Building Materials Holding Corporation (BMHC) reported today that its net loss deepened in the first quarter to $45.2 million from a net loss of $33.9 million in the same three-month period a year ago.
The Boise, Idaho-based dealer and construction services provider also reported first quarter sales plummeted 51% to $167 million from sales of $343 million in the first period 2008.
In this year's ProSales 100, BMHC posted the largest sales decline in 2008 of any dealer on the list: down nearly 41% to $1.3 billion. The dealer also slashed about 5,800 jobs last year, about a third of its total workforce.
"We continued to focus on our restructuring initiatives to improve cost efficiencies and preserve liquidity," Robert Mellor, chairman and CEO, said in a prepared statement. "We are working with our lenders toward a restructuring of our credit facility and balance sheet and we appreciate their continuing support."
Last month, BMHC revealed that its lenders agreed to extend through June 29 a waiver that lets America's sixth-biggest LBM operation (down from No. 5 in 2007) continue to borrow up to $20 million.
Sales inside BMHC's building productions division shrank 45% to $99.2 million from $179.9 million in the first quarter of 2009. The construction services division fared even worse, with sales sinking 58% to $68.3 million from $163.1 million.
Selling, general and administrative as a percentage of sales rose to 37.0% from 24.6%. This came not just because of the sales decline but also because BMHC incurred $4.9 million in facility consolidation and closure costs in the first quarter.