Universal Forest Products(R), Inc. Meets Earnings Target Reporting $0.25 Per Share

Apr 24, 2001, 01:00 ET from Universal Forest Products(R), Inc.

    GRAND RAPIDS, Mich., April 24 /PRNewswire Interactive News Release/ --
 Universal Forest Products(R) (Nasdaq:   UFPI) today announced results for the
 first quarter of 2001, including net earnings of $5.0 million or $0.25 per
 share (diluted).  Earnings were in line with company targets for the quarter
 of $0.23 to $0.25 per share (diluted).  Net sales for the quarter of $284.6
 million, were below the company's target of $300 million to $315 million.
     "Although our earnings were in line with our target for the quarter, they
 could have been better," said William G. Currie, UFPI's chief executive
 officer.  "Extremely difficult weather over much of the country negatively
 impacted sales and overall earnings for the quarter.  Weakness in both lumber
 prices and the manufactured housing market continued to affect our
 performance, but were anticipated in our forecast."
     Given normal weather conditions, the company believes they would have
 exceeded both earnings and sales targets for the quarter.  While there has
 been a dramatic up-trend in the lumber market over the last several weeks,
 lumber prices for the first quarter averaged 25% behind the first quarter of
 2000.  Significant unit sales increases in three of the markets Universal
 serves were not enough to offset the effect of lower lumber prices during the
 quarter.
     "The manufactured housing industry continues to be adversely effected by
 excess inventories, increased repossessions, and tight credit conditions.
 Industry statistics show shipments of manufactured homes were down over 40%
 for January and February 2001.  We have been redirecting our sales efforts and
 manufacturing capacity to our other three markets since early last year.  The
 results of these efforts is demonstrated by an increase in unit sales,"
 concluded Currie.
 
     ACQUISITIONS
     The company closed on three previously announced acquisitions:
     *  D&R Framing Contactors - The company acquired 50% of the assets of D&R
 Framing Contractors of Englewood, Colorado on February 28, 2001.
     *  Thorndale Roof Systems Inc. and Edcor Floor Systems Inc. - On March 2,
 2001, the company acquired the remaining 50% of the stock of ECJW Holdings,
 Inc. and its two subsidiaries, Thorndale Roof Systems Inc. and Edcor Floor
 Systems Inc.  The company acquired the initial 50% in April 2000.
     *  Sunbelt Wood Components - On April 3, 2001, the company acquired
 certain assets of KEVCO's Sunbelt Wood Components Division.  The assets
 include manufacturing facilities in North Carolina, Alabama, Georgia, and
 Arizona, which serve the manufactured housing market.
 
     All acquisitions are expected to be immediately accretive, and are in line
 with management's growth objectives.
 
     OUTLOOK
     The company noted evidence of a dramatic turnaround in lumber prices.
 After reaching 8-year lows, the market began an up-trend in the first quarter
 of 2001.  If this trend continues, prices will soon reach levels equal to the
 second quarter of 2000, positively impacting sales.  A significant improvement
 in the manufactured housing industry is not expected until the end of 2001.
 The company does expect to continue its growth in the Do-It-Yourself (D-I-Y),
 site-built construction, and industrial/agricultural markets through the end
 of the year.  With these factors, and current economic conditions in mind,
 management has set targets for the second quarter of 2001, including sales
 ranging from $460 million to $490 million, and earnings between $0.63 to $0.67
 per share (diluted).  The company continues to target sales and earnings per
 share growth from 7% to 10% on an annual basis.  Possible new business
 acquisitions are not included in the company's forecast.
 
     Universal Forest Products will conduct a conference call to discuss
 information included in this news release and related matters at 11 a.m. EDT
 on Tuesday, April 24, 2001.  The conference call will be hosted by William G.
 Currie and will be available for analysts and institutional investors
 domestically at 800-553-2239 or internationally at 303-224-6998, use
 conference call ID #1006390.  The conference call will be available
 simultaneously, and in its entirety, to all interested investors and news
 media through a web cast at www.ufpi.com .
     Universal Forest Products(R) markets, manufactures, and engineers products
 for D-I-Y retail home centers, structural lumber products for the manufactured
 housing industry, engineered wood components for the site-built construction
 market and specialty wood packaging for various industries.  For information
 about Universal Forest Products(R) on the Internet, please contact the
 company's investor relations web site at www.ufpi.com , or call 888-Buy-UFPI.
     Included in this report are certain forward-looking statements within the
 meaning of Section 27A of the Securities Act of 1933, as amended, and Section
 21E of the Securities Exchange Act of 1934, as amended.  Such forward-looking
 statements are based on the beliefs of the Company's management as well as on
 assumptions made by and information currently available to the Company at the
 time such statements were made.  Actual results could differ materially from
 those included in such forward-looking statements.  Investors are cautioned
 that all forward-looking statements involve risks and uncertainty.  Among the
 factors that could cause actual results to differ materially are the
 following: Adverse lumber market trends, competitive activity, negative
 economic trends, government regulations, and weather.  These risk factors and
 additional information are included in the company's reports on Form 10K and
 10Q on file with the Securities and Exchange Commission.
 
