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þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended April 5, 2014
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from ________________ to ______________
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Delaware
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77-0627356
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(State of Incorporation)
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(I.R.S. Employer Identification No.)
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4300 Wildwood Parkway, Atlanta, Georgia
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30339
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer o
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Accelerated filer o
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Non-accelerated filer þ
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Smaller reporting company o
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(Do not check if a smaller reporting company) |
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PAGE
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3
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4
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5
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6
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22
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30
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31
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31
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31
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31
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32
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33
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34
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2 |
First Quarter | ||||||||
Period from
January 5, 2014
to
April 5, 2014
|
Period from
December 30, 2012
to
March 30, 2013
|
|||||||
Net sales
|
$ | 443,944 | $ | 503,153 | ||||
Cost of sales
|
391,268 | 446,695 | ||||||
Gross profit
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52,676 | 56,458 | ||||||
Operating expenses:
|
||||||||
Selling, general, and administrative
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51,987 | 59,419 | ||||||
Depreciation and amortization
|
2,352 | 2,173 | ||||||
Total operating expenses
|
54,339 | 61,592 | ||||||
Operating loss
|
(1,663 | ) | (5,134 | ) | ||||
Non-operating expenses:
|
||||||||
Interest expense
|
6,454 | 7,192 | ||||||
Other expense, net
|
160 | 110 | ||||||
Loss before provision for income taxes
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(8,277 | ) | (12,436 | ) | ||||
Provision for income taxes
|
331 | 213 | ||||||
Net loss
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$ | (8,608 | ) | $ | (12,649 | ) | ||
Basic and diluted weighted average number of common shares outstanding
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85,187 | 66,714 | ||||||
Basic and diluted net loss per share applicable to common stock
|
$ | (0.10 | ) | $ | (0.19 | ) | ||
Comprehensive loss:
|
||||||||
Net loss
|
$ | (8,608 | ) | $ | (12,649 | ) | ||
Other comprehensive income (loss):
|
||||||||
Unrealized gain from pension plan, net of taxes
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115 | 718 | ||||||
Foreign currency translation
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(231 | ) | (109 | ) | ||||
Total other comprehensive (loss) income
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(116 | ) | 609 | |||||
Comprehensive loss
|
$ | (8,724 | ) | $ | (12,040 | ) |
3 |
April 5, 2014
|
January 4, 2014
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|||||||
(unaudited)
|
||||||||
Assets:
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 7,579 | $ | 5,034 | ||||
Receivables, net
|
190,766 | 150,297 | ||||||
Inventories, net
|
261,006 | 223,580 | ||||||
Other current assets
|
25,756 | 22,814 | ||||||
Total current assets
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485,107 | 401,725 | ||||||
Property, plant, and equipment:
|
||||||||
Land and land improvements
|
41,182 | 41,176 | ||||||
Buildings
|
90,172 | 90,082 | ||||||
Machinery and equipment
|
76,672 | 73,004 | ||||||
Construction in progress
|
760 | 3,028 | ||||||
Property, plant, and equipment, at cost
|
208,786 | 207,290 | ||||||
Accumulated depreciation
|
(98,344 | ) | (96,171 | ) | ||||
Property, plant, and equipment, net
|
110,442 | 111,119 | ||||||
Non-current deferred income tax assets, net
|
824 | 824 | ||||||
Other non-current assets
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15,443 | 16,578 | ||||||
Total assets
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$ | 611,816 | $ | 530,246 | ||||
Liabilities:
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
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$ | 98,008 | $ | 60,363 | ||||
Bank overdrafts
|
21,516 | 19,377 | ||||||
Accrued compensation
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5,510 | 4,173 | ||||||
Current maturities of long-term debt
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38,078 | 9,141 | ||||||
Deferred income taxes, net
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823 | 823 | ||||||
Other current liabilities
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12,414 | 12,949 | ||||||
Total current liabilities
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176,349 | 106,826 | ||||||
Non-current liabilities:
|
||||||||
Long-term debt
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409,294 | 388,995 | ||||||
Other non-current liabilities
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40,559 | 40,323 | ||||||
Total liabilities
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626,202 | 536,144 | ||||||
Stockholders’ Deficit:
|
||||||||
Common Stock, $0.01 par value, 200,000,000 shares authorized at April 5, 2014 and January 4, 2014; 87,602,613 and 86,545,000 shares issued at April 5, 2014 and January 4, 2014, respectively.
