– Gross Margin of 12.7% for the Year; Up 60 Basis
Points From Prior Year –– Net Income of $53.5 Million for the
Quarter and $63.0 Million for the Fiscal Year –– Adjusted EBITDA of
$9.8 Million for the Quarter and $43.9 Million for the Fiscal Year
–– Debt Principal Reduction of $22.5 Million From Q4 2016 –
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 30,
2017.
“We are pleased to share our 2017 results,
including our best full year gross margin and net income on record
and our best full year Adjusted EBITDA since 2006. These results,
coupled with the four sale-leaseback transactions we completed on
January 10, 2018, position us well to capitalize on our anticipated
continued strength in the markets we serve,” said Mitch Lewis,
President and Chief Executive Officer.
Susan O’Farrell, Senior Vice President and Chief
Financial Officer added, “2017 was exceptional for BlueLinx. Our
continued focus on deleveraging the business led to one of the best
years in Company history as we improved our financial results and
significantly reduced our debt.”
Fourth Quarter Results Compared to Prior
Year PeriodBlueLinx generated net sales of $433.6 million
for the fourth quarter of fiscal 2017, up $12.0 million or 2.8%
from the prior fiscal fourth quarter. As previously disclosed, the
Company initiated several operational efficiency initiatives
beginning in the second quarter of fiscal 2016, pursuant to which
it closed and sold certain facilities and rationalized inventory by
discontinuing certain underperforming products. When excluding
the effects of these operational efficiency initiatives, adjusted
same-center net sales, which is a non-GAAP measure, increased by
$14.7 million or 3.5% from this period a year ago.
The Company recorded gross profit of $55.5
million during the fiscal fourth quarter, up $3.1 million or 6.0%
from the prior fiscal fourth quarter, with a gross margin of 12.8%,
an increase of 40 basis points from the prior year period. When
excluding the effects of the Company’s operational efficiency
initiatives, adjusted same-center gross profit, which is a non-GAAP
measure, increased by $3.4 million from this period a year ago.
The Company released a substantial portion of
its Deferred Tax Valuation Allowance during the fiscal fourth
quarter, resulting in a significant income tax benefit. BlueLinx
recorded net income of $53.5 million for the fourth quarter of
fiscal 2017, up $43.1 million from this period a year ago. The
previous fiscal fourth quarter included real estate gains of $13.4
million. Adjusted EBITDA, which is a non-GAAP measure, was $9.8
million for the fiscal fourth quarter, up $4.2 million or 73.2%
from this period a year ago.
Full Year Fiscal 2017 Compared to Prior
Year PeriodFor the full fiscal year ended 2017, the
Company generated $1.82 billion in net sales compared to $1.88
billion from the prior year. When excluding the effects of our
operational efficiency initiatives, adjusted same-center net sales,
which is a non-GAAP measure, increased by $63.7 million or 3.6%
from the same period in fiscal 2016.
Gross profit for the full fiscal year ended 2017
was $231.0 million, up $3.6 million from the prior year period,
with a gross margin of 12.7%, an increase of 60 basis points from
2016. When excluding the effects of the Company’s operational
efficiency initiatives, adjusted same-center gross profit, which is
a non-GAAP measure, increased by $11.2 million from the prior
fiscal year ended December 31, 2016.
Net income for the full fiscal year was $63.0
million, up $46.9 million from this period a year ago, with a
diluted earnings per share of $6.81. Adjusted EBITDA, which is a
non-GAAP measure, for the full fiscal year was $43.9 million, an
increase of $7.5 million or 20.6% from the fiscal year ended 2016.
Excluding the effects of our operational efficiency initiatives,
same-center Adjusted EBITDA, which is a non-GAAP measure, was up
$9.5 million or 27.4% from the same period in fiscal
2016.
Working Capital and LiquidityAs
of December 30, 2017, the Company had $63.3 million of excess
availability under its asset-based revolving credit facility, based
on qualifying inventory and receivables. As a result of our working
capital initiatives and mortgage reduction efforts, interest
expense for the full fiscal year 2017 decreased by $3.7 million or
14.8% from the same period in fiscal 2016. With the new five-year
revolving credit facility entered into on October 10, 2017,
additional interest rate savings will be obtained over the life of
the loan compared to the previous credit facility. The new
facility’s improved economic terms include LIBOR margin
improvements of 75 to 125 basis points depending on excess
availability levels.
