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For 2009, sales were $677.9 million, down 31.7% from 2008. The building products company recorded a full year loss from continuing operations of $56.9 million, compared to a loss of $120.6 million the prior year.
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"We saw an improving trend in housing starts towards the end of 2009, as the national seasonally adjusted annual rate for single-family starts increased from 393,000 at the end of 2008, to 477,000 at the end of 2009," CEO Floyd Sherman said. "However, actual single-family starts dropped 28.4 percent from 622,000 starts in 2008, to 445,200 starts in 2009. The continued decline in the number of homes in the construction pipeline has negatively impacted our revenue."
At the end of the fourth quarter, headcount for the company was 2,800 full-time equivalent employees, down 25.4% from the same time a year ago.
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