– Net income of $10.4 million for the quarter and
$16.1 million for the year –– Gross margin of 12.1% for the year;
up 50 basis points from prior year – – Diluted earnings per share
of $1.14 for the quarter and $1.77 for the year –– Debt principal
reduction of $84.0 million from Q4 2015 –
BlueLinx Holdings Inc. (NYSE:BXC), a leading distributor of
building and industrial products in the United States, today
reported financial results for the fiscal fourth quarter and
audited financial results for the fiscal year-ended
December 31, 2016.
“We are pleased to share the strong finish we
had in 2016 which demonstrates our continued focus on our key
strategic initiative to delever the Company through monetizing our
real estate and improving our working capital. The successful
execution of this strategy enabled us to improve our financial
performance while significantly reducing our debt from prior year
levels. We continue to evaluate alternatives to reduce the
Company’s leverage and enhance liquidity,” said Mitch Lewis,
President and Chief Executive Officer.
Susan O’Farrell, Senior Vice President and Chief
Financial Officer added, “Since announcing our deleveraging plan,
we have sold eight unoccupied properties during fiscal 2016, which
generated gross proceeds of $36.4 million. Furthermore, we have
successfully reduced our debt principal by $84.0 million from this
time a year ago. With the working capital efficiencies we have
gained, we have reduced our operating working capital by $57.5
million from 2015 levels.”
Fourth Quarter Results Compared to Prior
Year PeriodBlueLinx generated net sales of $421.7 million
for the fourth quarter of fiscal 2016, compared to $428.2 million
from the prior fiscal fourth quarter. We believe that excluding the
effects of the Company’s operational efficiency initiatives in
fiscal 2016 from our operating performance is helpful in presenting
comparability across periods. Specifically, we closed and sold
certain facilities and rationalized our inventory by discontinuing
certain underperforming products. When excluding the effects
of these operational efficiency initiatives, adjusted same-center
net sales were $418.9 million for the fiscal fourth quarter, an
increase of $47.7 million or 12.9% from this period a year ago.
The Company recorded gross profit of $52.4
million during the fiscal fourth quarter, an increase of
approximately $0.9 million from prior year fourth quarter, with a
gross margin of 12.4%, up 40 basis points from this period a year
ago. When excluding the effects of our operational efficiency
initiatives, adjusted same-center gross profit increased by $6.0
million from 2015 levels.
The Company recorded net income of $10.4 million
for the fiscal fourth quarter with a diluted earnings per share of
$1.14. Adjusted EBITDA, which is a non-GAAP measure, was $5.7
million for the fiscal fourth quarter, an increase of $1.5 million
or 36.7% from the prior year fourth quarter. Excluding the effects
of the operational efficiency initiatives, same-center Adjusted
EBITDA was up $1.2 million from this period a year ago.
Full Fiscal Year 2016 Compared to Prior
Year PeriodFor the full fiscal year ended 2016, the
Company generated $1.88 billion in net sales compared to $1.92
billion from the prior year. When excluding the effects of the
operational efficiency initiatives, adjusted same-center net sales
were $1.75 billion, an increase of $107.8 million or 6.6% from the
same period in 2015.
The Company recorded gross profit of $227.4
million for the fiscal year, an increase of approximately $4.9
million from the prior year, with a gross margin of 12.1%, an
increase of 50 basis points from 2015 levels. Excluding the
operational efficiency initiatives, adjusted same-center gross
profit increased by $25.7 million with an adjusted same-center
gross margin of 12.5%, an increase of 70 basis points from the
prior fiscal year ended January 2, 2016.
The Company recorded net income of $16.1 million
for the fiscal year ended 2016, up $27.7 million from a year ago,
with a diluted earnings per share of $1.77. Adjusted EBITDA, which
is a non-GAAP measure, for the full fiscal year was $36.4 million,
an increase of $11.6 million from the fiscal year in 2015.
Excluding the effects of the operational efficiency initiatives,
same-center Adjusted EBITDA was $34.5 million, up $15.1 million or
78.2% from the same period in 2015.
Working Capital and
LiquidityThe Company’s working capital initiatives drove
increased efficiency, reducing the Company’s cash cycle days from
64 to 53, a reduction of eleven days when compared to the full
fiscal year ended January 2, 2016. As of December 31, 2016,
the Company had $63.5 million of excess availability under its
asset-based revolving credit facilities, based on qualifying
inventory and receivables.
