☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
BlueLinx Holdings Inc. | ||||||||
(Exact name of registrant as specified in its charter) |
Delaware | 77-0627356 | |||||||
(State of Incorporation) | (I.R.S. Employer Identification No.) | |||||||
1950 Spectrum Circle, Suite 300 | ||||||||
Marietta | GA | 30067 | ||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 per share | BXC | New York Stock Exchange |
Large Accelerated Filer | ☐ | Accelerated Filer | ☑ | Non-accelerated Filer | ☐ | Smaller Reporting Company | ☑ | ||||||||||||||||
Emerging Growth Company | ☐ |
PAGE | |||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 27, 2020 | June 29, 2019 | June 27, 2020 | June 29, 2019 | ||||||||||||
Net sales | $ | 698,776 | $ | 706,448 | $ | 1,360,846 | $ | 1,345,149 | |||||||
Cost of sales | 597,956 | 612,281 | 1,166,817 | 1,164,937 | |||||||||||
Gross profit | 100,820 | 94,167 | 194,029 | 180,212 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, general, and administrative | 69,710 | 70,150 | 143,314 | 139,235 | |||||||||||
Depreciation and amortization | 7,063 | 7,503 | 14,698 | 14,831 | |||||||||||
Gains from sales of property | — | (9,760 | ) | (525 | ) | (9,760 | ) | ||||||||
Other operating expenses | 1,962 | 3,951 | 6,127 | 9,276 | |||||||||||
Total operating expenses | 78,735 | 71,844 | 163,614 | 153,582 | |||||||||||
Operating income | 22,085 | 22,323 | 30,415 | 26,630 | |||||||||||
Non-operating expenses (income): | |||||||||||||||
Interest expense, net | 11,535 | 13,717 | 25,915 | 27,118 | |||||||||||
Other (income) expense, net | 417 | (45 | ) | 180 | 105 | ||||||||||
Income (loss) before provision for (benefit from) income taxes | 10,133 | 8,651 | 4,320 | (593 | ) | ||||||||||
Provision for (benefit from) income taxes | 3,438 | 2,350 | (1,588 | ) | (175 | ) | |||||||||
Net income (loss) | $ | 6,695 | $ | 6,301 | $ | 5,908 | $ | (418 | ) | ||||||
Basic income (loss) per share | $ | 0.71 | $ | 0.67 | $ | 0.63 | $ | (0.04 | ) | ||||||
Diluted income (loss) per share | $ | 0.71 | $ | 0.67 | $ | 0.63 | $ | (0.04 | ) | ||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ | 6,695 | $ | 6,301 | $ | 5,908 | $ | (418 | ) | ||||||
Other comprehensive income (loss): | |||||||||||||||
Foreign currency translation, net of tax | 17 | — | 20 | 7 | |||||||||||
Amortization of unrecognized pension loss, net of tax | 114 | 208 | 310 | 431 | |||||||||||
Pension curtailment, net of tax | — | (1,486 | ) | — | (632 | ) | |||||||||
Other | 2 | 1 | (17 | ) | 16 | ||||||||||
Total other comprehensive income (loss) | 133 | (1,277 | ) | 313 | (178 | ) | |||||||||
Comprehensive income (loss) | $ | 6,828 | $ | 5,024 | $ | 6,221 | $ | (596 | ) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 3, 2021 | June 27, 2020 | July 3, 2021 | June 27, 2020 | ||||||||||||||||||||
Net sales | $ | 1,307,913 | $ | 698,776 | $ | 2,333,382 | $ | 1,360,846 | |||||||||||||||
Cost of sales | 1,056,741 | 597,956 | 1,901,818 | 1,166,817 | |||||||||||||||||||
Gross profit | 251,172 | 100,820 | 431,564 | 194,029 | |||||||||||||||||||
Operating expenses (income): | |||||||||||||||||||||||
Selling, general, and administrative | 87,010 | 70,694 | 162,569 | 145,281 | |||||||||||||||||||
Depreciation and amortization | 7,080 | 7,063 | 14,545 | 14,698 | |||||||||||||||||||
Amortization of deferred gains on real estate | (984) | (984) | (1,967) | (1,967) | |||||||||||||||||||
Gains from sales of property | 0 | 0 | (1,287) | (525) | |||||||||||||||||||
Other operating expenses | 871 | 1,962 | 983 | 6,127 | |||||||||||||||||||
Total operating expenses | 93,977 | 78,735 | 174,843 | 163,614 | |||||||||||||||||||
Operating income | 157,195 | 22,085 | 256,721 | 30,415 | |||||||||||||||||||
Non-operating expenses (income): | |||||||||||||||||||||||
Interest expense, net | 9,143 | 11,535 | 25,377 | 25,915 | |||||||||||||||||||
Other expense (income), net | (314) | 417 | (628) | 180 | |||||||||||||||||||
Income before provision for (benefit from) income taxes | 148,366 | 10,133 | 231,972 | 4,320 | |||||||||||||||||||
Provision for (benefit from) income taxes | 34,908 | 3,438 | 56,654 | (1,588) | |||||||||||||||||||
Net income | $ | 113,458 | $ | 6,695 | $ | 175,318 | $ | 5,908 | |||||||||||||||
Basic income per share | $ | 11.88 | $ | 0.71 | $ | 18.44 | $ | 0.63 | |||||||||||||||
Diluted income per share | $ | 11.61 | $ | 0.71 | $ | 18.15 | $ | 0.63 | |||||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | $ | 113,458 | $ | 6,695 | $ | 175,318 | $ | 5,908 | |||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Amortization of unrecognized pension gain, net of tax | 246 | 114 | 485 | 310 | |||||||||||||||||||
Other | 6 | 19 | 17 | 3 | |||||||||||||||||||
Total other comprehensive income | 252 | 133 | 502 | 313 | |||||||||||||||||||
Comprehensive income | $ | 113,710 | $ | 6,828 | $ | 175,820 | $ | 6,221 |
June 27, 2020 | December 28, 2019 | July 3, 2021 | January 2, 2021 | |||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||
Current assets: | Current assets: | |||||||||||||||||
Cash | $ | 11,530 | $ | 11,643 | Cash | $ | 179 | $ | 82 | |||||||||
Receivables, less allowances of $3,911 and $3,236, respectively | 264,642 | 192,872 | ||||||||||||||||
Receivables, less allowances of $5,140 and $4,123, respectively | Receivables, less allowances of $5,140 and $4,123, respectively | 437,217 | 293,643 | |||||||||||||||
Inventories, net | 313,979 | 345,806 | Inventories, net | 425,714 | 342,108 | |||||||||||||
Other current assets | 26,509 | 27,718 | Other current assets | 36,280 | 32,581 | |||||||||||||
Total current assets | 616,660 | 578,039 | Total current assets | 899,390 | 668,414 | |||||||||||||
Property and equipment, at cost | 308,616 | 308,067 | Property and equipment, at cost | 307,728 | 299,935 | |||||||||||||
Accumulated depreciation | (122,123 | ) | (112,299 | ) | Accumulated depreciation | (127,252) | (121,223) | |||||||||||