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877 | 866 | ||||||
Additional paid-in capital
|
251,374 | 251,150 | ||||||
Accumulated other comprehensive loss
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(16,409 | ) | (16,293 | ) | ||||
Accumulated deficit
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(250,228 | ) | (241,621 | ) | ||||
Total stockholders’ deficit
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(14,386 | ) | (5,898 | ) | ||||
Total liabilities and stockholders’ deficit
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$ | 611,816 | $ | 530,246 |
4 |
Three Months Ended
|
||||||||
Period from
January 5, 2014 to April 5, 2014 |
Period from
December 30, 2012 to March 30, 2013 |
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
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$ | (8,608 | ) | $ | (12,649 | ) | ||
Adjustments to reconcile net loss to net cash used in operations:
|
||||||||
Depreciation and amortization
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2,352 | 2,173 | ||||||
Amortization of debt issuance costs
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744 | 946 | ||||||
Write-off of debt issuance costs
|
— | 119 | ||||||
Gain from sale of property
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(210 | ) | (238 | ) | ||||
Restructuring payments
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(603 | ) | — | |||||
Intraperiod income tax allocation related to hourly pension plan
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(76 | ) | — | |||||
Pension expense
|
225 | 1,148 | ||||||
Share-based compensation expense
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690 | 824 | ||||||
Increase in restricted cash related to insurance and other
|
(1,285 | ) | (361 | ) | ||||
Other
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808 | (894 | ) | |||||
(5,963 | ) | (8,932 | ) | |||||
Changes in primary working capital components:
|
||||||||
Receivables
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(40,469 | ) | (61,396 | ) | ||||
Inventories
|
(37,426 | ) | (89,595 | ) | ||||
Accounts payable
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37,743 | 64,084 | ||||||
Net cash used in operating activities
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(46,115 | ) | (95,839 | ) | ||||
Cash flows from investing activities:
|
||||||||
Property, plant and equipment investments
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(775 | ) | (955 | ) | ||||
Proceeds from disposition of assets
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283 | 195 | ||||||
Net cash used in investing activities
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(492 | ) | (760 | ) | ||||
Cash flows from financing activities:
|
||||||||
Excess tax benefits from share-based compensation arrangements
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— | 16 | ||||||
Repurchase of shares to satisfy employee tax withholdings
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(456 | ) | (1,206 | ) | ||||
Repayments on the revolving credit facilities
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(99,146 | ) | (128,836 | ) | ||||
Borrowings from the revolving credit facilities
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149,191 | 199,828 | ||||||
Payments of principal on mortgage
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(809 | ) | (646 | ) | ||||
Payments on capital lease obligations
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(570 | ) | (384 | ) | ||||
Increase (decrease) in bank overdrafts
|
2,139 | (6,298 | ) | |||||
Increase in restricted cash related to the mortgage
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(1,024 | ) | (2,955 | ) | ||||
Debt issuance costs
|
(75 | ) | (2,715 | ) | ||||
Proceeds from stock offering, less expenses paid
|
(98 | ) | 39,892 | |||||
Net cash provided by financing activities
|
49,152 | 96,696 | ||||||
Increase in cash
|
2,545 | 97 | ||||||
Balance, beginning of period
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5,034 | 5,188 | ||||||
Balance, end of period
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$ | 7,579 | $ | 5,285 | ||||
Noncash transactions:
|
||||||||
Capital leases
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$ | 983 | $ | — |
5 |
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●
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We are the primary obligor responsible for fulfillment and all other aspects of the customer relationship.
|
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●
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Title passes from BlueLinx, and we carry all risk of loss related to warehouse, third party (“reload”) inventory and inventory shipped directly from vendors to our customers.
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●
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We are responsible for all product returns.
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●
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We control the selling price for all channels.
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●
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We select the supplier.
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●
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We bear all credit risk.
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6 |
April 5,
2014 |
January 4,
2014 |
|||||||
Cash in escrow:
|
||||||||
Mortgage
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$ | 1,024 | $ | — | ||||
Insurance
|
7,924 | 7,921 | ||||||
Other (primarily real estate related)
|
5,042 | 3,760 | ||||||
Total
|
$ | 13,990 | $ | 11,681 |
7 |
8 |
9 |
10 |
Reduction in
Force Activities |
Facility Lease
Obligation |
Total
|
||||||||||
Balance at January 4, 2014
|
$ | 2,550 | $ | 928 | $ | 3,478 | ||||||
Charges
|
— | — | — | |||||||||
Assumption changes
|
(29 | ) | 2 | (27 | ) | |||||||
Payments
|
(500 | ) | (103 | ) | (603 | ) | ||||||
Accretion of liability
|
— | 8 | 8 | |||||||||
Balance at April 5, 2014
|
$ | 2,021 | $ | 835 | $ | 2,856 |
During the third quarter of fiscal 2011, we entered into an amendment to our corporate headquarters lease in Atlanta, Georgia related to the unoccupied 4100 building, which was exited during fiscal 2007. The final payment related to this amendment was made during the first quarter of fiscal 2014 in the amount of $0.3 million.
First Quarter
|
||||||||
Period
from January 5, 2014
to April 5, 2014 |
Period
from December 30,
2012 to March 30, 2013 |
|||||||
Service cost
|
$ | 264 | $ | 548 | ||||
Interest cost on projected benefit obligation
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1,280 | 1,188 | ||||||
Expected return on plan assets
|
(1,510 | ) | (1,306 | ) | ||||
Amortization of unrecognized loss
|
191 | 718 | ||||||
Net periodic pension cost
|
$ | 225 | $ | 1,148 |
11 |
12 |
13 |
2014 | 1,793 | |||
2015 | 2,586 | |||
2016 | 181,756 | |||
2017 | — | |||
2018 | — | |||
Thereafter | — | |||
Total | $ | 186,135 |
14 |
15 |
Foreign
currency, net of tax |
Defined
benefit pension plan, net of tax |
Other, net of tax
|
Total
|
|||||||||||||
Beginning balance
|
$ | 1,636 | $ | (18,141 | ) | $ | 212 | $ | (16,293 | ) | ||||||
Other comprehensive loss before reclassification
|
(231 | ) | — | — | (231 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax
|
— | 115 | — | 115 | ||||||||||||
Current-period other comprehensive (loss) income, net of tax
|
(231 | ) | 115 | — | (116 | ) | ||||||||||
Ending balance, net of tax
|
$ | 1,405 | $ | (18,026 | ) | $ | 212 | $ | (16,409 | ) |
Foreign
currency, net of tax
|
Defined
benefit pension plan, net of tax |
Other, net of tax
|
Total
|
|||||||||||||
Beginning balance
|
$ | 1,797 | $ | (32,051 | ) | $ | 212 | $ | (30,042 | ) | ||||||
Other comprehensive loss before reclassification
|
(109 | ) | — | — | (109 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax
|
— | 718 | — | 718 | ||||||||||||
Current-period other comprehensive (loss) income, net of tax
|
(109 | ) | 718 | — | 609 | |||||||||||
Ending balance
|
$ | 1,688 | $ | (31,333 | ) | $ | 212 | $ | (29,433 | ) |
Details about accumulated other comprehensive loss
components |
Amount reclassified from
accumulated other comprehensive loss |
Affected line item in the
statement where net income is presented |
|||
Amortization of defined benefit pension items:
|
|||||
Actuarial loss
|
$ | 191 |
Total before tax
|
||
Tax impact
|
76 |
Tax impact (1)
|
|||
Total, net of tax
|
$ | 115 |
Net of tax (2)
|
Details about accumulated other comprehensive loss
components |
Amount reclassified from
accumulated other comprehensive loss |
Affected line item in the
statement where net income is presented |
|||
Amortization of defined benefit pension items:
|
|||||
Actuarial loss
|
$ | 718 |
Total before tax
|
||
Tax impact
|
— |
Tax impact (1)
|
|||
Total, net of tax
|
$ | 718 |
Net of tax (2)
|
16 |
BlueLinx
Holdings
Inc.
