BlueLinx Announces Third 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 fiscal third quarter and nine months ended October October: see month. 1, 2005. Revenues for the third quarter were $1.45 billion, down 3.7% from $1.51 billion reported for the third quarter ended October 2, 2004. The decline reflects a 1.6% increase in unit volume offset by a 5.3% decrease in prices. Net income for the third quarter was $13.9 million, or $0.46 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 $20.1 million, or $0.67 per diluted share, in the prior-year period. For purposes of comparison, the 2004 third 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 third quarter was $137.0 million compared to $142.3 million in the prior-year period. Gross margin was 9.4%, unchanged from the third quarter of 2004. Selling, general, and administrative expenses of $97.9 million in the third quarter increased $3.6 million from the same period a year ago. 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 $34.1 million compared to $44.0 million for the third quarter last year. For the nine months ended October 1, 2005, BlueLinx sales totaled $4.29 billion, down 1.3% from $4.35 billion last year. Gross profit was $372.0 million compared to $462.3 million for the same period last year, translating to gross margins of 8.7% and 10.6%, respectively, and primarily reflecting a decline in structural product margins. Selling, general, and administrative expenses of $277.3 million for the nine months ended October 1, 2005, declined by $14.8 million. Net income was $30.1 million, or $0.99 per diluted share, versus $77.3 million, or $2.56 per diluted share, in the prior-year period. For purposes of comparison, the 2004 year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current 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. "BlueLinx performed well in a volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. third quarter pricing environment that was characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by continued structural product price deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. during the first two months of the quarter followed by a sharp, upward price rise in September September: see month. following Hurricanes Katrina KATRINA Keeping All the Resources in New Orleans Alive KATRINA Krewe Aiding Trash Removal In the New Orleans Area and Rita," said Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and Macadam macadam Form of pavement invented by John McAdam. McAdam's road cross-section consisted of a compacted subgrade of crushed granite or greenstone designed to support the load, covered by a surface of light stone to absorb wear and tear and shed water to the drainage ditches. , chief executive officer. "Our management and employees navigated successfully through this short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. price swing, accelerating our seasonal inventory reduction and ending the quarter with inventories well positioned for the winter months. "At the same time, we continued to advance our strategic initiatives for delivering long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth as the market leader in the building products distribution marketplace," Macadam said. "We achieved profitable unit volume growth, 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, developed new industrial accounts and expanded product lines with new and existing customers. A highlight of these initiatives was our agreement with Louisiana-Pacific Louisiana-Pacific Corporation NYSE: LPX, commonly known as "LP", is a building materials manufacturer. It was founded in 1973 and is based in Nashville, Tennessee. Corp. to nationally distribute its specialty decking decking multiple decks in animal accommodation or transportation facilities. Common for young animals, chiefly piglets, commercial poultry, laboratory animals, cats and dogs. and railing products. This agreement, announced in September, represents a significant achievement for BlueLinx and demonstrates the importance of our value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: approach to supply chain solutions, particularly as a means of increasing over time the contribution of less price-sensitive specialty products to our business. "Looking forward, we believe market conditions will remain challenging for the fourth quarter, due to the historically slow November November: see month. and December months and a resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of the negative pricing bias we have experienced throughout much of the year," Macadam noted. "Our performance during the third quarter reinforces the fact that BlueLinx has the process and experience to manage through challenging market conditions. We remain committed to long-term value creation, which is rooted first and foremost in providing exceptional value to our customers through a solutions-based approach to their supply chain needs." As Reported Results As reported sales for the third quarter ended October 1, 2005, were $1.45 billion compared to $1.51 billion for the same period last year. Gross profit declined to $137.0 million from $142.3 million in the prior-year period primarily reflecting a decline in structural product margins. Net income for the third quarter of 2005 was $13.9 million compared to $20.5 million the previous year. For the nine months ended October 1, 2005, BlueLinx reported sales of $4.29 billion, compared with $4.35 billion last year. Gross profit was $372.0 million compared