Property and equipment, net | 186,493 | 195,768 | Property and equipment, net | 180,476 | 178,712 | |||||||||||||
Operating lease right-of-use assets | 50,802 | 54,408 | Operating lease right-of-use assets | 49,478 | 51,142 | |||||||||||||
Goodwill | 47,772 | 47,772 | Goodwill | 47,772 | 47,772 | |||||||||||||
Intangible assets, net | 22,591 | 26,384 | Intangible assets, net | 15,830 | 18,889 | |||||||||||||
Deferred tax assets | 54,494 | 53,993 | Deferred tax assets | 68,743 | 62,899 | |||||||||||||
Other non-current assets | 20,292 | 15,061 | Other non-current assets | 19,093 | 20,302 | |||||||||||||
Total assets | $ | 999,104 | $ | 971,425 | Total assets | $ | 1,280,782 | $ | 1,048,130 | |||||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | Current liabilities: | |||||||||||||||||
Accounts payable | $ | 158,920 | $ | 132,348 | Accounts payable | $ | 227,100 | $ | 165,163 | |||||||||
Accrued compensation | 11,140 | 7,639 | Accrued compensation | 16,267 | 24,751 | |||||||||||||
Current maturities of long-term debt, net of debt issuance costs of $74 and $74, respectively | 2,176 | 2,176 | ||||||||||||||||
Taxes payable | Taxes payable | 17,941 | 7,847 | |||||||||||||||
Current maturities of long-term debt, net of debt issuance costs of $0 and $74, respectively | Current maturities of long-term debt, net of debt issuance costs of $0 and $74, respectively | 0 | 1,171 | |||||||||||||||
Finance lease liabilities - short-term | 5,958 | 6,486 | Finance lease liabilities - short-term | 6,379 | 5,675 | |||||||||||||
Operating lease liabilities - short-term | 6,633 | 7,317 | Operating lease liabilities - short-term | 4,936 | 6,076 | |||||||||||||
Real estate deferred gains - short-term | 4,040 | 3,935 | Real estate deferred gains - short-term | 4,040 | 4,040 | |||||||||||||
Other current liabilities | 11,011 | 11,222 | Other current liabilities | 13,035 | 14,309 | |||||||||||||
Total current liabilities | 199,878 | 171,123 | Total current liabilities | 289,698 | 229,032 | |||||||||||||
Non-current liabilities: | Non-current liabilities: | |||||||||||||||||
Long-term debt, net of debt issuance costs of $10,915 and $12,481, respectively | 377,880 | 458,439 | ||||||||||||||||
Long-term debt, net of debt issuance costs of $2,184 and $8,936, respectively | Long-term debt, net of debt issuance costs of $2,184 and $8,936, respectively | 318,226 | 321,270 | |||||||||||||||
Finance lease liabilities - long-term | 266,622 | 191,525 | Finance lease liabilities - long-term | 272,817 | 267,443 | |||||||||||||
Operating lease liabilities - long-term | 44,169 | 47,091 | Operating lease liabilities - long-term | 44,897 | 44,965 | |||||||||||||
Real estate deferred gains - long-term | 79,984 | 81,886 | Real estate deferred gains - long-term | 76,108 | 78,009 | |||||||||||||
Pension benefit obligation | 22,109 | 23,420 | Pension benefit obligation | 20,878 | 22,684 | |||||||||||||
Other non-current liabilities | 26,710 | 24,024 | Other non-current liabilities | 24,976 | 25,635 | |||||||||||||
Total liabilities | 1,017,352 | 997,508 | Total liabilities | 1,047,600 | 989,038 | |||||||||||||
Commitments and Contingencies | Commitments and Contingencies | 0 | 0 | |||||||||||||||
STOCKHOLDERS’ DEFICIT: | ||||||||||||||||||
Common Stock, $0.01 par value, 20,000,000 shares authorized, 9,461,412 and 9,365,768 outstanding on June 27, 2020 and December 28, 2019, respectively | 95 | 94 | ||||||||||||||||
STOCKHOLDERS’ EQUITY: | STOCKHOLDERS’ EQUITY: | |||||||||||||||||
Common Stock, $0.01 par value, 20,000,000 shares authorized, 9,709,613 and 9,462,774 outstanding on July 3, 2021 and January 2, 2021, respectively | Common Stock, $0.01 par value, 20,000,000 shares authorized, 9,709,613 and 9,462,774 outstanding on July 3, 2021 and January 2, 2021, respectively | 97 | 95 | |||||||||||||||
Additional paid-in capital | 262,587 | 260,974 | Additional paid-in capital | 264,963 | 266,695 | |||||||||||||
Accumulated other comprehensive loss | (34,250 | ) | (34,563 | ) | Accumulated other comprehensive loss | (35,490) | (35,992) | |||||||||||
Accumulated stockholders’ deficit | (246,680 | ) | (252,588 | ) | ||||||||||||||
Total stockholders’ deficit | (18,248 | ) | (26,083 | ) | ||||||||||||||
Total liabilities and stockholders’ deficit | $ | 999,104 | $ | 971,425 | ||||||||||||||
Accumulated stockholders’ equity (deficit) | Accumulated stockholders’ equity (deficit) | 3,612 | (171,706) | |||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 233,182 | 59,092 | |||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 1,280,782 | $ | 1,048,130 |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Equity (Deficit) | Stockholders’ Equity Total | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, January 2, 2021 | 9,463 | $ | 95 | $ | 266,695 | $ | (35,992) | $ | (171,706) | $ | 59,092 | ||||||||||||||||||||||||
Net income | — | — | — | — | 61,860 | 61,860 | |||||||||||||||||||||||||||||
Foreign currency translation, net of tax | — | — | — | (6) | — | (6) | |||||||||||||||||||||||||||||
Impact of pension plan, net of tax | — | — | — | 239 | — | 239 | |||||||||||||||||||||||||||||
Vesting of restricted stock units | 8 | — | — | — | — | — | |||||||||||||||||||||||||||||
Compensation related to share-based grants | — | — | 1,410 | — | — | 1,410 | |||||||||||||||||||||||||||||
Repurchase of shares to satisfy employee tax withholdings | (3) | — | (99) | — | — | (99) | |||||||||||||||||||||||||||||
Other | — | — | — | 17 | — | 17 | |||||||||||||||||||||||||||||
Balance, April 3, 2021 | 9,468 | 95 | 268,006 | (35,742) | (109,846) | 122,513 | |||||||||||||||||||||||||||||
Net income | — | — | — | — | 113,458 | 113,458 | |||||||||||||||||||||||||||||
Foreign currency translation, net of tax | — | — | — | 6 | — | 6 | |||||||||||||||||||||||||||||
Impact of pension plan, net of tax | — | — | — | 246 | — | 246 | |||||||||||||||||||||||||||||
Vesting of restricted stock units | 355 | 2 | — | — | — | 2 | |||||||||||||||||||||||||||||
