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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
Amendment No.1
X Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
- -- of 1934
For the quarterly period ended June 30, 1996 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
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Commission file number 0-19335
BMC WEST CORPORATION
Delaware 94-3050454
(State of other jurisdiction of incorporation or (IRS Employer
organization) Identification No.)
BMC West Corporation
1475 Tyrell Lane, Boise, Idaho 83706
Telephone: (208) 331-4410
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 month (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 X No
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Class Shares Outstanding as
of August 8, 1996:
Common stock $.001 par value 11,802,626
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Index to exhibits at page
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BMC WEST CORPORATION
CONDENSED BALANCE SHEETS
(UNAUDITED)
(Dollars in Thousands)
June 30, December 31,
1996 1995
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CURRENT ASSETS
Cash $ 4,630 $ 6,004
Receivables, net 85,048 65,820
Inventories 74,118 66,506
Deferred income tax benefit 1,668 1,668
Prepaid expenses 1,935 1,275
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Total current assets 167,399 141,273
PROPERTY AND EQUIPMENT, net 95,349 96,403
DEFERRED LOAN COSTS 1,716 2,440
GOODWILL, net 18,969 18,421
OTHER 6,683 6,433
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Total assets $290,116 $264,970
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CURRENT LIABILITIES
Current portion of long-term debt $20,267 $ 129
Current redemption requirement on Class B
preferred stock 1,000 1,000
Accounts payable 38,450 29,383
Accrued expenses 10,591 10,565
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Total current liabilities 70,308 41,077
LONG-TERM DEBT, net of current portion 75,000 121,120
DEFERRED INCOME TAXES 3,161 3,161
OTHER LONG-TERM LIABILITIES 1,869 1,725
CLASS B PREFERRED STOCK 976 1,960
STOCKHOLDERS' EQUITY
Common stock, $.001 par value, 20,000,000
shares authorized, 11,797,491 and
9,483,229 shares outstanding at June 30,
1996 and December 31, 1995, respectively
12 9
Additional paid-in-capital 97,795 59,188
Retained earnings 40,995 36,730
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TOTAL STOCKHOLDERS' EQUITY 138,802 95,927
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Total liabilities, redeemable preferred stock
and stockholders' equity $290,116 $264,970
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LIQUIDITY AND CAPITAL RESOURCES
In the second quarter of 1996, the Company sold 2,300,000 shares of previously
unissued common stock. The net proceeds of this offering of $38.5 million, less
underwriting and estimated other issuance costs, were temporarily used to reduce
the revolving credit agreement balance to zero. A portion of the revolving
credit agreement balance will be used to retire the $20 million of 10% unsecured
senior subordinated notes which will be retired early in the third quarter of
1996.
At June 30, 1996 the Company had $75 million of long-term debt outstanding,
consisting of $75.0 million of term borrowings under fixed rate notes. In
addition, the Company had $20.0 million of short term debt outstanding. This
primarily represents the 10% unsecured senior subordinated notes.
In the second quarter of 1996, the Company used $7.3 million of cash in
operating activities. Working capital decreased from $100.2 million at December
31, 1995 to $97.1 million at June 30, 1996, due primarily to the seasonality in
the Company's accounts receivable and inventories.
Based on its ability to generate cash from operations and the available
borrowing capacity at June 30, 1996 of $70.0 million under the revolving credit
agreement (availability of which is subject to the satisfaction of certain
customary borrowing conditions), the Company believes it will have sufficient
funds to meet its currently anticipated requirements.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BMC WEST CORPORATION
Date: August __, 1996 /s/ Donald S. Hendrickson
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Donald S. Hendrickson
President, Chief Executive Officer
and Director (Principal Executive
Officer)
Date: August __, 1996 /s/ Ellis C. Goebel
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Ellis C. Goebel
Vice President and Treasurer
(Principal Financial Officer)
