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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BlueLinx Holdings Inc New | NYSE:BXC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.09 | 0.09% | 102.54 | 106.434 | 101.055 | 104.62 | 102,327 | 01:00:00 |
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
|
Commission file number: 1-32383
|
|
|
|
|
|
BlueLinx Holdings Inc.
|
|
|
(Exact name of registrant as specified in its charter)
|
|
Delaware
|
77-0627356
|
(State of Incorporation)
|
(I.R.S. Employer Identification No.)
|
|
|
1950 Spectrum Circle, Suite 300, Marietta, GA
|
30067
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, par value $0.01 per share
|
BXC
|
New York Stock Exchange
|
Large accelerated filer
o
|
Accelerated filer
þ
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
Emerging growth company
o
|
|
|
|
|
|
|
PAGE
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
March 30, 2019
|
|
March 31, 2018
|
||||
Net sales
|
$
|
638,701
|
|
|
$
|
437,487
|
|
Cost of sales
|
552,656
|
|
|
382,162
|
|
||
Gross profit
|
86,045
|
|
|
55,325
|
|
||
Operating expenses:
|
|
|
|
|
|
||
Selling, general, and administrative
|
74,410
|
|
|
59,240
|
|
||
Depreciation and amortization
|
7,328
|
|
|
2,665
|
|
||
Total operating expenses
|
81,738
|
|
|
61,905
|
|
||
Operating income (loss)
|
4,307
|
|
|
(6,580
|
)
|
||
Non-operating expenses (income):
|
|
|
|
|
|
||
Interest expense
|
13,401
|
|
|
8,480
|
|
||
Other expense (income), net
|
150
|
|
|
(94
|
)
|
||
Loss before benefit from income taxes
|
(9,244
|
)
|
|
(14,966
|
)
|
||
Benefit from income taxes
|
(2,525
|
)
|
|
(1,539
|
)
|
||
Net loss
|
$
|
(6,719
|
)
|
|
$
|
(13,427
|
)
|
|
|
|
|
||||
Basic loss per share
|
$
|
(0.72
|
)
|
|
$
|
(1.47
|
)
|
Diluted loss per share
|
$
|
(0.72
|
)
|
|
$
|
(1.47
|
)
|
|
|
|
|
||||
Comprehensive income (loss):
|
|
|
|
|
|
||
Net loss
|
$
|
(6,719
|
)
|
|
$
|
(13,427
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
||
Foreign currency translation, net of tax
|
7
|
|
|
6
|
|
||
Amortization of unrecognized pension
loss, net of tax |
224
|
|
|
203
|
|
||
Pension curtailment, net of tax
|
853
|
|
|
—
|
|
||
Other
|
15
|
|
|
—
|
|
||
Total other comprehensive income
|
1,099
|
|
|
209
|
|
||
Comprehensive loss
|
$
|
(5,620
|
)
|
|
$
|
(13,218
|
)
|
|
March 30, 2019
|
|
December 29, 2018
|
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash
|
$
|
12,682
|
|
|
$
|
8,939
|
|
Receivables, less allowances of $3,505 and $3,656, respectively
|
246,342
|
|
|
208,434
|
|
||
Inventories, net
|
387,330
|
|
|
341,851
|
|
||
Other current assets
|
33,350
|
|
|
40,629
|
|
||
Total current assets
|
679,704
|
|
|
599,853
|
|
||
Property and equipment, at cost
|
307,735
|
|
|
308,398
|
|
||
Accumulated depreciation
|
(107,115
|
)
|
|
(103,285
|
)
|
||
Property and equipment, net
|
200,620
|
|
|
205,113
|
|
||
Operating lease assets
|
55,618
|
|
|
—
|
|
||
Goodwill
|
47,772
|
|
|
47,772
|
|
||
Intangible assets, net
|
33,057
|
|
|
35,222
|
|
||
Deferred tax asset
|
53,578
|
|
|
52,645
|
|
||
Other non-current assets
|
19,303
|
|
|
19,284
|
|
||
Total assets
|
$
|
1,089,652
|
|
|
$
|
959,889
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