Compensation related to share-based grants | — | — | 1,992 | — | — | 1,992 | |||||||||||||||||||||||||||||
Repurchase of shares to satisfy employee tax withholdings | (113) | — | (5,033) | — | — | (5,033) | |||||||||||||||||||||||||||||
Other | — | — | (2) | — | — | (2) | |||||||||||||||||||||||||||||
Balance, July 3, 2021 | 9,710 | $ | 97 | $ | 264,963 | $ | (35,490) | $ | 3,612 | $ | 233,182 |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Stockholders’ Deficit Total | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, December 28, 2019 | 9,366 | $ | 94 | $ | 260,974 | $ | (34,563) | $ | (252,588) | $ | (26,083) | ||||||||||||||||||||||||
Net loss | — | — | — | — | (787) | (787) | |||||||||||||||||||||||||||||
Foreign currency translation, net of tax | — | — | — | 3 | — | 3 | |||||||||||||||||||||||||||||
Impact of pension plan, net of tax | — | — | — | 196 | — | 196 | |||||||||||||||||||||||||||||
Vesting of restricted stock units | 2 | — | — | — | — | — | |||||||||||||||||||||||||||||
Compensation related to share-based grants | — | — | 1,004 | — | — | 1,004 | |||||||||||||||||||||||||||||
Repurchase of shares to satisfy employee tax withholdings | (1) | — | (7) | — | — | (7) | |||||||||||||||||||||||||||||
Other | — | — | 9 | (19) | — | (10) | |||||||||||||||||||||||||||||
Balance, March 28, 2020 | 9,367 | 94 | 261,980 | (34,383) | (253,375) | (25,684) | |||||||||||||||||||||||||||||
Net income | — | — | — | — | 6,695 | 6,695 | |||||||||||||||||||||||||||||
Foreign currency translation, net of tax | — | — | — | 17 | — | 17 | |||||||||||||||||||||||||||||
Impact of pension plan, net of tax | — | — | — | 114 | — | 114 | |||||||||||||||||||||||||||||
Vesting of restricted stock units | 122 | 1 | — | — | — | 1 | |||||||||||||||||||||||||||||
Compensation related to share-based grants | — | — | 854 | — | — | 854 | |||||||||||||||||||||||||||||
Repurchase of shares to satisfy employee tax withholdings | (28) | — | (247) | — | — | (247) | |||||||||||||||||||||||||||||
Other | — | — | — | 2 | — | 2 | |||||||||||||||||||||||||||||
Balance, June 27, 2020 | 9,461 | $ | 95 | $ | 262,587 | $ | (34,250) | $ | (246,680) | $ | (18,248) |
Six Months Ended | |||||||||||
July 3, 2021 | June 27, 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 175,318 | $ | 5,908 | |||||||
Adjustments to reconcile net income to cash provided by operations: | |||||||||||
Provision for (benefit from) income taxes | 56,654 | (1,588) | |||||||||
Depreciation and amortization | 14,545 | 14,698 | |||||||||
Amortization of debt issuance costs | 1,032 | 1,903 | |||||||||
Adjustments to debt issuance costs associated with term loan | 5,791 | 0 | |||||||||
Gains from sales of property | (1,287) | (525) | |||||||||
Amortization of deferred gains from real estate | (1,967) | (1,967) | |||||||||
Share-based compensation | 3,402 | 1,858 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (143,574) | (71,770) | |||||||||
Inventories | (83,606) | 31,827 | |||||||||
Accounts payable | 61,937 | 26,572 | |||||||||
Prepaid and other current assets | (4,509) | (3,200) | |||||||||
Other assets and liabilities | (61,135) | 9,185 | |||||||||
Net cash provided by operating activities | 22,601 | 12,901 | |||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from sale of assets | 2,100 | 102 | |||||||||
Property and equipment investments | (2,900) | (1,752) | |||||||||
Net cash used in investing activities | (800) | (1,650) | |||||||||
Cash flows from financing activities: | |||||||||||
Borrowings on revolving credit facilities | 638,183 | 350,236 | |||||||||
Repayments on revolving credit facilities | (606,019) | (354,509) | |||||||||
Repayments on term loan | (43,204) | (77,852) | |||||||||
Proceeds from real estate financing transactions | 0 | 78,263 | |||||||||
Debt financing costs | (861) | (2,665) | |||||||||
Repurchase of shares to satisfy employee tax withholdings | (5,132) | (254) | |||||||||
Principal payments on finance lease liabilities | (4,671) | (4,583) | |||||||||
Net cash used in financing activities | (21,704) | (11,364) | |||||||||
Net change in cash | 97 | (113) | |||||||||
Cash at beginning of period | 82 | 11,643 | |||||||||
Cash at end of period | $ | 179 | $ | 11,530 | |||||||
Supplemental Cash Flow Information | |||||||||||
Net income tax payment (refunds) during the period | $ | 52,615 | $ | (223) | |||||||
Interest paid during the period | $ | 18,744 | $ | 24,416 |
Six Months Ended | |||||||
June 27, 2020 | June 29, 2019 | ||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | 5,908 | $ | (418 | ) | ||
Adjustments to reconcile net income (loss) to cash provided by (used in) operations: | |||||||
Benefit from income taxes | (1,588 | ) | (175 | ) | |||
Depreciation and amortization | 14,698 | 14,831 | |||||
Amortization of debt issuance costs | 1,903 | 1,614 | |||||
Gains from sales of property | (525 | ) | (9,760 | ) | |||
Amortization of deferred gain | (1,967 | ) | (1,902 | ) | |||
Share-based compensation | 1,858 | 1,341 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (71,770 | ) | (53,608 | ) | |||
Inventories | 31,827 | (16,800 | ) | ||||
Accounts payable | 26,572 | 25,672 | |||||
Prepaid and other current assets | (3,200 | ) | (8,078 | ) | |||
Other assets and liabilities | 9,185 | (5,766 | ) | ||||
Net cash provided by (used in) operating activities | 12,901 | (53,049 | ) | ||||
Cash flows from investing activities: | |||||||
Acquisition of business, net of cash acquired | — | 6,009 | |||||
Proceeds from sale of assets | 102 | 10,758 | |||||
Property and equipment investments | (1,752 | ) | (1,784 | ) | |||
Net cash (used in) provided by investing activities | (1,650 | ) | 14,983 | ||||
Cash flows from financing activities: | |||||||
Borrowings on revolving credit facilities | 350,236 | 365,519 | |||||
Repayments on revolving credit facilities | (354,509 | ) | (329,683 | ) | |||
Repayments on term loan | (77,852 | ) | (31,899 | ) | |||
