HD Supply loses $1.2 billion in '12
HD Supply reported a net loss of $1.2 billion in 2012, impacted by a $152 million impairment charge and $709 million to extinguish debt.
Sales for the year were $8 billion, a 14.3 percent increase compared to fiscal 2011.
Net sales for the fourth quarter were $2.0 billion, an increase of $342 million, or 20.7 percent, as compared to the fourth quarter of fiscal 2011. Net loss for the quarter was $713 million.
The company also announced that it has filed a registration statement with the U.S. Securities and Exchange Commission relating to a proposed $1 billion initial public offering of its common stock. The company expects to use the proceeds from the proposed offering to repay debt and for general corporate purposes.
BofA Merrill Lynch, Barclays, J.P. Morgan Securities LLC, and Credit Suisse Securities (USA) LLC are lead book-running managers for the offering.
Bain Capital, Carlyle Group (CG.O) and Clayton, Dubilier & Rice, who took the company private for $8.5 billion in 2007, each own about 28 percent of the company.
Home Depot continues to hold a 12.4 percent stake in the company, according to HD Supply's prospectus filed with the Securities and Exchange Commission on Friday.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
