UNITED STATES
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 September 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
(Exact name of registrant as specified in its charter)
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Delaware |
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91-1834269 |
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(State or other jurisdiction of |
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(IRS Employer |
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Four Embarcadero Center, Suite 3250, San Francisco, CA 94111 |
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(Address of principle executive offices, including zip code) |
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(415) 627-9100 |
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(Registrant’s telephone number, including area code) |
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N/A |
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(Former name, former address and former fiscal |
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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 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 $.001 par value |
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13,324,011 |
BUILDING MATERIALS HOLDING CORPORATION
INDEX
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PART I — FINANCIAL INFORMATION |
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Condensed Consolidated Balance Sheets as of September 30, 2003 and December 31, 2002 |
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Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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CERTIFICATIONS |
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2
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BUILDING MATERIALS HOLDING CORPORATION |
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(UNAUDITED) |
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(amounts in thousands, except per share data) |
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Three
months ended |
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Nine
months ended |
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2003 |
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2002 |
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2003 |
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2002 |
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Net sales |
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$ |
396,325 |
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$ |
316,930 |
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$ |
994,983 |
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$ |
864,593 |
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Cost of sales |
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294,587 |
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227,008 |
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730,223 |
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617,944 |
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Gross profit |
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101,738 |
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89,922 |
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264,760 |
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246,649 |
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Selling, general and administrative expense |
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85,136 |
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71,522 |
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237,090 |
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210,799 |
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Income from operations |
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16,602 |
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18,400 |
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27,670 |
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35,850 |
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Other (income) expense, net |
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1,048 |
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(193 |
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(374 |
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(558 |
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Interest expense |
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2,409 |
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2,635 |
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6,827 |
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7,590 |
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Income before income taxes, minority interest, equity earnings of an unconsolidated company and change in accounting principle |
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13,145 |
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15,958 |
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21,217 |
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28,818 |
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Income taxes |
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4,875 |
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6,079 |
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8,104 |
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11,030 |
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Minority interest |
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675 |
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169 |
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393 |
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169 |
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Equity in earnings of an unconsolidated company, net of tax |
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321 |
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— |
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1,431 |
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— |
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Income before change in accounting principle |
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7,916 |
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9,710 |
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14,151 |
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17,619 |
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Change in accounting principle, net of tax benefit of $6,286 |
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— |
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— |
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—— |
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(11,650 |
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Net income |
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$ |
7,916 |
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$ |
9,710 |
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$ |
14,151 |
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$ |
5,969 |
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Income before change in accounting principle per common share: |
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Basic |
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$ |
0.59 |
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$ |
0.74 |
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$ |
1.07 |
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$ |
1.35 |
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Diluted |
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$ |
0.59 |
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0.73 |
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$ |
1.05 |
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1.33 |
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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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