Select Interior Concepts, Inc. - SIC STOCK NEWS

Select Interior Concepts (NASDAQ: SIC) reported promising Q2 2021 financial results, with net revenue rising by 29.2% to $67.2 million, compared to $52.0 million in Q2 2020. Gross profit surged by 51.4% to $20.0 million, with a gross margin of 29.7%. The company posted net income of $2.5 million or $0.10 EPS, a recovery from the prior year's loss. Adjusted EBITDA improved by 47.1% to $8.9 million. However, the previously announced earnings call was canceled due to an impending acquisition by Sun Capital Partners.

Select Interior Concepts (NASDAQ: SIC) has entered into a definitive agreement for an all-cash acquisition by Sun Capital Partners for approximately $411 million. Shareholders will receive $14.50 per share, representing a 32% premium on the closing price. The transaction is subject to shareholder and regulatory approval and is expected to close in early Q4 2021. Following the acquisition, SIC will be delisted and become privately owned. The previously scheduled Q2 2021 earnings call has been canceled as the company will release its financial results later today.

Select Interior Concepts, Inc. (NASDAQ: SIC) will release its financial results for Q2 2021 on August 9, 2021, after market close. The results will be followed by a conference call at 5:00 PM ET, hosted by CEO Bill Varner, Jr. and CFO Nadeem Moiz. Interested investors can participate by dialing in or accessing a webcast via the company's investor relations website. Select Interior Concepts is a leading distributor of interior building products, especially in natural and engineered stone.

Architectural Surfaces Group announces a strategic rebranding, consolidating its regional brands AG&M, Pental Surfaces, and Modul Marble into a single entity, Architectural Surfaces. This change aims to provide brand clarity and streamline the customer experience across over 20 U.S. markets. CEO Bill Varner emphasizes the simplicity of a unified brand identity, while the company continues to offer a broad inventory of globally sourced materials. Architectural Surfaces is a subsidiary of Select Interior Concepts, serving various clients since 1992.

Select Interior Concepts (NASDAQ: SIC) announced the successful closure of the sale of its Residential Design Services segment for $215 million in cash to Interior Logic Group. Proceeds were utilized to eliminate outstanding debt, resulting in a net cash increase of approximately $38 million. SIC's management highlighted the transaction as a strategic move towards enhancing shareholder value, with plans to explore additional operational and financial alternatives to leverage the strong position of its remaining ASG segment in a growing market.

Select Interior Concepts (NASDAQ: SIC) has entered a definitive agreement to sell its Residential Design Services (RDS) segment to Interior Logic Group for approximately $215 million. This transaction aims to enhance shareholder value by eliminating the company’s debt and improving its cash position. RDS generated $333.5 million in revenue and $19 million in adjusted EBITDA for the last twelve months. Upon closing, SIC expects a full-year adjusted EBITDA between $31 million and $33 million, reflecting a stronger margin profile and reduced capital expenditures.

Select Interior Concepts (SIC) reported Q1 2021 financial results with net revenue of $137.8 million, up 2.5% year-over-year. Gross profit increased 10.3% to $33.9 million, while net loss improved to ($1.8 million), or ($0.07 EPS). Adjusted EBITDA soared 111.1% to $9.6 million, with operating cash flow at $5.7 million. Liquidity stood at $79.2 million. The company affirmed its 2021 Adjusted EBITDA guidance of $54-$58 million, indicating positive trends in housing and remodeling.

Select Interior Concepts (NASDAQ: SIC) has announced a revision to its conference call schedule, now set for 10:00 AM ET on May 6, 2021. This call will follow the company’s release of its financial results for the first quarter ended March 31, 2021, which will be issued before market open on the same day. The company aims to facilitate better participation for analysts and investors. Select Interior Concepts is a leading installer and distributor of interior building products, with operations across the U.S.

Select Interior Concepts (NASDAQ: SIC) will announce its Q1 2021 financial results on May 6, 2021, before market open. A conference call hosted by CEO Bill Varner, Jr. and CFO Nadeem Moiz will follow at 9:00 AM ET. The company specializes in interior building products, providing design, sourcing, and installation solutions for various products such as flooring and countertops. Shareholders can participate by calling specified numbers or via a webcast on the company’s investor relations webpage.