 
                 CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
                            FOR THE THREE MONTHS ENDED
                                 MARCH 2001/2000
 
                                                 Quarter Period
     (In thousands, except per share data)   2001               2000
 
 
     NET SALES                           $284,638     100%  $304,072     100%
 
     COST OF GOODS SOLD                   241,519   84.85    263,661   86.71
 
     GROSS PROFIT                          43,119   15.15     40,411   13.29
 
     SELLING, GENERAL AND
      ADMINISTRATIVE EXPENSES              32,273   11.34     27,318    8.98
 
     EARNINGS FROM OPERATIONS              10,846    3.81     13,093    4.31
 
 
     INTEREST EXPENSE                       3,199    1.12      3,168    1.04
     INTEREST REVENUE                         (72)  -0.03        (86)  -0.03
                                            3,127    1.09      3,082    1.01
 
     EARNINGS BEFORE INCOME TAXES,
      MINORITY INTEREST AND EQUITY
      IN EARNINGS (LOSS) OF INVESTEE        7,719    2.72     10,011    3.30
 
     INCOME TAXES                           2,856    1.00      3,953    1.30
 
     EARNINGS BEFORE MINORITY
      INTEREST AND EQUITY IN
      EARNINGS OF INVESTEE                  4,863    1.72      6,058    2.00
 
 
     MINORITY INTEREST                        (67)  -0.02        (23)  -0.01
 
     EQUITY IN EARNINGS
      OF INVESTEE                             181    0.05         46    0.01
 
 
 
     NET EARNINGS                          $4,977    1.75     $6,081    2.00
 
 
     EARNINGS PER SHARE - BASIC             $0.25              $0.30
 
     EARNINGS PER SHARE - DILUTED           $0.25              $0.30
 
     WEIGHTED AVERAGE SHARES
      OUTSTANDING                          19,714             20,135
 
     WEIGHTED AVERAGE SHARES
      OUTSTANDING WITH COMMON
      STOCK EQUIVALENTS                    20,243             20,524
 
    SUPPLEMENTAL SALES DATA
                                                  Quarter Period
     Market Classification                   2001       %       2000       %
     Do-It-Yourself                      $127,704      45%  $134,280      44%
     Manufactured Housing                  50,835      18%    78,182      26%
     Site-Built Construction               62,198      22%    48,615      16%
     Industrial and Other                  43,901      15%    42,995      14%
     Total                               $284,638     100%  $304,072     100%
 
                                                   Year to Date
     (In thousands, except per share data)   2001               2000
 
 
     NET SALES                           $284,638     100%  $304,072     100%
 
     COST OF GOODS SOLD                   241,519   84.85    263,661   86.71
 
     GROSS PROFIT                          43,119   15.15     40,411   13.29
 
     SELLING, GENERAL AND
        ADMINISTRATIVE EXPENSES            32,273   11.34     27,318    8.98
 
     EARNINGS FROM OPERATIONS              10,846    3.81     13,093    4.31
 
 
     INTEREST EXPENSE                       3,199    1.12      3,168    1.04
     INTEREST REVENUE                         (72)  -0.03        (86)  -0.03
                                            3,127    1.09      3,082    1.01
 
     EARNINGS BEFORE INCOME TAXES,
      MINORITY INTEREST AND EQUITY
      IN EARNINGS (LOSS) OF INVESTEE        7,719    2.72     10,011    3.30
 
     INCOME TAXES                           2,856    1.00      3,953    1.30
 
     EARNINGS BEFORE MINORITY
      INTEREST AND EQUITY IN
      EARNINGS OF INVESTEE                  4,863    1.72      6,058    2.00
 
 
     MINORITY INTEREST                        (67)  -0.02        (23)  -0.01
 
     EQUITY IN EARNINGS
      OF INVESTEE                             181    0.05         46    0.01
 
 
 