Proceeds from real estate financing transactions | 78,263 | 44,822 | |||||
Debt financing costs | (2,665 | ) | (2,359 | ) | |||
Repurchase of shares to satisfy employee tax withholdings | (254 | ) | (208 | ) | |||
Principal payments on finance lease liabilities | (4,583 | ) | (4,403 | ) | |||
Net cash (used in) provided by financing activities | (11,364 | ) | 41,789 | ||||
Net change in cash | (113 | ) | 3,723 | ||||
Cash at beginning of period | 11,643 | 8,939 | |||||
Cash at end of period | $ | 11,530 | $ | 12,662 | |||
Supplemental Cash Flow Information | |||||||
Net income tax (refunds) payments during the period | $ | (223 | ) | $ | 3,057 | ||
Interest paid during the period | $ | 24,416 | $ | 27,278 |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Stockholders’ Deficit Total | ||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
Balance, December 28, 2019 | 9,366 | $ | 94 | $ | 260,974 | $ | (34,563 | ) | $ | (252,588 | ) | $ | (26,083 | ) | ||||||||
Net loss | — | — | — | — | (787 | ) | (787 | ) | ||||||||||||||
Foreign currency translation, net of tax | — | — | — | 3 | — | 3 | ||||||||||||||||
Unrealized gain from pension plan, net of tax | — | — | — | 196 | — | 196 | ||||||||||||||||
Vesting of restricted stock units | 2 | — | — | — | — | — | ||||||||||||||||
Compensation related to share-based grants | — | — | 1,004 | — | — | 1,004 | ||||||||||||||||
Repurchase of shares to satisfy employee tax withholdings | (1 | ) | — | (7 | ) | — | — | (7 | ) | |||||||||||||
Other | — | — | 9 | (19 | ) | — | (10 | ) | ||||||||||||||
Balance, March 28, 2020 | 9,367 | 94 | 261,980 | (34,383 | ) | (253,375 | ) | (25,684 | ) | |||||||||||||
Net income | — | — | — | — | 6,695 | 6,695 | ||||||||||||||||
Foreign currency translation, net of tax | — | — | — | 17 | — | 17 | ||||||||||||||||
Unrealized gain from pension plan, net of tax | — | — | — | 114 | — | 114 | ||||||||||||||||
Vesting of restricted stock units | 122 | 1 | — | — | — | 1 | ||||||||||||||||
Compensation related to share-based grants | — | — | 854 | — | — | 854 | ||||||||||||||||
Repurchase of shares to satisfy employee tax withholdings | (28 | ) | — | (247 | ) | — | — | (247 | ) | |||||||||||||
Other | — | — | — | 2 | — | 2 | ||||||||||||||||
Balance, June 27, 2020 | 9,461 | $ | 95 | $ | 262,587 | $ | (34,250 | ) | $ | (246,680 | ) | $ | (18,248 | ) |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Stockholders’ Deficit Total | ||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
Balance, December 29, 2018 | 9,294 | $ | 92 | $ | 258,596 | $ | (37,129 | ) | $ | (236,222 | ) | $ | (14,663 | ) | ||||||||
Net loss | — | — | — | — | (6,719 | ) | (6,719 | ) | ||||||||||||||
Adoption of ASC 842, net of tax | — | — | — | — | 1,291 | 1,291 | ||||||||||||||||
Foreign currency translation, net of tax | — | — | — | 7 | — | 7 | ||||||||||||||||
Unrealized gain from pension plan, net of tax | — | — | — | 1,077 | — | 1,077 | ||||||||||||||||
Vesting of restricted stock units | 49 | 1 | — | — | — | 1 | ||||||||||||||||
Compensation related to share-based grants | — | — | 706 | — | — | 706 | ||||||||||||||||
Other | — | — | — | 15 | — | 15 | ||||||||||||||||
Balance, March 30, 2019 | 9,343 | 93 | 259,302 | (36,030 | ) | (241,650 | ) | (18,285 | ) | |||||||||||||
Net income | — | — | — | — | 6,301 | 6,301 | ||||||||||||||||
Foreign currency translation, net of tax | — | — | — | — | — | — | ||||||||||||||||
Unrealized loss from pension plan, net of tax | — | — | — | (1,278 | ) | — | (1,278 | ) | ||||||||||||||
Vesting of restricted stock units | 32 | 1 | — | — | — | 1 | ||||||||||||||||
Compensation related to share-based grants | — | — | 635 | — | — | 635 | ||||||||||||||||
Repurchase of shares to satisfy employee tax withholdings | (10 | ) | — | (208 | ) | — | — | (208 | ) | |||||||||||||
Other | — | — | (2 | ) | 1 | — | (1 | ) | ||||||||||||||
Balance, June 29, 2019 | 9,365 | $ | 94 | $ | 259,727 | $ | (37,307 | ) | $ | (235,349 | ) | $ | (12,835 | ) |
Gross carrying amounts | Accumulated Amortization | (1) | Net carrying amounts | |||||||||
(In thousands) | ||||||||||||
Customer relationships | $ | 25,500 | $ | (8,393 | ) | $ | 17,107 | |||||
Noncompete agreements | 8,254 | (4,564 | ) | 3,690 | ||||||||
Trade names | 6,826 | (5,032 | ) | 1,794 | ||||||||
Total | $ | 40,580 | $ | (17,989 | ) | $ | 22,591 |
Intangible Asset | Weighted Average Remaining Useful Lives | Gross Carrying Amounts | Accumulated Amortization (1) | Net Carrying Amounts | |||||||||||||||||||||||||
(Years) | (In thousands) | ||||||||||||||||||||||||||||
Customer relationships | 9 | $ | 25,500 | $ | (11,297) | $ | 14,203 | ||||||||||||||||||||||
Noncompete agreements | 1 | 8,254 | (6,627) | 1,627 | |||||||||||||||||||||||||
Trade names | < 1 | 6,826 | (6,826) | 0 | |||||||||||||||||||||||||
Total | $ | 40,580 | $ | (24,750) | $ | 15,830 | |||||||||||||||||||||||
Fiscal year | Estimated Amortization | |||||||
(In thousands) | ||||||||
2021 | $ | 2,261 | ||||||
2022 | 2,763 | |||||||
2023 | 1,807 | |||||||
2024 | 1,505 | |||||||
2025 | 1,423 | |||||||
2026 | 1,423 |
Estimated Amortization | ||||
(In thousands) | ||||
2020 | $ | 3,645 | ||
2021 | 4,973 | |||
2022 | 3,111 | |||
2023 | 1,807 | |||
2024 | 1,505 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
Product type | July 3, 2021 | June 27, 2020 | July 3, 2021 | June 27, 2020 | ||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||
Structural products | $ | 632,724 | $ | 249,542 | $ | 1,095,571 | $ | 490,310 | ||||||||||||||||||
Specialty products | 675,189 | 449,234 | 1,237,811 | 870,536 | ||||||||||||||||||||||
Total net sales | $ | 1,307,913 | $ | 698,776 | $ | 2,333,382 | $ | 1,360,846 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 27, 2020 | June 29, 2019 | June 27, 2020 | June 29, 2019 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Structural products | $ | 249,571 | $ | 224,528 | $ | 490,349 | $ | 421,314 | |||||||
Specialty products | 449,205 | 481,920 | 870,497 | 923,835 | |||||||||||
