8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 5, 2010

BLUELINX HOLDINGS INC.

(Exact name of registrant as specified in its charter)

Delaware	001-32383	77-0627356
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

4300 Wildwood Parkway, Atlanta, Georgia	30339
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (770) 953-7000

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition  

On August 5, 2010, BlueLinx Holdings Inc. (“BlueLinx” or “the Company”) issued a press release announcing its financial results for the second fiscal quarter ended July 3, 2010. A copy of BlueLinx’ press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

On August 5, 2010, as previously announced, BlueLinx held a teleconference and audio webcast to discuss its financial results from the second fiscal quarter ended July 3, 2010. The webcast will be archived and can be accessed via BlueLinx’ website at www.BlueLinxCo.com. Additionally, BlueLinx has posted slides at its website, under the investor relations page, which were referenced during the audio webcast. These slides are furnished as Exhibit 99.2 hereto. All information on the slides and in the webcast is presented as of August 5, 2010, and BlueLinx does not assume any obligation to update such information in the future.

To supplement GAAP financial information, we may use adjusted measures of operating results which are non-GAAP measures. This non-GAAP adjusted financial information is provided as additional information for investors. These adjusted results exclude certain costs, expenses, gains and losses, and we believe their exclusion can enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of our operating performance by excluding non-recurring, infrequent or other non-cash charges that are not believed to be material to the ongoing performance of our business. The presentation of this additional information is not meant to be considered in isolation or as a substitute for GAAP measures of net earnings, diluted earnings per share or net cash provided by (used in) operating activities prepared in accordance with generally accepted accounting principles in the United States.

The information included in this Item 2.02, as well as Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.    

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.		Description
	99.1	Press release, dated August 5, 2010, reporting financial results for the second fiscal quarter ended July 3, 2010
	99.2	Webcast conference call slides used during webcast conference call on August 5, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BLUELINX HOLDINGS INC.
By:	/s/ H. Douglas Goforth
	H. Douglas Goforth
	Chief Financial Officer & Treasurer

Dated: August 5, 2010

EXHIBIT INDEX

Exhibit No.		Description
	99.1	Press release, dated August 5, 2010, reporting financial results for the second fiscal quarter ended July 3, 2010
	99.2	Webcast conference call slides used during webcast conference call on August 5, 2010

EX-99.1

Exhibit 99.1

4300 Wildwood Parkway
Atlanta, GA 30339
1-888-502-BLUE
www.BlueLinxCo.com
   

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

FOR IMMEDIATE RELEASE

BLUELINX ANNOUNCES SECOND-QUARTER RESULTS
– Revenue Grows 28% –
– Unit Volume Grows 12% –

ATLANTA – August 5, 2010 – BlueLinx Holdings Inc. (NYSE:BXC), a leading distributor of building products in North America, today reported financial results for the second quarter ended July 3, 2010.

Revenues increased 27.7% to $540.8 million from $423.5 million for the same period a year ago. The increase reflects a 45.1% increase in structural product sales and a 14.4% increase in specialty product sales. Overall unit volume rose 11.9% compared to the year-ago period. The Company incurred a net loss of $3.4 million, or $0.11 per diluted share for the second quarter of 2010, compared with net profit of $0.6 million, or $0.02 per diluted share, for the second quarter of 2009, which benefited from $19.4 million in pre-tax net gains from significant special items.

Gross profit for the second quarter totaled $64.1 million, up 32.8% from $48.3 million in the prior-year period. Gross margins increased to 11.9% from the 11.4% generated in the year earlier period. Total operating expenses increased $22.8 million, or 60.4% from the same period a year ago, which benefited from $20.5 million in net gains from significant special items. Reported operating income for the quarter was $3.6 million, compared with an operating profit of $10.6 million a year ago.

“The second-quarter business climate was characterized by unprecedented volatility in the structural wood-based products market and a sluggish recovery of demand for products related to new home construction.” said BlueLinx President and CEO George Judd. “Despite this challenging environment, we performed well as we grew our unit volume by 11.9% and increased our gross profit by 32.8%. We also remained focused on cost management reducing our selling, general and administrative expenses to 10.6% of sales.