with $459.0 million in 2004; net income was $30.1 million versus $82.1 million in the prior-year period. The company's net income of $82.1 million for the first nine months 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 nine months ended October 1, 2005. Dividend On November 7, 2005, the BlueLinx Board of Directors 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 the company's common shares for the quarter ended October 1, 2005. The dividend is payable on December 30, 2005, to shareholders of record on December 15, 2005. Basis of Presentation This release provides unaudited financial statements for the third quarter and nine month periods of 2005 and 2004. For purposes of comparison, the statement of operations for the third quarter and nine months ended October 2, 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 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 also can access a recording of the conference call for one week by calling 706-645-9291, Conference ID# 1551609. 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 3,600 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 65 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. ; adverse weather patterns or conditions; 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
(unaudited)
Quarters Ended Nine Months Ended
----------------------- -----------------------
BlueLinx BlueLinx BlueLinx BlueLinx
As Reported Proforma As Reported Proforma
----------- ----------- ----------- -----------
October 1, October 2, October 1, October 2,
2005 2004 2005 2004
----------- ----------- ----------- -----------
Net sales $1,454,217 $1,509,581 $4,292,812 $4,350,527
Cost of sales 1,317,180 1,367,303 3,920,766 3,888,183
----------- ----------- ----------- -----------
Gross profit 137,037 142,278 372,046 462,344
----------- ----------- ----------- -----------
Operating expenses:
Selling, general,
and administrative 97,926 94,323 277,309 292,089
Depreciation
and amortization 4,993 3,920 13,793 11,592
----------- ----------- ----------- -----------
Total operating
expenses 102,919 98,243 291,102 303,681
----------- ----------- ----------- -----------
Operating income 34,118 44,035 80,944 158,663
Non-operating
expenses:
Interest
expense 11,216 9,922 31,206 27,755
Other expense, net (295) 140 58 581
----------- ----------- ----------- -----------
Income before provision
for income taxes 23,197 33,973 49,680 130,327
Provision for income
taxes 9,301 13,827 19,615 53,043
----------- ----------- ----------- -----------
Net income 13,896 20,146 30,065 77,284
Less: Preferred stock
dividends - - - -
----------- ----------- ----------- -----------
Net income applicable
to common shareholder $ 13,896 $ 20,146 $ 30,065 $ 77,284
=========== =========== =========== ===========
Basic weighted average
number of common
shares outstanding 30,199 30,185 30,180 30,185
=========== =========== =========== ===========
Basic net income per
share applicable to
common stock $ 0.46 $ 0.67 $ 1.00 $ 2.56
=========== =========== =========== ===========
Diluted weighted
average number of
common shares
outstanding 30,493 30,185 30,459 30,185
=========== =========== =========== ===========
Diluted net income per
share applicable to
common stock $ 0.46 $ 0.67 $ 0.99 $ 2.56
=========== =========== =========== ===========
Dividends declared per
share of common stock $ 0.125 $ 0.375
=========== ===========
BlueLinx Holdings Inc.
As Reported Statements of Operations
in thousands, except per share data
(unaudited)
Quarters Ended Nine Months Ended
----------------------- -----------------------
BlueLinx BlueLinx BlueLinx BlueLinx
As Reported As Reported As Reported As Reported
(Combined)
----------- ----------- ----------- -----------
October 1, October 2, October 1, October 2,
2005 2004 2005 2004
----------- ----------- ----------- -----------
Net sales $1,454,217 $1,509,581 $4,292,812 $4,350,527
Cost of sales 1,317,180 1,367,303 3,920,766 3,891,510
----------- ----------- ----------- -----------
Gross profit 137,037 142,278 372,046 459,017
----------- ----------- ----------- -----------
Operating expenses:
Selling, general,
and administrative 97,926 93,363 277,309 294,802
Depreciation and
amortization 4,993 3,920 13,793 12,412
----------- ----------- ----------- -----------
Total operating
expenses 102,919 97,283 291,102 307,214
----------- ----------- ----------- -----------
Operating income 34,118 44,995 80,944 151,803
Non-operating
expenses:
Interest expense 11,216 10,914 31,206 17,708
Other expense, net (295) 140 58 581
----------- ----------- ----------- -----------
Income before
provision for income
taxes 23,197 33,941 49,680 133,514
Provision for income
taxes 9,301 13,426 19,615 51,366
----------- ----------- ----------- -----------
Net income 13,896 20,515 30,065 $ 82,148
===========
Less: Preferred
stock dividends - 2,487
----------- ----------- -----------
Net income applicable
to common
shareholder $ 13,896 $ 18,028 $ 30,065
=========== =========== ===========
Basic weighted average
number of common
shares outstanding 30,199 18,100 30,180
=========== =========== ===========
Basic net income per
share applicable to
common stock $ 0.46 $ 1.00 $ 1.00
=========== =========== ===========
Diluted weighted
average number of
common shares
outstanding 30,493 19,406 30,459
=========== =========== ===========
Diluted net income per
share applicable to
common stock $ 0.46 $ 0.93 $ 0.99
=========== =========== ===========
Dividends declared per
share of common stock $ 0.125 $ 0.375
=========== ===========
BlueLinx Holdings Inc.
