Doug Goforth, CFO & Treasurer	Investor Relations:
BlueLinx Holdings Inc.	Maryon Davis, Director Finance & IR
(770) 953-7505	(770) 221-2666

 

 

 

 

 

	■	a pre-tax restructuring charge of $8.3 million, or $0.10 per diluted share, related to the Company’s change in executive leadership and strategic restructuring activities:  $7.3 million of the total restructuring charges were recorded in operating expense and the remaining $1.0 million is a restructuring inventory reserve recorded in cost of goods sold;
	■	lower gross margins related to a significant decline in prices for structural wood products throughout the fiscal second quarter, including a pre-tax lower of cost or market reserve charge of $3.8 million, or $0.05 per diluted share.

 

 

 

 

 

 

 

 

 

 

The Company’s operating results for the 2013 and 2012 second quarter and year-to-date periods, adjusted for significant special items, are shown in the following table (see accompanying financial schedules for full financial details and reconciliations of non-GAAP financial measures to their GAAP equivalents):

 

in millions, except per share amounts (unaudited)		Quarters Ended								Six Months Ended
		June 29, 2013				June 30, 2012				June 29, 2013				June 30, 2012
Pretax loss		$	(22.6	)		$	(3.5	)		$	(35.0	)		$	(14.3	)
Gain from sale of certain properties			-				-				(0.2	)			(0.5	)
Gain from property insurance settlement			-				(0.5	)			-				(0.5	)
Restructuring inventory reserve			1.0				-				1.0				-
Facility restructuring and severance related costs			7.3				-				8.2				-
Adjusted pretax loss			(14.3	)			(4.0	)			(26.0	)			(15.3	)
Adjusted benefit from income taxes			(5.8	)			(1.3	)			(10.1	)			(5.5	)
Adjusted net loss		$	(8.5	)		$	(2.6	)		$	(15.9	)		$	(9.8	)
Diluted weighted average shares			84.2				65.5				75.4				65.4
Adjusted diluted net loss per share applicable to common shares		$	(0.10	)		$	(0.04	)		$	(0.21	)		$	(0.15	)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		Quarters Ended								Six Months Ended
		June 29,				June 30,				June 29,				June 30,
		2013				2012				2013				2012
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Net sales		$	604,592			$	517,026			$	1,107,745			$	970,734
Cost of sales			549,407				453,838				996,102				853,314
Gross profit			55,185				63,188				111,643				117,420
Operating expenses:
Selling, general, and administrative			68,510				57,136				127,929				113,202
Depreciation and amortization			2,229				2,187				4,402				4,447
Total operating expenses			70,739				59,323				132,331				117,649
Operating (loss) income			(15,554	)			3,865				(20,688	)			(229	)
Non-operating expenses:
Interest expense			6,916				7,325				14,108				14,107
Other expense (income), net			128				49				238				(13	)
Loss before (benefit from) provision for income taxes			(22,598	)			(3,509	)			(35,034	)			(14,323	)
(Benefit from) provision for income taxes			(292	)			197				(79	)			402
Net loss		$	(22,306	)		$	(3,706	)		$	(34,955	)		$	(14,725	)
Basic weighted average number of common shares outstanding			84,167				65,471				75,441				65,420
Basic net loss per share applicable to common shares		$	(0.27	)		$	(0.06	)		$	(0.46	)		$	(0.23	)
Diluted weighted average number of common shares outstanding			84,167				65,471				75,441				65,420
Diluted loss per share applicable to common shares		$	(0.27	)		$	(0.06	)		$	(0.46	)		$	(0.23	)

 

 

 

		June 29,				December 29,
		2013				2012
		(unaudited)
Assets:
Current assets:
Cash and cash equivalents		$	8,386			$	5,188
Receivables, net			232,994				157,465
Inventories, net			318,437				230,059
Other current assets			27,343				19,427
Total current assets			587,160				412,139
Property, plant, and equipment:
Land and improvements			41,048				43,120
Buildings			90,287				94,070
Machinery and equipment			78,660				78,674
Construction in progress			1,834				1,173
Property, plant, and equipment, at cost			211,829				217,037
Accumulated depreciation			(102,986	)			(101,684	)
Property, plant, and equipment, net			108,843				115,353
Non-current deferred income tax assets, net			445				445
Other non-current assets			17,852				16,799
Total assets		$	714,300			$	544,736
Liabilities:
Current liabilities:
Accounts payable		$	127,767			$	77,850
Bank overdrafts			20,933				35,384
Accrued compensation			5,241				6,170
Current maturities of long-term debt			120,175				8,946
Deferred income taxes, net			449				449
Other current liabilities			15,867				10,937
Total current liabilities			290,432				139,736
Non-current liabilities:
Long-term debt			381,579				368,446
Other non-current liabilities			57,134				57,146
Total liabilities			729,145				565,328
Stockholders’ Deficit:
Common stock			866				637
Additional paid in capital			249,683				209,815
Accumulated other comprehensive loss			(29,437	)			(30,042	)
Accumulated deficit			(235,957	)			(201,002	)
Total stockholders’ deficit			(14,845	)			(20,592	)
Total liabilities and stockholders’ deficit		$	714,300			$	544,736

 

 

 

 

		Quarters Ended								Six Months Ended
		June 29,				June 30,				June 29,				June 30,
		2013				2012				2013				2012
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
GAAP net loss		$	(22,306	)		$	(3,706	)		$	(34,955	)		$	(14,725	)
Gain from sale of certain properties			-				48				(230	)			(530	)
Gain from property insurance settlement			-				(476	)			-				(476	)
Restructuring inventory reserve			1,000				-				1,000				-
Facility restructuring and severance related costs			7,309				-				8,198				-
Tax effect of selected charges			(3,207	)			165				(3,462	)			388
Valuation allowance			8,723				1,354				13,524				5,529
Adjusted net loss		$	(8,481	)		$	(2,615	)		$	(15,925	)		$	(9,814	)