-
Record fourth quarter sales of $726.5 million vs. $683.6 million in
prior year (6.3% growth)
-
Fourth quarter diluted EPS of $0.48 vs. $0.55 ($0.56 adjusted) in
prior year
-
Record annual sales of $2.33 billion vs. $2.24 billion in 2013
(3.8% growth)
-
Annual diluted EPS of $1.08 vs. $1.47 ($1.45 adjusted) in 2013
-
26 new greenfield branches in 2014
-
One acquisition with three branches in 2014
HERNDON, Va.--(BUSINESS WIRE)--
Beacon Roofing Supply, Inc. (the "Company") (NASDAQ: BECN) announced
results today for its fourth quarter and fiscal year ended September 30,
2014 ("2014").
Paul Isabella, the Company's President and Chief Executive Officer,
stated: "Again this quarter we were able to demonstrate our focus on
driving top line revenue growth with a 6.3% increase in sales. Almost
two thirds of that growth was due to the success of our 26 new
greenfields that we opened in the current year. In addition, we
completed three acquisitions in August and October that, for next year,
will add over $88 million to our revenue base. We continue to experience
pressure on our gross margins which are down slightly from last quarter
and from last year. The soft residential market, coupled with heightened
competition, has continued to put pressure on our market pricing. We
continue to invest heavily to grow the business through the opening of
the new greenfield branches. As a result, we are well positioned to
continue to see sales growth. Recognizing the challenges we face from
gross margin pressure, in 2015 we will continue our focus on driving
more leverage through our operating cost structure and work to lower our
overall operating costs as a percentage of sales."
Fourth Quarter
Total sales increased 6.3% to a fourth quarter record $726.5 million in
2014 from $683.6 million in 2013. On an overall consolidated basis,
residential roofing product sales increased 5.1%, non-residential
roofing product sales increased 4.9%, and complementary product sales
increased 14.5% over the prior year. During the fourth quarter, the
Company opened nine new greenfield branches and made one acquisition
with three branches. Sales from greenfield branches totaled $28.4
million. The fourth quarters of 2014 and 2013 both had the same number
of business days.
Net income for the fourth quarter was $24.2 million, compared to net
income of $27.4 million in 2013. The fourth quarter diluted income per
share was $0.48, compared to $0.55 in 2013. This decline was due
primarily to lower gross margins from reduced selling prices as a result
of a soft demand environment, and a continued unfavorable shift in sales
mix to lower margin direct shipment and commercial business. During the
fourth quarter, the Company incurred increased operating expenses of
$6.1 million related to new stores (greenfield locations not open last
year) as the Company continued to expand its footprint in existing and
new markets.
Fiscal Year
Total sales increased 3.8% to an annual record $2.33 billion in 2014,
from $2.24 billion in 2013. Existing market (organic) sales, which
exclude branches acquired after the beginning of last year, increased
2.9%. Fiscal years 2014 and 2013 both had the same number of business
days. In existing markets, residential roofing product sales increased
0.2%, non-residential roofing product sales increased 6.0%, and
complementary product sales increased 4.7%. Sales from greenfields were
$43.6 million for the year. 2014 was unfavorably impacted by the
severity of winter storms and prolonged colder temperatures in most
markets during the first half of the year.
Net income in 2014 was $53.8 million, compared to $72.6 million in 2013,
a decrease of 25.8%. Diluted net income per share for 2014 was $1.08,
compared to $1.47 in 2013. Adjusted net income, after removing the
impact of certain non-recurring items, was $71.8 million in 2013, with
adjusted diluted net income per share of $1.45 (see included financial
tables for a reconciliation of adjusted net income and adjusted earnings
per share). The lower net income was due to continued lower overall
gross margins which were pressured by softer overall demand following
the adverse and extended weather conditions during the first half of
2014. The weather related impacts were compounded by an unfavorable
shift in sales mix in 2014. Additionally in 2014, the Company incurred
incremental operating expenses of $12.1 million related to new stores
(greenfield locations not open last year) as the Company continued to
expand its footprint in existing and new markets. Included in the
Company's operating results for 2013 were a $2.6 million credit to
interest expense ($1.5 million, net of taxes), $0.03 per share,
resulting from adjustments in the fair values of certain interest rate
derivatives, and a $1.2 million charge ($0.7 million, net of taxes),
$0.01 per share, for termination benefits.
