Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q4 2008 Earnings Presentation
23 slides from Bluelinx's earnings presentation, Feb 17, 2009
Slide 1: BlueLinx Quarterly Review 4th Quarter 2008
BlueLinx Quarterly Review 4th Quarter 2008
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: 4th Quarter Highlights
4th Quarter Highlights 4th Quarter Highlights Housing Starts Declined 44% from the same period last year Declined 44% from the same period last year Prices Prices of key grades of wood-based structural products declined 24% from the end of 3Q '08 to the end of 4Q '08 Prices of key grades of wood-bas
Slide 4: George Judd, Chief Executive Officer: Introduction
George Judd Chief Executive Officer Introduction
Slide 5: 4th Quarter Focus
4th Quarter Focus Key focus on cash Tight management of costs and working capital Strengthen customer and supplier relationships Long term strategic objectives: Profitably grow specialty revenues to 60+% of total sales Profitably manage structural while reducing exposure to volatility Profitably out
Slide 6: Doug Goforth, Chief Financial Officer: Financial Review
Doug Goforth Chief Financial Officer and Treasurer Financial Review
Slide 7: 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 Specialty 539.5 580 603.3 553.5 460 456.5 500.8 462.9 381.5 354 402.8 375.9 278.7 Structural 815.2 813.4 798.7 666.6 509.2 518.9 598.1 571.4 409.6 373 442.4 365.8 240.9 Other -25.4 -16.8 -23
Slide 8: Full Year 2008 Results
Full Year 2008 Results revenue FY '07 3833.9 FY '08 2779.7 YOY $1,054.2 or 27.5% FY '07 FY '08 GM % 0.102 0.113 YOY 1.1 % Operating Expense FY '07 393.7 FY '08 323.9 FY '07 FY '08 Net Income -27.9 -31.7 EPS -0.91 -1.02 YOY $69.8 or 17.7%
Slide 9: Cash Flows
Cash Flows Three Months Ended January 3, 2009 (in millions) BXC generated $81.7 million in operating cash flow for the quarter $79.3
Slide 10: Debt
Debt Revolver ($800 million facility) Matures May 7, 2011 $192 million excess availability as of January 3, 2009 No financial performance covenants provided excess borrowing availability is greater than $40 million Dividend restrictions apply if excess availability is less than $70 million Capital S
Slide 11: Cash Cycle
Cash Cycle TTM Cash Cycle days at 50 improving 2 days sequentially and 1 days from year ago same quarters 3Q '07 4Q '07 1Q '08 2Q '08 3Q '08 4Q '08 Inv 45.8 44.7 46.3 46.3 45.3 43.9 A/R 34.7 32.9 34.5 35.3 34.7 32.4 A/P & OD's -28.7 -27.3 -28.3 -28.8 -27.8 -26.4 MSGraph.Chart.8 MSGraph.Chart.8 Cash
Slide 12: Summary
Summary 4th Quarter Focused on cash management Aggressively managing receivables and inventory Tight controls on operating expenses Remain focused on gross margin Ended the quarter with $150 million in cash and cash equivalents Flexible debt facility allows continued execution of business plan in ex
Slide 13: George Judd, Chief Executive Officer: Summary
George Judd Chief Executive Officer Summary
Slide 14: Summary Remarks
Summary Remarks Primary focus is on managing cash flow Successfully underscoring our value proposition to our customers and getting paid for the value we bring to them
Slide 15: Appendix
Appendix TOPIC PAGE Revenues by Quarter 16 Unit Volume by Quarter 17 Gross Margin by Quarter 18 Profit and Loss Statement by Quarter 19 Gross Margin % Analysis 20 Channel Mix Analysis 21 Structural Product Price Trends 22 Reconciliation of GAAP to Non-GAAP 23
Slide 16: Revenues by Quarter
Revenues by Quarter Revenues by Quarter
Slide 17: Unit Volume by Quarter
Unit Volume by Quarter Unit Volume by Quarter
Slide 18: Gross Margin by Quarter
Gross Margin by Quarter Gross Margin by Quarter
Slide 19: Profit & Loss Statement by Quarter
Profit & Loss Statement by Quarter Profit & Loss Statement by Quarter
Slide 20: Gross Margin % Analysis
Gross Margin % Analysis Gross Margin % Analysis
Slide 21: Revenue Channel Mix Analysis
Revenue Channel Mix Analysis Revenue Channel Mix Analysis
Slide 22: Structural Products Price Trend
Source: Data from Random Lengths Publications, Inc., updated as of February 13, 2009 Structural Products Price Trend Structural Products Price Trend Structural Products Price Trend Structural Products Price Trend
Slide 23: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP Reconciliation of GAAP to Non-GAAP