For the six months ended July 3, 2010, net loss totaled $18.1 million, or $0.59 per diluted share, on revenues of $971.8 million, compared with a net loss of $60.0 million, or $1.93 per diluted share, on revenues of $830.6 million a year ago. The increase in revenue was largely due to the 14% increase in housing construction activity relative to the prior period, increases in structural wood-based selling prices and the Company’s focus on targeted growth initiatives. Gross profit for the six months ended July 3, 2010 totaled $116.4 million and gross margin was 12.0%, compared with $92.6 million and 11.1%, respectively, a year earlier. Operating expenses increased to $120.8 million from $100.4 million a year ago, which included $19.4 million in net gains from significant special items.

BlueLinx 2Q ’10 Press Release
Page 2 of 3

The Company’s operating results for the 2010 and 2009 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):

	Quarters Ended						Six Months Ended
in millions, except per share amounts	July 3,			July 4,			July 3,			July 4,
(unaudited)	2010			2009			2010			2009
Pretax (loss) income	$	(3.4	)	$	0.6		$	(18.1	)	$	(32.0	)
Gain on early cancellation of Master Supply Agreement with G-P		—			(17.4	)		—			(17.4	)
Gain on sale of certain surplus properties		—			(4.2	)		—			(4.2	)
Changes associated with the ineffective interest rate swap		(1.2	)		1.1			(2.1	)		5.9
Facility consolidation & severance related costs		—			1.1			—			2.2
Write-off of debt issuance costs		—			—			—			1.4
Adjusted pretax loss		(4.6	)		(18.8	)		(20.2	)		(44.1	)
Adjusted benefit from income taxes		(1.7	)		(7.9	)		(7.8	)		(17.2	)
Adjusted net loss	$	(2.9	)	$	(10.9	)	$	(12.4	)	$	(26.9	)
Diluted weighted average shares		30.6			32.7			30.6			31.1
Adjusted diluted net loss per share applicable to common shares	$	(0.09	)	$	(0.33	)	$	(0.41	)	$	(0.86	)

For the quarter and year-to-date periods ended July 3, 2010, the above table reflects the effect of a reduction to the fair value of the Company’s ineffective interest rate swap offset by the continued amortization of the other comprehensive loss related to the ineffective interest rate swap into interest expense. The adjusted benefit from income taxes reflected in the table is based on the Company’s effective tax rate excluding the valuation allowance related to its deferred tax assets and the tax effect of significant special items. The valuation allowance recorded for the quarter and year-to-date periods are $1.3 million and $7.0 million, respectively. The adjusted benefit from income taxes assumes the Company is in a position to demonstrate that the deferred tax assets are realizable.

For the quarter and year-to-date periods ended July 4, 2009, the above table reflects the following events: (i) the Company reached an agreement with G-P to cancel our Master Supply Agreement one year prior to the original expiration date, with G-P agreeing to make four quarterly payments to BlueLinx starting May 1, 2009; (ii) the Company sold certain excess property during the second quarter; (iii) the Company reduced its borrowings during the second quarter under its revolving credit facility by $15 million resulting in a non-cash interest charge related to its ineffective interest rate swap. In the year-to-date period, the Company reduced its borrowings under its revolving credit facility by $75 million resulting in a non-cash interest charge related to its ineffective interest rate swap. In addition the changes associated with the ineffective interest rate swap reflect the effect of changes in the fair value and the continued amortization of the other comprehensive loss into interest expense; (iv) the Company recorded other restructuring costs related to facility consolidations and severance expense; and (v) the Company wrote-off a portion of its debt issuance costs related to the Company’s decision to lower its revolving credit facility from $800 million to $500 million which resulted in a non-cash charge. The adjusted benefit from income taxes reflected in the table is based on the Company’s effective tax rate excluding the valuation allowance recorded against its deferred tax asset and the tax effect of significant special items. The valuation allowance recorded for the year-to-date period ended July 4, 2009 was $40.2 million. The adjusted benefit from income taxes assumes the Company is in a position to demonstrate that the deferred tax assets are realizable.

BlueLinx 2Q ’10 Press Release
Page 3 of 3

Conference Call

BlueLinx will host a conference call today at 10:00 a.m. Eastern Time, accompanied by a supporting slide presentation. Investors can listen to the conference call and view the accompanying slide presentation by going to the BlueLinx web site, www.BlueLinxCo.com, and selecting the conference link on the Investor Relations page. Investors will be able to access an archived recording of the conference call for one week by calling 706-645-9291, Conference ID# 90749467. The recording will be available two hours after the conference call has concluded. Investors also can access a recording of this call on the BlueLinx web site, where a replay of the webcast will be available for 90 days.