In fiscal year 2018, the Company paid off the
remaining mortgage principal of approximately $98.0 million. The
payment was funded through long-term sale leaseback transactions on
four properties owned by the Company, which provided $110.0 million
in aggregate sale proceeds.
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# 5957630. 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 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. 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.
We define the non-GAAP metrics of adjusted
same-center net sales and adjusted same-center gross profit as net
sales and gross profit excluding the effects of both closed
facilities and the inventory rationalization initiative. These
measures are not in accordance with GAAP, and are 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. 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.
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 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, inventory
management and commodities pricing; new housing starts and
inventory levels of existing homes for sale; general economic and
business conditions in the United States; acceptance by our
customers of our privately branded products; financial condition
and creditworthiness of our customers; supply from our key vendors;
reliability of the technologies we utilize; the activities of
competitors; changes in significant operating expenses; fuel costs;
risk of losses associated with accidents; exposure to product
liability claims; 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 December 31, 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 expectations or otherwise, except as required by
law.
|
BLUELINX HOLDINGS
INC.CONSOLIDATED STATEMENTS OF OPERATIONS
ANDCOMPREHENSIVE INCOME (LOSS)(In
thousands, except per share data) |
|
|
Quarter Ended |
|
Fiscal Year Ended |
|
December 30, 2017 |
|
December 31, 2016 |
|
December 30, 2017 |
|
December 31, 2016 |
|
(unaudited) |
|
|
|
|
Net sales |
$ |
433,608 |
|
|
$ |
421,657 |
|
|
$ |
1,815,535 |
|
|
$ |
1,881,043 |
|
Cost of sales |
378,104 |
|
|
369,283 |
|
|
1,584,506 |
|
|
1,653,637 |
|
Gross profit |
55,504 |
|
|
52,374 |
|
|
231,029 |
|
|
227,406 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Selling,
general, and administrative |
49,419 |
|
|
47,347 |
|
|
198,709 |
|
|
204,509 |
|
Gains
from sales of property |
— |
|
|
(13,395 |
) |
|
(6,700 |
) |
|
(28,097 |
) |
Depreciation and amortization |
2,167 |
|
|
2,251 |
|
|
9,032 |
|
|
9,342 |
|
Total
operating expenses |
51,586 |
|
|
36,203 |
|
|
201,041 |
|
|
185,754 |
|
Operating income |
3,918 |
|
|
16,171 |
|
|
29,988 |
|
|
41,652 |
|
Non-operating
expenses: |
|
|
|
|
|
|
|
Interest
expense |
4,945 |
|
|
5,336 |
|
|
21,225 |
|
|
24,898 |
|
Other
income, net |
(272 |
) |
|
(42 |
) |
|
(822 |
) |
|
(452 |
) |
Income (loss) before
(benefit from) provision for income taxes |
(755 |
) |
|
10,877 |
|
|
9,585 |
|
|
17,206 |
|
(Benefit from)
provision for income taxes |
(54,241 |
) |
|
512 |
|
|
(53,409 |
) |
|
1,121 |
|
Net income |
$ |
53,486 |
|
|
$ |
10,365 |
|
|
$ |
62,994 |
|
|
$ |
16,085 |
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
$ |
5.89 |
|
|
$ |
1.16 |
|
|
$ |
6.96 |
|
|
$ |
1.80 |
|
Diluted earnings per
