Delaware | 001-32383 | 77-0627356 |
(State or other | (Commission | (I.R.S. Employer |
jurisdiction of incorporation) | File Number) | Identification No.) |
4300 Wildwood Parkway, Atlanta, Georgia | 30339 |
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
99.1 | Press release, dated November 12, 2015, reporting financial results for the fiscal third quarter ended October 3, 2015 | |
99.2 | Webcast conference call slides used during webcast conference call on November 12, 2015 |
BlueLinx Holdings Inc. | |||
(Registrant) | |||
Dated: November 12, 2015 | By: | /s/ Susan C. O’Farrell | |
Susan C. O’Farrell | |||
Senior Vice President, Chief Financial Officer, Treasurer, and Principal Accounting Officer |
Exhibit No. | Description | |
99.1 | Press release, dated November 12, 2015, reporting financial results for the fiscal third quarter ended October 3, 2015 | |
99.2 | Webcast conference call slides used during webcast conference call on November 12, 2015 |
BlueLinx Contact Information: | ||
Susan O’Farrell, SVP, CFO & Treasurer | ||
BlueLinx Holdings Inc. | ||
(770) 953-7000 | ||
investor.relations@bluelinxco.com |
• | Adjusted EBITDA of $10.5 million |
• | Net income of $0.6 million; up $1.4 million from prior year |
• | Selling, general, and administrative expenses down $6.2 million, or 11.1% from prior year |
• | Excess availability of $64.2 million as of October 3, 2015, an increase of $4.2 million over year-end 2014 |
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2015 | October 4, 2014 | October 3, 2015 | October 4, 2014 | ||||||||||||
Net sales | $ | 517,831 | $ | 549,845 | $ | 1,488,435 | $ | 1,525,283 | |||||||
Cost of sales | 457,007 | 485,265 | 1,317,433 | 1,345,994 | |||||||||||
Gross profit | 60,824 | 64,580 | 171,002 | 179,289 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, general, and administrative | 49,907 | 56,136 | 150,617 | 163,257 | |||||||||||
Gains from sales of property | — | — | — | (5,251 | ) | ||||||||||
Depreciation and amortization | 2,439 | 2,403 | 7,155 | 7,176 | |||||||||||
Total operating expenses | 52,346 | 58,539 | 157,772 | 165,182 | |||||||||||
Net operating income | 8,478 | 6,041 | 13,230 | 14,107 | |||||||||||
Non-operating expenses: | |||||||||||||||
Interest expense | 7,115 | 6,777 | 20,358 | 20,090 | |||||||||||
Other expense, net | 263 | 193 | 650 | 313 | |||||||||||
Income (loss) before provision for (benefit from) income taxes | 1,100 | (929 | ) | (7,778 | ) | (6,296 | ) | ||||||||
Provision for (benefit from) income taxes | 539 | (69 | ) | (2,264 | ) | (65 | ) | ||||||||
Net income (loss) | $ | 561 | $ | (860 | ) | $ | (5,514 | ) | $ | (6,231 | ) | ||||
Weighted average common shares: | |||||||||||||||
Basic | 87,690 | 86,399 | 87,418 | 85,820 | |||||||||||
Diluted | 88,073 | 86,399 | 87,418 | 85,820 | |||||||||||
Basic and diluted net income (loss) per share applicable to common stock | $ | 0.01 | $ | (0.01 | ) | $ | (0.06 | ) | $ | (0.07 | ) |
October 3, 2015 | January 3, 2015 | ||||||
Assets: | |||||||
Current assets: | |||||||
Cash | $ | 6,904 | $ | 4,522 | |||
Receivables, net of allowances of $3.0 million and $3.1 million, respectively | 187,344 | 144,537 | |||||
Inventories, net | 255,035 | 242,546 | |||||
Other current assets | 33,348 | 23,289 | |||||
Total current assets | 482,631 | 414,894 | |||||
Property, plant, and equipment: | |||||||
Land and land improvements | 41,221 | 41,095 | |||||
Buildings | 90,775 | 90,161 | |||||
Machinery and equipment | 81,150 | 77,279 | |||||
Construction in progress | 296 | 1,188 | |||||
Property, plant, and equipment, at cost | 213,442 | 209,723 | |||||
Accumulated depreciation | (108,259 | ) | (104,456 | ) | |||
Property, plant, and equipment, net | 105,183 | 105,267 | |||||
Non-current deferred income tax assets, net | 501 | 501 | |||||
Other non-current assets | 10,514 | 18,320 | |||||
Total assets | $ | 598,829 | $ | 538,982 | |||
Liabilities: | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 101,540 | $ | 67,291 | |||
Bank overdrafts | 18,121 | 27,280 | |||||
Accrued compensation | 4,466 | 5,643 | |||||