Conference CallBlueLinx will
host a conference call today at 10:00 a.m. Eastern Time,
accompanied by a supporting slide presentation. Investors can
listen to the conference call and view the accompanying slide
presentation by going to the BlueLinx website, www.BlueLinxCo.com,
and selecting the conference link on the Investor Relations page.
Investors will be able to access an archived recording of the
conference call for one week following the live call by dialing
404-537-3406, Conference ID# 5957620. The recording will be
available two hours after the conference call has concluded.
Investors can also access a recording of this call on the BlueLinx
website.
Use of Non-GAAP Measures and
Supplementary InformationBlueLinx reports its financial
results in accordance with accounting principles generally accepted
in the United States (“GAAP”). The Company also believes that
presentation of certain non-GAAP measures may be useful to
investors. Any non-GAAP measures used herein are reconciled in the
financial tables accompanying this news release. The Company
cautions that non-GAAP measures should be considered in addition
to, but not as a substitute for, the Company’s reported GAAP
results.
We define Adjusted EBITDA as an amount equal to
net income (loss) plus interest expense and all interest expense
related items, income taxes, depreciation and amortization, and
further adjusted to exclude certain non-cash items and other
adjustments to Consolidated Net Income (Loss). Further, we also
exclude, as an additional measure, the effects of the operational
efficiency initiatives, to determine same-center Adjusted EBITDA,
which is useful for period over period comparability.
We present Adjusted EBITDA (and the exclusion of
the effects of the operational efficiency initiatives) because it
is a primary measure used by management to evaluate operating
performance and, we believe, helps to enhance investors’ overall
understanding of the financial performance and cash flows of our
business. However, Adjusted EBITDA is not a presentation made in
accordance with GAAP, and is not intended to present a superior
measure of the financial condition from those determined under
GAAP. Adjusted EBITDA, as used herein, is not necessarily
comparable to other similarly titled captions of other companies
due to differences in methods of calculation. We believe Adjusted
EBITDA is helpful in highlighting operating trends. We also
believe that Adjusted EBITDA is frequently used by securities
analysts, investors and other interested parties in their
evaluation of companies, many of which present an Adjusted EBITDA
measure when reporting their results. We compensate for the
limitations of using non-GAAP financial measures by using them to
supplement GAAP results to provide a more complete
understanding of the factors and trends affecting the business than
using GAAP results alone.
The schedule presented regarding the
reconciliation of net sales and gross profit to the non-GAAP
metrics of adjusted same-center net sales and adjusted same-center
gross profit excludes the full year effects of both closed
facilities and the inventory rationalization initiative to arrive
at these adjusted non-GAAP metrics. This schedule is not a
presentation made in accordance with GAAP, and is not intended to
present a superior measure of the financial condition from those
determined under GAAP. Adjusted same-center net sales and adjusted
same-center gross profit, as used herein, are not necessarily
comparable to other similarly titled captions of other companies
due to differences in methods of calculation.
We believe adjusted same-center net sales and
adjusted same-center gross profit are helpful in presenting
comparability across periods without the full year effect of our
operational efficiency initiatives. We also believe that these
non-GAAP metrics are used by securities analysts, investors, and
other interested parties in their evaluation of our company, to
illustrate the effects of these initiatives. We compensate for the
limitations of using non-GAAP financial measures by using them to
supplement GAAP results to provide a more complete
understanding of the factors and trends affecting the business than
using GAAP results alone.
Additionally, we believe supplementary
GAAP-based information such as operating working capital and debt
principal are helpful to investors in explaining the impacts of our
operating efficiencies. Operating working capital is defined as
current assets less current liabilities plus the current portion of
long-term debt. Operating working capital is an important measure
we use to determine the efficiencies of our operations and our
ability to readily convert assets into cash. Debt principal is
defined as the principal amount of debt payable at the stated
period-end date and is used by management to monitor our progress
in meeting our goals to reduce the debt on our balance sheet.
Cash cycle days are defined as the total number
of days to turn our inventory, receivables, and payables on a
trailing three month basis. Management of our cash cycle days helps
us monitor how efficiently we are generating cash from our
short-term assets and liabilities.