Total net sales | $ | 698,776 | $ | 706,448 | $ | 1,360,846 | $ | 1,345,149 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
Sales channel | July 3, 2021 | June 27, 2020 | July 3, 2021 | June 27, 2020 | ||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||
Warehouse and reload | $ | 1,062,149 | $ | 601,279 | $ | 1,911,569 | $ | 1,163,472 | ||||||||||||||||||
Direct | 265,280 | 107,848 | 456,409 | 217,129 | ||||||||||||||||||||||
Customer discounts and rebates | (19,516) | (10,351) | (34,596) | (19,755) | ||||||||||||||||||||||
Total net sales | $ | 1,307,913 | $ | 698,776 | $ | 2,333,382 | $ | 1,360,846 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 27, 2020 | June 29, 2019 | June 27, 2020 | June 29, 2019 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Warehouse and reload | $ | 601,279 | $ | 594,024 | $ | 1,163,472 | $ | 1,117,250 | |||||||
Direct | 107,848 | 121,856 | 217,129 | 245,212 | |||||||||||
Customer discounts and rebates | (10,351 | ) | (9,432 | ) | (19,755 | ) | (17,313 | ) | |||||||
Total net sales | $ | 698,776 | $ | 706,448 | $ | 1,360,846 | $ | 1,345,149 |
June 27, 2020 | December 28, 2019 | ||||||
(In thousands) | |||||||
Revolving Credit Facility (1) | $ | 322,223 | $ | 326,496 | |||
Term Loan Facility (2) | 68,822 | 146,674 | |||||
Finance lease obligations (3) | 272,580 | 198,011 | |||||
663,625 | 671,181 | ||||||
Unamortized debt issuance costs | (10,989 | ) | (12,555 | ) | |||
652,636 | 658,626 | ||||||
Less: current maturities of long-term debt | 8,134 | 8,662 | |||||
Long-term debt, net of current maturities | $ | 644,502 | $ | 649,964 |
Debt categories | July 3, 2021 | January 2, 2021 | ||||||||||||
(In thousands) | ||||||||||||||
Revolving Credit Facility (1) | $ | 320,410 | $ | 288,247 | ||||||||||
Term Loan Facility (2) | 0 | 43,204 | ||||||||||||
Finance lease obligations (3) | 279,196 | 273,118 | ||||||||||||
599,606 | 604,569 | |||||||||||||
Unamortized debt issuance costs | (2,184) | (9,010) | ||||||||||||
597,422 | 595,559 | |||||||||||||
Less: current maturities of long-term debt | 6,379 | 6,846 | ||||||||||||
Long-term debt, net of current maturities | $ | 591,043 | $ | 588,713 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
Pension-related items | July 3, 2021 | June 27, 2020 | July 3, 2021 | June 27, 2020 | ||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||
Service cost (1) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||
Interest cost on projected benefit obligation | 505 | 723 | 1,010 | 1,446 | ||||||||||||||||||||||
Expected return on plan assets | (1,140) | (1,210) | (2,280) | (2,420) | ||||||||||||||||||||||
Amortization of unrecognized gain | 321 | 263 | 642 | 526 | ||||||||||||||||||||||
Net periodic pension benefit | $ | (314) | $ | (224) | $ | (628) | $ | (448) |
Three Months Ended | Six Months Ended | ||||||||||||||
June 27, 2020 | June 29, 2019 | June 27, 2020 | June 29, 2019 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Service cost | $ | — | $ | 48 | $ | — | $ | 161 | |||||||
Interest cost on projected benefit obligation | 723 | 973 | 1,446 | 2,018 | |||||||||||
Expected return on plan assets | (1,210 | ) | (1,295 | ) | (2,420 | ) | (2,489 | ) | |||||||
Amortization of unrecognized loss | 263 | 279 | 526 | 580 | |||||||||||
Net periodic pension (benefit) cost | $ | (224 | ) | $ | 5 | $ | (448 | ) | $ | 270 |
June 27, 2020 | December 28, 2019 | ||||||||||||||||||||||||
Lease assets and liabilities | July 3, 2021 | January 2, 2021 | |||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||
Assets | Classification | ||||||||||||||||||||||||
Operating lease right-of-use assets | Operating lease right of use assets | $ | 50,802 | $ | 54,408 | Operating lease right-of-use assets | $ | 49,478 | $ | 51,142 | |||||||||||||||
Finance lease right-of-use assets (1) | Property and equipment, net | 153,176 | 141,922 | Finance lease right-of-use assets (1) | Property and equipment, net | 152,510 | 148,561 | ||||||||||||||||||
Total lease right-of-use assets | $ | 203,978 | $ | 196,330 | Total lease right-of-use assets | $ | 201,988 | $ | 199,703 | ||||||||||||||||
Liabilities | Liabilities | ||||||||||||||||||||||||
Current portion | Current portion | ||||||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities - short term | $ | 6,633 | $ | 7,317 | Operating lease liabilities | Operating lease liabilities - short term | $ | 4,936 | $ | 6,076 | ||||||||||||||
Finance lease liabilities | Finance lease liabilities - short term | 5,958 | 6,486 | Finance lease liabilities | Finance lease liabilities - short term | 6,379 | 5,675 | ||||||||||||||||||
Non-current portion | Non-current portion | ||||||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities - long term | 44,169 | 47,091 | Operating lease liabilities | Operating lease liabilities - long term | 44,897 | 44,965 | ||||||||||||||||||
Finance lease liabilities | Finance lease liabilities - long term | 266,622 | 191,525 | Finance lease liabilities | Finance lease liabilities - long term | 272,817 | 267,443 | ||||||||||||||||||
Total lease liabilities | $ | 323,382 | $ | 252,419 | Total lease liabilities | $ | 329,029 | $ | 324,159 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 27, 2020 | June 29, 2019 | June 27, 2020 | June 29, 2019 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Operating lease cost: | $ | 2,977 | $ | 2,991 | $ | 6,098 | $ | 6,135 | |||||||
Finance lease cost: | |||||||||||||||
Amortization of right-of-use assets | $ | 3,513 | $ | 3,220 | $ | 6,878 | $ | 6,117 | |||||||
Interest on lease liabilities | 6,557 | 4,130 | 12,721 | 7,378 | |||||||||||
Total finance lease costs | $ | 10,070 | $ | 7,350 | $ | 19,599 | $ | 13,495 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
Components of lease expense | July 3, 2021 | June 27, 2020 | July 3, 2021 | June 27, 2020 | ||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||
Operating lease cost: | $ | 2,934 | $ | 2,977 | $ | 5,984 | $ | 6,098 | ||||||||||||||||||
