BlueLinx Announces Fourth Quarter Results.ATLANTA Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. -- BlueLinx Holdings BlueLinx Holdings NYSE: BXC is a Fortune 1000 company based in Atlanta, Georgia. It is the largest building products wholesaler in the country. External links
See: New York Stock Exchange :BXC BXC Band Cross-Connect ), a leading distributor of building products in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , today reported unaudited financial results for the fourth quarter and full year ended January January: see month. 1, 2005. As Reported Results As reported sales for the quarter ended January 1, 2005 were $1.2 billion, up 3.4% from last year's fourth quarter. Unit volume increased 9.4% over the prior year fourth quarter. Gross profit for the fourth quarter decreased to $101.4 million from $118.7 million in the prior-year period due to a significant decline in prices for structural products. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $4.8 million versus $16.8 million in the fourth quarter of 2003, reflecting lower gross profit partially offset by lower operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . This reduction in operating expenses was primarily the result of lower sales commissions and reduced incentive compensation related to lower gross margins and reduced operating results for the quarter ended January 1, 2005. Net loss applicable to common stockholders for the quarter was $(7.1) million compared to net income of $10.1 million last year. The Company's net income of $10.1 million for the fourth quarter of 2003 was achieved as a division of Georgia-Pacific
Georgia-Pacific LLC. is an American pulp and paper company based in Atlanta, Georgia, and is one of the world's leading manufacturers and distributors of tissue, pulp, paper, packaging, Corporation and did not include interest expense, preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends and certain corporate overhead expenses that are included in the results for the quarter ended January 1, 2005 (see attached pro forma statements Pro forma statement A financial statement showing the forecast or projected operating results and balance sheet, as in pro forma income statements, balance sheets, and statements of cash flows. and discussion below for a more comparable prior period comparison). The net loss applicable to common stockholders for the quarter ended January 1, 2005 includes the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of debt issuance costs of $2.9 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta , or $1.8 million after tax, associated with the $100 million term loan paid off with proceeds from the Company's initial public offering of its common stock, on December December: see month. 14, 2004. For the year ended January 1, 2005, as reported revenue rose 30.1% to $5.6 billion from $4.3 billion. Unit volume increased 8.2% versus the prior year. Gross profit rose to $560.4 million in fiscal 2004 from $457.5 million in 2003. Operating income was $156.6 million for fiscal 2004 versus $91.4 million in the prior-year period. Net income for the year was $76.3 million versus $56.2 million in fiscal 2003. On a per-share basis, the as reported loss applicable to common stockholders for the quarter ended January 1, 2005 was $(0.34). Earnings per share for fiscal 2004 and for the prior-year periods is not available as a result of the business operating for much of that period as a division of Georgia-Pacific. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. Reconciliation Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss for the quarter ended January 1, 2005, as discussed more fully below, was $(2.7) million, or $(0.09) per share. A table presenting the reconciliation of earnings per share from an as reported basis to pro forma basis is attached to this release. Basis of Presentation This release provides unaudited financial statements for the fourth quarter of 2004, a 13-week period ended January 1, 2005 and the fourth quarter of 2003, a 14-week period ended January 3, 2004, on an as reported basis. In addition, this release provides the statement of operations See Income statement. for both periods on a pro forma basis. This release also provides unaudited financial statements for fiscal 2004, a 52-week period ended January 1, 2005, and fiscal 2003, a 53-week period ended January 3, 2004 on an as reported basis, as well as a statement of operations for both periods on a pro forma basis. "As reported" is defined as the presentation of financial statements in conformity with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting in the U.S. (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) for the quarters ended January 1, 2005 and January 3, 2004, and for the 53-week period ended January 3, 2004. For the 52-week period ended January 1, 2005, "as reported" refers to the GAAP results for the pre-acquisition period from January 4, 2004 to May 7, 2004 and for the "from inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. " period, from March 8, 2004 to January 1, 2005, presented, for purposes of clarity Clarity is the property of being clear or transparent. Clarity can refer to one's ability to clearly visualize an object or concept, as in thought, understanding, and the "mind's eye", as well as the traditional notion of visual perception, that is, with the , on a combined basis. Attached to this release are reconciliation schedules showing the GAAP financial statements for the pre-acquisition period and the from inception