Use of Non-GAAP Measures

BlueLinx reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). The Company also believes that presentation of certain non-GAAP measures, i.e., results excluding certain charges or other nonrecurring events, when appropriate, provides useful information for the understanding of its ongoing operations and enables investors to focus on period-over-period operating performance, without the impact of significant special items, and thereby enhances the user’s overall understanding of the Company’s current financial performance relative to past performance and provides a better baseline for modeling future earnings expectations. Any non-GAAP measures used herein are reconciled in the financial tables accompanying this news release. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results.

About BlueLinx Holdings Inc.

Headquartered in Atlanta, Georgia, BlueLinx Holdings Inc., operating through its wholly owned subsidiary BlueLinx Corporation, is a leading distributor of building products in North America. Employing approximately 2,000 people, BlueLinx offers greater than 10,000 products from over 750 suppliers to service approximately 11,500 customers nationwide, including dealers, industrial manufacturers, manufactured housing producers and home improvement retailers. The Company operates its distribution business from sales centers in Atlanta and Denver, and its network of more than 60 warehouses. BlueLinx is traded on the New York Stock Exchange under the symbol BXC. Additional information about BlueLinx can be found on its Web site at www.BlueLinxCo.com.

Forward-looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our outlook on the housing industry. All of these forward-looking statements are based on estimates and assumptions made by our management that, although believed by BlueLinx to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of BlueLinx’ control that may cause its business, strategy or actual results to differ materially from the forward-looking statements. These risks and uncertainties may include, among other things: changes in the supply and/or demand for products that it distributes, especially as a result of conditions in the residential housing market; general economic and business conditions in the United States; the activities of competitors; changes in significant operating expenses; changes in the availability of capital, including the availability of residential mortgages; the ability to identify acquisition opportunities and effectively and cost-efficiently integrate acquisitions; adverse weather patterns or conditions; acts of war or terrorist activities; variations in the performance of the financial markets; and other factors described in the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the year ended January 2, 2010 and in its periodic reports filed with the Securities and Exchange Commission from time to time. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. BlueLinx undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, changes in expectation or otherwise, except as required by law.

- Tables to Follow -

BlueLinx Holdings Inc.
Statements of Operations
     in thousands, except per share data

	Quarters Ended						Six Months Ended
	July 3,			July 4,			July 3,			July 4,
	2010			2009			2010			2009
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Net sales	$	540,781		$	423,526		$	971,831		$	830,637
Cost of sales		476,662			375,226			855,434			738,061
Gross profit		64,119			48,300			116,397			92,576
Operating expenses:
Selling, general, and administrative		57,089			50,852			113,603			108,517
Net gain from terminating the Georgia-Pacific supply agreement		—			(17,351	)		—			(17,351	)
Depreciation and amortization		3,434			4,241			7,178			9,271
Total operating expenses		60,523			37,742			120,781			100,437
Operating income (loss)		3,596			10,558			(4,384	)		(7,861	)
Non-operating expenses:
Interest expense		8,205			8,506			15,520			16,623
Changes associated with the ineffective interest rate swap		(1,256	)		1,078			(2,061	)		5,910
Write-off of debt issuance costs		—			—			—			1,407
Other expense, net		18			315			251			158
(Loss) income before provision for income taxes		(3,371	)		659			(18,094	)		(31,959	)
Provision for income taxes		36			31			52			28,066
Net (loss) income	$	(3,407	)	$	628		$	(18,146	)	$	(60,025	)
Basic weighted average number of common shares outstanding		30,587			32,566			30,587			31,054
Basic net (loss) income per share applicable to common stock	$	(0.11	)	$	0.02		$	(0.59	)	$	(1.93	)
Diluted weighted average number of common shares outstanding		30,587			32,664			30,587			31,054
Diluted net (loss) income per share applicable to common stock	$	(0.11	)	$	0.02		$	(0.59	)	$	(1.93	)

