BlueLinx Holdings Inc. (NYSE:BXC), a leading distributor of
building and industrial products in the United States, today
reported financial results for the fiscal fourth quarter and full
year ended December 28, 2019.
2019 Fourth Quarter Financial Highlights
(all comparisons to prior year period unless otherwise
noted)– Net sales of
$613 million, compared to $673 million–
Gross margin increased to
13.5%, compared to 12.1%–
Gross profit of $83 million, up $2 million–
Net loss of $10.2 million,
compared to a net loss of $16.2 million–
Adjusted EBITDA of $10.9
million, compared to $6.8 million–
Term loan reduced by $102
million to $77 million, inclusive of approximately $70 million in
net proceeds from sale-leaseback transactions completed subsequent
to year-end
Full Year 2019 Financial Highlights (all
comparisons to prior year period unless otherwise noted)–
Net sales of $2.64 billion,
compared to $2.86 billion–
Gross margin increased to 13.5%, compared to 11.6%–
Gross profit of $357 million,
up $25 million– Net loss of
$17.7 million, compared to a net loss of $48.1 million–
Adjusted EBITDA of $71.4
million, compared to $68.5 million
Management CommentaryMitch
Lewis, President and Chief Executive Officer, stated, “We were
pleased to report gross margin improvement in 2019, and we continue
to make progress on our financial results. Our investments in
improving customer service and operational performance are making a
difference as evidenced by increasing sales volume that we began to
see in the fourth quarter, which is continuing into the first
quarter. With the integration largely behind us, we enter
2020 wholly focused on profitably growing the business.”
Susan O’Farrell, Senior Vice President and Chief
Financial Officer, added, “In addition to the operational
improvements we achieved throughout the year, we successfully
executed on a key aspect of our strategic plan by materially
de-levering our balance sheet. Our term loan balance now
stands at approximately $77 million, compared to $179 million at
year-end 2018, a reduction of over $100 million. Furthermore, our
excess availability and cash on hand averaged $88 million for the
fourth quarter, demonstrating our solid liquidity position as we
started the new year.”
2019 Fourth Quarter Financial Results
ReviewThe Company reported net sales of $613 million for
the fourth quarter of 2019, compared to $673 million for the prior
year period. Net sales were primarily impacted by lower
commodity prices and the discontinuation of a siding product in
late 2018, which affected year-over-year net sales by approximately
$13 million, and $46 million, respectively.
The Company recorded gross profit of $83 million
during the fourth quarter, compared to $81 million in the prior
year period, with a gross margin of 13.5% compared to 12.1% in the
prior year period. Gross margin improved in both structural and
specialty categories year-over-year.
The Company recorded a net loss of $10.2 million
for the fourth quarter, compared to a net loss of $16.2 million in
the prior year period. Fourth quarter 2019 net loss includes
one-time charges for pension settlement and withdrawal costs of $4
million, integration related charges of $3 million, and $1 million
for restructuring charges. Net loss in the prior year period
includes integration related charges of $6 million, and pension
settlement and withdrawal costs of $1 million.
Adjusted EBITDA, which is a non-GAAP measure,
was $10.9 million for the fourth quarter, compared to $6.8 million
in the prior year period.
Full Year 2019 Financial Results
ReviewFor the fiscal year ended December 28, 2019,
the Company reported net sales of $2.64 billion, compared to $2.86
billion in the prior fiscal year. Pro forma net sales of the
2018 fiscal year were $3.26 billion. Significantly lower
year-over-year commodity prices, and the comparative effect of the
discontinuation of a siding program that first began to affect net
sales in the first quarter of 2019, impacted year-over-year net
sales on a pro forma basis by approximately $221 million and $160
million, respectively. The year-over-year comparison was also
impacted by transaction-related sales dis-synergies that
materialized in 2019 related to the Cedar Creek acquisition.
The Company recorded gross profit of $357
million for the 2019 fiscal year, compared to $332 million in the
prior fiscal year, with a gross margin of 13.5% compared to 11.6%
in the prior year period, which prior year period includes an
acquisition-related inventory step-up charge of $12 million. Both
structural and specialty product categories contributed to the
gross margin improvement year-over-year. Pro forma gross profit for
the 2018 fiscal year was $394 million.