period, separately, and then on a combined basis. Pro forma results reflect the May 7, 2004 acquisition by the Company of the real estate and operating assets Operating Assets Another term for working capital. of the building products distribution division of Georgia-Pacific Corporation and the Company's subsequent initial public offering on December 14, 2004 and related refinancing Refinancing An extension and/or increase in amount of existing debt. as if they had all occurred on December 29, 2002. Detailed reconciliations of all pro forma adjustments to as reported results are included in a presentation, to be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with this release, which can be found on the BlueLinx web site at www.BlueLinxCo.com. For purposes of discussion and analysis, this release examines results for the quarter and the full year compared to prior-year periods on a pro forma basis. Earnings per share is calculated using 30.2 million shares, including the 685,000 shares issued pursuant to the exercise of the underwriters' over-allotment option. Pro Forma Quarterly Results For the quarter ended January 1, 2005, sales were $1.2 billion, up 3.4% from last year's fourth quarter. This increase was driven by 9.4% growth in unit volume, partially offset by the impact of the one-week shorter reporting period in the fourth quarter of fiscal 2004 versus fiscal 2003. Gross profit for the fourth quarter was $101.4 million compared to $121.1 million in the prior year period. The decline in gross profit is primarily due to the significant decline in structural product prices. From the end of the third quarter to their fourth quarter lows, prices for oriented strand board Oriented strand board, or OSB, or waferboard, or Sterling board (UK), is an engineered wood product formed by layering strands (flakes) of wood in specific orientations. declined by 31%, plywood plywood, manufactured board composed of an odd number of thin sheets of wood glued together under pressure with grains of the successive layers at right angles. Laminated wood differs from plywood in that the grains of its sheets are parallel. declined by 38%, and lumber lumber, term for timber that has been cut into boards for use as a building material. The major steps in producing lumber involve logging (the felling and preparation of timber for shipment to sawmills), sawing the logs into boards, grading the boards according to fell by 18%. Prices then staged a moderate recovery from Thanksgiving Thanksgiving annual U.S. holiday celebrating harvest and yearly blessings; originated with Pilgrims (1621). [Am. Culture: EB, IX: 922] See : America Thanksgiving national holiday with luxurious dinner as chief ritual. [Am. Pop. week through year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. , but on thin holiday volume and, therefore, provided limited favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact on fourth quarter gross margins. Operating income for the quarter was $4.8 million, versus $16.4 million in the fourth quarter of 2003, reflecting the decline in gross profit, partially offset by a reduction in operating expenses of $8.1 million. The reduction in expenses was primarily the result of lower sales commissions and reduced incentive compensation expense related to lower gross margins and reduced operating results, as well as the shorter 2004 fiscal period. Net loss for the quarter was $(2.7) million, or $(0.09) per share, compared to net income of $4.9 million, or $0.16 per share, last year. Pro Forma Fiscal Year Results For the year ended January 1, 2005, revenue rose 30.1% or $1.3 billion to $5.6 billion from $4.3 billion in the comparable period last year. This growth was driven by an 8.2% rise in unit volume and significantly higher product prices. Gross profit increased 24.4% to $563.8 million from $453.2 million in 2003, primarily reflecting higher sales revenue, partially offset by a 0.5 percentage point decline in the Company's gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. , from 10.6% in 2003 to 10.1% in 2004. Operating income was $163.5 million for fiscal 2004 versus $77.6 million in the prior-year period, reflecting the gross profit increase partially offset by higher operating expenses primarily associated with additional unit volume. Net income for the year increased to $74.6 million, or $2.47 per share, from $26.9 million, or $0.89 per share. Balance Sheet Cash and cash equivalents stood at $15.6 million as of January 1, 2005. Including amounts maturing within one year, the Company's long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. stood at $652.1 million and consisted of a mortgage note in the amount of $165.0 million, and a revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility balance of $487.1 million. Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying increased by $70.8 million, to $363.7 million, reflecting increased sales revenue per week in December 2004 versus December 2003. Inventories rose by $194.1 million, to $500.2 million, primarily reflecting higher sales in the current period and the decision by BlueLinx to change to a FIFO (First In First Out) A storage method that retrieves the item stored for the longest time. Contrast with LIFO. See traffic engineering methods. FIFO - first-in first-out from LIFO (Last In-First Out) A queueing method in which the next item to be retrieved is the item most recently placed in the queue. Contrast with FIFO. LIFO - stack basis for inventory accounting following the separation from Georgia-Pacific, which caused inventories to increase by $32.0 million. Additionally, the inventory balance was impacted by a build-up build·up also build-up n. 1. The act or process of amassing or increasing: a military buildup; a buildup of tension during the strike. 