BlueLinx Holdings Inc.
Balance Sheets
     in thousands

	July 3,			January 2,
	2010			2010
	(unaudited)			(unaudited)
Assets:
Current assets:
Cash and cash equivalents	$	18,821		$	29,457
Receivables, net		201,569			119,347
Inventories, net		226,158			173,185
Other current assets		22,442			44,970
Total current assets		468,990			366,959
Property, plant, and equipment:
Land and improvements		52,515			52,621
Buildings		96,056			96,145
Machinery and equipment		71,357			69,767
Construction in progress		1,137			791
Property, plant, and equipment, at cost		221,065			219,324
Accumulated depreciation		(88,175	)		(82,141	)
Property, plant, and equipment, net		132,890			137,183
Other non-current assets		42,167			42,704
Total assets	$	644,047		$	546,846
Liabilities:
Current liabilities:
Accounts payable	$	103,478		$	64,618
Bank overdrafts		37,112			27,232
Accrued compensation		6,228			4,879
Current maturities of long-term debt		37,023			—
Other current liabilities		19,625			22,508
Total current liabilities		203,466			119,237
Noncurrent liabilities:
Long-term debt		373,333			341,669
Other non-current liabilities		32,880			35,120
Total liabilities		609,679			496,026
Shareholders’ Equity:
Common stock		327			322
Additional paid in capital		146,416			145,035
Accumulated other comprehensive loss		(8,067	)		(8,375	)
Accumulated deficit		(104,308	)		(86,162	)
Total shareholders’ equity		34,368			50,820
Total liabilities and shareholders’ equity	$	644,047		$	546,846

BlueLinx Holdings Inc.
Statements of Cash Flows
     in thousands

	Six Months Ended
	July 3,			July 4,
	2010			2009
	(unaudited)			(unaudited)
Cash flows from operating activities:
Net loss	$	(18,146	)	$	(60,025	)
Adjustments to reconcile net loss to cash used in operations:
Depreciation and amortization		7,178			9,271
Amortization of debt issuance costs		379			1,229
Net gain from terminating the Georgia-Pacific supply agreement		—			(17,351	)
Payment from terminating the Georgia-Pacific supply agreement		4,706			4,706
Gain from sale of facility		—			(4,237	)
Prepayment fee associated with sale of facility		—			616
Changes associated with the ineffective interest rate swap		(2,061	)		5,910
Write-off of debt issuance costs		—			1,407
Deferred income tax (benefit) provision		(414	)		27,228
Share-based compensation expense		1,969			1,431
Decrease in restricted cash related to the ineffective interest rate swap, insurance, and other		5,607			2,189
Changes in assets and liabilities:
Receivables		(82,222	)		(30,132	)
Inventories		(52,973	)		26,903
Accounts payable		38,860			26,631
Changes in other working capital		18,538			(3,629	)
Other		(2,295	)		691
Net cash used in operating activities		(80,874	)		(7,162	)
Cash flows from investing activities:
Property, plant, and equipment investments		(1,263	)		(688	)
Proceeds from disposition of assets		656			6,995
Net cash (used in) provided by investing activities		(607	)		6,307
Cash flows from financing activities:
Repurchase of common stock		(583	)		(1,624	)
Increase (decrease) in the revolving credit facility		68,687			(75,000	)
Payment of principal on mortgage		—			(3,201	)
Prepayment fee associated with sale of facility		—			(616	)
Payments on capital lease obligations		(473	)		—
Increase (decrease) in bank overdrafts		9,880			(10,328	)
Increase in restricted cash related to the mortgage		(6,581	)		(5,677	)
Debt financing costs		(91	)		—
Other		6			(41	)
Net cash provided by (used in) financing activities		70,845			(96,487	)
Decrease in cash		(10,636	)		(97,342	)
Balance, beginning of period		29,457			150,353
Balance, end of period	$	18,821		$	53,011

BlueLinx Holdings Inc.
Reconciliation of GAAP Loss to Adjusted Net Loss
     in thousands

	Quarters Ended						Six Months Ended
	July 3,			July 4,			July 3			July 4,
	2010			2009			2010			2009
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
GAAP net (loss) income	$	(3,407	)	$	628		$	(18,146	)	$	(60,025	)
Gain on early cancellation of Master Supply Agreement with G-P		—			(17,351	)		—			(17,351	)
Gain from sale of certain surplus properties		—			(4,237	)		—			(4,237	)
Changes associated with the ineffective interest rate swap		(1,255	)		1,078			(2,061	)		5,910
Facility consolidations & severance related costs		—			1,074			—			2,153
Write-off of debt issuance costs		—			—			—			1,407
Tax effect of selected charges		485			7,918			795			5,093
Valuation allowance		1,301			—			6,984			40,200
Adjusted net loss	$	(2,876	)	$	(10,890	)	$	(12,428	)	$	(26,850	)

