ) | (3,550 | ) | (41,797 | ) | ||||||||||
Total Net Sales
|
$ | 489,512 | $ | 708,485 | $ | 610,744 | $ | 423,653 | $ | 2,232,394 |