2. in internationally-sourced products, which resulted from a decline in demand for such products in the second half of 2004. Year-end inventory levels were higher than normal, which resulted in a higher draw-down on the Company's revolving credit facility. Accounts payable increased by $160.1 million, to $270.3 million, reflecting increased business volume and the Company's separation from Georgia-Pacific. In commenting on these results, Chuck chuck a hand grip to be attached to intramedullary pins to enable the surgeon to rotate or drive them into bone. McElrea, chief executive officer, stated "BlueLinx had an outstanding 2004. Generating strong earnings while being sold by our former parent and then becoming a public company is testament to our ability to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution our growth strategies." Mr. McElrea continued, "Our fourth quarter results indicate the seasonal nature of our business and industry. Despite the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in growth of our end-use markets to 1.8%, we successfully grew our unit volumes by 9.4%. These market share gains reflect our focus on targeted accounts, under-represented market segments, and solutions-based selling. In 2005, we expect to continue executing these growth strategies." Initial Public Offering On December 14, 2004, BlueLinx consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. an initial public offering of 9.5 million shares of its common stock, par value $0.01 per share, at an offering price of $13.50 per share. The Company received net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $124.1 million, including the sale, on January 5, 2005, of an additional 685,000 common shares following the exercise of the underwriters' over-allotment option. The proceeds were used to redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. all remaining outstanding shares of BlueLinx series A preferred stock and pay down our term loan in the amount of $100 million. Dividend The BlueLinx Board of Directors has declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a $0.125 dividend on its common shares for the quarter ended January 1, 2005, payable on March 31, 2005 to shareholders of record on March 20, 2005. Conference Call BlueLinx will host a conference call today at 10:00 a.m. Eastern Time accompanied ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. by a supporting slide presentation. Investors may listen to the conference call and download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. the presentation by going to the Investor Relations Investor relations The process by which the corporation communicates with its investors. page of the BlueLinx web site, at www.BlueLinxCo.com. Investors will also be able to access an encore recording of the conference call for one week by calling 706-645-9291, Conference ID# 3988246. The recording will be available two hours after the conference call has concluded. Investors may, alternatively, access a recording of this call on the BlueLinx web site - where a replay of the webcast will be available for 90 days. About BlueLinx Holdings Inc. Headquartered in Atlanta, Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. , BlueLinx Holdings Inc., operating through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. BlueLinx Corporation, is a leading distributor of building products in North America. Employing more than 3,400 people in North America, BlueLinx offers 10,000 products from over 750 suppliers to service more than 11,700 customers nationwide, including dealers, industrial manufacturers, manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use. In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected producers and home improvement retailers. The Company operates its distribution business from sales centers in Atlanta and Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. , and its network of more than 60 warehouses. Additional information about BlueLinx can be found on its web site at www.BlueLinxCo.com. Forward-looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. 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 its 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 and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. demand for products which we distribute; the activities of competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. ; changes in significant operating expenses; changes in the availability of capital; the ability to identify acquisition opportunities and effectively and cost-efficiently integrate acquisitions; general economic and business conditions in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ; acts of war Tom Clancy's Op-Center: Acts of War is a technothriller by Jeff Rovin Plot introduction The mobile Regional Operations Center (ROC) in Turkey investigates a dam blown up by Kurdish terrorists. or terrorist activities; variations in the performance of the financial markets; and other factors described in the "Risk Factors" section in the Company's prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. filed with the SEC on December 15, 2004 (File No. 333-118750), and in its periodic reports filed with the SEC 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 or otherwise, except as required by law.
