Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q1 2008 Earnings Presentation
22 slides from Bluelinx's earnings presentation, May 1, 2008
Slide 1: BlueLinx Quarterly Review 1st Quarter 2008
BlueLinx Quarterly Review 1st 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: 1st Quarter Highlights
1st Quarter Highlights 1st Quarter Highlights Housing Starts Declined 30% from the same period last year Declined 30% from the same period last year Prices Prices of key grades of wood-based structural products fell 5% from the end of 4Q '07 to the end of 1Q '08 Prices of key grades of wood-based st
Slide 4: Introduction - Howard Cohen, Interim Chief Executive Officer
Introduction Howard Cohen Interim Chief Executive Officer
Slide 5: 1st Quarter Focus
1st 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: Financial Review - Doug Goforth, Chief Financial Officer and Treasurer
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 Specialty 539.5 580 603.3 553.5 460 456.5 500.8 462.9 381.5 354 Structural 815.2 813.4 798.7 666.6 509.2 518.9 598.1 571.4 409.6 373 Other -25.4 -16.8 -23 -16.6 -28.9 -18.3 -16.9 -18.4 -12.2 -10.2 Specialty Unit
Slide 8: Cash Flows
Cash Flows Three Months Ended March 29, 2008 (in millions) BXC used $21.1 million in operating cash flow for the quarter $1.2
Slide 9: Total Debt
Total Debt Combined total debt on our mortgage and revolving credit facility of $504 million, down $107 million from a year ago $228 million available on revolving credit facility 1Q '07 2Q '07 3Q '07 4Q '07 1Q '08 Total Debt 611 626.5 581 478.5 504.3 YOY $106.7 or 17.5%
Slide 10: Inventory Analysis
Inventory Analysis BXC managed inventory to the demand environment and to support strategic initiatives 1Q '06 2Q '06 3Q '06 4Q '06 1Q '07 2Q '07 3Q '07 4Q '07 1Q '08 Inventory 501.2 532.2 471.2 410.7 465.6 470.2 424.5 335.9 351.2 YOY $114.4 or 24.6%
Slide 11: Cash Cycle
Cash Cycle Cash cycle days equal accounts receivable days + inventory days - accounts payable days using an average beginning and ending balance Cash Cycle days at 54 vs. 56 at 4Q '07 and 51 same period last year Inventory days remain above desired levels and are being actively managed across the co
Slide 12: Summary
Summary 1st Quarter Focused on cash management Aggressively managing receivables and inventory Tight controls on operating expenses Remain focused on gross margin Flexible debt facility allows continued execution of business plan in extended downturn Excess availability of $228 million at March 29,
Slide 13: Operations Review - George Judd, President & Chief Operating Officer
George Judd President & Chief Operating Officer Operations Review
Slide 14: Key Initiatives
Key Initiatives To support our strategic objectives: Cash management Gross margins Profitably grow specialty business Provide excellent value proposition to our customers Provide excellent return to our shareholders
Slide 15: Summary Remarks
Howard Cohen Summary Remarks Demand environment deteriorating further Focused on: Managing cash flow Aggressively managing costs Defending our core business Serving our customers and suppliers Selective pursuit of growth opportunities
Slide 16: Appendix
Appendix TOPIC PAGE Revenues and 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
Slide 17: Revenues and Unit Volume by Quarter
Revenues and Unit Volume by Quarter Revenues and 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 April 25, 2008 Structural Products Price Trend Structural Products Price Trend Structural Products Price Trend Structural Products Price Trend