|
BlueLinx
Corporation
and Subsidiaries |
LLC
Subsidiaries
|
Eliminations
|
Consolidated
|
||||||||||||||||
Net sales
|
$ | — | $ | 443,944 | $ | 6,666 | $ | (6,666 | ) | $ | 443,944 | |||||||||
Cost of sales
|
— | 391,268 | — | — | 391,268 | |||||||||||||||
Gross profit
|
— | 52,676 | 6,666 | (6,666 | ) | 52,676 | ||||||||||||||
Operating expenses (income):
|
||||||||||||||||||||
Selling, general, and administrative
|
1,433 | 57,260 | (40 | ) | (6,666 | ) | 51,987 | |||||||||||||
Depreciation and amortization
|
— | 1,549 | 803 | — | 2,352 | |||||||||||||||
Total operating expenses (income)
|
1,433 | 58,809 | 763 | (6,666 | ) | 54,339 | ||||||||||||||
Operating (loss) income
|
(1,433 | ) | (6,133 | ) | 5,903 | — | (1,663 | ) | ||||||||||||
Non-operating expenses (income):
|
||||||||||||||||||||
Interest expense
|
— | 3,123 | 3,331 | — | 6,454 | |||||||||||||||
Other expense (income), net
|
— | 161 | (1 | ) | — | 160 | ||||||||||||||
(Loss) income before (benefit from) provision for income taxes
|
(1,433 | ) | (9,417 | ) | 2,573 | — | (8,277 | ) | ||||||||||||
(Benefit from) provision for income taxes
|
(36 | ) | 303 | 64 | — | 331 | ||||||||||||||
Equity in (loss) income of subsidiaries
|
(7,211 | ) | — | — | 7,211 | — | ||||||||||||||
Net (loss) income
|
$ | (8,608 | ) | $ | (9,720 | ) | $ | 2,509 | $ | 7,211 | $ | (8,608 | ) |
BlueLinx
Holdings
Inc.
|
BlueLinx
Corporation
and Subsidiaries |
LLC
Subsidiaries
|
Eliminations
|
Consolidated
|
||||||||||||||||
Net sales
|
$ | — | $ | 503,153 | $ | 6,888 | $ | (6,888 | ) | $ | 503,153 | |||||||||
Cost of sales
|
— | 446,695 | — | — | 446,695 | |||||||||||||||
Gross profit
|
— | 56,458 | 6,888 | (6,888 | ) | 56,458 | ||||||||||||||
Operating expenses (income):
|
||||||||||||||||||||
Selling, general, and administrative
|
1,036 | 65,109 | 162 | (6,888 | ) | 59,419 | ||||||||||||||
Depreciation and amortization
|
— | 1,297 | 876 | — | 2,173 | |||||||||||||||
Total operating expenses (income)
|
1,036 | 66,406 | 1,038 | (6,888 | ) | 61,592 | ||||||||||||||
Operating (loss) income
|
(1,036 | ) | (9,948 | ) | 5,850 | — | (5,134 | ) | ||||||||||||
Non-operating expenses (income):
|
||||||||||||||||||||
Interest expense
|
— | 3,560 | 3,632 | — | 7,192 | |||||||||||||||
Other expense (income), net
|
— | 111 | (1 | ) | — | 110 | ||||||||||||||
(Loss) income before provision for income taxes
|
(1,036 | ) | (13,619 | ) | 2,219 | — | (12,436 | ) | ||||||||||||
Provision for income taxes
|
188 | 25 | — | — | 213 | |||||||||||||||
Equity in (loss) income of subsidiaries
|
(11,425 | ) | — | — | 11,425 | — | ||||||||||||||
Net (loss) income
|
$ | (12,649 | ) | $ | (13,644 | ) | $ | 2,219 | $ | 11,425 | $ | (12,649 | ) |
17 |
BlueLinx
Holdings Inc.