share |
$ |
5.76 |
|
|
$ |
1.14 |
|
|
$ |
6.81 |
|
|
$ |
1.77 |
|
|
|
|
|
|
|
|
|
Comprehensive
income: |
|
|
|
|
|
|
|
Net income |
$ |
53,486 |
|
|
$ |
10,365 |
|
|
$ |
62,994 |
|
|
$ |
16,085 |
|
Other comprehensive
income (loss): |
|
|
|
|
|
|
|
Foreign
currency translation, net of tax |
2 |
|
|
(14 |
) |
|
14 |
|
|
264 |
|
Amortization of unrecognized pension gain (loss), net of tax |
(74 |
) |
|
9,256 |
|
|
130 |
|
|
(2,141 |
) |
Total
other comprehensive (loss) income |
(72 |
) |
|
9,242 |
|
|
144 |
|
|
(1,877 |
) |
Comprehensive
income |
$ |
53,414 |
|
|
$ |
19,607 |
|
|
$ |
63,138 |
|
|
$ |
14,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLUELINX HOLDINGS INC.CONSOLIDATED
BALANCE SHEETS(In thousands, except share
data) |
|
|
December 30, 2017 |
|
December 31, 2016 |
ASSETS |
Current assets: |
|
|
|
Cash |
$ |
4,696 |
|
|
$ |
5,540 |
|
Receivables, less allowances of $2,761 and $2,733,
respectively |
134,072 |
|
|
125,857 |
|
Inventories |
187,512 |
|
|
191,287 |
|
Other
current assets |
17,124 |
|
|
23,126 |
|
Total current
assets |
343,404 |
|
|
345,810 |
|
Property and
equipment: |
|
|
|
Land and
improvements |
30,802 |
|
|
34,609 |
|
Buildings |
84,781 |
|
|
80,131 |
|
Machinery
and equipment |
70,596 |
|
|
72,122 |
|
Construction in progress |
570 |
|
|
3,104 |
|
Property and equipment,
at cost |
186,749 |
|
|
189,966 |
|
Accumulated depreciation |
(102,977 |
) |
|
(101,644 |
) |
Property and equipment,
net |
83,772 |
|
|
88,322 |
|
Deferred tax asset |
53,853 |
|
|
— |
|
Other non-current
assets |
13,066 |
|
|
10,005 |
|
Total assets |
$ |
494,095 |
|
|
$ |
444,137 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT) |
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
70,623 |
|
|
$ |
82,735 |
|
Bank
overdrafts |
21,593 |
|
|
21,696 |
|
Accrued
compensation |
9,229 |
|
|
8,349 |
|
Current
maturities of long-term debt, net of discount of $0 and $201,
respectively |
— |
|
|
29,469 |
|
Other
current liabilities |
16,160 |
|
|
12,092 |
|
Total current
liabilities |
117,605 |
|
|
154,341 |
|
Non-current
liabilities: |
|
|
|
Long-term
debt, net of discount of $3,792 and $2,544, respectively |
276,677 |
|
|
270,792 |
|
Pension
benefit obligation |
30,360 |
|
|
34,349 |
|
Other
non-current liabilities |
34,451 |
|
|
14,496 |
|
Commitments and contingencies |
|
|
|
Total liabilities |
459,093 |
|
|
473,978 |
|
STOCKHOLDERS’
EQUITY (DEFICIT) |
|
|
|
Common
Stock, $0.01 par value, Authorized - 20,000,000 shares, Issued
and Outstanding - 9,100,923 and 9,031,263, respectively |
91 |
|
|
90 |
|
Additional paid-in capital |
259,588 |
|
|
257,972 |
|
Accumulated other comprehensive loss |
(36,507 |
) |
|
(36,651 |
) |
Accumulated deficit |
(188,170 |
) |
|
(251,252 |
) |
Total stockholders’
equity (deficit) |
35,002 |
|
|
(29,841 |
) |
Total liabilities and
stockholders’ equity (deficit) |
$ |
494,095 |
|
|
$ |
444,137 |
|
|
|
BLUELINX HOLDINGS
INC.CONSOLIDATED STATEMENTS OF CASH
FLOWS(In thousands) |
|
|
Fiscal Year Ended |
|
December 30, 2017 |
|
December 31, 2016 |
|
(In thousands) |
Cash flows from
operating activities: |
|
|
|
Net income |
$ |
62,994 |
|
|
$ |
16,085 |
|
Adjustments to
reconcile net income to cash (used in) provided by operations: |
|
|
|
(Benefit
from) provision for income taxes |
