Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q2 2009 Earnings Presentation
21 slides from Bluelinx's earnings presentation, Aug 6, 2009
Slide 1: BlueLinx Quarterly Review 2nd Quarter 2009
BlueLinx Quarterly Review 2nd Quarter 2009
Slide 2: Safe Harbor Statement and Use of Non-GAAP and Pro Forma Information
BlueLinx Holdings Inc. Safe Harbor Statement and Use of Non-GAAP and Pro Forma Information Forward-Looking Statement Safe Harbor - This presentation includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All of these forward-looking statemen
Slide 3: 2nd Quarter Highlights
2nd Quarter Highlights 2nd Quarter Highlights Housing Starts Declined 46% from the same period last year Declined 46% from the same period last year Prices Average structural prices declined 24.9% from 2Q '08 to 2Q '09 Average structural prices declined 24.9% from 2Q '08 to 2Q '09 Unit Volume Total
Slide 4: Introduction and Financial Review
Doug Goforth Chief Financial Officer and Treasurer Introduction and Financial Review
Slide 5: Quarterly Revenue
Quarterly Revenue 4Q '05 1Q '06 2Q '06 3Q '06 4Q '06 1Q '07 2Q '07 3Q '07 4Q '07 1Q '08 2Q '08 3Q '08 4Q '08 1Q '09 2Q '09 Specialty 539.5 580 603.3 553.5 460 456.5 500.8 462.9 381.5 354 402.8 375.9 278.7 233.9 250 Structural 815.2 813.4 798.7 666.6 509.2 518.9 598.1 571.4 409.6 373 442.4 365.8 240.
Slide 6: YTD 2009 Results
YTD 2009 Results revenue YTD '08 1551.4 YTD '09 830.6 YOY $720.8 or 46.5% YTD '08 YTD '09 GM % 0.119 0.111 YOY 80 bp Operating Expense YTD '08 171.9 YTD '09 100.4 YTD '08 YTD '09 Net Income -4 -60 EPS -0.13 -1.93 YOY $71.5 or 41.6%
Slide 7: Cash Flows
Cash Flows BXC generated $8.4 million in operating cash flow for the quarter Three Months Ended July 4, 2009 Unaudited Direct Method (in million's) (in million's) (in million's) (in million's)
Slide 8: Debt
Debt Revolver ($500 million facility) Matures May 7, 2011 $184 million excess availability as of July 4, 2009 Dividend restrictions apply if excess availability is less than $70 million No financial performance covenants provided excess borrowing availability is greater than $40 million Capital Spen
Slide 9: Cash Cycle
Cash Cycle TTM Cash Cycle days at 53 increased 3 days sequentially and 1 day from year ago same quarter 3Q '07 4Q '07 1Q '08 2Q '08 3Q '08 4Q '08 1Q '09 2Q '09 Inv 45.8 44.7 46.3 46.3 45.3 43.9 44 44.7 A/R 34.7 32.9 34.5 35.3 34.7 32.4 33 35.6 A/P & OD's -28.7 -27.3 -28.3 -28.8 -27.8 -26.4 -27 -28.4
Slide 10: Summary
Summary 2nd Quarter Focused on cash management Aggressively managing receivables and inventory Tight controls on operating expenses Ended the quarter with $53 million in cash and cash equivalents Remain focused on improving gross margin Flexible debt facility allows continued execution of business s
Slide 11: Business Review
George Judd Chief Executive Officer Business Review
Slide 12: 2nd Quarter Focus
2nd Quarter Focus Continued strengthening of customer and supplier relationships Gross margins Cost discipline Technology Long term strategic objectives: Profitably grow specialty revenues to 60+% of total sales Profitably manage structural Profitably outgrow the market over the long term Remarks
Slide 13: Appendix
Appendix TOPIC PAGE Revenues by Quarter 14 Unit Volume by Quarter 15 Gross Margin by Quarter 16 Profit and Loss Statement by Quarter 17 Gross Margin % Analysis 18 Channel Mix Analysis 19 Structural Product Price Trends 20 Reconciliation of GAAP to Non-GAAP 21
Slide 14: Revenues by Quarter
Revenues by Quarter Revenues by Quarter
Slide 15: Unit Volume by Quarter
Unit Volume by Quarter Unit Volume by Quarter
Slide 16: Gross Margin by Quarter
Gross Margin by Quarter Gross Margin by Quarter
Slide 17: Profit & Loss Statement by Quarter
Profit & Loss Statement by Quarter Profit & Loss Statement by Quarter
Slide 18: Gross Margin % Analysis
Gross Margin % Analysis Gross Margin % Analysis
Slide 19: Revenue Channel Mix Analysis
Revenue Channel Mix Analysis Revenue Channel Mix Analysis
Slide 20: Structural Products Price Trend
Source: Data from Random Lengths Publications, Inc., updated as of July 31, 2009 Structural Products Price Trend Structural Products Price Trend Structural Products Price Trend Structural Products Price Trend
Slide 21: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP Reconciliation of GAAP to Non-GAAP