|
BlueLinx
Corporation
and
Subsidiaries |
LLC
Subsidiaries
|
Eliminations
|
Consolidated
|
||||||||||||||||
Assets:
|
||||||||||||||||||||
Current assets:
|
||||||||||||||||||||
Cash
|
$ | 37 | $ | 7,542 | $ | — | $ | — | $ | 7,579 | ||||||||||
Receivables
|
— | 190,766 | — | — | 190,766 | |||||||||||||||
Inventories
|
— | 261,006 | — | — | 261,006 | |||||||||||||||
Deferred income tax asset, net
|
— | — | 397 | (397 | ) | — | ||||||||||||||
Other current assets
|
1,215 | 21,701 | 2,840 | — | 25,756 | |||||||||||||||
Intercompany receivable
|
71,274 | 30,278 | — | (101,552 | ) | — | ||||||||||||||
Total current assets
|
72,526 | 511,293 | 3,237 | (101,949 | ) | 485,107 | ||||||||||||||
Property and equipment:
|
||||||||||||||||||||
Land and land improvements
|
— | 4,047 | 37,135 | — | 41,182 | |||||||||||||||
Buildings
|
— | 10,930 | 79,242 | — | 90,172 | |||||||||||||||
Machinery and equipment
|
— | 76,672 | — | — | 76,672 | |||||||||||||||
Construction in progress
|
— | 760 | — | — | 760 | |||||||||||||||
Property and equipment, at cost
|
— | 92,409 | 116,377 | — | 208,786 | |||||||||||||||
Accumulated depreciation
|
— | (65,927 | ) | (32,417 | ) | — | (98,344 | ) | ||||||||||||
Property and equipment, net
|
— | 26,482 | 83,960 | — | 110,442 | |||||||||||||||
Investment in subsidiaries
|
(58,138 | ) | — | — | 58,138 | — | ||||||||||||||
Non-current deferred income tax assets, net
|
— | 1,221 | — | (397 | ) | 824 | ||||||||||||||
Other non-current assets
|
— | 10,969 | 4,474 | — | 15,443 | |||||||||||||||
Total assets
|
$ | 14,388 | $ | 549,965 | $ | 91,671 | $ | (44,208 | ) | $ | 611,816 | |||||||||
Liabilities:
|
||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||
Accounts payable
|
$ | 683 | $ | 97,325 | $ | — | $ | — | $ | 98,008 | ||||||||||
Bank overdrafts
|
— | 21,516 | — | — | 21,516 | |||||||||||||||
Accrued compensation
|
33 | 5,477 | — | — | 5,510 | |||||||||||||||
Current maturities of long-term debt
|
— | 29,234 | 8,844 | — | 38,078 | |||||||||||||||
Deferred income taxes, net
|
— | 1,220 | — | (397 | ) | 823 | ||||||||||||||
Other current liabilities
|
— | 12,156 | 258 | — | 12,414 | |||||||||||||||
Intercompany payable
|
28,058 | 71,274 | 2,220 | (101,552 | ) | — | ||||||||||||||
Total current liabilities
|
28,774 | 238,202 | 11,322 | (101,949 | ) | 176,349 | ||||||||||||||
Non-current liabilities:
|
||||||||||||||||||||
Long-term debt
|
— | 232,003 | 177,291 | — | 409,294 | |||||||||||||||
Non-current deferred income taxes
|
— | — | 397 | (397 | ) | — | ||||||||||||||
Other non-current liabilities
|
— | 40,559 | — | — | 40,559 | |||||||||||||||
Total liabilities
|
28,774 | 510,764 | 189,010 | (102,346 | ) | 626,202 | ||||||||||||||
Stockholders’(deficit) equity/Parent’s Investment
|
(14,386 | ) | 39,201 | (97,339 | ) | 58,138 | (14,386 | ) | ||||||||||||
Total liabilities and (deficit) equity
|
$ | 14,388 | $ | 549,965 | $ | 91,671 | $ | (44,208 | ) | $ | 611,816 |
18 |
BlueLinx
Holdings Inc.
|
BlueLinx
Corporation
and
Subsidiaries
|
LLC
Subsidiaries
|
Eliminations
|
Consolidated
|
||||||||||||||||
Assets:
|
||||||||||||||||||||
Current assets:
|
||||||||||||||||||||
Cash
|
$ | 47 | $ | 4,987 | $ | — | $ | — | $ | 5,034 | ||||||||||
Receivables
|
— | 150,297 | — | — | 150,297 | |||||||||||||||
Inventories
|
— | 223,580 | — | — | 223,580 | |||||||||||||||
Deferred income tax asset, net
|
— | — | 397 | (397 | ) | — | ||||||||||||||
Other current assets
|
790 | 20,208 | 1,816 | — | 22,814 | |||||||||||||||
Intercompany receivable
|
68,454 | 26,374 | — | (94,828 | ) | — | ||||||||||||||
Total current assets
|
69,291 | 425,446 | 2,213 | (95,225 | ) | 401,725 | ||||||||||||||
Property and equipment:
|
||||||||||||||||||||
Land and land improvements
|
— | 4,040 | 37,136 | — | 41,176 | |||||||||||||||
Buildings
|
— | 10,839 | 79,243 | — | 90,082 | |||||||||||||||
Machinery and equipment
|
— | 73,004 | — | — | 73,004 | |||||||||||||||
Construction in progress
|
— | 3,028 | — | — | 3,028 | |||||||||||||||
Property and equipment, at cost
|
— | 90,911 | 116,379 | — | 207,290 | |||||||||||||||
Accumulated depreciation
|
— | (64,557 | ) | (31,614 | ) | — | (96,171 | ) | ||||||||||||
Property and equipment, net
|
— | 26,354 | 84,765 | — | 111,119 | |||||||||||||||
Investment in subsidiaries
|
(47,735 | ) | — | — | 47,735 | — | ||||||||||||||
Non-current deferred income tax assets, net
|
— | 1,221 | — | (397 | ) | 824 | ||||||||||||||
Other non-current assets
|
— | 11,768 | 4,810 | — | 16,578 | |||||||||||||||
Total assets
|
$ | 21,556 | $ | 464,789 | $ | 91,788 | $ | (47,887 | ) | $ | 530,246 | |||||||||
Liabilities:
|
||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||
Accounts payable
|
$ | 1,080 | $ | 59,283 | $ | — | $ | — | 60,363 | |||||||||||
Bank overdrafts
|
— | 19,377 | — | — | 19,377 | |||||||||||||||
Accrued compensation
|
— | 4,173 | — | — | 4,173 | |||||||||||||||
Current maturities of long-term debt
|
— | — | 9,141 | — | 9,141 | |||||||||||||||
Deferred income tax liabilities, net
|
— | 1,220 | — | (397 | ) | 823 | ||||||||||||||
Other current liabilities
|
— | 11,727 | 1,222 | — | 12,949 | |||||||||||||||
Intercompany payable
|
26,374 | 68,454 | — | (94,828 | ) | — | ||||||||||||||
Total current liabilities
|
27,454 | 164,234 | 10,363 | (95,225 | ) | 106,826 | ||||||||||||||
Non-current liabilities:
|
||||||||||||||||||||
Long-term debt
|
— | 211,193 | 177,802 | — | 388,995 | |||||||||||||||
Non-current deferred income taxes
|
— | — | 397 | (397 | ) | — | ||||||||||||||
Other non-current liabilities
|
— | 40,323 | — | — | 40,323 | |||||||||||||||
Total liabilities
|
27,454 | 415,750 | 188,562 | (95,622 | ) | 536,144 | ||||||||||||||
Stockholders’ (deficit) equity/Parent’s Investment
|
(5,898 | ) | 49,039 | (96,774 | ) | 47,735 |
(5,898
|
) | ||||||||||||
Total liabilities and (deficit) equity
|
$ | 21,556 | $ | 464,789 | $ | 91,788 | $ | (47,887 | ) | $ | 530,246 |
19 |
BlueLinx
Holdings
Inc.
