BlueLinx Continues to Advance Deleveraging Strategy With Sale of Los Angeles Market Facility
September 09 2016 - 7:00AM
BlueLinx Holdings Inc. (NYSE:BXC), announced today that it has
completed the sale of its non-operating facility in La Puenta,
California, which BlueLinx has historically used to serve the Los
Angeles Market. The sale of the 9.25 acre facility generated
aggregate net proceeds of approximately $14.5 million. With this
sale, BlueLinx has realized approximately $16.4 million in net
proceeds from real estate sales over the last three months. All net
proceeds arising out of these real estate efforts are being used to
pay down BlueLinx’s mortgage and reduce overall debt levels.
BlueLinx has other facilities under contract with
various purchasers; these transactions are expected to generate in
excess of approximately $14.5 million of additional aggregate net
proceeds before year-end, subject to satisfaction of customary
closing conditions. BlueLinx also continues to actively market
several company-owned operating facilities for possible sale
leaseback transactions as part of its real estate sale optimization
efforts. There can be no assurance, however, that any of these
pending or potential sales will close on favorable terms, or at
all.
About BlueLinx Holdings Inc.
BlueLinx Holdings Inc., operating through its
wholly owned subsidiary BlueLinx Corporation, is a leading
distributor of building products in the United States. The Company
is headquartered in Atlanta, Georgia and operates its distribution
business through its national network of distribution centers.
BlueLinx is traded on the New York Stock Exchange under the symbol
BXC. Additional information about BlueLinx can be found on its
website at www.BlueLinxCo.com.
Forward-looking Statements
This press release includes “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements relating to our ability to
return to profitability, and our guidance regarding anticipated
financial results. All of these forward-looking statements are
based on estimates and assumptions made by our management that,
although believed by BlueLinx to be reasonable, are inherently
uncertain. Forward-looking statements involve risks and
uncertainties, including, but not limited to, economic,
competitive, governmental and technological factors outside of
BlueLinx’s control that may cause its business, strategy or actual
results to differ materially from the forward-looking statements.
These risks and uncertainties may include, among other things:
changes in the prices, supply and/or demand for products that it
distributes; general economic and business conditions in the United
States; the activities of competitors; changes in significant
operating expenses; changes in the availability of capital and
interest rates; adverse weather patterns or conditions; acts of
cyber intrusion; the Company’s ability to realize expected net
proceeds from its real estate sales optimization efforts to meet
the debt reduction obligations under the Company’s mortgage; and
other factors described in the “Risk Factors” section in the
Company’s Annual Report on Form 10-K for the year ended
January 2, 2016, its Quarterly Reports on Form 10-Q, and in
its periodic reports filed with the Securities and Exchange
Commission from time to time. Given these risks and uncertainties,
you are cautioned not to place undue reliance on forward-looking
statements. BlueLinx undertakes no obligation to publicly update or
revise any forward-looking statement as a result of new
information, future events, and changes in expectation or
otherwise, except as required by law.
BlueLinx Contact Information:
Susan O’Farrell, SVP, CFO & Treasurer
BlueLinx Holdings Inc.
(770) 953-7000
Natalie Poulos, Investor Relations
BlueLinx Holdings Inc.
(770) 953-7522
investor.relations@bluelinxco.com
BlueLinx (NYSE:BXC)
Historical Stock Chart
From Aug 2024 to Sep 2024
BlueLinx (NYSE:BXC)
Historical Stock Chart
From Sep 2023 to Sep 2024