EXHIBIT 99.1
4300 Wildwood Parkway
Atlanta, GA 30339
1-888-502-BLUE
www.BlueLinxCo.com
Atlanta, GA 30339
1-888-502-BLUE
www.BlueLinxCo.com
BlueLinx Contact: | Investor Contact: | |
David Morris | Jody Burfening / Chris Witty | |
BlueLinx Holdings Inc. | Lippert/Heilshorn & Associates, Inc. | |
(866) 671-5138 | (212) 838-3777 | |
cwitty@lhai.com |
FOR IMMEDIATE RELEASE
BLUELINX ANNOUNCES SECOND QUARTER RESULTS
ATLANTA, GA, August 8, 2005 — BlueLinx Holdings Inc. (NYSE: BXC), a leading distributor of building products in North America, today reported financial results for the second fiscal quarter ended July 2, 2005.
Revenues for the second quarter were $1.49 billion, down 4.7% from the $1.56 billion reported for the second quarter ended July 3, 2004. This decline reflects a 4.4% increase in unit volume offset by a 9.1% decrease in prices. Net income for the second quarter was $7.8 million, or $0.25 per diluted share, compared to $29.8 million, or $0.99 per diluted share, in the prior-year period. For purposes of comparison, the 2004 second quarter statement of operations is presented on a pro forma basis, as if BlueLinx had been a stand-alone, publicly-traded entity since December 29, 2002.
Gross profit for the second quarter was $115.7 million compared to $164.1 million in the prior-year period. Gross margin fell to 7.8% from 10.5% in the second quarter of 2004, primarily reflecting a decline in structural product margins. Additionally, margins in the second quarter of 2004 were favorably impacted by strong steel markets. Selling, general, and administrative expenses in the second quarter declined by $12.4 million, primarily due to lower incentive compensation expense and reduced sales commissions. Operating income for the quarter was $23.2 million compared to $59.9 million for the second quarter last year, reflecting lower gross profit, partially offset by lower variable expenses.
For the first six months of fiscal 2005, BlueLinx reported sales of $2.84 billion, flat with last year. Gross profit for the year-to-date period was $235.0 million compared to $320.1 million in 2004, translating to gross margins of 8.3% and 11.3%, respectively, and primarily reflecting a decline in structural product margins. Selling, general, and administrative expenses in the second quarter declined by $18.4 million, primarily due to lower incentive compensation expense and reduced sales commissions. Net income was $16.2 million, or $0.53 per diluted share, versus $57.1 million, or $1.89 per diluted share, in the prior-year period. For purposes of comparison, the 2004 year-to-date statement of operations is presented on a pro forma basis, as if BlueLinx had been a stand-alone, publicly-traded entity since December 29, 2002.
“Today, we are operating in a weakening price environment, and we continue to aggressively implement our business improvement strategies” said Chuck McElrea, chief executive officer. “We are taking the steps we believe necessary to diminish the impact of price depreciation on our financial results, advancing our strategic growth initiatives and solidifying the foundation for long term growth. We continue to gain market share in the building products distribution marketplace, leveraging our diverse geographic footprint, broad product offering and extensive customer base. We have added new customer programs for specialty products, increased sales revenue from targeted accounts, signed on new industrial accounts and continued to roll out product line
expansions with new and existing vendors. These achievements demonstrate the effectiveness of our value added supply chain solutions approach, particularly as a means of increasing the proportion of less price sensitive specialty products.”
Mr. McElrea concluded, “The BlueLinx management team has encountered challenging market conditions before. Based on our experience, we have put mechanisms in place to navigate through pricing cycles and designed a strategy to generate profitable growth and market share gains over time. We remain committed to our long term growth strategy and focused on increasing return on net assets by continuously creating operating efficiencies and improving working capital utilization.”
As Reported Results
As reported sales for the second quarter ended July 2, 2005 were $1.49 billion compared to $1.56 billion for the same period last year. Gross profit declined to $115.7 million from $162.6 million in the prior-year period primarily reflecting a decline in structural product margins. Net income for the second quarter of 2005 was $7.8 million compared to net income of $27.7 million for the second quarter of fiscal 2004. The company’s net income of $27.7 million for the second quarter of 2004 was achieved partially as a division of Georgia-Pacific Corporation and did not include interest expense and certain corporate overhead expenses that are included in the results for the quarter ended July 2, 2005.