The Company recorded a net loss of $17.7 million
for the 2019 fiscal year, compared to a net loss of $48.1 million
in the prior fiscal year. The 2019 fiscal year includes gains
from sales of real property of $13 million and one-time charges for
acquisition-related integration costs of $14 million, pension
settlement and withdrawal costs of $4 million, restructuring costs
of $4 million, and charges associated with share-based compensation
of $3 million. The prior fiscal year included one-time charges for
the previously mentioned acquisition-related inventory step-up
charge of $12 million, acquisition-related integration costs of $25
million, charges associated with share-based compensation of $15
million, pension settlement and withdrawal costs of $7 million, and
restructuring charges of $1 million. Pro forma net loss for the
2018 fiscal year was $18.1 million.
Adjusted EBITDA, which is a non-GAAP measure,
was $71.4 million for the 2019 fiscal year, compared to $68.5
million in the prior fiscal year. Pro forma Adjusted EBITDA
for the full fiscal year 2018 was $80.0 million.
Fourth Quarter and Full Year 2019
Conference Call with Accompanying Slide
PresentationBlueLinx will host a conference call on
March 11, 2020, at 10:00 a.m. Eastern Time, accompanied by a
supporting slide presentation.
Participants can access the live conference call
via telephone at (877) 873-5864, using Conference ID # 6858198.
Investors can also listen to the live audio of
the conference call and view the accompanying slide presentation by
visiting the BlueLinx website, www.BlueLinxCo.com, and selecting
the conference link on the Investor Relations page. After the
conference call has concluded, an archived recording will be
available on the BlueLinx website.
Use of Supplemental Financial
Information and Non-GAAP Measures
The Company reports its financial results in
accordance with GAAP. The Company also believes that presentation
of certain non-GAAP measures and GAAP-based and non-GAAP
supplemental financial information may be useful to investors and
may provide a more complete understanding of the factors and
trends affecting the business than using reported GAAP results
alone. Any non-GAAP measures used herein are reconciled to their
most directly comparable GAAP measures herein or in the financial
tables accompanying this news release. The Company cautions that
non-GAAP measures and supplemental financial information should be
considered in addition to, but not as a substitute for, the
Company’s reported GAAP results.
Supplemental Financial Measures
We completed the acquisition of Cedar Creek on
April 13, 2018 (the “Closing Date”). As a result, Cedar Creek’s
financial results are only included in the combined company’s
reported financial results from the Closing Date forward. To
supplement these reported results, we have provided GAAP-based and
non-GAAP pro forma financial information of the combined company in
this news release that includes Cedar Creek’s financial results for
the relevant periods prior to the Closing Date. This pro forma
information combines the historical results of BlueLinx for the
three and twelve months ended December 29, 2018, with the
historical results of Cedar Creek for the three and twelve months
ended December 29, 2018, giving effect to the Cedar Creek
acquisition and related adjustments as if the acquisition occurred
on January 1, 2017.
Adjusted EBITDA and Pro forma Adjusted
EBITDA
We define Adjusted EBITDA as an amount equal to
net income plus interest expense and all interest expense related
items, income taxes, depreciation and amortization, and further
adjusted for certain non-cash items and other special items,
including compensation expense from share-based compensation,
one-time charges associated with the legal and professional fees
and integration costs related to the Cedar Creek acquisition, and
gains on sales of properties including amortization of deferred
gains.
We present Adjusted EBITDA because it is a
primary measure used by management to evaluate operating
performance and, we believe, helps to enhance investors’ overall
understanding of the financial performance and cash flows of our
business. We believe Adjusted EBITDA is helpful in highlighting
operating trends. We also believe that Adjusted EBITDA is
frequently used by securities analysts, investors and other
interested parties in their evaluation of companies, many of which
present an Adjusted EBITDA measure when reporting their results.
However, Adjusted EBITDA is not a presentation made in accordance
with GAAP, and is not intended to present a superior measure of our
financial condition from those measures determined under GAAP.