BlueLinx Holdings Inc.
As Reported Statements of Operations
in thousands, except per share data
Quarters Ended Years Ended
---------------------- -----------------------
Pre- Pre-
acquisition BlueLinx acquisition
BlueLinx Period (Combined) Period
---------- ---------- ---------- -----------
January 1, January 3, January 1, January 3,
2005 2004 2005 2004
---------- ---------- ---------- -----------
Statement of Operations
Data:
Net sales $1,207,627 $1,168,250 $5,558,154 $4,271,842
Cost of sales 1,106,203 1,049,579 4,997,713 3,814,375
---------- ---------- ---------- -----------
Gross profit 101,424 118,671 560,441 457,467
---------- ---------- ---------- -----------
Operating expenses:
Selling, general, and
administrative expenses 92,692 97,102 387,494 346,585
Depreciation and
amortization 3,895 4,781 16,307 19,476
---------- ---------- ---------- -----------
Total operating
expenses 96,587 101,883 403,801 366,061
---------- ---------- ---------- -----------
Operating income
(loss) 4,837 16,788 156,640 91,406
Other expenses (income):
Interest expense 11,057 - 28,765 -
Write-off debt issue
costs 2,871 - 2,871 -
Other expense (income),
net (482) 73 98 376
---------- ---------- ---------- -----------
Income (loss)before
provision (benefit)
for income taxes (8,609) 16,715 124,906 91,030
Provision (benefit) for
income taxes (2,803) 6,579 48,563 34,877
---------- ---------- ---------- -----------
Net income (loss) $ (5,806) $ 10,136 $ 76,343 $ 56,153
---------- ---------- ---------- -----------
Less: preferred stock
dividends 1,255
Net income (loss)
applicable to common
stockholders $ (7,061)
===========
Basic and diluted
weighted average
number of common
shares outstanding 20,507
===========
Basic and diluted
net income (loss)
per share applicable
to common stock $ (0.34)
===========
BlueLinx Holdings Inc.
