Home » Building Materials Holding Corp. Sales Fall 29% in 2007
Building Materials Holding Corp. Sales Fall 29% in 2007
March 11, 2008
San Francisco, CA-based Building Materials Holding Corp., a provider of building materials and construction services to professional residential builders and contractors, reported sales for the fourth quarter 2007 fell 30% to $419 million. For the year, sales decreased 29% to $2.3 billion from $3.2 billion in 2006.
Net loss for the fourth quarter of 2007 was $331.3 million compared with profit of $4.5 million in the same quarter a year ago.
Net loss for the year was $312.7 million compared with profit of $102.1 million in 2006.
Homebuilding market conditions significantly deteriorated during the fourth quarter and continued to impact our operating results," said Robert E. Mellor, CEO. "New home construction slowed dramatically on a national basis as the macroeconomic environment remained challenging with elevated inventory levels of unsold homes, low buyer demand, and the continued mortgage crisis. Despite these difficult market conditions, the distribution side of our business continued to gain market share, thereby partially offsetting the overall decline of our business.
"Entering 2008, homebuilding industry forecasts remain weak. Our focus will remain on managing costs, generating cash, strengthening the balance sheet and structuring for profitability."