BMC WEST ANNOUNCES THIRD-QUARTER RESULTS
BMC WEST ANNOUNCES THIRD-QUARTER RESULTS BOISE, Idaho, Nov. 5 /PRNewswire/ -- BMC West Corp.
(NASDAQ: BMCW), a regional distributor and retailer of building products in the Western United States, which completed its initial public offering of stock in August, reported earnings today. BMC West recorded third-quarter 1991 net income of $1.6 million and earnings per share of 60 cents on revenues of $63.9 million, as compared with net income of $1.6 million and earnings per share of 79 cents on revenues of $63.7 million in the same period last year. "The earnings per share decrease resulted primarily from 31 percent more average common equivalent shares outstanding as a result of the closing of our initial public offering in late August of this year," explained Donald S. Hendrickson, president and chief executive officer. Operating income for the third quarter of 1991 (before interest and taxes) totalled $3.5 million, compared to $3.2 million in 1990, or an 11.0-percent increase over the comparable period.
Hendrickson emphasized that the company's third-quarter 1991 levels of revenue and net income, which were relatively unchanged from the prior-year period on a comparable quarter basis, were achieved in the face of a significant drop in housing starts and stagnant economic conditions in some of the company's significant West Coast markets. "We have seen good building activity in the Intermountain region in the third quarter," Hendrickson said. "California and the coastal portions of Oregon and Washington, however, lagged our expectations in the third quarter and at present we see no signs of improvement in these economic conditions." Hendrickson added that the company had completed the previously announced purchase of the O'Malley Companies' building materials center in El Paso, Texas. "This unit, in operation since the early 1970s, had annual revenues in 1990 of approximately $13 million and further expands BMC West's operations in the Rocky Mountain region," stated Hendrickson. BMC West Corp. distributes building products primarily to professional contractors, as well as advanced, service-oriented consumers. The company operates 30 building materials centers in seven Western states and had 1990 revenues of $223.6 million. BMC WEST CORP. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited, dollars in thousands except per-share data) Three Months Nine Months Ended Sept. 28: 1991 1990 1991 1990 Net sales $63,866 $63,736 $163,052 $174,267 Cost of sales 49,938 50,400 127,956 138,264 Gross profit 13,928 13,336 35,096 36,003 Other income (expense), net 291 248 563 1,118 Selling, general and administrative expense 10,690 10,400 30,157 29,806 Income from operations 3,529 3,184 5,502 7,315 Interest expense 1,392 1,504 4,163 4,421 Income before income taxes 2,137 1,680 1,339 2,894 Income taxes 562 82 359 141 Net income $ 1,575 $ 1,598 $ 980 $ 2,753 Net income per common and common equivalent share $ 0.60 $ 0.79 $ 0.43 $ 1.35 Weighted average number of common and common equivalent shares 2,630,603 2,010,744 2,224,972 2,016,525 -0- 11/5/91 /CONTACT: Ellis C. Goebel of BMC West Corp., 208-338-1757; or Heidi A. Flannery of in.ves'com, 503-221-2087, for BMC West Corp./ (BMCW) CO: BMC West Corp. ST: Idaho IN: REA SU: ERN SC-JH -- SE002 -- 1079 11/05/91 08:04 EST
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|Date:||Nov 5, 1991|
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