Building Materials Holding Corp. (BMHC), America's sixth-biggest LBM operation, reported today that its net loss deepened by nearly 70% in August from the month before to reach $15.9 million even though sales dipped just 3% to $64.3 million.
In a filing to a U.S. Bankruptcy Court in Wilmington, Del., required as part of its Chapter 11 status, BMHC reported net losses at all but one of its 12 legal units. The company's cost of goods sold totaled $51.8 million, giving it a gross margin of 19.4%, while its salaries, general and administrative expenses ate up $17.5 million of its revenues.
As of Aug. 31, the Boise, Idaho-based company had $112.9 million worth of accounts receivable, of which $25.5 million, or 22.6% of the total, were more than 90 days past due.
BMHC filed on June 16 for protection from creditors under Chapter 11 of the federal bankruptcy code. For the second half of June, it reported $6.9 million in losses on $33.5 million in sales. The company then followed that with a July report of $9.4 million in net losses on $66.3 million in sales.
BMHC is expected to remain in Chapter 11 through the rest of this year; its next key hearing is on Wednesday, Oct. 7, and subsequent hearings have been scheduled into December.
BMHC ranked sixth on this year's ProSales 100, with total sales in 2008 of $1.3 billion, all of it to professionals.