(53,409 |
) |
|
1,121 |
|
Depreciation and amortization |
9,032 |
|
|
9,342 |
|
Amortization of debt issuance costs |
1,990 |
|
|
2,688 |
|
Gains
from sales of property |
(6,700 |
) |
|
(28,097 |
) |
Pension
expense (credit) |
(186 |
) |
|
799 |
|
Share-based compensation |
2,480 |
|
|
2,339 |
|
Other |
(350 |
) |
|
100 |
|
Changes in operating
assets and liabilities: |
|
|
|
Accounts
receivable |
(8,214 |
) |
|
12,687 |
|
Inventories |
3,775 |
|
|
35,374 |
|
Accounts
payable |
(12,112 |
) |
|
(5,352 |
) |
Prepaid
assets |
(1,058 |
) |
|
632 |
|
Quarterly
pension contributions |
(2,996 |
) |
|
(4,666 |
) |
Payments
on operational efficiency initiatives and/or restructuring |
— |
|
|
(4,812 |
) |
Other
assets and liabilities |
2,251 |
|
|
3,157 |
|
Net cash (used in)
provided by operating activities |
(2,503 |
) |
|
41,397 |
|
Cash flows from
investing activities: |
|
|
|
Property and equipment
investments |
(797 |
) |
|
(631 |
) |
Proceeds from
disposition of assets |
27,635 |
|
|
37,476 |
|
Net cash provided by
investing activities |
26,838 |
|
|
36,845 |
|
Cash flows from
financing activities: |
|
|
|
Repurchase of shares to
satisfy employee tax withholdings |
(226 |
) |
|
(178 |
) |
Repayments on revolving
credit facilities |
(435,708 |
) |
|
(519,873 |
) |
Borrowings from
revolving credit facilities |
441,779 |
|
|
475,112 |
|
Principal payments on
mortgage |
(28,976 |
) |
|
(41,377 |
) |
Payments on capital
lease obligations |
(3,429 |
) |
|
(2,908 |
) |
(Decrease) increase in
bank overdrafts |
(103 |
) |
|
4,409 |
|
Increase in cash in
escrow related to the mortgage |
1,490 |
|
|
7,628 |
|
Debt financing
costs |
— |
|
|
(602 |
) |
Other |
(6 |
) |
|
279 |
|
Net cash used in
financing activities |
(25,179 |
) |
|
(77,510 |
) |
(Decrease) increase in
cash |
(844 |
) |
|
732 |
|
Cash, beginning of
period |
5,540 |
|
|
4,808 |
|
Cash, end of
period |
$ |
4,696 |
|
|
$ |
5,540 |
|
|
|
|
|
Supplemental
Cash Flow Information |
|
|
|
Net income tax payments
during the period |
$ |
1,577 |
|
|
$ |
627 |
|
Interest paid during
the period |
$ |
19,825 |
|
|
$ |
21,236 |
|
Noncash
transactions: |
|
|
|
Property and equipment
under capital leases |
$ |
11,828 |
|
|
$ |
3,433 |
|
|
|
|
|
|
|
|
|
|
BLUELINX HOLDINGS
INC.RECONCILIATION OF NON-GAAP
MEASUREMENTS(In
thousands)(unaudited) |
|
The
following schedule reconciles net income to Adjusted EBITDA,
including Same-center Adjusted EBITDA: |
|
|
|
|
|
Quarter Ended |
|
Fiscal Year Ended |
|
December 30, 2017 |
|
December 31, 2016 |
|
December 30, 2017 |
|
December 31, 2016 |
Net income |
$ |
53,486 |
|
|
$ |
10,365 |
|
|
$ |
62,994 |
|
|
$ |
16,085 |
|
Adjustments: |
|
|
|
|
|
|
|
Depreciation and amortization |
2,167 |
|
|
2,251 |
|
|
9,032 |
|
|
9,342 |
|
Interest
expense |
4,945 |
|
|
5,336 |
|
|
21,225 |
|
|
24,898 |
|
(Benefit
from) provision for income taxes |
(54,241 |
) |
|
512 |
|
|
(53,409 |
) |
|
1,121 |
|
Gains
from sales of property |
— |
|
|
(13,395 |
) |
|
(6,700 |
) |
|
(28,097 |
) |
Share-based compensation expense |
661 |
|
|
572 |
|
|
2,465 |
|
|
2,193 |
|
Restructuring, severance, and legal |
2,817 |
|
|
39 |
|
|
8,312 |
|
|
7,361 |
|
Refinancing-related expenses |
— |
|
|
— |
|
|
— |
|
|
3,518 |
|
Adjusted EBITDA |
$ |
9,835 |
|
|
$ |
5,680 |
|
|