About BlueLinx Holdings
Inc.BlueLinx Holdings Inc., operating through its wholly
owned subsidiary BlueLinx Corporation, is a leading distributor of
building and industrial products in the United States. The Company
is headquartered in Atlanta, Georgia and operates its distribution
business through its broad 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 StatementsThis
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; variations in the
performance of the financial markets, including the credit markets;
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 HOLDINGS
INC.CONSOLIDATED STATEMENTS OF OPERATIONS
ANDCOMPREHENSIVE INCOME (LOSS)(In
thousands, except per share data) |
|
|
| |
Three Months Ended |
|
Fiscal Year Ended |
| |
December31, 2016 |
|
January 2,2016 |
|
December31, 2016 |
|
January 2,2016 |
| |
(unaudited) |
|
|
|
|
| Net sales |
$ |
421,657 |
|
|
$ |
428,150 |
|
|
$ |
1,881,043 |
|
|
$ |
1,916,585 |
|
| Cost of sales |
369,283 |
|
|
376,681 |
|
|
1,653,637 |
|
|
1,694,113 |
|
| Gross profit |
52,374 |
|
|
51,469 |
|
|
227,406 |
|
|
222,472 |
|
| Operating
expenses: |
|
|
|
|
|
|
|
| Selling,
general, and administrative |
47,305 |
|
|
45,324 |
|
|
204,312 |
|
|
195,941 |
|
| Gains
from sales of property |
(13,395 |
) |
|
— |
|
|
(28,097 |
) |
|
— |
|
|
Depreciation and amortization |
2,251 |
|
|
2,586 |
|
|
9,342 |
|
|
9,741 |
|
| Total
operating expenses |
36,161 |
|
|
47,910 |
|
|
185,557 |
|
|
205,682 |
|
| Operating income |
16,213 |
|
|
3,559 |
|
|
41,849 |
|
|
16,790 |
|
| Non-operating
expenses: |
|
|
|
|
|
|
|
| Interest
expense |
5,336 |
|
|
6,984 |
|
|
24,898 |
|
|
27,342 |
|
| Other
(income) expense, net |
— |
|
|
221 |
|
|
(255 |
) |
|
871 |
|
| Income (loss) before
provision for income taxes |
10,877 |
|
|
(3,646 |
) |
|
17,206 |
|
|
(11,423 |
) |
| Provision for income
taxes |
512 |
|
|
2,417 |
|
|
1,121 |
|
|
153 |
|
| Net income (loss) |
$ |
10,365 |
|
|
$ |
(6,063 |
) |
|
$ |
16,085 |
|
|
$ |
(11,576 |
) |
| |
|
|
|
|
|
|
|
| Basic earnings (loss)
per share |
$ |
1.16 |
|
|
$ |
(0.69 |
) |
|
$ |
1.80 |
|
|
$ |
(1.32 |
) |
| Diluted earnings (loss)
per share |
$ |
1.14 |
|
|
$ |
(0.69 |
) |
|
$ |
1.77 |
|
|
$ |
(1.32 |
) |
| |
|
|
|
|
|
|
|
| Comprehensive income
(loss): |
|
|
|
|
|
|
|
| Net income (loss) |
$ |
10,365 |
|
|
$ |
(6,063 |
) |
|
$ |
16,085 |
|
|
$ |
(11,576 |
) |
| Other comprehensive
income (loss): |
|
|
|
|
|
|
|
| Foreign
currency translation, net of tax |
(14 |
) |
|
(229 |
) |
|
264 |
|
|
(759 |
) |
|
Amortization of unrecognized pension gain (loss), net of tax |
9,256 |
|
|
(4,346 |
) |
|
(2,141 |
) |
|
410 |
|
| Total
other comprehensive income (loss) |
9,242 |
|
|
(4,575 |
) |
|
(1,877 |
) |
|
(349 |
) |
| Comprehensive income
(loss) |
$ |
19,607 |
|
|
$ |
(10,638 |
) |
|
$ |
14,208 |
|
|
$ |
(11,925 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| BLUELINX HOLDINGS
INC.CONSOLIDATED BALANCE
SHEETS(In thousands, except share
data) |
| |
| |
December 31,2016 |
|
January 2,2016 |
|
ASSETS |
|
|
|
|
|
|
|
| Current assets: |
|
|
|
| Cash |