Finance lease cost: | ||||||||||||||||||||||||||
Amortization of right-of-use assets | $ | 4,210 | $ | 3,513 | $ | 8,197 | $ | 6,878 | ||||||||||||||||||
Interest on lease liabilities | 6,241 | 6,557 | 12,399 | 12,721 | ||||||||||||||||||||||
Total finance lease costs | $ | 10,451 | $ | 10,070 | $ | 20,596 | $ | 19,599 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
Cash flow information | July 3, 2021 | June 27, 2020 | July 3, 2021 | June 27, 2020 | ||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||||||||||||||
Operating cash flows from operating leases | $ | 2,807 | $ | 2,860 | $ | 5,372 | $ | 5,663 | ||||||||||||||||||
Operating cash flows from finance leases | 6,241 | 6,557 | 12,399 | 12,721 | ||||||||||||||||||||||
Financing cash flows from finance leases | $ | 2,542 | $ | 2,403 | $ | 4,671 | $ | 4,583 | ||||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations | ||||||||||||||||||||||||||
Operating leases | $ | 5,106 | $ | 0 | $ | 5,106 | $ | 0 | ||||||||||||||||||
Finance leases | $ | 338 | $ | 0 | $ | 10,549 | $ | 0 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 27, 2020 | June 29, 2019 | June 27, 2020 | June 29, 2019 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | |||||||||||||||
Operating cash flows from operating leases | $ | 2,860 | $ | 3,064 | $ | 5,633 | $ | 5,967 | |||||||
Operating cash flows from finance leases | 6,557 | 3,236 | 12,721 | 6,484 | |||||||||||
Financing cash flows from finance leases | 2,403 | 2,216 | 4,583 | 4,403 | |||||||||||
Right-of-use assets obtained in exchange for lease obligations | |||||||||||||||
Operating leases | $ | — | $ | — | $ | — | $ | — | |||||||
Finance leases | — | 3,462 | — | 4,250 |
June 27, 2020 | December 28, 2019 | ||||||
(In thousands) | |||||||
Finance leases | |||||||
Property and equipment | $ | 204,431 | $ | 172,720 | |||
Accumulated depreciation | (51,255 | ) | (30,798 | ) | |||
Property and equipment, net | $ | 153,176 | $ | 141,922 | |||
Weighted Average Remaining Lease Term (in years) | |||||||
Operating leases | 11.66 | 11.71 | |||||
Finance leases | 16.58 | 17.12 | |||||
Weighted Average Discount Rate | |||||||
Operating leases | 9.40 | % | 9.34 | % | |||
Finance leases | 9.75 | % | 10.11 | % |
Balance sheet information | July 3, 2021 | January 2, 2021 | ||||||||||||
(In thousands) | ||||||||||||||
Finance leases | ||||||||||||||
Property and equipment | $ | 219,264 | $ | 207,147 | ||||||||||
Accumulated depreciation | (66,754) | (58,586) | ||||||||||||
Property and equipment, net | $ | 152,510 | $ | 148,561 | ||||||||||
Weighted Average Remaining Lease Term (in years) | ||||||||||||||
Operating leases | 10.94 | 11.14 | ||||||||||||
Finance leases | 16.19 | 16.08 | ||||||||||||
Weighted Average Discount Rate | ||||||||||||||
Operating leases | 8.98 | % | 9.28 | % | ||||||||||
Finance leases | 9.83 | % | 9.87 | % |
June 27, 2020 | December 28, 2019 | ||||||
(In thousands) | |||||||
Equipment and vehicles | $ | 29,162 | $ | 32,471 | |||
Real estate | 243,418 | 165,540 | |||||
Total finance leases | $ | 272,580 | $ | 198,011 |
Category | July 3, 2021 | January 2, 2021 | ||||||||||||
(In thousands) | ||||||||||||||
Equipment and vehicles | $ | 36,080 | $ | 29,434 | ||||||||||
Real estate | 243,116 | 243,684 | ||||||||||||
Total finance leases | $ | 279,196 | $ | 273,118 |
Fiscal year | Operating leases | Finance leases | ||||||||||||
(In thousands) | ||||||||||||||
2021 | $ | 10,429 | $ | 16,744 | ||||||||||
2022 | 9,589 | 32,495 | ||||||||||||
2023 | 8,349 | 32,191 | ||||||||||||
2024 | 7,877 | 31,575 | ||||||||||||
2025 | 7,878 | 27,850 | ||||||||||||
Thereafter | 43,766 | 380,072 | ||||||||||||
Total lease payments | $ | 87,888 | $ | 520,927 | ||||||||||
Less: imputed interest | (38,055) | (241,731) | ||||||||||||
Total | $ | 49,833 | $ | 279,196 |
Operating leases | Finance leases | ||||||
(In thousands) | |||||||
2020 | $ | 11,109 | $ | 15,385 | |||
2021 | 8,821 | 29,150 | |||||
2022 | 7,876 | 28,449 | |||||
2023 | 6,794 | 28,121 | |||||
2024 | 6,441 | 27,793 | |||||
Thereafter | 47,514 | 408,524 | |||||
Total lease payments | $ | 88,555 | $ | 537,422 | |||
Less: imputed interest | (37,753 | ) | (264,842 | ) | |||
Total | $ | 50,802 | $ | 272,580 |
Fiscal year | Operating leases | Finance leases | ||||||||||||
(In thousands) | ||||||||||||||
2021 | $ | 11,215 | $ | 30,159 | ||||||||||
2022 | 9,161 | 29,453 | ||||||||||||
2023 | 8,400 | 29,189 | ||||||||||||
2024 | 7,283 | 28,649 | ||||||||||||
2025 | 7,392 | 28,102 | ||||||||||||
Thereafter | 44,092 | 380,511 | ||||||||||||
Total lease payments | $ | 87,543 | $ | 526,063 | ||||||||||
Less: imputed interest | (36,502) | (252,945) | ||||||||||||
Total | $ | 51,041 | $ | 273,118 |
Operating leases | Finance leases | ||||||
(In thousands) | |||||||
2020 | $ | 11,348 | $ | 24,002 | |||
2021 | 10,111 | 23,052 | |||||
2022 | 8,048 | 22,230 | |||||
2023 | 7,330 | 21,854 | |||||
2024 | 6,413 | 21,380 | |||||
Thereafter | 50,901 | 327,439 | |||||
Total lease payments | $ | 94,151 | $ | 439,957 | |||
Less: imputed interest | (39,743 | ) | (241,946 | ) | |||
Total | $ | 54,408 | $ | 198,011 |
Foreign currency, net of tax | Defined benefit pension plan, net of tax | Other, net of tax | Total Accumulated Other Comprehensive Loss | ||||||||||||
(In thousands) | |||||||||||||||
December 28, 2019, beginning balance | $ | 666 | $ | (35,441 | ) | $ | 212 | $ | (34,563 | ) | |||||
Other comprehensive income, net of tax (1) | 20 | 310 | (17 | ) | 313 | ||||||||||
June 27, 2020, ending balance, net of tax | $ | 686 | $ | (35,131 | ) | $ | 195 | $ | (34,250 | ) |
Foreign currency, net of tax | Defined benefit pension plan, net of tax | Other, net of tax | Total Accumulated Other Comprehensive Loss | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
January 2, 2021, beginning balance, net of tax | $ | 660 | $ | (36,855) | $ | 203 | $ | (35,992) | ||||||||||||||||||