     NET EARNINGS                          $4,977    1.75     $6,081    2.00
 
 
     EARNINGS PER SHARE - BASIC             $0.25              $0.30
 
     EARNINGS PER SHARE - DILUTED           $0.25              $0.30
 
     WEIGHTED AVERAGE SHARES
      OUTSTANDING                          19,714             20,135
 
     WEIGHTED AVERAGE SHARES
      OUTSTANDING WITH COMMON
      STOCK EQUIVALENTS                    20,243             20,524
 
 
     SUPPLEMENTAL SALES DATA
                                                   Year to Date
     Market Classification                   2001       %        2000       %
     Do-It-Yourself                      $127,704      45%   $134,280      44%
     Manufactured Housing                  50,835      18%     78,182      26%
     Site-Built Construction               62,198      22%     48,615      16%
     Industrial and Other                  43,901      15%     42,995      14%
     Total                               $284,638     100%   $304,072     100%
 
 
                    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
                                MARCH 2001/2000
 
     (In thousands)
 
                                          LIABILITIES
                                          AND
                                          SHAREHOLDERS'
     ASSETS            2001      2000     EQUITY            2001      2000
 
     CURRENT ASSETS                       CURRENT LIABILITIES
       Cash and cash                      Notes
        equivalents  $5,273    $2,405      payable          $795    $1,428
       Restricted
        cash
        equivalents   1,281         -     Accounts payable and
       Accounts                            accrued
        receivable  105,338   107,051      liabilities    89,798    96,127
       Inventories  148,187   159,629     Current portion
       Other debt and                      of long-term
        current                            capital
        assets        8,852     7,231      leases         18,260     7,277
 
     TOTAL CURRENT                        TOTAL CURRENT
      ASSETS        268,931   276,316      LIABILITIES   108,853   104,832
 
     OTHER ASSETS    11,758    10,988     LONG-TERM DEBT AND CAPITAL
                                           LEASES, less
     GOODWILL AND                          current
      NON-COMPETE   113,671    92,424      portion       197,336   191,702
                                          OTHER
                                           LIABILITIES    18,458    16,662
     PROPERTY,
      PLANT AND
      EQUIPMENT,                          SHAREHOLDERS'
      NET           170,752   152,432      EQUITY        240,465   218,964
 
                                          TOTAL LIABILITIES AND
                                          SHAREHOLDERS'
     TOTAL ASSETS  $565,112  $532,160      EQUITY       $565,112  $532,160
 
 
 
                 CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                            FOR THE THREE MONTHS ENDED
                                  MARCH 2001/2000
 
     (In thousands)                                    2001              2000
 
     CASH FLOWS FROM OPERATING ACTIVITIES:
     Net earnings                                    $4,977            $6,081
     Adjustments to reconcile net earnings
      to net cash
      from operating activities:
           Depreciation                               4,577             3,830
           Amortization of non-compete
            agreements and goodwill                   1,045               791
           (Gain) loss on sale of
            property, plant and equipment                 -               (88)
           Changes in:
             Accounts receivable                    (37,032)          (37,040)
             Inventories                            (23,587)          (28,095)
             Accounts payable                        22,600            22,737
             Accrued liabilities and other           (7,198)           (5,089)
               NET CASH FROM OPERATING
                ACTIVITIES                          (34,618)          (36,873)
 
     CASH FLOWS FROM INVESTING ACTIVITIES:
     Purchases of property, plant, and
      equipment                                      (7,781)           (7,271)
     Acquisitions, net of cash received             (10,498)                -
     Proceeds from sale of property, plant
      and equipment                                     481               209
     Other                                             (391)             (261)
               NET CASH FROM INVESTING
                ACTIVITIES                          (18,189)           (7,323)
 
     CASH FLOWS FROM FINANCING ACTIVITIES:
     Net borrowings (repayments) under
      revolving credit facility and
      notes payable                                  58,759            42,908
     Proceeds from issuance of long-term
      debt                                                -             1,949
     Repayment of long-term debt                     (2,864)             (379)
     Proceeds from issuance of common
      stock                                              48                65
     Repurchase of common stock                        (255)           (2,048)
               NET CASH FROM FINANCING
                ACTIVITIES                           55,688            42,495
 
 
     NET CHANGE IN CASH AND CASH
      EQUIVALENTS                                     2,881            (1,701)
 
     CASH AND CASH EQUIVALENTS, BEGINNING
      OF YEAR                                         2,392             4,106
 
     CASH AND CASH EQUIVALENTS, END OF
      PERIOD                                         $5,273            $2,405
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X25185845
 
