Sales Increase to a Record $885 Million SAN FRANCISCO, April 25
/PRNewswire-FirstCall/ -- Building Materials Holding Corporation
(NASDAQ:BMHC), a leading provider of construction services and
building materials to professional residential builders and
contractors, today reported sales for the first quarter of 2006
increased 54% to a record $885 million, compared to $573 million in
the same quarter a year ago. Net income for the first quarter of
2006 increased 33% to $28.1 million or $0.95 per share compared to
$21.1 million or $0.73 per share in the same quarter a year ago.
All per share information has been adjusted to reflect the
Company's March 2006 two-for-one stock split. Robert E. Mellor,
Chairman, President and Chief Executive Officer, stated, "We are
very pleased with our ability to achieve record sales in the first
quarter and grow net income by 33%. We completed a number of
acquisitions in the last four quarters, which helped drive our
record financial performance. While some of our markets have shown
softness during the quarter, including parts of California and
Colorado, our results also reflect continued strong homebuilding
activity in most of our markets, particularly in the Southwest and
Texas. "During the quarter we continued to execute our business
strategy focused on broadening our range of construction services
and expanding geographically. The additions of Benedetti
Construction Management, MWB Building Contractors and Home Lumber
to our operations position us to capture additional market share in
California and Texas. The high quality of our construction services
combined with our ability to reduce construction cycle time add
value to the homebuilding process. A significant component of
BMHC's recent success has been the increasing market acceptance of
our integrated construction services." Segment Financial
Performance (thousands) BMC Construction Three Months Ended March
31 2006 2005 Sales $498,298 $242,242 Income from operations $46,075
$28,532 Sales at BMC Construction increased by $256 million to $498
million, which is more than twice the $242 million reported in the
same quarter a year ago. Sales were particularly strong in the
Southwest region. Approximately $224 million of the increase
reflects acquisitions of construction service businesses that were
not present in the first quarter of 2005. Sales from comparable
operations increased 13% or $32 million for the quarter. Income
from operations increased $17.5 million to $46.1 million, up 61%
from $28.5 million in the same quarter of the prior year. The
increase resulted primarily from acquisitions not present in the
first quarter of 2005, as income from comparable operations was
approximately level with the first quarter of last year. BMC West
Three Months Ended March 31 2006 2005 Sales $386,259 $330,686
Income from operations $30,546 $28,875 Sales at BMC West increased
by $56 million to $386 million, up 17% compared to $331 million in
the same quarter a year ago, primarily reflecting strong sales of
building products and manufactured components in Texas as well as
the Intermountain and Northwest regions. Sales from comparable
operations increased by $48 million, up 15% for the quarter. Income
from operations increased by $1.7 million to $30.5 million, up 6%
from $28.9 million in the same quarter a year ago. The increase was
principally due to year over year increases at comparable
operations. Corporate Three Months Ended March 31 2006 2005
Corporate general and administrative $22,235 $17,099 Corporate
general and administrative expenses support the operations of our
business segments, BMC Construction and BMC West. Although these
expenses were $5.1 million higher, they represented only 2.5% of
sales compared to 3.0% in the same period a year ago. The first
quarter of 2006 included the non-cash impact of $2.2 million of
share-based compensation expense as a result of adopting a new
accounting principle, various integration expenses related to
recent acquisitions and increased incentive compensation. Credit
Facility The Company also announced that is has exercised an
existing option in its syndicated credit facility to add $150
million in borrowing capacity to its revolver. The expansion of the
credit facility provides additional flexibility to support the
Company's continued growth. Conference Call and Webcast BMHC will
host a conference call and audio webcast today at 9 a.m. Pacific
Time (12:00 noon Eastern Time) to discuss financial results for the
first quarter ended March 31, 2006. The conference call may be
accessed by dialing 866-277-1181 (Domestic), or 617-597-5358
(International). The required pass code for the live conference
call is "BMHC". A replay will be available through Tuesday, May 2,
2006 by dialing 888-286-8010 (Domestic), or 617-801- 6888
(International). The required pass code for the replay is 33345697.