Current maturities of long-term debt | 203,022 | 2,679 | |||||
Deferred income taxes, net | 518 | 518 | |||||
Other current liabilities | 14,956 | 13,831 | |||||
Total current liabilities | 342,623 | 117,242 | |||||
Non-current liabilities: | |||||||
Long-term debt | 247,855 | 403,274 | |||||
Pension benefit obligation | 29,839 | 41,734 | |||||
Other non-current liabilities | 14,308 | 12,758 | |||||
Total liabilities | 634,625 | 575,008 | |||||
Stockholders’ deficit: | |||||||
Common Stock, $0.01 par value, Authorized - 200,000,000 shares; Issued - 89,450,056 and 88,748,638 shares, respectively | 895 | 888 | |||||
Additional paid-in capital | 254,562 | 253,051 | |||||
Accumulated other comprehensive loss | (30,199 | ) | (34,425 | ) | |||
Accumulated stockholders’ deficit | (261,054 | ) | (255,540 | ) | |||
Total stockholders’ deficit | (35,796 | ) | (36,026 | ) | |||
Total liabilities and stockholders’ deficit | $ | 598,829 | $ | 538,982 |
Nine Months Ended October 3, 2015 | Nine Months Ended October 4, 2014 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (5,514 | ) | $ | (6,231 | ) | |
Adjustments to reconcile net loss to net cash used in operations: | |||||||
Depreciation and amortization | 7,155 | 7,176 | |||||
Amortization of debt discount and issuance costs | 2,249 | 2,483 | |||||
Gains from sales of property | — | (5,251 | ) | ||||
Intraperiod income tax allocation related to pension plan | (3,041 | ) | (224 | ) | |||
Pension expense | 602 | 675 | |||||
Share-based compensation expense | 1,533 | 3,316 | |||||
Other | (53 | ) | 2,727 | ||||
Changes in operating assets and liabilities: | |||||||
Receivables, net | (42,807 | ) | (55,548 | ) | |||
Inventories, net | (12,489 | ) | (41,340 | ) | |||
Accounts payable | 34,249 | 45,042 | |||||
Restructuring liability | (603 | ) | (2,323 | ) | |||
Restricted cash related to insurance and other | (320 | ) | (667 | ) | |||
Prepaid assets | 506 | (3,183 | ) | ||||
Quarterly pension contributions | (4,229 | ) | (3,080 | ) | |||
Accrued compensation and other assets and liabilities | (5,491 | ) | 3,000 | ||||
Net cash used in operating activities | (28,253 | ) | (53,428 | ) | |||
Cash flows from investing activities: | |||||||
Property, plant, and equipment investments | (1,482 | ) | (1,816 | ) | |||
Proceeds from sale of assets | 621 | 7,240 | |||||
Net cash provided by (used in) investing activities | (861 | ) | 5,424 | ||||
Cash flows from financing activities: | |||||||
Repayments on revolving credit facilities | (293,169 | ) | (337,547 | ) | |||
Borrowings from revolving credit facilities | 346,028 | 403,819 | |||||
Principal payments on mortgage | (8,903 | ) | (8,827 | ) | |||
Payments on capital lease obligations | (2,926 | ) | (1,732 | ) | |||
Increase (decrease) in bank overdrafts | (9,159 | ) | 195 | ||||
Decrease (increase) in restricted cash related to the mortgage | 117 | (4,044 | ) | ||||
Other | (492 | ) | (1,055 | ) | |||
Net cash provided by financing activities | 31,496 | 50,809 | |||||
Increase in cash | 2,382 | 2,805 | |||||
Cash balance, beginning of period | 4,522 | 5,034 | |||||
Cash balance, end of period | $ | 6,904 | $ | 7,839 |
Quarter Ended | Nine Months Ended | ||||||||||||||
October 3, 2015 | October 4, 2014 | October 3, 2015 | October 4, 2014 | ||||||||||||
(Dollars in thousands) (unaudited) | |||||||||||||||
Net income (loss) | $ | 561 | $ | (860 | ) | $ | (5,514 | ) | $ | (6,231 | ) | ||||
Adjustments: | |||||||||||||||
Depreciation and amortization | 2,439 | 2,403 | 7,155 | 7,176 | |||||||||||
Interest expense | 7,115 | 6,777 | 20,358 | 20,090 | |||||||||||
Provision for (benefit from) income taxes | 539 | (69 | ) | (2,264 | ) | (65 | ) | ||||||||
Gains from sales of property | — | — | — | (5,251 | ) | ||||||||||
Share-based compensation expense, excluding restructuring | 379 | 444 | 1,514 | 1,771 | |||||||||||
Restructuring, severance, debt fees, and other | (530 | ) | 2,412 | (595 | ) | 5,234 | |||||||||
Adjusted EBITDA | $ | 10,503 | $ | 11,107 | $ | 20,654 | $ | 22,724 |
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