 

SOURCE Universal Forest Products(R), Inc.
    GRAND RAPIDS, Mich., April 24 /PRNewswire Interactive News Release/ --
 Universal Forest Products(R) (Nasdaq:   UFPI) today announced results for the
 first quarter of 2001, including net earnings of $5.0 million or $0.25 per
 share (diluted).  Earnings were in line with company targets for the quarter
 of $0.23 to $0.25 per share (diluted).  Net sales for the quarter of $284.6
 million, were below the company's target of $300 million to $315 million.
     "Although our earnings were in line with our target for the quarter, they
 could have been better," said William G. Currie, UFPI's chief executive
 officer.  "Extremely difficult weather over much of the country negatively
 impacted sales and overall earnings for the quarter.  Weakness in both lumber
 prices and the manufactured housing market continued to affect our
 performance, but were anticipated in our forecast."
     Given normal weather conditions, the company believes they would have
 exceeded both earnings and sales targets for the quarter.  While there has
 been a dramatic up-trend in the lumber market over the last several weeks,
 lumber prices for the first quarter averaged 25% behind the first quarter of
 2000.  Significant unit sales increases in three of the markets Universal
 serves were not enough to offset the effect of lower lumber prices during the
 quarter.
     "The manufactured housing industry continues to be adversely effected by
 excess inventories, increased repossessions, and tight credit conditions.
 Industry statistics show shipments of manufactured homes were down over 40%
 for January and February 2001.  We have been redirecting our sales efforts and
 manufacturing capacity to our other three markets since early last year.  The
 results of these efforts is demonstrated by an increase in unit sales,"
 concluded Currie.
 
     ACQUISITIONS
     The company closed on three previously announced acquisitions:
     *  D&R Framing Contactors - The company acquired 50% of the assets of D&R
 Framing Contractors of Englewood, Colorado on February 28, 2001.
     *  Thorndale Roof Systems Inc. and Edcor Floor Systems Inc. - On March 2,
 2001, the company acquired the remaining 50% of the stock of ECJW Holdings,
 Inc. and its two subsidiaries, Thorndale Roof Systems Inc. and Edcor Floor
 Systems Inc.  The company acquired the initial 50% in April 2000.
     *  Sunbelt Wood Components - On April 3, 2001, the company acquired
 certain assets of KEVCO's Sunbelt Wood Components Division.  The assets
 include manufacturing facilities in North Carolina, Alabama, Georgia, and
 Arizona, which serve the manufactured housing market.
 
     All acquisitions are expected to be immediately accretive, and are in line
 with management's growth objectives.
 
     OUTLOOK
     The company noted evidence of a dramatic turnaround in lumber prices.
 After reaching 8-year lows, the market began an up-trend in the first quarter
 of 2001.  If this trend continues, prices will soon reach levels equal to the
 second quarter of 2000, positively impacting sales.  A significant improvement
 in the manufactured housing industry is not expected until the end of 2001.
 The company does expect to continue its growth in the Do-It-Yourself (D-I-Y),
 site-built construction, and industrial/agricultural markets through the end
 of the year.  With these factors, and current economic conditions in mind,
 management has set targets for the second quarter of 2001, including sales
 ranging from $460 million to $490 million, and earnings between $0.63 to $0.67
 per share (diluted).  The company continues to target sales and earnings per
 share growth from 7% to 10% on an annual basis.  Possible new business
 acquisitions are not included in the company's forecast.
 
     Universal Forest Products will conduct a conference call to discuss
 information included in this news release and related matters at 11 a.m. EDT
 on Tuesday, April 24, 2001.  The conference call will be hosted by William G.
 Currie and will be available for analysts and institutional investors
 domestically at 800-553-2239 or internationally at 303-224-6998, use
 conference call ID #1006390.  The conference call will be available
 simultaneously, and in its entirety, to all interested investors and news
 media through a web cast at www.ufpi.com .
     Universal Forest Products(R) markets, manufactures, and engineers products
 for D-I-Y retail home centers, structural lumber products for the manufactured
 housing industry, engineered wood components for the site-built construction
 market and specialty wood packaging for various industries.  For information
 about Universal Forest Products(R) on the Internet, please contact the
 company's investor relations web site at www.ufpi.com , or call 888-Buy-UFPI.
     Included in this report are certain forward-looking statements within the
 meaning of Section 27A of the Securities Act of 1933, as amended, and Section
 21E of the Securities Exchange Act of 1934, as amended.  Such forward-looking
 statements are based on the beliefs of the Company's management as well as on
 assumptions made by and information currently available to the Company at the
 time such statements were made.  Actual results could differ materially from
 those included in such forward-looking statements.  Investors are cautioned
 that all forward-looking statements involve risks and uncertainty.  Among the
 factors that could cause actual results to differ materially are the
 following: Adverse lumber market trends, competitive activity, negative
 economic trends, government regulations, and weather.  These risk factors and
 additional information are included in the company's reports on Form 10K and
 10Q on file with the Securities and Exchange Commission.
 
