Universal narrows loss margin
Universal Forest Products, Inc. (Nasdaq: UFPI) recently announced a loss of $1.2 million, or ($0.06) per diluted share, on net sales of $361.7 million for the first quarter of 2009. That favorably compares to a loss of $4.6 million, or ($0.24) per diluted share, on net sales of $489.5 million for the first quarter of 2008. First quarter 2009 sales results reflect a lumber market composite price that was 19% lower than the previous year, which impacted selling prices; weak consumer spending; and the ongoing challenges of a depressed economy.
“We are pleased with results like these in tough economic times and in a quarter that historically comprises a slow selling season,” CEO Michael B. Glenn said in a news release. “These numbers reflect production efficiencies resulting from the improvement efforts of our employees and a strong business model that promotes sales to multiple industries and markets.”
Glenn noted that “a renewed focus on the basics that have created success over the company’s 54 years — an unwavering customer focus, optimizing inventory and collecting receivables, and an entrepreneurial spirit that encourages innovation, prudent risk-taking and a focus on daily improvement — is yielding positive results.”