EX-99.2

Exhibit 99.2

BlueLinx Quarterly Review 2nd Quarter 2010

BlueLinx Holdings Inc. Forward-Looking Statement Safe Harbor - This presentation includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All of these 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, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements. These risks and uncertainties may include, among other things: changes in the supply and/or demand for products which we distribute, especially as a result of conditions in the residential housing market; general economic and business conditions in the United States; the activities of competitors; changes in significant operating expenses; changes in the availability of capital; the ability to identify acquisition opportunities and effectively and cost-efficiently integrate acquisitions; adverse weather patterns or conditions; acts of war or terrorist activities; variations in the performance of the financial markets; and other factors described in the "Risk Factors" section in our Annual Report on Form 10-K for the fiscal year ended January 2, 2010, and in our other periodic reports filed with the SEC. In addition, the statements in this presentation are made as of August 5, 2010. We undertake no obligation to update any of the forward-looking statements made herein, whether as a result of new information, future events, changes in expectation or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to August 5, 2010. Use of Non-GAAP and Adjusted Financial Information - To supplement GAAP financial information, we use adjusted measures of operating results which are non-GAAP measures. This non-GAAP adjusted financial information is provided as additional information for investors. These adjusted results exclude certain costs, expenses, gains and losses, and we believe their exclusion can enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of our operating performance by excluding non-recurring, infrequent or other non-cash charges that are not believed to be material to the ongoing performance of our business. The presentation of this additional information is not meant to be considered in isolation or as a substitute for GAAP measures of net earnings, diluted earnings per share or net cash provided by (used in) operating activities prepared in accordance with generally accepted accounting principles in the United States.

2nd Quarter Highlights 2nd Quarter Highlights Housing Starts Increased 11.5% from the same period last year Increased 11.5% from the same period last year Prices Average benchmark wood-based structural prices increased 34.1% from 2Q '09 to 2Q '10 Average benchmark wood-based structural prices increased 34.1% from 2Q '09 to 2Q '10 Unit Volume Total up 11.9% from same period last year Total up 11.9% from same period last year Revenue Up 27.7% to $541 million Up 27.7% to $541 million Gross Margin Total 11.9% vs. 11.4% in 2Q '09 Total 11.9% vs. 11.4% in 2Q '09 Net Loss/Profit ($3.4) million vs. $0.6 million ($3.4) million vs. $0.6 million EPS ($0.11) per diluted share ($0.11) per diluted share Cash Flow Used $34.3 million of operating cash flow vs. provided $11.2 million for the year ago quarter Used $34.3 million of operating cash flow vs. provided $11.2 million for the year ago quarter Excess Availability $176 million excess availability on revolving credit facility $176 million excess availability on revolving credit facility Quarterly Highlights

Doug Goforth Chief Financial Officer and Treasurer Introduction and Financial Review

Quarterly Revenue 4Q '05 1Q '06 2Q '06 3Q '06 4Q '06 1Q '07 2Q '07 3Q '07 4Q '07 1Q '08 2Q '08 3Q '08 4Q '08 1Q '09 2Q '09 3Q '09 4Q '09 1Q '10 2Q '10 Specialty 539.5 580 603.3 553.5 460 456.5 500.8 462.9 381.5 354 402.8 375.9 278.7 233.9 250 257.9 206.2 233.1 286 Structural 815.2 813.4 798.7 666.6 509.2 518.9 598.1 571.4 409.6 373 442.4 365.8 240.9 182.5 183 202.1 171 203.7 265.4 Other -25.4 -16.8 -23 -16.6 -28.9 -18.3 -16.9 -18.4 -12.2 -10.2 -10.5 -14.9 -18.1 -9.3 -9.5 -10.6 -11.1 -5.7 -10.62 Specialty Unit Volume 13.5% YOY $117.3 or 27.7% Structural Unit Volume 9.7% Price/Other $117.3 2Q '10 Specialty 286 Structural 265.4 2Q '09 2Q '10 2Q '09 Specialty 250 Structural 183 Vs. Year Ago Revenue up 27.7% Specialty sales up 14.4%, unit volume up 13.5% Structural sales up 45.1%, unit volume up 9.7% Specialty product sales = 52% of total sales % by Product

