BlueLinx Announces Second 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 financial results for the second fiscal quarter ended July July: see month. 2, 2005. Revenues for the second quarter were $1.49 billion, down 4.7% from the $1.56 billion reported for the second quarter ended July 3, 2004. This decline reflects a 4.4% increase in unit volume offset by a 9.1% decrease in prices. Net income for the second quarter was $7.8 million, or $0.25 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $29.8 million, or $0.99 per diluted share, in the prior-year period. For purposes of comparison, the 2004 second quarter statement of operations See Income statement. is presented on a 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 basis, as if BlueLinx had been a stand-alone (jargon) stand-alone - Capable of operating without other programs, libraries, computers, hardware, networks, etc. Exactly what is absent is presumed to be obvious from context. "We only run Windows on stand-alone PCs because it's too dangerous to run it on networked ones." , publicly-traded entity since December December: see month. 29, 2002. Gross profit for the second quarter was $115.7 million compared to $164.1 million in the prior-year period. Gross margin fell to 7.8% from 10.5% in the second quarter of 2004, primarily reflecting a decline in structural product margins. Additionally, margins in the second quarter of 2004 were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by strong steel markets. Selling, general, and administrative expenses in the second quarter declined by $12.4 million, primarily due to lower incentive compensation expense and reduced sales commissions. 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. for the quarter was $23.2 million compared to $59.9 million for the second quarter last year, reflecting lower gross profit, partially offset by lower variable expenses. For the first six months of fiscal 2005, BlueLinx reported sales of $2.84 billion, flat with last year. Gross profit for the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. period was $235.0 million compared to $320.1 million in 2004, translating to gross margins of 8.3% and 11.3%, respectively, and primarily reflecting a decline in structural product margins. Selling, general, and administrative expenses in the second quarter declined by $18.4 million, primarily due to lower incentive compensation expense and reduced sales commissions. Net income was $16.2 million, or $0.53 per diluted share, versus $57.1 million, or $1.89 per diluted share, in the prior-year period. For purposes of comparison, the 2004 year-to-date statement of operations is presented on a pro forma basis, as if BlueLinx had been a stand-alone, publicly-traded entity since December 29, 2002. "Today, we are operating in a weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. price environment, and
we continue to aggressively implement our business improvement
strategies" said Chuck chucka hand grip to be attached to intramedullary pins to enable the surgeon to rotate or drive them into bone. McElrea, chief executive officer. "We are taking the steps we believe necessary to diminish the impact of price depreciation on our financial results, advancing our strategic growth initiatives and solidifying so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. the foundation for long term growth. We continue to gain market share in the building products distribution marketplace, leveraging our diverse geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. , broad product offering and extensive customer base. We have added new customer programs for specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. products, increased sales revenue from targeted accounts, signed on new industrial accounts and continued to roll out product line expansions with new and existing vendors. These achievements demonstrate the effectiveness of our value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. supply chain solutions approach, particularly as a means of increasing the proportion of less price sensitive specialty products." Mr. McElrea concluded, "The BlueLinx management team has encountered challenging market conditions before. Based on our experience, we have put mechanisms in place to navigate (1) "Surfing the Web." To move from page to page on the Web. (2) To move through the menu structure in a software application. through pricing cycles and designed a strategy to generate profitable growth and market share gains over time. We remain committed to our long term growth strategy and focused on increasing return on net assets (abbreviated to RONA) Profit after tax / ( Fixed assets + working capital ) It is a measure of financial performance of a company which takes the use of assets into account. See also