|
BlueLinx
Corporation
and Subsidiaries |
LLC
Subsidiaries
|
Eliminations
|
Consolidated
|
||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||||||
Net (loss) income
|
$ | (8,608 | ) | $ | (9,720 | ) | $ | 2,509 | $ | 7,211 | $ | (8,608 | ) | |||||||
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:
|
||||||||||||||||||||
Depreciation and amortization
|
— | 1,549 | 803 | — | 2,352 | |||||||||||||||
Amortization of debt issue costs
|
— | 413 | 331 | — | 744 | |||||||||||||||
Gain from the sale of properties
|
— | — | (210 | ) | — | (210 | ) | |||||||||||||
Restructuring payments
|
— | (603 | ) | — | — | (603 | ) | |||||||||||||
Share-based compensation expense
|
423 | 267 | — | — | 690 | |||||||||||||||
Intraperiod income tax allocation related to the hourly pension plan
|
— | (76 | ) | — | — | (76 | ) | |||||||||||||
Pension expense
|
— | 225 | — | — | 225 | |||||||||||||||
Increase in restricted cash related to insurance and other
|
— | (1,285 | ) | — | — | (1,285 | ) | |||||||||||||
Other
|
(392 | ) | 2,040 | (955 | ) | 115 | 808 | |||||||||||||
Equity (deficit) in earnings of subsidiaries
|
7,211 | — | — | (7,211 | ) | — | ||||||||||||||
Intercompany receivable
|
(2,820 | ) | (3,904 | ) | — | 6,724 | — | |||||||||||||
Intercompany payable
|
1,684 | 2,820 | 2,220 | (6,724 | ) | — | ||||||||||||||
(2,502 | ) | (8,274 | ) | 4,698 | 115 | (5,963 | ) | |||||||||||||
Changes in primary working capital components:
|
||||||||||||||||||||
Receivables
|
— | (40,469 | ) | — | — | (40,469 | ) | |||||||||||||
Inventories
|
— | (37,426 | ) | — | — | (37,426 | ) | |||||||||||||
Accounts payable
|
(299 | ) | 38,040 | — | 2 | 37,743 | ||||||||||||||
Net cash (used in) provided by operating activities
|
(2,801 | ) | (48,129 | ) | 4,698 | 117 | (46,115 | ) | ||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||
Investment in subsidiaries
|
3,110 | 81 | (3,074 | ) | (117 | ) | — | |||||||||||||
Property, plant and equipment investments
|
— | (775 | ) | — | — | (775 | ) | |||||||||||||
Proceeds from disposition of assets
|
— | 74 | 209 | — | 283 | |||||||||||||||
Net cash provided by (used in) investing activities
|
3,110 | (620 | ) | (2,865 | ) | (117 | ) | (492 | ) | |||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||
Repurchase of shares to satisfy employee tax withholdings
|
(221 | ) | (235 | ) | — | — | (456 | ) | ||||||||||||
Repayments on revolving credit facilities
|
— | (99,146 | ) | — | — | (99,146 | ) | |||||||||||||
Borrowings on revolving credit facilities
|
— | 149,191 | — | — | 149,191 | |||||||||||||||
Payments of principal on mortgage
|
— | — | (809 | ) | — | (809 | ) | |||||||||||||
Payments on capital lease obligations
|
— | (570 | ) | — | — | (570 | ) | |||||||||||||
Increase in bank overdrafts
|
— | 2,139 | — | — | 2,139 | |||||||||||||||
Increase in restricted cash related to the mortgage
|
— | — | (1,024 | ) | — | (1,024 | ) | |||||||||||||
Proceeds from rights offering, less expenses paid
|
(98 | ) | — | — | (98 | ) | ||||||||||||||
Debt issuance costs
|
— | (75 | ) | — | — | (75 | ) | |||||||||||||
Net cash (used in) provided by financing activities
|
(319 | ) | 51,304 | (1,833 | ) | — | 49,152 | |||||||||||||
Increase in cash
|
(10 | ) | 2,555 | — | — | 2,545 | ||||||||||||||
Balance, beginning of period
|
47 | 4,987 | — | — | 5,034 | |||||||||||||||
Balance, end of period
|
$ | 37 | $ | 7,542 | $ | — | $ | — | $ | 7,579 | ||||||||||
Noncash transactions:
|
||||||||||||||||||||
Capital leases
|
$ | — | $ | 983 | $ | — | $ | — | $ | 983 | ||||||||||
20 |
BlueLinx
Holdings
Inc.