On a year-to-date basis, BlueLinx reported sales of $2.84 billion, flat with last year. Gross profit was $235.0 million compared with $316.7 million in 2004; net income was $16.2 million versus $61.6 million in the prior-year period.
Basis of Presentation
This release provides unaudited financial statements for the second quarter and year-to-date periods of 2005 and 2004. For purposes of comparison, the statement of operations for the second quarter and year-to-date ended July 3, 2004 is provided on both an as reported and a pro forma basis. Last year’s pro forma results reflect the acquisition by BlueLinx of the real estate and operating assets of the building products distribution division of Georgia-Pacific and the Company’s subsequent IPO on December 14, 2004. Results have been adjusted to reflect the acquisition transaction, mortgage refinancing transaction, and offering transaction, and are presented as if BlueLinx Holdings had been a standalone entity since December 29, 2002. On a pro forma basis diluted earnings per share is calculated using 30.2 million shares. Detailed reconciliations of all pro forma adjustments are included in a presentation, to be read in conjunction with this release, which can be found on the BlueLinx web site at www.BlueLinxCo.com.
Conference Call
BlueLinx will host a conference call today at 10:00 a.m. Eastern Daylight Time accompanied by a supporting slide presentation. Investors may listen to the conference call and download the presentation by going to the Investor Relations page of the BlueLinx web site, at www.BlueLinxCo.com. Investors will also be able to access an encore recording of the conference call for one week by calling 706-645-9291, Conference ID# 7841982. The recording will be available two hours after the conference call has concluded. Investors may, alternatively, access a recording of this call on the BlueLinx web site where a replay of the webcast will be available for 90 days.
About BlueLinx Holdings Inc.
Headquartered in Atlanta, Georgia, BlueLinx Holdings Inc., operating through its wholly owned subsidiary BlueLinx Corporation, is a leading distributor of building products in North America. Employing more than 3,400 people in North America, BlueLinx offers 10,000 products from over 750 suppliers to service more than 11,700 customers nationwide, including dealers, industrial manufacturers, manufactured housing producers and
home improvement retailers. The Company operates its distribution business from sales centers in Atlanta and Denver, and its network of more than 60 warehouses. Additional information about BlueLinx can be found on its web site atwww.BlueLinxCo.com.
Forward-looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All of these forward-looking statements are based on estimates and assumptions made by our management that, although believed by BlueLinx to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of its control, that may cause its business, strategy or actual results to differ materially from the forward-looking statements. These risks and uncertainties may include, among other things: changes in the supply and/or demand for products which we distribute; the activities of competitors; changes in significant operating expenses; changes in the availability of capital; the ability to identify acquisition opportunities and effectively and cost-efficiently integrate acquisitions; general economic and business conditions in the United States; acts of war or terrorist activities; variations in the performance of the financial markets; and other factors described in the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the year ended January 1, 2005, and in its periodic reports filed with the Securities and Exchange Commission from time to time. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. BlueLinx undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.
- Tables to Follow -
BlueLinx Holdings Inc.
Proforma Statement of Operations
in thousands, except per share data
Proforma Statement of Operations
in thousands, except per share data
Quarters Ended | Six Months Ended | |||||||||||||||
BlueLinx | BlueLinx | BlueLinx | BlueLinx | |||||||||||||
As Reported | Proforma | As Reported | Proforma | |||||||||||||
July 2, | July 3, | July 2, | July 3, | |||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Sales: | ||||||||||||||||
Net sales | $ | 1,486,976 | $ | 1,561,064 | $ | 2,838,595 | $ | 2,840,946 | ||||||||
Cost of sales | 1,371,295 | 1,396,946 | 2,603,586 | 2,520,880 | ||||||||||||
Gross profit | 115,681 | 164,118 | 235,009 | 320,066 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general, and administrative | 87,948 | 100,393 | 179,383 | 197,766 | ||||||||||||
Depreciation and amortization | 4,557 | 3,836 | 8,800 | 7,672 | ||||||||||||
Total operating expenses | 92,505 | 104,229 | 188,183 | 205,438 | ||||||||||||
Operating income | 23,176 | 59,889 | 46,826 | 114,628 | ||||||||||||
Non-operating expenses: | ||||||||||||||||
Interest expense | 10,656 | 9,470 | 19,990 | 17,833 | ||||||||||||
Other expense, net | 224 | 134 | 353 | 441 | ||||||||||||
Income before provision for income taxes | 12,296 | 50,285 | 26,483 | 96,354 | ||||||||||||
Provision for income taxes | 4,545 | 20,466 | 10,314 | 39,216 | ||||||||||||
Net income | $ | 7,751 | $ | 29,819 | $ | 16,169 | $ | 57,138 | ||||||||
Basic weighted average number of common shares outstanding | 30,186 | 30,185 | 30,170 | 30,185 | ||||||||||||
Basic net income per share applicable to common stock | $ | 0.26 | $ | 0.99 | $ | 0.54 | $ | 1.89 | ||||||||
Diluted weighted average number of common shares outstanding | 30,476 | 30,185 | 30,458 | 30,185 | ||||||||||||
Diluted net income per share applicable to common stock | $ | 0.25 | $ | 0.99 | $ | 0.53 | $ | 1.89 | ||||||||
Dividends declared per share of common stock | $ | 0.125 | $ | 0.25 | ||||||||||||
BlueLinx Holdings Inc.
