Builders FirstSource, Inc., Dallas, TX, reported a net loss of $18.9 million on sales of $288.3 million for the third quarter ended Sept. 30, 2008. These results compare to a net loss of $12.0 million on sales of $413.9 million for the same period the prior year.
Our industry is facing unprecedented times. Annualized housing starts in September 2008 fell to 817 thousand units, the lowest level since 1958 based on currently available data from the U.S. Census Bureau. Additionally, the credit markets supporting mortgages and commercial lending were virtually frozen at the end of the quarter as a result of the financial crisis affecting our country. This contraction in lending could further damage already weak housing conditions,” said Floyd Sherman, CEO. …
Builders FirstSource Reports 3Q Loss
Builders FirstSource, Inc., Dallas, TX, reported a net loss of $18.9 million on sales of $288.3 million for the third quarter ended Sept. 30, 2008. These results compare to a net loss of $12.0 million on sales of $413.9 million for the same period the prior year.
Our industry is facing unprecedented times. Annualized housing starts in September 2008 fell to 817 thousand units, the lowest level since 1958 based on currently available data from the U.S. Census Bureau. Additionally, the credit markets supporting mortgages and commercial lending were virtually frozen at the end of the quarter as a result of the financial crisis affecting our country. This contraction in lending could further damage already weak housing conditions,” said Floyd Sherman, CEO. …
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