The Boise, Idaho-based building materials dealer and turnkey framing contractor said in the document, submitted Aug. 28, that its operating loss totaled $5.7 million. Most of the rest of what figured in its net loss stemmed from nearly $3.5 million in professional fees related to its reorganization under Chapter 11 of the federal bankruptcy code. The cost of goods sold totaled $53.3 million, giving BMHC a 19.6% gross margin, while selling, general and administrative costs added up to $13.3 million across BMHC's 12 operating units, or 27.6% of sales.
Just over half of the nearly $109 million in accounts receivable are current, the company said, while $14.8 million are past due one to 30 days, $6.2 million are past due 31 to 60 days, $2.4 million are 61 to 90 days overdue and $24.9 million are more than $90 days past due.
The results cited here represent a summing up of individual results reported for the parent BMHC; its two main units, BMC West and SelectBuild Construction Inc., and nine legal entities mainly linked to SelectBuild, the turnkey framing unit. Of those, SelectBuild Arizona LLC reported the deepest operating loss: $1.1 million.
July's full-month results appear to compare favorably against BMHC's previous interim report covering the two weeks in June following its Chapter 11 filing on June 16. For that half of a month, BMHC recorded an operating loss of $4.8 million and a net loss of $6.9 million. In May, prior to going into Chapter 11, BMHC reported its net loss deepened in the first quarter of 2009 to $45.2 million from a net loss of $33.9 million in the same three-month period a year ago. The dealer also reported first-quarter sales plummeted 51% to $167 million from sales of $343 million in the first period 2008.
For this year, the company has forecast a pretax loss of $43 million this year on sales of $748.5 million. Next year--assuming, it says, that it emerges from Chapter 11 in 2009--BMHC expects to move into the black starting in the second quarter and ended this year with $21.2 million in earnings before interest, taxes, depreciation and amortization on sales of $943.6 million.
Unlike Stock Building Supply, which entered Chapter 11 early May and announced it was out of the protective status on July 1, BMHC's time in Chapter 11 is expected to last much longer. Kevin Carey, chief judge for the U.S. Bankruptcy Court in Wilmington, Del., has scheduled omnibus hearings on BMHC through to December.
BMHC ranked sixth on the 2009 ProSales 100, with total sales in 2008 of $1.3 billion, all of it to professionals.