BlueLinx records $10.6 million loss
Building products distributor BlueLinx Holdings recorded a $10.6 million loss in the first quarter, deeper losses than the $189,000 hit taken by the company in the first quarter last year.
Revenues decreased 25 percent to $716.8 million from $957.1 million for the same period a year ago.
Structural product sales took the biggest hit, with sales down 28.1 percent, while sales of specialty products fell 22.5 percent. Head count reductions in the fourth quarter led to an 8.8 percent decrease in operating expenses, but it wasn’t enough to offset downward pressure from the housing market.
"We remain focused on managing cash flow by tightly managing inventories, receivables and our operating expenses,” said Howard S. Cohen, interim CEO for BlueLinx. “Our company is financially positioned to be able to continue executing throughout this housing downturn."
Earlier this year, former BlueLinx CEO Steve Macadam announced his resignation, with plans to accept a position CEO with EnPro Industries, a Charlotte, N.C.-based provider of engineered industrial products for worldwide manufacturing industries.
BlueLinx ranked first on the Home Channel News Top 150 Distributors Scoreboard in 2007.