$ |
43,919 |
|
|
$ |
36,421 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
9,835 |
|
|
$ |
5,680 |
|
|
$ |
43,919 |
|
|
$ |
36,421 |
|
Less:
non-GAAP adjustments |
— |
|
|
— |
|
|
— |
|
|
1,954 |
|
Same-center Adjusted
EBITDA |
$ |
9,835 |
|
|
$ |
5,680 |
|
|
$ |
43,919 |
|
|
$ |
34,467 |
|
The following table sets forth a reconciliation
of net sales and gross profit to the non-GAAP measures of adjusted
same-center sales and adjusted same-center gross profit versus
comparable prior periods:
|
Quarter Ended |
|
Fiscal Year Ended |
|
December 30, 2017 |
|
December 31, 2016 |
|
December 30, 2017 |
|
December 31, 2016 |
Net sales |
$ |
433,608 |
|
|
$ |
421,657 |
|
|
$ |
1,815,535 |
|
|
$ |
1,881,043 |
|
Less:
non-GAAP adjustments |
— |
|
|
2,788 |
|
|
— |
|
|
129,184 |
|
Adjusted same-center
net sales |
$ |
433,608 |
|
|
$ |
418,869 |
|
|
$ |
1,815,535 |
|
|
$ |
1,751,859 |
|
Adjusted year-over-year
percentage increase |
3.5 |
% |
|
|
|
3.6 |
% |
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
55,504 |
|
|
$ |
52,374 |
|
|
$ |
231,029 |
|
|
$ |
227,406 |
|
Less:
non-GAAP adjustments |
— |
|
|
310 |
|
|
50 |
|
|
7,617 |
|
Adjusted same-center
gross profit |
$ |
55,504 |
|
|
$ |
52,064 |
|
|
$ |
230,979 |
|
|
$ |
219,789 |
|
|
|
BLUELINX HOLDINGS
INC.SUPPLEMENTARY INFORMATION(In
thousands)(unaudited) |
|
Debt Principal |
|
The
following schedule presents debt principal for the fourth quarters
of fiscal 2017 and 2016, respectively: |
|
|
December 30, 2017 |
|
December 31, 2016 |
|
YOY Change |
Revolving credit
facilities - principal |
$ |
182,685 |
|
|
$ |
176,183 |
|
|
$ |
6,502 |
|
Mortgage -
principal |
97,847 |
|
|
126,823 |
|
|
(28,976 |
) |
Total |
$ |
280,532 |
|
|
$ |
303,006 |
|
|
$ |
(22,474 |
) |
Operating Working Capital
Operating working capital is defined as current assets less
current liabilities plus the current portion of long-term debt. The
following schedule displays the selected balance sheet components
of our operating working capital calculation:
|
December 30, 2017 |
|
December 31, 2016 |
|
YOY Change |
Current assets: |
|
|
|
|
|
Cash |
$ |
4,696 |
|
|
$ |
5,540 |
|
|
$ |
(844 |
) |
Receivables, less allowances of $2,761 and $2,733,
respectively |
134,072 |
|
|
125,857 |
|
|
8,215 |
|
Inventories |
187,512 |
|
|
191,287 |
|
|
(3,775 |
) |
Other
current assets |
17,124 |
|
|
23,126 |
|
|
(6,002 |
) |
Total current
assets |
$ |
343,404 |
|
|
$ |
345,810 |
|
|
$ |
(2,406 |
) |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
$ |
70,623 |
|
|
$ |
82,735 |
|
|
$ |
(12,112 |
) |
Bank
overdrafts |
21,593 |
|
|
21,696 |
|
|
(103 |
) |
Accrued
compensation |
9,229 |
|
|
8,349 |
|
|
880 |
|
Current
maturities of long-term debt, net of discount of $0 and $201,
respectively |
— |
|
|
29,469 |
|
|
(29,469 |
) |
Other
current liabilities |
16,160 |
|
|
12,092 |
|
|
4,068 |
|
Total current
liabilities |
$ |
117,605 |
|
|
$ |
154,341 |
|
|
$ |
(36,736 |
) |
|
|
|
|
|
|
Operating working
capital |
$ |
225,799 |
|
|
$ |
220,938 |
|
|
$ |
4,861 |
|
|
BlueLinx Contact Information:Susan O’Farrell,
SVP, CFO & TreasurerBlueLinx Holdings Inc.(770) 953-7000
Natalie Poulos, Investor RelationsBlueLinx Holdings Inc.(866)
671-5138 investor@bluelinxco.com
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