As Reported Statements of Operations
in thousands, except per share data
As Reported Statements of Operations
in thousands, except per share data
Quarters Ended | Six Months Ended | |||||||||||||||
BlueLinx | BlueLinx | BlueLinx | BlueLinx | |||||||||||||
As Reported | As Reported | As Reported | As Reported | |||||||||||||
(Combined) | (Combined) | |||||||||||||||
July 2, | July 3, | July 2, | July 3, | |||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Sales: | ||||||||||||||||
Net sales | $ | 1,486,976 | $ | 1,561,064 | $ | 2,838,595 | $ | 2,840,946 | ||||||||
Cost of sales | 1,371,295 | 1,398,423 | 2,603,586 | 2,524,207 | ||||||||||||
Gross profit | 115,681 | 162,641 | 235,009 | 316,739 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general, and administrative | 87,948 | 106,758 | 179,383 | 201,439 | ||||||||||||
Depreciation and amortization | 4,557 | 4,061 | 8,800 | 8,492 | ||||||||||||
Total operating expenses | 92,505 | 110,819 | 188,183 | 209,931 | ||||||||||||
Operating income | 23,176 | 51,822 | 46,826 | 106,808 | ||||||||||||
Non-operating expenses: | ||||||||||||||||
Interest expense | 10,656 | 6,794 | 19,990 | 6,794 | ||||||||||||
Other expense, net | 224 | 134 | 353 | 441 | ||||||||||||
Income before provision for income taxes | 12,296 | 44,894 | 26,483 | 99,573 | ||||||||||||
Provision for income taxes | 4,545 | 17,223 | 10,314 | 37,940 | ||||||||||||
Net income | $ | 7,751 | $ | 27,671 | $ | 16,169 | $ | 61,633 | ||||||||
Basic weighted average number of common shares outstanding | 30,186 | 30,170 | ||||||||||||||
Basic net income per share applicable to common stock | $ | 0.26 | $ | 0.54 | ||||||||||||
Diluted weighted average number of common shares outstanding | 30,476 | 30,458 | ||||||||||||||
Diluted net income per share applicable to common stock | $ | 0.25 | $ | 0.53 | ||||||||||||
Dividends declared per share of common stock | $ | 0.125 | $ | 0.25 | ||||||||||||
BlueLinx Holdings Inc.
