UNIVERSAL FOREST PRODUCTS, INC. (NASDAQ:UFPI) Files An 8-K Changes in Control of Registrant
Item 5.01.Other Events
Effective as of March 30, 2019, the end of the first fiscal quarter of 2019 of Universal Forest Products, Inc. (the “Company”), the Company will reclassify the net sales of its wholly-owned subsidiary, idX Holdings, Inc. (“idX”) from the Company’s industrial market to its construction market. The reclassification is being made to better align idX’s core business, the design, manufacture, distribution and installation of customized interior fixtures for retail and commercial environments, with the Company’s end markets.idX was acquired by the Company in September 2016.
The following table presents the gross sales for each fiscal quarterthat will be reclassified to the Company’s construction market since the date of the acquisition.
|
idX Quarterly Sales (000s) |
2018 |
2017 |
2016 |
|||
|
First Quarter |
$ |
47,592 |
$ |
50,266 |
$ |
— |
|
Second Quarter |
57,129 |
54,961 |
— |
|||
|
Third Quarter |
76,953 |
83,462 |
— |
|||
|
Fourth Quarter |
70,667 |
71,485 |
87,262 |
|||
|
Total Gross Sales |
$ |
252,341 |
$ |
260,174 |
$ |
87,262 |
About UNIVERSAL FOREST PRODUCTS, INC. (NASDAQ:UFPI)
Universal Forest Products, Inc. is a holding company. The Company, through its subsidiaries, supplies wood, wood composite and other products to three primary markets: retail, construction and industrial. Its industrial market serves as industrial manufacturers and other customers for packaging, material handling and other applications. The Company’s segments include North, South, West, Alternative Materials, International and Corporate divisions. The Company designs, manufactures and markets wood and wood-alternative products for national home centers and other retailers, structural lumber and other products for the manufactured housing industry, engineered wood components for residential and commercial construction, and specialty wood packaging, components and packing materials for various industries. The Company’s construction market consists of customers in three submarkets, including manufactured housing, residential construction and commercial construction.