Adjusted EBITDA, as used herein, is not necessarily comparable to
other similarly titled captions of other companies due to
differences in methods of calculation.
Pro forma Adjusted EBITDA for any period is
calculated in the same manner as Adjusted EBITDA, but also combines
the historical results of BlueLinx for the three and twelve months
ended December 29, 2018, with the historical results of Cedar Creek
for the three and twelve months ended December 29, 2018, giving
effect to the Cedar Creek acquisition and related adjustments as if
the acquisition occurred on January 1, 2017.
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:Investors:Susan
O’Farrell, SVP, CFO & TreasurerBlueLinx Holdings Inc.(770)
953-7000
Mary Moll, Investor Relations(866)
671-5138investor@bluelinxco.com
Forward-looking StatementsThis
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 the
continuation of increases in sales volume; our areas of focus for
2020; and the solidity of our liquidity position.
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 29, 2018, 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: our ability to
monetize real estate assets; 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;
changes in interest rates; 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, including those caused
by the spread of contagious illness; 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; 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.
BLUELINX HOLDINGS
INC.CONSOLIDATED STATEMENTS OF
OPERATIONS
|
Three Months Ended |
|
Years Ended |
|
December 28, 2019 |
|
December 29, 2018 |
|
December 28, 2019 |
|
December 29, 2018 |
|
|
|
|
|
|
|
|
|
(In thousands, except per share data) |
Net sales |
$ |
613,454 |
|
|
$ |
672,635 |
|
|
$ |
2,637,268 |
|
|
$ |
2,862,850 |
|
Cost of sales |
530,464 |
|
|
591,512 |
|
|
2,280,353 |
|
|
2,530,996 |
|
Gross profit |
82,990 |
|
|
81,123 |
|
|
356,915 |
|
|
331,854 |
|
Operating expenses: |
|
|
|
|
|
|
|
Selling, general, and administrative |
76,219 |
|
|
80,659 |
|
|
304,611 |
|
|
319,314 |
|
Gains from sales of property |
(3,284 |
) |
|
— |
|
|
(13,082 |
) |
|
— |
|
Depreciation and amortization |
7,824 |
|
|
7,649 |
|
|
30,232 |
|
|
25,826 |
|
Total operating expenses |
80,759 |
|
|
88,308 |
|
|
321,761 |
|
|
345,140 |
|
Operating income (loss) |
2,231 |
|
|
(7,185 |
) |
|
35,154 |
|
|
(13,286 |
) |
Non-operating expenses
(income): |
|
|
|
|
|
|
|
Interest expense |
13,691 |
|
|
13,354 |
|
|
54,218 |
|
|
47,301 |
|
Other expense (income), net |
2,756 |
|
|
(98 |
) |
|
2,544 |
|
|
(380 |
) |
Loss before benefit from
income taxes |
(14,216 |
) |
|
(20,441 |
) |
|
(21,608 |
) |
|
(60,207 |
) |
Benefit from income taxes |
(4,021 |
) |
|
(4,269 |
) |
|
(3,952 |
) |
|
(12,154 |
) |
Net loss |
$ |
(10,195 |
) |
|
$ |
(16,172 |
) |
|
$ |
(17,656 |
) |
|
$ |
(48,053 |
) |
|
|
|
|
|
|
|
|
Basic loss per share |
$ |
(1.09 |
) |
|
$ |
(1.74 |
) |
|
$ |
(1.89 |
) |
|
$ |
(5.21 |
) |
Diluted loss per share |
$ |
(1.09 |
) |
|
$ |
(1.74 |
) |
|
$ |
(1.89 |
) |
|
$ |
(5.21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLUELINX HOLDINGS
INC.CONSOLIDATED BALANCE SHEETS
|
December 28, 2019 |
|
December 29, 2018 |
|
|
|
|
|
(In thousands, except share data) |
ASSETS |
Current assets: |
|
|
|
Cash |
$ |
11,643 |
|
|
$ |
8,939 |
|
Receivables, less allowances of $3,236 and $3,656,
