BMC WEST ANNOUNCES FIRST-QUARTER RESULTS
BMC WEST ANNOUNCES FIRST-QUARTER RESULTS BOISE, Idaho, April 21 /PRNewswire/ -- BMC West Corp.
(NASDAQ: BMCW) today reported a net loss of $355,000, or 10 cents per share, for the quarter ended March 28, 1992, compared to a net loss of $1.2 million, or 66 cents per share, for the same prior period.
Revenues for the 1992 first quarter, which is traditionally the company's weakest, rose 40 percent to $56.6 million from $40.3 million in the 1991 period. "Sales were stronger due to improved residential housing construction in BMC West's seven-state market area, unseasonably favorable weather and gains in market share achieved in 1991," said Donald S. Hendrickson, president and chief executive officer. Same store sales increased 35 percent quarter over quarter. While noting improved conditions, Hendrickson said that California continues to be the company's weakest market. "Revenues in California are ahead of the same quarter last year, but performance lags the robust pace of a few short years ago," he explained. He said that the company is consolidating its Santa Rosa, Calif. door shop into its Modesto location. Operating income for the three months improved to $698,000 (before interest and taxes) from a loss of $289,000 in the comparable period last year. The current quarter includes a one-time charge of $285,000 pre-tax for the relocation of BMC West's Santa Rosa door shop and closure of its Vancouver, Wash., export warehouse. Hendrickson noted that the relocation and closure lowered after-tax net income by $215,000 and earnings per share by 6 cents. The company's earnings per share performance was also affected by an 85-percent increase in the number of common shares outstanding to 3.5 million from 1.9 million, following the company's initial public stock offering in August 1991. "We expect that strengthening housing markets and strong commodity wood product prices will contribute to improved sales in the second quarter," said Hendrickson. BMC West distributes building materials primarily to professional contractors, as well as advanced, service-oriented consumers. The company operates 29 building materials centers in Oregon, Washington, Idaho, California, Colorado, Utah and Texas. Annual revenues in 1991 were $218.8 million. BMC WEST CORP. Consolidated Statements of Earnings (Unaudited, dollars in thousands, except per-share data) Three months ended March 28: 1992 1991 Net sales $56,619 $40,261 Cost of sales 44,788 31,688 Gross profit 11,831 8,573 Selling, general and administrative expense 10,992 9,001 Other income (expense) (141) 139 Income (loss) from operations 698 (289) Interest expense 1,168 1,384 Loss before income taxes (470) (1,673) Income taxes 115 427 Net loss $ (355) $(1,246) Net loss per common and common equivalent share $ (0.10) $ (0.66) Weighted average number of common and common equivalent shares 3,491,779 1,891,779 -0- 4/21/92 /CONTACT: Ellis C. Goebel of BMC West, 208-338-1757; or Heidi A. Flannery of in.ves'com, 503-221-2087, for BMC West/ (BMCW) CO: BMC West ST: Idaho IN: REA SU: ERN
JH-SC -- SE004 -- 0353 04/21/92 07:51 EDT
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|Date:||Apr 21, 1992|
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