As Reported Statements of Cash Flows
in thousands
Quarters Ended Years Ended
---------------------- -----------------------
Pre- Pre-
acquisition BlueLinx acquistion
BlueLinx Period (Combined) Period
---------- ---------- ---------- -----------
January 1, January 3, January 1, January 3,
2005 2004 2005 2004
---------- ---------- ---------- -----------
Cash flows from
operating activities:
Net income (loss) $ (5,806) $ 10,137 $ 76,343 $ 56,153
Adjustments to reconcile
net income (loss) to
cash provided by
operations:
Depreciation and
amortization 3,895 4,781 16,307 19,476
Amortization of debt
issue costs 1,108 - 2,323 -
Write-off of debt
issue costs for term
loan 2,871 - 2,871 -
Deferred income tax
benefit (554) 958 3,801 4,598
Changes in assets
and liabilities:
Receivables 157,747 105,999 (70,821) (53,654)
Inventories 2,476 24,801 (158,769) 3,391
Accounts payable (60,591) (52,806) 160,078 17,683
Changes in other
working capital (18,813) 11,810 (10,692) 11,078
Other 2,272 2,907 1,823 850
---------- ---------- ---------- -----------
Net cash provided by
operating activities $ 84,605 $ 108,587 $ 23,264 $ 59,575
---------- ---------- ---------- -----------
Cash flows from
investing activities:
Acquisition of real
estate and operating
assets of division (47,023) - (823,330) -
Property, plant, and
equipment investments (8,082) (2,510) (11,137) (5,404)
Proceeds from sale of
assets 72 118 349 1,342
---------- ---------- ---------- -----------
Cash used for investing
activities $ (55,033) $ (2,392)$ (834,118) $ (4,062)
---------- ---------- ---------- -----------
Cash flows from
financing activities:
Net transactions with
Georgia-Pacific
Corporation - (112,845) 88,352 (62,728)
Preferred stock, net (100,226) - (5,226) -
Issuance of common
stock, net 115,513 - 120,513 -
Net increase in
revolving credit
facility 13,596 - 487,103 -
Other long-term debt,
net (35,000) - 165,000 -
Fees paid to issue debt (5,898) - (21,236) -
Increase (decrease) in
bank overdrafts (25,090) 6,813 (8,586) 7,566
---------- ---------- ---------- -----------
Net cash provided by
(used in) financing
activities $ (37,105) $ (106,032)$ 825,920 $ (55,162)
---------- ---------- ---------- -----------
Increase (decrease) in
cash (7,533) 163 15,066 351
Balance, beginning of
period 23,105 - 506 155
---------- ---------- ---------- -----------
Balance, end of period $ 15,572 $ 163 $ 15,572 $ 506
---------- ---------- ---------- -----------
Supplemental Cash Flow
Information
Income taxes paid for
the period $ 8,207 $ 6,196 $ 45,387 $ 30,279
---------- ---------- ---------- -----------
Interest paid during
the period $ 12,146 $ - $ 25,351 $ -
---------- ---------- ---------- -----------
BlueLinx Holdings Inc.
As Reported Balance Sheets
in thousands
BlueLinx Pre-acquisition Period
---------- -----------------------
January 1, January 3,
2005 2004
---------- -----------------------
Assets:
Cash $ 15,572 $ 506
Receivables 363,688 292,867
Inventories:
Finished goods 500,231 338,138
LIFO reserve - (31,979)
---------- -----------------------
500,231 306,159
Deferred income tax assets,
current 6,122 1,446
Other current assets 34,203 14,572
---------- -----------------------
Total current assets 919,816 615,550
---------- -----------------------
Property, plant, and
equipment:
Land and land
improvements 55,573 116,556
Buildings 93,133 193,590
Machinery and equipment 41,063 191,878
Construction in progress 5,089 18
---------- -----------------------
Property, plant, and equipment,
at cost 194,858 502,042
Accumulated depreciation (7,880) (300,951)
---------- -----------------------
Property, plant, and equipment,
net 186,978 201,091
Other non-current assets 30,268 3
---------- -----------------------
Total assets $1,137,062 $ 816,644
---------- -----------------------
Liabilities :
Current liabilities:
Accounts payable 270,271 110,193
Bank overdrafts 32,033 40,619
Accrued compensation 18,292 15,963
Current maturites of
long-term debt 94,103 -
Other current liabilities 13,142 6,103
---------- -----------------------
Total current liabilities 427,841 172,878
---------- -----------------------
Noncurrent liabilities:
Long-term debt 558,000 -
Deferred income taxes 740 3,792
Other long-term liabilities 8,989 2,901
---------- -----------------------
Total liabilities 995,570 179,571
---------- -----------------------
Shareholder's Equity/Parent's
Investment:
Common stock 295 -
Additional Paid in Capital 121,307 -
Accumulated other
comprehensive income (789) -
Retained Earnings 20,679 -
Parent's investment - 637,073
---------- -----------------------
Total shareholder's equity and
parent's investment 141,492 637,073
---------- -----------------------
---------- -----------------------
Total liabilities and equity $1,137,062 $ 816,644
---------- -----------------------
BlueLinx Holdings Inc.