As Reported Balance Sheets
in thousands
BlueLinx BlueLinx
As Reported As Reported
----------- -----------
October 1, January 1,
2005 2005
----------- -----------
(unaudited)
Assets:
Current assets:
Cash $ 28,320 $ 15,572
Receivables 526,466 363,688
Inventories 418,864 500,231
Deferred income taxes 7,259 6,122
Other current assets 41,303 34,203
----------- -----------
Total current assets 1,022,212 919,816
----------- -----------
Property, plant, and equipment:
Land and land improvements 56,496 55,573
Buildings 93,381 93,133
Machinery and equipment 52,408 41,063
Construction in progress 1,920 5,089
----------- -----------
Property, plant, and equipment, at cost 204,205 194,858
Accumulated depreciation (18,479) (7,880)
----------- -----------
Property, plant, and equipment, net 185,726 186,978
Other non-current assets 27,382 30,268
----------- -----------
Total assets $1,235,320 $1,137,062
=========== ===========
Liabilities :
Current liabilities:
Accounts payable $ 325,335 $ 270,271
Bank overdrafts 43,953 32,033
Accrued compensation 12,077 18,292
Current maturities of long-term debt 63,937 94,103
Other current liabilities 14,642 13,142
----------- -----------
Total current liabilities 459,944 427,841
----------- -----------
Noncurrent liabilities:
Long-term debt 590,000 558,000
Deferred income taxes 850 740
Other long-term liabilities 13,565 8,989
----------- -----------
Total liabilities 1,064,359 995,570
----------- -----------
Shareholders' Equity:
Common stock 302 295
Additional paid in capital 131,741 121,306
Accumulated other comprehensive income (508) (789)
Retained earnings 39,426 20,680
----------- -----------
Total shareholders' equity 170,961 141,492
----------- -----------
Total liabilities and equity $1,235,320 $1,137,062
=========== ===========
BlueLinx Holdings Inc.
As Reported Statements of Cash Flows
in thousands
(unaudited)
Nine Months Ended
---------------------
BlueLinx BlueLinx
As As
Reported Reported
(Combined)
---------- ----------
October 1, October 2,
2005 2004
---------- ----------
Cash flows from operating activities:
Net income $ 30,065 $ 82,148
Adjustments to reconcile net income
to cash provided by (used in) operations:
Depreciation and amortization 13,793 12,412
Amortization of debt issue costs 2,704 1,215
Deferred income tax provision (benefit) (1,027) 4,355
Changes in assets and liabilities:
Receivables (158,401) (228,568)
Inventories 91,976 (161,245)
Accounts payable 54,485 220,669
Changes in other working capital (11,003) 8,121
Other 5,695 (446)
--------- ----------
Net cash provided by (used in) operating
activities 28,287 (61,339)
--------- ----------
Cash flows from investing activities:
Acquisitions, net of cash acquired (17,021) (776,307)
Property, plant, and equipment investments (10,034) (3,055)
Proceeds from sale of assets 814 277
--------- ----------
Net cash used in investing activities (26,241) (779,085)
--------- ----------
Cash flows from financing activities:
Net transactions with Georgia-Pacific
Corporation - 88,352
Issuance of preferred stock - 95,000
Issuance of common stock, net 8,541 5,000
Proceeds from stock options exercised 296 -
Net increase in revolving credit facility 1,834 473,507
Proceeds from issuance of term loan - 100,000
Proceeds from issuance of mortgage payable - 100,000
Debt financing costs (570) (15,338)
Increase in bank overdrafts 11,920 16,504
Common dividends paid (11,319) -
--------- ----------
Net cash provided by financing activities 10,702 863,025
--------- ----------
Increase in cash 12,748 22,601
Balance, beginning of period 15,572 506
--------- ----------
Balance, end of period $ 28,320 $ 23,107
========= ==========
BlueLinx Holdings Inc.
