BlueLinx posts 1Q sales and earnings declines

Industrial Distribution staff -- Industrial Distribution, 5/1/2008 8:29:00 AM

First-quarter sales for BlueLinx Holdings Inc. slid 25.1 percent to $716.8 million, compared with $957.1 million during the same period last year.

The Atlanta-based building materials distributor posted a net loss of $10.6 million for the quarter, compared with a net loss of $189,000 during the first quarter of 2007.

BlueLinx said the declines stem from a more than 30 percent drop in housing starts compared with the first quarter last year.

“Despite the challenging business environment, we continued to provide quality service to our customers and suppliers. We utilized approximately $21 million in cash for operations during the quarter compared to using $77 million in the year ago quarter,” interim CEO Howard Cohen said. “We remain focused on managing cash flow by tightly managing inventories, receivables and our operating expenses. Our company is financially positioned to be able to continue executing throughout this housing downturn.”

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