Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q2 2008 Earnings Presentation
23 slides from Bluelinx's earnings presentation, Jul 30, 2008
Slide 1: BlueLinx Quarterly Review 2nd Quarter 2008
BlueLinx Quarterly Review 2nd 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: 2nd Quarter Highlights
2nd Quarter Highlights 2nd Quarter Highlights Housing Starts Declined 32% from the same period last year Declined 32% from the same period last year Prices Prices of key grades of wood-based structural products rose 19% from the end of 1Q '08 to the end of 2Q '08 Prices of key grades of wood-based s
Slide 4: Howard Cohen, Interim Chief Executive Officer: Introduction
Howard Cohen Interim Chief Executive Officer Introduction
Slide 5: 2nd Quarter Focus
2nd 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 Specialty 539.5 580 603.3 553.5 460 456.5 500.8 462.9 381.5 354 402.8 Structural 815.2 813.4 798.7 666.6 509.2 518.9 598.1 571.4 409.6 373 442.4 Other -25.4 -16.8 -23 -16.6 -28.9 -18.3 -16.9 -18.4 -12.2 -1
Slide 8: YTD 2008 Results
YTD 2008 Results revenue YTD '07 2039.1 YTD '08 1551.4 YOY $487.7 or 23.9% YTD '07 YTD '08 GM % 0.109 0.119 YOY 100 bp Operating Expense YTD '07 192.5 YTD '08 171.9 YTD '07 YTD '08 Net Income 5.2 -4 EPS 0.17 -0.13 YOY $20.6 or 10.7%
Slide 9: Cash Flows
Cash Flows Three Months Ended June 28, 2008 (in millions) BXC generated $52 million in operating cash flow for the quarter $12.8
Slide 10: Total Debt
Total Debt Combined total debt on our mortgage and revolving credit facility of $461 million, down $166 million from a year ago $271 million available on revolving credit facility 1Q '07 2Q '07 3Q '07 4Q '07 1Q '08 2Q '08 Total Debt 611 626.5 581 478.5 504.3 461 YOY $165.5 or 26.4%
Slide 11: 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 2Q '08 Inventory 501.2 532.2 471.2 410.7 465.6 470.2 424.5 335.9 351.2 315.4 YOY $154.8 or 32.9%
Slide 12: Cash Cycle
Cash Cycle Cash cycle days equal accounts receivable days + inventory days - accounts payable days using an average beginning and ending balance. The days calculations use calendar days. Cash Cycle days at 47 vs. 54 at 1Q '08 and 50 same period last year Inventory days improved significantly as we c
Slide 13: Summary
Summary 2nd 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 $271 million at June 28, 2
Slide 14: Howard Cohen, Interim Chief Executive Officer: Summary
Howard Cohen Interim Chief Executive Officer Summary
Slide 15: 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 Georgia-Pacific supply agreement Existing agreement runs through May 2010 BXC continues to distribute G-P products under the existin
Slide 16: Appendix
Appendix TOPIC PAGE Revenues by Quarter 17 Unit Volume by Quarter 18 Gross Margin by Quarter 19 Profit and Loss Statement by Quarter 20 Gross Margin % Analysis 21 Channel Mix Analysis 22 Structural Product Price Trends 23
Slide 17: Revenues by Quarter
Revenues by Quarter Revenues by Quarter
Slide 18: Unit Volume by Quarter
Unit Volume by Quarter Unit Volume by Quarter
Slide 19: Gross Margin by Quarter
Gross Margin by Quarter Gross Margin by Quarter
Slide 20: Profit & Loss Statement by Quarter
Profit & Loss Statement by Quarter Profit & Loss Statement by Quarter
Slide 21: Gross Margin % Analysis
Gross Margin % Analysis Gross Margin % Analysis
Slide 22: Revenue Channel Mix Analysis
Revenue Channel Mix Analysis Revenue Channel Mix Analysis
Slide 23: Structural Products Price Trend
Source: Data from Random Lengths Publications, Inc., updated as of July 25, 2008 Structural Products Price Trend Structural Products Price Trend Structural Products Price Trend Structural Products Price Trend