SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the quarterly period ended March 31, 2003 or |
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the transition period from to
Commission file number 0-19335
BUILDING MATERIALS HOLDING CORPORATION
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Delaware |
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91-1834269 |
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(State of other jurisdiction
of |
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(IRS Employer Identification No.) |
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Building
Materials Holding Corporation |
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Telephone: (415)627-9100
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check whether the registrant is an accelerated filer (as defined in Rule 12b_2 of the Exchange Act). Yes ý No o
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Class |
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Shares Outstanding as |
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Common stock $0.001 par value |
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13,278,140 |
BUILDING MATERIALS HOLDING CORPORATION
INDEX
2
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BUILDING MATERIALS HOLDING CORPORATION |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(UNAUDITED) |
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(amounts in thousands, except per share data) |
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Three
Months Ended |
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2003 |
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2002 |
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Net sales |
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$ |
276,392 |
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$ |
247,135 |
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Cost of sales |
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201,961 |
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175,908 |
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Gross profit |
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74,431 |
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71,227 |
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Selling, general and administrative expense |
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73,128 |
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68,053 |
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Other income, net |
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(868 |
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(365 |
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Income from operations |
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2,171 |
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3,539 |
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Equity in earnings of an unconsolidated company, net of amortization |
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759 |
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— |
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Interest expense |
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2,053 |
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2,534 |
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Income before income taxes, minority interest and change in accounting principle |
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877 |
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1,005 |
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Income taxes |
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376 |
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387 |
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Income before minority interest and change in accounting principle |
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501 |
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618 |
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Minority interest loss |
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(85 |
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— |
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Income before change in accounting principle |
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586 |
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618 |
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Change in accounting principle, net of tax benefit of $6,286 |
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— |
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(11,650 |
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Net income/(loss) |
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$ |
586 |
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$ |
(11,032 |
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Income before change in accounting principle per common share: |
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Basic |
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$ |
0.04 |
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$ |
0.05 |
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Diluted |
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$ |
0.04 |
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$ |
0.05 |
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Change in accounting principle, net of tax, per common share: |
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Basic |
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$ |
— |
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$ |
(0.90 |
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Diluted |
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$ |
— |
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$ |
(0.88 |
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Net income/(loss) per common share: |
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Basic |
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$ |
0.04 |
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$ |
(0.85 |
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Diluted |
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$ |
0.04 |
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$ |
(0.84 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
BUILDING MATERIALS HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(amounts in thousands, except share data)
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March 31, |
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December
31, |
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ASSETS |
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Current assets |
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Cash |
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$ |
15,323 |
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$ |
9,217 |
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Receivables, net |
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131,302 |
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132,757 |
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Inventory |
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100,544 |
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93,748 |
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Deferred income taxes |
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6,477 |
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5,302 |
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Prepaid expenses and other current assets |
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4,471 |
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7,456 |
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Total current assets |
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258,117 |
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248,480 |
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Property, plant and equipment, net |
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170,390 |
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178,137 |
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Equity investment in an unconsolidated company |
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25,047 |
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— |
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Goodwill |
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51,036 |
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52,111 |
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Other intangibles, net |
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12,664 |
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12,950 |
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Deferred loan costs |
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2,358 |
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2,732 |
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Deferred income taxes |
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416 |
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529 |
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Other long-term assets |
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8,357 |
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8,135 |
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Total assets |
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$ |
528,385 |
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$ |
503,074 |
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LIABILITIES, MINORITY INTEREST AND SHAREHOLDERS’ EQUITY |
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