The live conference call and replay can also be accessed via audio
webcast at BMHC's website at http://www.bmhc.com/. The archive of
the webcast will be available for 90 days following the conclusion
of the teleconference. About BMHC BMHC, a Fortune 1000 company, is
one of the largest providers of residential construction services
and building materials in the United States. We serve the
homebuilding industry through two subsidiaries: BMC Construction
provides construction services to high-volume production
homebuilders in key growth markets across the country; BMC West
distributes building materials and manufactures building components
for professional builders and contractors in the western and
southern states. BMHC was recently named to the Forbes Platinum
400, also known as America's Best Big Companies, and was selected
Pro Dealer of the Year by Home Channel News. To learn more about
BMHC, visit our website at http://www.bmhc.com/. BUSINESS RISKS AND
FORWARD-LOOKING STATEMENTS There are a number of business risks and
uncertainties that affect our operations and therefore could cause
future results to differ from past performance or expected results.
Additional information regarding business risks and uncertainties
is contained in Item 1A of our most recent Form 10-K. These risks
and uncertainties may include, however are not limited to: * demand
for homebuilding which is influenced by changes in the overall
condition of the U.S. economy, including interest rates, job
formation, consumer confidence and other important factors; *
changes in our business model; * integration of acquired businesses
may not result in anticipated cost savings and revenue synergies
being fully realized or may take longer to realize than expected; *
our ability to identify suitable acquisition candidates; *
availability of and our ability to attract, train and retain
qualified individuals; * implementation of cost structures that
align with revenue growth; * changes in the business models of our
customers; * fluctuations in our costs and availability of sourcing
channels for commodity wood products, concrete, steel and other
building materials; * intense competition; * weather conditions,
including natural catastrophic events; * construction defect and
product liability claims as well as other legal proceedings; *
disruptions in our information systems; * actual and perceived
vulnerabilities as a result of terrorist activities and armed
conflict; and * numerous other matters of a local and regional
scale, including those of a political, economic, business,
competitive or regulatory nature. Risks related to our shares
include, however are not limited to: * share price fluctuations and
* potential share price limitations due to anti-takeover defenses
in our governing documents and certain provisions under Delaware
law. Certain statements made in this news release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements that are not
historical or current facts, including statements about our
expectations, anticipated financial results and future business
prospects are forward-looking statements. While these statements
represent our current judgment on what the future may hold and we
believe these judgments are reasonable, these statements involve
risks and uncertainties that could cause our actual results to
differ materially from those in forward-looking statements. These
factors include, however are not limited to the risks and
uncertainties cited in the above paragraph. Undue reliance should
not be placed on such forward-looking statements, as such
statements speak only as of the date of this news release. We
undertake no obligation to update forward-looking statements.