 
                 CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
                            FOR THE THREE MONTHS ENDED
                                 MARCH 2001/2000
 
                                                 Quarter Period
     (In thousands, except per share data)   2001               2000
 
 
     NET SALES                           $284,638     100%  $304,072     100%
 
     COST OF GOODS SOLD                   241,519   84.85    263,661   86.71
 
     GROSS PROFIT                          43,119   15.15     40,411   13.29
 
     SELLING, GENERAL AND
      ADMINISTRATIVE EXPENSES              32,273   11.34     27,318    8.98
 
     EARNINGS FROM OPERATIONS              10,846    3.81     13,093    4.31
 
 
     INTEREST EXPENSE                       3,199    1.12      3,168    1.04
     INTEREST REVENUE                         (72)  -0.03        (86)  -0.03
                                            3,127    1.09      3,082    1.01
 
     EARNINGS BEFORE INCOME TAXES,
      MINORITY INTEREST AND EQUITY
      IN EARNINGS (LOSS) OF INVESTEE        7,719    2.72     10,011    3.30
 
     INCOME TAXES                           2,856    1.00      3,953    1.30
 
     EARNINGS BEFORE MINORITY
      INTEREST AND EQUITY IN
      EARNINGS OF INVESTEE                  4,863    1.72      6,058    2.00
 
 
     MINORITY INTEREST                        (67)  -0.02        (23)  -0.01
 
     EQUITY IN EARNINGS
      OF INVESTEE                             181    0.05         46    0.01
 
 
 
     NET EARNINGS                          $4,977    1.75     $6,081    2.00
 
 
     EARNINGS PER SHARE - BASIC             $0.25              $0.30
 
     EARNINGS PER SHARE - DILUTED           $0.25              $0.30
 
     WEIGHTED AVERAGE SHARES
      OUTSTANDING                          19,714             20,135
 
     WEIGHTED AVERAGE SHARES
      OUTSTANDING WITH COMMON
      STOCK EQUIVALENTS                    20,243             20,524
 
    SUPPLEMENTAL SALES DATA
                                                  Quarter Period
     Market Classification                   2001       %       2000       %
     Do-It-Yourself                      $127,704      45%  $134,280      44%
     Manufactured Housing                  50,835      18%    78,182      26%
     Site-Built Construction               62,198      22%    48,615      16%
     Industrial and Other                  43,901      15%    42,995      14%
     Total                               $284,638     100%  $304,072     100%
 
                                                   Year to Date
     (In thousands, except per share data)   2001               2000
 
 
     NET SALES                           $284,638     100%  $304,072     100%
 
     COST OF GOODS SOLD                   241,519   84.85    263,661   86.71
 
     GROSS PROFIT                          43,119   15.15     40,411   13.29
 
     SELLING, GENERAL AND
        ADMINISTRATIVE EXPENSES            32,273   11.34     27,318    8.98
 
     EARNINGS FROM OPERATIONS              10,846    3.81     13,093    4.31
 
 
     INTEREST EXPENSE                       3,199    1.12      3,168    1.04
     INTEREST REVENUE                         (72)  -0.03        (86)  -0.03
                                            3,127    1.09      3,082    1.01
 
     EARNINGS BEFORE INCOME TAXES,
      MINORITY INTEREST AND EQUITY
      IN EARNINGS (LOSS) OF INVESTEE        7,719    2.72     10,011    3.30
 
     INCOME TAXES                           2,856    1.00      3,953    1.30
 
     EARNINGS BEFORE MINORITY
      INTEREST AND EQUITY IN
      EARNINGS OF INVESTEE                  4,863    1.72      6,058    2.00
 
 
     MINORITY INTEREST                        (67)  -0.02        (23)  -0.01
 
     EQUITY IN EARNINGS
      OF INVESTEE                             181    0.05         46    0.01
 
 
 
