March 4, 2009

Wolseley Confirms It’s Considering Issue of New Equity

Building Materials/Construction, Companies, Economic Trends, Free, HVACR, Management, News, Plumbing Products & PVF Distribution, Research & Analytics, Strategy, Subscriber Only, Top Distributor Sectors / MDM Staff

Acknowledging press reports in recent months, UK-based building materials and plumbing/HVAC distributor Wolseley plc has confirmed that it has held "discussions to consider the merits of an issue of new equity."

"Any decisions will be communicated to shareholders through the appropriate channels at the appropriate time," Wolseley said in a press release.

London’s Financial Times reported this week that hopes were high that Wolseley would unveil a 1.2 billion pounds rights issue (roughly US$1.5 billion).

Wolseley continues to be burdened by high debt levels. It recently announced its net debt had grown to 3 billion pounds (US$3.7 …

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Huttig 2008 Sales Drop 23.3%

Building Materials/Construction, Free, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Huttig Building Products, Inc., reported sales of $671 million for 2008, down 23.3% from 2007. The distributor of building materials recorded a year-end loss of $35.4 million, compared to a loss in 2007 of $8.2 million.

Sales decreased in all major product categories, attributable to continued significant decline in new housing activities. Wood products sales decreased 35%, while millwork sales declined 30%. The sales decline in building products (10%) was less than other segments as a result of new product initiatives put in place by the company.

Housing starts are expected to continue to be slow in 2009.

For the fourth quarter 2008, sales were $126 million, down 30% from fourth quarter 2007. A loss of $15.4 million was recorded for the quarter, …

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Latest Fed Beige Book: Economic Weakness Deepens

Economic Trends, Free, Research & Analytics, Subscriber Only / Jenel Stelton-Holtmeier

The Federal Reserve Board’s latest Beige Book report was released this week, and the results are in line with reports from other agencies: the U.S. economy continued to deteriorate in January and February.

The report, a compilation of commentaries from each of the 12 Federal Reserve Districts, states that 10 of the 12 districts indicated weaker conditions or declines in economic activity, while Philadelphia and Chicago reported their regional economies remained weak.

Here’s the overview: (Read the full report.)

Deterioration was broad-based, with only a few exceptions, including basic food production and pharmaceuticals. …

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Wolseley’s Chip Hornsby: Realism, Fortitude Key In Today’s Times

Companies, Economic Trends, Free, Management, Research & Analytics, Strategy, Subscriber Only, Top Distributor Sectors / Jenel Stelton-Holtmeier

Chip Hornsby, CEO of Wolseley plc, recently spoke at the National Association for Wholesaler-Distributors executive summit about Managing in Today’s Turbulent Economic Environment. In his speech, he offered five concepts executives need to live by in order to address looming questions brought about by today’s economic uncertainty.

Realism: Clearly identify problems for what they are and immediately assess them for the damage they potentially can cause.

Fortitude: “Do what has to be done to deal head-on with our business problems, no matter how unpleasant.”

Proactivity: “Address issues early, directly, and often.”

Perseverance: “See …

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March 4, 2009

Wolseley Confirms It’s Considering Issue of New Equity

Huttig 2008 Sales Drop 23.3%

Latest Fed Beige Book: Economic Weakness Deepens

Wolseley’s Chip Hornsby: Realism, Fortitude Key In Today’s Times

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