UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended June 30, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number 0-19335 |
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BUILDING MATERIALS HOLDING CORPORATION
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Delaware |
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91-1834269 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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Four Embarcadero Center, Suite 3250, San Francisco, CA 94111 |
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(Address of principle executive offices) |
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(415) 627-9100 |
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(Registrant’s telephone number, including area code) |
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(Former name, former address and former fiscal year, if changed since last report) |
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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 mark whether the registrant is an accelerated file (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 $.001 par value |
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13,308,952 |
BUILDING MATERIALS HOLDING CORPORATION
INDEX
2
BUILDING MATERIALS HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(amounts in thousands, except per share data)
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Three
months ended |
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Six months
ended |
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2003 |
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2002 |
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2003 |
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2002 |
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Net sales |
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$ |
322,266 |
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$ |
300,528 |
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$ |
598,658 |
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$ |
547,663 |
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Cost of sales |
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233,675 |
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215,028 |
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435,636 |
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390,936 |
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Gross profit |
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88,591 |
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85,500 |
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163,022 |
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156,727 |
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Selling, general and administrative expense |
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78,826 |
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71,224 |
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151,954 |
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139,277 |
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Other income, net |
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(554 |
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— |
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(1,422 |
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(365 |
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Income from operations |
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10,319 |
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14,276 |
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12,490 |
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17,815 |
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Equity in earnings of an unconsolidated company |
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1,063 |
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— |
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1,822 |
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— |
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Interest expense |
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2,365 |
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2,421 |
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4,418 |
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4,955 |
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Income before income taxes, minority interest and change in accounting principle |
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9,017 |
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11,855 |
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9,894 |
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12,860 |
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Income taxes |
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3,565 |
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4,564 |
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3,941 |
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4,951 |
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Income before minority interest and change in accounting principle |
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5,452 |
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7,291 |
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5,953 |
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7,909 |
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Minority interest loss |
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(197 |
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— |
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(282 |
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— |
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Income before change in accounting principle |
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5,649 |
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7,291 |
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6,235 |
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7,909 |
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Change in accounting principle, net of tax benefit of $6,286 |
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— |
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— |
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— |
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(11,650 |
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Net income/(loss) |
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$ |
5,649 |
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$ |
7,291 |
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$ |
6,235 |
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$ |
(3,741 |
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Income before change in accounting principle per common share: |
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Basic |
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$ |
0.43 |
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$ |
0.56 |
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$ |
0.47 |
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$ |
0.61 |
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Diluted |
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$ |
0.42 |
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$ |
0.55 |
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$ |
0.46 |
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$ |
0.60 |
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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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$ |
— |
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$ |
— |
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$ |
(0.89 |
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Diluted |
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$ |
— |
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