$ |
5,540 |
|
|
$ |
4,808 |
|
|
Receivables, less allowances of $2,733 and $3,167,
respectively |
125,857 |
|
|
138,545 |
|
|
Inventories, net |
191,287 |
|
|
226,660 |
|
| Other
current assets |
23,126 |
|
|
32,011 |
|
| Total current
assets |
345,810 |
|
|
402,024 |
|
| Property and
equipment: |
|
|
|
| Land and
improvements |
34,609 |
|
|
40,108 |
|
|
Buildings |
80,131 |
|
|
89,006 |
|
| Machinery
and equipment |
72,122 |
|
|
79,173 |
|
|
Construction in progress |
3,104 |
|
|
255 |
|
| Property and equipment,
at cost |
189,966 |
|
|
208,542 |
|
|
Accumulated depreciation |
(101,644 |
) |
|
(106,966 |
) |
| Property and equipment,
net |
88,322 |
|
|
101,576 |
|
| Other non-current
assets |
10,005 |
|
|
9,542 |
|
| Total assets |
$ |
444,137 |
|
|
$ |
513,142 |
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
| Current
liabilities: |
|
|
|
| Accounts
payable |
$ |
82,735 |
|
|
$ |
88,087 |
|
| Bank
overdrafts |
21,696 |
|
|
17,287 |
|
| Accrued
compensation |
8,349 |
|
|
4,165 |
|
| Current
maturities of long-term debt, net of discount of $201 and $37,
respectively |
29,469 |
|
|
6,611 |
|
| Other
current liabilities |
12,092 |
|
|
14,023 |
|
| Total current
liabilities |
154,341 |
|
|
130,173 |
|
| Non-current
liabilities: |
|
|
|
| Long-term
debt, net of discount of $2,544 and $2,557, respectively |
270,792 |
|
|
377,773 |
|
| Pension
benefit obligation |
34,349 |
|
|
36,791 |
|
| Other
non-current liabilities |
14,496 |
|
|
14,301 |
|
| Total liabilities |
473,978 |
|
|
559,038 |
|
|
STOCKHOLDERS’ DEFICIT |
|
|
|
| Common
Stock, $0.01 par value, Authorized - 20,000,000 shares, Issued
and Outstanding - 9,031,263 and 8,943,846, respectively |
90 |
|
|
89 |
|
|
Additional paid-in capital |
257,972 |
|
|
255,905 |
|
|
Accumulated other comprehensive loss |
(36,651 |
) |
|
(34,774 |
) |
|
Accumulated deficit |
(251,252 |
) |
|
(267,116 |
) |
| Total stockholders’
deficit |
(29,841 |
) |
|
(45,896 |
) |
| Total liabilities and
stockholders’ deficit |
$ |
444,137 |
|
|
$ |
513,142 |
|
| |
|
|
|
|
|
|
|
| |
| BLUELINX HOLDINGS
INC.CONSOLIDATED STATEMENTS OF CASH
FLOWS(In thousands) |
| |
| |
Fiscal Year Ended |
| |
December31, 2016 |
|
January 2,2016 |
| |
(In thousands) |
| Cash flows from
operating activities: |
|
|
|
| Net income (loss) |
$ |
16,085 |
|
|
$ |
(11,576 |
) |
| Adjustments to
reconcile net income (loss) to cash provided by operations: |
|
|
|
|
Depreciation and amortization |
9,342 |
|
|
9,741 |
|
|
Amortization of debt issuance costs |
2,688 |
|
|
2,990 |
|
| Gains
from sales of property |
(28,097 |
) |
|
— |
|
| Severance
charges |
1,441 |
|
|
1,432 |
|
| Pension
expense |
799 |
|
|
730 |
|
|
Share-based compensation |
2,339 |
|
|
1,827 |
|
|
Other |
100 |
|
|
(1,968 |
) |
| Changes in operating
assets and liabilities: |
|
|
|
| Accounts
receivable |
12,687 |
|
|
5,992 |
|
|
Inventories |
35,374 |
|
|
15,886 |
|
| Accounts
payable |
(5,352 |
) |
|
20,796 |
|
| Prepaid
assets |
632 |
|
|
2,919 |
|
| Quarterly
pension contributions |
(4,666 |
) |
|
(4,634 |
) |
| Payments