|||||||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
132,259
|
|
|
$
|
131,771
|
|
Bank overdrafts
|
42,933
|
|
|
17,417
|
|
||
Accrued compensation
|
9,076
|
|
|
7,974
|
|
||
Current maturities of long-term debt, net of discount and debt issuance
costs of $64 |
1,736
|
|
|
1,736
|
|
||
Finance leases - short-term
|
7,464
|
|
|
7,555
|
|
||
Real estate deferred gains - short-term
|
3,934
|
|
|
5,330
|
|
||
Operating lease liabilities - short-term
|
6,895
|
|
|
—
|
|
||
Other current liabilities
|
20,749
|
|
|
24,985
|
|
||
Total current liabilities
|
225,046
|
|
|
196,768
|
|
||
Non-current liabilities:
|
|
|
|
|
|
||
Long-term debt, net of discount and debt issuance costs
of $12,211 and $12,665, respectively |
557,715
|
|
|
497,939
|
|
||
Finance leases - long-term
|
142,400
|
|
|
143,486
|
|
||
Real estate deferred gains - long-term
|
84,739
|
|
|
86,011
|
|
||
Pension benefit obligation
|
25,088
|
|
|
26,668
|
|
||
Operating lease liabilities - long-term
|
48,723
|
|
|
—
|
|
||
Other non-current liabilities
|
24,226
|
|
|
23,680
|
|
||
Total liabilities
|
1,107,937
|
|
|
974,552
|
|
||
Commitments and Contingencies
|
|
|
|
|
|
||
STOCKHOLDERS’ DEFICIT:
|
|
|
|
|
|
||
Common Stock, $0.01 par value, Authorized - 20,000,000 shares,
Issued and Outstanding - 9,342,894 and 9,293,794, respectively |
93
|
|
|
92
|
|
||
Additional paid-in capital
|
259,302
|
|
|
258,596
|
|
||
Accumulated other comprehensive loss
|
(36,030
|
)
|
|
(37,129
|
)
|
||
Accumulated stockholders’ deficit
|
(241,650
|
)
|
|
(236,222
|
)
|
||
Total stockholders’ deficit
|
(18,285
|
)
|
|
(14,663
|
)
|
||
Total liabilities and stockholders’ deficit
|
$
|
1,089,652
|
|
|
$
|
959,889
|
|
|
Three Months Ended
|
||||||
|
March 30, 2019
|
|
March 31, 2018
|
||||
Net cash used in operating activities
|
$
|
(77,828
|
)
|
|
$
|
(45,003
|
)
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Proceeds from sale of assets
|
143
|
|
|
107,879
|
|
||
Property and equipment investments
|
(1,223
|
)
|
|
(332
|
)
|
||
Net cash (used in) provided by investing activities
|
(1,080
|
)
|
|
107,547
|
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
||
Borrowings on revolving credit facilities
|
197,114
|
|
|
119,441
|
|
||
Repayments on revolving credit facilities
|
(136,892
|
)
|
|
(78,789
|
)
|
||
Borrowings on term loan
|
—
|
|
|
—
|
|
||
Repayments on term loan
|
(900
|
)
|
|
—
|
|
||
Principal payments on mortgage
|
—
|
|
|
(97,847
|
)
|
||
Bank overdrafts
|
25,516
|
|
|
(271
|
)
|
||
Payments on finance lease obligations
|
(2,187
|
)
|
|
(946
|
)
|
||
Repurchase of shares to satisfy employee tax withholdings
|
—
|
|
|
(1,759
|
)
|
||
Net cash provided by (used in) financing activities
|
82,651
|
|
|
(60,171
|
)
|
||
|
|
|
|
||||
Net change in cash
|
3,743
|
|
|
2,373
|
|
||
Cash at beginning of period
|
8,939
|
|
|
4,696
|
|
||
Cash at end of period
|
$
|
12,682
|
|
|
$
|
7,069
|
|
|
Common Stock
|
|
Additional
Paid-In Capital
|
|
Accumulated
Other
Comprehensive Loss
|
|
Accumulated Deficit
|
|
Stockholders’ (Deficit) Equity Total
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||
Balance, December 30, 2017
|
9,101
|
|
|
$
|
91
|
|
|
$
|
259,588