n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be ." As Reported Results As reported sales for the second quarter ended July 2, 2005 were $1.49 billion compared to $1.56 billion for the same period last year. Gross profit declined to $115.7 million from $162.6 million in the prior-year period primarily reflecting a decline in structural product margins. Net income for the second quarter of 2005 was $7.8 million compared to net income of $27.7 million for the second quarter of fiscal 2004. The company's net income of $27.7 million for the second quarter of 2004 was achieved partially 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 and certain corporate overhead expenses that are included in the results for the quarter ended July 2, 2005. On a year-to-date basis, BlueLinx reported sales of $2.84 billion, flat with last year. Gross profit was $235.0 million compared with $316.7 million in 2004; net income was $16.2 million versus $61.6 million in the prior-year period. Basis of Presentation This release provides unaudited financial statements for the second quarter and year-to-date periods of 2005 and 2004. For purposes of comparison, the statement of operations for the second quarter and year-to-date ended July 3, 2004 is provided on both an as reported and a pro forma basis. Last year's pro forma results reflect the acquisition by BlueLinx of the real estate and operating assets Operating Assets Another term for working capital. of the building products distribution division of Georgia-Pacific and the Company's subsequent IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. on December 14, 2004. Results have been adjusted to reflect the acquisition transaction, mortgage refinancing Refinancing An extension and/or increase in amount of existing debt. transaction, and offering transaction, and are presented as if BlueLinx Holdings had been a standalone stand·a·lone adj. Self-contained and usually independently operating: a standalone computer terminal. entity since December 29, 2002. On a pro forma basis diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of is calculated using 30.2 million shares. Detailed reconciliations of all pro forma adjustments 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. Conference Call BlueLinx will host a conference call today at 10:00 a.m. Eastern Daylight For other uses, see Daylight (disambiguation). Daylight or the light of day is the combination of all direct and indirect sunlight outdoors during the daytime (and perhaps twilight). 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# 7841982. 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 Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. ; 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 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended January January: see month. 1, 2005, and in its periodic reports filed with the Securities and Exchange Commission from time to time. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. BlueLinx undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.
BlueLinx Holdings Inc.
Proforma Statement of Operations
in thousands, except per share data
Quarters Ended Six Months Ended
-----------------------------------------------
BlueLinx BlueLinx BlueLinx BlueLinx
As Reported Proforma As Reported Proforma
----------- ---------- ----------- -----------
July 2, July 3, July 2, July 3,
2005 2004 2005 2004
----------- ---------- ---------- ----------
Sales:
Net sales $1,486,976 $1,561,064 $2,838,595 $2,840,946
Cost of sales 1,371,295 1,396,946 2,603,586 2,520,880
---------- ---------- ---------- ----------
Gross profit 115,681 164,118 235,009 320,066
---------- ---------- ---------- ----------
Operating expenses:
Selling, general, and
administrative 87,948 100,393 179,383 197,766
Depreciation and
amortization 4,557 3,836 8,800 7,672
---------- ---------- ---------- ----------
Total operating
expenses 92,505 104,229 188,183 205,438
---------- ---------- ---------- ----------
Operating income 23,176 59,889 46,826 114,628
Non-operating expenses:
Interest expense 10,656 9,470 19,990 17,833
Other expense, net 224 134 353 441
---------- ---------- ---------- ----------
Income before
provision for
income taxes 12,296 50,285 26,483 96,354
Provision for income
taxes 4,545 20,466 10,314 39,216
---------- ---------- ---------- ----------
Net income $ 7,751 $ 29,819 $ 16,169 $ 57,138
========== ========== ========== ==========
Basic weighted average
number of common shares
outstanding 30,186 30,185 30,170 30,185
========== ========== ========== ==========
Basic net income per
share applicable to
common stock $ 0.26 $ 0.99 $ 0.54 $ 1.89
========== ========== ========== ==========
Diluted weighted
average number of
common shares
outstanding 30,476 30,185 30,458 30,185
========== ========== ========== ==========
Diluted net income per
share applicable to
common stock $ 0.25 $ 0.99 $ 0.53 $ 1.89
========== ========== ========== ==========
Dividends declared per
share of common stock $ 0.125 $ 0.25
========== ==========
BlueLinx Holdings Inc.
