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BlueLinx Holdings Inc. reports on its role as a U.S. wholesale distributor of residential and commercial building products. Company news commonly covers quarterly operating results, gross margin trends, liquidity, share repurchases, and sales performance across specialty and structural product categories.
Updates also describe BlueLinx's branded and private-label building-product portfolio, including lumber, panels, engineered wood, siding, millwork, outdoor living and industrial products. Recurring developments include distribution partnerships, product launches, acquisition-related integration, customer-channel activity, and leadership or commercial-organization changes across its nationwide distribution-center network.
BlueLinx Holdings (NYSE: BXC) has successfully completed a sale-leaseback transaction involving its Denver distribution facility, generating $10.6 million in net cash proceeds. This transaction, finalized on August 14, 2020, allowed BlueLinx to repay part of its term loan, reducing its balance to approximately $57.8 million. The company will no longer be subject to the total net leverage ratio covenant of the loan, provided the balance stays below $45 million. Management indicates ongoing efforts to monetize real estate assets as part of a broader deleveraging strategy.
BlueLinx Holdings Inc. (NYSE:BXC) has announced a new distribution agreement with LP Building Solutions to distribute LP® SmartSide® and LP® SmartSide® ExpertFinish® Trim & Siding in Northeast U.S. markets. This partnership will enhance BlueLinx's product offerings and improve customer service. The products will be distributed from various facilities across the Northeast, contributing to BlueLinx's commitment to provide high-quality building solutions. The agreement aligns with LP's growth strategy and aims to increase efficiency in installations and aesthetics.
BlueLinx Holdings reported net sales of $699 million for Q2 2020, slightly down from $706 million in Q2 2019. Gross margin improved to 14.4% from 13.3%, and net income rose to $7 million from $6 million. Adjusted EBITDA increased by 24% to $31 million. The company reduced debt by $125 million and has $138 million available in cash and credit. Despite challenges from COVID-19, BlueLinx observed market recovery with increased housing starts and improved commodity prices, affirming operational advancements from 2019.
BlueLinx Holdings Inc. (NYSE: BXC) will hold a conference call on August 4, 2020, at 10:00 a.m. Eastern Time to discuss its second-quarter financial results. The press release with the results will be available post-market on August 3. CEO Mitch Lewis and CFO Kelly Janzen will present the financial results during the call. Investors can join via telephone or access a live webcast on the company's website. BlueLinx operates as a major distributor of building and industrial products across 40 states, offering over 50,000 SKUs.
BlueLinx Holdings Inc. (NYSE:BXC) reported a net sales increase to $662 million in Q1 2020, up from $639 million the previous year, driven by higher volumes and price inflation. Gross margin improved to 14.1% from 13.5%, leading to an Adjusted EBITDA of $19.9 million. The company reduced its net loss to $0.8 million from $6.7 million. Despite the ongoing COVID-19 pandemic impacts, BlueLinx's operations have been designated essential, and it reports no significant supply chain disruptions. The company entered Q2 with approximately $97 million in cash and liquidity.