Pro Forma Statements of Operations
in thousands, except per share data
Quarters Ended Years Ended
---------------------- -----------------------
January 1, January 3, January 1, January 3,
2005 2004 2005 2004
---------- ---------- ---------- -----------
Statement of Operations
Data:
Net sales $1,207,627 $1,168,250 $5,558,154 $4,271,842
Cost of sales 1,106,203 1,047,116 4,994,386 3,818,676
---------- ---------- ---------- -----------
Gross profit 101,424 121,134 563,768 453,166
---------- ---------- ---------- -----------
Operating expenses:
Selling, general, and
administrative
expenses 92,692 100,593 384,781 359,904
Depreciation and
amortization 3,895 4,130 15,487 15,638
---------- ---------- ---------- -----------
Total operating
expenses 96,587 104,723 400,268 375,542
---------- ---------- ---------- -----------
Operating income (loss) 4,837 16,411 163,500 77,624
Other expenses (income):
Interest expense 9,924 8,146 37,679 31,895
Write-off of debt issue
costs - - -
Other expense (income),
net (482) 73 98 376
---------- ---------- ---------- -----------
Income before provision
(benefit) for income
taxes (4,605) 8,192 125,723 45,353
Provision (benefit) for
income taxes (1,874) 3,333 51,170 18,459
---------- ---------- ---------- -----------
Net income (loss) $ (2,731) $ 4,859 $ 74,553 $ 26,894
---------- ---------- ---------- -----------
Less: preferred stock
dividends - - - -
Net income (loss)
applicable to common
stockholders $ (2,731) $ 4,859 $ 74,553 $ 26,894
========== ========== ========== ===========
Basic weighted average
number of common
shares outstanding 30,185 30,185 30,185 30,185
========== ========== ========== ===========
Basic net income (loss)
per share applicable
to common stock $ (0.09) 0.16 $ 2.47 $ 0.89
========== ========== ========== ===========
Diluted weighted
average number of
common shares
outstanding 30,185 30,185 30,185 30,185
========== ========== ========== ===========
Diluted net income
(loss) per share
applicable to common
stock $ (0.09) 0.16 $ 2.47 $ 0.89
========== ========== ========== ===========
BlueLinx Holdings Inc.
Statements of Operations
As Reported Reconciliation
in thousands, except per share data
BlueLinx Pre-acquisition Period Combined
---------- --------------------- -----------
Period
from
Inception
(March 8,
2004) Period from Year Ended
to January 4, 2004 January 1,
January 1, to
2005 May 7, 2004 2005
---------- --------------------- -----------
Net sales $3,672,820 $ 1,885,334 $5,558,154
Cost of sales 3,339,590 1,658,123 4,997,713
---------- --------------------- -----------
Gross profit 333,230 227,211 560,441
---------- --------------------- -----------
Operating expenses:
Selling, general, and
administrative 248,291 139,203 387,494
Depreciation and
amortization 10,132 6,175 16,307
---------- --------------------- -----------
Total operating expenses 258,423 145,378 403,801
---------- --------------------- -----------
Operating income 74,807 81,833 156,640
Non-operating expenses
(income):
Interest expense 28,765 - 28,765
Write-off of debt issue
costs 2,871 - 2,871
Other expense (income),
net (516) 614 98
---------- --------------------- -----------
Income before income
taxes 43,687 81,219 124,906
Provision for income
taxes 17,781 30,782 48,563
---------- --------------------- -----------
Net income $ 25,906 $ 50,437 $ 76,343
========== ===================== ===========
Less: Preferred stock
dividends 5,226
Net income (loss)
applicable to common
stockholders $ 20,680
==========
Basic weighted average
number of common shares
outstanding 19,006
----------
Basic net income (loss)
per share applicable
to common stock $ 1.09
----------
Diluted weighted average
number of common shares
outstanding 20,296
----------
Diluted net income
(loss) per share
applicable to common
stock $ 1.02
----------
BlueLinx Holdings Inc.