Cash flow provided by operations was $55.5 million in 2014, compared to
$78.5 million in 2013. This decrease in operating cash flows was
influenced primarily by the decrease in net income year-over-year. Cash
on hand increased to $54.5 million as of September 30, 2014, from $47.0
million as of September 30, 2013. Net working capital has improved $70.8
million since September 30, 2013, to $462.1 million as of September 30,
2014. As of September 30, 2014, the Company had a total leverage ratio
of 1.88:1 and available borrowings under revolving credit facilities of
$311.8 million.
The Company will host a webcast and conference call today at 10:00 a.m.
(EDT) to discuss these results. The live webcast of the call, along with
a webcast replay after the call, can be accessed at http://ir.beaconroofingsupply.com/events.cfm
(the "Events & Presentations" page of the "Investor Relations" section
of the Company's web site). There will be a slide presentation of the
results available on that page of the website as well. For those unable
to connect to the Internet or who may wish to ask questions, the
conference call dial-in number is (719) 325-2420. To assure timely
access, call participants should call in before 10:00 a.m.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc. is a leading distributor of residential and
commercial roofing materials and complementary building products, with
sales for the Company's 2014 fiscal year exceeding $2.3 billion. For
more than 85 years, Beacon has built a tradition of partnership and
trust with our customers and suppliers. As of September 30, 2014, Beacon
operated 264 branches in 42 states in the U.S. and six provinces in
Canada. To learn more about Beacon and its family of regional brands,
please visit www.becn.com.
Forward-Looking Statements: 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.
BECN-F
News Provided by Acquire Media
|
|
|
BEACON ROOFING SUPPLY, INC
|
|
Consolidated Statements of Operations
|
|
(in thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
Quarter Ended
September 30,
|
|
|
|
Year Ended
September 30,
|
|
|
|
|
|
|
2014
|
|
|
% of Net
Sales
|
|
2013
|
|
|
% of Net
Sales
|
|
|
|
2014
|
|
|
% of Net
Sales
|
|
2013
|
|
|
% of Net
Sales
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
$
|
726,494
|
|
|
100.0
|
%
|
|
|
$
|
683,568
|
|
|
100.0
|
%
|
|
|
|
$
|
2,326,905
|
|
|
100.0
|
%
|
|
|
|
$
|
2,240,723
|
|
|
100.0
|
%
|
|
Cost of products sold
|
|
|
|
|
|
563,164
|
|
|
77.5
|
%
|
|
|
|
525,909
|
|
|
76.9
|
%
|
|
|
|
|
1,799,065
|
|
|
77.3
|
%
|
|
|
|
|
1,709,326
|
|
|
76.3
|
%
|
|
Gross profit
|
|
|
|
|
|
163,330
|
|
|
22.5
|
%
|
|
|
|
157,659
|
|
|
23.1
|
%
|
|
|
|
|
527,840
|
|
|
22.7
|
%
|
|
|
|
|
531,397
|
|
|
23.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
120,151
|
|
|
16.5
|
%
|
|
|
|
110,088
|
|
|
16.1
|
%
|
|
|
|
|
428,977
|
|
|
18.4
|
%
|
|
|
|
|
401,676
|
|
|
17.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
|
|
43,179
|
|
|
5.9
|
%
|
|
|
|
47,571
|
|
|
7.0
|
%
|
|
|
|
|
98,863
|
|
|
4.2
|
%
|
|
|
|
|
129,721
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, financing costs and other
|
|
|
|
|
2,388
|
|
|
0.3
|
%
|
|
|
|
1,650
|
|
|
0.2
|
%
|
|
|
|
|
10,095
|
|
|
0.4
|
%
|
|
|
|
|
8,247
|
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before provision for income taxes
|
|
|
|
|
40,791
|
|
|
5.6
|
%
|
|
|
|
45,921
|
|
|
6.7
|
%
|
|
|
|
|
88,768
|
|
|
3.8
|
%
|
|
|
|
|
121,474
|
|
|
5.4
|
%
|
|
Provision (benefit) for income taxes
|
|
|
|
|
16,584
|
|
|
2.3
|
%
|
|
|
|
18,517
|
|
|
2.7
|
%
|
|
|
|
|
34,922
|
|
|
1.5
|
%
|
|
|
|
|
48,867
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
|
$
|
24,207
|
|
|
3.3
|
%
|
|
|
$
|
27,404
|
|
|
4.0
|
%
|
|
|
|
$
|
53,846
|
|
|
2.3
|
%
|
|
|
|
$
|
72,607
|
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.49
|
|
|
|
|
|
$
|
0.56
|
|
|
|
|
|
|
$
|
1.09
|
|
|
|
|
|
|
$
|
1.50
|
|
|
|
|
|
Diluted
|
|
|
|
$
|
0.48
|
|
|
|
|
|
$
|
0.55
|
|
|
|
|
|
|
$