As Reported Statements of Operations
in thousands, except per share data
Quarters Ended Six Months Ended
-----------------------------------------------
BlueLinx BlueLinx BlueLinx BlueLinx
As Reported As Reported As Reported As Reported
(Combined) (Combined)
----------- ----------- ----------- -----------
July 2, July 3, July 2, July 3,
2005 2004 2005 2004
----------- ----------- ----------- -----------
Sales:
Net sales $1,486,976 $1,561,064 $2,838,595 $2,840,946
Cost of sales 1,371,295 1,398,423 2,603,586 2,524,207
---------- ---------- ---------- ----------
Gross profit 115,681 162,641 235,009 316,739
---------- ---------- ---------- ----------
Operating expenses:
Selling, general, and
administrative 87,948 106,758 179,383 201,439
Depreciation and
amortization 4,557 4,061 8,800 8,492
---------- ---------- ---------- ----------
Total operating
expenses 92,505 110,819 188,183 209,931
---------- ---------- ---------- ----------
Operating income 23,176 51,822 46,826 106,808
Non-operating expenses:
Interest expense 10,656 6,794 19,990 6,794
Other expense, net 224 134 353 441
---------- ---------- ---------- ----------
Income before
provision for
income taxes 12,296 44,894 26,483 99,573
Provision for income
taxes 4,545 17,223 10,314 37,940
---------- ---------- ---------- ----------
Net income $ 7,751 $ 27,671 $ 16,169 $ 61,633
========== ========== ========== ==========
Basic weighted average
number of common
shares outstanding 30,186 30,170
========== ==========
Basic net income per
share applicable to
common stock $ 0.26 $ 0.54
========== ==========
Diluted weighted
average number of
common shares
outstanding 30,476 30,458
========== ==========
Diluted net income per
share applicable to
common stock $ 0.25 $ 0.53
========== ==========
Dividends declared per
share of common stock $ 0.125 $ 0.25
========== ==========
BlueLinx Holdings Inc.
As Reported Balance Sheets
in thousands
----------- -----------
BlueLinx BlueLinx
As Reported As Reported
----------- -----------
July 2, January 1,
2005 2005
----------- -----------
Assets:
Current assets:
Cash $ 27,197 $ 15,572
Receivables 509,505 363,688
Inventories 486,133 500,231
Deferred income taxes 7,455 6,122
Other current assets 42,615 34,203
---------- ----------
Total current assets 1,072,905 919,816
---------- ----------
Property, plant, and equipment:
Land and land improvements 55,916 55,573
Buildings 94,083 93,133
Machinery and equipment 50,356 41,063
Construction in progress 88 5,089
---------- ----------
Property, plant, and equipment, at cost 200,443 194,858
Accumulated depreciation (14,794) (7,880)
---------- ----------
Property, plant, and equipment, net 185,649 186,978
Other non-current assets 27,953 30,268
---------- ----------
Total assets $1,286,507 $1,137,062
========== ==========
Liabilities :
Current liabilities:
Accounts payable $ 335,147 $ 270,271
Bank overdrafts 42,493 32,033
Accrued compensation 8,541 18,292
Current maturities of long-term debt 124,595 94,103
Other current liabilities 13,246 13,142
---------- ----------
Total current liabilities 524,022 427,841
---------- ----------
Noncurrent liabilities:
Long-term debt 590,000 558,000
Deferred income taxes 762 740
Other long-term liabilities 11,798 8,989
---------- ----------
Total liabilities 1,126,582 995,570
---------- ----------
Shareholders' Equity:
Common stock 302 295
Additional paid in capital 131,301 121,306
Accumulated other comprehensive income (981) (789)
Retained earnings 29,303 20,680
---------- ----------
Total shareholders' equity 159,925 141,492
---------- ----------
---------- ----------
Total liabilities and equity $1,286,507 $1,137,062
========== ==========
BlueLinx Holdings Inc.