on operational efficiency initiatives and/or restructuring |
(4,812 |
) |
|
(726 |
) |
| Other
assets and liabilities |
2,837 |
|
|
(3,482 |
) |
| Net cash provided by
operating activities |
41,397 |
|
|
39,927 |
|
| Cash flows from
investing activities: |
|
|
|
| Property and equipment
investments |
(631 |
) |
|
(1,561 |
) |
| Proceeds from
disposition of assets |
37,476 |
|
|
760 |
|
| Net cash provided by
(used in) investing activities |
36,845 |
|
|
(801 |
) |
| Cash flows from
financing activities: |
|
|
|
| Repurchase of shares to
satisfy employee tax withholdings |
(178 |
) |
|
(459 |
) |
| Repayments on revolving
credit facilities |
(519,873 |
) |
|
(421,045 |
) |
| Borrowings from
revolving credit facilities |
475,112 |
|
|
409,009 |
|
| Principal payments on
mortgage |
(41,377 |
) |
|
(9,523 |
) |
| Payments on capital
lease obligations |
(2,908 |
) |
|
(3,743 |
) |
| Increase (decrease) in
bank overdrafts |
4,409 |
|
|
(9,993 |
) |
| Increase (decrease) in
cash in escrow related to the mortgage |
7,628 |
|
|
(3,052 |
) |
| Debt financing
costs |
(602 |
) |
|
— |
|
| Other |
279 |
|
|
(34 |
) |
| Net cash used in
financing activities |
(77,510 |
) |
|
(38,840 |
) |
| Increase in cash |
732 |
|
|
286 |
|
| Cash, beginning of
period |
4,808 |
|
|
4,522 |
|
| Cash, end of
period |
$ |
5,540 |
|
|
$ |
4,808 |
|
| |
|
|
|
| Supplemental
Cash Flow Information |
|
|
|
| Net income tax payments
during the period |
$ |
627 |
|
|
$ |
693 |
|
| Interest paid during
the period |
$ |
21,236 |
|
|
$ |
23,775 |
|
| Noncash
transactions: |
|
|
|
| Equipment under capital
leases |
$ |
3,433 |
|
|
$ |
5,075 |
|
| |
|
|
|
|
|
|
|
|
|
| BLUELINX HOLDINGS
INC.RECONCILIATION OF NON-GAAP
MEASUREMENTS(In
thousands)(unaudited) |
|
|
| The
following schedule reconciles net income (loss) to Adjusted EBITDA,
including Same-center Adjusted EBITDA: |
|
|
| |
Quarter Ended |
|
Twelve Months Ended |
| |
December31, 2016 |
|
January 2,2016 |
|
December31, 2016 |
|
January 2,2016 |
| Net income (loss) |
$ |
10,365 |
|
|
$ |
(6,063 |
) |
|
$ |
16,085 |
|
|
$ |
(11,576 |
) |
| Adjustments: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
2,251 |
|
|
2,586 |
|
|
9,342 |
|
|
9,741 |
|
| Interest
expense |
5,336 |
|
|
6,984 |
|
|
24,898 |
|
|
27,342 |
|
| Provision
for income taxes |
512 |
|
|
2,417 |
|
|
1,121 |
|
|
153 |
|
| Gains
from sales of property |
(13,395 |
) |
|
— |
|
|
(28,097 |
) |
|
— |
|
|
Share-based compensation expense |
572 |
|
|
537 |
|
|
2,193 |
|
|
2,051 |
|
|
Restructuring, severance, and legal |
39 |
|
|
(2,306 |
) |
|
7,361 |
|
|
(2,903 |
) |
|
Refinancing-related expenses |
— |
|
|
— |
|
|
3,518 |
|
|
— |
|
| Adjusted EBITDA |
$ |
5,680 |
|
|
$ |
4,155 |
|
|
$ |
36,421 |
|
|
$ |
24,808 |
|
| |
|
|
|
|
|
|
|
| Adjusted EBITDA |
$ |
5,680 |
|
|
$ |
4,155 |
|
|
$ |
36,421 |
|
|
$ |
24,808 |
|
| Less:
non-GAAP adjustments |
— |
|
|
(291 |
) |
|
1,954 |
|
|
5,466 |
|
| Same-center Adjusted
EBITDA |
$ |
5,680 |
|
|
$ |
4,446 |
|
|
$ |
34,467 |
|
|
$ |
19,342 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The