|
1.08
|
|
|
|
|
|
|
$
|
1.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in computing net income (loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
49,350,831
|
|
|
|
|
|
|
48,819,289
|
|
|
|
|
|
|
|
49,227,466
|
|
|
|
|
|
|
|
48,472,240
|
|
|
|
|
|
Diluted
|
|
|
|
|
49,970,551
|
|
|
|
|
|
|
49,651,862
|
|
|
|
|
|
|
|
49,947,699
|
|
|
|
|
|
|
|
49,385,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BEACON ROOFING SUPPLY, INC
|
|
Consolidated Balance Sheets
|
|
(in thousands)
|
|
|
|
|
|
|
|
September 30, 2014
|
|
|
|
September 30, 2013
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
$
|
54,472
|
|
|
|
|
$
|
47,027
|
|
|
Accounts receivable, net
|
|
|
|
|
|
|
360,802
|
|
|
|
|
|
329,673
|
|
|
Inventories
|
|
|
|
|
|
|
301,626
|
|
|
|
|
|
251,370
|
|
|
Prepaid expenses and other assets
|
|
|
|
|
|
|
66,828
|
|
|
|
|
|
62,422
|
|
|
Deferred income taxes
|
|
|
|
|
|
|
14,610
|
|
|
|
|
|
14,591
|
|
|
Total current assets
|
|
|
|
|
|
|
798,338
|
|
|
|
|
|
705,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
|
|
88,565
|
|
|
|
|
|
67,659
|
|
|
Goodwill
|
|
|
|
|
|
|
466,206
|
|
|
|
|
|
469,203
|
|
|
Other assets, net
|
|
|
|
|
|
|
80,787
|
|
|
|
|
|
96,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
|
|
|
$
|
1,433,896
|
|
|
|
|
$
|
1,338,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
|
$
|
220,834
|
|
|
|
|
$
|
182,914
|
|
|
Accrued expenses
|
|
|
|
|
|
|
80,285
|
|
|
|
|
|
68,298
|
|
|
Borrowings under revolving lines of credit
|
|
|
|
|
|
|
18,514
|
|
|
|
|
|
47,426
|
|
|
Current portion of long-term obligations
|
|
|
|
|
|
|
16,602
|
|
|
|
|
|
15,098
|
|
|
Total current liabilities
|
|
|
|
|
|
|
336,235
|
|
|
|
|
|
313,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior notes payable, net of current portion
|
|
|
|
|
|
|
185,625
|
|
|
|
|
|
196,875
|
|
|
Deferred income taxes
|
|
|
|
|
|
|
64,100
|
|
|
|
|
|
61,003
|
|
|
Long-term obligations under equipment financing and other,
net
of current portion
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,835
|
|
|
|
|
|
12,726
|
|
|
Total liabilities
|
|
|
|
|
|
|
616,795
|
|
|
|
|
|
584,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
|
|
493
|
|
|
|
|
|
488
|
|
|
Undesignated preferred stock
|
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
Additional paid-in capital
|
|
|
|
|
|
|
328,059
|
|
|
|
|
|
312,962
|
|
|
Retained earnings
|
|
|
|
|
|
|
495,128
|
|
|
|
|
|
441,282
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
|
|
|
|
(6,579
|
)
|
|
|
|
|
(376
|
)
|
|
Total stockholders' equity
|
|
|
|
|
|
|
817,101
|
|
|
|
|
|
754,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
$
|
1,433,896
|
|
|
|
|
$
|
1,338,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BEACON ROOFING SUPPLY, INC
|
|
Consolidated Statements of Cash Flows
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended September 30,
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
2013
|
|
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
$
|
53,846
|
|
|
|
|
$
|
72,607
|
|
|
Adjustments to reconcile net income to net cash (used in) provided
by operating
|
|
|
|
|
|
|
|
|
|
|
|
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
30,294
|
|
|
|
|
|
30,415
|
|
|
Stock-based compensation
|
|
|
|
|
|
|
7,422
|
|
|
|
|
|
9,266
|
|
|
Certain interest expense and other financing costs
|
|
|
|
|
|
|
816
|
|
|
|
|
|
(1,541
|
)
|
|
Gain on sale of fixed assets
|
|
|
|
|
|
|
(1,323
|
)
|
|
|
|
|
(1,487
|
)
|
|
Deferred income taxes
|
|
|
|
|
|
|
3,078
|
|
|
|
|
|
4,416
|
|
|
Other
|
|
|
|
|
|
|
129
|
|
|
|
|
|
-
|
|
|
Changes in assets and liabilities, net of the effects of businesses
acquired:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
|
|
(32,984
|
)
|
|
|
|
|
(22,790
|
)
|
|
Inventories
|
|
|
|
|
|
|
(50,846
|
)
|
|
|
|
|
(16,033
|
)
|
|
Prepaid expenses and other assets
|
|
|
|
|
|
|
(4,790
|
)
|
|
|
|
|
8,343
|
|
|
Accounts payable and accrued expenses
|
|
|
|
|
|
|
49,855
|
|
|
|
|
|
(4,703
|
)