|
|
|
$
|
(36,507
|
)
|
|
$
|
(188,170
|
)
|
|
$
|
35,002
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,427
|
)
|
|
(13,427
|
)
|
|||||
Foreign currency translation, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|||||
Unrealized gain from pension plan, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
203
|
|
|
—
|
|
|
203
|
|
|||||
Vesting of restricted stock units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Vesting of performance shares
|
109
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Compensation related to share-based grants
|
—
|
|
|
—
|
|
|
319
|
|
|
—
|
|
|
—
|
|
|
319
|
|
|||||
Repurchase of shares to satisfy employee tax withholdings
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|||||
Balance, March 31, 2018
|
9,210
|
|
|
$
|
92
|
|
|
$
|
259,906
|
|
|
$
|
(36,298
|
)
|
|
$
|
(201,604
|
)
|
|
$
|
22,096
|
|
|
Common Stock
|
|
Additional
Paid-In Capital
|
|
Accumulated
Other
Comprehensive Loss
|
|
Accumulated Deficit
|
|
Stockholders’ (Deficit) Equity Total
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||
Balance, December 29, 2018
|
9,294
|
|
|
$
|
92
|
|
|
$
|
258,596
|
|
|
$
|
(37,129
|
)
|
|
$
|
(236,222
|
)
|
|
$
|
(14,663
|
)
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,719
|
)
|
|
(6,719
|
)
|
|||||
Adoption of ASC 842, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,291
|
|
|
1,291
|
|
|||||
Foreign currency translation, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|||||
Unrealized gain from pension plan, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
1,077
|
|
|
—
|
|
|
1,077
|
|
|||||
Vesting of restricted stock units
|
49
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Vesting of performance shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Compensation related to share-based grants
|
—
|
|
|
—
|
|
|
706
|
|
|
—
|
|
|
—
|
|
|
706
|
|
|||||
Repurchase of shares to satisfy employee tax withholdings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
|||||
Balance, March 30, 2019
|
9,343
|
|
|
$
|
93
|
|
|
$
|
259,302
|
|
|
$
|
(36,030
|
)
|
|
$
|
(241,650
|
)
|
|
$
|
(18,285
|
)
|
|
|
Pro forma
|
||||||
|
|
Three Months Ended
|
||||||
(In thousands, except per share data)
|
|
March 30, 2019
|
|
March 31, 2018
|
||||
Net sales
|
|
$
|
638,701
|
|
|
$
|
784,267
|
|
Net loss
|
|
(3,294
|
)
|
|
(9,109
|
)
|
||
Earnings (loss) per common share:
|
|
|
|
|
||||
Basic
|
|
$
|
(0.35
|
)
|
|
$
|
(1.00
|
)
|
Diluted
|
|
(0.35
|
)
|
|
(1.00
|
)
|
[1]
|
Payments to Cedar Creek’s shareholders include the purchase of common stock and certain escrow adjustments.
|
[2]
|
The Cedar Creek note payable to a shareholder of $13.7 million was paid in full upon the acquisition of Cedar Creek and included $10 million in subordinated debt and $3.7 million in accrued interest.
|
[3]
|
To finance the acquisition of Cedar Creek, the Company amended and restated its Revolving Credit Facility to increase the availability thereunder to $600.0 million and also entered into a new $180.0 million senior secured Term Loan Facility (See Note 5).
|
(In thousands)
|
Allocation as of December 29, 2018
|
||
Cash and net working capital assets
(excluding inventory) |
$