|
BlueLinx
Corporation
and Subsidiaries |
LLC
Subsidiaries
|
Eliminations
|
Consolidated
|
||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||||||
Net (loss) income
|
$ | (12,649 | ) | $ | (13,644 | ) | $ | 2,219 | $ | 11,425 | $ | (12,649 | ) | |||||||
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:
|
||||||||||||||||||||
Depreciation and amortization
|
— | 1,297 | 876 | — | 2,173 | |||||||||||||||
Amortization of debt issue costs
|
— | 615 | 331 | — | 946 | |||||||||||||||
Write off of debt issuance costs
|
— | 119 | — | — | 119 | |||||||||||||||
Gain from the sale of properties
|
— | — | (238 | ) | — | (238 | ) | |||||||||||||
Pension expense
|
— | 1,148 | — | — | 1,148 | |||||||||||||||
Share-based compensation expense
|
227 | 597 | — | — | 824 | |||||||||||||||
Increase in restricted cash related to insurance and other
|
— | (361 | ) | — | — | (361 | ) | |||||||||||||
Other
|
694 | (507 | ) | (1,081 | ) | — | (894 | ) | ||||||||||||
Equity (deficit) in earnings of subsidiaries
|
11,425 | — | — | (11,425 | ) | — | ||||||||||||||
Intercompany receivable
|
(1,812 | ) | (2,575 | ) | — | 4,387 | — | |||||||||||||
Intercompany payable
|
2,575 | 1,812 | — | (4,387 | ) | — | ||||||||||||||
460 | (11,499 | ) | 2,107 | — | (8,932 | ) | ||||||||||||||
Changes in primary working capital components:
|
||||||||||||||||||||
Receivables
|
— | (61,396 | ) | — | — | (61,396 | ) | |||||||||||||
Inventories
|
— | (89,595 | ) | — | — | (89,595 | ) | |||||||||||||
Accounts payable
|
217 | 64,257 | (390 | ) | — | 64,084 | ||||||||||||||
Net cash provided by (used in) operating activities
|
677 | (98,233 | ) | 1,717 | — | (95,839 | ) | |||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||
Investment in subsidiaries
|
(39,364 | ) | 37,643 | 1,721 | — | — | ||||||||||||||
Property, plant and equipment investments
|
— | (955 | ) | — | — | (955 | ) | |||||||||||||
Proceeds from disposition of assets
|
— | 32 | 163 | — | 195 | |||||||||||||||
Net cash (used in) provided by investing activities
|
(39,364 | ) | 36,720 | 1,884 | — | (760 | ) | |||||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||
Excess tax benefits from share-based compensation arrangements
|
— | 16 | — | — | 16 | |||||||||||||||
Repurchase of shares to satisfy employee tax withholdings
|
(1,206 | ) | — | — | — | (1,206 | ) | |||||||||||||
Repayments on revolving credit facilities
|
— | (128,836 | ) | — | — | (128,836 | ) | |||||||||||||
Borrowings on revolving credit facilities
|
— | 199,828 | — | — | 199,828 | |||||||||||||||
Payments of principal on mortgage
|
— | — | (646 | ) | — | (646 | ) | |||||||||||||
Payments on capital lease obligations
|
— | (384 | ) | — | — | (384 | ) | |||||||||||||
Decrease in bank overdrafts
|
— | (6,298 | ) | — | — | (6,298 | ) | |||||||||||||
Increase in restricted cash related to the mortgage
|
— | — | (2,955 | ) | — | (2,955 | ) | |||||||||||||
Debt issuance costs
|
— | (2,715 | ) | — | — | (2,715 | ) | |||||||||||||
Proceeds from rights offering less expenses paid
|
39,892 | — | — | — | 39,892 | |||||||||||||||
Net cash provided by (used in) financing activities
|
38,686 | 61,611 | (3,601 | ) | — | 96,696 | ||||||||||||||
Increase in cash
|
(1 | ) | 98 | — | — | 97 | ||||||||||||||
Balance, beginning of period
|
28 | 5,160 | — | — | 5,188 | |||||||||||||||
Balance, end of period
|
$ | 27 | $ | 5,258 | $ | — | $ | — | $ | 5,285 | ||||||||||
Noncash transactions:
|
||||||||||||||||||||
Capital leases
|
$ | — | $ | — | $ | — | $ | — | $ | — |
21 |
|
●
|
changes in the prices, supply and/or demand for products which we distribute, especially as a result of conditions in the residential housing market;
|
|
●
|
the acceptance by our customers of our privately branded products;
|
|
●
|
inventory levels of new and existing homes for sale;
|
|
●
|
general economic and business conditions in the United States;
|
|
●
|
the financial condition and credit worthiness of our customers;
|
|
●
|
the activities of competitors;
|
|
●
|
changes in significant operating expenses;
|
|
●
|
fuel costs;
|
|
●
|
risk of losses associated with accidents;
|
|
●
|
exposure to product liability claims;
|
|
●
|
changes in the availability of capital and interest rates;
|
|
●
|
immigration patterns and job and household formation;
|
|
●
|
our ability to identify acquisition opportunities and effectively and cost-efficiently integrate acquisitions;
|
|
●
|
adverse weather patterns or conditions;
|
22 |
|
●
|
acts of war or terrorist activities, including acts of cyber intrusion;
|
|
●
|
variations in the performance of the financial markets, including the credit markets; and
|
|
●
|
the other factors described herein and in our Annual Report on Form 10-K for the year ended January 4, 2014 as filed with the SEC.
|
23 |
Fiscal
Q1 2014
|
Fiscal
Q1 2013
|
|||||||
(Dollars in millions)
(Unaudited)
|
||||||||
Sales by Category
|
||||||||
Structural Products
|
$ | 185 | $ | 233 | ||||
Specialty Products
|
264 | 271 | ||||||
Other(1)
|
(5 | ) | (1 | ) | ||||
Total Sales
|
$ | 444 | $ | 503 | ||||
Sales Variances
|
||||||||
Unit Volume $ Change
|
$ | (18 | ) | $ | 9 | |||
Price/Other(2)
|
(41 | ) | 40 | |||||
Total $ Change
|
$ | (59 | ) | $ | 49 | |||
Unit Volume % Change
|
(3.8 | )% | 2.1 | % | ||||
Price/Other(1)
|
(8.0 | )% | 8.8 | % | ||||
Total % Change
|
(11.8 | )% | 10.9 | % |
|
(1)
|
“Other” includes unallocated allowances, discounts and the impact of closed centers.