|
|
Net cash provided by operating activities
|
|
|
|
|
|
|
55,497
|
|
|
|
|
|
78,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
|
|
|
(37,239
|
)
|
|
|
|
|
(26,120
|
)
|
|
Acquisition of businesses
|
|
|
|
|
|
|
(1,514
|
)
|
|
|
|
|
(64,606
|
)
|
|
Proceeds from sales of assets
|
|
|
|
|
|
|
1,437
|
|
|
|
|
|
1,235
|
|
|
Net cash used in investing activities
|
|
|
|
|
|
|
(37,316
|
)
|
|
|
|
|
(89,491
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings under revolving lines of credit, net of repayments
|
|
|
|
|
|
|
(27,626
|
)
|
|
|
|
|
6,296
|
|
|
Borrowings under equipment financing facilities
|
|
|
|
|
|
|
25,377
|
|
|
|
|
|
3,993
|
|
|
Repayments under equipment financing facilities
|
|
|
|
|
|
|
(5,009
|
)
|
|
|
|
|
(4,549
|
)
|
|
Repayments under term loan
|
|
|
|
|
|
|
(11,250
|
)
|
|
|
|
|
(11,250
|
)
|
|
Proceeds from exercises of options
|
|
|
|
|
|
|
7,680
|
|
|
|
|
|
18,579
|
|
|
Excess tax benefit from equity-based compensation
|
|
|
|
|
|
|
1,030
|
|
|
|
|
|
4,944
|
|
|
Net cash (used in) provided by financing activities
|
|
|
|
|
|
|
(9,798
|
)
|
|
|
|
|
18,013
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
|
|
|
(938
|
)
|
|
|
|
|
(193
|
)
|
|
Net decrease in cash and cash equivalents
|
|
|
|
|
|
|
7,445
|
|
|
|
|
|
6,822
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
|
|
47,027
|
|
|
|
|
|
40,205
|
|
|
Cash and cash equivalents at end of period
|
|
|
|
|
|
$
|
54,472
|
|
|
|
|
$
|
47,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BEACON ROOFING SUPPLY, INC
|
|
(unaudited, dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales by Product Line
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2014
|
|
|
|
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
Mix %
|
|
|
|
Net Sales
|
|
|
Mix %
|
|
|
|
Change
|
|
Residential roofing products
|
|
|
|
|
$
|
352.4
|
|
|
48.5
|
%
|
|
|
|
$
|
335.2
|
|
|
49.0
|
%
|
|
|
|
$
|
17.2
|
|
|
5.1
|
%
|
|
Non-residential roofing products
|
|
|
|
|
|
270.9
|
|
|
37.3
|
%
|
|
|
|
|
258.2
|
|
|
37.8
|
%
|
|
|
|
|
12.7
|
|
|
4.9
|
%
|
|
Complementary building products
|
|
|
|
|
|
103.2
|
|
|
14.2
|
%
|
|
|
|
|
90.1
|
|
|
13.2
|
%
|
|
|
|
|
13.1
|
|
|
14.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
726.5
|
|
|
100.0
|
%
|
|
|
|
$
|
683.5
|
|
|
100.0
|
%
|
|
|
|
$
|
43.0
|
|
|
6.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales by Product Line for Existing Markets*
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2014
|
|
|
|
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
Mix %
|
|
|
|
Net Sales
|
|
|
Mix %
|
|
|
|
Change
|
|
Residential roofing products
|
|
|
|
|
$
|
351.9
|
|
|
48.5
|
%
|
|
|
|
$
|
333.5
|
|
|
48.8
|
%
|
|
|
|
$
|
18.4
|
|
|
5.5
|
%
|
|
Non-residential roofing products
|
|
|
|
|
|
270.9
|
|
|
37.3
|
%
|
|
|
|
|
257.1
|
|
|
37.6
|
%
|
|
|
|
|
13.8
|
|
|
5.4
|
%
|
|
Complementary building products
|
|
|
|
|
|
103.1
|
|
|
14.2
|
%
|
|
|
|
|
92.9
|
|
|
13.6
|
%
|
|
|
|
|
10.2
|
|
|
11.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
725.9
|
|
|
100.0
|
%
|
|
|
|
$
|
683.5
|
|
|
100.0
|
%
|
|
|
|
$
|
42.4
|
|
|
6.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Existing Market Sales By Business Day**
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2014
|
|
|
|
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
Mix %
|
|
|
|
Net Sales
|
|
|
Mix %
|
|
|
|
Change
|
|
Residential roofing products
|
|
|
|
|
$
|
5.498
|
|
|
48.5
|
%
|
|
|
|
$
|
5.211
|
|
|
48.8
|
%
|
|
|
|
$
|
0.287
|
|
|
5.5
|
%
|
|
Non-residential roofing products
|
|
|
|
|
|
4.233
|
|
|
37.3
|
%
|
|
|
|
|
4.018
|
|
|
37.6
|
%
|
|
|
|
|
0.215
|
|
|
5.4
|
%
|
|
Complementary building products
|
|
|
|
|
|
1.611
|
|
|
14.2
|
%
|
|
|
|
|
1.451
|
|
|
13.6
|
%
|
|
|
|
|
0.160
|
|
|
11.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11.342
|
|
|
100.0
|
%
|
|
|
|
$
|
10.680
|
|
|
100.0
|
%
|
|
|
|
$
|
0.662
|
|
|
6.2
|
%
|
|
|
Note: Some totals above may not foot due to rounding.
*Excludes
