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Fitch Downgrades & Withdraws BMHC's 'CCC' IDR
12/18/2008 4:51:00 PM
NEW YORK, Dec 18, 2008 Fitch Ratings has downgraded and removed from Rating Watch Negative the ratings of Building Materials Holding Corporation (BMHC). --Issuer Default Rating (IDR) to 'CCC' from 'B-'; --Senior secured debt to 'CCC/RR4' from 'B/RR3'. The Rating Outlook is Negative. Fitch has simultaneously withdrawn all ratings for this issuer. Fitch's 'RR4' Recovery Rating (RR) on BMHC's secured term loan and revolving credit facility indicates average (30%-50%) recovery prospects for holders of these debt issues. Fitch applied a liquidation analysis for these RRs. The downgrade on the senior secured debt applies to BMHC's $540 million senior secured credit facilities, including the company's $200 million secured revolving credit facility. The downgrades reflect the current very difficult housing environment and Fitch's expectation that housing activity will be even more challenging than previously anticipated throughout calendar 2009. The ratings changes also reflect continued deterioration in credit metrics so far in 2008 and also expected for the balance of the year and into 2009. The company's financial results have been adversely affected by the meaningful multi-year downturn in the homebuilding market, especially as the large public builders sharply reduced production of new homes to balance supply with demand. Fitch expects that BMHC's margins, credit metrics and cash flow will continue to be under pressure as the housing environment remains difficult for the remainder of the year and into next year. In 2009, Fitch projects that total and single-family starts will decline 22% and 22.6%, respectively. The Rating Watch Negative has been resolved with BMHC's amendment to its secured bank credit facilities. Fitch originally placed BMHC on Rating Watch Negative on July 31, 2008. BMHC is one of the largest providers of building materials and residential construction services in the United States. The company serves the homebuilding industry through two recognized brands: as BMC West, the company distributes building materials and manufactures building components for professional builders and contractors in the western and southern states; as SelectBuild, it provides construction services to high-volume production homebuilders in key markets across the country.
BMHC Announces Change of Headquarters Address
12/11/2008 8:30:00 AM
Corporate Restructuring Efforts Continue
SAN FRANCISCO, Dec 11, 2008 /PRNewswire-FirstCall via COMTEX/ -- Building Materials Holding Corporation (BLGM), a leading provider of building materials and construction services to professional residential builders and contractors, announced today that it will change its corporate headquarters address, effective January 1, 2009, to 720 Park Boulevard, Suite 200, Boise, Idaho 83712. As BMHC continues to restructure its operations and administrative support functions to effectively address the severe cyclical downturn in the homebuilding industry, all locations are affected. The existing San Francisco headquarters office will be closed and the Company will maintain only a small office in the San Francisco Bay Area.
NYSE sub-penny halt rulle; NYSE to re-list 91 stocks.
http://www.reuters.com/article/marketsNews/idCAN1428245320081114?rpc=44
This is a big co for the otc, imo.
Building Materials Holding Corporation (BLGM), a leading provider of building materials and construction services to professional residential builders and contractors, today reported sales for the third quarter of 2008 decreased 39% to $364 million from $594 million in the same quarter a year ago. For the nine months ended September 30, 2008, sales decreased 39% to $1.1 billion from $1.8 billion in the same period of 2007.
BMHC Announces Third Quarter 2008 Financial Results
11/6/2008 4:01:00 PM
Restructuring initiatives progressing as planned, liquidity has improved - Completed amendment to $540 million credit facility
Building Materials Holding Corporation (BLGM), a leading provider of building materials and construction services to professional residential builders and contractors, today reported sales for the third quarter of 2008 decreased 39% to $364 million from $594 million in the same quarter a year ago. For the nine months ended September 30, 2008, sales decreased 39% to $1.1 billion from $1.8 billion in the same period of 2007.
Net loss for the third quarter of 2008 was $45.2 million or $1.55 per share compared to net income of $4.2 million or $0.14 per share in the same quarter a year ago. For the nine months ended September 30, 2008, net loss was $111.0 million or $3.82 per share compared to net income of $18.6 million or $0.63 per share in the same period of 2007.
Our operating results in the third quarter included: -- $3.9 million of impairments for assets held for sale and customer relationships and -- $2.1 million for expenses to close and consolidate underperforming business units.Commenting on third quarter results, Robert E. Mellor, Chairman and Chief Executive Officer, stated, "As the unprecedented volatility in the capital markets and the downturn in the homebuilding industry persisted, we remained focused on our goal of realigning our business to the current environment. We made significant progress on our restructuring program during the third quarter, executing on a wide range of operational and financial actions designed to address the impact of the homebuilding industry downturn. Importantly, we successfully negotiated an amendment to our $540 million secured credit facility. Year-to-date, we have reduced selling, general and administrative expenses by $51.2 million, or 16 percent. We continued to enhance our liquidity during the quarter through the wind-down of certain operations and the sale of underperforming business units and excess assets. We remain on track for these and other restructuring initiatives."
Mr. Mellor concluded, "While our third quarter financial results continued to be significantly impacted by the difficult operating environment, we are seeing an improvement in our ongoing operations and we comfortably met the bank covenants at the end of the quarter."
Operating Results (thousands) Three Months Ended Nine Months Ended September 30 % September 30 % 2008 2007 Change 2008 2007 Change Sales Building Products $184,568 $265,652 (31)% $563,116 $785,378 (28)% Construction Services 179,862 328,387 (45)% 528,882 990,835 (47)% $364,430 $594,039 (39)% $1,091,998 $1,776,213 (39)% (Loss) income from operations $(29,047) $10,991 n/m $(79,964) $45,620 n/mFor the quarter, sales declined 39% to $364 million from $594 million in the same quarter a year ago. For the nine months, sales declined 39% to $1.1 billion from $1.8 billion in the same period a year ago. The challenging circumstances in the homebuilding industry continue to adversely affect our markets. Sales were lower in all our regions, particularly California/Northern Nevada and the Southwest. However, our 39% decline in sales is less than the decline in building permits in our markets of 42% for the quarter and 46% for the nine month period.