|
88,318
|
|
Inventory
|
|
159,227
|
|
Property and equipment
|
|
71,203
|
|
Other, net
|
|
(1,395
|
)
|
Intangible assets and goodwill:
|
|
|
|
Customer relationships
|
|
25,500
|
|
Non-compete agreements
|
|
8,254
|
|
Trade names
|
|
6,826
|
|
Favorable leasehold interests
|
|
800
|
|
Goodwill
|
|
47,772
|
|
Finance leases and other liabilities
|
|
(44,753
|
)
|
Cash purchase price
|
$
|
361,752
|
|
(In thousands)
|
|
Gross carrying amounts
|
|
Accumulated
Amortization
|
[2]
|
Net carrying amounts
|
||||||
Customer relationships
|
|
$
|
25,500
|
|
|
$
|
(4,087
|
)
|
|
$
|
21,413
|
|
Noncompete agreements
|
|
|
8,254
|
|
|
|
(1,984
|
)
|
|
|
6,270
|
|
Trade names
|
|
|
6,826
|
|
|
|
(2,188
|
)
|
|
|
4,638
|
|
Favorable leasehold interests
[1]
|
|
|
800
|
|
|
|
(64
|
)
|
|
|
736
|
|
Total
|
|
$
|
41,380
|
|
|
$
|
(8,323
|
)
|
|
$
|
33,057
|
|
(In thousands)
|
|
Estimated Amortization
|
||
2019
|
|
$
|
8,152
|
|
2020
|
|
7,527
|
|
|
2021
|
|
5,035
|
|
|
2022
|
|
3,183
|
|
|
2023
|
|
1,873
|
|
|
Three Months Ended
|
||||||
(In thousands)
|
March 30, 2019
|
|
March 31, 2018
|
||||
Structural products
|
$
|
197,492
|
|
|
$
|
176,481
|
|
Specialty products
|
437,672
|
|
|
258,589
|
|
||
Other
|
3,537
|
|
|
2,417
|
|
||
Total net sales
|
$
|
638,701
|
|
|
$
|
437,487
|
|
|
Three Months Ended
|
||||||
(In thousands)
|
March 30, 2019
|
|
March 31, 2018
|
||||
Warehouse
|
$
|
504,274
|
|
|
$
|
333,306
|
|
Direct
|
123,404
|
|
|
82,942
|
|
||
Reload and service revenue
|
18,905
|
|
|
28,270
|
|
||
Customer discounts and rebates
|
(7,882
|
)
|
|
(7,031
|
)
|
||
Total net sales
|
$
|
638,701
|
|
|
$
|
437,487
|
|
|
|
|
|
March 30,
|
|
December 29,
|
||||
(In thousands)
|
|
Maturity Date
|
|
2019
|
|
2018
|
||||
Revolving Credit Facility (net of discounts and debt issuance
costs of $5.7 million and $6.0 million at March 30, 2019 and December 29, 2018, respectively) |
|
October 10, 2022
|
|
$
|
387,866
|
|
|
$
|
327,319
|
|
Term Loan Facility (net of discounts and debt issuance costs
of $6.6 million and $6.7 million at March 30, 2019 and December 29, 2018, respectively) |
|
October 13, 2023
|
|
|
171,585
|
|
|
|
172,356
|
|
Total debt
|
|
|
|
|
559,451
|
|
|
|
499,675
|
|
Less: current portion of long-term debt
|
|
|
|
|
(1,736
|
)
|
|
|
(1,736
|
)
|
Long-term debt, net
|
|
|
|
$
|
557,715
|
|
|
$
|
497,939
|
|
(In thousands)
|
|
|
||
2019
|
|
$
|
900
|
|
2020
|
|
|
2,250
|
|
2021
|
|
|
1,800
|
|
2022
|
|
|
1,800
|
|
Thereafter
|
|
|
171,450
|
|
|
Three Months Ended
|
||||||
(In thousands)
|
March 30, 2019
|
|
March 31, 2018
|
||||
Service cost
|
$
|
113
|
|
|
$
|
133
|
|
Interest cost on projected benefit obligation
|
1,045
|
|
|
963
|
|
||
Expected return on plan assets
|
(1,194
|
)
|
|
(1,327
|
)
|
||
Amortization of unrecognized loss
|
300
|
|
|
271
|
|
||
Net periodic pension cost (benefit)
|
$
|
264
|
|
|
$
|
40
|
|
(In thousands)
|
Three Months Ended
March 30, 2019
|
|||
Operating lease cost
|
$
|
3,144
|
|
|
Finance lease cost:
|
|
|||
Amortization of right-of-use assets
|
$
|
2,896
|
|
|
Interest on lease liabilities
|
3,248
|
|
||
Total finance lease costs
|
$
|
6,144
|
|
(In thousands)
|
Three Months Ended
March 30, 2019
|
|||