branches acquired during the four quarters prior to the start of the
fourth quarter of Fiscal 2014.
**There were 64 business days in
each of the quarters ended September 30, 2014 and 2013.
|
|
|
BEACON ROOFING SUPPLY, INC
|
|
(unaudited, dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales by Product Line
|
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2014
|
|
|
|
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
Mix %
|
|
|
|
Net Sales
|
|
|
Mix %
|
|
|
|
Change
|
|
Residential roofing products
|
|
|
|
|
$
|
1,108.5
|
|
|
47.7
|
%
|
|
|
|
$
|
1,100.5
|
|
|
49.1
|
%
|
|
|
|
$
|
8.0
|
|
|
0.7
|
%
|
|
Non-residential roofing products
|
|
|
|
|
|
876.0
|
|
|
37.6
|
%
|
|
|
|
|
822.7
|
|
|
36.7
|
%
|
|
|
|
|
53.3
|
|
|
6.5
|
%
|
|
Complementary building products
|
|
|
|
|
|
342.4
|
|
|
14.7
|
%
|
|
|
|
|
317.5
|
|
|
14.2
|
%
|
|
|
|
|
24.9
|
|
|
7.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,326.9
|
|
|
100.0
|
%
|
|
|
|
$
|
2,240.7
|
|
|
100.0
|
%
|
|
|
|
$
|
86.2
|
|
|
3.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Sales by Product Line for Existing Markets*
|
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2014
|
|
|
|
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
Mix %
|
|
|
|
Net Sales
|
|
|
Mix %
|
|
|
|
Change
|
|
Residential roofing products
|
|
|
|
|
$
|
1,063.1
|
|
|
48.4
|
%
|
|
|
|
$
|
1,061.4
|
|
|
49.8
|
%
|
|
|
|
$
|
1.7
|
|
|
0.2
|
%
|
|
Non-residential roofing products
|
|
|
|
|
|
828.5
|
|
|
37.8
|
%
|
|
|
|
|
781.5
|
|
|
36.6
|
%
|
|
|
|
|
47.0
|
|
|
6.0
|
%
|
|
Complementary building products
|
|
|
|
|
|
303.3
|
|
|
13.8
|
%
|
|
|
|
|
289.8
|
|
|
13.6
|
%
|
|
|
|
|
13.5
|
|
|
4.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,194.9
|
|
|
100.0
|
%
|
|
|
|
$
|
2,132.7
|
|
|
100.0
|
%
|
|
|
|
$
|
62.2
|
|
|
2.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Existing Market Sales By Business Day**
|
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2014
|
|
|
|
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
Mix %
|
|
|
|
Net Sales
|
|
|
Mix %
|
|
|
|
Change
|
|
Residential roofing products
|
|
|
|
|
$
|
4.202
|
|
|
48.4
|
%
|
|
|
|
$
|
4.195
|
|
|
49.8
|
%
|
|
|
|
$
|
0.007
|
|
|
0.2
|
%
|
|
Non-residential roofing products
|
|
|
|
|
|
3.275
|
|
|
37.8
|
%
|
|
|
|
|
3.089
|
|
|
36.6
|
%
|
|
|
|
|
0.186
|
|
|
6.0
|
%
|
|
Complementary building products
|
|
|
|
|
|
1.199
|
|
|
13.8
|
%
|
|
|
|
|
1.145
|
|
|
13.6
|
%
|
|
|
|
|
0.053
|
|
|
4.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8.676
|
|
|
100.0
|
%
|
|
|
|
$
|
8.430
|
|
|
100.0
|
%
|
|
|
|
$
|
0.246
|
|
|
2.9
|
%
|
|
|
|
|
|
|
|
Note: Some totals above may not foot due to rounding.
*Excludes
branches acquired during the four quarters prior to the start of Fiscal
2014.
**There were 253 business days in each of the years ended
September 30, 2014 and 2013.
|
|
|
BEACON ROOFING SUPPLY INC
|
|
Adjusted Diluted Net Income per Share ("Adjusted Earnings per
Share")
|
|
(unaudited; in thousands except per share amounts)
|
|
|
|
|
|
|
|
Quarter Ended
September 30,
|
|
|
|
Year Ended
September 30,
|
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2014
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EPS
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2013
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EPS
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2014
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EPS
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2013
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EPS
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Net income & diluted earnings per share
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$
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24,207
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$
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0.48
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$
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27,404
