BlueLinx Announces Sale of Two Former Distribution Facilities for Approximately $12 Million to Further Real Estate Monetizati...
June 18 2019 - 5:55PM
BlueLinx Holdings Inc. (NYSE: BXC), a leading distributor of
building and industrial products in the United States, today
announced that it has completed the sale of its former distribution
facilities in Minneapolis, Minnesota, and Des Moines, Iowa, for an
aggregate purchase price of approximately $12 million. Net proceeds
from the transactions were used to repay indebtedness under the
Company’s revolving credit facility.
The Company determined to sell these two
facilities after integrating their operations into existing Cedar
Creek facilities in Minneapolis and Des Moines last year, and the
Company continues to efficiently and effectively serve its local
markets out of those facilities under long-term leases.
Management CommentaryMitch
Lewis, President and Chief Executive Officer, stated, “We are
pleased to be able to realize value for these two facilities after
successful facility integrations in the Minneapolis and Des Moines
markets. We will continue to look for opportunities to monetize our
real estate assets to further reduce our overall leverage.”
About BlueLinx Holdings Inc.BlueLinx (NYSE:
BXC) is a leading wholesale distributor of building and industrial
products in the United States with over 50,000 branded and
private-label SKUs, and a broad distribution footprint servicing 40
states. BlueLinx has a differentiated distribution platform,
value-driven business model and extensive cache of products across
the building products industry. Headquartered in Marietta, Georgia,
BlueLinx has over 2,200 associates and distributes its
comprehensive range of structural and specialty products to
approximately 15,000 national, regional, and local dealers, as well
as specialty distributors, national home centers, industrial, and
manufactured housing customers. BlueLinx encourages investors to
visit its website, www.BlueLinxCo.com, which is updated regularly
with financial and other important information about BlueLinx.
CONTACT: Mary Moll, Investor
RelationsBlueLinx Holdings Inc.(866)
671-5138Investor@BlueLinxCo.com
Forward-looking StatementsThis press release
contains forward-looking statements. Forward-looking statements
include, without limitation, any statement that predicts,
forecasts, indicates or implies future results, performance,
liquidity levels or achievements, and may contain the words
“believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,”
“plan,” “will be,” “will likely continue,” “will likely result” or
words or phrases of similar meaning. The forward-looking statements
in this press release include statements about our intention to
pursue, and ability to consummate, additional real estate
transactions to reduce our leverage. Forward-looking statements are
based on estimates and assumptions made by our management that,
although believed by us to be reasonable, are inherently uncertain.
Forward-looking statements involve risks and uncertainties that may
cause our business, strategy, or actual results to differ
materially from the forward-looking statements. These risks and
uncertainties include those discussed under the heading “Risk
Factors” in Item 1A of our Annual Report on Form 10-K for the year
ended December 29, 2018, and those discussed in our Quarterly
Reports on Form 10-Q and in our periodic reports filed with the
Securities and Exchange Commission from time to time. We operate in
a changing environment in which new risks can emerge from time to
time. It is not possible for management to predict all of these
risks, nor can it assess the extent to which any factor, or a
combination of factors, may cause our business, strategy, or actual
results to differ materially from those contained in
forward-looking statements. Factors that may cause these
differences include, among other things: our ability to integrate
and realize anticipated synergies from acquisitions; loss of
material customers, suppliers, or product lines in connection with
acquisitions; our indebtedness and its related limitations;
sufficiency of cash flows and capital resources; changes in
interest rates; fluctuations in commodity prices; adverse housing
market conditions; disintermediation by customers and suppliers;
changes in prices, supply and/or demand for our products; inventory
management; competitive industry pressures; industry consolidation;
product shortages; loss of and dependence on key suppliers and
manufacturers; new tariffs; our ability to monetize real estate
assets; our ability to successfully implement our strategic
initiatives; fluctuations in operating results; sale-leaseback
transactions and their effects; real estate leases; exposure to
product liability claims; changes in our product mix; petroleum
prices; information technology security and business interruption
risks; litigation and legal proceedings; natural disasters and
unexpected events; activities of activist stockholders; labor and
union matters; limits on net operating loss carryovers; pension
plan assumptions and liabilities; risks related to our internal
controls; retention of associates and key personnel; federal,
state, local and other regulations, including environmental laws
and regulations; and changes in accounting principles. Given these
risks and uncertainties, we caution you not to place undue reliance
on forward-looking statements. We expressly disclaim any obligation
to update or revise any forward-looking statement as a result of
new information, future events or otherwise, except as required by
law.
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