Cash paid for amounts included in the measurement of lease liabilities
|
|
|||
Operating cash flows from operating leases
|
$
|
2,903
|
|
|
Operating cash flows from finance leases
|
3,248
|
|
||
Financing cash flows from finance leases
|
2,187
|
|
||
Right-of-use assets obtained in exchange for lease obligations
|
|
|||
Operating leases
|
—
|
|
||
Finance leases
|
787
|
|
(In thousands)
|
Three Months Ended
March 30, 2019
|
|||
Finance leases
|
|
|||
Property and equipment
|
$
|
152,355
|
|
|
Accumulated depreciation
|
(16,691
|
)
|
||
Property and equipment, net
|
$
|
135,664
|
|
|
Weighted Average Remaining Lease Term (in years)
|
|
|||
Operating leases
|
12.22
|
|
||
Finance leases
|
21.64
|
|
||
Weighted Average Discount Rate
|
|
|||
Operating leases
|
9.42
|
%
|
||
Finance leases
|
10.60
|
%
|
(In thousands)
|
Operating leases
|
|
Finance leases
|
||||
2019
|
$
|
9,709
|
|
|
$
|
15,911
|
|
2020
|
8,550
|
|
|
20,313
|
|
||
2021
|
7,076
|
|
|
17,664
|
|
||
2022
|
6,193
|
|
|
16,678
|
|
||
2023
|
5,402
|
|
|
16,095
|
|
||
Thereafter
|
50,860
|
|
|
295,927
|
|
||
Total lease payments
|
$
|
87,790
|
|
|
$
|
382,588
|
|
Less: imputed interest
|
(32,173
|
)
|
|
(232,724
|
)
|
||
Total
|
$
|
55,617
|
|
|
$
|
149,864
|
|
|
(In thousands)
|
||
2019
|
$
|
11,980
|
|
2020
|
9,928
|
|
|
2021
|
8,435
|
|
|
2022
|
8,066
|
|
|
2023
|
7,539
|
|
|
Thereafter
|
60,847
|
|
|
Total
|
$
|
106,795
|
|
(In thousands)
|
Foreign currency, net
of tax
|
|
Defined
benefit pension
plan, net of tax
|
|
Other,
net of tax
|
|
Total Accumulated Other Comprehensive Loss
|
||||||||
December 29, 2018, beginning balance
|
$
|
660
|
|
|
$
|
(38,001
|
)
|
|
$
|
212
|
|
|
$
|
(37,129
|
)
|
Other comprehensive income, net of tax
[1]
|
7
|
|
|
1,077
|
|
|
15
|
|
|
1,099
|
|
||||
March 30, 2019, ending balance, net of tax
|
$
|
667
|
|
|
$
|
(36,924
|
)
|
|
$
|
227
|
|
|
$
|
(36,030
|
)
|
|
Three Months Ended
|
||||||
(in thousands, except per share data)
|
March 30, 2019
|
|
March 31, 2018
|
||||
Net loss
|
$
|
(6,719
|
)
|
|
$
|
(13,427
|
)
|
|
|
|
|
||||
Weighted-average shares outstanding - basic
|
9,337
|
|
|
9,137
|
|
||
Dilutive effect of share-based awards
|
—
|
|
|
—
|
|
||
Weighted-average shares outstanding - diluted
|
9,337
|
|
|
9,137
|
|
||
|
|
|
|
||||
Basic loss per share
|
$
|
(0.72
|
)
|
|
$
|
(1.47
|
)
|
Diluted loss per share
|
$
|
(0.72
|
)
|
|
$
|
(1.47
|
)
|
(Dollars in thousands)
|
First Quarter of Fiscal 2019
|
|
% of
Net Sales |
|
First Quarter of Fiscal 2018
|
|
% of
Net Sales |
||||
Net sales
|
$
|
638,701
|
|
|
100.0%
|
|
$
|
437,487
|
|
|
100.0%
|
|
|
|
|
|
|
|
|
||||
Gross profit
|
86,045
|
|
|
13.5%
|
|
55,325
|
|
|
12.7%
|
||
Selling, general, and administrative
|
74,410
|
|
|
11.7%
|
|
59,240
|
|
|
13.5%
|
||
Depreciation and amortization
|
7,328
|
|
|
1.1%
|
|
2,665
|
|
|
0.6%
|
||
Operating income (loss)
|
4,307
|
|
|
0.7%
|
|
(6,580
|
)
|
|
(1.5)%
|
||
Interest expense
|
13,401
|
|
|
2.1%
|
|
8,480
|
|
|
1.9%
|
||
Other expense (income), net
|
150
|
|
|
—%
|
|
(94
|
)
|
|
—%
|
||
Loss before benefit from income taxes
|
(9,244
|
)
|
|
(1.4)%
|
|
(14,966
|
)
|
|
(3.4)%
|
||
Benefit from income taxes
|
(2,525
|
)
|
|
(0.4)%
|
|
(1,539
|
)