As Reported Balance Sheets
in thousands
As Reported Balance Sheets
in thousands
BlueLinx | BlueLinx | |||||||
As Reported | As Reported | |||||||
July 2, | January 1, | |||||||
2005 | 2005 | |||||||
Assets: | ||||||||
assets: | ||||||||
Cash | $ | 27,197 | $ | 15,572 | ||||
Receivables | 509,505 | 363,688 | ||||||
Inventories | 486,133 | 500,231 | ||||||
Deferred income taxes | 7,455 | 6,122 | ||||||
Other assets | 42,615 | 34,203 | ||||||
Total assets | 1,072,905 | 919,816 | ||||||
Property, plant, and equipment: | ||||||||
Land and land improvements | 55,916 | 55,573 | ||||||
Buildings | 94,083 | 93,133 | ||||||
Machinery and equipment | 50,356 | 41,063 | ||||||
Construction in progress | 88 | 5,089 | ||||||
Property, plant, and equipment, at cost | 200,443 | 194,858 | ||||||
Accumulated depreciation | (14,794 | ) | (7,880 | ) | ||||
Property, plant, and equipment, net | 185,649 | 186,978 | ||||||
Other non- assets | 27,953 | 30,268 | ||||||
Total assets | $ | 1,286,507 | $ | 1,137,062 | ||||
Liabilities : | ||||||||
liabilities: | ||||||||
Accounts payable | $ | 335,147 | $ | 270,271 | ||||
Bank overdrafts | 42,493 | 32,033 | ||||||
Accrued compensation | 8,541 | 18,292 | ||||||
Current maturities of long-term debt | 124,595 | 94,103 | ||||||
Other current liabilities | 13,246 | 13,142 | ||||||
Total current liabilities | 524,022 | 427,841 | ||||||
Noncurrent liabilities: | ||||||||
Long-term debt | 590,000 | 558,000 | ||||||
Deferred income taxes | 762 | 740 | ||||||
Other long-term liabilities | 11,798 | 8,989 | ||||||
Total liabilities | 1,126,582 | 995,570 | ||||||
Shareholders’ Equity: | ||||||||
Common stock | 302 | 295 | ||||||
Additional paid in capital | 131,301 | 121,306 | ||||||
Accumulated other comprehensive income | (981 | ) | (789 | ) | ||||
Retained earnings | 29,303 | 20,680 | ||||||
Total shareholders’ equity | 159,925 | 141,492 | ||||||
Total liabilities and equity | $ | 1,286,507 | $ | 1,137,062 | ||||
BlueLinx Holdings Inc.
As Reported Statements of Cash Flows
in thousands
As Reported Statements of Cash Flows
in thousands
Six Months Ended | ||||||||
BlueLinx | BlueLinx | |||||||
As Reported | As Reported | |||||||
(Combined) | ||||||||
July 2, | July 3, | |||||||
2005 | 2004 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 16,169 | $ | 61,633 | ||||
Adjustments to reconcile net income to cash used in operations: | ||||||||
Depreciation and amortization | 8,800 | 8,492 | ||||||
Amortization of debt issue costs | 1,893 | 459 | ||||||
Deferred income tax provision (benefit) | (1,311 | ) | 6,928 | |||||
Changes in assets and liabilities: | ||||||||
Receivables | (145,817 | ) | (235,556 | ) | ||||
Inventories | 14,098 | (144,341 | ) | |||||
Accounts payable | 64,876 | 278,710 | ||||||
Changes in other working capital | (17,446 | ) | 197 | |||||
Other | 1,992 | (1,578 | ) | |||||
Net cash used in operating activities | $ | (56,746 | ) | $ | (25,056 | ) | ||
Cash flows from investing activities: | ||||||||
Acquisition of operating assets of division | — | (776,307 | ) | |||||
Property, plant, and equipment investments | (6,323 | ) | (1,519 | ) | ||||
Proceeds from sale of assets | 650 | 252 | ||||||
Cash used in investing activities | $ | (5,673 | ) | $ | (777,574 | ) | ||
Cash flows from financing activities: | ||||||||
Net transactions with Georgia-Pacific Corporation | — | 88,352 | ||||||
Issuance of preferred stock | — | 95,000 | ||||||
Issuance of common stock, net | 8,600 | 5,000 | ||||||
Proceeds from stock options exercised | 38 | — | ||||||
Net increase in revolving credit facility | 62,492 | 451,769 | ||||||
Proceeds from issuance of term loan | — | 100,300 | ||||||
Proceeds from issuance of mortgage payable | — | 100,000 | ||||||
Fees paid to issue debt | — | (15,192 | ) | |||||
Increase in bank overdrafts | 10,460 | 9,329 | ||||||
Common dividends paid | (7,546 | ) | — | |||||
Net cash provided by financing activities | $ | 74,044 | $ | 834,558 | ||||
Increase in cash | 11,625 | 31,928 | ||||||
Balance, beginning of period | 15,572 | 506 | ||||||
Balance, end of period | $ | 27,197 | $ | 32,434 | ||||
BlueLinx Holdings Inc.