Statement of Operations Nine Months
As Reported Reconciliation
in thousands, except per share data
BlueLinx
BlueLinx BlueLinx Distribution As Reported
Division
As Reported As Reported As Reported (Combined)
----------- ----------- ------------ -----------
Period from Period from Period from Nine Months
January 2, Inception January 4, Ended
2005 (March 8, 2004
to 2004) to to
October 1, October 2, May 7, October 2,
2005 2004 2004 2004
----------- --------- ----------- -----------
(unaudited) (unaudited) (unaudited)
Net sales $4,292,812 $2,465,193 $1,885,334 $4,350,527
Cost of sales 3,920,766 2,233,387 1,658,123 3,891,510
----------- ----------- ------------ -----------
Gross profit 372,046 231,806 227,211 459,017
----------- ----------- ------------ -----------
Operating expenses:
Selling, general,
and administrative 277,309 155,599 139,203 294,802
Depreciation and
amortization 13,793 6,237 6,175 12,412
----------- ----------- ------------ -----------
Total operating
expenses 291,102 161,836 145,378 307,214
----------- ----------- ------------ -----------
Operating income 80,944 69,970 81,833 151,803
Non-operating
expenses:
Interest expense 31,206 17,708 - 17,708
Other expense net 58 (33) 614 581
----------- ----------- ------------ -----------
Income before income
taxes 49,680 52,295 81,219 133,514
Provision for income
taxes 19,615 20,584 30,782 51,366
----------- ----------- ------------ -----------
Net income 30,065 31,711 $ 50,437 $ 82,148
============ ===========
Less: Preferred stock
dividends - 3,971
----------- -----------
Net income applicable
to common
shareholders $ 30,065 $ 27,740
=========== ===========
Basic weighted
average number of
common shares
outstanding 30,180 18,100
=========== ===========
Basic net income per
share applicable to
common stock $ 1.00 $ 1.53
=========== ===========
Diluted weighted
average number of
common shares
outstanding 30,459 19,300
=========== ===========
Diluted net income
per share applicable
to common stock $ 0.99 $ 1.44
=========== ===========
Dividends declared
per share of common
stock $ 0.375
===========
BlueLinx Holdings Inc.
Statement of Cash Flows
As Reported Reconciliation YTD
in thousands
BlueLinx
BlueLinx BlueLinx Distribution As
Division Reported
As As As Reported (Combined)
Reported Reported
--------- --------- ------------ ----------
Period Period Period
from from from
January Inception January 4, Nine
2, 2005 (March 2004 Months
8, 2004) to Ended
to to May 7, October 2,
October 1, October 2,
2005 2004 2004 2004
----------- --------- ------------ ----------
(unaudited) (unaudited) (unaudited)
Cash flows from operating
activities:
Net income $ 30,065 $ 31,711 $ 50,437 $ 82,148
Adjustments to reconcile
net income to cash
provided by (used in)
operations:
Depreciation and
amortization 13,793 6,237 6,175 12,412
Amortization of
debt issue costs 2,704 1,215 - 1,215
Deferred income tax
provision (benefit) (1,027) (4,828) 9,183 4,355
Changes in assets
and liabilities:
Receivables (158,401) 63,782 (292,350) (228,568)
Inventories 91,976 (15,556) (145,689) (161,245)
Accounts payable 54,485 (37,103) 257,772 220,669
Changes in other
working capital (11,003) 5,657 2,464 8,121
Other 5,695 1,528 (1,974) (446)
--------- --------- ------------ ----------
Net cash provided by (used
in) operating activities 28,287 52,643 (113,982) (61,339)
--------- --------- ------------ ----------
Cash flows from investing
activities:
Acquisitions, net of cash
acquired (17,021) (776,307) - (776,307)
Property, plant, and
equipment investments (10,034) (1,677) (1,378) (3,055)
Proceeds from sale of
assets 814 25 252 277
--------- --------- ------------ ----------
Net cash used in investing
activities (26,241) (777,959) (1,126) (779,085)
--------- --------- ------------ ----------
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 8,541 5,000 - 5,000
Proceeds from stock options
exercised 296 -
Net increase in revolving
credit facility 1,834 473,507 - 473,507
Proceeds from issuance of
term loan - 100,000 - 100,000
Proceeds from issuance of
mortgage payable - 100,000 - 100,000
Debt financing costs (570) (15,338) - (15,338)
Increase (decrease) in bank
overdrafts 11,920 (9,746) 26,250 16,504
Common dividends paid (11,319) - - -
--------- --------- ------------ ----------
Net cash provided by
financing activities 10,702 748,423 114,602 863,025
--------- --------- ------------ ----------
Increase (decrease) in
cash 12,748 23,107 (506) 22,601
Balance, beginning of
period 15,572 - 506 506
--------- --------- ------------ ----------
Balance, end of period $ 28,320 $ 23,107 $ - $ 23,107
========= ========= ============ ==========
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