BUILDERS FIRSTSOURCE, INC. (NASDAQ:BLDR) Files An 8-K Results of Operations and Financial ConditionItem 2.02. Results of Operations and Financial Condition
On September 6, 2017, Builders FirstSource, Inc. (the “Company”) issued the news release attached hereto as Exhibit 99.1 announcing the commencement of a public offering of 13,482,177 shares of its common stock to be sold by JLL Building Holdings, LLC (“JLL”). After completion of the offering JLL will distribute 862,407 shares to its general partner and certain of its limited partners.
The sale of the Company’s common stock in this offering is expected to cause the Company to undergo an “ownership change” under Section382 of the Internal Revenue Code of 1986, as amended (a “Section 382 Ownership Change”), which will impose an annual limitation on the Company’s use of certain of its tax attributes, including net operating loss (“NOL”) and capital loss carryforwards. In its 2017 cash flow from operations and investing activity guidance, the Company assumed that it would not have any U.S. federal income tax liability for its 2017 taxable year as a result of its NOL carryforwards. The Section382 Ownership Change triggered by this offering is expected to increase the Company’s projected federal cash tax payments, and thus lower expected cash flows for the full year 2017 by approximately $15 million. The Company does not expect the tax benefit provided by the Company’s NOL and capital loss carryforwards be forfeited, but instead the Company’s use of its remaining NOL carryforward of approximately $100 million is expected to be fully utilized by 2020, thus deferring the potential cash flow benefit over three years.
Item 2.02. Financial Statements and Exhibits.
(d) Exhibits
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Exhibit No. |
Description of Exhibit |
| 99.1. | News release dated September 6, 2017 |
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Builders FirstSource, Inc. ExhibitEX-99.1 2 d447261dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Builders FirstSource,…To view the full exhibit click here
About BUILDERS FIRSTSOURCE, INC. (NASDAQ:BLDR)
Builders FirstSource, Inc. is a supplier and manufacturer of building materials, manufactured components and construction services to professional contractors, sub-contractors and consumers. The Company’s operating segments include Northeast, Southeast, South and West. It offers solution to its customers providing manufacturing, supply and installation of a range of structural and related building products. Its manufactured products include factory-built roof and floor trusses, wall panels and stairs, vinyl windows, custom millwork and trim, as well as engineered wood that it designs, cuts and assembles for each home. The Company also assembles interior and exterior doors into pre-hung units. Additionally, it supplies customers with offering of professional grade building products, such as dimensional lumber and lumber sheet goods, and various window, door and millwork lines. Its range of construction-related services includes professional installation, framing and shell construction BUILDERS FIRSTSOURCE, INC. (NASDAQ:BLDR) Recent Trading Information
BUILDERS FIRSTSOURCE, INC. (NASDAQ:BLDR) closed its last trading session up +0.38 at 16.77 with 1,233,239 shares trading hands.