Previous Statements by BXC
» BlueLinx Holdings CEO Discusses Q2 2011 Results - Earnings Call Transcript
» BlueLinx Holdings' CEO Discusses Q1 2011 Results - Earnings Call Transcript
» BlueLinx Holdings CEO Discusses Q4 2010 Results - Earnings Call Transcript
» BlueLinks Holdings CEO Discusses Q3 2010 Results – Earnings Call Transcript
A discussion of factors that may affect future results is provided in the company’s filings with the Securities and Exchange Commission. BlueLinx undertakes no obligation to publicly update or revise any forward-looking statements contained in these presentations based on new information or otherwise, except as required by law.With that requirement completed, I would like to remind our listeners that we have posted slides on our website. We will be referring to these slides during this call and we encourage you to use them during our remarks. Additionally, the slide package contains an appendix of supplementary tables available for your review. Now, let me turn the call over to our Chief Executive Officer. Judd concludes. Doug Goforth Good morning and thank you for joining us today. I’ll start with an overview of the quarterly results in George will provide an operations review of the quarter in close with the final perspective. Moving to financial performance for the third quarter of 2011 improve compare to year ago as we continue make slides going our specialty products business and as we continue to effectively manage our structural products business. Today, we reported GAAP net loss of $6.2 million or $0.12 per diluted share on revenue of $472.9 million. That compares to GAAP net loss for $14.9 million or $0.48 per diluted share on revenue of $464.7 million in the third quarter of last year. Now let’s review the result in more detail for those few following along with the slide posted in the investor relation on the BlueLinx website I’ll begin with slide 5. Overall sales for the third quarter ended October 1st totaled $472.9 million up 1.8% approximately $8 million from the third quarter of 2010. Specialty sales increased 12.4 % year-over-year, reflecting a 11.4% increase in unit volume and a slight increasing product selling prices.
Structural product sales decreased 12.4% from the same period last year. This decrease was driven by 14% decrease in volume and 1.6% year-over-year increase in product selling prices as prices for wood-based structural products stabilize during the quarter compared to the volatility experience in the year ago period.Specialty products comprised 61% of total sales up from 55% in the third quarter of 2010 as we continued to focus on higher margin products and services. Overall, unit volume gross 0.1% compared to the year ago period. The housing market an overall economy remained very challenging for the current quarter actual US single family housing starts were down 1.4% as compared to the third quarter of 2010. Actual total US housing starts increase 6.2% for the third quarter of 2011 compared to the same period last year. With BlueLinx in use markets more closely tie to single family housing we believe the increasing revenue for the quarter driven by our specialty products growth represent in improved offering performance and expanded specialty market share. BlueLinx generated approximately 58 million in gross profit for the quarter which is an 8.3 million increase over the same period last year. Overall gross margin was 12.3% for the quarter up from last year’s 10.7% as a result in the initiatives to increase margins across all product categories combined with increases in underlying product prices. Those structural in specialty margin rose during the quarter compared to the year ago period. Structural margins of 10% were up 2.6% compared to the prior year quarter reflecting pricing disciplined and more stable pricing (inaudible) compared to the third quarter of 2010. Average third quarter 2011 benchmark wood-based structural prices were up approximately 2.2% compared to the third quarter of 2010. Specialty gross margin for the quarter was 15.1% compared with 14.4% a year ago. Result of robust unit volume growth and slightly higher product selling prices. Third quarter operating expense of 57.1 million were flat compared to the same period a year ago and included 2.1 million and 1.9 million in net gains from significant special items respectively. Read the rest of this transcript for free on seekingalpha.com