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BlueLinx Holdings Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 3, 2012 09:42PM
BlueLinx Holdings Inc. (BXC) filed Quarterly Report for the period ended 2012-03-31. Bluelinx Hldgs has a market cap of $175.3 million; its shares were traded at around $2.73 with and P/S ratio of 0.1.
Highlight of Business Operations:Net sales. For the first quarter of fiscal 2012, net sales increased by 16.2%, or $63.1 million, to $453.7 million. Sales during the quarter increased as compared to the first quarter of fiscal 2011, due to an increase in housing starts in the first quarter of fiscal 2012. In addition, the warmer winter weather experienced during the first quarter of 2012, compared to the severe winter weather experienced in the first quarter of fiscal 2011, helped improve our performance. Specialty sales increased by $37 million, or approximately 16.0%, compared to the first quarter of fiscal 2011, primarily due to a 12.4% increase in unit volume and a 3.8% increase in specialty products prices. Structural sales increased by $22 million, or 13.7% from a year ago, as a result of an increase in unit volume of 9.4% and an increase in structural product prices of 4.3%.
Gross profit. Gross profit for the first quarter of fiscal 2012 was $54.2 million, or 12.0% of sales, compared to $46.3 million, or 11.8% of sales, in the prior year period. The increase in gross profit dollars compared to the first quarter of fiscal 2011 was driven primarily by increases in specialty product unit volume of 12.4% and structural product unit volume of 9.4%.
Selling, general and administrative. Selling, general and administrative expenses for the first quarter of fiscal 2012 were $56.1 million, or 12.4% of net sales, compared to $48.4 million, or 12.4% of net sales, during the first quarter of fiscal 2011. The $7.7 million increase in selling, general, and administrative expenses is primarily due to $7.2 million in real estate gains in the first quarter of fiscal 2011 partially offset by $0.6 million in real estate gains in the first fiscal quarter of 2012. After consideration of the effect of the gains on the first quarter of 2012 and the first quarter of 2011, selling, general and administrative expenses increased approximately $1.0 million, related to an increase in variable costs, such as fuel, due to increased volume.
Operating loss. Operating loss for the first quarter of fiscal 2012 was $4.1 million, or 0.9% of sales, compared to an operating loss of $5.1 million, or 1.3% of sales, in the first quarter of fiscal 2011, reflecting a $8.0 million increase in gross profit partially offset by a $6.9 million increase in operating expense, which was primarily due to the real estate gains.
Stocks Discussed: BXC,