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BlueLinx Sales Grow 9.1% in 2010

BlueLinx Holdings Inc. (NYSE:BXC), Atlanta, GA, a distributor of building products, reported sales for the full year ended Jan. 1, 2011, were $1.8 billion, up 9.1 percent from last year.

The distributor reported a net loss of $53.2 million.

The increase in revenue for the year was largely due to the 5.9 percent increase in housing construction activity relative to the prior period, increases in structural wood-based selling prices relative to the prior period, and the company's focus on targeted growth initiatives.

In the fourth quarter, revenues increased 0.5 percent to $367.9 million from the same period a year ago. The increase reflects a 7.4 percent increase in specialty product sales and a 9.5 percent decrease in structural product sales. Overall unit volume declined 4.3 percent, with a 5.9 percent increase in specialty unit volume being offset by a 16.5 percent decline in structural unit volume. The company reported a net loss of $20.2 million for the quarter.

"BlueLinx' fourth-quarter operational performance was impacted by the continuing difficult conditions of the housing and construction markets as the recovery slowed down and we experienced the normal seasonal slowdown associated with our fourth quarter," said BlueLinx President and CEO George Judd.

"In the face of this challenging operating environment our financial results demonstrate modest revenue growth, strong gross margin performance, and diligent cost management. … While this difficult economic period continues, we remain focused on the strategic initiatives that will build a stronger, more profitable company. During the quarter we grew specialty revenue, a key strategic focus for BlueLinx, to 59 percent of our total revenues driven by a 5.9 percent increase in specialty unit volume."

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