respectively |
192,872 |
|
|
208,434 |
|
Inventories, net |
345,806 |
|
|
341,851 |
|
Other current assets |
27,718 |
|
|
40,629 |
|
Total current assets |
578,039 |
|
|
599,853 |
|
Property and equipment: |
|
|
|
Land and land improvements |
21,409 |
|
|
21,454 |
|
Buildings |
167,249 |
|
|
174,138 |
|
Machinery and equipment |
117,682 |
|
|
111,680 |
|
Construction in progress |
1,727 |
|
|
1,126 |
|
Property and equipment, at
cost |
308,067 |
|
|
308,398 |
|
Accumulated depreciation |
(112,299 |
) |
|
(103,285 |
) |
Property and equipment,
net |
195,768 |
|
|
205,113 |
|
Operating lease right-of-use
assets |
54,408 |
|
|
— |
|
Goodwill |
47,772 |
|
|
47,772 |
|
Intangible assets, net |
26,384 |
|
|
35,222 |
|
Deferred tax assets |
53,993 |
|
|
52,645 |
|
Other non-current assets |
15,061 |
|
|
19,284 |
|
Total assets |
$ |
971,425 |
|
|
$ |
959,889 |
|
LIABILITIES AND STOCKHOLDERS' DEFICIT |
Current liabilities: |
|
|
|
Accounts payable |
$ |
132,348 |
|
|
$ |
149,188 |
|
Accrued compensation |
7,639 |
|
|
7,974 |
|
Current maturities of long-term debt, net of discount and debt
issuance costs of $74 and $64, respectively |
2,176 |
|
|
1,736 |
|
Finance leases - short-term |
6,385 |
|
|
7,555 |
|
Real estate deferred gains - short-term |
3,935 |
|
|
5,330 |
|
Operating lease liabilities - short-term |
7,317 |
|
|
— |
|
Other current liabilities |
11,323 |
|
|
24,985 |
|
Total current liabilities |
171,123 |
|
|
196,768 |
|
Non-current liabilities: |
|
|
|
Long-term debt, net of discount and debt issuance costs of
$12,481 and $12,665, respectively |
458,439 |
|
|
497,939 |
|
Finance leases - long-term |
146,611 |
|
|
143,486 |
|
Real estate financing obligation |
44,914 |
|
|
— |
|
Real estate deferred gains - long-term |
81,886 |
|
|
86,011 |
|
Operating lease liabilities - long-term |
47,091 |
|
|
— |
|
Pension benefit obligation |
23,420 |
|
|
26,668 |
|
Other non-current liabilities |
24,024 |
|
|
23,680 |
|
Total liabilities |
997,508 |
|
|
974,552 |
|
Commitments and
Contingencies |
|
|
|
STOCKHOLDERS' DEFICIT: |
Common Stock, $0.01 par value, Authorized - 20,000,000 shares,
Issued and Outstanding - 9,365,768 and 9,293,794,
respectively |
94 |
|
|
92 |
|
Additional paid-in capital |
260,974 |
|
|
258,596 |
|
Accumulated other comprehensive loss |
(34,563 |
) |
|
(37,129 |
) |
Accumulated stockholders’ deficit |
(252,588 |
) |
|
(236,222 |
) |
Total stockholders’
deficit |
(26,083 |
) |
|
(14,663 |
) |
Total liabilities and
stockholders’ deficit |
$ |
971,425 |
|
|
$ |
959,889 |
|
|
|
|
|
|
|
|
|
BLUELINX HOLDINGS
INC.CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
Fiscal Year Ended December 28,
2019 |
|
Fiscal Year Ended December 29,
2018 |
|
|
|
|
|
(In thousands) |
Cash flows from
operating activities: |
|
|
|
Net loss |
$ |
(17,656 |
) |
|
$ |
(48,053 |
) |
Adjustments to reconcile net
loss to cash (used in) provided by operations: |
|
|
|
Benefit from income taxes |
(3,952 |
) |
|
(12,154 |
) |
Depreciation and amortization |
30,232 |
|
|
25,826 |
|
Amortization of debt issuance costs |
3,323 |
|
|
2,884 |
|
Gains from sales of property |
(13,082 |
) |
|
— |
|
Pension expense |
3,011 |
|
|
7,660 |
|
Share-based compensation |
2,592 |
|
|
8,474 |
|
Amortization of deferred gain |
(3,960 |
) |
|
(5,069 |
) |
Other |
243 |
|
|
835 |
|
