PEABODY, MA -- Beacon Roofing Supply, Inc. said it lost $6.2 million in the second quarter, on sales of $296.3 million. Sales increased 3.8% during the quarter
Paul Isabella, the Company's President & Chief Executive Officer, stated: "Despite an even harsher winter in most of the northern U.S., we managed to beat last year's results. Our second quarter 2011 results did fall short of our expectations, but our first half results tracked close to our fiscal year 2011 plan and also ahead of last year's first half. We are encouraged because our gross margin continues to improve from last year and we again increased our cash holdings. Our commercial and complementary businesses continued to perform well but most of our regions experienced declines in their residential re-roofing businesses, which included the negative impact of a drop in average shingle prices. In addition, our operating income was unfavorably affected by an increase in our bad debt provision and by higher operating losses in our acquired markets. We feel we are well-positioned to benefit from an expected pick-up in volume and price increases in the second half of our fiscal year, and we remain comfortable with our full year expectations."
Beacon Roofing Supply, Inc. is a leading distributor of roofing materials and complementary building products, operating 179 branches in 37 states in the United States and in three provinces in Eastern Canada.