Other comprehensive income, net of tax (1) | 0 | 485 | 17 | 502 | ||||||||||||||||||||||
July 3, 2021, ending balance, net of tax | $ | 660 | $ | (36,370) | $ | 220 | $ | (35,490) |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
July 3, 2021 | June 27, 2020 | July 3, 2021 | June 27, 2020 | |||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | |||||||||||||||||||||||||
Net income | $ | 113,458 | $ | 6,695 | $ | 175,318 | $ | 5,908 | ||||||||||||||||||
Weighted average shares outstanding - basic | 9,549 | 9,395 | 9,507 | 9,381 | ||||||||||||||||||||||
Dilutive effect of share-based awards | 226 | 7 | 150 | 2 | ||||||||||||||||||||||
Weighted average share outstanding - diluted | 9,775 | 9,402 | 9,657 | 9,383 | ||||||||||||||||||||||
Basic income per share | $ | 11.88 | $ | 0.71 | $ | 18.44 | $ | 0.63 | ||||||||||||||||||
Diluted income per share | $ | 11.61 | $ | 0.71 | $ | 18.15 | $ | 0.63 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 27, 2020 | June 29, 2019 | June 27, 2020 | June 29, 2019 | ||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | ||||||||||||||
Net income (loss) | $ | 6,695 | $ | 6,301 | $ | 5,908 | $ | (418 | ) | ||||||
Weighted-average shares outstanding - basic | 9,395 | 9,351 | 9,381 | 9,344 | |||||||||||
Dilutive effect of share-based awards | 7 | 8 | 2 | — | |||||||||||
Weighted-average shares outstanding - diluted | 9,402 | 9,359 | $ | 9,383 | $ | 9,344 | |||||||||
Basic income (loss) per share | $ | 0.71 | $ | 0.67 | $ | 0.63 | $ | (0.04 | ) | ||||||
Diluted income (loss) per share | $ | 0.71 | $ | 0.67 | $ | 0.63 | $ | (0.04 | ) |
Second Quarter of Fiscal 2021 | % of Net Sales | Second Quarter of Fiscal 2020 | % of Net Sales | ||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
Net sales | $ | 1,307,913 | 100.0% | $ | 698,776 | 100.0% | |||||||||||||||||
Gross profit | 251,172 | 19.2% | 100,820 | 14.4% | |||||||||||||||||||
Selling, general, and administrative | 87,010 | 6.7% | 70,694 | 10.1% | |||||||||||||||||||
Depreciation and amortization | 7,080 | 0.5% | 7,063 | 1.0% | |||||||||||||||||||
Amortization of deferred gains on real estate | (984) | (0.1)% | (984) | (0.1)% | |||||||||||||||||||
Gains from sales of property | — | —% | — | —% | |||||||||||||||||||
Other operating expenses | 871 | 0.1% | 1,962 | 0.3% | |||||||||||||||||||
Operating income | 157,195 | 12.0% | 22,085 | 3.2% | |||||||||||||||||||
Interest expense, net | 9,143 | 0.7% | 11,535 | 1.7% | |||||||||||||||||||
Other expense (income), net | (314) | 0.0% | 417 | 0.1% | |||||||||||||||||||
Income before provision for income taxes | 148,366 | 11.3% | 10,133 | 1.5% | |||||||||||||||||||
Provision for income taxes | 34,908 | 2.7% | 3,438 | 0.5% | |||||||||||||||||||
Net income | $ | 113,458 | 8.7% | $ | 6,695 | 1.0% |
Second Quarter of Fiscal 2020 | % of Net Sales | Second Quarter of Fiscal 2019 | % of Net Sales | ||||||||
(In thousands) | (In thousands) | ||||||||||
Net sales | $ | 698,776 | 100.0% | $ | 706,448 | 100.0% | |||||
Gross profit | 100,820 | 14.4% | 94,167 | 13.3% | |||||||
Selling, general, and administrative | 69,710 | 10.0% | 70,150 | 9.9% | |||||||
Depreciation and amortization | 7,063 | 1.0% | 7,503 | 1.1% | |||||||
Gains from sales of property | — | 0.0% | (9,760 | ) | (1.4)% | ||||||
Other operating expenses | 1,962 | 0.3% | 3,951 | 0.6% | |||||||
Operating income | 22,085 | 3.2% | 22,323 | 3.2% | |||||||
Interest expense, net | 11,535 | 1.7% | 13,717 | 1.9% | |||||||
Other expense (income), net | 417 | 0.1% | (45 | ) | 0.0% | ||||||
Income before provision for income taxes | 10,133 | 1.5% | 8,651 | 1.2% | |||||||
Provision for income taxes | 3,438 | 0.5% | 2,350 | 0.3% | |||||||
Net income | $ | 6,695 | 1.0% | $ | 6,301 | 0.9% |
First Six Months of Fiscal 2021 | % of Net Sales | First Six Months of Fiscal 2020 | % of Net Sales | ||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
Net sales | $ | 2,333,382 | 100.0% | $ | 1,360,846 | 100.0% | |||||||||||||||||
Gross profit | 431,564 | 18.5% | 194,029 | 14.3% | |||||||||||||||||||
Selling, general, and administrative | 162,569 | 7.0% | 145,281 | 10.7% | |||||||||||||||||||
Depreciation and amortization | 14,545 | 0.6% | 14,698 | 1.1% | |||||||||||||||||||
Amortization of deferred gains on real estate | (1,967) | (0.1)% | (1,967) | (0.1)% | |||||||||||||||||||
Gains from sales of property | (1,287) | (0.1)% | (525) | 0.0% | |||||||||||||||||||
Other operating expenses | 983 | 0.0% | 6,127 | 0.5% | |||||||||||||||||||
Operating income | 256,721 | 11.0% | 30,415 | 2.2% | |||||||||||||||||||
Interest expense, net | 25,377 | 1.1% | 25,915 | 1.9% | |||||||||||||||||||
Other expense (income), net | (628) | 0.0% | 180 | 0.0% | |||||||||||||||||||
Income before provision for (benefit from) income taxes | 231,972 | 9.9% | 4,320 | 0.3% | |||||||||||||||||||
Provision for (benefit from) income taxes | 56,654 | 2.4% | (1,588) | (0.1)% | |||||||||||||||||||
Net income | $ | 175,318 | 7.5% | $ | 5,908 | 0.4% |
First Six Months of Fiscal 2020 | % of Net Sales | First Six Months of 2019 | % of Net Sales | ||||||||
(In thousands) | (In thousands) | ||||||||||
Net sales | $ | 1,360,846 | 100.0% | $ | 1,345,149 | 100.0% | |||||
Gross profit | 194,029 | 14.3% | 180,212 | 13.4% | |||||||
Selling, general, and administrative | 143,314 | 10.5% | 139,235 | 10.4% | |||||||
Depreciation and amortization | 14,698 | 1.1% | 14,831 | 1.1% | |||||||
Gains from sales of property | (525 | ) | 0.0% | (9,760 | ) | (0.7)% | |||||
Other operating expenses | 6,127 | 0.5% | 9,276 | 0.7% | |||||||
Operating income | 30,415 | 2.2% | 26,630 | 2.0% | |||||||
Interest expense, net | 25,915 | 1.9% | 27,118 | 2.0% | |||||||
Other expense, net | 180 | 0.0% | 105 | 0.0% | |||||||
Income (loss) before benefit from income taxes | 4,320 | 0.3% | (593 | ) | 0.0% | ||||||
Benefit from income taxes | (1,588 | ) | (0.1)% | (175 | ) | 0.0% | |||||
Net income (loss) | $ | 5,908 | 0.4% | $ | (418 | ) | 0.0% |
