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Q4 04 Company NEWS RELEASE GMS Reports First Quarter Fiscal 2022 Results 9/2/2021 TUCKER , Ga .-- ( BUSINESS WIRE ) -- GMS Inc. ( NYSE : GMS ) , a leading North American specialty distributor of interior building products , today reported financial results for the fiscal first quarter ended July 31 , 2021 . First Quarter Fiscal 2022 Highlights ( Comparisons are to the first quarter of fiscal 2021 , except where noted . ) ● Net sales of $ 1.04 billion increased 29.8 % ; organic net sales increased 23.2 % . On a per day basis , net sales increased 31.9 % and organic net sales increased 25.2 % . • Net income of $ 61.2 million , or $ 1.39 per diluted share ; adjusted net income of $ 73.3 million , or $ 1.67 per diluted share . Gross margin of 32.2 % , down slightly . SG & A and Adjusted SG & A as a percentage of sales were 20.5 % and 20.2 % , representing 230 and 200 basis points of improvement , respectively . Adjusted EBITDA of $ 128.1 million increased 54.2 % ; Adjusted EBITDA margin improved 200 basis points to 12.3 % from 10.3 % . ● Net Sales Top $ 1 Billion Record Levels of Net Sales , Net Income and Adjusted EBITDA ● ● ● Completed two business acquisitions and five greenfield location openings . Net debt leverage was 2.7 times as of the end of the first quarter of fiscal 2022 , down from 3.0 times a year ago . " GMS's outstanding performance continued , as we delivered another quarter of record net sales , net income and 1