As Reported Statements of Cash Flows
in thousands
Six Months Ended
-----------------------
BlueLinx BlueLinx
As Reported As Reported
(Combined)
----------- -----------
July 2, July 3,
2005 2004
----------- -----------
Cash flows from operating activities:
Net income $ 16,169 $ 61,633
Adjustments to reconcile net income
to cash used in operations:
Depreciation and amortization 8,800 8,492
Amortization of debt issue costs 1,893 459
Deferred income tax provision (benefit) (1,311) 6,928
Changes in assets and liabilities:
Receivables (145,817) (235,556)
Inventories 14,098 (144,341)
Accounts payable 64,876 278,710
Changes in other working capital (17,446) 197
Other 1,992 (1,578)
--------- ---------
Net cash used in operating activities $ (56,746) $ (25,056)
--------- ---------
Cash flows from investing activities:
Acquisition of operating assets of division - (776,307)
Property, plant, and equipment investments (6,323) (1,519)
Proceeds from sale of assets 650 252
--------- ---------
Cash used in investing activities $ (5,673) $(777,574)
--------- ---------
Cash flows from financing activities:
Net transactions with Georgia-Pacific
Corporation - 88,352
Issuance of preferred stock - 95,000
Issuance of common stock, net 8,600 5,000
Proceeds from stock options exercised 38 -
Net increase in revolving credit facility 62,492 451,769
Proceeds from issuance of term loan - 100,300
Proceeds from issuance of mortgage payable - 100,000
Fees paid to issue debt - (15,192)
Increase in bank overdrafts 10,460 9,329
Common dividends paid (7,546) -
--------- ---------
Net cash provided by financing activities $ 74,044 $ 834,558
--------- ---------
Increase in cash 11,625 31,928
Balance, beginning of period 15,572 506
--------- ---------
Balance, end of period $ 27,197 $ 32,434
========= =========
BlueLinx Holdings Inc.
Statements of Operations
As Reported Reconciliation
in thousands, except per share data
Distribution BlueLinx
BlueLinx BlueLinx Division As Reported
As Reported As Reported As Reported (Combined)
----------- ----------- ----------- -----------
Period from Period from Period from Period from
April 3, 2005 April 4, 2004 April 4,2004 April 4,
to July 2, to July 3, to May 7, to July 3,
2005 2004 2004 2004
------------- ------------- ------------ ------------
Sales:
Net sales $1,486,976 $955,612 $605,452 $1,561,064
Cost of sales 1,371,295 866,084 532,339 1,398,423
---------- -------- -------- ----------
Gross profit 115,681 89,528 73,113 162,641
---------- -------- -------- ----------
Operating expenses:
Selling, general,
and
administrative 87,948 61,652 45,106 106,758
Depreciation and
amortization 4,557 2,317 1,744 4,061
---------- -------- -------- ----------
Total operating
expenses 92,505 63,969 46,850 110,819
---------- -------- -------- ----------
Operating income 23,176 25,559 26,263 51,822
Non-operating
expenses:
Interest expense 10,656 6,794 - 6,794
Other expense net 224 (173) 307 134
---------- -------- -------- ----------
Income before
income taxes 12,296 18,938 25,956 44,894
Provision for
income taxes 4,545 7,386 9,837 17,223
---------- -------- -------- ----------
Net income $ 7,751 $ 11,552 $ 16,119 $ 27,671
========== ======== ======== ==========
Less: Preferred
stock dividends - 1,484
Net income
applicable to
common
shareholders $ 7,751 $ 10,068
========== ========
Basic weighted
average number
of common shares
outstanding 30,186 18,100
========== ========
Basic net income
per share
applicable to
common stock $ 0.26 $ 0.56
========== ========
Diluted weighted
average number of
common shares
outstanding 30,476 19,288
========== ========
Diluted net income
per share
applicable to
common stock $ 0.25 $ 0.52
========== ========
Dividends declared
per share of
common stock $ 0.125
==========
BlueLinx Holdings Inc.
