BlueLinx reports $34 million loss for fourth quarter
Atlanta-based building products distributor BlueLinx Holdings reported a $34.1 million loss for the fourth quarter ended Dec. 29, 2007. Comparatively, the company reported a $5.8 million loss for the same quarter in 2006.
Net sales for the quarter were $778.9 million, down 17.2 percent from $940.2 million in the fourth quarter of 2006.
For the year, the company reported a loss of $27.9 million as compared to a net income of $15.8 million for 2006. Sales for the year were $3.8 billion, down 21.7 percent from $4.9 billion in 2006.
The company said the continuing housing decline lead to the company’s poor financial results.
In related news, the company announced that Lynn Wentworth will be stepping down as CFO effective Feb. 15 and will be succeeded by Doug Goforth effective Feb. 18.
Goforth has more than 20 years of combined accounting, finance, treasury, acquisition and management experience with Mitsubishi Wireless Communications, Yamaha motor and Ingersoll-Rand.
Most recently, Goforth served as corporate controller for BlueLinx.
“Doug is well versed in the cyclical and seasonal nature of our industry, and we know Doug will make an immediate contribution to our company,” said Stephen Macadam, BlueLinx CEO.