BlueLinx Holdings Inc. (NYSE: BXC), a leading distributor of
building and industrial products in the United States, today
announced that it received written notice from the New York Stock
Exchange (NYSE) that the Company is not in compliance with the
continued listing standards set forth in Section 802.01B of the
NYSE Listed Company Manual because its average market
capitalization has been less than $50 million over a consecutive 30
trading-day period and its last reported stockholders' equity was
below $50 million. Prior to the significant stock market decline
triggered by the COVID-19 pandemic, the Company’s market
capitalization was above $50 million.
The Company has already submitted a plan to the
NYSE in accordance with NYSE procedures to advise the NYSE of
definitive action the Company is taking to regain conformity with
the continued listing standards as required by January 2022. The
notice has no immediate impact on the listing of the Company’s
common stock, which will continue to trade on the NYSE, subject to
continued compliance with applicable NYSE listing standards.
Management Commentary
Mitch Lewis, President and Chief Executive
Officer, stated, “We entered 2020 focused on profitably growing our
business, and we got off to a solid start in the first quarter. In
response to the unexpected COVID‑19 pandemic, we immediately
developed plans and took actions that should give BlueLinx the
financial and operating flexibility necessary to provide long-term
value for our stakeholders, and we are poised to continue our
progress once the pandemic subsides. We firmly believe that the
erosion in our market capitalization was driven by the effects of
the COVID-19 pandemic on the stock market and that a return to
normalcy in the markets will cause our market capitalization to
recover."
First Quarter 2020 Earnings Call
As previously announced, the Company’s first quarter 2020
financial results will be made available after the market closes on
Tuesday, May 5th, under “Press Releases” in the Investor Relations
section of the BlueLinx website, at www.BlueLinxCo.com, and the
Company plans to discuss those results during its first quarter
earnings call and webcast, which is scheduled for Wednesday, May 6,
2020, at 10:00 a.m. Eastern Time. Please refer to the Investor
Relations section of the BlueLinx website, at www.BlueLinxCo.com,
for instructions on accessing the earnings call and webcast.
About BlueLinx Holdings Inc.
BlueLinx (NYSE: BXC) is a leading wholesale
distributor of building and industrial products in the United
States with over 50,000 branded and private-label SKUs, and a broad
distribution footprint servicing 40 states. BlueLinx has a
differentiated distribution platform, value-driven business model
and extensive cache of products across the building products
industry. Headquartered in Marietta, Georgia, BlueLinx has over
2,200 associates and distributes its comprehensive range of
structural and specialty products to approximately 15,000 national,
regional, and local dealers, as well as specialty distributors,
national home centers, industrial, and manufactured housing
customers. BlueLinx encourages investors to visit its website,
www.BlueLinxCo.com, which is updated regularly with financial and
other important information about BlueLinx.
Contacts
Kelly C. Janzen, SVP, CFO & TreasurerBlueLinx Holdings
Inc.(770) 953-7000
Mary Moll, Investor Relations(866)
671-5138investor@bluelinxco.com
Forward-Looking Statements
This press release contains forward-looking
statements. Forward-looking statements include, without limitation,
any statement that predicts, forecasts, indicates or implies future
results, performance, liquidity levels or achievements, and may
contain the words “believe,” “anticipate,” “expect,” “estimate,”
“intend,” “project,” “plan,” “will be,” “will likely continue,”
“will likely result” or words or phrases of similar meaning. The
forward-looking statements in this press release include statements
about our ability to regain conformity with the NYSE’s continued
listing standards within the 18 month plan period; our focus for
2020; the ability of our plans and actions to provide financial and
operating flexibility necessary to provide long-term value for our
stakeholders; our ability to continue our progress once the
COVID-19 pandemic subsides; and the effects of a return to normalcy
in the stock market on our market capitalization.
Forward-looking statements in this press release
are based on estimates and assumptions made by our management that,
although believed by us to be reasonable, are inherently uncertain.
Forward-looking statements involve risks and uncertainties that may
cause our business, strategy, or actual results to differ
materially from the forward-looking statements. These risks and
uncertainties include those listed under the heading “Risk Factors”
in Item 1A of our Annual Report on Form 10-K for the year ended
December 28, 2019, and those discussed in our Quarterly Reports on
Form 10-Q and in our periodic reports filed with the SEC from time
to time. We operate in a changing environment in which new risks
can emerge from time to time. It is not possible for management to
predict all of these risks, nor can it assess the extent to which
any factor, or a combination of factors, may cause our business,
strategy, or actual results to differ materially from those
contained in forward-looking statements. Factors that may cause
these differences include, among other things: the COVID-19
pandemic and other contagious illness outbreaks and their potential
effects on our industry, suppliers and supply chain, and customers,
and our business, results of operations, cash flows, financial
condition, and future prospects; our ability to integrate and
realize anticipated synergies from acquisitions; loss of material
customers, suppliers, or product lines in connection with
acquisitions; operational disruption in connection with the
integration of acquisitions; our indebtedness and its related
limitations; sufficiency of cash flows and capital resources; our
ability to monetize real estate assets; fluctuations in commodity
prices; adverse housing market conditions; disintermediation by
customers and suppliers; changes in prices, supply and/or demand
for our products; inventory management; competitive industry
pressures; industry consolidation; product shortages; loss of and
dependence on key suppliers and manufacturers; new tariffs; our
ability to successfully implement our strategic initiatives;
fluctuations in operating results; sale-leaseback transactions and
their effects; real estate leases; changes in interest rates;
exposure to product liability claims; our ability to complete
offerings under our shelf registration statement on favorable
terms, or at all; changes in our product mix; petroleum prices;
information technology security and business interruption risks;
litigation and legal proceedings; natural disasters and unexpected
events; activities of activist stockholders; labor and union
matters; limits on net operating loss carryovers; pension plan
assumptions and liabilities; risks related to our internal
controls; retention of associates and key personnel; federal,
state, local and other regulations, including environmental laws
and regulations; and changes in accounting principles. Given these
risks and uncertainties, we caution you not to place undue reliance
on forward-looking statements. We expressly disclaim any obligation
to update or revise any forward-looking statement as a result of
new information, future events or otherwise, except as required by
law.
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