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TheStreet Open House

BlueLinx Announces Fourth-Quarter And Full-Year Results

- Tables to Follow -

BlueLinx Holdings Inc.
Statements of Operations
in thousands, except per share data
         
     
  Quarters Ended   Years Ended
  December 29, 2012 December 31, 2011 December 29, 2012 December 31, 2011
  (unaudited) (unaudited) (unaudited)  
         
Net sales  $ 440,298  $ 391,119  $ 1,907,842  $ 1,755,431
Cost of sales  388,179  343,162  1,677,772  1,545,282
Gross profit  52,119  47,957  230,070  210,149
 Operating expenses:        
 Selling, general, and administrative  54,638  48,094  215,996  207,857
 Depreciation and amortization  2,012  2,441  8,565  10,562
Total operating expenses  56,650  50,535  224,561  218,419
         
Operating (loss) income  (4,531)  (2,578)  5,509  (8,270)
Non-operating expenses:        
 Interest expense  6,756  6,831  28,157  30,510
 Changes associated with the ineffective interest rate swap, net  --  --  --  (1,676)
 Other expense (income), net  22  19  (7)  501
         
Loss before provision for income taxes  (11,309)  (9,428)  (22,641)  (37,605)
Provision for income taxes  61  824  386  962
         
Net loss  $ (11,370)  $ (10,252)  $ (23,027)  $ (38,567)
         
Basic weighted average number of common shares outstanding  60,118  59,660  60,080  43,187
Basic net loss per share applicable to common shares   $ (0.19)  $ (0.17)  $ (0.38)  $ (0.89)
         
Diluted weighted average number of common shares outstanding  60,118  59,660  60,080  43,187
         
Diluted net loss per share applicable to common shares   $ (0.19)  $ (0.17)  $ (0.38)  $ (0.89)
         
BlueLinx Holdings Inc.
Balance Sheets
 in thousands
     
     
  December 29, 2012 December 31, 2011
  (unaudited)  
Assets:    
Current assets:    
 Cash and cash equivalents  $ 5,188  $ 4,898
 Receivables, net  157,465  138,872
 Inventories, net  230,059  185,577
 Other current assets  19,427  27,141
Total current assets  412,139  356,488
     
Property, plant, and equipment:    
 Land and land improvements  43,120  49,562
 Buildings  94,070  95,652
 Machinery and equipment  78,674  75,508
 Construction in progress   1,173  741
Property, plant, and equipment, at cost  217,037  221,463
 Accumulated depreciation  (101,684)  (98,335)
 Property, plant, and equipment, net  115,353  123,128
Non-current deferred income tax assets, net   445  358
Other non-current assets  16,799  23,941
Total assets  $ 544,736  $ 503,915
     
Liabilities:    
Current liabilities:    
 Accounts payable   $ 77,850  $ 70,228
 Bank overdrafts  35,384  22,364
 Accrued compensation  6,170  4,496
 Current maturities of long-term debt  8,946  9,046
 Deferred income taxes, net  449  382
 Other current liabilities  10,937  16,558
Total current liabilities  139,736  123,074
Noncurrent liabilities:    
 Long-term debt  368,446  328,695
 Other non-current liabilities  57,146  43,772
Total liabilities  565,328  495,541
     
Stockholders' (Deficit) Equity:    
 Common stock  637  620
 Additional paid-in capital  209,815  207,626
 Accumulated other comprehensive loss  (30,042)  (21,900)
 Accumulated deficit  (201,002)  (177,972)
Total stockholders' (deficit) equity  (20,592)  8,374
Total liabilities and stockholders' (deficit) equity  $ 544,736  $ 503,915
     
BlueLinx Holdings Inc.
Statements of Cash Flows
 in thousands
     
     
  Years Ended
  December 29, 2012 December 31, 2011
  (unaudited)  
     
Cash flows from operating activities:    
Net loss  $ (23,027)  $ (38,567)
Adjustments to reconcile net loss to cash used in operations:    
 Depreciation and amortization  8,565  10,562
 Amortization of debt issuance costs  3,746  2,940
 Gain from sale of properties  (9,885)  (10,604)
 Gain from property insurance settlement  (476)  (1,230)
 Changes associated with the ineffective interest rate swap  --  (1,676)
 Vacant property charges, net  (30)  (291)
 Gain on modification of lease agreement  --  (1,971)
 Payments on modification on lease agreement  (5,875)  --
 Deferred income tax benefit  (20)  (25)
 Share-based compensation expense  2,797  1,974
 Decrease in restricted cash related to the swap, insurance, and other  695  987
 Changes in assets and liabilities:    
 Receivables  (18,593)  (19,670)
 Inventories  (44,482)  2,673
 Accounts payable  9,050  5,973
 Changes in other working capital  1,722  (375)
 Other  1,563  (1,032)
Net cash used in operating activities  (74,250)  (50,332)
     
