National distributor GMS Inc. reported financial results for the first quarter of fiscal 2019 ended July 31, 2018.
Net sales for the fiscal first quarter ended July 31, 2018 increased 21.2% to a record $778.1 million from $642.2 million for the fiscal first quarter ended July 31, 2017. Reported net income decreased to $8.7 million, or $0.20 per diluted share, compared to $15.3 million, or $0.36 per diluted share. As previously disclosed, the decrease in net income is attributable to $10.5 million in pre-tax transaction related costs related to the June 2018 acquisition of WSB Titan, $4.1 million in pre-tax purchase accounting adjustments for Titan inventory and $4.8 million in pre-tax severance costs related to our previously announced cost reduction plan. Adjusted EBITDA for the fiscal first quarter increased to $75.3 million from Adjusted EBITDA of $52.8 million for the first quarter of fiscal 2018.