Changes in operating assets
and liabilities: |
|
|
|
Accounts receivable |
15,562 |
|
|
60,007 |
|
Inventories |
(3,955 |
) |
|
4,887 |
|
Accounts payable |
(15,493 |
) |
|
24,982 |
|
Prepaid assets |
6,282 |
|
|
3,515 |
|
Quarterly pension contributions |
(1,791 |
) |
|
(3,986 |
) |
Other assets and liabilities |
(10,921 |
) |
|
(28,252 |
) |
Net cash (used in) provided by
operating activities |
(9,565 |
) |
|
41,556 |
|
Cash flows from
investing activities: |
|
|
|
Acquisition of business, net
of cash acquired |
6,009 |
|
|
(348,060 |
) |
Property and equipment
investments |
(4,791 |
) |
|
(2,724 |
) |
Proceeds from disposition of
assets |
19,931 |
|
|
108,051 |
|
Net cash provided by (used in)
investing activities |
21,149 |
|
|
(242,733 |
) |
Cash flows from
financing activities: |
|
|
|
Repurchase of shares to
satisfy employee tax withholdings |
(211 |
) |
|
(3,020 |
) |
Repayments on revolving credit
facilities |
(656,596 |
) |
|
(729,423 |
) |
Borrowings from revolving
credit facilities |
649,788 |
|
|
880,042 |
|
Repayments on term loan |
(32,426 |
) |
|
(900 |
) |
Borrowings on term loan |
— |
|
|
180,000 |
|
Principal payments on
mortgage |
— |
|
|
(97,847 |
) |
Proceeds from financing
transactions |
44,914 |
|
|
— |
|
Payments on capital lease
obligations (principal) |
(9,853 |
) |
|
(7,497 |
) |
Change in outstanding
payments |
(1,347 |
) |
|
(4,177 |
) |
Debt financing costs |
(3,149 |
) |
|
(11,758 |
) |
Net cash (used in) provided by
financing activities |
(8,880 |
) |
|
205,420 |
|
Increase (decrease) in
cash |
2,704 |
|
|
4,243 |
|
Cash, beginning of period |
8,939 |
|
|
4,696 |
|
Cash, end of period |
$ |
11,643 |
|
|
$ |
8,939 |
|
|
|
|
|
|
|
|
|
BLUELINX HOLDINGS
INC.SUPPLEMENTARY
INFORMATION(Unaudited)
Pro Forma Sales, Gross Profit and Net
Loss
The following unaudited consolidated pro forma information
presents consolidated information as if the Cedar Creek acquisition
had occurred on January 1, 2017:
|
|
Pro forma |
|
|
Quarter Ended |
|
Years Ended |
|
|
December 28, 2019 |
|
December 29, 2018 |
|
December 28, 2019 |
|
December 29, 2018 |
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Net sales |
|
$ |
613,454 |
|
|
$ |
672,635 |
|
|
$ |
2,637,268 |
|
|
$ |
3,262,433 |
|
Gross Profit |
|
82,990 |
|
|
81,123 |
|
|
356,915 |
|
|
394,303 |
|
Net income (loss) |
|
(7,984 |
) |
|
(11,402 |
) |
|
(7,060 |
) |
|
(18,129 |
) |
The pro forma amounts above have been calculated in accordance
with U.S. GAAP after applying the Company's accounting policies and
adjusting the fiscal years ended December 28, 2019, and
December 29, 2018 to reflect charges related to an inventory
step-up adjustment for $11.8 million and transaction costs for
$44.3 million. Due to the net loss for fiscal years ended
December 28, 2019 and December 29, 2018, 95,292 and
38,137 incremental shares, respectively, from share-based
compensation arrangements were excluded from the computation of
diluted weighted average shares outstanding because their effect
would be anti-dilutive. The pro forma amounts do not include any
potential synergies, cost savings or other expected benefits of the
acquisition, are presented for illustrative purposes only, and are
not necessarily indicative of results that would have been achieved
had the acquisition occurred as of January 1, 2017, or of future
operating performance.