2010 YTD Results revenue YTD '09 830.6 YTD '10 971.8 YOY $141.2 or 17.0% YTD '09 YTD '10 GM % 0.111 0.12 YOY 90 bp Operating Expense YTD '09 100.4 YTD '10 120.8 YTD '09 YTD '10 EBITDA 1.3 2.5 YOY $20.3 or 20.3% YOY $1.3 or 103.0%

Cash Flows BXC used $34.3 million in operating cash flow for the quarter Unaudited Direct Method (in million's) (in million's) (in million's)

Debt Revolver ($500 million facility as of quarter end July 3, 2010) $176 million excess availability as of July 3, 2010 LIBOR plus 2.50% as of July 3, 2010; LIBOR interest rate swap on $150 million Facility amended subsequent to quarter end $400 million facility with additional $100 million uncommitted accordion facility Matures January 7, 2014 LIBOR plus 3.75% through December 2010. Thereafter interest rate margins are based on Quarterly Average Excess Availability. LIBOR rate margin tiers range from 3.50% to 4.00% No financial performance covenants provided Excess Availability is more than the greater of (A) $40 million or (B) the lesser of 15% of the borrowing base or the maximum availability of $400 million (subject to an increase for the uncommitted accordion facility) Capital Spending restrictions apply if financial performance covenants are triggered Dividend restrictions apply if Modified Adjusted Excess Availability is less than $100 million Mortgage (10 Year Term @ 6.35%) Matures July 2016; Interest-only through July 2011 Real estate under the mortgage appraised at approximately $370 million at June 2006 LCR Trap is triggered if operating TTM EBITDAR coverage ratio is less than 2.5x for two consecutive quarters Principal 2011 $1.2 million 2014 $3.5 million 2012 $3.1 million 2015 $3.8 million 2013 $3.3 million 2016 $270.8 million

Cash Cycle TTM Cash Cycle days at 49, flat sequentially and down 4 days compared to the prior year quarter 3Q '07 4Q '07 1Q '08 2Q '08 3Q '08 4Q '08 1Q '09 2Q '09 3Q '09 4Q '09 1Q '10 2Q '10 Inv 45.8 44.7 46.3 46.3 45.3 43.9 44 44.7 45.1 43.9 43.9 43.2 A/R 34.7 32.9 34.5 35.3 34.7 32.4 33 35.6 35.9 32.6 34.4 34 A/P & OD's -28.7 -27.3 -28.3 -28.8 -27.8 -26.4 -27 -28.4 -28.9 -28 -28.7 -28 MSGraph.Chart.8 MSGraph.Chart.8 Cash cycle days equal accounts receivable days + inventory days - accounts payable days using a trailing twelve month average beginning and ending balance. The days calculations use calendar days.

George Judd Chief Executive Officer Business Review

2nd Quarter focus Gross margins Cost discipline Structural wood products Customer care Long term strategic objectives: Profitably grow specialty revenues to 60+% of total sales Profitably manage structural Profitably outgrow the market over the long term Remarks

Appendix TOPIC PAGE Profit and Loss Statement by Quarter 13 Revenues by Quarter 14 Channel Mix Analysis 15 Unit Volume by Quarter 16 Gross Margin by Quarter 17 Gross Margin % Analysis 18 Operating Expense by Quarter 19 Structural Product Price Trends 20 Reconciliation of GAAP Debt to Non-GAAP Net Debt 21 Reconciliation of GAAP Net cash used in operating activities to Non-GAAP EBITDA 22

Profit & Loss Statement by Quarter Profit & Loss Statement by Quarter

Revenues by Quarter Revenues by Quarter

Revenue Channel Mix Analysis Revenue Channel Mix Analysis

Unit Volume by Quarter Unit Volume by Quarter

Gross Margin by Quarter Gross Margin by Quarter

Gross Margin % Analysis Gross Margin % Analysis

Operating Expense by Quarter Operating Expense by Quarter

Structural Products Price Trend Source: Data from Random Lengths Publications, Inc., updated as of July 2, 2010 Source: Data from Random Lengths Publications, Inc., updated as of July 2, 2010 Source: Data from Random Lengths Publications, Inc., updated as of July 2, 2010 Source: Data from Random Lengths Publications, Inc., updated as of July 2, 2010

Reconciliation of GAAP to Non-GAAP Reconciliation of GAAP to Non-GAAP

Reconciliation of GAAP to Non-GAAP Reconciliation of GAAP to Non-GAAP