Cash flows from investing activities:    
Property, plant and equipment investments  (2,826)  (6,533)
Proceeds from disposition of assets  19,195  18,355
Net cash provided by investing activities  16,369  11,822
     
Cash flows from financing activities:    
Repurchase of shares to satisfy employee tax withholdings  (526)  --
Repayments on the revolving credit facilities  (473,349)  (478,630)
Borrowings from the revolving credit facilities  550,270  475,918
Principal payments on mortgage  (37,272)  (42,416)
Payments on capital lease obligations  (2,259)  (1,440)
Increase (decrease) in bank overdrafts  13,020  (725)
Decrease in restricted cash related to the mortgage  9,970  20,604
Debt financing costs  (1,683)  (2,721)
Proceeds from stock offering less expenses paid  --  58,521
Net cash provided by financing activities  58,171  29,111
Increase (decrease) in cash  290  (9,399)
Balance, beginning of period  4,898  14,297
Balance, end of period  $ 5,188  $ 4,898
     
Non Cash Transactions:    
Capital leases  $ 5,238  $ 3,131
 
BlueLinx Holdings Inc.
Adjusted Pre-Tax Loss
in thousands, except for per share amounts
         
  Quarters Ended Years Ended
  December 29, 2012 December 31, 2011 December 29, 2012 December 31, 2011
  (unaudited) (unaudited) (unaudited) (unaudited)
         
Pretax loss  $ (11,309)  $ (9,428)  $ (22,641)  $ (37,605)
Gain from sale of certain properties  (204)  (3,665)  (9,885)  (10,604)
Gain on modification of lease agreement  --  --  --  (1,971)
Gain from insurance settlement  --  (203)  (476)  (1,433)
Severance related costs  --  36  --  1,382
Adjusted pretax loss before the effect of special interest items  (11,513)  (13,260)  (33,002)  (50,231)
Changes associated with the ineffective interest rate swap  --  --  --  (1,676)
Adjusted pretax loss  (11,513)  (13,260)  (33,002)  (51,907)
Adjusted benefit from income taxes  (4,385) (4,294)  (12,351)  (19,072)
Adjusted net loss  $ (7,128)  $ (8,966)  $ (20,651)  $ (32,835)
         
         
Basic weighted average shares  60,118  59,660  60,080  43,187
Adjusted basic net loss per share applicable to common shares  $ (0.12)  $ (0.15)  $ (0.34)  $ (0.76)
Diluted weighted average shares  60,118  59,660  60,080  43,187
Adjusted diluted net loss per share applicable to common shares  $ (0.12)  $ (0.15)  $ (0.34)  $ (0.76)
         
         
         
BlueLinx Holdings Inc.
Reconciliation of GAAP Net Loss to Adjusted Net Loss 
in thousands
         
  Quarters Ended Years Ended
  December 29, 2012 December 31, 2011 December 29, 2012 December 31, 2011
  (unaudited) (unaudited) (unaudited) (unaudited)
         
GAAP net loss  $ (11,370)  $ (10,252)  $ (23,027)  $ (38,567)
Gain from sale of certain properties  (204)  (3,665) (9,885) (10,604)
Gain on modification of lease agreement  --  --  -- (1,971)
Gain from insurance settlement  --  (203)  (476) (1,433)
Severance related costs  --  36  --  1,382
Changes associated with the ineffective interest rate swap  --  --  -- (1,676)
Tax effect of selected charges  80  1,479 3,998 5,522
Valuation allowance  4,366  3,639 8,739 14,512
Adjusted net loss  $ (7,128)  $ (8,966)  $ (20,651)  $ (32,835)
         
CONTACT: Doug Goforth, CFO & Treasurer
         BlueLinx Holdings Inc.
         (770) 953-7505
         
         Investor Relations:
         Maryon Davis, Director Finance & IR
         (770) 221-2666

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