Statements of Operations
As Reported Reconciliation
in thousands, except per share data
Statements of Operations
As Reported Reconciliation
in thousands, except per share data
Distribution | BlueLinx | |||||||||||||||
BlueLinx | BlueLinx | Division | As Reported | |||||||||||||
As Reported | As Reported | As Reported | (Combined) | |||||||||||||
Period from | Period from | Period from | Period from | |||||||||||||
April 3, 2005 | April 4, 2004 | April 4, 2004 | April 4, | |||||||||||||
to July 2, | to July 3, | to May 7, | to July 3, | |||||||||||||
2005 | 2004 | 2004 | 2004 | |||||||||||||
Sales: | ||||||||||||||||
Net sales | $ | 1,486,976 | $ | 955,612 | $ | 605,452 | $ | 1,561,064 | ||||||||
Cost of sales | 1,371,295 | 866,084 | 532,339 | 1,398,423 | ||||||||||||
Gross profit | 115,681 | 89,528 | 73,113 | 162,641 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general, and administrative | 87,948 | 61,652 | 45,106 | 106,758 | ||||||||||||
Depreciation and amortization | 4,557 | 2,317 | 1,744 | 4,061 | ||||||||||||
Total operating expenses | 92,505 | 63,969 | 46,850 | 110,819 | ||||||||||||
Operating income | 23,176 | 25,559 | 26,263 | 51,822 | ||||||||||||
Non-operating expenses: | ||||||||||||||||
Interest expense | 10,656 | 6,794 | — | 6,794 | ||||||||||||
Other expense net | 224 | (173 | ) | 307 | 134 | |||||||||||
Income before income taxes | 12,296 | 18,938 | 25,956 | 44,894 | ||||||||||||
Provision for income taxes | 4,545 | 7,386 | 9,837 | 17,223 | ||||||||||||
Net income | $ | 7,751 | $ | 11,552 | $ | 16,119 | $ | 27,671 | ||||||||
Less: Preferred stock dividends | — | 1,484 | ||||||||||||||
Net income applicable to common shareholders | $ | 7,751 | $ | 10,068 | ||||||||||||
Basic weighted average number of common shares outstanding | 30,186 | 18,100 | ||||||||||||||
Basic net income per share applicable to common stock | $ | 0.26 | $ | 0.56 | ||||||||||||
Diluted weighted average number of common shares outstanding | 30,476 | 19,288 | ||||||||||||||
Diluted net income per share applicable to common stock | $ | 0.25 | $ | 0.52 | ||||||||||||
Dividends declared per share of common stock | $ | 0.125 | ||||||||||||||
BlueLinx Holdings Inc.
Statements of Operations Six Months
As Reported Reconciliation
in thousands, except per share data
Statements of Operations Six Months
As Reported Reconciliation
in thousands, except per share data
Distribution | BlueLinx | |||||||||||||||
BlueLinx | BlueLinx | Division | As Reported | |||||||||||||
As Reported | As Reported | As Reported | (Combined) | |||||||||||||
Period from | ||||||||||||||||
Period from | Inception | Period from | Six Months | |||||||||||||
January 2, 2005 | (March 8, 2004) | January 4, 2004 | Ended | |||||||||||||
to July 2, | to July 3, | to May 7, | July 3, | |||||||||||||
2005 | 2004 | 2004 | 2004 | |||||||||||||
Sales: | ||||||||||||||||
Net sales | $ | 2,838,595 | $ | 955,612 | $ | 1,885,334 | $ | 2,840,946 | ||||||||
Cost of sales | 2,603,586 | 866,084 | 1,658,123 | 2,524,207 | ||||||||||||
Gross profit | 235,009 | 89,528 | 227,211 | 316,739 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general, and administrative | 179,383 | 62,236 | 139,203 | 201,439 | ||||||||||||
Depreciation and amortization | 8,800 | 2,317 | 6,175 | 8,492 | ||||||||||||
Total operating expenses | 188,183 | 64,553 | 145,378 | 209,931 | ||||||||||||
Operating income | 46,826 | 24,975 | 81,833 | 106,808 | ||||||||||||
Non-operating expenses: | ||||||||||||||||
Interest expense | 19,990 | 6,794 | — | 6,794 | ||||||||||||
Other expense net | 353 | (173 | ) | 614 | 441 | |||||||||||
Income before income taxes | 26,483 | 18,354 | 81,219 | 99,573 | ||||||||||||
Provision for income taxes | 10,314 | 7,158 | 30,782 | 37,940 | ||||||||||||
Net income | 16,169 | 11,196 | 50,437 | 61,633 | ||||||||||||
Less: Preferred stock dividends | — | 1,484 | ||||||||||||||
Net income applicable to common shareholders | $ | 16,169 | $ | 9,712 | ||||||||||||
Basic weighted average number of common shares outstanding | 30,170 | 18,100 | ||||||||||||||
Basic net income per share applicable to common stock | $ | 0.54 | $ | 0.54 | ||||||||||||
Diluted weighted average number of common shares outstanding | 30,458 | 19,288 | ||||||||||||||
Diluted net income per share applicable to common stock | $ | 0.53 | $ | 0.50 | ||||||||||||
Dividends declared per share of common stock | $ | 0.25 | ||||||||||||||
BlueLinx Holdings Inc.
