(Source: PRNewswire-FirstCall)
SAN FRANCISCO, Oct. 23 /PRNewswire-FirstCall/ -- Building Materials Holding Corporation , a leading provider of building materials and construction services to professional residential builders and contractors, today announced it is in the process of moving the trading of its common stock to the OTC Bulletin Board ("OTCBB"). The anticipated move to OTC trading is the result of the Company no longer meeting the minimum market capitalization standard of the New York Stock Exchange. The NYSE announced today that it will suspend trading of the Company's common stock on October 29, 2008 and that the stock will no longer be listed on its exchange. BMHC will announce further details of its planned move to OTC trading prior to October 29.
Robert E. Mellor, Chairman and Chief Executive Officer, stated, "The dramatic downturn in the homebuilding sector has had a direct impact on our stock price and market capitalization. Throughout this cyclical downturn, however, we remain dedicated to achieving continued improvement in our financial results through the significant operational restructuring we have undertaken. We expect a number of market participants to make a market in our stock in the OTC system and that our investors will be able to continue trading BMHC shares."
The Company noted that the anticipated move to OTC trading would not constitute a default under the Company's credit agreement. In addition, the Company noted that this change would not affect the Company's business operations and would not change its SEC reporting requirements.
The OTCBB is an electronic, regulated quotation service that displays real-time quotes, last-sale prices, and volume information for over-the-counter equity securities issued by companies that are subject to periodic filing requirements with the SEC or other regulatory authority.
About BMHC
BMHC is one of the largest providers of building materials and residential construction services in the United States. We serve the homebuilding industry in the western and southern states through two recognized brands: as BMC West, we distribute building materials and manufacture building components for professional builders and contractors; as SelectBuild, we provide construction services to high-volume production homebuilders in key markets. To learn more about BMHC, visit our website at http://www.bmhc.com/.
BUSINESS RISKS AND FORWARD-LOOKING STATEMENTS
There are a number of business risks and uncertainties that affect our operations and therefore could cause future results to differ from past performance or expected results. Additional information regarding business risks and uncertainties is contained in Part II Item 1A of our most recent Form 10-Q.