Three Months Ended | Six Months Ended | ||||||||||||||
June 27, 2020 | June 29, 2019 | June 27, 2020 | June 29, 2019 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Structural products | $ | 249,571 | $ | 224,528 | $ | 490,349 | $ | 421,314 | |||||||
Specialty products | 449,205 | 481,920 | 870,497 | 923,835 | |||||||||||
Net sales | $ | 698,776 | $ | 706,448 | $ | 1,360,846 | $ | 1,345,149 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
July 3, 2021 | June 27, 2020 | July 3, 2021 | June 27, 2020 | |||||||||||||||||||||||
Net sales by category | ($ in thousands) | ($ in thousands) | ||||||||||||||||||||||||
Structural products | $ | 632,724 | $ | 249,542 | $ | 1,095,571 | $ | 490,310 | ||||||||||||||||||
Specialty products | 675,189 | 449,234 | 1,237,811 | 870,536 | ||||||||||||||||||||||
Net sales | $ | 1,307,913 | $ | 698,776 | $ | 2,333,382 | $ | 1,360,846 | ||||||||||||||||||
Percentage of total net sales by category | ||||||||||||||||||||||||||
Structural products | 48 | % | 36 | % | 47 | % | 36 | % | ||||||||||||||||||
Specialty products | 52 | % | 64 | % | 53 | % | 64 | % | ||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
Three Months Ended | Six Months Ended | ||||||||||||||
June 27, 2020 | June 29, 2019 | June 27, 2020 | June 29, 2019 | ||||||||||||
(Dollars in thousands) | (Dollars in thousands) | ||||||||||||||
Structural products | $ | 23,100 | $ | 17,388 | $ | 47,334 | $ | 36,121 | |||||||
Specialty products | 77,720 | 76,779 | 146,695 | 144,091 | |||||||||||
Gross profit | $ | 100,820 | $ | 94,167 | $ | 194,029 | $ | 180,212 | |||||||
Gross margin percentage by category | |||||||||||||||
Structural products | 9.3 | % | 7.7 | % | 9.7 | % | 8.6 | % | |||||||
Specialty products | 17.3 | % | 15.9 | % | 16.9 | % | 15.6 | % | |||||||
Total | 14.4 | % | 13.3 | % | 14.3 | % | 13.4 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
July 3, 2021 | June 27, 2020 | July 3, 2021 | June 27, 2020 | |||||||||||||||||||||||
Gross profit $ by category | ($ in thousands) | ($ in thousands) | ||||||||||||||||||||||||
Structural products | $ | 86,177 | $ | 23,089 | $ | 158,034 | $ | 47,308 | ||||||||||||||||||
Specialty products | 164,995 | 77,731 | 273,530 | 146,721 | ||||||||||||||||||||||
Gross profit | $ | 251,172 | $ | 100,820 | $ | 431,564 | $ | 194,029 | ||||||||||||||||||
Gross margin percentage by category | ||||||||||||||||||||||||||
Structural products | 13.6 | % | 9.3 | % | 14.4 | % | 9.6 | % | ||||||||||||||||||
Specialty products | 24.4 | % | 17.3 | % | 22.1 | % | 16.9 | % | ||||||||||||||||||
Total gross margin % | 19.2 | % | 14.4 | % | 18.5 | % | 14.3 | % |
Selected financial information | |||||||||||
June 27, 2020 | December 28, 2019 | June 29, 2019 | |||||||||
(In thousands) | |||||||||||
Current assets: | |||||||||||
Cash | $ | 11,530 | $ | 11,643 | $ | 12,662 | |||||
Receivables, less allowance for doubtful accounts | 264,642 | 192,872 | 262,042 | ||||||||
Inventories, net | 313,979 | 345,806 | 358,652 | ||||||||
$ | 590,151 | $ | 550,321 | $ | 633,356 | ||||||
Current liabilities: | |||||||||||
Accounts payable (2) | $ | 158,920 | $ | 132,348 | $ | 174,860 | |||||
$ | 158,920 | $ | 132,348 | $ | 174,860 | ||||||
Operating working capital | $ | 431,231 | $ | 417,973 | $ | 458,496 |
Selected financial information | |||||||||||||||||
July 3, 2021 | January 2, 2021 | June 27, 2020 | |||||||||||||||
(In thousands) | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash | $ | 179 | $ | 82 | $ | 11,530 | |||||||||||
Receivables, less allowance for doubtful accounts | 437,217 | 293,643 | 264,642 | ||||||||||||||
Inventories, net | 425,714 | 342,108 | 313,979 | ||||||||||||||
$ | 863,110 | $ | 635,833 | $ | 590,151 | ||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 227,100 | $ | 165,163 | $ | 158,920 | |||||||||||
$ | 227,100 | $ | 165,163 | $ | 158,920 | ||||||||||||
Operating working capital | $ | 636,010 | $ | 470,670 | $ | 431,231 |
Total Number | |||||||||
Shares | Average Price | ||||||||
Period | Purchased(1) | Paid Per Share | |||||||
March 29 - May 2, 2020 | — | $ | — | ||||||
May 3 - May 30, 2020 | — | $ | — | ||||||
May 31 - June 27, 2020 | 27,522 | $ | 8.98 | ||||||
Total | 27,522 | ||||||||
(1) | The Company did not repurchase any of its equity securities during the period covered by this report pursuant to any publicly announced plan or program, and no such plan or program is presently in effect. All purchases reflected in the table above pertain to purchases of common stock by the Company in connection with tax withholding obligations of the Company’s employees upon the vesting of such employees’ restricted stock awards. |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | ||||||||||||
April 4 - May 8 | — | $ | — | |||||||||||
May 9 - June 5 | — | $ | — | |||||||||||
June 6 - July 3 | 112,892 | $ | 44.58 | |||||||||||
Total | 112,892 |
Exhibit Number | Description | |||||||
10.1 | ||||||||
10.2 | Employment Agreement by and among BlueLinx | |||||||
10.3 | ||||||||
10.4 | * | |||||||
10.5 | * | |||||||
10.6 | * | |||||||
10.7 | * | |||||||
10.8 | ||||||||
* | ||||||||
31.2 | * | |||||||
32.1 | ** | |||||||
32.2 | ** | |||||||
101.Def | Definition Linkbase Document. | |||||||
101.Pre | Presentation Linkbase Document. | |||||||
101.Lab | Labels Linkbase Document. | |||||||
101.Cal | Calculation Linkbase Document. | |||||||
101.Sch | Schema Document. | |||||||
101.Ins | Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
104 | The cover page from this Quarterly Report on Form 10-Q for the quarter ended April 3, 2021, formatted in Inline XBRL. | |||||||
* | Filed herewith. | |||||||
** | Exhibit is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended. | |||||||
± | Management contract or compensatory plan or arrangement |
BlueLinx Holdings Inc. | |||||||||||
(Registrant) | |||||||||||
Date: August 3, | By: | /s/ Kelly C. Janzen | |||||||||
Kelly C. Janzen | |||||||||||
Senior Vice President and Chief Financial Officer |