Statements of Cash Flows
As Reported Reconciliation
Statements of Cash Flows
As Reported Reconciliation
(in thousands)
BlueLinx | ||||||||||||||||
BlueLinx | BlueLinx | Distribution Division | As Reported | |||||||||||||
As Reported | As Reported | As Reported | (Combined) | |||||||||||||
Period from | Period from | Period from | Six Months | |||||||||||||
January 2, 2005 | Inception (March 8, 2004) | January 4, 2004 | Ended | |||||||||||||
to July 2, | to July 3, | to May 7, | July 3, | |||||||||||||
2005 | 2004 | 2004 | 2004 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 16,169 | $ | 11,196 | $ | 50,437 | $ | 61,633 | ||||||||
Adjustments to reconcile net income to cash provided by (used in) operations: | ||||||||||||||||
Depreciation and amortization | 8,800 | 2,317 | 6,175 | 8,492 | ||||||||||||
Amortization of debt issue costs | 1,893 | 459 | — | 459 | ||||||||||||
Deferred income tax provision (benefit) | (1,311 | ) | (2,255 | ) | 9,183 | 6,928 | ||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Receivables | (145,817 | ) | 56,794 | (292,350 | ) | (235,556 | ) | |||||||||
Inventories | 14,098 | 1,348 | (145,689 | ) | (144,341 | ) | ||||||||||
Accounts payable | 64,876 | 20,938 | 257,772 | 278,710 | ||||||||||||
Changes in other working capital | (17,446 | ) | (2,267 | ) | 2,464 | 197 | ||||||||||
Other | 1,992 | 396 | (1,974 | ) | (1,578 | ) | ||||||||||
Net cash provided by (used in) operating activities | $ | (56,746 | ) | $ | 88,926 | $ | (113,982 | ) | $ | (25,056 | ) | |||||
Cash flows from investing activities: | ||||||||||||||||
Acquisition of operating assets of division | — | (776,307 | ) | — | (776,307 | ) | ||||||||||
Property, plant, and equipment investments | (6,323 | ) | (141 | ) | (1,378 | ) | (1,519 | ) | ||||||||
Proceeds from sale of assets | 650 | — | 252 | 252 | ||||||||||||
Cash used in investing activities | $ | (5,673 | ) | $ | (776,448 | ) | $ | (1,126 | ) | $ | (777,574 | ) | ||||
Cash flows from financing activities: | ||||||||||||||||
Net transactions with Georgia-Pacific Corporation | — | — | 88,352 | 88,352 | ||||||||||||
Issuance of preferred stock | — | 95,000 | — | 95,000 | ||||||||||||
Issuance of common stock, net | 8,600 | 5,000 | — | 5,000 | ||||||||||||
Proceeds from stock options exercised | 38 | — | ||||||||||||||
Net increase in revolving credit facility | 62,492 | 451,769 | — | 451,769 | ||||||||||||
Proceeds from issuance of term loan | — | 100,300 | — | 100,300 | ||||||||||||
Proceeds from issuance of mortgage payable | — | 100,000 | — | 100,000 | ||||||||||||
Fees paid to issue debt | — | (15,192 | ) | — | (15,192 | ) | ||||||||||
Increase (decrease) in bank overdrafts | 10,460 | (16,921 | ) | 26,250 | 9,329 | |||||||||||
Common dividends paid | (7,546 | ) | — | — | — | |||||||||||
Net cash provided by financing activities | $ | 74,044 | $ | 719,956 | $ | 114,602 | $ | 834,558 | ||||||||
Increase (decrease) in cash | 11,625 | 32,434 | (506 | ) | 31,928 | |||||||||||
Balance, beginning of period | 15,572 | — | 506 | 506 | ||||||||||||
Balance, end of period | $ | 27,197 | $ | 32,434 | $ | — | $ | 32,434 | ||||||||