     NET EARNINGS                          $4,977    1.75     $6,081    2.00
 
 
     EARNINGS PER SHARE - BASIC             $0.25              $0.30
 
     EARNINGS PER SHARE - DILUTED           $0.25              $0.30
 
     WEIGHTED AVERAGE SHARES
      OUTSTANDING                          19,714             20,135
 
     WEIGHTED AVERAGE SHARES
      OUTSTANDING WITH COMMON
      STOCK EQUIVALENTS                    20,243             20,524
 
 
     SUPPLEMENTAL SALES DATA
                                                   Year to Date
     Market Classification                   2001       %        2000       %
     Do-It-Yourself                      $127,704      45%   $134,280      44%
     Manufactured Housing                  50,835      18%     78,182      26%
     Site-Built Construction               62,198      22%     48,615      16%
     Industrial and Other                  43,901      15%     42,995      14%
     Total                               $284,638     100%   $304,072     100%
 
 
                    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
                                MARCH 2001/2000
 
     (In thousands)
 
                                          LIABILITIES
                                          AND
                                          SHAREHOLDERS'
     ASSETS            2001      2000     EQUITY            2001      2000
 
     CURRENT ASSETS                       CURRENT LIABILITIES
       Cash and cash                      Notes
        equivalents  $5,273    $2,405      payable          $795    $1,428
       Restricted
        cash
        equivalents   1,281         -     Accounts payable and
       Accounts                            accrued
        receivable  105,338   107,051      liabilities    89,798    96,127
       Inventories  148,187   159,629     Current portion
       Other debt and                      of long-term
        current                            capital
        assets        8,852     7,231      leases         18,260     7,277
 
     TOTAL CURRENT                        TOTAL CURRENT
      ASSETS        268,931   276,316      LIABILITIES   108,853   104,832
 
     OTHER ASSETS    11,758    10,988     LONG-TERM DEBT AND CAPITAL
                                           LEASES, less
     GOODWILL AND                          current
      NON-COMPETE   113,671    92,424      portion       197,336   191,702
                                          OTHER
                                           LIABILITIES    18,458    16,662
     PROPERTY,
      PLANT AND
      EQUIPMENT,                          SHAREHOLDERS'
      NET           170,752   152,432      EQUITY        240,465   218,964
 
                                          TOTAL LIABILITIES AND
                                          SHAREHOLDERS'
     TOTAL ASSETS  $565,112  $532,160      EQUITY       $565,112  $532,160
 
 
 
                 CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                            FOR THE THREE MONTHS ENDED
                                  MARCH 2001/2000
 
     (In thousands)                                    2001              2000
 
     CASH FLOWS FROM OPERATING ACTIVITIES:
     Net earnings                                    $4,977            $6,081
     Adjustments to reconcile net earnings
      to net cash
      from operating activities:
           Depreciation                               4,577             3,830
           Amortization of non-compete
            agreements and goodwill                   1,045               791
           (Gain) loss on sale of
            property, plant and equipment                 -               (88)
           Changes in:
             Accounts receivable                    (37,032)          (37,040)
             Inventories                            (23,587)          (28,095)
             Accounts payable                        22,600            22,737
             Accrued liabilities and other           (7,198)           (5,089)
               NET CASH FROM OPERATING
                ACTIVITIES                          (34,618)          (36,873)
 
     CASH FLOWS FROM INVESTING ACTIVITIES:
     Purchases of property, plant, and
      equipment                                      (7,781)           (7,271)
     Acquisitions, net of cash received             (10,498)                -
     Proceeds from sale of property, plant
      and equipment                                     481               209
     Other                                             (391)             (261)
               NET CASH FROM INVESTING
                ACTIVITIES                          (18,189)           (7,323)
 
     CASH FLOWS FROM FINANCING ACTIVITIES:
     Net borrowings (repayments) under
      revolving credit facility and
      notes payable                                  58,759            42,908
     Proceeds from issuance of long-term
      debt                                                -             1,949
     Repayment of long-term debt                     (2,864)             (379)
     Proceeds from issuance of common
      stock                                              48                65
     Repurchase of common stock                        (255)           (2,048)
               NET CASH FROM FINANCING
                ACTIVITIES                           55,688            42,495
 
 
     NET CHANGE IN CASH AND CASH
      EQUIVALENTS                                     2,881            (1,701)
 
     CASH AND CASH EQUIVALENTS, BEGINNING
      OF YEAR                                         2,392             4,106
 
     CASH AND CASH EQUIVALENTS, END OF
      PERIOD                                         $5,273            $2,405
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X25185845
 
 SOURCE  Universal Forest Products(R), Inc.

RELATED LINKS

http://www.ufpinc.com