|
|
(0.4)%
|
||
Net loss
|
$
|
(6,719
|
)
|
|
(1.1)%
|
|
$
|
(13,427
|
)
|
|
(3.1)%
|
|
Three Months Ended
|
||||||
(In thousands)
|
March 30, 2019
|
|
March 31, 2018
|
||||
Structural products
|
$
|
197,492
|
|
|
$
|
176,481
|
|
Specialty products
|
437,672
|
|
|
258,589
|
|
||
Other
|
3,537
|
|
|
2,417
|
|
||
Net sales
|
$
|
638,701
|
|
|
$
|
437,487
|
|
|
Three Months Ended
|
||||||
(In thousands)
|
March 30, 2019
|
|
March 31, 2018
|
||||
Structural products
|
$
|
18,774
|
|
|
$
|
17,254
|
|
Specialty products
|
68,228
|
|
|
38,061
|
|
||
Other
|
(957
|
)
|
|
10
|
|
||
Gross profit
|
$
|
86,045
|
|
|
$
|
55,325
|
|
Gross margin percentage by category
|
|
|
|
|
|
||
Structural products
|
9.5
|
%
|
|
9.8
|
%
|
||
Specialty products
|
15.6
|
%
|
|
14.7
|
%
|
||
Total gross margin percentage
|
13.5
|
%
|
|
12.7
|
%
|
|
|
|
|
March 30,
|
|
December 29,
|
||||
(In thousands)
|
|
Maturity Date
|
|
2019
|
|
2018
|
||||
Revolving Credit Facility (net of discounts and debt issuance
costs of $5.7 million and $6.0 million at March 30, 2019 and December 29, 2018, respectively) |
|
October 10, 2022
|
|
$
|
387,866
|
|
|
$
|
327,319
|
|
Term Loan Facility (net of discounts and debt issuance costs
of $6.6 million and $6.7 million at March 30, 2019 and December 29, 2018, respectively) |
|
October 13, 2023
|
|
|
171,585
|
|
|
|
172,356
|
|
Total debt
|
|
|
|
|
559,451
|
|
|
|
499,675
|
|
Less: current portion of long-term debt
|
|
|
|
|
(1,736
|
)
|
|
|
(1,736
|
)
|
Long-term debt, net
|
|
|
|
$
|
557,715
|
|
|
$
|
497,939
|
|
Selected financial information (in thousands)
|
|||||||||||
|
March 30, 2019
|
|
December 29, 2018
|
|
March 31, 2018
|
||||||
Current assets:
|
|
|
|
|
|
||||||
Cash
|
$
|
12,682
|
|
|
$
|
8,939
|
|
|
$
|
7,069
|
|
Receivables, less allowance for doubtful accounts
|
246,342
|
|
|
208,434
|
|
|
162,904
|
|
|||
Inventories, net
|
387,330
|
|
|
341,851
|
|
|
228,849
|
|
|||
Other current assets
|
33,350
|
|
|
40,629
|
|
|
18,911
|
|
|||
Total current assets
|
$
|
679,704
|
|
|
$
|
599,853
|
|
|
$
|
417,733
|
|
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
|
|
||||
Accounts payable
|
$
|
132,259
|
|
|
$
|
131,771
|
|
|
$
|
107,097
|
|
Bank overdrafts
|
42,933
|
|
|
17,417
|
|
|
21,322
|
|
|||
Accrued compensation
|
9,076
|
|
|
7,974
|
|
|
4,815
|
|
|||
Current maturities of long-term debt, net of discount
|
1,736
|
|
|
1,736
|
|
|
—
|
|
|||
Finance leases - short-term
|
7,464
|
|
|
7,555
|
|
|
2,280
|
|
|||
Real estate deferred gains - short-term
|
3,934
|
|
|
5,330
|
|
|
5,198
|
|
|||
Operating lease liabilities - short-term
|
6,895
|
|
|
—
|
|
|
—
|
|
|||
Other current liabilities
|
20,749
|
|
|
24,985
|
|
|
18,102
|
|
|||
Total current liabilities
|
$
|
225,046
|
|
|
$
|
196,768
|
|
|
$
|
158,814
|
|
|
|
|
|
|
|
||||||
Operating working capital
|
$
|
456,394
|
|
|
$
|
404,821
|
|
|
$
|
258,919
|
|
|
|
|
|
|
|
BlueLinx Holdings Inc.
|
|
|
|
(Registrant)
|
|
|
|
|
|
Date: May 8, 2019
|
By:
|
/s/ Susan C. O’Farrell
|
|
|
|
Susan C. O’Farrell
|
|
|
|
Senior Vice President, Chief Financial Officer, Treasurer, and Principal Accounting Officer
|
1 Year BlueLinx Chart |
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