|
|
(2)
|
“Other” includes unallocated allowances, discounts and the impact of unit volume changes related to the five distribution centers closed as part of the 2013 restructuring.
|
Fiscal
Q1 2014
|
Fiscal
Q1 2013
|
|||||||
Gross Margin $’s by
|
(Dollars in millions)
(Unaudited)
|
|||||||
Category
|
||||||||
Structural Products
|
$ | 15 | $ | 20 | ||||
Specialty Products
|
34 | 35 | ||||||
Other (1)
|
4 | 1 | ||||||
Total Gross Margin $’s
|
$ | 53 | $ | 56 | ||||
Gross Margin %’s by Category
|
||||||||
Structural Products
|
8.1 | % | 8.6 | % | ||||
Specialty Products
|
12.9 | % | 12.9 | % | ||||
Total Gross Margin %’s
|
11.9 | % | 11.2 | % | ||||
Unit Volume Change by Product(2)
|
||||||||
Structural Products
|
(9.5 | )% | 3.0 | % | ||||
Specialty Products
|
1.0 | % | 1.5 | % | ||||
Total Change in Unit Volume %’s
|
(3.8 | )% | 2.1 | % |
24 |
|
(1)
|
“Other” includes unallocated allowances and discounts.
|
|
(2)
|
This excludes the impact of unit volume changes related to the five distribution centers closed as part of the 2013 restructuring.
|
Fiscal
Q1 2014
|
Fiscal
Q1 2013
|
|||||||
(Dollars in millions)
(Unaudited)
|
||||||||
Sales by Channel
|
||||||||
Warehouse/Reload
|
$ | 357 | $ | 399 | ||||
Direct
|
92 | 105 | ||||||
Other(1)
|
(5 | ) | (1 | ) | ||||
Total
|
$ | 444 | $ | 503 | ||||
Gross Margin by Channel
|
||||||||
Warehouse/Reload
|
$ | 43 | $ | 49 | ||||
Direct
|
6 | 6 | ||||||
Other(1)
|
4 | 1 | ||||||
Total
|
$ | 53 | $ | 56 | ||||
Gross Margin % by Channel
|
||||||||
Warehouse/Reload
|
12.0 | % | 12.3 | % | ||||
Direct
|
6.5 | % | 5.7 | % | ||||
Total
|
11.9 | % | 11.2 | % |
First Quarter of
Fiscal 2014 |
% of
Net
Sales
|
First Quarter of
Fiscal 2013 |
% of
Net Sales |
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Net sales
|
$ | 443,944 | 100.0 | % | $ | 503,153 | 100.0 | % | ||||||||
Gross profit
|
52,676 | 11.9 | % | 56,458 | 11.2 | % | ||||||||||
Selling, general, and administrative
|
51,987 | 11.7 | % | 59,419 | 11.8 | % | ||||||||||
Depreciation and amortization
|
2,352 | 0.5 | % | 2,173 | 0.4 | % | ||||||||||
Operating loss
|
(1,663 | ) | (0.4 | )% | (5,134 | ) | (1.0 | )% | ||||||||
Interest expense, net
|
6,454 | 1.5 | % | 7,192 | 1.4 | % | ||||||||||
Other expense, net
|
160 | 0.0 | % | 110 | 0.0 | % | ||||||||||
Loss before provision for income taxes
|
(8,277 | ) | (1.9 | )% | (12,436 | ) | (2.5 | )% | ||||||||
Provision for income taxes
|
331 | 0.1 | % | 213 | 0.0 | % | ||||||||||
Net loss
|
$ | (8,608 | ) | (1.9 | )% | $ | (12,649 | ) | (2.5 | )% |
25 |
26 |
April 5, 2014
|
January 4, 2014
|
|||||||
(Dollars in thousands)
|
||||||||
(Unaudited)
|
||||||||
Working capital
|
$ | 308,758 | $ | 294,899 |
Period from
January 5, 2014 to April 5, 2014 |
Period from
December 30, 2012 to March 30, 2013 |
|||||||
(Dollars in thousands)
|
||||||||
(Unaudited)
|
||||||||
Cash flows used in operating activities
|
$ | (46,115 | ) | $ | (95,839 | ) | ||
Cash flows used in investing activities
|
(492 | ) | (760 | ) | ||||
Cash flows provided by financing activities
|
49,152 | 96,696 |
27 |
28 |
29 |
30 |
On May 8, 2014, BlueLinx Corporation (the “Operating Company”), a wholly-owned subsidiary of BlueLinx Holdings Inc. (“BlueLinx” or the “Company”) announced that Ms. Susan C. O’Farrell has accepted an offer to serve as Senior Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer, effective as of May 19, 2014.
In connection with the hiring of Ms. O’Farrell, the Operating Company and Ms. O’Farrell have entered into an Employment Agreement dated May 5, 2014 and effective May 19, 2014, memorializing the terms of Ms. O’Farrell’s employment as Senior Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer. The Employment Agreement provides that Ms. O’Farrell will receive a base salary of $400,000 per year, subject to increase at the discretion of the Company. Ms. O’Farrell shall also be eligible to receive an annual bonus pursuant to the terms of BlueLinx’ Short-Term Incentive Plan (“STIP”), with the annual bonus potential to be a target of 65% of her base salary, based upon satisfaction of performance goals and bonus criteria to be defined and approved by the Compensation Committee of the Board of Directors of the Company in advance for each fiscal year. In respect to 2014 only, Ms. O’Farrell will receive a guaranteed bonus in an amount equal to no less than $260,000, which bonus will be paid, subject to certain conditions, provided Ms. O’Farrell is employed by the Company on January 1, 2015. Upon commencing employment, Ms. O’Farrell will receive 400,000 shares of restricted stock, which shares will vest in three equal installments on the first, second and third anniversary of the grant date. In addition, Ms. O’Farrell will receive an additional payment of $75,000 on or about June 9, 2014. The Employment Agreement provides that Ms. O’Farrell is eligible to participate in all benefit programs for which senior executives are generally eligible, including the Company’s long-term incentive plans.