following table sets forth a reconciliation of net sales and gross
profit to the non-GAAP measures of adjusted same-centersales and
adjusted same-center gross profit versus comparable prior
periods: |
|
|
| |
Quarter Ended |
|
Fiscal Year Ended |
| |
December31, 2016 |
|
January 2,2016 |
|
December31, 2016 |
|
January 2,2016 |
| Net sales |
$ |
421,657 |
|
|
$ |
428,150 |
|
|
$ |
1,881,043 |
|
|
$ |
1,916,585 |
|
| Less:
non-GAAP adjustments |
2,788 |
|
|
57,007 |
|
|
129,184 |
|
|
272,525 |
|
| Adjusted same-center
net sales |
$ |
418,869 |
|
|
$ |
371,143 |
|
|
$ |
1,751,859 |
|
|
$ |
1,644,060 |
|
| Adjusted year-over-year
percentage increase |
12.9 |
% |
|
|
|
6.6 |
% |
|
|
| |
|
|
|
|
|
|
|
| Gross profit |
$ |
52,374 |
|
|
$ |
51,469 |
|
|
$ |
227,406 |
|
|
$ |
222,472 |
|
| Less:
non-GAAP adjustments |
310 |
|
|
5,413 |
|
|
7,617 |
|
|
28,359 |
|
| Adjusted same-center
gross profit |
$ |
52,064 |
|
|
$ |
46,056 |
|
|
$ |
219,789 |
|
|
$ |
194,113 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BLUELINX HOLDINGS
INC.SUPPLEMENTARY INFORMATION(In
thousands)(unaudited) |
|
|
|
Debt Principal |
|
|
| The
following schedule presents debt principal for the fourth quarters
of fiscal 2016 and 2015, respectively: |
|
|
| |
December31, 2016 |
|
January 2,2016 |
|
YOYChange |
| Revolving credit
facilities - principal |
$ |
176,183 |
|
|
$ |
218,778 |
|
|
$ |
(42,595 |
) |
| Mortgage -
principal |
126,823 |
|
|
168,200 |
|
|
(41,377 |
) |
| Total |
$ |
303,006 |
|
|
$ |
386,978 |
|
|
$ |
(83,972 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Working Capital |
|
|
| Operating
working capital is defined as current assets less current
liabilities plus the current portion of long-term debt.
Thefollowing schedule displays the selected balance sheet
components of our operating working capital calculation: |
|
|
| |
December 31,2016 |
|
January 2,2016 |
|
YOY Change |
| Current assets: |
|
|
|
|
|
| Cash |
$ |
5,540 |
|
|
$ |
4,808 |
|
|
$ |
732 |
|
|
Receivables, less allowances of $2,733 and $3,167,
respectively |
125,857 |
|
|
138,545 |
|
|
(12,688 |
) |
|
Inventories, net |
191,287 |
|
|
226,660 |
|
|
(35,373 |
) |
| Other
current assets |
23,126 |
|
|
32,011 |
|
|
(8,885 |
) |
| Total current
assets |
$ |
345,810 |
|
|
$ |
402,024 |
|
|
$ |
(56,214 |
) |
| |
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
| Accounts
payable |
$ |
82,735 |
|
|
$ |
88,087 |
|
|
$ |
(5,352 |
) |
| Bank
overdrafts |
21,696 |
|
|
17,287 |
|
|
4,409 |
|
| Accrued
compensation |
8,349 |
|
|
4,165 |
|
|
4,184 |
|
| Current
maturities of long-term debt, net of discount of $201 and $37,
respectively |
29,469 |
|
|
6,611 |
|
|
22,858 |
|
| Other
current liabilities |
12,092 |
|
|
14,023 |
|
|
(1,931 |
) |
| Total current
liabilities |
$ |
154,341 |
|
|
$ |
130,173 |
|
|
$ |
24,168 |
|
| |
|
|
|
|
|
| Operating working
capital |
$ |
220,938 |
|
|
$ |
278,462 |
|
|
$ |
(57,524 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
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
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