TopBuild to Release First Quarter 2020 Results on May 5 Provides Business Update
April 14 2020 - 6:45AM
TopBuild Corp. (NYSE:BLD), the
leading installer and distributor of insulation and building
material products in the United States, will release its first
quarter 2020 results prior to 7:00 a.m. on Tuesday, May 5.
The Company will host a conference call at 9:00 a.m. Eastern time
that same day to review its financial results.
Live Call: US/Canada callers dial (888)
225-2706
A live, listen-only webcast can be accessed
through the Company’s Web site at www.topbuild.com under the
“Investor Relations” section. A replay of the call will also
be available on the Company’s web site.
Business/COVID-19 Update:
- As always, the Company is prioritizing the health and
well-being of its employees, their families and its business
partners:
- Our already extensive procedures for cleaning and sanitizing
our facilities and vehicles have been further enhanced.
- Our installers and drivers are practicing social distancing on
job sites.
- A work from home order for employees at certain of our
operating facilities, including the Daytona Beach Branch Support
Center, was implemented.
- The Company is monitoring, on a daily basis, where we are
permitted to safely continue to install and distribute
material. To date, with the exception of a few states,
residential and commercial construction has been deemed an
essential service. In those locations, the Company’s crews
continue to operate.
- From a liquidity standpoint, the Company had approximately $187
million of cash on hand at the end of the first quarter and
currently has approximately $389 million available under its $450
million revolving credit facility, which excludes approximately $61
million of letters of credit.
Jerry Volas, Chief Executive Officer, stated, “These are
unprecedented times and our leadership team is responding
proactively to minimize the impact on the Company’s operations.
Looking ahead, we firmly believe our uniquely diversified operating
model and cycle-tested management team will enable the Company to
successfully weather this storm.”
The Company noted that given the uncertainty
surrounding the COVID-19 pandemic, it is unable to assess fully the
economic impact of this crisis and is therefore withdrawing its
2020 Revenue and Adjusted EBITDA guidance. The company will
provide an update on its first quarter earnings call scheduled for
May 5th.
Safe Harbor StatementThis press
release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act. These
forward-looking statements may address, among other things, our
expected financial and operational results, the related assumptions
underlying our expected results, and the quotations of
management. These forward-looking statements are
distinguished by use of words such as “will,” “would,”
“anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,”
the negative of these terms, and similar references to future
periods. These views involve risks and uncertainties that are
difficult to predict and, accordingly, our actual results may
differ materially from the results discussed in our forward-looking
statements. Our forward-looking statements contained herein
speak only as of the date of this press release. Factors or
events that we cannot predict, including uncertainty around
Covid-19 and the effects of government and other measures seeking
to contain its spread, risks related to an economic downturn or
recession in the United States and in other countries around the
world, changes in political, business, and economic conditions and
other factors described in the risk factors contained in our
filings with the Securities and Exchange Commission, may cause our
actual results to differ from those expressed in forward-looking
statements. Although TopBuild believes the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, the Company can give no assurance that its
expectations will be achieved and it undertakes no obligation to
update publicly any forward-looking statements as a result of new
information, future events, or otherwise, except as required by
applicable law.
About TopBuildTopBuild Corp., a
Fortune 1000 Company headquartered in Daytona Beach, Florida, is a
leading installer and distributor of insulation and building
material products to the U.S. construction industry. We provide
insulation and building material services nationwide through
TruTeam®, which has close to 200 branches, and through Service
Partners® which distributes insulation and building material
products from over 75 branches. We leverage our national
footprint to gain economies of scale while capitalizing on our
local market presence to forge strong relationships with our
customers. To learn more about TopBuild please visit our
website at www.topbuild.com
Investor Relations and Media
ContactTabitha
Zanetabitha.zane@topbuild.com386-763-8801
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