Under the Employment Agreement, in the event Ms. O’Farrell’s employment is terminated in connection with a change in control of the Company, Ms. O’Farrell will be entitled to receive, among other things, a payment equal to two times her annual base salary in effect immediately prior to the date of termination.
The Employment Agreement also contains customary confidentiality and non-solicitation provisions, as well as a covenant not to compete during the employment term and continuing for a period of one year following her date of termination in the event Ms. O’Farrell is terminated without cause, she voluntarily resigns or resigns for good reason, or the employment period ends.
The foregoing description is qualified in its entirety by reference to the Employment Agreement, a copy of which is filed herewith as Exhibit 10.2 and incorporated herein by reference.
Other than the Employment Agreement, there are no arrangements or understandings between Ms. O’Farrell and any other persons pursuant to which she was selected as an officer of the Company.
31 |
Exhibit
Number |
Description
|
|
10.1 | Seventh Amendment to Amended and Restated Loan and Security Agreement, dated March 14, 2014, by and among Wells Fargo Bank, National Associations, the Lenders named therein, BlueLinx Corporation, BlueLinx Florida LP, BlueLinx Florida Holding No. 1 Inc. and BlueLinx Florida Holding No. 2 Inc. (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed March 17, 2014). | |
10.2* | Employment Agreement between BlueLinx Corporation and Susan C. O’Farrell, dated May 5, 2014. | |
31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
32.2
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101
|
The
following financial information from the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended
April 5, 2014, formatted in Extensible Business Reporting Language (“XBRL”): (i) Consolidated Statements of Operations
and Comprehensive Loss, (ii) Consolidated Balance Sheets, (iii) Consolidated Statements of Cash Flows and (iv) Notes
to Consolidated Financial Statements (Unaudited).**
|
|
* | Filed herewith. | |
**
|
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not to be “filed” or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, or Section 18 of the Securities Act of 1934, as amended, and otherwise are not subject to liability under these sections.
|
32 |
BlueLinx Holdings Inc.
|
|||
(Registrant)
|
|||
Date: May 8, 2014
|
By:
|
/s/ H. Douglas Goforth | |
H. Douglas Goforth | |||
Chief Financial Officer and Treasurer |
33 |
Exhibit
Number |
Description
|
|
10.1 | Seventh Amendment to Amended and Restated Loan and Security Agreement, dated March 14, 2014, by and among Wells Fargo Bank, National Associations, the Lenders named therein, BlueLinx Corporation, BlueLinx Florida LP, BlueLinx Florida Holding No. 1 Inc. and BlueLinx Florida Holding No. 2 Inc. (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed March 17, 2014). | |
10.2* | Employment Agreement between BlueLinx Corporation and Susan C. O’Farrell, dated May 5, 2014. | |
31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
32.2
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101 | The following financial information from the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended April 5, 2014, formatted in Extensible Business Reporting Language (“XBRL”): (i) Consolidated Statements of Operations and Comprehensive Loss, (ii) Consolidated Balance Sheets, (iii) Consolidated Statements of Cash Flows and (iv) Notes to Consolidated Financial Statements (Unaudited).** | |
*
|
Filed herewith. | |
**
|
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not to be “filed” or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, or Section 18 of the Securities Act of 1934, as amended, and otherwise are not subject to liability under these sections.
|
34 |
EXHIBIT 10.2 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
14 |
15 |
16 |
17 |
18 |
BLUELINX CORPORATION
|
|||
By:
|
/s/ Mitchell B. Lewis | ||
Name: Mitchell B. Lewis
|
|||
Title: Chief Executive Officer and President
|
|||
EXECUTIVE
|
|||
/s/ Susan C. O’Farrell | |||
Susan C. O’Farrell
|
|||
BLUELINX HOLDINGS INC.
|
|||
By: | /s/ Mitchell B. Lewis | ||
Name: Mitchell B. Lewis
|
|||
Title: Chief Executive Officer and President
|
|||
NONE: | /s/ SCF |
19 |
20 |
21 |
22 |
23 |
“Executive”
|
||
Dated: | , 20 |
24 |
|
(1)
|
I have reviewed this quarterly report on Form 10-Q of BlueLinx Holdings
Inc.;
|
|
(2)
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
(3)
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
(4)
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
(5)
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Mitchell B. Lewis | ||
Mitchell B. Lewis | |||
BlueLinx Holdings Inc.
|
|||
President and Chief Executive Officer |
|
(1)
|
I have reviewed this quarterly report on Form 10-Q of BlueLinx Holdings
Inc.;
|
|
(2)
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
(3)
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
(4)
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
(5)
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ H. Douglas Goforth | ||
H. Douglas Goforth | |||
BlueLinx Holdings Inc. | |||
Chief Financial Officer and Treasurer |
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
May 8, 2014
|
By:
|
/s/ Mitchell B. Lewis | |
Mitchell B. Lewis
|
|||
President and Chief Executive Officer
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
May 8, 2014
|
|||
|
By:
|
/s/ H. Douglas Goforth
|
|
H. Douglas Goforth
|
|||
Chief Financial Officer and Treasurer
|
Mortgage (Details) (USD $)
In Thousands, unless otherwise specified |
Apr. 05, 2014
|
---|---|
Mortgage outstanding principal balance | |
2014 | $ 1,793 |
2015 | 2,586 |
2016 | 181,756 |
2017 | |
2018 | |
Thereafter | |
Total | $ 186,135 |
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