Statements of Cash Flows
As Reported Reconciliation
in thousands
BlueLinx Pre-acquisition Period Combined
---------- --------------------- -----------
Period
from
Inception
(March 8,
2004) Period from Year Ended
to January 4, 2004 January 1,
January 1, to
2005 May 7, 2004 2005
---------- --------------------- -----------
Cash flows from
operating activities:
Net Income $ 25,906 $ 50,437 $ 76,343
Adjustments to reconcile
revenues in excess
of direct expenses to
cash provided by
operations:
Depreciation and
amortization 10,132 6,175 16,307
Amortization of debt
issue costs 2,323 - 2,323
Write-off of debt issue
costs for term loan 2,871 - 2,871
Deferred income tax
provision (benefit) (5,382) 9,183 3,801
Changes in assets and
liabilities:
Receivables 221,529 (292,350) (70,821)
Inventories (13,080) (145,689) (158,769)
Accounts payable (97,694) 257,772 160,078
Changes in other
working capital (13,156) 2,464 (10,692)
Other 3,797 (1,974) 1,823
---------- --------------------- -----------
Net cash provided by
(used in) operating
activities $ 137,246 $ (113,982) $ 23,264
---------- --------------------- -----------
Cash flows from
investing activities:
Acquisition of operating
assets of division (823,330) - (823,330)
Property, plant, and
equipment investments (9,759) (1,378) (11,137)
Proceeds from sale of
assets 97 252 349
---------- --------------------- -----------
Net cash used in
investing activities $ (832,992) $ (1,126) $ (834,118)
---------- --------------------- -----------
Cash flows from
financing activities:
Net transactions with
Georgia-Pacific
Corporation - 88,352 88,352
Preferred stock, net (5,226) - (5,226)
Issuance of common
stock, net 120,513 - 120,513
Net increase in
revolving credit
facility 487,103 - 487,103
Other long-tern debt,
net 165,000 - 165,000
Fees paid to issue debt (21,236) - (21,236)
Increase (decrease) in
bank overdrafts (34,836) 26,250 (8,586)
---------- --------------------- -----------
Net cash provided by
financing activities $ 711,318 $ 114,602 $ 825,920
---------- --------------------- -----------
Increase (decrease)
in cash 15,572 (506) 15,066
Balance, beginning of
period - 506 506
---------- --------------------- -----------
Balance, end of period $ 15,572 $ - $ 15,572
---------- --------------------- -----------
Supplemental Cash Flow
Information
Income taxes paid for
the period $ 23,446 $ 21,941 $ 45,387
---------- --------------------- -----------
Interest paid during
the period $ 25,351 $ - $ 25,351
---------- --------------------- -----------
BlueLinx Holdings Inc.
Diluted Net Income (Loss) Per Share
As Reported/Pro Forma Reconciliation
------------- ----------------------------
Quarter Ended
January 1,
2005 Notes
------------- ----------------------------
Reflects 4th quarter diluted
As Reported shares outstanding of
$ (0.34) 20,507,000
Adjustments for:
Current number of shares Reflects current 30,185,000
outstanding 0.11 shares outstanding
-------------
(0.23)
Change in interest Reflects lower cost of debt
expense following the IPO and
0.02 mortgage transactions
Write off of debt issue Reflects write off of debt
cost issue cost associated with
0.06 the repaid term loan
Change in effective tax Primarily reflects fourth
rate quarter adjustments for non
0.02 deductible expenses
Elimination of preferred Reflects preferred stock
stock dividend 0.04 redeemed as part of IPO
-------------
Pro Forma (0.09)
=============
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