BLUELINX HOLDINGS
INC.RECONCILIATION OF NON-GAAP
MEASUREMENTS(Unaudited)
The following schedule reconciles net loss to
Adjusted EBITDA:
|
Quarter Ended |
|
Year Ended |
|
December 28, 2019 |
|
December 29, 2018 |
|
December 28, 2019 |
|
December 29, 2018 |
|
|
|
|
|
|
|
|
|
(In thousands) |
Net loss |
$ |
(10,195 |
) |
|
$ |
(16,172 |
) |
|
$ |
(17,656 |
) |
|
$ |
(48,053 |
) |
Adjustments: |
|
|
|
|
|
|
|
Depreciation and amortization |
7,824 |
|
|
7,649 |
|
|
30,232 |
|
|
25,826 |
|
Interest expense |
13,691 |
|
|
13,354 |
|
|
54,218 |
|
|
47,301 |
|
Benefit from income taxes |
(4,021 |
) |
|
(4,269 |
) |
|
(3,952 |
) |
|
(12,154 |
) |
Gain from sales of property |
(3,284 |
) |
|
— |
|
|
(13,082 |
) |
|
— |
|
Amortization of deferred gain |
(988 |
) |
|
(1,300 |
) |
|
(3,960 |
) |
|
(5,069 |
) |
Share-based compensation expense |
95 |
|
|
599 |
|
|
2,592 |
|
|
15,311 |
|
Pension settlement and withdrawal costs |
3,529 |
|
|
623 |
|
|
4,483 |
|
|
7,133 |
|
Inventory step-up adjustment |
— |
|
|
— |
|
|
— |
|
|
11,786 |
|
Merger and acquisition costs (1) |
2,970 |
|
|
6,402 |
|
|
14,224 |
|
|
25,460 |
|
Restructuring, severance, and legal |
1,298 |
|
|
(103 |
) |
|
4,331 |
|
|
925 |
|
Adjusted EBITDA |
$ |
10,919 |
|
|
$ |
6,783 |
|
|
$ |
71,430 |
|
|
$ |
68,466 |
|
(1) Reflects primarily legal, professional and
other integration costs related to the Cedar Creek acquisition
The following table reconciles our pro forma net income (loss)
to pro forma Adjusted EBITDA:
|
Quarter Ended |
|
Years Ended |
|
December 28, 2019 |
|
December 29, 2018 |
|
December 28, 2019 |
|
December 29, 2018 |
|
(In thousands) |
Pro forma net income (loss) |
$ |
(7,984 |
) |
|
$ |
(11,402 |
) |
|
$ |
(7,060 |
) |
|
$ |
(18,129 |
) |
Adjustments: |
|
|
|
|
|
|
|
Depreciation and amortization |
7,824 |
|
|
7,649 |
|
|
30,232 |
|
|
31,154 |
|
Interest expense |
13,691 |
|
|
13,354 |
|
|
54,218 |
|
|
53,238 |
|
Benefit from income taxes |
(3,262 |
) |
|
(2,637 |
) |
|
(324 |
) |
|
(4,546 |
) |
Gain from sales of property |
(3,284 |
) |
|
— |
|
|
(13,082 |
) |
|
— |
|
Amortization of deferred gain |
(988 |
) |
|
(1,300 |
) |
|
(3,960 |
) |
|
(5,069 |
) |
Share-based compensation expense |
95 |
|
|
599 |
|
|
2,592 |
|
|
15,311 |
|
Pension settlement and withdrawal costs |
3,529 |
|
|
623 |
|
|
4,483 |
|
|
7,133 |
|
Inventory step-up adjustment |
— |
|
|
— |
|
|
— |
|
|
— |
|
Merger and acquisition costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
Restructuring, severance, and legal |
1,298 |
|
|
(103 |
) |
|
4,331 |
|
|
925 |
|
Pro forma adjusted EBITDA |
$ |
10,919 |
|
|
$ |
6,783 |
|
|
$ |
71,430 |
|
|
$ |
80,017 |
|
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