Building Materials Holding Corp. Sales Down 41% in 2Q

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August 19, 2008

Building Materials Holding Corp. Sales Down 41% in 2Q

San Francisco, CA-based Building Materials Holding Corp., a provider of building materials and construction services to professional residential builders and contractors, reported sales of $385 million for the second quarter of 2008, a decrease of 41% from the same quarter a year ago. The company reported a net loss of $31.9 million compare to a profit of $19.4 million for second quarter 2007.

For the six months ended June 30, 2008, sales decreased 38% to $728 million from the same period of 2007. BMHC reported a loss of $65.8 million for the first half of the year, compared to profit of $14.5 million the prior year.

Sales were significantly impacted by continued weakness in new home construction, with single-family building permits in the U.S. down 43% for the quarter, according to the company.

BMHC recently received a temporary waiver of financial covenants from its lenders based on the second quarter financial results and is negotiating a permanent amendment with lenders to better reflect current economic conditions.

“Additionally, we have taken a number of actions aimed at preserving value and enhancing our liquidity going forward. These measures include the wind-down of certain operations, sale of underperforming business units and excess assets and other restructuring initiatives that will generate tax refunds based upon our existing net operating loss carry-back,” CEO Robert E. Mellor said.

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