Building Materials Holding Corporation Consolidated Statements of
Income (thousands, except per share data) (unaudited) Three Months
Ended March 31 2006 2005 Sales Construction services $548,905
$280,045 Building products 335,652 292,883 Total sales 884,557
572,928 Costs and operating expenses Cost of goods sold
Construction services 448,300 227,484 Building products 246,792
215,648 Selling, general and administrative expenses 136,866 89,993
Other income, net (1,787) (505) Total costs and operating expenses
830,171 532,620 Income from operations 54,386 40,308 Interest
expense 5,590 3,198 Income before income taxes and minority
interests 48,796 37,110 Income taxes 17,810 12,961 Minority
interests income, net of income taxes (2,917) (3,001) Net income
$28,069 $21,148 Net income per share: Basic $0.98 $0.76 Diluted
$0.95 $0.73 Building Materials Holding Corporation Consolidated
Balance Sheets (thousands, except share data) (unaudited) March 31
December 31 2006 2005 Assets Cash and cash equivalents $30,270
$30,078 Marketable securities 8,025 3,645 Receivables, net of
allowances of $4,534 and $3,756 412,581 363,527 Inventory 193,663
168,282 Unbilled receivables 86,378 56,128 Deferred income taxes
7,440 5,768 Prepaid expenses and other 9,292 6,967 Total current
assets 747,649 634,395 Property and equipment Land 48,201 47,328
Buildings and improvements 124,363 118,556 Equipment 176,625
166,633 Construction in progress 10,345 9,485 Accumulated
depreciation (127,606) (121,525) Marketable securities 24,613
28,875 Deferred loan costs 3,408 3,616 Other long-term assets
26,270 20,465 Other intangibles, net 78,269 55,227 Goodwill 238,162
187,470 Total assets $1,350,299 $1,150,525 March 31 December 31
Liabilities, Minority Interests 2006 2005 and Shareholders' Equity
Accounts payable $191,189 $146,627 Accrued compensation 51,370
65,928 Insurance deductible reserves 24,816 21,872 Other accrued
liabilities 95,458 51,579 Billings in excess of costs and estimated
earnings 40,454 33,799 Current portion of long-term debt 11,939
10,131 Total current liabilities 415,226 329,936 Deferred income
taxes 8,375 6,911 Insurance deductible reserves 25,125 20,753
Long-term debt 356,151 278,169 Other long-term liabilities 34,601
30,689 Total liabilities 839,478 666,458 Minority interests 10,770
14,006 Commitments and contingent liabilities -- -- Shareholders'
equity Common shares, $0.001 par value: authorized 50 million
shares; issued and outstanding 28,939,776 and 28,758,580 shares 29
29 Additional paid-in capital 145,022 143,780 Unearned compensation
-- (2,698) Retained earnings 353,638 328,463 Accumulated other
comprehensive income, net 1,362 487 Total shareholders' equity
500,051 470,061 Total liabilities, minority interests and
shareholders' equity $1,350,299 $1,150,525 Building Materials
Holding Corporation Segment Information (thousands) (unaudited)
Three Months Ended March 31 2006 2005 $ change % change Sales BMC
Construction $498,298 $242,242 $256,056 106% BMC West 386,259
330,686 55,573 17% $884,557 $572,928 $311,629 54% Income from
operations BMC Construction $46,075 $28,532 $17,543 61% BMC West
30,546 28,875 1,671 6% Corporate general and administrative
(22,235) (17,099) (5,136) 30% $54,386 $40,308 $14,078 35% We
evaluate our results of operations including and excluding
acquisitions. We believe a presentation of sales and income from
operations excluding recent acquisitions enhances an understanding
of the acquisitions as well as comparable operations for the
respective periods. A reconciliation of sales and income from
operations before recent acquisitions for the three months ended
March 31, 2006 and 2005 is provided in the following table: Three
Months Ended March 31 2006 2005 $ change % change Sales BMC
Construction $498,298 $242,242 $256,056 106% Less: Acquisitions
(223,764) -- (223,764) -- $274,534 $242,242 $32,292 13% BMC West
386,259 330,686 55,573 17% Less: Acquisitions (7,551) -- (7,551) --
378,708 330,686 48,022 15% $653,242 $572,928 $80,314 14% Income
from operations BMC Construction $46,075 $28,532 $17,543 61% Less:
Acquisitions (17,823) -- (17,823) -- 28,252 28,532 (280) (1)% BMC
West 30,546 28,875 1,671 6% Less: Acquisitions (282) -- (282) --
30,264 28,875 1,389 5% Corporate general and administrative
(22,235) (17,099) (5,136) 30% $36,281 $40,308 $(4,027) (10%)
DATASOURCE: Building Materials Holding Corporation CONTACT: Bill
Smartt, Senior Vice President and Chief Financial Officer, or Mark
Kailer, Vice President, Treasurer and Investor Relations Officer,
both of Building Materials Holding Corporation, +1-415-627-9100 Web
site: http://www.bmhc.com/
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