bxc-20211002

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 2, 2021


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-32383


			BlueLinx Holdings Inc.
			(Exact name of registrant as specified in its charter)


Delaware						77-0627356
(State of Incorporation)						(I.R.S. Employer Identification No.)


1950 Spectrum Circle, Suite 300, Marietta, GA 30067
(Address of principal executive offices, including zip code)

(770) 953-7000

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

BXC

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically (Section 232.405 of this chapter) every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☐

Accelerated Filer

☑

Non-accelerated Filer

☐

Smaller Reporting Company

☑

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of October 29, 2021, there were 9,706,685 shares of BlueLinx Holdings Inc. common stock, par value $0.01, outstanding.

BLUELINX HOLDINGS INC.

Form 10-Q

For the Quarterly Period Ended October 2, 2021

INDEX


			PAGE
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements — BlueLinx Holdings Inc. (Unaudited)			1
Condensed Consolidated Statements of Operations and Comprehensive Income			1
Condensed Consolidated Balance Sheets			2
Condensed Consolidated Statements of Stockholders' Equity (Deficit)			3
Condensed Consolidated Statements of Cash Flows			5
Notes to Condensed Consolidated Financial Statements			6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			17
Item 3. Quantitative and Qualitative Disclosures About Market Risk			32
Item 4. Controls and Procedures			32
Forward-Looking Statements			29

PART II. OTHER INFORMATION
Item 1. Legal Proceedings			33
Item 1A. Risk Factors			33
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			34
Item 3. Defaults Upon Senior Securities			34
Item 4. Mine Safety Disclosures			34
Item 5. Other Information			34
Item 6. Exhibits			35

Signature			36

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BLUELINX HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)


	Three Months Ended				Nine Months Ended
	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Net sales	$	970,842	$	871,063	$	3,304,224	$	2,231,909
Cost of sales	817,515		711,603		2,719,333		1,878,420
Gross profit	153,327		159,460		584,891		353,489
Operating expenses (income):
Selling, general, and administrative	76,176		79,976		238,746		225,258
Depreciation and amortization	6,884		7,087		21,429		21,785
Amortization of deferred gains on real estate	(984)		(984)		(2,951)		(2,952)
Gains from sales of property	—		(8,684)		(1,287)		(9,209)
Other operating expenses	212		609		1,197		6,736
Total operating expenses	82,288		78,004		257,134		241,618
Operating income	71,039		81,456		327,757		111,871
Non-operating expenses (income):
Interest expense, net	8,313		10,776		33,690		36,691
Other income, net	(704)		(238)		(1,335)		(58)
Income before provision for income taxes	63,430		70,918		295,402		75,238
Provision for income taxes	16,232		15,802		72,886		14,214
Net income	$	47,198	$	55,116	$	222,516	$	61,024

Basic income per share	$	4.85	$	5.83	$	23.23	$	6.49
Diluted income per share	$	4.74	$	5.72	$	22.91	$	6.48

Comprehensive income:
Net income	$	47,198	$	55,116	$	222,516	$	61,024
Other comprehensive income:
Amortization of unrecognized pension gain, net of tax	238		294		723		604
Other	7		(5)		24		(2)
Total other comprehensive income	245		289		747		602
Comprehensive income	$	47,443	$	55,405	$	223,263	$	61,626

See accompanying Notes.

BLUELINX HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)


	October 2, 2021		January 2, 2021
ASSETS
Current assets:
Cash	$	186	$	82
Receivables, less allowances of $4,471 and $4,123, respectively	344,974		293,643
Inventories, net	436,438

SEC Form 10-Q filed by BlueLinx Holdings Inc.