For the quarter and nine months, loss from continuing operations was a result of:
-- lower sales volume, particularly construction services, -- gross margin compression from competitive market conditions, -- impairments of $3.9 million for the quarter and $12.3 million for the nine months principally for customer relationships and assets held for sale and -- expenses of $2.1 million for the quarter and $7.9 million for the nine months to close and consolidate underperforming business units.Although selling, general and administrative expenses were higher as a percent of sales, these expenses included costs associated with the closure and consolidation of underperforming business units and were $19.4 million lower for the quarter and $51.2 million lower for the nine month period compared to the same periods a year ago. We are continuing to further reduce selling, general and administrative expenses consistent with sales trends.
Interest Expense For the quarter, interest expense was 84% or $7.3 million more than the same quarter a year ago. The increase was due to:
-- costs to obtain a waiver for our credit facility, -- expensing of unamortized deferred loan costs from the February 2008 amendment to our credit facility and -- costs associated with the September 2008 amendment to our credit facility.
Income Taxes For the quarter and nine month period, the significant change in our effective tax rate for continuing operations was the result of additional valuation allowance due to the uncertainty as to our ability to realize deferred tax assets.
BMHC Commences Trading on OTC Bulletin Board Under Symbol 'BLGM'
SAN FRANCISCO, Oct. 30
Building Materials Holding Corporation (OTC Bulletin Board: BLGM), a leading provider of building materials and construction services to professional residential builders and contractors, announced that trading of its common stock on the Over the Counter Bulletin Board ("OTCBB") commenced today under the symbol "BLGM". As previously announced, the move to OTC trading is the result of the Company no longer meeting the minimum market capitalization standard of the New York Stock Exchange.
The OTCBB is an electronic, regulated quotation service that displays real-time quotes, last-sale prices, and volume information for over-the-counter equity securities issued by companies that are subject to periodic filing requirements with the SEC or other regulatory authority. Quotes can be accessed online at http://www.otcbb.com.
About BMHC
BMHC is one of the largest providers of building materials and residential construction services in the United States. We serve the homebuilding industry in the western and southern states through two recognized brands: as BMC West, we distribute building materials and manufacture building components for professional builders and contractors; as SelectBuild, we provide construction services to high-volume production homebuilders in key markets. To learn more about BMHC, visit our website at http://www.bmhc.com.
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WEBSITE:
http://www.bmhc.com/
ADDRESS:
720 Park Boulevard
Suite 200
Boise, Idaho 83712.
SEC FILINGS:
http://phx.corporate-ir.net/phoenix.zhtml?c=80510&p=irol-sec
SHARES OUTSTANDING/FLOAT:
Outstanding - 29.46M
Float - 28.69M
Authorized - 50M
http://finance.yahoo.com/q/ks?s=BLGM.OB
PRESS RELEASES:
http://phx.corporate-ir.net/phoenix.zhtml?c=80510&p=irol-news&nyo=0
Standard & Poors Market Access:
http://reports.standardandpoors.com/aidata/maccess/b/blgm_4268_one.htm
Full description from Reuters.com:
http://www.reuters.com/finance/stocks/companyProfile?symbol=BLG.N&rpc=66
Building Materials Holding Corporation (BMHC), incorporated in 1987, is a provider of residential building products and construction services in the United States, with a focus in the western and southern states. The Company operates through two segments: BMC West and SelectBuild. BMC West distributes building materials, manufactures building components (millwork, floor and roof trusses and wall panels) and provides construction services to professional builders and contractors through a network of 40 distribution facilities and 59 manufacturing facilities. SelectBuild provides framing and other construction services to production homebuilders as well as commercial and multi-family builders. It provides building products and construction services in 14 single-family construction markets.
In September 2007, the Company announced that its wholly owned subsidiary, BMC West Corporation, has sold three retail-oriented business units in Western Colorado. The transaction includes the sale of the real estate assets at the Company's Steamboat Springs and Glenwood Springs locations, the lease of its Aspen real estate to West Canyon Investments, and sale of the business assets of all three locations. In March 2007, the Company’s wholly owned subsidiary, SelectBuild Construction, Inc., completed the acquisition of the remaining 27% of Riggs Plumbing LLC. Riggs provides turnkey rough and finish plumbing installation to high-volume residential builders in the Phoenix and Tucson markets.
BMC West
Through BMC West, the Company markets and sells building products, manufactures building components and provide construction services to professional builders and contractors. Products include structural lumber and building materials purchased from manufacturers, as well as manufactured building components, such as millwork, trusses and wall panels. Construction services include installation of various building products and framing. It serves its customers based on a regional market management approach where locations offer its entire breadth of building products, manufactured building components and construction services to a market area. The Company offers these products and services in metropolitan markets in Texas, Washington, Colorado, Idaho, Utah, Montana, California, Oregon and Nevada.
SelectBuild
Through SelectBuild, the Company offers integrated construction services to production homebuilders, as well as commercial and multi-family builders. These builders generally outsource framing and other construction services. Its services include wood framing or concrete block masonry, concrete services, plumbing and other services. Construction services include managing labor and construction schedules, as well as sourcing materials. The Company offers these services in metropolitan markets in California, Arizona, Nevada, Florida and Illinois.
Transfer Agent:
Wells Fargo Shareowner Services, South St. Paul, MN
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