Home » Building Materials Holding Corp. Sales Fall 51% in 1Q
Building Materials Holding Corp. Sales Fall 51% in 1Q
May 14, 2009
Building Materials Holding Corp., Boise, ID, distributor and supplier of building materials and construction services, reported sales for the first quarter 2009 fell 51% to $167 million from $343 million in the same quarter a year ago.
Net loss for the first quarter was $45.2 million, up from $33.9 million a year ago.
The company also reported it is continuing to work with lenders toward a restructuring of its credit facility and balance sheet. BMHC obtained an extension of the waiver from its lenders for its monthly adjusted EBITDA, forecast and projection requirements of its credit agreement - allowing the company to borrow up to $20 million through June 29, 2009.
Robert E. Mellor, CEO, said: "The operating environment for the homebuilding industry remained very challenging during the first quarter of 2009. We continued to focus on our restructuring initiatives to improve cost efficiencies and preserve liquidity."