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– Net Loss of $0.66 Per Share as Housing-Related Recovery Slows Down –
– Specialty Revenue Growth Reported in Fourth Quarter –
ATLANTA, Feb. 17, 2011 (GLOBE NEWSWIRE) -- BlueLinx Holdings Inc. (NYSE:BXC), a leading distributor of building products in North America, today reported financial results for the fourth quarter and full year ended January 1, 2011.
Revenues increased 0.5% to $367.9 million from $366.1 million for the same period a year ago. The increase reflects a 7.4% increase in specialty product sales and a 9.5% decrease in structural product sales. Overall unit volume declined 4.3%, with a 5.9% increase in specialty unit volume being offset by a 16.5% decline in structural unit volume. The Company incurred a net loss of $20.2 million, or $0.66 per diluted share for the fourth quarter of 2010, compared with net income of $12.0 million, or $0.37 per diluted share, for the fourth quarter of 2009 which included a tax benefit of $23.6 million or $0.72 per diluted share.
Gross profit for the fourth quarter totaled $44.3 million, down 2.1% from $45.3 million in the prior-year period. Gross margins decreased to 12.1% from the near record level of 12.4% generated in the year earlier period. The decline in overall gross margin was driven by a 0.6% decline in specialty gross margins largely resulting from shifts in channel mix. Total operating expenses increased to $56.5 million from $50.1 million a year ago, largely driven by a $6.0 million gain on a property sale realized in the year ago period. Reported operating loss for the quarter was $12.2 million, compared with an operating loss of $4.8 million a year ago.
"BlueLinx' fourth-quarter operational performance was impacted by the continuing difficult conditions of the housing and construction markets as the recovery slowed down and we experienced the normal seasonal slow down associated with our fourth quarter," said BlueLinx President and CEO George Judd. "In the face of this challenging operating environment our financial results demonstrate modest revenue growth, strong gross margin performance, and diligent cost management. We generated approximately $18 million in cash from operations during the quarter.