Building Materials Holding Corp. Sales Fall 37% in 1Q

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May 12, 2008

Building Materials Holding Corp. Sales Fall 37% in 1Q

Building Materials Holding Corp., San Francisco, CA, provider of construction services and building materials to professional residential builders and contractors, reported sales for the first quarter 2008 decreased 37% to $355 million from $559 million in the same quarter a year ago.

Net loss for the first quarter 2008 increased to $33.9 million from a net loss of $5.0 million in the same quarter a year ago.

"Challenging industry conditions continued across U.S. homebuilding markets during the first quarter," said Robert E. Mellor, CEO. "While the very difficult market conditions continued to impact our operating results, once again the distribution side of our business gained market share with sales declining less than single-family permits in its regions while sustaining gross margins. Our focus remains intently on managing costs, strengthening our balance sheet and structuring for profitability.

Mellor said that BMHC is "making significant progress on our initiatives to realign the business. "We are aggressively moving forward with plans to streamline our operations. Our employee count was reduced a further 20% in the quarter.

"We are flattening our management structure, simplifying our operational organization and moving ahead with the centralization of key administrative support functions."

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