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$
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0.55
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$
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53,846
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$
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1.08
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$
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72,607
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$
|
1.47
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|
Company adjustments, net of income taxes:
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Fair value of certain interest rate derivatives and
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charge associated with refinancing
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-
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-
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-
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-
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-
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-
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(1,536
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)
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(0.03
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Termination benefits
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-
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-
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176
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0.00
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-
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-
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717
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0.01
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Adjusted net income & diluted earnings per share
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$
|
24,207
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$
|
0.48
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|
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$
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27,580
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|
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$
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0.56
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$
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53,846
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$
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1.08
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$
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71,788
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$
|
1.45
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Note: Some totals above may not foot due to rounding.
The Company's management believes that "Adjusted Earnings per Share,"
which excludes certain events such as the recognition of changes in the
fair value of certain interest rate derivatives and termination benefits
is useful to investors because it permits investors to better understand
year-over-year changes in underlying operating performance.
The majority of the above termination benefits are associated with the
retirement of our former CFO. While management believes Adjusted
Earnings per Share (EPS) is a useful measure for investors, it is not a
measurement presented in accordance with United States generally
accepted accounting principles (GAAP). You should not consider Adjusted
Earnings per Share in isolation or as a substitute for net loss per
share or diluted earnings per share calculated in accordance with GAAP.
BECN-F
Beacon Roofing Supply, Inc.
Joseph Nowicki, 571-323-3940
Executive
Vice President & Chief Financial Officer
JNowicki@becn.com
Source: Beacon Roofing Supply, Inc.
News Provided by Acquire Media