Beacon Roofing Supply Provides Fiscal 2019 Second-Quarter Estimate Reflecting Unfavorable Weather Impact; Full-Year 2019 Adjusted EPS Expected to Meet Lower End of Guidance Range
The Company will host a brief listen-only webcast and conference call
|What:||Beacon Roofing Supply Second Quarter Update|
|When||Monday, March 25, 2019|
|Time:||5:30 p.m. ET|
http://ir.beaconroofingsupply.com/events.cfm (live and replay)
|Live Call:||720-634-9063; Conf. ID #3194986|
To assure timely access, conference call participants should dial in
prior to the
This release contains information about management's view of the Company's future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, but not limited to, those set forth in the "Risk Factors" section of the Company's latest Form 10-K. In addition, the forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point, the Company specifically disclaims any obligation to do so, other than as required by federal securities laws. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.
Founded in 1928,
BEACON ROOFING SUPPLY, INC.
Reconciliation of Projected Adjusted EPS1
(Unaudited; In thousands, except per share amounts)
|Three Months Ended March 31, 2019|
|Net income (loss)||$||(76,000||)||$||(69,000||)||$||(1.11||)||$||(1.01||)|
|Dividends on preferred shares||6,000||6,000||$||(0.09||)||$||(0.09||)|
|Net income (loss) attributable to common shareholders||$||(82,000||)||$||(75,000||)||$||(1.20||)||$||(1.10||)|
|Adjusted Net Income (Loss)||$||(37,500||)||$||(30,500||)||$||(0.55||)||$||(0.45||)|
|1||Adjusted Net Income (Loss) is defined as net income that excludes non-recurring acquisition costs, the amortization of intangibles, business restructuring costs, and the non-recurring effects of tax reform. Adjusted net income (loss) per share or "Adjusted EPS" is calculated by dividing the Adjusted Net Income (Loss) for the period by the weighted-average diluted shares outstanding for the period.|
The estimated weighted-average share count utilized in calculations of projected Adjusted EPS presented in this table is 68,100,000.
|3||Acquisition cost estimates are net of tax and composed of projections for non-recurring acquisition costs and amortization expense related to intangibles.|
|For a reconciliation of our previously issued guidance for Adjusted EPS for the fiscal year ended September 30, 2019, please see page 16 of our fiscal year 2019 first quarter earnings presentation, filed as Exhibit 99.2 to our Form 8-K filed on February 7, 2019.|
We use Adjusted Net Income (Loss) and Adjusted EPS to evaluate financial performance, analyze the underlying trends in our business and establish operational goals and forecasts that are used when allocating resources.
We believe that Adjusted Net Income (Loss) and Adjusted EPS are useful measures because they permit investors to better understand changes in underlying operating performance over comparative periods by providing financial results that are unaffected by cyclical variances that can be driven by items such as investment activity or purchase accounting adjustments.
While we believe Adjusted Net Income (Loss) and Adjusted EPS are useful to investors when evaluating our business, they are not prepared and presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), and therefore should be considered supplemental in nature. You should not consider Adjusted Net Income (Loss) or Adjusted EPS in isolation or as a substitute for net income and net income per share or diluted earnings per share calculated in accordance with GAAP. In addition, Adjusted Net Income (Loss) and Adjusted EPS may have material limitations and may differ from similarly titled measures presented by other companies.
Beacon Roofing Supply, Inc.
Joseph Nowicki, Executive VP & CFO