Statements of Operations Six Months
As Reported Reconciliation
in thousands, except per share data
Distribution BlueLinx
BlueLinx BlueLinx Division As Reported
As Reported As Reported As Reported (Combined)
----------- ------------ ------------ -----------
Period from Period from Period from Six Months
January 2, 2005 Inception January 4, 2004 Ended
to July 2, (March 8, 2004) to May 7, July 3,
to July 3,
2005 2004 2004 2004
------------ ------------ ------------ -----------
Sales:
Net sales $2,838,595 $955,612 $1,885,334 $2,840,946
Cost of sales 2,603,586 866,084 1,658,123 2,524,207
---------- ---------- ---------- ----------
Gross profit 235,009 89,528 227,211 316,739
---------- ---------- ---------- ----------
Operating expenses:
Selling, general,
and
administrative 179,383 62,236 139,203 201,439
Depreciation and
amortization 8,800 2,317 6,175 8,492
---------- ---------- ---------- ----------
Total operating
expenses 188,183 64,553 145,378 209,931
---------- ---------- ---------- ----------
Operating income 46,826 24,975 81,833 106,808
Non-operating
expenses:
Interest
expense 19,990 6,794 - 6,794
Other expense
net 353 (173) 614 441
---------- ---------- ---------- ----------
Income before
income taxes 26,483 18,354 81,219 99,573
Provision for
income taxes 10,314 7,158 30,782 37,940
---------- ---------- ---------- ----------
Net income 16,169 11,196 50,437 61,633
========== ========== ========== ==========
Less: Preferred
stock dividends - 1,484
Net income
applicable to
common
shareholders $ 16,169 $ 9,712
========== ==========
Basic weighted
average number
of common shares
outstanding 30,170 18,100
========== ==========
Basic net income
per share
applicable to
common stock $ 0.54 $ 0.54
========== ==========
Diluted weighted
average number
of common
shares
outstanding 30,458 19,288
========== ==========
Diluted net
income per
share
applicable to
common stock $ 0.53 $ 0.50
========== ==========
Dividends
declared per
share of
common stock $ 0.25
==========
BlueLinx Holdings Inc.
Statements of Cash Flows
As Reported Reconciliation
(in thousands)
Distribution BlueLinx
BlueLinx BlueLinx Division As Reported
As Reported As Reported As Reported (Combined)
------------- ----------- ------------- -----------
Period from Period from Period from Six Months
January 2, 2005 Inception January 4, 2004 Ended
to July 2, (March 8,2004) to May 7, July 3,
to July 3,
2005 2004 2004 2004
------------- ------------ ------------ -----------
Cash flows from
operating
activities:
Net income $ 16,169 $ 11,196 $ 50,437 $ 61,633
Adjustments to
reconcile net
income to cash
provided by
(used in)
operations:
Depreciation
and
amortization 8,800 2,317 6,175 8,492
Amortization of
debt issue costs 1,893 459 - 459
Deferred income
tax provision
(benefit) (1,311) (2,255) 9,183 6,928
Changes in assets
and liabilities:
Receivables (145,817) 56,794 (292,350) (235,556)
Inventories 14,098 1,348 (145,689) (144,341)
Accounts
payable 64,876 20,938 257,772 278,710
Changes in
other working
capital (17,446) (2,267) 2,464 197
Other 1,992 396 (1,974) (1,578)
--------- --------- --------- ---------
Net cash provided
by (used in)
operating
activities $ (56,746) $ 88,926 $(113,982) $ (25,056)
--------- --------- --------- ---------
Cash flows from
investing
activities:
Acquisition of
operating assets
of division - (776,307) - (776,307)
Property, plant,
and equipment
investments (6,323) (141) (1,378) (1,519)
Proceeds from sale
of assets 650 - 252 252
--------- --------- --------- ---------
Cash used in
investing
activities $ (5,673) $(776,448) $ (1,126) $(777,574)
--------- --------- --------- ---------
Cash flows from
financing
activities:
Net transactions
with Georgia-
Pacific
Corporation - - 88,352 88,352
Issuance of
preferred stock - 95,000 - 95,000
Issuance of common
stock, net 8,600 5,000 - 5,000
Proceeds from
stock options
exercised 38 -
Net increase in
revolving
credit facility 62,492 451,769 - 451,769
Proceeds from
issuance of
term loan - 100,300 - 100,300
Proceeds from
issuance of
mortgage payable - 100,000 - 100,000
Fees paid to issue
debt - (15,192) - (15,192)
Increase (decrease)
in bank
overdrafts 10,460 (16,921) 26,250 9,329
Common dividends
paid (7,546) - - -
--------- --------- --------- ---------
Net cash provided
by financing
activities $ 74,044 $ 719,956 $ 114,602 $ 834,558
--------- --------- --------- ---------
Increase
(decrease)
in cash 11,625 32,434 (506) 31,928
Balance, beginning
of period 15,572 - 506 506
--------- --------- --------- ---------
Balance, end of
period $ 27,197 $ 32,434 $ - $ 32,434
========= ========= ========= =========
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